Yelp Inc (YELP) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to the Q4 2024 Yelp earnings conference call.

大家好，歡迎參加 2024 年第四季 Yelp 收益電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Kate Krieger, Director of Investor Relations.

現在，我想將會議交給投資者關係總監 Kate Krieger。

Please go ahead, ma'am.

請繼續，女士。

Good afternoon, everyone, and thanks for joining us on Yelp's fourth-quarter and full-year 2024 earnings conference call.

大家下午好，感謝您參加 Yelp 2024 年第四季和全年財報電話會議。

Joining me today are Yelp's Chief Executive Officer, Jeremy Stoppelman; Chief Financial Officer, David Schwarzbach; and Chief Operating Officer, Jed Nachman.

今天與我一起參加的還有 Yelp 的執行長 Jeremy Stoppelman；財務長 David Schwarzbach；和首席營運長傑德·納赫曼（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.

我們在投資者關係網站和美國證券交易委員會上發布了一封給股東的信，希望每個人都有機會閱讀它。

We'll provide some brief opening comments and then turn to your questions.

我們將進行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.

現在我將宣讀我們的安全港聲明。

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.

我們今天將做出一些前瞻性的聲明，其中涉及許多風險和不確定性，可能會導致實際結果大不相同。

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.

請注意，這些前瞻性陳述僅反映我們在本次電話會議之日的觀點，我們不承擔根據新資訊或未來事件修改或公開發布這些前瞻性陳述修訂結果的義務。

In addition, we are subject to a number of risks that may significantly impact our business and financial 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。

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.

請參閱我們的美國證券交易委員會文件以及股東信函，以獲得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 final measures.

在今天的電話會議中，我們可能會討論調整後的 EBITDA、調整後的 EBITDA 利潤率和自由現金流，這些都是非 GAAP 最終指標。

These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with generally accepted accounting principles.

這些措施不應孤立地考慮或取代依照公認會計原則編製的財務資訊。

In our shareholder letter released 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.

在我們今天下午發布的致股東信函和向美國證券交易委員會提交的文件中（每一份文件均發佈在我們的投資者關係網站上），您將找到有關這些非 GAAP 財務指標的額外披露，以及 GAAP 淨收入或虧損與調整後 EBITDA 和調整後 EBITDA 利潤率的歷史對帳，以及 GAAP 經營活動現金流量與 GAAP 經營活動的歷史對現金流量。

And with that, I will turn the call over to Jeremy.

說完這些，我會把電話轉給傑里米。

Thanks, Kate, and welcome, everyone.

謝謝，凱特，歡迎大家。

Yelp delivered record net revenue and strong profitability in 2024 as we executed against our product-led strategy.

由於我們實施了產品主導的策略，Yelp 在 2024 年實現了創紀錄的淨收入和強勁的獲利能力。

We accelerated our pace of innovation, introducing more than 80 new features and updates in the year.

我們加快了創新步伐，一年內推出了 80 多個新功能和更新。

Services was the focus of our roadmap and the driver of our business performance.

服務是我們路線圖的重點，也是我們業務績效的驅動力。

In the fourth quarter, we achieved our 15th consecutive quarter of double-digit year-over-year revenue growth in these categories.

第四季度，我們在這些類別中連續第 15 個季度實現了兩位數的同比增長。

Overall, in 2024, net revenue increased by 6% year over year to $1.41 billion.

整體而言，2024 年淨收入年增 6% 至 14.1 億美元。

With disciplined expense management, we grew net income by 34% year over year to $133 million and adjusted EBITDA by 8% year over year to $358 million.

透過嚴格的費用管理，我們的淨收入年增 34% 至 1.33 億美元，調整後 EBITDA 年增 8% 至 3.58 億美元。

We also expanded net income margin by 2 percentage points in adjusted EBITDA margin by 1 percentage point from 2023.

我們也將淨收入利潤率提高 2 個百分點，調整後的 EBITDA 利潤率從 2023 年開始提高 1 個百分點。

Underlying our top-line results, we saw a divergence in performance across categories.

從我們的營收績效來看，我們發現不同類別的表現有差異。

Businesses in our restaurant, retail, and other categories faced a challenging operating environment, and RR&O revenue declined by 3% year over year to $470 million as a result.

我們的餐飲、零售和其他類別的業務面臨嚴峻的經營環境，導致 RR&O 收入年減 3% 至 4.7 億美元。

At the same time, services was consistently strong, with revenue up 11% year over year to a record $879 million.

同時，服務業務持續強勁，營收年增 11%，達到創紀錄的 8.79 億美元。

The home services category was a standout in 2024 with annual revenue growth of approximately 15% year over year.

2024 年，家事服務類別表現突出，年收入年增約 15%。

We launched a number of new products and features to facilitate even better connections between consumers and service pros.

我們推出了許多新產品和新功能，以促進消費者和服務專業人士之間更好的聯繫。

Our new AI chatbot, Yelp Assistant has particularly resonated with consumers, with project submissions through this feature up by more than 50% from the third to fourth quarter.

我們的新 AI 聊天機器人 Yelp Assistant 特別引起了消費者的共鳴，透過此功能提交的項目從第三季到第四季增加了 50% 以上。

We also experimented with acquiring services projects off Yelp through paid search and saw a strong top of funnel results.

我們也嘗試透過付費搜尋從 Yelp 取得服務項目，並看到了強勁的頂部效果。

That said, we ultimately reduced our spend on this initiative as it did not provide our return, reflecting our disciplined approach to investment.

儘管如此，我們最終減少了對這項計劃的支出，因為它沒有為我們帶來回報，這反映了我們嚴謹的投資態度。

Overall, engagement with Request a Quote was robust in 2024.

整體而言，2024 年「請求報價」的參與度十分強勁。

Consumer projects increased by approximately 25% year over year, primarily as a result of organic improvements.

消費者項目年增約 25%，主要得益於有機改進。

This includes growth of approximately 30% year over year in the fourth quarter despite minimal spending on paid search during the period.

儘管第四季付費搜尋支出很少，但年成長率仍達到約 30%。

Improved matching and ad formats delivered value to advertisers in the form of more clicks at compelling prices in 2024.

2024 年，改進的匹配和廣告格式將以更具吸引力的價格獲得更多點擊的形式為廣告商帶來價值。

We introduced Smart Selection, an AI-powered feature for advertisers that optimizes their ads automatically selecting the best reviews and photos to showcase.

我們推出了智慧選擇，這是一項由人工智慧驅動的功能，可幫助廣告商自動優化他們的廣告，選擇最佳的評論和照片進行展示。

These efforts contributed to a 6% year-over-year increase in ad clicks and flat average CPCs for the year.

這些努力使得全年廣告點擊量年增 6%，平均每次點擊費用持平。

On the consumer side of our business, we rolled out a number of new features and updates to enhance the Yelp experience and drive user engagement.

在業務的消費者方面，我們推出了許多新功能和更新，以增強 Yelp 體驗並提高用戶參與度。

These include AI-powered search features, review insights leveraging LLMs and enhanced user-generated videos on the hub feed.

這些功能包括人工智慧搜尋功能、利用 LLM 的評論洞察以及中心提要上增強的用戶生成影片。

We also made a number of backend and user experience improvements to our mobile and desktop websites that led to a combined year-over-year increase in paid views on these platforms.

我們也對行動和桌面網站進行了大量後端和使用者體驗改進，使得這些平台的付費瀏覽量較去年同期成長。

While our overall traffic levels were relatively flat compared to 2023, we continue to grow our large set of trusted review content.

雖然我們的整體流量水準與 2023 年相比相對平穩，但我們仍在繼續增加大量值得信賴的評論內容。

Yelp users contributed 21 million new reviews in 2024 to reach a total of 308 million cumulative reviews up 7% from the prior year.

2024 年，Yelp 用戶貢獻了 2,100 萬條新評論，累計評論總數達到 3.08 億條，比上一年增長 7%。

Looking to 2025, we plan to build on our position as a trusted platform for consumers to discover and connect with great local businesses.

展望 2025 年，我們計劃進一步鞏固我們作為消費者可信賴平台的地位，以便消費者發現和聯繫優秀的本地企業。

To achieve this, we plan to invest in three strategic initiatives: lead in services, drive advertiser value, and transform the consumer experience.

為實現這一目標，我們計劃投資三項策略性舉措：引領服務、推動廣告主價值、轉變消費者體驗。

Underlying each investment area, we tend to accelerate our strategy with AI which we believe we are well positioned to leverage based on our high-quality trusted content and deep technical capabilities.

在每個投資領域，我們都傾向於透過人工智慧來加速我們的策略，我們相信，憑藉我們高品質、值得信賴的內容和深厚的技術能力，我們完全有能力利用人工智慧。

Services categories will be the major focus of our product-led strategy in 2025.

服務類別將成為我們 2025 年產品主導策略的主要重點。

While we have historically focused our efforts on the home services category, which has been our largest driver of growth in services for the past decade, we see an additional opportunity to drive growth among other top services categories.

雖然我們歷來將精力集中在家庭服務類別上，這是我們過去十年服務成長的最大動力，但我們也看到了推動其他頂級服務類別成長的額外機會。

In particular, following our acquisition of RepairPal in November, we expect to accelerate growth in the auto services category this year.

特別是，繼 11 月收購 RepairPal 之後，我們預計今年汽車服務類別的成長將加速。

We also believe that our increased product focus and sales efforts for multi-location services businesses position us well to capture more demand from these advertisers in 2025.

我們也相信，我們對多地點服務業務的產品關注度和銷售力度的加強，將使我們在 2025 年能夠更好地滿足這些廣告商的更多需求。

Overall, our 2025 services roadmap aims to create a best-in-class experience for consumers and service pros.

總體而言，我們的 2025 年服務路線圖旨在為消費者和服務專業人士創造一流的體驗。

We're excited by the opportunities ahead as we expand Yelp Assistant and leverage AI more broadly to reduce friction throughout the hiring journey.

隨著我們擴展 Yelp Assistant 並更廣泛地利用人工智慧來減少整個招募過程中的摩擦，我們對未來的機會感到興奮。

In addition to raising the bar in services, we have a portfolio of product and marketing initiatives designed to deliver value to both advertisers and consumers.

除了提高服務標準之外，我們還擁有一系列產品和行銷計劃，旨在為廣告商和消費者帶來價值。

We plan to further develop our advertising technology and products to match consumers and advertisers even more efficiently.

我們計劃進一步開發我們的廣告技術和產品，以更有效地匹配消費者和廣告商。

This includes providing advertisers with additional AI-powered controls and recommendations to help further refine ad targeting.

這包括為廣告主提供額外的人工智慧控制和建議，以幫助進一步優化廣告定位。

We also plan to continue leveraging AI to transform the consumer experience including creating a more dynamic and personalized home feed as well as an even more seamless search experience.

我們還計劃繼續利用人工智慧來改變消費者體驗，包括創建更動態和個人化的主頁資訊以及更無縫的搜尋體驗。

In summary, our focus on services continues to strengthen our business, and we are excited by the opportunities ahead to drive profitable growth and shareholder value over the long term.

總而言之，我們對服務的關注將繼續加強我們的業務，我們對未來推動長期獲利成長和股東價值的機會感到興奮。

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

說完這些，我會把話題交給大衛。

Thanks for that full year overview, Jeremy.

謝謝你的全年概述，傑里米。

I will now turn to our fourth quarter results.

現在我來談談我們第四季的業績。

Net revenue increased by 6% year over year to $362 million, $13 million above the midpoint of our outlook range.

淨收入年增 6% 至 3.62 億美元，比我們預期範圍的中點高出 1,300 萬美元。

Driven by our disciplined approach, net income increased by 54% year over year to $42 million, representing a 12% margin.

在我們嚴謹的作風的推動下，淨收入年增 54%，達到 4,200 萬美元，利潤率為 12%。

Adjusted EBITDA increased by 5% year over year to $101 million, $15 million above the midpoint of our outlook range, representing a 28% margin.

調整後的 EBITDA 年成長 5% 至 1.01 億美元，比我們預期範圍的中點高出 1,500 萬美元，利潤率為 28%。

As Jeremy mentioned, top-line growth was driven by continued strength in services categories throughout the year.

正如傑里米所提到的，營收成長是由全年服務類別的持續強勁成長所推動的。

Advertising revenue and services increased by 11% year over year in the fourth quarter to $225 million.

第四季廣告收入和服務年增 11% 至 2.25 億美元。

Conversely, restaurants and retailers remain pressured in the quarter, resulting in a 3% year-over-year decline in RR&O revenue to $121 million.

相反，餐廳和零售商在本季仍面臨壓力，導致 RR&O 收入年減 3% 至 1.21 億美元。

A decrease in RR&O locations offset growth in services locations in the fourth quarter.

第四季度，RR&O 地點的減少抵消了服務地點的成長。

This resulted in an overall decline of 4% year over year in paying advertising locations to 521,000.

這導致付費廣告位置整體年減 4% 至 521,000 個。

We also focused on driving growth through our most efficient channels.

我們也致力於透過最有效的管道推動成長。

Self-serve was strong and grew approximately 15% year over year in the quarter.

自助服務表現強勁，本季年增約 15%。

At the same time, multi-location revenue came in approximately flat year over year, reflecting continued softness in RR&O.

同時，多地點營業收入與去年同期基本持平，反映出 RR&O 持續疲軟。

Turning to expenses for the year, 2024 was a clear demonstration of our commitment to disciplined expense management.

談到今年的開支，2024 年清楚地表明了我們對嚴格開支管理的承諾。

Excluding RepairPal employees, we ended the year with approximately flat head count compared to 2023.

除 RepairPal 員工外，與 2023 年相比，今年年底我們的員工人數基本持平。

In addition, when our paid search spend did not meet our desired returns, the subsequent reduction in marketing expense flowed through to our bottom line.

此外，當我們的付費搜尋支出未達到我們預期的回報時，隨後的行銷費用的減少就會影響我們的底線。

Ultimately, we increased net income margin by 2 percentage points and adjusted EBITDA margin by 1 percentage point from the prior year.

最終，我們的淨收入利潤率較上年同期提高了 2 個百分點，調整後 EBITDA 利潤率較上年同期提高了 1 個百分點。

As we look to 2025, we plan to continue our disciplined approach and hold head count flat once again as we drive growth through our product-led strategy.

展望 2025 年，我們計劃繼續採取嚴謹的方法，透過產品主導的策略推動成長，再次保持員工人數平穩。

We also remain focused on increasing the quality of adjusted EBITDA.

我們也將繼續致力於提高調整後 EBITDA 的品質。

In recent years, we have taken significant actions to shift our compensation mix between stock and cash, including substantially reducing the number of shares granted to employees in 2024.

近年來，我們採取了重大舉措，在股票和現金之間轉變我們的薪酬組合，包括在 2024 年大幅減少授予員工的股票數量。

While we expect the full impact of these efforts to stack over time, in 2024, we were able to reduce stock-based compensation expense as a percentage of revenue by 2 percentage points.

雖然我們預計這些努力的全面影響將隨著時間的推移而累積，但在 2024 年，我們能夠將股票薪酬支出佔收入的百分比降低 2 個百分點。

Coupled with continued share repurchases throughout the year, we decreased our shares outstanding and increased diluted earnings per share by 40% year over year to $1.88. As we look ahead, we continue to expect that stock-based compensation expense will be reduced to less than 8% of revenue by the end of the year.

加上全年持續的股票回購，我們減少了流通股，每股攤薄收益年增 40% 至 1.88 美元。展望未來，我們仍預期今年底股票薪酬支出將降至營收的 8% 以下。

In addition, we now plan to reduce stock-based compensation to less than 6% of revenue by the end of 2027.

此外，我們目前計劃在 2027 年底將股票薪酬減少到收入的 6% 以下。

Our capital allocation strategy consists of the three main elements: first, maintaining a healthy cash balance to fund our operations; second, retaining capacity for potential acquisitions; and third, returning excess capital to shareholders through share repurchases.

我們的資本配置策略包括三個主要要素：首先，維持健康的現金餘額以資助我們的營運；第二，保留潛在收購的能力；第三，透過股票回購將多餘的資本回饋給股東。

In 2024, we acquired auto services platform with RepairPal for approximately $80 million in cash, demonstrating our ability to deploy balance sheet capital in support of our business strategy.

2024 年，我們以約 8,000 萬美元現金收購了汽車服務平台 RepairPal，展示了我們部署資產負債表資本來支援業務策略的能力。

We also repurchased $251 million worth of shares at an average purchase price of $37.52 per share including $62.5 million worth of shares repurchased in the fourth quarter.

我們還以平均每股 37.52 美元的購買價格回購了價值 2.51 億美元的股票，其中包括第四季度回購的價值 6,250 萬美元的股票。

As of December 31, 2024, we had $331 million remaining under our existing repurchase authorization.

截至 2024 年 12 月 31 日，我們現有的回購授權剩餘金額為 3.31 億美元。

We plan to continue repurchasing shares in 2025, subject to market and economic conditions.

我們計劃在 2025 年繼續回購股票，但視市場和經濟狀況而定。

Turning to our outlook, we continue to believe in the significant long-term growth opportunities ahead as we focus our investments on high-return areas that we believe will drive increased profitability.

展望未來，我們仍然相信未來巨大的長期成長機會，因為我們將專注於我們認為將提高獲利能力的高回報領域。

As we look to 2025, we expect the category trends that characterize 2024 to persist.

展望 2025 年，我們預計 2024 年的類別趨勢將持續下去。

Specifically, we expect services will continue to drive our business performance and our RR&O will remain pressured.

具體而言，我們預計服務將繼續推動我們的業務績效，而我們的 RR&O 仍將面臨壓力。

As a result, for the first quarter of 2025, we expect net revenue will be in the range of $350 million to $355 million, reflecting typical seasonality.

因此，我們預計 2025 年第一季的淨收入將在 3.5 億美元至 3.55 億美元之間，反映典型的季節性。

For the full year, we expect net revenue will be in the range of $1.470 billion to $1.485 billion.

我們預計全年淨收入將在 14.70 億美元至 14.85 億美元之間。

Turning to margin, we expect expenses to increase seasonally from the fourth quarter of 2024 and for the first quarter of 2025, primarily driven by payroll taxes and benefits.

談到利潤率，我們預計從 2024 年第四季開始以及 2025 年第一季開始費用將出現季節性增加，主要原因是工資稅和福利。

As a result, we expect first quarter adjusted EBITDA will be in the range of $65 million to $70 million.

因此，我們預計第一季調整後的 EBITDA 將在 6,500 萬美元至 7,000 萬美元之間。

For the full year, we anticipate expenses will increase modestly, primarily as a result of higher cost of revenue, driven in part by our RepairPal acquisition.

就全年而言，我們預計支出將小幅增加，主要原因是由於我們收購 RepairPal 導致收入成本增加。

We also expect our efforts to reduce stock-based compensation expense to continue to act as a headwind to adjusted EBITDA but will not impact net income.

我們也預計，降低股票薪酬費用的努力將繼續對調整後的 EBITDA 產生阻力，但不會影響淨收入。

As a result, we expect adjusted EBITDA for the full year to be in the range of $345 million to $360 million.

因此，我們預計全年調整後的 EBITDA 將在 3.45 億美元至 3.6 億美元之間。

In closing, Yelp's 2024 results reflect the underlying profitability of our business.

最後，Yelp 的 2024 年業績反映了我們業務的潛在獲利能力。

We continue to believe in the opportunities ahead to create shareholder value over the long term as we focus our investments in areas that we believe will drive business performance.

我們始終相信，未來有機會為股東創造長期價值，因為我們將投資重點放在那些我們認為能夠推動業務績效的領域。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作員指示）埃里克·謝裡丹（Eric Sheridan），高盛。

Maybe two, if I could.

如果可以的話，也許兩個。

Just in terms of RR&O, how much are there abilities for you as a company to sort of invest behind end demand generation and maybe take advantage of competition or taking market share in local as opposed to the broader macroenvironment and some tougher comps generally being sort of a driver of what might happen to that business when you look out over the next 6 to 12 months?

僅就 RR&O 而言，作為一家公司，您在多大程度上有能力投資於終端需求生成，並可能利用競爭或在當地佔據市場份額，而不是更廣泛的宏觀環境和一些更嚴格的比較通常會成為未來 6 到 12 個月內該業務可能發生的情況的驅動因素？

And just to put a finer point on your prepared remarks, I want to know if you could just sort of dovetail with what you see as the key investment areas needed to produce similar or better levels of growth in the services side of the business as you look out to not only just 2025 but beyond.

為了更詳細地闡述您準備好的發言，我想知道您是否可以結合您認為需要哪些關鍵投資領域，以實現服務業類似或更好的增長水平，不僅著眼於 2025 年，而且展望更遠的未來。

Hi, Eric.

你好，埃里克。

This is Jed.

這是傑德。

I can take the first part of the question regarding RR&O.

我可以回答有關 RR&O 的問題的第一部分。

Obviously, the last year or so has been we've seen some headwinds with RR&O, inflationary pressures on both the consumer as well as the operator's input costs, labor costs.

顯然，在過去一年左右的時間裡，我們看到了 RR&O 方面的一些阻力，即消費者以及營運商的投入成本和勞動力成本都面臨通膨壓力。

And in terms of being able to drive demand, we do continue to invest in the business.

為了推動需求，我們確實會繼續對業務進行投資。

And when you look at the relationships that we continue with on the multi-location side, the product investment products like YA, Spotlight, Showcase, we are there for when this market turns.

當您看到我們在多地點方面繼續保持的關係，以及像 YA、Spotlight、Showcase 這樣的產品投資產品時，您會發現當市場轉變時，我們隨時準備好。

In terms of kind of driving demand that doesn't exist in the marketplace, I think our focus is really on services, and we've aligned the good market team around that.

就市場上不存在的驅動需求而言，我認為我們的重點實際上是服務，並且我們已經圍繞著這一點組建了優秀的市場團隊。

And certainly, we've aligned the product roadmap around that, and we're really bullish on the prospects moving forward.

當然，我們已經圍繞這一點調整了產品路線圖，我們對未來的前景非常樂觀。

So when the market turns, we will be prepared to capture that opportunity in our RR&O, but really the focus right now is on services.

因此，當市場轉變時，我們將準備好在 RR&O 中抓住機會，但現在的重點實際上是服務。

I'll hop in here for the second half of your question, Eric.

艾瑞克，我想回答你問題的後半部。

Services in 2024, obviously, a great story there, up 11% year over year.

2024 年的服務業顯然將取得巨大成功，年增 11%。

Home services even faster 15% year over year.

家事服務比去年同期成長了15%。

So coming into 2025 with great momentum.

我們將以強勁勢頭進入 2025 年。

And another thing we mentioned in the remarks earlier was -- you may have noticed in Q4, we saw a really great performance out of Request a Quote projects were up 30% year over year.

我們之前在評論中提到的另一件事是——您可能已經註意到，在第四季度，我們看到「請求報價」項目的表現非常出色，同比增長了 30%。

Overall, for the year, it was 25%.

全年整體來看，這一比例為 25%。

So that gives us some confidence to what we're doing in services is really working.

這讓我們有信心在服務領域所做的努力確實有效。

We intend to lean in there.

我們打算傾向那裡。

We know that there's a multi-location services opportunity.

我們知道有多地點服務機會。

In the last year, we put out there leads API to make it a lot easier for these larger advertisers to tap into Request a Quote something, that a lot of them haven't been doing, and that's where a lot of our value has been flying.

去年，我們推出了領先的 API，使這些大型廣告商能夠更輕鬆地利用「請求報價」功能，這是他們中許多廣告商以前從未做過的事情，而這正是我們的價值飛速提升的地方。

So excited to see that play out.

我很高興看到這一幕。

And then beyond home services, we've also got, obviously, other categories that we're starting to really lean into that's exciting for me personally.

除了家庭服務之外，我們顯然還有其他開始真正傾向的類別，這對我個人而言是令人興奮的。

The RepairPal acquisition being the most obvious example, auto moving from our number 3 category to our number 2 category.

RepairPal 的收購就是最明顯的例子，它自動從我們的第三類別移動到了第二類別。

So that's one that's top of mind as we do the integrations pick some of the low-hanging fruit there.

因此，這是我們在進行整合時首先考慮的問題，選擇一些容易實現的目標。

And then, of course, there's other categories like local professional services and the list goes on in terms of opportunity for us.

當然，還有其他類別，例如本地專業服務，就我們的機會而言，這個清單還很長。

So pretty excited to see how it unfolds in 2025 and beyond.

我非常期待看到它在 2025 年及以後的發展。

Jason Kreyer, Craig-Hallum.

傑森·克里爾、克雷格·哈勒姆。

Great.

偉大的。

So maybe picking up where that left off.

因此也許可以從那件事結束的地方繼續。

Just on the multi-location, you were talking about the leads API.

就在多地點，您正在談論潛在客戶 API。

And this is in services specifically, by the way, but can you talk about other investments you can make there?

順便說一下，這是在服務領域，但您可以談談您可以在那裡進行的其他投資嗎？

And then with that representing 20% of that business today, where do you think that can go over time?

那麼，目前這部分業務佔比為 20%，您認為隨著時間的推移，這一比例會達到怎樣的水平？

Hi, Craig.

你好，克雷格。

This is Jed.

這是傑德。

I can take that question.

我可以回答這個問題。

As you know, we've, as a company, been focused on services for the last few years.

正如您所知，作為一家公司，我們過去幾年一直專注於服務。

And really, not until the beginning of the last year did we start putting the resourcing towards the services opportunity to better service these multi-location businesses in an area where, as you alluded to, we are underpenetrated and believe there's a lot of headroom.

事實上，直到去年年初，我們才開始將資源投入到服務機會中，以便更好地為這些多地點業務提供服務，正如您所提到的，我們在該領域的滲透率還不夠高，而且我們相信還有很大的發展空間。

There's work being done on both the product and go-to-market size.

我們正在進行產品和市場規模方面的工作。

Jeremy mentioned some of the work we've been doing on the leads API.

傑里米提到了我們在潛在客戶 API 上所做的一些工作。

We've also revamped our internal BOA for our business owners account for those customers that don't have a homegrown business owner's account and so that they can manage leads in a more efficient way.

對於那些沒有自主開發的企業主帳戶的客戶，我們也改進了企業主帳戶的內部 BOA，以便他們能夠以更有效的方式管理潛在客戶。

And we're still in the relatively early stage of adoption, but we're seeing a lot of promise from the partners that we've been working with thus far.

我們仍處於採用的相對早期階段，但我們已經從迄今為止合作的合作夥伴那裡看到了很多希望。

It is a longer sales cycle.

這是一個較長的銷售週期。

And not only longer sales cycle, but you have to oftentimes really get into the processes that these folks have for managing leads.

而且不僅銷售週期更長，你還必須經常真正了解這些人管理銷售線索的過程。

And so it takes a little bit of change management and we're going to get that done.

因此，這需要一點變革管理，我們會完成它。

And we're also pushing really hard on the quality of responses from these multi-location pros.

我們也非常努力地提高這些多地點專業人士的回應品質。

It does represent a different way of handling leads in a lot of cases.

在很多情況下，它確實代表了處理線索的不同方式。

But we've been very encouraged thus far with the feedback that we've gotten and believe that opportunity is a big one for us going forward.

但到目前為止，我們對所收到的回饋感到非常鼓舞，並相信這個機會對我們未來的發展來說是一個巨大的機會。

And I wanted to follow up with a question just on AI.

我想要繼續問一個關於人工智慧的問題。

You've launched a bunch of new solutions and features there.

您在那裡推出了一系列新的解決方案和功能。

If you look back at these updates over the past year, in what ways do those benefits manifest in the business?

如果回顧過去一年的這些更新，這些好處在業務上有何反映？

Like are these driving cost efficiencies?

這些是否能提高成本效率？

Or are you driving more like consumer frequency?

還是你的驅動力更像消費者頻率？

Just any more details on the benefits there would be great.

如果能提供有關其福利的更多資訊就更好了。

Thanks for the question.

謝謝你的提問。

This is Jeremy.

這是傑里米。

I'll hop in here.

我就跳進這裡。

We see benefits all across the business.

我們看到了整個業務的好處。

Obviously, it's there on the consumer product making it easier for users to digest all the incredible trusted information that we have.

顯然，它存在於消費產品中，使用戶更容易消化我們擁有的所有令人難以置信的可信資訊。

I would say from a functionality standpoint, the most impactful one that we could point to would be Yelp Assistant which is a conversational AI that allows you to talk about what is your service need.

我想說從功能的角度來看，我們可以指出的最有影響力的是 Yelp Assistant，它是一種對話式人工智慧，可以讓你談論你的服務需求。

If you've got a leaky faucet or what have you, it walks you through that process; it asks you the relevant questions.

如果您的水龍頭漏水或出現其他問題，它會引導您完成整個過程；它會問你相關問題。

And it goes back to you and say is this what we're talking about in the end and then goes on to connect you with pros.

然後它會回覆你並告訴你這是我們最終要討論的內容然後繼續將你與專業人士聯繫起來。

And we have seen a lift in terms of projects submitted as people started using that flow.

當人們開始使用流程時，我們看到提交的項目數量增加。

The previous low obviously was less efficient.

之前的低點顯然效率較低。

Request a Quote used to be a series of menus that you would have to work through.

請求報價曾經是一系列需要您完成的選單。

Now it's an easy conversation.

現在這是一個輕鬆的對話。

So that's really great to see.

看到這一點真的很高興。

And this functionality, of course, can be extended both to more places throughout the app as well as to other categories.

當然，此功能可以擴展到整個應用程式的更多地方以及其他類別。

I'm not sure that there is any category on Yelp that wouldn't be a fit.

我不確定 Yelp 上是否存在不合適的類別。

And so it's just a matter of time and execution to work this into Yelp to really transform the consumer experience and I think quite a profound way.

因此，將其融入 Yelp 並真正改變消費者體驗只是時間和執行的問題，我認為這將是相當深刻的方式。

On the back end, there's also a lot of opportunity.

在後端，也有很多機會。

We've seen wins directly coming from AI.

我們已經看到了直接由人工智慧帶來的勝利。

So improved ad matching.

因此改進了廣告匹配。

There's operational things like handing AI, LLMs play a big role now in writing software, making engineers more efficient.

還有處理人工智慧等操作方面的事情，法學碩士現在在編寫軟體方面發揮著重要作用，使工程師更有效率。

On the user operations side, you can moderate content.

在使用者操作方面，你可以審核內容。

So there's just so many facets of our business that are touched by AI, and it still feels like we're in the early innings here.

因此，我們業務的許多方面都受到人工智慧的影響，而且我們感覺仍然處於早期階段。

So really an exciting technology and something that we're thinking about every day and incorporating into our business everywhere we can.

這確實是一項令人興奮的技術，我們每天都在思考它，並將其融入我們業務的方方面面。

Sergio Segura, KeyBanc.

KeyBanc 的 Sergio Segura。

Great.

偉大的。

Maybe first to start off with a high-level one, would love to hear just updated thoughts on views of Yelp's positioning in the current environment just given the rapid changes we are seeing across the broader search and AI landscape.

也許首先從高層次開始，考慮到我們在更廣泛的搜尋和人工智慧領域看到的快速變化，我們希望聽到對 Yelp 在當前環境下定位的最新看法。

So that's number one.

這是第一點。

And then the second question, I guess, maybe if you could just give more color on the drivers of outperformance this quarter versus the expectations within your guidance?

然後我想問第二個問題，您是否可以更詳細地說明本季業績優異的驅動因素以及您的預期？

And I guess the full year guide has revenue decelerating from this year's exit rate.

我猜測全年指南的收入將會比今年的退出率下降。

Maybe just dive into the details there, why you have full year guide decelerating.

也許只是深入了解那裡的細節，為什麼你的全年指南會減速。

Is that just some conservatism?

這是否只是一種保守主義？

Or anything else we should think about with this slower growth rate within the guide for 2025?

或者，對於 2025 年指南中這種較慢的成長率，我們還應該考慮什麼？

Hi, Sergio.

你好，塞爾吉奧。

This is Jeremy.

這是傑里米。

I'll take the first half there with respect to Yelp and AI-powered search, I think it's a really exciting opportunity to reinvent the search experience.

我將就 Yelp 和人工智慧搜尋談談前半部分，我認為這是一個重塑搜尋體驗的非常令人興奮的機會。

You have a lot of new players, some of which are already tapping into Yelp's content.

您有很多新玩家，其中一些已經開始使用 Yelp 的內容。

Having trusted human-written, helpful content hundreds of millions of reviews, I think, is a really important ingredient and a successful -- for a successful search engine.

我認為，擁有值得信賴的、人工編寫的、有用的內容和數億條評論，對於一個成功的搜尋引擎來說是一個非常重要的因素，也是一個成功的因素。

You've got to handle local queries, local intent.

您必須處理本地查詢和本地意圖。

At least for Google is something like half of their queries.

至少對 Google 來說，這大約佔其查詢數量的一半。

So that means you need a solution and if you're not Google competing directly with us, probably having a conversation with Yelp at some point.

所以這意味著你需要一個解決方案，如果你不是直接與我們競爭的谷歌，那麼可能在某個時候正在與 Yelp 進行對話。

So I think that's a great starting point.

所以我認為這是一個很好的起點。

And then there's a question of, what are we doing with the Yelp experience?

那麼問題來了，我們要如何利用 Yelp 體驗呢？

And I was just previously talking about Yelp Assistant and how we're using that to begin a transformation of the search experience, have something more conversational.

我之前剛剛談到了 Yelp Assistant，以及我們如何利用它來改變搜尋體驗，使其更具對話性。

We're in the very early innings of that transformation.

我們正處於這轉變的初期。

But I think it's a powerful one.

但我認為它很強大。

It should allow us to create a very unique experience especially within local.

它應該使我們能夠創造非常獨特的體驗，尤其是在當地。

And then, of course, we can take that rapid in an API and provide that to any other agent AI agent out there that might want to tap into use for local content, send through Request a Quote working with our Yelp Assistant technology.

然後，當然，我們可以在 API 中快速獲取該信息，並將其提供給可能想要利用本地內容的任何其他代理 AI 代理，透過與我們的 Yelp Assistant 技術合作發送請求報價。

Whether it's a search engine, an AI agent or just another web or app property that wants to tap into local information, I think there will be opportunities that didn't exist before.

無論是搜尋引擎、人工智慧代理，還是其他想要利用本地資訊的網路或應用程序，我認為都會存在以前不存在的機會。

So it's a really exciting time for Yelp.

所以對 Yelp 來說這真是一個令人興奮的時刻。

Hi, Sergio, just in terms of turning to the full year guide.

你好，塞爾吉奧，我想談談全年指南。

On Q4, we were broadly better that we were pleased with that.

在第四季度，我們的表現總體上更好，我們對此感到滿意。

What we had said on the Q3 call when we gave guidance for Q4, was we did not expect to see the typical seasonal increase in some of the spend in R&O.

我們在第三季電話會議上給予第四季指引時說過，我們預期R&O部分支出不會出現典型的季節性成長。

We did actually see some of that occur.

我們確實看到一些這樣的情況發生。

So that's a key element as well.

這也是關鍵因素。

So business broadly better plus some seasonal spend.

因此，業務總體較好，加上一些季節性支出。

I think it's worth pointing out that as we outperformed on revenue, we were able to flow all of that through to adjusted EBITDA margin at 28%, $101 million to match Q3, we thought was really strong and again, just underscores our continued discipline in the way that we operate the business.

我認為值得指出的是，由於我們的收入表現出色，我們能夠將所有這些收入轉化為調整後的 EBITDA 利潤率 28%，即 1.01 億美元，與第三季度持平，我們認為這確實很強勁，並且再次強調了我們在業務運營方式上的持續紀律。

In terms of the guidance for 2025, I'd just point out from a Q1 perspective, obviously, we have the best visibility on Q1.

就 2025 年的指引而言，我只想從第一季的角度指出，顯然，我們對第一季的預期最為清晰。

And we did 6% in the fourth quarter, the midpoint of our guide for Q1 is 6%.

我們的第四季成長率為 6%，我們對第一季的預期中位數為 6%。

In terms of the full year, I would just underscore is definitely reflecting risks and uncertainties.

就全年而言，我只想強調這肯定反映了風險和不確定性。

As we have come into the year in particular this week, as we saw with both the CPI print and the PPI print, inflation has ticked up a bit more.

特別是本週進入新年伊始，從 CPI 數據和 PPI 數據來看，通膨率略有上升。

And there's broadly a range of uncertainties with regard to just policies that may be enacted.

對於可能頒布的政策，存在著廣泛的不確定性。

So we're reflecting that in the guidance since it's very early in the year.

由於今年還處於初期，我們在指引中反映了這一點。

But overall, as we came out of '24 and came in to '25, we're really pleased with the momentum in the business, particularly in the services side of the business.

但總體而言，當我們走出24年並進入25年時，我們對業務的發展勢頭感到非常滿意，特別是服務方面的業務。

Of course, that grew 11% in the fourth quarter and 11% for all of 2024.

當然，第四季成長了 11%，2024 年全年成長了 11%。

That fourth quarter growth performance was the 15th quarter of double-digit growth in services.

第四季的成長表現是服務業第15季實現兩位數成長。

And so we're really pleased with the way that we came into 2025.

因此，我們對於自己邁向 2025 年的方式感到非常滿意。

We're going to execute against the product roadmap.

我們將按照產品路線圖進行執行。

And obviously, as we go through the year, we look forward to providing more updates.

顯然，隨著新一年的到來，我們期待提供更多更新。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

I have two, please.

請給我兩個。

First one is, what is baked into your guide -- what is RepairPal contribution that's baked into your guide for Q1 and for full year revenue?

第一個問題是，您的指南中包含了什麼——RepairPal 對第一季和全年收入的貢獻是多少？

And then the second one is in your Q1 guide, are you -- could you please give us a little bit more color in terms of the impact of LA fires if you saw any and leap day?

然後第二個是在您的 Q1 指南中，如果您發現有洛杉磯火災並且是在閏日，您能否給我們更多關於其影響的詳細信息？

Hi, Shweta.

你好，Shweta。

So I'll answer your second question first and then the first question in a second.

因此我將先回答你的第二個問題，然後再回答第一個問題。

In terms of LA fires and leap day, obviously, the leap day one is going to bear out in the numbers directly on the year-on-year comp basis.

就洛杉磯火災和閏日而言，顯然閏日將直接在同比數字中得到證實。

But on the LA fires, we actually saw minimal impact from the buyers in terms of both budget and revenue performance in January.

但在洛杉磯大火中，我們實際上看到買家對 1 月預算和收入表現的影響微乎其微。

So overall, that hasn't been a factor.

所以總的來說，這不是一個因素。

In terms of RepairPal going forward, we do not plan to separately break out RepairPal as we report.

對於 RepairPal 的未來發展，我們不打算在報告中單獨介紹 RepairPal。

Obviously, we're pleased with the acquisition the team landed.

顯然，我們對球隊的這項收購感到非常高興。

They're performing well.

他們表現很好。

They're getting on board, and we believe that there's a significant opportunity for us broadly in auto.

他們正在加入進來，我們相信，汽車產業對我們來說有著巨大的機會。

And I think this is really the theme for us for 2025.

我認為這確實是我們 2025 年的主題。

We've obviously executed on home services for a long period of time.

我們顯然已經執行家庭服務很長一段時間了。

We're really pleased with the progress that we've made there.

我們對在那裡取得的進展感到非常高興。

And now with auto as our second largest category with RepairPal on board, there are things that we think that we can do to help accelerate their business.

現在，汽車已經成為我們的第二大類別，並且已經加入了 RepairPal，我們認為我們可以做一些事情來幫助加速他們的業務。

And there are things that come from RepairPal that we think that will have positive impact on the auto category on Yelp itself.

我們認為，RepairPal 的某些功能將對 Yelp 上的汽車類別產生正面影響。

So overall, that's meeting our expectations as they stand very early.

總體而言，這符合我們的預期，因為它們處於非常早期的階段。

But beyond that, there is more for us to do across additional categories in services, whether it's local services or professional services.

但除此之外，我們還可以在服務的其他類別中做更多的事情，無論是本地服務還是專業服務。

We see significant opportunity.

我們看到了重大機會。

And we just think that with our product-led growth strategy, we can continue to really deliver our ambition is to deliver the best experience in services.And we're doing a lot of work there to continue to drive that, including, as Jeremy already mentioned, looking for ways to continue to improve Yelp's system to deliver value to consumers and pros alike.

我們只是認為，憑藉以產品為主導的成長策略，我們可以繼續真正實現我們的宏偉目標，即提供最佳的服務體驗。 我們正在做大量工作來繼續推動這一目標，包括正如傑里米已經提到的，尋找方法繼續改進 Yelp 的系統，為消費者和專業人士提供價值。

Kishan Patel, Raymond James.

基尚·帕特爾、雷蒙德·詹姆斯。

I'm sliding in for Josh Beck.

我正在為喬許貝克 (Josh Beck) 效力。

Could you provide some color on traffic driven by Perplexity and whether you're seeing search results ranking notably different than on Google Search?

您能否提供一些由 Perplexity 帶來的流量的詳細信息，以及您是否看到搜尋結果排名與 Google 搜尋有明顯不同？

And also, how would you characterize the conversations with other GenAI search platforms?

此外，您如何描述與其他 GenAI 搜尋平台的對話？

Are you seeing more activity on that front, whether in terms of data less deals or driving traffic to Yelp?

您是否看到這方面的更多活動，無論是在無數據交易方面還是在為 Yelp 吸引流量方面？

Hi, Kishan.

你好，Kishan。

This is Jeremy.

這是傑里米。

I'll hop in here.

我就跳進這裡。

Yes.

是的。

I mean obviously, with Perplexity as a startup, it's still very early.

我的意思是，顯然，對於像 Perplexity 這樣的新創公司來說，現在還為時過早。

So nothing material to report there.

因此沒有什麼實質的內容可報告。

You can find Yelp content and lengths as you peruse the Perplexity experience.

您可以在瀏覽 Perplexity 體驗時找到 Yelp 內容和長度。

But this is a new space.

但這是一個新的領域。

And so everything is changing fast.

一切都在快速變化。

The interface that they have one day is different.

他們有一天所擁有的介面是不同的。

The next day, so it's kind of a space to watch is how I would describe it.

第二天，所以我會將其描述為一個值得觀看的空間。

As far as other folks interested in the content, yes, I would say there's absolutely lots of folks having conversations with us, both directly in the AI category as well as a lot of other categories.

至於對內容感興趣的其他人，是的，我想說絕對有很多人在與我們交談，既直接在人工智慧類別中，也直接在許多其他類別中。

Two, because we have such great content, hundreds of millions of reviews human written, trusted.

二是因為我們擁有如此優質的內容，數億個人工撰寫的評論，值得信賴。

And that's really important for a variety of reasons, but especially if you're trying to steer people to local businesses as part of your search or answer experience.

出於多種原因，這一點確實很重要，但特別是當您試圖在搜尋或回答體驗中引導人們到本地企業時。

So obviously, nothing to report on today, but we're always talking to people, and we're excited about this area in general.

所以顯然今天沒有什麼可報道的，但是我們一直在與人們交談，並且我們對這個領域總體上感到興奮。

And then I guess you have a second part of your question, have we seen anything new and different on the Google side?

然後我想你的問題還有第二部分，我們在谷歌方面是否看到任何新的和不同的東西？

And I would say nothing to report there.

我不會在那裡說任何話。

Certainly, search traffic, traditional SEO is a portion of our engagement, but I haven't seen any various volatility, anything out of the ordinary.

當然，搜尋流量、傳統的搜尋引擎優化是我們參與的一部分，但我沒有看到任何各種波動或任何異常情況。

Follow-up, if I may, given the moderation in paid search during the second half, how do you think about your ad budgets and priorities setting it to '25?

那麼，如果可以的話，我想問一下，考慮到下半年付費搜尋的放緩，您如何看待您的廣告預算和優先順序？

So just overall on marketing, I'd just underscore again -- this is David.

因此，就整體行銷而言，我只想再次強調——這是大衛。

Our approach is very, very disciplined from a return on ad spend perspective.

從廣告支出回報的角度來看，我們的方法非常非常嚴謹。

And so as we went through the year, and we're not seeing the return that we expected on paid search, we dialed that down.

因此，隨著這一年的發展，我們並沒有看到付費搜尋帶來預期的回報，因此我們降低了付費搜尋的投入。

That doesn't mean that there aren't other opportunities across marketing for us.

但這並不意味著我們在行銷領域沒有其他機會。

It also doesn't mean that we won't spend anything on paid consumer project acquisition.

這也不代表我們不會在付費消費者專案取得上花任何錢。

So overall, we continue to experiment.

所以總的來說，我們會繼續進行實驗。

We continue to spend in areas that are productive for us on the marketing front.

我們繼續在行銷方面對我們有益的領域投入資金。

And we think that we are spending very efficiently even as we explore new ways to deploy cash to drive engagement on Yelp and I think equally important to acquire businesses to advertise on Yelp.

我們認為，即使我們正在探索新的方式來部署現金以推動 Yelp 的參與度，我們的支出也非常有效，我認為收購企業在 Yelp 上做廣告也同樣重要。

Nitin Bansal, Bank of America.

美國銀行的尼廷班薩爾 (Nitin Bansal)。

I have two.

我有兩個。

Firstly, on RepairPal, how should we think about the growth of this business over the next two to three years?

首先，對於RepairPal來說，我們該怎麼看待未來兩到三年這個業務的成長？

Also, can you share some insights on like the profitability of this business and how would that impact your bottom line in 2025?

此外，您能否分享一些關於這項業務的盈利能力的見解以及這將如何影響您 2025 年的底線？

And secondly, like with Google ramping AI overviews, how that is impacting your traffic?

其次，隨著Google加強人工智慧概覽，這對您的流量有何影響？

So let me take your first part of the question here.

那麼就讓我來回答你問題的第一部分。

RepairPal, obviously, there's a focus going into the year on services and auto is one of -- was one of our top 3 categories, is now top 2.

顯然，RepairPal 今年的重點是服務，而汽車是其中之一——曾經是我們前三大類別之一，現在排名前二。

I think first order of business is, obviously, integrate the employees, get everyone rowing in the right direction, bring some of the special skills that Yelp has acquired over its 20-year life to RepairPal to accelerate growth as well as take the experts that they have in auto and bring them over to help us with experiences like Request a Quote, Yelp Assistant as it pertains to the auto repair category.

我認為首要任務顯然是整合員工，讓每個人都朝著正確的方向努力，將 Yelp 在過去 20 年的發展中獲得的一些特殊技能帶到 RepairPal，以加速增長，並吸收他們在汽車領域的專家來幫助我們提供與汽車維修類別相關的請求報價和 Yelp 助手等體驗。

So I think our expectation is there definitely what will be some synergies there.

所以我認為我們的預期是肯定會存在一些協同效應。

We're excited to see that play out.

我們很高興看到這一幕。

We do anticipate that that will grow.

我們確實預計這個數字還會成長。

And of course, that's baked into our guidance for the year.

當然，這已經包含在我們今年的預期中。

And then we'll see how that plays out over a multiyear period.

然後我們再看看這種情況在多年內會如何發展。

But we're very excited in general about services and the auto category as a growth driver.

但總體而言，我們對服務和汽車類別作為成長動力感到非常興奮。

This is David.

這是大衛。

Just to answer your question around profitability, what we shared when we made the acquisition was RepairPal was about breakeven.

為了回答您關於獲利能力的問題，我們在收購時分享的是，RepairPal 即將實現損益兩平。

And from our perspective, the first is obviously, as Jeremy said, to onboard them.

從我們的角度來看，顯然，第一步就是像傑里米所說的那樣，讓他們加入。

We really want to nurture the business here.

我們確實希望培育這裡的業務。

We see a significant growth opportunity.

我們看到了巨大的成長機會。

And so margin -- driving margin performance is secondary to driving top line opportunity for us.

因此，對我們來說，提高利潤率表現是次要的，而推動營收機會則是次要的。

And as Jeremy said, we've obviously reflected in the guidance on both revenue and adjusted EBITDA, the expected financial performance of RepairPal.

正如傑里米所說，我們顯然已經在收入和調整後的 EBITDA 指引中反映了 RepairPal 的預期財務表現。

And I think the last part of your question was around have we seen any Google impact on web traffic.

我認為您問題的最後一部分是關於我們是否看到 Google 對網路流量有任何影響。

There's always fluctuations, but as I said to the I think previous person, we haven't seen any material or unusual shifts.

總是會有波動，但正如我對之前那位朋友所說的那樣，我們沒有看到任何重大或不尋常的變化。

(Operator Instructions) Colin Sebastian, Baird.

（操作員指令）科林·塞巴斯蒂安，貝爾德。

I guess, I mean, stepping back, I mean, given a lot of the success that you've shown in the services segment.

我想，我的意思是退一步來說，考慮到您在服務領域的巨大成功。

I'm just wondering how you think about kind of sustainable longer-term growth there.

我只是想知道您如何看待那裡可持續的長期成長。

Is the category growing at 5% or some other number, and then you're going to add share gains to that on top of that sustainably?

這個類別的成長率是不是為 5% 或其他數字，然後你們將在此基礎上持續增加份額？

Or do you think out it differently?

或者您有不同的看法？

Hey, Colin.

嘿，科林。

It's David. 15 quarters of double-digit growth gives us confidence that we can continue to drive strong performance in services, and we see continued opportunity in home services.

是大衛。 15 個季度的兩位數成長使我們有信心繼續在服務領域取得強勁表現，我們也看到家庭服務領域仍存在機會。

But if you think back to what we said when we came into 2024, it was really going to be a focus on home services.

但如果你回想一下我們在 2024 年時說過的話，我們真正要關注的是家庭服務。

And we did a lot with the product to continue to enhance the experience in the home services.

我們對產品進行了大量改進，以繼續提升家庭服務體驗。

Now we have the opportunity to broaden out and do even more across more categories.

現在我們有機會拓展業務範圍，在更多類別中做更多的事情。

And I think that's the crucial point here is Yelp has terrific content; it's trusted.

我認為重點在於 Yelp 擁有精彩的內容；它是值得信賴的。

We're applying AI in a lot of different ways that we think are driving a quality experience for consumers and enabling us to deliver more value to advertisers.

我們正在以多種不同的方式應用人工智慧，我們認為這些方式可以為消費者帶來更優質的體驗，並使我們能夠為廣告商提供更多價值。

So when you combine those things, we are very well positioned to continue to drive performance in services.

所以，當你把這些因素結合起來時，我們就有很大的優勢可以繼續提升服務品質。

Okay.

好的。

And then maybe on the restaurant or retail side, I guess, any additional color on the competitive landscape from that point of view of the food delivery platforms and other players?

然後也許在餐廳或零售方面，我想，從食品配送平台和其他參與者的角度來看，競爭格局是否更豐富？

And if you see that changing as you look into 2025?

如果您展望 2025 年，這種情況是否會改變？

Yes, this is Jed.

是的，這是傑德。

I can take that question.

我可以回答這個問題。

Largely, when we look at the headwinds that we saw in restaurant retail and other over the course of 2024, we believe it's largely a macro story.

總體而言，當我們回顧 2024 年餐飲零售和其他行業面臨的阻力時，我們認為這在很大程度上是一個宏觀故事。

Certainly, at the margins, there is some -- the retail media networks and the delivery platforms are a factor, but not the one that we believe is driving the performance overall in the category.

當然，從邊緣角度來說，也存在一些因素——零售媒體網路和交付平台是一個因素，但我們認為這並不是推動該類別整體表現的因素。

Consumers are feeling this pinch, and the frequency has gone down in terms of number of times, for instance, that they go out to dinner.

消費者感受到了這種壓力，他們外出用餐的次數減少了。

And then the operators who are actually writing the checks on the marketing side are also feeling the pinch due to the inputs into the business.

而實際上在行銷方面開支票的業者也因業務投入而感受到壓力。

And so we do believe that this will turn eventually and that we're very well positioned to take advantage when RR&O does turn the corner.

因此，我們確實相信這種情況最終會好轉，而且當 RR&O 出現轉機時，我們處於非常有利的位置來利用這一優勢。

And so the overall -- we don't believe it's a -- the competitive factor is the large factor.

所以總的來說——我們不認為這是一個——競爭因素是一個重要因素。

It's overall macro story.

這是整體宏觀的故事。

And at this time, there are no further questions.

目前，沒有其他問題。

That does conclude our conference for today.

今天的會議就到此結束了。

We would like to thank you all for your participation.

我們感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。