Yelp Inc (YELP) 2025 Q1 法說會逐字稿

Hello and welcome to Yelp's First Quarter 2025 Earnings Call.

您好，歡迎參加 Yelp 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

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

現在，我想將會議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 First Quarter 2025 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.

大家下午好，感謝您參加 Yelp 2025 年第一季財報電話會議。今天與我一起出席的還有 Yelp 的執行長 Jeremy Stoppelman；財務長大衛‧施瓦茨巴赫；和營運長 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. Now I'll read our Safe Harbor statement.

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。我們將提供一些簡短的開場白，然後回答您的問題。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. 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 of these forward-looking statements in light of new information or future events.

我們今天將做出一些前瞻性的聲明，其中涉及一些風險和不確定性，可能導致實際結果大不相同。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的任何修訂結果的義務。

In addition, we are subject to a number of risks that may significantly impact our business and financial results. 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 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的 EBITDA、調整後的 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看待，也不應取代依照公認會計原則編製的財務資訊。

In our shareholder letter released this afternoon in 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 the historical reconciliation of GAAP cash flows from operating activities to free cash flow.

在我們今天下午向美國證券交易委員會提交的文件中發布的致股東信函（每份文件均發佈在我們的投資者關係網站上）中，您將找到有關這些非 GAAP 財務指標的更多披露，以及 GAAP 淨收入或虧損與調整後 EBITDA 和調整後 EBITDA 利潤率的歷史對賬，現金以及 GAAP 經營活動現金流量與現金流量的歷史。

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. Led by continued strength in our services business, Yelp delivered 8% year over year revenue growth and strong profitability in the first quarter. We generated $359 million of net revenue while expanding net income margin by 3% points and adjusting the EBITDA margin by 4% points from the prior year period.

謝謝凱特，歡迎大家。在服務業務持續強勁成長的帶動下，Yelp 第一季實現了同比增長 8% 的收入和強勁的盈利能力。我們創造了 3.59 億美元的淨收入，同時淨收入利潤率比去年同期擴大了 3 個百分點，EBITDA 利潤率也提高了 4 個百分點。

Our product led strategy has continued to strengthen our business, and we recently rolled out 15 new features and updates. We continue to see a divergence in category performance in the first quarter. The operating environment for businesses in our restaurant, retail, and other categories remain challenging, and RR&O revenue declined by 3% year over year as a result.

我們的產品主導策略不斷加強我們的業務，我們最近推出了 15 個新功能和更新。我們繼續看到第一季各類別表現出現分歧。我們餐飲、零售和其他類別的商業經營環境依然充滿挑戰，導致 RR&O 收入較去年同期下降 3%。

At the same time, our services categories where we focused our product efforts drove continued momentum. Services revenue increased by 14% year over year, making it the 16th consecutive quarter of double-digit year over year growth.

同時，我們重點關注的產品服務類別也持續保持強勁發展勢頭。服務營收年增14%，連續16季實現兩位數年增。

Request to quote projects increased by approximately 10% year over year, primarily as a result of improvements to the request to quote flow and adoption of the Yelp system, even as our spend on acquiring projects through paid search was significantly lower than in the prior year period. Excluding projects acquired through paid search, request to quote projects increased by more than 15% year over year in the quarter.

報價項目請求年增約 10%，主要原因是報價請求流程的改進和 Yelp 系統的採用，儘管我們透過付費搜尋取得專案的支出遠低於去年同期。不包括透過付費搜尋獲得的項目，本季報價請求項目年增超過 15%。

To help make the hiring experience even smoother, we recently enhanced Yelp assistant by adding AI-powered photo recognition. We also introduced response quality badges to highlight service pros who consistently provide helpful replies to project requests.

為了幫助使招募體驗更加順暢，我們最近透過添加人工智慧照片識別功能增強了 Yelp 助理。我們還推出了回應品質徽章，以表彰那些始終如一地為專案請求提供有用答案的服務專家。

In addition, we have increased our focus on multi-location services businesses this year and announced an integration with workflow automation platform Zapier, leveraging Yelp's Leads API, the integration directly connects Yelp to over 800 CRM platforms and lead management tools.

此外，我們今年更加關注多地點服務業務，並宣布與工作流程自動化平台 Zapier 整合，利用 Yelp 的 Leads API，將 Yelp 直接連接到 800 多個 CRM 平台和潛在客戶管理工具。

More broadly, our product and engineering teams continued to leverage AI to transform the way consumers connect with great local businesses across categories. During the first quarter, we introduced several improvements to our matching algorithms and experimented with themed ad formats to deliver greater value to our advertisers.

更廣泛地說，我們的產品和工程團隊繼續利用人工智慧來改變消費者與各個類別的優秀本地企業的聯繫方式。在第一季度，我們對配對演算法進行了多項改進，並嘗試了主題廣告格式，以便為廣告客戶提供更大的價值。

At the same time, our consumer teams continued the expansion of the AI powered business summaries and made progress bringing Yelp assistant to other categories and entry points. We recently announced two upcoming AI powered call answering services, one for service pros and another for restaurants, to help business owners manage incoming calls like booking reservations and collecting project details.

同時，我們的消費者團隊繼續擴展人工智慧驅動的商業摘要，並在將 Yelp 助理引入其他類別和入口點方面取得了進展。我們最近宣布了兩項即將推出的人工智慧呼叫應答服務，一項針對服務專業人員，另一項針對餐館，以幫助企業主管理來電，例如預訂和收集項目詳細資訊。

Our research has found that consumer phone calls are a critical lead source, yet many go unanswered. There's a clear opportunity to provide additional value to local businesses, and we see these products as a strong solution.

我們的研究發現，消費者電話是重要的線索來源，但許多電話都沒有被接聽。這顯然是一個為當地企業提供額外價值的機會，我們認為這些產品是一個強而有力的解決方案。

In summary, our focus on services continues to strengthen our business, and we remain excited by the opportunities ahead to drive profitable growth and shareholder value over the long term. With that, I'll turn it over to David.

總而言之，我們對服務的關注將繼續加強我們的業務，並且我們仍然對未來推動長期獲利成長和股東價值的機會感到興奮。說完這些，我就把麥克風交給大衛。

Thanks, Jeremy. In the first quarter, net revenue increased by 8% to $359 million and $4 million dollars above the high end of our outlook range, driven by our disciplined approach, net income increased by 72% year over year to $24 million or $0.36 per share on a diluted basis, representing a 7% margin, adjusted EBITDA to increase by 32% year over year to $85 million representing a 24% margin, putting at $15 million above the high end of our outlook range.

謝謝，傑里米。第一季度，在我們嚴謹的經營方式的推動下，淨收入增長 8%，達到 3.59 億美元，比我們預期範圍的高端高出 400 萬美元；淨收入同比增長 72%，達到 2400 萬美元或每股攤薄收益 0.36 美元，利潤率為 7%；調整後 EBITDA 增長 430 萬美元，比 250 萬美元，我們預期的高端1500 萬美元。

Continued strength in our services business drove this growth. Services revenue increased by 14% year over year to a $232 million. Revenue growth in services accelerated from the fourth quarter, driven by the inclusion of repair al in our auto services category.

我們服務業務的持續強勁推動了這一成長。服務收入年增14%，達到2.32億美元。受汽車維修服務納入汽車服務類別的推動，服務收入成長從第四季開始加速。

As Jeremy mentioned, restaurants and retailers remain pressured in the quarter, resulting in a 3% year over year decline in RR&O revenue to $110 million.

正如傑里米所提到的，本季餐廳和零售商仍然面臨壓力，導致 RR&O 收入年減 3% 至 1.1 億美元。

A decrease in RR&O locations offset growth in services locations in the quarter. This resulted in an overall decline of 3% year over year in paying advertising locations to 517,000.

本季 RR&O 地點的減少抵消了服務地點的成長。這導致付費廣告位總數較去年同期下降 3% 至 517,000 個。

Ad clicks declined by 3% year over year in the quarter, primarily due to macro pressures in RR&O categories and to a lesser extent reduced spend on paid search in the current year period. At the same time, advertiser demand and services remain strong, contributing to a 9% year over year increase in average CPC.

本季廣告點擊量較去年同期下降 3%，主要原因是 RR&O 類別的宏觀壓力，以及本年度付費搜尋支出的減少（程度較小）。同時，廣告主的需求和服務依然強勁，推動平均每次點擊費用較去年同期成長 9%。

Turning to expenses, our first quarter results demonstrate the margin of potential of our business with a net income margin of 7% and an adjusted EBITDA margin of 24%. We achieved these strong results through discipline expense management.

談到費用，我們的第一季業績顯示了我們業務的潛在利潤率，淨收入利潤率為 7%，調整後的 EBITDA 利潤率為 24%。我們透過嚴格的費用管理取得了這些強勁的業績。

As we continue to focus on allocating resources towards our best opportunities, we again expect headcount will be approximately flat year over year by the end of 2025.

隨著我們繼續專注於將資源分配給最佳機會，我們再次預計到 2025 年底員工人數將與去年同期基本持平。

In the first quarter, we reduced stock-based compensation expenses as a percentage of revenue by 2% points year over year to 10%.

第一季度，我們將股票薪資支出佔收入的比例年減了 2 個百分點，至 10%。

We remain focused on reaching our targets of less than 8% by the end of the year and less than 6% by the end of 2027. We expect these efforts to stack over time, improving the quality of our adjusted EBITDA and benefiting GAAP profitability in the years to come.

我們仍致力於實現今年年底低於 8%、2027 年底低於 6% 的目標。我們預計這些努力將隨著時間的推移而不斷累積，從而提高我們調整後的 EBITDA 的品質並在未來幾年有利於提高 GAAP 獲利能力。

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

我們的資本配置策略由三個主要要素組成。首先，保持健康的現金餘額來資助我們的營運。第二，保留資產負債表容量以因應潛在的收購；第三，透過股票回購將多餘的資本返還給股東。

In the first quarter, we repurchased $62.5 million worth of shares at an average purchase price of $37.01 per share. As of March 30, 2025, we had $268 million remaining under our existing repurchase authorization. We plan to continue repurchasing shares for the remainder of 2025, subject to market and economic conditions.

第一季度，我們以平均每股 37.01 美元的價格回購了價值 6,250 萬美元的股票。截至 2025 年 3 月 30 日，我們現有的回購授權剩餘金額為 2.68 億美元。我們計劃在 2025 年剩餘時間內繼續回購股票，但需視市場和經濟狀況而定。

Turning to our outlook, when we provided our initial outlook range in February, we noted that there were considerable macroeconomic and policy uncertainties.

談到我們的展望，當我們在二月提供初步展望範圍時，我們注意到存在相當大的宏觀經濟和政策不確定性。

Since then, we delivered a strong first quarter with results exceeding our own expectations. At the same time, macro uncertainties increased.

自那時起，我們第一季表現強勁，業績超出了我們的預期。同時，宏觀不確定性增加。

As a result, we currently expect second quarter net revenue will be in the range of $362 million to $367 million. For the full year, we are modestly widening our range, with net revenue now expected to be between $1.465 billion and $1.485 billion. While our performance-based ad platform has proven resilient in previous periods of macroeconomic pressure.

因此，我們目前預計第二季淨收入將在 3.62 億美元至 3.67 億美元之間。就全年而言，我們將適度擴大預期範圍，目前預計淨收入將在 14.65 億美元至 14.85 億美元之間。儘管我們的基於績效的廣告平台在以往的宏觀經濟壓力時期已證明具有韌性。

Our guidance does not reflect the substantial decline in economic conditions.

我們的指導並未反映出經濟狀況的大幅下滑。

Turning to margin, we expect expenses to increase modestly for the remainder of the year, primarily driven by cost of revenue. In addition, we expect our efforts to reduce SBC will act as a headwind to adjusted EBITDA as we move throughout the year but will not impact net income.

談到利潤率，我們預計今年剩餘時間內的支出將小幅增加，主要受收入成本的影響。此外，我們預計，隨著全年的發展，我們降低 SBC 的努力將對調整後的 EBITDA 產生不利影響，但不會影響淨收入。

As a result, we expect 2nd quarter adjusted EBITDA will be in the range of $84 million to $89 million. Balancing our first quarter outperformance with heightened macro uncertainties, we are also widening our range and now expect full year adjusted EBITDA to be between $345 million and $365 million.

因此，我們預計第二季調整後的 EBITDA 將在 8,400 萬美元至 8,900 萬美元之間。平衡第一季的優異表現與加劇的宏觀不確定性，我們也擴大了預期範圍，目前預計全年調整後的 EBITDA 將在 3.45 億美元至 3.65 億美元之間。

In closing, Yelp's first quarter results reflect the underlying profitability of our business. 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. With that operator, please open up the line for questions.

最後，Yelp 第一季的業績反映了我們業務的潛在獲利能力。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成長的領域。請與那位接線生聯繫，以便我們解答疑問。

(Operator Instructions)

（操作員指示）

Your first question comes from Sergio Segura with KeyBanc. Your line is open.

您的第一個問題來自 KeyBanc 的 Sergio Segura。您的線路已開通。

Great, thanks for taking the questions. I guess first you mentioned in the business outlook seeing some steady spend in April that was below typical seasonality, but some encouraging signs in early May. So maybe you could just dive into the trends you're seeing quarter of the day and anything to call out from a vertical perspective.

太好了，感謝您回答這些問題。我想您首先在商業展望中提到，4 月份的支出比較穩定，低於典型的季節性水平，但 5 月初出現了一些令人鼓舞的跡象。因此，也許您可以深入了解一天中看到的四分之一趨勢以及從垂直角度要注意的任何事項。

Yeah. Hi, Sergio. I can take that, I think the question is really around advertiser sentiment and kind of impacts on the macro environment, in Q1 specifically I would say it was really resilient.

是的。你好，塞爾吉奧。我可以接受這一點，我認為問題實際上在於廣告商的情緒以及對宏觀環境的影響，特別是在第一季度，我會說它確實具有彈性。

We characterize it as hanging in there on the local side of the business services continued to perform well with 14% year over year growth. Many of these projects are non-discretionary, which provides at least a degree of insulation from some of the broader macro pressures.

我們將其描述為堅持在本地開展業務，並繼續表現良好，年增 14%。許多此類項目都是非自由支配的，這至少在一定程度上可以抵禦一些更廣泛的宏觀壓力。

Multi-location advertisers, particularly in RR&O, are a little bit more cautious while spend held steady in Q1, they're taking, a quarter-by-quarter approach given some of the macro uncertainty. We are encouraged by the early traction in our multi-location services initiative.

多地點廣告商，尤其是 RR&O 領域的廣告商，更加謹慎一些，儘管第一季的支出保持穩定，但考慮到一些宏觀不確定性，他們採取了逐季度投放的方式。我們的多地點服務計劃早期取得的進展令我們感到鼓舞。

Adoption of the Leads API continued throughout the quarter in Q1. We announced the Zapier integration, which has really strong early signs as well, and we did see acceleration and revenue growth in multi-location services from Q4 to Q1, which are, all positive signals, ultimately our down funnel ad product continues to deliver really measurable ROI, which is especially valuable in in uncertain environments we continue to keep an eye on inflation and potential tariff related supply chain disruptions.

在第一季度，Leads API 的採用持續進行。我們宣布了 Zapier 集成，這在早期也表現出了非常強勁的跡象，而且我們確實看到從第四季度到第一季度，多地點服務的加速和收入增長，這些都是積極的信號，最終我們的下行漏斗廣告產品繼續提供真正可衡量的投資回報率，這在不確定的環境中尤其有價值，我們將繼續關注通貨膨脹和潛在的關稅相關的供應鏈中斷。

But we believe that the product positioning and attribution capabilities help advertisers really justify that spend. When you talk about April specifically, certainly some of the macro uncertainties have increased. We believe this caused some of our advertisers to maintain steady spend in April when we typically see an increase in budgets, despite the signals in early May have been encouraging and net we've reflected that in our guide.

但我們相信產品定位和歸因能力能夠幫助廣告商真正證明這筆支出是合理的。具體來說，當你談到四月時，一些宏觀不確定性肯定會增加。我們認為，這導致我們的一些廣告商在 4 月保持穩定的支出，而我們通常會看到預算增加，儘管 5 月初的訊號令人鼓舞，並且我們已經在指南中反映了這一點。

Great, and maybe a follow up on those comments just on, I know RR&O typically is more enterprise or larger advertisers versus S&B, but anything to call out what you're seeing within the RR&O known services category on enterprise versus S&B strength.

太好了，也許只是對這些評論的跟進，我知道 RR&O 通常更多的是企業或大型廣告商而不是 S&B，但是有什麼可以指出您在 RR&O 已知服務類別中看到的企業與 S&B 實力對比嗎？

Yeah, thanks.

是的，謝謝。

Ultimately RR&O continues to face headwinds, and that is a lot of our multi-location revenue and so they've not been as full throated and kind of their commitment on the year and ability to go spend, on the S&B side, certainly that's, the majority of our revenue is there and in fact if you look at our paying advertiser locations, this is the first quarter where we have more services paying advertiser locations than we do RR&O.

最終，RR&O 繼續面臨逆風，這佔據了我們多地點收入的很大一部分，因此他們並沒有全力以赴，也沒有在年度承諾和支出能力方面全力以赴，在 S&B 方面，當然，我們的大部分收入都在那裡，事實上，如果你看看我們的付費廣告商地點，這是第一個季度，我們的付費廣告商地點服務比 RR&O 多。

We do continue to invest in the RR&O core consumer experience, and you know we've announced products coming up like, Yelp assistant for other categories, so continues to be an investment area for us, don't have a crystal ball as to kind of when it turns around we don't believe on-premises dining is going away, but our relationships really remain strong within the multi-location RR&O category. And when it turns, we believe we have the ability to capture that upside.

我們確實會繼續投資於 RR&O 核心消費者體驗，而且您知道我們已經宣布即將推出的產品，例如其他類別的 Yelp 助手，因此這將繼續成為我們的投資領域，對於何時出現好轉，我們沒有水晶球，我們不相信店內用餐會消失，但我們與多地點 RR&O 類別的關係仍然很牢固。當情勢轉變時，我們相信我們有能力抓住這一機會。

Great, very helpful. Thank you.

非常好，很有幫助。謝謝。

The next question comes from Jason Cryer with Craig Hallam. Your line is open.

下一個問題來自 Craig Hallam 的 Jason Cryer。您的線路已開通。

Great, thank you. This is Cal on for Jason. So maybe first, can you just kind of walk through the drivers of the CPC growth that you saw, how much of this was just from services demand becoming a bigger piece of the mix, and you know what are some ways that you can kind of maintain the budget growth that you've seen while maybe decelerating or reducing CPC to deliver more value to your advertisers?

太好了，謝謝。這是 Cal on 為 Jason 準備的。那麼首先，您能否簡單介紹一下您所看到的每次點擊費用增長的驅動因素，其中有多少是來自服務需求成為組合中更重要的組成部分，您知道有哪些方法可以保持您所看到的預算增長，同時可能減慢或降低每次點擊費用，以便為您的廣告客戶提供更多價值？

Hey Cryer, thanks for the question. Just to touch first on what's happening with quick growth and CPCs.

嘿，Cryer，謝謝你的提問。首先來談談快速增長和每次點擊費用的情況。

We definitely saw robust advertising command in the first quarter that enabled us to deliver the performance that we did.

我們確實在第一季看到了強勁的廣告指令，這使我們能夠實現我們所取得的業績。

That being said, to Jed's comments, it is and has been softer in restaurant retail and other, and those trends have led to fewer clicks.

話雖如此，但正如傑德所說，餐飲零售業和其他行業的情況一直比較疲軟，這些趨勢導致了點擊量的減少。

So it's predominantly driven by the dynamics at play in restaurant, retail, and other as compared to services. Now on the services side, there is an element of that where we were investing in page search in the first quarter of 2024, and that did lead to an increase of clicks, so you have a year-on-year comparison there, but underneath the overall performance continued to be strong in terms of delivering value to advertisers on the CPC side, there's a couple of thoughts.

因此，與服務業相比，它主要受到餐飲、零售和其他行業的動態驅動。現在在服務方面，我們在 2024 年第一季度對頁面搜尋進行了投資，這確實帶來了點擊量的增加，因此您可以進行同比比較，但在為 CPC 方面的廣告商提供價值方面，整體表現繼續保持強勁，有幾點想法。

One, we are very focused on delivering valuable clicks to advertisers, and where it makes sense for us to actually deliver fewer clicks but of higher quality, we're very focused on that and willing to do that. So that's one dynamic at play because at the end of the day the advertiser wants a great lead, not just the clicks. So that's the first dynamic around. Being able to deliver value.

首先，我們非常注重為廣告商提供有價值的點擊，並且實際上提供更少但更高品質的點擊是有意義的，我們非常關注這一點並且願意這樣做。這是一種動態現象，因為歸根結底，廣告商想要的是巨大的領先優勢，而不僅僅是點擊量。這就是第一個動態。能夠提供價值。

The second is there are category mix shifts that are occurring as our services business continues to grow and grow significantly, and that can lead to an increase in CPCs while still delivering the exact same value since it's a mixed question.

第二，隨著我們的服務業務持續成長並大幅成長，類別組合正在發生變化，這可能會導致每次點擊費用的增加，同時仍能提供完全相同的價值，因為這是一個混合問題。

And then the third point is we want to ensure that when consumers come to Yelp they're really getting a great experience, and we have been investing heavily in the pro experience on Yelp, including now providing badging that indicates whether or not that pro is providing a great experience, and we do believe there's a lot of opportunity for us to continue to guide pros to create great experiences for consumers who are visiting them and we think that leads to higher quality leads, better responses for them, and that's certainly something that we think makes the experience on Yelp more valuable to consumers and we'll encourage them to come back.

第三點是，我們希望確保消費者在訪問 Yelp 時能夠獲得真正優質的體驗，我們一直在大力投資 Yelp 的專業體驗，包括現在提供徽章來表明該專業人士是否提供了優質的體驗，我們確實相信我們有很多機會繼續引導專業人士為訪問他們的消費者創造良好的體驗，我們認為這會帶來更高質量的潛在客戶和更好的回應，這當然是我們認為 Yelp 上的事情會回來

So, we have a broad set of initiatives that we think really go after the opportunity first and foremost to deliver more valuable leads and then if we are delivering those more valuable leads, we believe that. We can charge higher rates for the clicks, so that meant when you put all that together, we feel like we are making great progress, and we look forward to continuing to execute against the roadmap that we set for ourselves.

因此，我們有一系列廣泛的舉措，我們認為這些舉措首先是為了抓住機會，提供更有價值的線索，然後，如果我們能提供這些更有價值的線索，我們就相信這一點。我們可以對點擊收取更高的費用，這意味著當你把所有這些放在一起時，我們感覺我們正在取得巨大的進步，我們期待著繼續按照我們為自己設定的路線圖執行。

Great, and then just on the Yelp assistant, adoption was very strong again, despite, as you noted, a lower paid surge budget, you're still spending in Q1 to 2024. So, is there something that you're doing internally to continue driving strengthen adoption?

太好了，然後僅在 Yelp 助手上，採用率再次非常強勁，儘管正如您所說，付費激增預算較低，但您仍會在 2024 年第一季度進行支出。那麼，你們內部正在採取哪些措施來繼續推動加強採用？

Hey Cryer, this is Jeremy. I'll take that. Yeah, we're pleased with the performance of Yelp assistant.

嘿，Cryer，我是 Jeremy。我會接受的。是的，我們對 Yelp 助理的表現感到滿意。

There continues to be a lot of room for growth there, and development of the product. We have new entry points that we continue to roll out, and there's some significant ones that are still untapped, for instance, if you go to a business details page and you know tap on request a quote, you're not going to see Yelp Assistant yet. So there's plenty of room to run there. We also see a big opportunity in bringing Yelp Assistant to many more categories, in fact, all categories.

那裡仍然有很大的成長空間和產品開發空間。我們不斷推出新的切入點，但一些重要的切入點仍未開發，例如，如果您進入業務詳情頁面並點擊請求報價，那麼您還不會看到 Yelp Assistant。因此那裡有足夠的運行空間。我們還看到了將 Yelp Assistant 引入更多類別，實際上是所有類別的巨大機會。

And really as you think about it more broadly, I think Yelp Assistant in that conversational format can be really the future of how you're interacting with Yelp and tapping into information. So it gives us an opportunity to really reinvent the consumer experience, reinvent the search experience. So we're really excited about the possibilities of that.

從更廣泛的角度考慮，我認為對話形式的 Yelp Assistant 可以真正成為您與 Yelp 互動和獲取資訊的未來。因此，它為我們提供了真正重塑消費者體驗、重塑搜尋體驗的機會。因此，我們對這種可能性感到非常興奮。

And then you know once we have that fully built out, there's also the opportunity to take it off of Yelp and so you think about chatbots, new age or newfangled search engines that need to tap into local content.

然後你知道，一旦我們完全建成了它，就有機會將它從 Yelp 中剝離出來，所以你會想到需要利用本地內容的聊天機器人、新時代或新奇的搜尋引擎。

We think our local content is the best that's out there, the quality, the The data that we have and to be able to turn that into an API and provide Yelp assistant, I think to other platforms is an interesting possibility too.

我們認為我們的本地內容是最好的，品質、我們擁有的數據以及能夠將其轉換為 API 並為 Yelp 助手提供的功能，我認為對其他平台來說也是一個有趣的可能性。

So there's a lot of runway for us as we continue to work on Yelp Assistant. We're really excited about it.

因此，當我們繼續致力於 Yelp Assistant 時，我們有很大的發展空間。我們對此感到非常興奮。

Great, thank you very much for taking my questions.

太好了，非常感謝您回答我的問題。

The next question comes from Shweta Khajuria with Wolf Research. Your line is open.

下一個問題來自 Wolf Research 的 Shweta Khajuria。您的線路已開通。

Hi, this is Brian on for Shweta. Thank you for taking my question. Could you just please expand on your broader AI strategy and what really incrementality you're unlocking here with some of the new product announcements, like the photo recognition and response quality announced last week and then the 135% projects missions as well.

大家好，我是 Shweta 的 Brian。感謝您回答我的問題。您能否詳細說明您的更廣泛的人工智慧策略，以及您透過一些新產品公告真正解鎖的增量，例如上周宣布的照片識別和回應質量，以及 135% 的專案任務。

I'm starting to see with some of the experimentation that you mentioned in the letter. As well, with the summary visual experiences, what are some really green shoots that you could point to from any of these initiatives and any visibility onto the roadmap to capitalize on this momentum would be great. And just as a follow up, would any of these be supporting the jump in CPCs that you saw this quarter?

我開始看到您在信中提到的一些實驗。此外，透過總結視覺體驗，您可以從這些舉措中指出哪些真正的綠色新芽，以及任何可以利用這一勢頭的路線圖的可見性都會很棒。作為後續問題，這些因素是否支持了本季每次點擊費用 (CPC) 的成長？

Thank you.

謝謝。

Thanks for the question, Brian.

謝謝你的提問，布萊恩。

We see a ton of opportunities ahead leveraging AI. So as I was just talking about, Yelp assistant I think represents a great example, something where we're leading the industry within local services where you can have a conversation.

我們看到利用人工智慧將帶來大量機會。正如我剛才所說，我認為 Yelp 助理是一個很好的例子，我們在本地服務領域處於行業領先地位，您可以與它進行對話。

The consumer can tell you all about their project. We use that to do intelligent matching. We know which questions to ask based on LM technology, and there was an additional feature that we added which is you can now upload a photo and again.

消費者可以告訴你有關他們的項目的所有資訊。我們用它來進行智慧匹配。根據 LM 技術，我們知道要問哪些問題，我們添加了一個附加功能，即您現在可以上傳照片並再次上傳。

The AI understands what's in the photo. If it's a photo of something, let's say a washer dryer, it perhaps can pick out the model number for you and pick up details that you might not have even thought to include as your messaging trying to get to the right pros, and so we can deliver that valuable lead information to pros, which is really exciting of course there's other applications making search more intelligent, summarizing our incredible content, so we see lots of opportunities to enhance the product.

人工智慧了解照片中的內容。如果它是某物的照片，比如說洗衣機烘乾機，它也許可以為您挑選出型號，並挑選出您可能甚至沒有想到要包含的詳細信息，作為您的信息試圖傳達給合適的專業人士，這樣我們就可以將有價值的線索信息傳遞給專業人士，這真的令人興奮，當然還有其他應用程序使搜索更加智能，總結我們令人難以置信的內容，因此我們看到了很多產品的機會。

And speaking of product, we actually have, as we announced with our release today, new products coming leveraging AI which will be answering services, so both on the restaurant side. A front of house answering service to help restaurant customers and then on the services side we know from talking to pros that they miss a lot of phone calls and that is often business that's just dropped on the floor. Some of those leads they've actually paid good money for and so that's just a real shame.

說到產品，正如我們今天發布的產品那樣，我們確實推出了利用人工智慧的新產品，這些產品將成為餐廳的應答服務。前台應答服務是為了幫助餐廳顧客，而在服務方面，我們從與專業人士的交談中得知，他們錯過了很多電話，而這些電話往往就是被丟在一邊的業務。他們實際上已經為其中一些線索付出了高昂的代價，這實在令人遺憾。

So we want to solve that problem leveraging LLMs, leveraging voice technology that's now available. Pick up the phone for that pro when they can't answer, gather the necessary information, qualify that lead, and deliver it in a convenient way to the pro.

因此，我們希望利用 LLM 和現有的語音技術來解決這個問題。當專業人士無法接聽電話時，為他們接聽電話，收集必要的信息，確定該線索，並以方便的方式將其傳遞給專業人士。

And we think that's going to unlock a ton of value, not just from Yelp leads, but anywhere that they're getting leads. Those calls are being dropped and we can provide a solution. So we've been working on that for a while now and we expect to have that out soon.

我們認為這將釋放出巨大的價值，不僅是來自 Yelp 的線索，而是他們獲取線索的任何地方。這些電話正在被掛斷，我們可以提供解決方案。因此，我們已經為此工作了一段時間，並希望很快就能完成。

The next question comes from Nitin Bansal with Bank of America. Your line is open.

下一個問題來自美國銀行的 Nitin Bansal。您的線路已開通。

Hi, thank you for taking my question. So, first of all, can you update us on the engagement trends across mobile and web and were there any notable changes on platform usage in one que? And secondly, can you share some details on monetization trends for the PayPal and how that is tracking against your internal expectations?

你好，謝謝你回答我的問題。那麼，首先，您能否向我們介紹一下行動和網路的參與趨勢，以及平台使用情況是否有任何顯著的變化？其次，您能否分享一些有關 PayPal 貨幣化趨勢的細節，以及它與您的內部預期相比如何？

Thanks for the question, Nitin.

謝謝你的提問，Nitin。

On the consumer engagement traffic side, we did see some macro pressure show up in restaurant retail and other, but on the services side, really pleased with 14% revenue growth there, as well as request a quote.

在消費者參與流量方面，我們確實看到餐飲零售和其他領域出現了一些宏觀壓力，但在服務方面，我們對那裡 14% 的收入成長感到非常高興，同時也要求報價。

Project volume was 15% year over year if you take out the paid activity that we had last year. And of course with Yelp is that there's a lot of runway there. We're excited to continue to roll that out as well as expand it to other categories and reinvent really the search experience. So, there's a lot coming on the consumer engagement side.

如果除去去年的付費活動，專案量年增 15%。當然，Yelp 也有很大的發展空間。我們很高興能夠繼續推出此功能並將其擴展到其他類別並真正重塑搜尋體驗。因此，在消費者參與方面還有很多事情要做。

Onto RepairPal, obviously the integration is happening, going smoothly. We're pleased with the acquisition. We see a lot of low hanging fruit, things like bringing RepairPal just to the Yelp site so that you can schedule an auto repair right from a business's page, very obvious things like that. Those will be coming in the coming months and we think that will have a nice positive upside that we will realize as well.

在 RepairPal 上，整合顯然正在進行，進展順利。我們對此次收購感到滿意。我們看到了許多唾手可得的成果，例如將 RepairPal 引入 Yelp 網站，這樣您就可以直接從企業頁面安排汽車維修，這些都是非常明顯的事情。這些將在未來幾個月內實現，我們認為這也將帶來積極的益處。

Thank you.

謝謝。

Once again, if you have a question, it is a star one on your telephone keypad.

再說一次，如果您有問題，它就是您電話鍵盤上的星號。

With no further questions, this concludes the question and answer session, and we'll conclude today's conference call.

如果沒有其他問題，問答環節就此結束，我們將結束今天的電話會議。

Thank you for joining. You may now disconnect.

感謝您的加入。您現在可以斷開連線。