Yelp Inc (YELP) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Eric, and I'll be a conference operator today. At this time, I would like to welcome everyone to the second quarter 2025 Yelp Incorporated earnings conference call. (Operator Instructions)

感謝您的支持。我叫 Eric，今天我將擔任會議主持人。現在，我歡迎大家參加 Yelp Incorporated 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Kate Krieger, Director of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係總監 Kate Krieger。請繼續。

Good afternoon, everyone and thanks for joining us on Yelp's second quarter 2025 Eearnings conference call. Joining me today are Yelp's Chief Executive Officer, Jeremy Stoppelman; Chief Financial Officer, David Schwarzbach; and Chief Operating Officer, Jed Nachman. We published 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 2025 年第二季財報電話會議。今天與我一起出席的還有 Yelp 的執行長 Jeremy Stoppelman、財務長 David Schwarzbach 和營運長 Jed Nachman。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。

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 of these forward-looking statements in light of new information or future events.

現在我將宣讀我們的安全港聲明。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. 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 adjusted EBITDA, GAAP net income margin to adjusted EBITDA margin and GAAP cash flows from operating activities to free cash flow. And with that, I will turn the call over to Jeremy.

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。在我們今天下午發布的致股東信和向美國證券交易委員會提交的文件中（每一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 財務指標的額外披露，以及 GAAP 淨收入或虧損與調整後 EBITDA、GAAP 淨收入利潤率與調整後 EBITDA 利潤率以及 GAAP 現金流量與 GAAP 現金流量的現金流量。說完這些，我會把電話轉給傑里米。

Thanks, Kate, and welcome everyone. Yelp delivered record net revenue and strong profitability in the quarter. We generated $370 million of net revenue while expanding net income margin by 1% point and adjusted EBITDA margin by 2% points from the prior year period. We remained focused on our product-led strategy and rolled out a number of AI-powered updates in the quarter.

謝謝，凱特，歡迎大家。Yelp 本季實現了創紀錄的淨收入和強勁的獲利能力。我們創造了 3.7 億美元的淨收入，同時淨收入利潤率比去年同期擴大了 1 個百分點，調整後 EBITDA 利潤率提高了 2 個百分點。我們繼續專注於產品主導策略，並在本季推出了一系列人工智慧更新。

Underlying our top line results, services revenue increased by 8% year over year and drove our business performance. At the same time, the operating environment for businesses in our restaurant, retail, and other categories remained challenging, and our R&O revenue declined by 5% year over year.

作為我們營收業績的基礎，服務收入年增 8%，推動了我們的業務表現。同時，我們餐飲、零售等業務的經營環境依然充滿挑戰，R&O收入較去年同期下降5%。

We are continuing to deepen our focus on services, excluding projects acquired through our paid search initiative. Request-a-Quote projects increased by approximately 10% year over year, driven by improvements to the request flow and our AI chatbot, Yelp Assistant, which maintains strong momentum. Project submission through Yelp Assistant increased by more than 400% year over year.

我們將繼續深化對服務的關注，但不包括透過付費搜尋計畫獲得的項目。請求報價項目年增約 10%，這得益於請求流程的改進以及我們的 AI 聊天機器人 Yelp Assistant 保持強勁勢頭。透過 Yelp Assistant 提交的項目年增了 400% 以上。

As we roll out additional entry points, including by making it available to logged-out users, we expect to drive continued growth. To reduce friction and make the service pro experience even smoother, we are providing advertisers with new tools to better manage their leads on Yelp. In the second quarter, we added a number of new labels and filters to the business owner's inbox to help service pros sort and respond to consumer requests more quickly. In addition, our integration with workflow automation platform, Zapier, has been particularly well received, with strong early adoption across both SMB and multi-location customers.

隨著我們推出更多入口點（包括向已註銷的用戶開放），我們預計這將推動持續成長。為了減少摩擦並使服務專業體驗更加順暢，我們為廣告主提供了新工具，以便更好地管理他們在 Yelp 上的潛在客戶。在第二季度，我們為企業主的收件匣中添加了許多新的標籤和過濾器，以幫助服務專業人員更快地對消費者請求進行分類和回應。此外，我們與工作流程自動化平台 Zapier 的整合也獲得了特別熱烈的反響，在中小型企業和多地點客戶中都得到了廣泛的早期採用。

More broadly, our product and engineering teams continued to leverage AI to transform the way consumers connect with great local businesses. In the second quarter, we continued to make progress towards our launch of Yelp Assistant across all categories. We also recently initiated live testing of Yelp Host, our AI-powered call answering service for restaurants. We're encouraged by the early results and look forward to beginning similar testing with Yelp Receptionist, our services-tailored version, later this year.

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優秀本地企業的聯繫方式。第二季度，我們繼續推進在所有類別中推出 Yelp Assistant。我們最近也啟動了 Yelp Host 的現場測試，這是我們為餐廳提供的人工智慧呼叫應答服務。我們對早期結果感到鼓舞，並期待今年稍後開始對我們的服務定製版本 Yelp Receptionist 進行類似的測試。

Beyond the Yelp platform, we believe trusted content will be a differentiator in an AI-powered world, and we have seen strong demand for our data licensing products as a result. AI search API calls have accelerated, increasing by 20 times over the past year and 10 times in just the last two months. We also continue to onboard new licensing partners. Together, these developments contributed to an increase in annual run rate revenue related to AI search to more than $10 million over the last two months.

除了 Yelp 平台之外，我們相信可信任內容將成為人工智慧世界中的差異化因素，因此我們看到了對我們的資料授權產品的強勁需求。AI搜尋API呼叫量加速成長，過去一年成長了20倍，光是過去兩個月就成長了10倍。我們也將繼續吸收新的授權合作夥伴。這些發展共同推動了與人工智慧搜尋相關的年度運行收入在過去兩個月內增長至 1000 多萬美元。

This momentum reflects Yelp's value as an essential partner in emerging AI-powered search products. In summary, our focus on services and AI products continue 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.

這一勢頭反映了 Yelp 作為新興人工智慧搜尋產品重要合作夥伴的價值。總而言之，我們對服務和人工智慧產品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 second quarter, net revenue increased by 4% year over year to $370 million, and $3 million above the high end of our outlook range, driven by our disciplined approach. Net income increased by 16% year over year to $44 million, or $0.67 per share on a diluted basis. Representing a 12% margin, adjusted EBITDA increased by 10% year over year to $100 million, representing a 27% margin, putting it $11 million above the high end of our outlook range.

謝謝，傑里米。在我們嚴謹的經營方式的推動下，第二季淨收入年增 4% 至 3.7 億美元，比我們預期範圍的高端高出 300 萬美元。淨收入年增 16% 至 4,400 萬美元，或每股攤薄收益 0.67 美元。調整後的 EBITDA 利潤率為 12%，年增 10%，達到 1 億美元，利潤率為 27%，比我們預期範圍的高端高出 1,100 萬美元。

Year over year, advertising revenue growth decelerated from the first quarter as advertisers exercised increased caution in the face of heightened macroeconomic and policy uncertainties. Advertisers' budgets increased modestly in aggregate as the second quarter progressed, though not to the same extent as we have seen historically.

與去年同期相比，由於宏觀經濟和政策不確定性加劇，廣告商更加謹慎，廣告收入成長較第一季放緩。隨著第二季的進展，廣告商的預算總體上略有增加，但增幅不如歷史上的水平。

Services revenue increased by 8% year over year to a quarterly record $241 million. As Jeremy mentioned, restaurants and retailers remained pressured in the quarter, resulting in a 5% year over year decline in RR&O revenue to $113 million.

服務收入年增 8%，達到季度創紀錄的 2.41 億美元。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 5% 至 1.13 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 515,000. Ad clicks declined by 7% year over year in the quarter, primarily due to macro pressures and increased competition in RR&O categories. To a lesser extent, reduced spend on paid project acquisition in the current year period had an impact on clicks. Average CPC increased by 11% year over year, reflecting growth in services demand and fewer clicks overall.

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 51.5 萬個。本季廣告點擊量較去年同期下降 7%，主要原因是宏觀壓力和 RR&O 類別競爭加劇。在較小程度上，本年度期間付費項目收購支出的減少對點擊量產生了影響。平均每次點擊費用較去年同期成長 11%，反映出服務需求的成長和整體點擊量的減少。

Turning to expenses, our second quarter results demonstrate the margin potential of our business, with a net income margin of 12% and an adjusted EBITDA margin of 27%. We achieved these strong results through disciplined expense management 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.

談到費用，我們的第二季業績證明了我們業務的利潤潛力，淨收入利潤率為 12%，調整後的 EBITDA 利潤率為 27%。我們透過嚴格的費用管理取得了這些強勁的業績，因為我們繼續專注於將資源分配給我們最好的機會。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 second quarter, we reduced stock-based compensation expense as a percentage of revenue by 2 percentage points year over year to 9%. We remain focused on reaching our targets of less than 8% by the end of this 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.

第二季度，我們將股票薪酬費用佔收入的比例年減了 2 個百分點，至 9%。我們仍致力於實現今年年底低於 8% 和 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. In the second quarter, we repurchased $65.9 million worth of shares at an average purchase price of $35.58 per share.

我們的資本配置策略包括三個主要要素：第一，保持健康的現金餘額以資助我們的營運；第二，保留資產負債表容量以進行潛在的收購；第三，透過股票回購將多餘的資本返還給股東。第二季度，我們以平均每股 35.58 美元的價格回購了價值 6,590 萬美元的股票。

As of June 30, 2025, we had $202 million remaining under our existing repurchase authorization. We plan to continue repurchasing shares through the remainder of 2025, subject to market and economic conditions.

截至 2025 年 6 月 30 日，我們現有的回購授權剩餘金額為 2.02 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, with heightened macroeconomic uncertainties, we did not see the seasonal increase in revenue that we would typically expect in the second quarter. We anticipate that this dynamic will persist in the third quarter, with net revenue remaining approximately flat with the second quarter, in the range of $365 million to $370 million.

展望未來，由於宏觀經濟不確定性加劇，我們並未看到第二季營收出現通常預期的季節性成長。我們預計這種勢頭將在第三季持續下去，淨收入將與第二季基本持平，介於 3.65 億美元至 3.7 億美元之間。

For the full year, we are narrowing our range, with net revenue now expected to be between $1.465 billion and $1.475 billion. Turning to margin, we expect expenses to increase in the second half of the year, primarily driven by cost of revenue and seasonal sales and marketing expenses.

對於全年，我們正在縮小預期範圍，目前預計淨收入在 14.65 億美元至 14.75 億美元之間。談到利潤率，我們預計下半年支出將會增加，主要受收入成本和季節性銷售和行銷費用的影響。

In addition, we expect our efforts to reduce SBC will act as a headwind to adjusted EBITDA as we move through the second half of the year, but will not impact net income. As a result, we expect third quarter adjusted EBITDA will be in the range of $80 million to $85 million. For the full year, we are narrowing our range and now expect adjusted EBITDA to be between $350 million and $360 million.

此外，我們預計，我們為降低 SBC 所做的努力將在下半年對調整後的 EBITDA 產生不利影響，但不會影響淨收入。因此，我們預計第三季調整後的 EBITDA 將在 8,000 萬美元至 8,500 萬美元之間。對於全年，我們正在縮小預期範圍，目前預計調整後的 EBITDA 將在 3.5 億美元至 3.6 億美元之間。

In closing, Yelp's second 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, particularly around AI. With that operator, please open up the line for questions.

最後，Yelp 的第二季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我們認為能夠推動業務績效的領域，尤其是人工智慧領域。請與那位接線生聯繫，以便我們解答疑問。

(Operator instructions) Sergio Segura, KeyBanc Capital Markets.

（操作員指示）Sergio Segura，KeyBanc 資本市場。

Great, thanks for taking the questions. I have two. So the first, I was hoping you could just walk us through the deceleration you saw on services revenue growth this quarter. You know the category has been largely resilient to macro, so curious if anything has changed on that front.

太好了，感謝您回答這些問題。我有兩個。首先，我希望您能向我們介紹本季服務收入成長放緩的原因。您知道該類別在很大程度上對宏觀具有彈性，因此很好奇這方面是否有任何變化。

And then the second would be on the AI search API and data licensing detail you had in the letter. I thought that was pretty interesting, hoping you could just dive a little bit more into the detail there, the momentum you're seeing, how big of an opportunity you ultimately see that. Thank you.

第二個問題是關於您在信中提到的 AI 搜尋 API 和資料授權細節。我認為這非常有趣，希望您能更深入地了解其中的細節，您所看到的勢頭，以及您最終認為這是一個多大的機會。謝謝。

Hi Sergio, I'll take the questions here. So we did see a degree of softness which we attribute to macro and policy changes in volatility. Obviously consumer sentiment has been impacted with some of those things starting in April.

你好，塞爾吉奧，我來回答你的問題。因此，我們確實看到了一定程度的疲軟，我們將其歸因於宏觀和政策波動的變化。顯然，從四月開始，消費者情緒已經受到了一些因素的影響。

That said, budgets did increase through the second quarter, but we didn't see them increase at the sort of traditional seasonal levels we would expect to see. So we do believe that it's going to persist through Q3, as we said in our remarks.

儘管如此，第二季的預算確實有所增加，但我們並沒有看到其達到我們預期的傳統季節性水準。因此，我們確實相信它將持續到第三季度，正如我們在評論中所說的那樣。

As far as what's really under our control and what can we do, there's a lot to be excited about. We've got the rollout of Yelp Assistant, which is going well. Projects going through that flow is up 400% year over year. We continue to add new entry points. There is a big pool of traffic, our logged-out users that don't get the Yelp Assistant experience currently, and we do expect to bring that to life in the second half. We're really excited about that.

至於我們真正能控制什麼以及我們能做什麼，有很多值得興奮的事情。我們已經推出了 Yelp Assistant，進展順利。經過此流程的項目數量年增了 400%。我們將繼續新增新的入口點。目前，我們有大量流量，已登出的用戶無法獲得 Yelp Assistant 體驗，我們確實希望在下半年實現這一目標。我們對此感到非常興奮。

There's the coming additional category expansion of Yelp Assistant, which we expect to boost overall usage of Yelp Assistant, the stickiness of that if you can really use it as a new interface for Yelp at large, we think that's really exciting and consumers are going to love that. We're hard at work on that experience and expect to deliver that in the second half.

Yelp Assistant 即將推出更多類別擴展，我們預計這將提高 Yelp Assistant 的整體使用率，如果您真的可以將其用作 Yelp 的新介面，我們認為這真的令人興奮，消費者也會喜歡它。我們正在努力累積這種經驗，並希望在下半年實現這一目標。

On the multi-location services side, we continue to have good progress there. We talked about in the letter the integration of our leads API with Zapier, and that's gone well. It's made it a lot easier for multi-location businesses to tap into our great leads, especially from our Request-a-Quote, and get out timely responses and win more business.

在多地點服務方面，我們持續取得良好進展。我們在信中討論了我們的潛在客戶 API 與 Zapier 的集成，目前進展順利。它使多地點企業更容易利用我們的優質線索，特別是來自我們的請求報價，並獲得及時的回應並贏得更多的業務。

So that's some of the stuff that's going on in services, a lot to be excited about. You also mentioned AI search, and especially with respect to our API and how's that going. And we pointed to some interesting stats. We have seen a lot of recent pickup with respect to our API as well as our search data licensing for that space at large.

這就是服務領域正在發生的一些事情，有很多令人興奮的事情。您還提到了 AI 搜索，特別是關於我們的 API，進展如何。我們指出了一些有趣的統計數據。我們最近看到我們的 API 以及整個領域的搜尋資料授權有了很大的成長。

So on the API, we saw, in the last two months, our usage of that API go up 10x. And so that's AI search players that are accessing our data through our API. That's really exciting to see. We do feel like it's super early, we're in kind of the first inning there. It does make sense obviously for a lot of the players that are trying to provide a general search experience with AI that they're going to need to tap into local content.

因此，在 API 上，我們發現，在過去兩個月中，該 API 的使用量增加了 10 倍。這就是透過我們的 API 存取我們資料的 AI 搜尋播放器。看到這個真是令人興奮。我們確實感覺現在還很早，我們才處於第一局。對於許多試圖利用人工智慧提供通用搜尋體驗的參與者來說，他們需要利用本地內容，這顯然是有道理的。

They have great general knowledge. But we all know about hallucinations and problems with the data, and of course the local landscape is changing constantly. And you really need a trust factor and we think that Yelp content is the perfect fit there. There's a lot of players that aren't Google that really don't have access to content without turning to someone like Yelp, and so we do see ourselves as a really essential ingredient in this rapidly developing space.

他們擁有豐富的常識。但我們都知道幻覺和數據問題，當然當地的景觀也在不斷變化。你確實需要一個信任因素，我們認為 Yelp 內容非常適合。有許多非谷歌的參與者如果不借助 Yelp 這樣的平台就無法真正獲得內容，因此我們確實認為自己是這個快速發展領域中不可或缺的一部分。

And so we're starting to see some of that traction on our API as well as we're onboarding search licensing partners. Our revenue in the last few months has increased to a $10 million run rate for this space as well on the licensing side. So there's a lot to be excited about, and again, we're just a kind of step on here, so we'll keep you posted as we make progress.

因此，我們開始看到我們的 API 上的一些牽引力，以及我們正在加入搜尋授權合作夥伴。過去幾個月，我們在這個領域的授權收入也成長到了 1,000 萬美元。所以有很多令人興奮的事情，再說一次，我們只是邁出了一步，所以我們會在取得進展時隨時向你通報。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Hi, this is Zach Viche for Colin Sebastian. Thanks for taking our questions. So I guess on the restaurant side of the business, you've been calling out the pressure from the food delivery providers for a few quarters now.

大家好，我是 Colin Sebastian 的 Zach Viche。感謝您回答我們的問題。因此，我想，在餐飲業務方面，您幾個季度以來一直在呼籲食品配送提供者施加壓力。

Has there been any change in this level of competitive headwind? And then just as a quick follow-up, how are you thinking about the ability for the Yelp Assistant to open some more activity here? And are there any early learnings as you expand it? Thank you.

這種程度的競爭逆風有沒有什麼變化？然後作為一個快速的後續問題，您如何看待 Yelp Assistant 在這裡開展更多活動的能力？在擴展它的過程中，您是否有任何早期的經驗教訓？謝謝。

Hey Zach, this is Jed. I can take the first part of that question in terms of competitive pressure. We think that the main story behind the RR&O category is macro and continues to be uncertainty. Certainly in April we saw it peak and it's continued. But we've been talking about it now for a couple of years.

嘿，札克，我是傑德。我可以從競爭壓力的角度來回答這個問題的第一部分。我們認為 RR&O 類別背後的主要故事是宏觀的，並且仍然是不確定性的。當然，我們在四月看到了它的頂峰，而這種趨勢還在持續。但我們已經談論這個問題好幾年了。

When you look at consumer sentiment and inflationary impacts on the consumer, it's really taken a toll on the restaurant segment. And then you look at the operating cost for the operators, input costs are up, there are labor issues. And so I think the main story there is the macro. Certainly at the margins we see impacts from some of the competitive pressures, but largely it's a macro story.

當你觀察消費者情緒和通膨對消費者的影響時，你會發現它確實對餐飲業造成了影響。然後你看看營運商的營運成本，投入成本上升，還有勞動問題。所以我認為這裡的主要故事是宏觀的。當然，從邊緣來看，我們可以看到一些競爭壓力的影響，但總體而言，這是一個宏觀問題。

And Zach, I can take your question around Yelp Assistant and does that potentially support our higher frequency categories like restaurants. I think as we go cross-category, that is certainly one of the things we're going to be looking for and one of the things we're hopeful for. We do think the experience is going to be very unique, to be able to have a conversation about what your needs are, to get very specific.

扎克，我可以回答你關於 Yelp Assistant 的問題，它是否有可能支持我們諸如餐館之類的更高頻率的類別。我認為，當我們跨類別時，這肯定是我們要尋找的事情之一，也是我們所希望的事情之一。我們確實認為這種體驗將會非常獨特，能夠就您的需求進行非常具體的對話。

If you have a vegan restaurant that serves organic wine, that's the type of thing that you can talk to the Assistant about and get straight to the point. So we are really excited to bring that type of experience to consumers. We think it'll be industry-leading. There's a lot of folks working on it internally right now as well.

如果您有一家供應有機葡萄酒的素食餐廳，那麼您可以與助理討論這類事情並直奔主題。因此，我們非常高興能為消費者帶來這種體驗。我們認為它將成為行業領先者。目前公司內部也有很多人致力於此。

I think there's also the off-Yelp side of it. So when you think about wrapping the Yelp Assistant functionality in an API, obviously there's emerging more general AI search players. And we do think they're in need of content and experiences like this.

我認為它還有與 Yelp 不同的一面。因此，當您考慮將 Yelp Assistant 功能包裝在 API 中時，顯然會出現更多通用的 AI 搜尋播放器。我們確實認為他們需要這樣的內容和體驗。

And we already do see pickup on our API from players in the space that are using our content. So we do see an opportunity there as well to get our great content, especially within restaurants and other high-frequency categories, in front of consumers with these new emergent players that are gaining a lot of traction on the general search side.

而我們已經看到使用我們內容的玩家透過我們的 API 進行回升。因此，我們確實看到了一個機會，那就是透過這些在通用搜尋方面獲得巨大發展的新興參與者，將我們的優質內容（尤其是餐廳和其他高頻類別的內容）呈現在消費者面前。

(Operator Instructions) There are no further questions at this time. Ladies and gentlemen, this concludes today's call. Thank you all for joining and you may now disconnect.

（操作員指示）目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。