Yelp Inc (YELP) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2025 Yelp Inc. earnings conference call. (Operator Instructions)

感謝您的耐心等待。我叫艾瑞克，今天我將擔任你們的會議接線生。在此，我謹代表 Yelp 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係總監凱特·克里格。請繼續。

Good afternoon, everyone, and thanks for joining us on Yelp's third-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. We published the shareholder letter on our Investor Relations website and with the SEC and hope everyone had a chance to read it. We'll provide some brief opening comments and then turn to your questions.

各位下午好，感謝各位參加 Yelp 2025 年第三季財報電話會議。今天與我一同出席的有 Yelp 的執行長 Jeremy Stoppelman；財務長 David Schwarzbach；以及營運長 Jed Nachman。我們已在投資者關係網站和美國證券交易委員會發布了股東信，希望大家都有機會閱讀。我們將作簡短的開場白，然後回答各位的問題。

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

現在我將宣讀我們的「安全港」聲明。今天我們將發表一些前瞻性聲明，這些聲明涉及許多風險和不確定性，可能導致實際結果與預期結果有重大差異。請注意，這些前瞻性聲明僅反映我們截至本次電話會議之日的觀點，我們不承擔因新資訊或未來事件而修訂或公開披露任何修訂結果的義務。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。有關可能影響我們業績的風險因素的更詳細說明，請參閱我們向美國證券交易委員會提交的文件以及我們的股東信。

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.

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。這些措施不應脫離依照公認會計原則編製的財務資訊而單獨考慮，也不應取代財務資訊。在我們今天下午發布的股東信以及我們向美國證券交易委員會提交的文件中（均已發佈在我們的投資者關係網站上），您可以找到有關這些非GAAP財務指標的更多披露信息，以及GAAP淨收入或虧損與調整後EBITDA、GAAP淨利潤率與調整後EBITDA利潤率以及GAAP經營現金調節流量與自由現金流的歷史調節。

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

接下來，我將把電話交給傑里米。

Thanks, Kate, and welcome, everyone. Yelp's transformation with AI continues to accelerate. We are reconceiving the experience on Yelp for both consumers and businesses, recently rolling out more than 35 new features and updates that leverage the power of AI in combination with our human-generated highly trusted content. This valuable content also underpins the continued expansion of our data-light partnerships. Taken together, we believe our product-led strategy, along with our broad reach will enable us to deliver on our ambitious product road map and create long-term value for our shareholders.

謝謝凱特，也歡迎各位。Yelp借助人工智慧實現的轉型正在加速。我們正在重新構想 Yelp 為消費者和企業帶來的體驗，最近推出了 35 多項新功能和更新，這些功能和更新利用了人工智慧的力量，並結合了我們人工生成的高度可信的內容。這些寶貴的內容也為我們持續拓展輕數據合作夥伴關係奠定了基礎。我們相信，憑藉我們以產品為主導的策略和廣泛的市場覆蓋，我們將能夠實現我們雄心勃勃的產品路線圖，並為我們的股東創造長期價值。

Turning to the third quarter. Yelp delivered record net revenue and strong profitability. We generated $376 million of net revenue with a net income margin of 10% and adjusted EBITDA margin of 26%. Underlying our top-line results, Services revenue increased by 7% year over year and drove our business performance. At the same time, the operating environment for businesses in our Restaurant, Retail & Other categories remained challenging with RR&O revenue declining by 2% year over year.

進入第三節。Yelp實現了創紀錄的淨收入和強勁的獲利能力。我們實現了 3.76 億美元的淨收入，淨利潤率為 10%，調整後 EBITDA 利潤率為 26%。服務收入年增 7%，為我們的整體業績提供了強有力的支撐，並推動了我們的業務發展。同時，餐飲、零售及其他類別的業務經營環境依然充滿挑戰，餐飲、零售及其他類別的收入較去年同期下降了 2%。

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 in the third quarter, driven by improvements to the request flow in our AI chatbot, Yelp Assistant. In fact, project submissions through Yelp Assistant increased by nearly 400% year over year. Our product and engineering teams also recently rolled out an enhanced version of Yelp Assistant that remembers important details and preferences from past projects.

我們將繼續加大對服務的投入。除透過付費搜尋計畫​​獲得的項目外，第三季度「請求報價」項目年增約 10%，這主要得益於我們的 AI 聊天機器人 Yelp Assistant 的請求流程改進。事實上，透過 Yelp Assistant 提交的項目數量年增了近 400%。我們的產品和工程團隊最近也推出了增強版的 Yelp Assistant，它可以記住過去專案中的重要細節和偏好。

In addition to Yelp Assistant, we are using AI to simplify how consumers evaluate and select the right service pros. We extended our review insights feature to services categories, created a dedicated before and after section in businesses media galleries, and expanded our response quality badges for service pros nationwide.

除了 Yelp Assistant，我們也利用人工智慧來簡化消費者評估並選擇合適服務專業人員的方式。我們將評論洞察功能擴展到了服務類別，在企業媒體庫中創建了專門的前後對比部分，並擴大了面向全國服務專業人士的回應品質徽章。

Beyond services, our product and engineering teams continue to leverage AI to transform the way consumers connect with great local businesses in RR&O categories. We recently expanded Yelp Assistant to RR&O business pages, leveraging our trusted content and information from businesses websites to give users instant, reliable answers to questions about specific businesses. This is a significant step towards delivering a comprehensive Yelp Assistant that works uniformly across all categories and entry points. We plan to begin testing our category-wide Yelp Assistant before the end of the year.

除了服務之外，我們的產品和工程團隊也持續利用人工智慧來改變消費者與 RR&O 類別中優秀的本地企業建立聯繫的方式。我們最近將 Yelp Assistant 擴展到了 RR&O 企業頁面，利用我們來自企業網站的值得信賴的內容和信息，為用戶提供有關特定企業的即時、可靠的答案。這是朝著打造一款能夠統一適用於所有類別和入口點的全面 Yelp 助手邁出的重要一步。我們計劃在年底前開始測試我們針對整個類別的 Yelp 助理。

We also recently launched Menu Vision, an augmented reality feature that enables diners to point their camera phones and menus and view photos as well as reviews of individual dishes. In addition, we are now partnering with DoorDash as our preferred food ordering and delivery provider, expanding our food ordering network by approximately 200,000 new restaurants to a total of more than 500,000. We expect this partnership will generate incremental revenue, which will be recorded as other revenue.

我們最近也推出了 Menu Vision，這是一項擴增實境功能，可以讓食客用手機相機對準菜單，查看菜餚的照片和評價。此外，我們現在與 DoorDash 合作，將其作為我們首選的食品訂購和配送供應商，將我們的食品訂購網路擴展了約 20 萬家新餐廳，總數超過 50 萬家。我們預計此次合作將產生額外收入，該收入將計入其他收入。

Lastly, we rolled out two new voice AI subscription products, Yelp Host for restaurants and Yelp Receptionist for services. These SaaS solutions combine LLMs with Yelp's high-quality data to provide smarter, more human-like answering services tailored with information specific to each individual business. We are excited about the potential of these incremental offerings, which we believe are best-in-class. Early results indicate a strong product market fit, saving restaurants and service pros significant time.

最後，我們推出了兩款新的語音 AI 訂閱產品，分別是餐廳的 Yelp Host 和服務導向的 Yelp Receptionist。這些 SaaS 解決方案將 LLM 與 Yelp 的高品質數據相結合，提供更聰明、更像人類的應答服務，並根據每個企業的具體資訊進行客製化。我們對這些新增產品的潛力感到興奮，我們相信它們是同類產品中的佼佼者。初步結果顯示該產品與市場契合度很高，可為餐廳和服務人員節省大量時間。

In summary, our focus on services and AI products has continued to transform our business, and we remain excited by the opportunities ahead to drive profitable growth and shareholder value over the long term.

總而言之，我們對服務和人工智慧產品的關注不斷改變我們的業務，我們對未來推動長期獲利成長和股東價值的機會仍然充滿信心。

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

接下來，我將把麥克風交給大衛。

Thanks, Jeremy. In the third quarter, net revenue increased by 4% year over year to $376 million, $6 million above the high end of our outlook range. Net income increased by 2% year over year to $39 million or $0.61 per share on a diluted basis, representing a 10% margin. Adjusted EBITDA decreased by 3% year over year to $98 million, representing a 26% margin, putting at $13 million above the high end of our outlook range.

謝謝你，傑瑞米。第三季度，淨收入年增 4% 至 3.76 億美元，比我們預期範圍的上限高出 600 萬美元。淨利潤年增 2% 至 3,900 萬美元，即稀釋後每股 0.61 美元，利潤率為 10%。經調整的 EBITDA 年減 3% 至 9,800 萬美元，利潤率為 26%，比我們預期範圍的上限高出 1,300 萬美元。

As Jeremy mentioned, Services revenue increased by 7% year over year to a quarterly record $244 million. Restaurants and retailers remained pressured in the quarter, resulting in a 2% year-over-year decline in RR&O revenue to $114 million. A decrease in RR&O locations offset growth in services locations in the quarter. This resulted in an overall decline of 2% year over year in paying advertising locations to 512,000.

正如傑里米所提到的，服務收入年增 7%，達到季度創紀錄的 2.44 億美元。本季餐飲和零售業持續承壓，導致 RR&O 營收年減 2% 至 1.14 億美元。本季度，RR&O 場所的減少抵消了服務場所的成長。這導致付費廣告位數量年減 2%，至 512,000 個。

Ad clicks declined by 11% year over year in the quarter, primarily due to macro pressures. To a lesser extent, competitive pressures in RR&O categories and reduced spend on paid project acquisition in the current year period also negatively impacted clicks. Average CPC increased by 14% year over year, reflecting growth in services demand and fewer clicks overall.

本季廣告點擊量較去年同期下降 11%，主要原因是宏觀經濟壓力。在較小程度上，RR&O 類別中的競爭壓力以及本年度付費項目獲取支出的減少也對點擊量產生了負面影響。平均每次點擊費用年增 14%，反映出服務需求成長和整體點擊量減少。

Turning to expenses. Our third-quarter results demonstrate the margin potential of our business with a net income margin of 10% and an adjusted EBITDA margin of 26%. We achieved these strong results through disciplined expense management. As we continue to focus on allocating resources towards our best opportunities, we continue to expect headcount will be approximately flat year over year by the end of 2025.

接下來談談費用。我們第三季的業績顯示了我們業務的利潤潛力，淨利潤率為 10%，調整後 EBITDA 利潤率為 26%。我們透過嚴格的費用管理取得了這些優異的成績。由於我們將繼續專注於將資源分配給我們最好的機會，我們預計到 2025 年底，員工人數將與前一年基本持平。

In the third 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.

第三季度，我們把股票選擇權費用佔收入的比例年減了 2 個百分點，至 9%。我們將繼續專注於實現我們的目標，即在今年年底將死亡率降至 8% 以下，到 2027 年底降至 6% 以下。我們預計這些努力將隨著時間的推移而累積，提高我們調整後 EBITDA 的質量，並在未來幾年內提​​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 acquisitions; and third, returning capital to shareholders through share repurchases. In the third quarter, we repurchased $75 million worth of shares at an average purchase price of $32.59 per share. As of September 30, 2025, we have $127 million remaining under our existing repurchase authorization. We plan to continue repurchasing shares through the remainder of 2025, subject to market and economic conditions.

我們的資本配置策略包括三個主要要素：第一，維持健康的現金餘額以資助我們的營運；第二，維持資產負債表能力以進行收購；第三，透過股票回購將資本返還給股東。第三季度，我們以每股 32.59 美元的平均購買價格回購了價值 7,500 萬美元的股票。截至 2025 年 9 月 30 日，我們現有的回購授權還剩餘 1.27 億美元。我們計劃在2025年剩餘時間內繼續回購股票，具體視市場和經濟狀況而定。

Turning to our outlook. With heightened macroeconomic uncertainties, we did not see our typical seasonal increases in revenue in the second and third quarters. We anticipate that these heightened macroeconomic uncertainties will persist in the fourth quarter with net revenue decreasing from the third quarter. As such, we are lowering our outlook range for the full year. We now expect net revenue will be in the range of $1.460 billion to $1.465 billion, reflecting a decrease of $8 million at the midpoint.

展望未來。由於宏觀經濟不確定性加劇，我們在第二季和第三季沒有看到往年常見的季節性收入成長。我們預計，這些加劇的宏觀經濟不確定性將在第四季持續存在，淨收入將比第三季下降。因此，我們下調了全年的業績預期範圍。我們現在預計淨收入將在 14.6 億美元至 14.65 億美元之間，中點價值減少了 800 萬美元。

Turning to margin. We expect fourth-quarter expenses to remain relatively consistent with the third quarter as we remain focused on disciplined expense management. In addition, we expect our efforts to reduce SBC will continue to act as a headwind to adjusted EBITDA but will not impact net income. As such, we are narrowing our range and now expect full-year adjusted EBITDA to be in the range of $360 million to $365 million, reflecting an increase of $8 million at the midpoint.

轉向邊距。我們預計第四季度支出將與第三季保持相對穩定，因為我們將繼續專注於嚴格的支出管理。此外，我們預計降低 SBC 的努力將繼續對調整後的 EBITDA 構成不利影響，但不會影響淨利潤。因此，我們縮小了預期範圍，現在預計全年調整後 EBITDA 將在 3.6 億美元至 3.65 億美元之間，中點值增加了 800 萬美元。

In closing, Yelp's third-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 investment in areas that we believe will transform our business, particularly around AI.

總之，Yelp 第三季的業績反映了我們業務的潛在獲利能力。我們仍然相信，未來有機會為股東創造長期價值，我們將把投資重點放在我們認為能夠改變我們業務的領域，尤其是在人工智慧領域。

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

接線員，現在可以開始接受提問了。

(Operator Instructions)

（操作說明）

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

This is Alex on for Eric. I just wanted to unpack what you're seeing in the macro environment a little bit more. I think if you take -- just looking at the model, if you take sort of normal sequential seasonality in the Services segment in your Q4 guide, it implies a pretty meaningful step down in RR&O. So are you seeing sort of a more broad-based macro pressures within the Services segment as well? Or is it really still just concentrated in the RR&O segment?

這裡是Alex替Eric報道。我只是想更詳細地分析一下你在宏觀環境中看到的內容。我認為，如果僅從模型來看，如果按照第四季度業績指引中服務部門正常的季節性週期來看，這意味著 RR&O 將出現相當大的下滑。那麼，您是否也看到服務業領域有更廣泛的宏觀壓力？或者它實際上仍然只集中在RR&O領域？

Alex, thanks for the question. This is David. So broadly on the macro front, as we mentioned, the pressures that we saw emerging in the spring, particularly in April, persisted through the second quarter into the third quarter, and we did see those persist here into the fourth quarter.

Alex，謝謝你的提問。這是大衛。因此，從宏觀層面來看，正如我們所提到的，我們在春季，特別是4月份看到的那些壓力，一直持續到第二季​​度和第三季度，我們看到這些壓力也持續到了第四季度。

In terms of pressure on RR&O versus Services, first, I think it's important to just recognize our seasonality between those two sides of our business. On the RR&O front, there is typically a seasonal rise in the fourth quarter. And on Services, there's typically a seasonal decline as service pros wind down for the year and weather changes.

就 RR&O 與服務部門之間的壓力而言，首先，我認為重要的是要認識到我們業務的這兩個方面存在季節性差異。在維修和營運方面，第四季通常會出現季節性成長。而服務業方面，通常會出現季節性下滑，因為服務人員會在一年中的某個時候結束工作，而且天氣也會改變。

In terms of RR&O more specifically, we have seen that there is more caution among advertisers in their spend as they've come into the fourth quarter. I think you've heard that from a couple of other consumer Internet companies this week. And so that is certainly something that we have seen as well. On the services front, we continue to see consistent demand from advertisers still wanting to reach consumers as they look at doing projects or having repairs done. So net-net, it's more significant on the RR&O side.

具體來說，就廣告支出和營運成本而言，我們已經看到，隨著第四季度的到來，廣告商在支出方面更加謹慎。我想你這週應該也從其他幾家消費網路公司聽到類似的說法。所以，這的確也是我們所看到的現象。在服務方面，我們持續看到廣告商的需求穩定成長，他們仍然希望在消費者考慮進行項目或維修時能夠觸及他們。所以總的來說，這對 RR&O 方面的影響更大。

Jason Kreyer, Craig-Hallum.

傑森·克雷爾，克雷格-哈勒姆。

This is Cal on for Jason. So maybe to start, you called out in the shareholder letter the strong demand for data licensing products, particularly in AI search. And I think we saw some of that with the growth acceleration in the other segment. But just curious if there's any additional color there on the expanding opportunities for Yelp, especially as we're seeing these AI search platforms start to stand up more third-party integration.

這是卡爾替傑森解說。所以，或許可以先從你在致股東信中提到的數據授權產品，特別是人工智慧搜尋領域的強勁需求說起。我認為我們在其他領域的成長加速中也看到了這一點。但我很好奇，關於 Yelp 不斷擴大的發展機遇，是否有更多細節值得關注，尤其是在我們看到這些 AI 搜尋平台開始加強與第三方的整合之際。

Cal, this is Jeremy. Yes, I mean we continue to be really excited about this area for Yelp. Obviously, have highly trusted content about SMBs, which we think is a critical ingredient for any of these LLM-based players that are trying to provide a general search experience, especially one that competes with Google. We talked about the momentum last quarter. I would say the quality of conversations we continue to have with the various folks in the space is excellent.

卡爾，我是傑瑞米。是的，我的意思是，我們對 Yelp 的這個領域仍然感到非常興奮。顯然，擁有關於中小企業的值得信賴的內容至關重要，我們認為這對於任何試圖提供通用搜尋體驗的基於LLM的參與者來說都是一個關鍵要素，尤其是與Google競爭的參與者。我們上個季度討論過發展勢頭。我認為我們與該領域各方人士持續進行的對話品質非常高。

I think we'll have more to talk about. We're still kind of early in the development of this area. But we're really excited, both on the data licensing side as well as the APIs we have to offer. We think Yelp is just a critical resource, and I'd say the conversations are showing that so far.

我想我們還有很多話要說。我們目前還處於這個領域發展的早期階段。但我們對此感到非常興奮，無論是資料授權方面，還是我們提供的 API 方面。我們認為 Yelp 是一個至關重要的資源，而且我認為目前的討論也顯示了這一點。

Great. And then just as a follow-up, you integrated the RepairPal booking system into the Yelp platform and now you're launching the DoorDash partnership. So just curious with the greater ability to tie out ad spend to -- on the platform to bookings and transactions, what benefits might you expect to see, whether it's a CPC uplift or more resilient ad spend? Any color there would be great.

偉大的。然後，作為後續舉措，你們將 RepairPal 預訂系統整合到了 Yelp 平台，現在又推出了與 DoorDash 的合作。所以，我很好奇，如果能更好地將廣告支出與平台上的預訂和交易聯繫起來，您可能會看到哪些好處，例如每次點擊成本的提升或更穩定的廣告支出？任何顏色都行。

Yeah. With RepairPal, the integration continues to go well. We have started rolling out bookings there to expose RepairPal to Yelp users. I think that's positive. It's certainly helping us on the services revenue side as a contributor there.

是的。與 RepairPal 的整合進展順利。我們已開始在 Yelp 上推出預訂服務，以便讓 Yelp 用戶了解 RepairPal。我認為這是件好事。它確實對我們的服務收入有所幫助，因為它為我們提供了收入來源。

You mentioned DoorDash. We're really excited about that partnership as well. Obviously, expands our footprint in terms of restaurant coverage and with a very high-quality partner leader in the space. So we do see some incremental revenue coming from that as we get further out.

你提到了 DoorDash。我們也對這項合作感到非常興奮。顯然，這擴大了我們在餐廳覆蓋範圍方面的影響力，並且我們與該領域非常優秀的合作夥伴建立了合作關係。隨著時間推移，我們確實會看到這方面帶來一些增量收入。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

Maybe just following on the DoorDash partnership. Certainly, it seems like it's a much bigger footprint of restaurants, I think, over 0.5 million. I'm curious, should we think about it as something like a lead-generation type of model? I mean my experience has been you're on Yelp and you find something to order and it kind of deep links to DoorDash. So is that kind of the right trigger for modeling it out? Or any kind of guidance you can give us there?

或許只是延續了與 DoorDash 的合作關係。當然，看起來餐廳的規模要大得多，我認為超過 50 萬家。我很好奇，我們是否應該把它看作是一種潛在客戶開發模式？我的意思是，我的經驗是，你在 Yelp 上找到想點的東西，然後它會直接連結到 DoorDash。那麼，這算是進行建模的正確觸發點嗎？或者您能給我們任何指導嗎？

Yeah. This is Jed. I can take that. As Jeremy mentioned, first of all, we're really excited about this partnership. The footprint of restaurants has expanded dramatically on Yelp by about 200,000 restaurants. And I think if you're a consumer looking for the best food options in your area, it's a natural progression to then transact on the platform. And I think the way you described it is, in fact, how it is happening on the platform.

是的。這是傑德。我可以接受。正如傑里米提到的那樣，首先，我們對這次合作感到非常興奮。Yelp 上的餐廳數量大幅增加，新增餐廳約 20 萬家。我認為，如果你是消費者，正在尋找你所在地區最好的食品選擇，那麼自然而然就會在這個平台上進行交易。我認為你描述的方式，實際上就是平台上正在發生的事情。

So you have a direct integration into the DoorDash ordering model. By the way, we have other food partners that we're still partnered with in order to kind of keep that full coverage. But we really just think, ultimately, it's a much better consumer experience to be able to kind of get -- consummate everything on the Yelp platform, and we're really excited about it moving forward.

這樣你就可以直接整合到 DoorDash 的訂餐模式中。順便說一下，我們還有其他食品合作夥伴，我們仍然與他們保持合作關係，以維持全面的覆蓋範圍。但我們最終認為，能夠在 Yelp 平台上完成所有操作，會帶來更好的消費者體驗，我們對此感到非常興奮。

Okay. And then maybe a follow-up on the AI strategy. It certainly seems like there's a lot of vectors. You have the on-platform push with AI assistant or the Yelp Assistant and the like. We've seen some examples in the last few months of Internet platforms kind of enabling third-party chatbots within their app, not a lot of those examples.

好的。接下來或許可以跟進人工智慧策略。看起來確實有很多向量。你可以使用平台內建的 AI 助理或 Yelp 助手等工具進行推播。在過去的幾個月裡，我們看到了一些網路平台在其應用程式中啟用第三方聊天機器人的例子，但這樣的例子並不多。

And then obviously, the bigger kind of push to agentic commerce and agentic browsers and doing partnerships there. So there's -- obviously, that's probably just a sample, but there's many ways to kind of form this strategy. Just kind of curious how you're thinking about it broadly and maybe where that could head in the next year.

然後，很明顯，更大規模的推動是向智慧商務和智慧瀏覽器發展，並在這些領域合作。所以，顯然，這可能只是一個例子，但有很多方法可以形成這種策略。我只是有點好奇你對這件事的整體看法，以及它在未來一年可能會朝著哪個方向發展。

Yeah, sure thing. It's Jeremy. I'll take that. I think AI for Yelp is really transformative. We've already started down that path. You mentioned Yelp Assistant. So that was our first chatbot agent-like product, really geared towards services. We have recently expanded it. So now there is a version of Yelp Assistant that lives on business pages. So you can ask -- in a wide variety of categories, you can ask anything about that business, and it's going to give you answers and back it up with our trusted content. So that's really exciting. And that's essentially a waypoint as we get to the cross-category Yelp Assistant, which we're going to be testing here in Q4 with more of an expansion expected early next year.

好的，沒問題。是傑里米。我接受。我認為人工智慧對 Yelp 來說真的具有變革性意義。我們已經開始走這條路了。你提到了Yelp助手。所以，這是我們第一款類似聊天機器人代理的產品，主要針對服務業。我們最近對其進行了擴建。現在，Yelp Assistant 已經存在於商家頁面上了。所以你可以提問——涵蓋各種類別，你可以詢問有關該業務的任何問題，我們會給你答案，並用我們值得信賴的內容來佐證。那真是太令人興奮了。這基本上是我們邁向跨類別 Yelp 助理的一個里程碑，我們將在第四季度對其進行測試，並預計明年年初進行更大範圍的擴展。

I think for us, that's a big deal. That's going to be the way that consumers interact with Yelp content. I think in the future, obviously, a lot of people are getting used to. The chat interface is a way to tap into insights and information. And we have really great content, highly trusted, millions of reviews and to be able to put a chat interface on all of that and serve up exactly what you're looking for, I think, is going to allow consumers. So we're really looking forward to that.

我認為這對我們來說意義重大。這將成為消費者與 Yelp 內容互動的方式。我認為在未來，很顯然，很多人會逐漸習慣。聊天介面是獲取見解和資訊的一種途徑。我們擁有非常優質、高度可信的內容，數百萬條評論，能夠在所有這些內容上添加聊天介面，並準確地提供您正在尋找的內容，我認為這將有利於消費者。所以我們非常期待。

We've also built and just started selling our Yelp Host and Yelp Receptionist products, which are essentially answering services that are powered by AI, fantastic technology, time saving, also helps businesses capture more value both from their Yelp leads, but it can be employed across all leads. There's no reason why that phone number can't and shouldn't be added to their website, to Google, et cetera, and really create leverage, reducing costs because maybe they don't need to have as many people picking up the phone, but also capturing critical information, whether it's for a restaurant.

我們也開發並開始銷售 Yelp Host 和 Yelp Receptionist 產品，它們本質上是由人工智慧驅動的應答服務，技術出色，節省時間，還能幫助企業從 Yelp 潛在客戶中獲得更多價值，而且可以應用於所有潛在客戶。沒有理由不將該電話號碼添加到他們的網站、谷歌等平台，從而真正創造優勢，降低成本（因為他們可能不需要那麼多人接聽電話），同時還能獲取關鍵信息，無論是對於餐廳而言。

They can actually tie into our front-of-house reservation and waitlist services and have people make bookings or add themselves or take themselves off the waitlist. It's just really powerful stuff and with a huge TAM. So it's as if we've kind of launched a whole little start-up within Yelp, but with all of our great content as well as our incredible distribution power. So we're looking forward to seeing how that plays out.

它們實際上可以與我們前台的預訂和候補名單服務連接起來，讓人們進行預訂、添加候補名單或從候補名單中移除自己。這東西威力真的很大，而且市場潛力巨大。所以，就好像我們在 Yelp 內部推出了一家小型新創公司，但它擁有我們所有優質的內容以及強大的發行能力。所以我們很期待看到事情會如何發展。

And then also on the AI side, as you mentioned, there's a lot of players trying to create valuable search services. And so that's where our data licensing business comes in, our APIs that we offer to tap into Yelp content as well as our AI tech. Bringing things like Yelp Assistant wrapped in an API is something we definitely want to do and can create monetization opportunities for others off Yelp.

此外，正如您所提到的，在人工智慧領域，也有很多參與者試圖創建有價值的搜尋服務。因此，我們的資料授權業務就派上了用場，我們提供 API 來存取 Yelp 內容，以及我們的人工智慧技術。將 Yelp Assistant 等功能封裝成 API 是我們非常想做的事情，並且可以為 Yelp 以外的其他人創造盈利機會。

So there's just a lot of different ways for us to invest and leverage AI. And we're early innings, but we do see it as transformational for the company over time.

因此，我們有很多不同的方式可以投資和利用人工智慧。雖然現在還處於早期階段，但我們確實認為隨著時間的推移，這將對公司產生變革性的影響。

Okay. And I don't know if I can sneak in one more for David. Just with respect to the restaurant industry. Obviously, same-store sales has been challenged pretty broadly. What, I guess, are you monitoring? Is that kind of the key external metric for a potential recovery in spend? Just what should we be watching in terms of macro factors within that vertical?

好的。我不知道能不能再偷偷給大衛加一份。僅就餐飲業而言。顯然，同店銷售額受到了相當廣泛的挑戰。我想，你們在監什麼？這是衡量消費支出潛在復甦的關鍵外在指標嗎？在這一垂直領域，我們應該關注哪些宏觀因素？

Yeah. Thanks for the question. Obviously, we also listen and follow what the larger restaurant players are saying about the industry and their expectations. And so they have obviously a good read on it. We want to see folks starting to dine out more is a good indicator, certainly and as opposed to per se, delivery, that's a factor.

是的。謝謝你的提問。當然，我們也會關注大型餐飲企業對產業及其期望的看法。所以他們顯然對此有很好的了解。我們希望看到人們開始更多地外出用餐，這當然是一個很好的指標，而且與外賣本身相比，這確實是一個因素。

But I think if you just step back, I think that the larger macro picture is a key indicator for us. Obviously, there have been a variety of new reports out, pressure for -- on spend for folks in lower and mid-income levels. And so that's certainly a leading indicator for us that shows what the expectation should be around restaurants.

但我認為，如果我們退後一步，從更宏觀的角度來看問題，這對我們來說是一個關鍵指標。顯然，已經出現了各種各樣的新報告，給中低收入者的支出帶來了壓力。因此，這無疑是一個重要的先行指標，它顯示了人們對餐飲業的預期應該是什麼。

There's also another factor at play here, which is just a continued pressure on input costs for restaurants. They have seen a significant amount of inflation, both on the ingredient side, but also on the labor side. And so that will play out over time. They've had a harder time passing on that cost to consumers in the current environment.

這裡還有另一個因素在發揮作用，那就是餐飲業投入成本持續面臨壓力。他們發現，無論是原物料價格或勞動力價格，都出現了顯著的通貨膨脹。所以隨著時間的推移，事情終將水落石出。在當前環境下，他們更難將這些成本轉嫁給消費者。

But one of the things that we think is likely to happen is as we lap that inflation increase, assuming that it doesn't persist, then they will start to be able to generate more margin, which will put them in a better position to advertise to consumers. So you've got a little bit of dynamics playing out both on the consumer side as well as on the restaurant side.

但我們認為，隨著通膨上升的趨勢逐漸消退（假設通膨不會持續），企業將能夠獲得更高的利潤，從而更好地向消費者投放廣告。所以，無論是在消費者方面或餐廳方面，都存在著一些動態變化。

Nitin Bansal, Bank of America.

Nitin Bansal，美國銀行。

Just a follow-up on the earlier question. You mentioned that Yelp Host and Yelp Receptionist are expected to drive like incremental subscription revenue and a large TAM for these products. Can you help us understand the scale of this opportunity and how much of these products could contribute to revenue next year? And what early adoption and feedback you are seeing so far?

跟進一下之前的問題。您提到 Yelp Host 和 Yelp Receptionist 預計將帶來增量訂閱收入，而這些產品擁有龐大的潛在市場。您能否幫助我們了解這項機會的規模，以及這些產品明年能為公司帶來多少收入？到目前為止，你們看到了哪些早期用戶採納情況和回饋？

Nitin, this is Jeremy. Sure. Happy to talk a bit more about Yelp Host and Receptionist. It's obviously early. We're one month in with Yelp Host and just a couple of weeks in, in a few categories with Receptionist. But I would say that the feedback has been really positive. They're out there in the field answering calls. Yelp Host has received thousands of calls. It's handled hundreds of reservations at this point. So it's no longer just in test. It's really out there serving real customers and touching real consumers or helping real consumers.

尼廷，我是傑瑞米。當然。很樂意再多談談 Yelp 房東和接待員的事。現在顯然還早。我們加入 Yelp 房東行列已經一個月了，而加入前台接待員行列也才幾個星期。但我認為反饋非常正面。他們正在一線接聽電話。Yelp房東已接獲數千通電話。到目前為止，它已經處理了數百筆預訂。所以它不再只是處於測試階段了。它真正地服務於真實的客戶，接觸真實的消費者，或幫助真實的消費者。

As far as how big this can be, I think we have conviction that it's a really large TAM. We have north of 500,000 folks that are Yelp advertisers. That's obviously a natural place to start. They already have a relationship with Yelp. But then we also have businesses that have signed up with us over the years as well as maybe businesses that don't even have existing relationship with Yelp, there's no reason why they wouldn't want an answering service that could potentially save them time and money, capture valuable leads that were maybe getting dropped.

至於這個市場規模究竟有多大，我認為我們有理由相信它是一個非常大的潛在市場。Yelp 擁有超過 50 萬廣告用戶。這顯然是一個很自然的切入點。他們已經與Yelp建立了合作關係。但是，我們也有一些企業多年來一直與我們合作，甚至還有一些企業可能與 Yelp 沒有任何關係，他們沒有理由不想要一個可以節省時間和金錢、獲取可能被放棄的寶貴潛在客戶的應答服務。

And so we think there's just a lot of value here to unlock for business owners, both SMBs, but also mid-market and multi-location. With multi-location, that informs like a longer product road map because as you get to that scale, there's other needs. So we have things to build. But we're really excited about what's ahead of us here. We think this is a very impactful area that will provide incremental revenue. And we also see it as a potential expansion opportunity into lead management more in general. And so we just -- we think it's the start of something potentially really big for us.

因此，我們認為這裡蘊藏著巨大的價值，可以為企業主（包括中小企業、中型企業和多地點企業）創造價值。對於多地點營運而言，這就需要製定更長的產品路線圖，因為隨著規模的擴大，會出現其他需求。所以我們還有很多東西要建造。但我們對未來充滿期待。我們認為這是一個極具影響力的領域，能夠帶來額外的收入。我們也將其視為拓展至更廣泛的銷售線索管理領域的潛在機會。所以我們認為，這或許是我們未來發展的重大開端。

If I can follow up one more. Average pricing on the platform has been growing at like an accelerating pace. Can you help us understand like the key factors behind this trend? Additionally, like how it is impacting the advertiser ROI influencing incremental ad spend and retention on the platform?

如果可以的話，我再跟進一下。平台上的平均價格一直在加速成長。您能幫我們了解一下這趨勢背後的關鍵因素嗎？此外，它如何影響廣告主的投資報酬率，進而影響平台上的廣告支出增量和用戶留存率？

It's David. I'll cover that. So just stepping back for one moment. On the Yelp, we receive ad budget from advertisers and then we optimize the deployment of that ad budget on their behalf through auctions. So we don't, per se, set the number of clicks or the cost per click. We let the algorithm determine that optimal mix. And with that option, we're really trying to determine what's the price for that visitor in that category that time of day in that part of the country. So it's a very dynamic system, and we like that because it enables us to balance between actually hundreds of parameters that go into that matching algorithm. So that's the backdrop.

是大衛。我會負責這部分。讓我先退後一步。在 Yelp 上，我們從廣告主那裡獲得廣告預算，然後我們代表他們透過競價來優化這些廣告預算的部署。所以，我們本身並不會設定點擊次數或每次點擊的費用。我們讓演算法來決定最佳配比。透過這個選項，我們實際上是在嘗試確定該類別的遊客在一天中的特定時間在該國特定地區的消費價格。所以這是一個非常動態的系統，我們喜歡這一點，因為它使我們能夠在匹配演算法中實際存在的數百個參數之間取得平衡。這就是背景。

In terms of clicks lower and CPCs higher, that's going to be a natural outcome because we have the budget to deploy. And then in terms of the current dynamics and trends, the year on year does tend to have a shape to it where it will increase for a period of time historically and then decrease for a period of time. So what we're really looking at often is the absolute dollar run rate for the click and advertisers are most focused on not what was the cost per click, but actually what was the cost per lead. So we're always very focused on continuing to drive improved value per lead. And to the extent that we can drive improved value, then advertisers are certainly willing to pay more per click.

點擊量下降、每次點擊費用上升，這將是一個自然的結果，因為我們有足夠的預算進行部署。就目前的動態和趨勢而言，逐年變化往往呈現出一定的規律，歷史上會經歷一段時間的成長，然後經歷一段時間的下降。所以我們真正關注的通常是每次點擊的絕對美元運行率，而廣告商最關注的不是每次點擊的成本，​​而是每次潛在客戶的成本。因此，我們始終非常注重持續提高每個潛在客戶的價值。如果我們能夠提升價值，那麼廣告商當然也願意為每次點擊支付更多費用。

And over the course of 2025 here, because of macro pressure, we have seen that there are fewer clicks on the platform, and that's resulted in the higher prices. It has not translated in the third quarter to a change from a year-ago period in terms of churn. So advertisers, I believe, recognize a couple of things are happening.

到 2025 年，由於宏觀壓力，我們看到平台上的點擊量減少了，這導致了價格上漲。第三季度，客戶流失率與去年同期相比並沒有改變。所以，我認為廣告商都意識到有兩件事正在發生。

One, of course, is those leads are valuable to them in an environment where there may not be as much interest in visits or using their services. And so they want to generate those leads and they're willing to pay for those leads. That's one dynamic. We think that we are continuing to increase the value that we are delivering to those advertisers. And the cost for those leads fits within their model as they've seen inflation, certainly, they've also passed on a portion of their costs. to the consumer, although I called out the challenges, particularly in restaurant for that.

當然，其中一個原因是，在人們對存取或使用他們的服務可能不太感興趣的環境下，這些潛在客戶對他們來說很有價值。因此，他們想要獲得這些潛在客戶，並且願意為這些潛在客戶付費。這是其中一種動態。我們認為我們正在不斷提升為廣告商帶來的價值。而且，這些潛在客戶的成本符合他們的商業模式，因為他們已經考慮到了通貨膨脹，當然，他們也把一部分成本轉嫁給了消費者，儘管我指出了這方面的挑戰，尤其是在餐飲業。

But setting that aside, inflation has certainly been something that's impacted their pricing as well. So you combine all those factors, and we certainly are very attentive to the cost per click. And ultimately, our mission is to deliver valuable leads and visits to those advertisers as efficiently as possible, competitive with other platforms.

但撇開這一點不談，通貨膨脹無疑也對他們的價格產生了影響。所以綜合所有這些因素，我們當然非常關注每次點擊的成本。最終，我們的使命是盡可能有效地為廣告商帶來有價值的潛在客戶和訪問量，並與其他平台競爭。

Sergio Segura, KeyBanc.

Sergio Segura，KeyBanc。

I have two. So maybe first on Yelp Assistant. I know it's early for the logged-out users, but just curious what you're seeing there, if it's pretty consistent with what impact you've seen from logged-in users. And then on the EBITDA side, the cost side of the business, raising that outlook, just can you provide us a little bit more color on the efficiencies that you're seeing there that are driving that improved outlook?

我有兩個。所以，或許Yelp Assistant會率先推出這款應用程式。我知道對於未登入用戶來說現在還為時過早，但我只是好奇你們在那裡看到了什麼，是否與你們從已登入用戶那裡看到的影響相當一致。那麼，在 EBITDA 方面，也就是業務成本方面，提高預期，您能否更詳細地介紹您所看到的、推動預期改善的效率提升措施？

Sergio, this is Jeremy. Yeah, Yelp Assistant, the logged-out release is just starting to roll. So it's a bit early to see the exact effects. But overall, Yelp Assistant on the services side is doing great. We're up in terms of projects, 400% year over year. And so we'll keep you posted as we get more data on the rollout, but there is a lot of opportunity there, as we highlighted last quarter, to expose Yelp Assistant in a variety of different places, especially with logged-out users.

塞爾吉奧，這位是傑里米。是的，Yelp Assistant，離線模式的發布才剛開始。所以現在判斷具體效果還為時過早。但總體而言，Yelp Assistant 在服務方面表現出色。項目數量年增了 400%。因此，我們會隨時向您通報更多有關推廣的數據，但正如我們上個季度強調的那樣，這其中蘊藏著很多機會，可以在各種不同的地方推廣 Yelp Assistant，尤其是在未登入用戶的情況下。

And this is David, Sergio. Turning to your question on EBITDA. We operate, we believe, in a very efficient way in deploying capital and investing across the business. We're constantly monitoring that and making adjustments. As you recall, we committed to flat headcount here in 2025. We expect to be flat as we come to the end of the year. That's a commitment we made in 2024 and 2023 as well. And we believe that we continue to increase the efficiency and leverage across Yelp from the contributions of everybody working at Yelp. So we are overall pleased with the progression there.

這位是大衛，塞爾吉奧。現在來回答您關於 EBITDA 的問題。我們相信，我們在資本部署和投資方面，在整個業務範圍內，都以非常有效率的方式運作。我們一直在密切關注這一情況並做出調整。如您所知，我們曾承諾在 2025 年將保持員工人數不變。我們預計到年底時經濟將保持穩定。這也是我們在2024年和2023年所做的承諾。我們相信，在 Yelp 所有員工的貢獻下，Yelp 的效率和影響力將持續提高。所以總的來說，我們對那方面的進展感到滿意。

There's also an element of being able to capitalize more software because we're doing more new greenfield projects. So for instance, Yelp Assistant -- Yelp Host, Yelp Receptionist and portions of the work that are associated with Yelp Assistant. So the overall profile of our investment even in product and engineering reflects the fact that we are increasing our velocity and particularly our innovation.

此外，由於我們正在進行更多全新的綠地項目，因此能夠獲得更多軟體方面的效益。例如，Yelp 助理——Yelp 主持人、Yelp 接待員以及與 Yelp 助理相關的部分工作。因此，即使在產品和工程方面，我們的整體投資情況也反映出我們正在加快步伐，尤其是在創新方面。

So we're very excited about our ability to leverage AI to build these new products, deliver more value to both consumers and advertisers. And obviously, we'll continue to be very disciplined in the way that we allocate capital going forward.

因此，我們非常高興能夠利用人工智慧來打造這些新產品，為消費者和廣告商帶來更多價值。顯然，我們今後在資本配置方面仍將保持高度的自律。

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.

目前沒有其他問題了。女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。