Tripadvisor (TRIP) 6 Aug 242024 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Tripadvisor Second Quarter 2024 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Angela White, Vice President of Investor Relations. Angela, please go ahead.

Felicia. you, Thank welcome Call. and Second XXXX Quarter Good to Results Financial afternoon, Tripadvisor

Joining and financial on Goldberg, Noonan, Matt a measures release. me are today discussed you'll release, President the made our this find most after In GAAP that and of CFO. afternoon, CEO; to market this filed close, non-GAAP call. we reconciliation available earnings measures Earlier Mike and comparable

forward-looking obligation contain statements like I'd remind that estimates to as and may today, reflect cause Tripadvisor other refer these the represent Before to differ X, materially actual we our begin, to circumstances. our With as of that release this from filings these to you forward-looking events views to SEC management's XXXX. well I'll call over concerning with or statements future August disclaims update information call statements. turn the as could results Please for that, Matt. to earnings that factors any

afternoon, Angela, everyone. Thanks, good and

results with growth of Our year-over-year or and EBITDA adjusted quarter $XXX our growth to of in $XX reflecting revenue. of revenue consolidated XX% X% million million, second with X% expectations were of line

the portfolio different profiles contribution mix, strategies of results growth Viator increasing diversification we're to and its the seeing mix Our and profit from reflect TheFork. our and

in cover strategies. segment our section, Mike our of but as performance will execute we operational his financial details first, progress I'll cover

world-class and repeat position LTV in we're investing reminder, products Viator, to and product delivering engagement a at fuel economics. As improved guidance brand, unit and by driving diverse strategy Brand our experiences our leadership and paths. drive on to Tripadvisor, our reinforcing At bookings monetization focuses

diners the deliver on margin growth focused with the market. the improvement revenue to by as value increasing Finally, restaurants in dining leader at European TheFork, we're we and driving

$XX we revenue. QX, In Tripadvisor. adjusted of EBITDA a XX% $XXX Brand million, revenue delivered or with start XX% million decline of of and Let's of

such as legacy addresses sustainable This the performance on. experienced has model. head Hotel to historical ongoing to challenge reliance from time known Meta, year pressure and offerings the reflect well our transition diverse continues last over it and which launched is financial Our on more we strategy a

in offer we from moment get us through of we the we their trip average app. through first to needs to product more giving across the a that channels get When frequently, and more drive them as journey revenue deeper sign better the and end data travelers' we coming us like We to planning end-to-end more monetize, user meets up opportunities members come over of per higher compelling back direct itself, a users valuable meaningfully will result time. which our believe more engagement,

scaling them We of serve audience. data and in we're and in these our building place. around are trust financial data product teams are we're our our uniquely excited year, year, brand, the to making Last content, Travelers to and The from of drive is our in product, outcomes durable needs about quality of to responding clear. tangible initiatives. This given our the the our traveler relevance we're set seeing putting improvements scale the we positioned data the and foundation, the capabilities impact. core

of call direction. right metrics we share the that the in quarter, of initiatives heading across the on in last let's we last we're some highlights Before confidence key give I see few us over cover progress a outlined the our

extended our stabilized First, an overall decline. after has of audience period

year. Specifically, users so sustained far and this monthly we've stable active seen

relationship membership most of broad and the is metric time. the it engagement, depth this a to While important not over deeper audience global ensures a we of drive indicator retain

we're seeing scaled funnel the U.S., and where many noting worth initiatives growth It's year-over-year MAUs. in that at serves It also we've meaningful of first, our in marketplaces. launched for the the top of category our

Second, we've in seen growth membership. solid

Our overall by accelerated continue QX, growth and QX MAUs, our this along efforts. product and returned to to members, our monthly ongoing with year to declining trend from driven line has active we were which expect this

over which Third, in channel across last of are by includes which to approximately year, finding direct points grew improvements product. of services QX we year we're basis the travelers our clearest share one changes mobile is over XXX the value to last all year. that in engagement, making see In continue this signals the the direct app,

a we for still see is headroom channel, this by meaningful relatively strategy. While overall our growth driven small

seen higher continue early, user, monetization traffic. to but whose is are we average on engaged per product meaningfully among out very and we're reliance driving engagement low our Finally, deeper revenue see value highest enhancements better users our times the ARPU app we've multiple given members low Historically, flyby still monetization. into translate rolling It's higher.

monetization to we our observed booking example, but QX, reached For average. across higher future. who as offering, in planning trip the by more other bookings we upside travelers has experiences as begun use consistent platform-wide efforts, in-app scale driven been today, roughly that real primarily introduce XXx we've This higher TRIPS, than in our levels with our ARPU categories

transactions simple. we our travelers not as well. keep is engaged monetize When to platform, just through but on opportunities clicks more through formula we The have higher-value

pace doing and for drive of the and accelerate Now on to outcomes a back focus the let's step we're work change. from the moment impact

are continue In more highlights. few travelers. extend we offer to to the use of to guidance QX, Here more a relevant AI

app. explore internationally AI-powered restaurants the languages places stay new expanded do, planning and than locals. across in specifically you summaries experience, XX for experiences, we can more to personalizing and scaled restaurants recommended so to review XX to things TRIPS to the We And you

consume all we'll for ways our next and travelers value recognizing the discover, few most and engaged to by proposition, quarters, members. over share guidance to our community introduce membership ahead the new joining free of strengthen continue benefits Looking our better highlighting

trip improved also immediately it mobile experiences. it starting navigation large and a explore a a screen we and easier as launched make quarter, book that to home with of our to set such Last upgrades destinations, plan app, new

introduced conversion We who click-through and to book create engagement, on and We we've our users indicators experiences bookings rewards also app excited where rates. the pleased play also the leave We're journey booking hotel early of exclusively logged-in including see and repeat for strong better and about app in reviews seen spend the customer can trips. deeply traveler more more in members. hotels hotel more role experiences, were our engaged

new the our UX in continue we'll rates app and category with focus features forward, to differentiate a drive improvements on higher Moving across conversion experience to marketplaces. our

connected funnel very our small conducted This social. bulk focused driving which of in marketing our and the a portion on pilot Finally, marketing quarter. support a continues funnel over consideration offerings. represented spend to few the of on months, focused channels full we legacy channels last be like lower across The to TV

drive But reorient the over to well our and mix at But spend the marketing support engagement-led time we've gave ahead. value the very very by of pilot us performed opportunities be let progress learnings and to excited Tripadvisor strategy. our Brand our in evolve considerable we lifetime made clear. as We're me

face financial legacy performance offerings that well-known is Our challenges. still reliant heavily on near-term

an but large now defined by and very right combination is be important overall central different legacy are business models. less of continue One to Tripadvisor that part our profitable offerings X is and our will business of a mix.

mix more and a drive will the shift relationship to emerging. outcomes The in It and opportunity grounded over in the but time. other again membership earlier over app. and us a with and I but reliance having channels. also deeper paid through over less and the just gives just not mobile to referenced single our defined is not to on session beginning the once It's monetize customer by clicks transactions travelers direct reacquire It's and with

Tripadvisor we strategy. lot growth continue to at of drive Brand This us as our execute to gives a sustainable confidence on

value to where we grew now constant year-on-year billion. a Turning year-on-year to currency. XX% of X% million $XX $X.X revenue, growing approximately Gross delivered Adjusted revenue or X% EBITDA $XXX improvement. $XX year-over-year or in million representing Viator, was million, of XX% booking

continue driving on and and repeat as our invest stated across economics. reflect bookings strategic deliver marketing unit results ability These our R&D priorities progress to make and we to

to both deliver and of position. our our sides continue We marketplace leadership value to sustain

we're include conversion. reductions few payment drive making Reserve A and the in Now improvements every in across experience. of these rates product side, Pay flow cancellation our lower in that the uplift On friction refinements of checkout to traveler Later part contributing option

also travelers shifting to wherever progress the excited app, the best channel. making nearly discover, and quality doubling redoubling give efforts of about enjoy the highest active fastest app web to converting also to repeating number best the our they We're log who are. from our growing, highest We're experiences travelers and book app, which into bookers is

target better brand partnerships, drive long reach, over as term. performance to continue We new customers we costs affiliate extend our more balancing and to and the efficient promotions repeat marketing,

consideration, in branded we've perspective, travelers, versus in growth in with out particular search the rolled last haven't seen we're From year where a we over creative. brand seeing high-value the almost markets improvements double and

side, continue where supply across experience we including compelling demand programs of shoppers economics. are bookings see drive sale, grow demand, our access tools to multiple of to of the operators evidence their segment and unmatched suppliers in find of continue audience. fastest-growing offer We help our their platform. And this the access and and we to suppliers our the value that Tripadvisor, to On offer points the largest

including the smooth service GBV program path service time operator participating customer our from parts increased led new Accelerate which the experience program, supplier onboarding same very last We're has churn to seen rates and our and This at that of the low. improvements reduction includes also continues our on higher suppliers self-service where customer remains year we've to key in a satisfaction. to making contact platform, from supplier

to improve million, across QX, growth operational constant profitable in continue revenue growth unit was efficiencies currency. restaurants diners XX% that year-on-year from sustained our or deliver continue $XX to and we XX% TheFork, to At value and Europe, economics. benefiting drive In

marketing QX $X X% was year, quarter and last $X repeat ever. we revenue, mix our investment over our or to improvement focusing balance greater of at how profitable driving adjusted a most acquire scale. representing reservations Importantly, We're EBITDA million drive customers efficiency, new million

growing through to and pleased social TheFork's More channels, and the with growing in than strong delivering represent XX% bookings. comes enhance ROI channel. with overall In of a continue been rates. which experience incremental user repeat we in and of share that volume valuable are direct performance app, repeat the the We've booking TheFork's bookings channels, volumes

city as well Homepage algorithm, year-over-year ranking driven additions, top hotspots, offers as special improved an had conversion improvements. restaurants local such by as and

like opportunities of in We our We gift continue key partnerships program [indiscernible] this card a recently well customers brand, to tap of drive incentive its into are reward partnering loyalty in to millions piloted to also there an opportunities in to innovative one its and media. TheFork provide including with one think to Vodafone, recognized exploring new promoting as TheFork's pursue more new markets, We future. enhance the audiences. as

restaurants On in restaurant value side, to acquisition XX,XXX In drove our we the and providing quarter, the results in the network. TheFork growth we're stability in reflect new restaurant restaurants. active over

Importantly, improvement for new we significant productivity in restaurant achieved acquisition. sales

for that which BXB the the sustained runway revenue confidence us We foundation laid growth, in subscription gives double-digit also revenue drove ahead.

for closing out, Tripadvisor execute trajectory we're plans want doing across hard segments drive of are we all to we're pursue in quarter-by-quarter the to will that on and our and Before the positioned, making our reflect progress shared be the continue our Group travel vision I most trusted to experiences. uniquely to work as our performance. aligned, source of We're our strategies each on the

what's we're environment ongoing we've as Recently, in course, mixed well closely tensions. macroeconomic externally. geopolitical signals the watching as observed all Of also happening

opportunity more be the at continue work focused remain see We of mainstay are stakeholders. in both travel and international our and our position also We signals signs create pricing. data heart to about narrowing healthy growth windows Overall, that moderated and and travel travel and ahead see value for we around confident for however, to remains search priority a fortify intent planning. survey experiences and to continue on travel booking the a some the long-term suggest all

the With over turn that, to I'll call Mike.

in quarter the and remainder everyone. noted start afternoon, third XXXX, by growth good are unless for and outlook Matt, the to quarter and reviewing relative rates then otherwise. Thanks, the year. provide the period our I'll comparable All of the

EBITDA the of million, quarter expectations each last or X%, of with XX% was line than was for revenue Adjusted the expectations points million was EBITDA of Second XXX basis Adjusted higher and segments. $XXX our revenue growth in was $XX higher which than year. quarter. reflecting across

primarily demand revenue Turning due Brand delivered quarter. to than Tripadvisor to segment or and was not competition reflects million revenue a a June. the as Brand click observed or was Branded Lower by performance the million, for XX%. trends in weaker And these performance driven XX%. Hotel which of $XXX in revenue hotel quarter. Meta decline well paid as was Hotel demand had weaker we decline of May in Tripadvisor of lower second in improved the slightly expectations, Meta which was April, of $XXX the Experiences performance volume increased channels.

back year-over-year, and a quarters. U.S. the revenue in were prior geographic manage in than to in reflected From levels. margins. levels up by at EMEA APAC year-over-year on free from returns as perspective, rate paid with call. higher part was for click our while continue contribution appropriate due to Hotel to lower but impact be stepped last more We Lower update a QX Meta the of algorithm the referenced line meaningfully QX our channels Pricing continued volume slightly

declines our first was but and $XX offering, transition model offset revenue to forward and hotel modest the BXB in direct quarter million. QX. go-to-market negatively the of as second trend Growth we and experienced to revenue impacted to campaigns declined revenue certain to was due we self-service. Media the as a in quarter, into pull continue noted off-platform expected some timing, last to our on which, campaign call, positive Finally, X% we advertising programmatic the by

Experiences our continue dining decline a the decline below strategy, emphasizes in paid particularly $XX a at the was growth X%, and in with more brand which point of we category more of than to was witnessed revenue were expectations, Experiences' line model. million in offering. our normalized BXB with we combined results transition or channels as primarily restaurant of to These self-service effects expectations a our due revenue demand, sale. Tripadvisor to marketing profitability XX%

revenue of revenue flights, rental to Adjusted investment to areas $XX Brand as in deemphasize $XX was offerings strategy. prioritizing or we XX% reflecting our vacation our approximately expense and stated paid new declined marketing Lastly, strategy. as flat favor partially by brand campaigns, more rental revenue, accelerate marketing as core EBITDA app-focused XX% offset million engagement-led was million to social of in and continue car our other such Other campaigns marketing percent of media year-over-year. margins in Lower Tripadvisor increases in LTV-based a to

and trips downloads. creation we but and awareness, the improved results early, increased It's direct like traffic that show higher app

work and increases deleverage data count also we the underpin Finally, at prior discussed in modest head Tripadvisor. saw we've coming from functions that across engineering, quarters transformation strategic product Brand

of while pull higher Easter total X% GBV Turning point-of-sale revenue QX. growth. GBV at or points Viator The to and Viator. QX grew was currency. a GBV, $XXX of the than million, basis constant total first XX% of approximately the of revenue grew booking to value, QX XXX rate. to holiday Gross billion in rates the approximately growth at XX% point-of-sale was the below brand $X.X grew Tripadvisor headwind forward reflecting into in quarter GBV

declines as reflect well earlier. growth in deceleration demand referenced the point-of-sale as the channels branch GBV as broader Viator's Our revise sequential QX trends across

growth We are in while continue our growing channels channels, paid healthy to marketing our see faster. direct

we're referenced, Matt pleased is fastest-growing As a app channel, still are the and lot in our us. with we opportunities progress of of believe as optimization channel ahead we making we the growing it have

and consistent seeing been repeat are quarter-over-quarter. users growth strong still We this growth has in

People as Viator $XX margin quarter. costs. or the marketing basis of come our of by sales with million leverage product as revenue especially experience, were paid revenue points investment favorable percent our in percent X% primarily free users of and lower in driven marketing adjusted marketplace. year-over-year a app costs despite in a a flat XXX lower growing supply our revenue continued result Importantly, repeat EBITDA was more mix. as in approximately year-over-year, the was and a The versus approximately of of channel

pull revenue, or booking XX% primary approximately headwind last of a this grew growth. currency percentage costs as constant results driven as pricing improvement Adjusted X% balanced $XX percent QX people XXX TheFork, holiday Top was points both growth XX% volume. revenue and from basis of year. million. of was and million line leverage. year driver the of $X terms QX EBITDA revenue of in in TheFork revenue The in Easter of into At Lower resulted were QX reported the of by a an forward year-over-year at of points of of XX to

to turning across and costs to higher of Now consolidated increase at of revenue basis due transaction fees points Tripadvisor of Brand revenue, Brand production higher Viator, expenses the higher Cost quarter. Tripadvisor. XXX primarily was for media Viator costs X% and cloud at an

due points, basis million basis and expense lower costs Sales people at points Tripadvisor. XX% percent lower as nearly due of in approximately was margin the by senior XXX share-based items. due special approximately primarily Technology expense We performance Tripadvisor of quarter to XXX people related process. Approximately revenue revenue of Brand which past a an a related costs onetime of and the Brand in at were and former higher, content approximately increased the granted recently million award to marketing was million approximately service to executive. related of a G&A application and $X the $X digital to and a retrospective expense revenue, previously points required by Viator. higher costs basis was XXX committee several XX% which to Canadian period, enacted tax, to compensation costs to incurred -- $X to onetime

year-over-year for without G&A have flat the quarter been these as of revenue expenses. a would approximately percent

the previously IRS free million, A transfer flow outflow was liquidity. approximately XXXX was to related the pricing million. disclosed cash million to to year-over-year to decline Operating last cash related XXXX to million XXXX year's pricing XXXX cash and settlement IRS $XX the of of versus $XXX Now $XXX driver transfer $XX was key cash flow outflows settlement. and in

part $XX we As total settlement year's receive a expect this expected to to of which refund bring QX, would million million million. in $XX of to the settlement, $XXX or QX approximately approximately

Other lower cash $XXX year-over-year ended decline merchant were drivers $X.X We equivalents, capital, XXXX. including nearly increase billion quarter of from changes XX, the the and in deferred payables. of million December an of working other with cash

price we million. per million approximately approximately share, X.X quarter, of average at shares the $XX spending an During repurchased $XX.XX

in $XXX have our We million current remaining authorization. approximately

plus $XXX Finally, notes end, XX, high-yield were million facility used we amount July of on B term $XXX in redeem on subsequent SOFR that X, to quarter a on to XX. the the the at due Proceeds closed million loan were XXXX. X July

our which quarter, remainder the to business Turning the and the through outlook in we third for July. trends our quarter. In demand of Hotel in we see the to continue headwinds trends outlook assumes that incorporates saw these continuation for July, a see we Meta, of

last given few of quarters. of are relative to we're seeing the a trends Also, across what normalization category, the pricing the hotel in softening we assuming pricing

assumes overall For experiences the given group, to the the secular still of although growth other relative opportunities. travel across benefiting continued categories our travel reflecting market, higher outlook demand, normalization from

At moderately more expect picture levels, pressure Hotel in macro demand from discussed. step continued for down outlook QX by trends demand growth this the by approximately consolidated we At year-over-year. mix driven point-of-sale revenue flat year-over-year increasing declines as the and to revenue expect points Viator, driven macro growth we a volatile be from few QX third Incorporating back levels, to we just expect quarter, Brand to we Tripadvisor, Meta.

expect we in TheFork, line with growth. At growth QX

year-over-year year-over-year lower of initiatives. be the margins Year-over-year at marketing to EBITDA Brand points. by of Viator is LTV-based planned to QX, the be expect TheFork count margin and basis Brand and by offset approximately consolidated approximately at XX The areas and to of of experimentation we our XXX X For Tripadvisor spend to deleverage deleverage XXX growth down will Tripadvisor adjusted improvement head support future in of in combination revenue due expectation percentage a points.

low year our of outlook at digits, Given of range. our for consolidated expect previous which low we growth end the QX, full now single is revenue

basis adjusted points. expect consolidated approximately also of to We margins XXX EBITDA deleverage XXX

down year-over-year year, full of and digits expect mid- XXX Brand from revenue our single Tripadvisor the For margins update. basis slightly in down points, by last declines high which approximately is we to

that moderating Meta in fourth quarter. see assumes we the This Hotel our revenue declines offering in

For we due Viator, the we assume modest quarter versus East to the an as acceleration comp lap in fourth of conflict. Mid of the start easier QX growth

last Experience's realize to business. versus unchanged, profitability comp growth improved also we continue year the for at benefit efficiencies expectation Brand increased Our easier This remains will and revenue Tripadvisor. operating in

the turn revenue in to I'd unchanged, year. our TheFork, expectations call a Q&A. year-over-year to adjusted improvement significant back At and remain that, for expect begin over still operator we the to the With EBITDA like

line Sachs. from first [Operator Ben Miller the Instructions] of of The comes question Goldman

given just your just any on guess and of marketing to top-of-funnel converting more member efforts and your the I how targeting wanted to as a of you those have I opposed you're importance wide on can to users met marketing there. touch likelihood high around app-based of driving members, that a kind being own optimizing efforts logged-in color a share logged-in casting

and I'll it's Matt Mike. can in. Ben, start, chime

a So it's doing we're the question. to around work It's a essential really Tripadvisor. Brand great

As so heavily our of transformation what's excited combination product-led app, at category, with we've and Trip the which we in this developing been experiences both behind. much really hotels planning obviously, about with the been but tool, investing in has said,

do do of the A app that to them to we the we download when behaviors is or stimulate massive funnel users surfaces, start are activating around When certain employ. the upper of a see Brand there's with and Tripadvisor. across of I massive or interacting of top marketing which a the can things -- we it incentivize think our are different we lot we have lot strategies, in inspire lot a app. a there to have get

employing. will certainly we that's be so And strategy one

lot time. looking campaigns incentivizing downloads, exploring to then how behavior, different for been users, marketing around just are about have you at -- you incentive an doing be with it people again, whether you're targeting be just certain some there's think a will app and we it And of a whether that

to It's Matt. add. want just Ben, Yes,

been target. people We about and in session. very can traffic. marketing upper the bringing to flyby It's data same as we had about how we've to learnings session We've can We've Our the been to that of done and same traditionally they funnel, of app now use data taking Tripadvisor can from bidding. got advantage funnel. basically And lower LTV-based has move been shift we at Viator work. in can and that drive we a the we lot mid- that people to into let what do leverage frankly, membership we we've at the can get engage TheFork, and product where

And that I ahead that. movement the lot think gives early we've that us good that the a in confidence metrics of a we for shared got plan

comes The of of next question from Naved Securities. the Riley line Khan B.

to questions But something one. just great maybe stabilizing in users, on effect the that's in core app P&L the Maybe should out? terms away that months we further XX increase maybe more or business even window, and be of growth, months terms That's of it meaningful transition? when that's the this Two from in or can me. it like XX how be returning to the about Is thinking see.

the then buyback, have And share still like of million $XXX you remaining. authorization on

on should stock is, thinking be other Given propensity the the where the we opportunities? versus about to how buybacks spend

so that. thanks the start still in we the buyback. with questions. Naved, good amount a have I'll Yes, for left Yes,

with the refinance yield. quarter, has focused would structure the said capital we high consistently, programmatic of true that. liquidity have We say I in our on are been setting much this our as very well and approach very understanding

the engage or it So and those certainly, discussions more I programmatic opportunities, always in evaluate be be as where this opportunistic. our find liquidity profile. whether think think the best forward going we stock we about will will may we and versus And

is past, the the I've the seeing about funnel, getting and and is through is number our frankly, lot way the our that includes percentage about the to to that the which from very the actually more of wants a value that we're people that the us of -- very much sort flyby app, leverage about And us, in membership, think in use moving the traffic, with big to very along low think what tools monetize. the the out getting Yes. away which data enhancing traffic plan to And of that into our use we coming a with they're really of app. in strategy clicks and that, in comes of to said top and membership content, showing moving willing at we

that we're the returns super good. on excited very And look early that

that seen membership to monetization a to Now and scale it. of that our metrics opportunity app, can are more from we direct business to that what do. engagement traffic, really see and as us, want we it's an the we've engaged is we traffic, responding subset that through that we're travelers we And think it the translating what today. The that described. many multiples And

we So small, while it's it's something can scale.

our will And a more become and when performance. meaningful we see you of that financial think percentage overall get marketing product working together, it I

think clarification, a Maybe have still think you margin some that? we quick I to are I about improvement this about If if year-on-year? How Okay. year, should may. would Viator aiming

clear for are it's about in expecting Naved, Mike. that, Yes, Yes. Definitely, I wasn't sure. meaningful Viator margin improvement yes, if we

line from the UBS. Ju comes of The question of next Stephen

This Stephen. for Jeremy on is

booking P&L impact? potentially excited hotel Viator in from this question out So you're areas you you more experiences as and roll is do sort much would well? you then on any think improvements called rewards. second my And rates of to Are room through about? the in And the you expecting is cancellation walk some out optimization? How across there you optimization. And business maybe can Viator of for

Look, at happen Jeremy. lot Viator. a Viator, Thanks, of Yes. that every on changes the funnel there's quarter optimize to

them thinking they the cancellation great we've giving they personalize lot consumer the with rates the product and what because that always bring obviously come that a will better of changes done We There's serving the have doing sort. and experience to personalization down about we right job them improvements. expect a optimizing a see then we're product to and back with app. and gotten We're

best booking continues experience. program the leveraging of post-booking and doing about supply, well. grow, to repeat they data that the Obviously, have into suppliers is we're rewards supply sure to more making effortless we're quality how consumer to our logistics on we're best We're and the there have drive loyalty we work and things we're the about say will really and leaning and that deliver really behavior. I'm One focused experience, that and as excited about good really feel pleased so thinking personalized we

And then, about parts. how leveraging service augment think to other customer to think AI the of course, our we sort, we're and about

the the always metrics looking improve on funnel, it you we're way see in to at that it So opportunities think that delivers. I and

second question of part the The

on take rewards. Jeremy. the Yes, Yes, I'll that,

So think incentives are and travel and seen a powerful us, listen, really, ecosystem. tool for you've across the that rewards I

have built Tripadvisor, what could certainly can you the say say in that products our Brand with that we're at We Viator doing that TheFork. app, even And and both at you mind.

all about this So think we across our of brands.

P&L., say Your the ROIs. thinking question really customer. been disciplined I on our and customer the very of would and acquisition on performance another in about stickiness I we've way directly acquiring of this spend marketing and impact view as

And balance and so have that. that to acquisition, us other do expect you would with around we investments to

think about that but tool that that can So we It's investments. overall drive holistically engagement, really we are about we'll marketing a excited as and it's area think an about.

if already just we Jeremy, asked in out it rolled you clear, to it Experiences. Experiences, roll And be would down on is

hotels, in the other book can there's opportunities Experiences and we're app, on category our adding future. You

after and We're trip integrate real booking a us. for ability excited the planning it. logged-in go this with members app come is think to meaningful opportunity we in in for So to

The from question Instructions] Securities. of [Operator [indiscernible] the line next comes

the the out search just like of on but quarter, then Can Experiences a on guys you you impact, overcome sure, Meta already policy what change the currently out just coverage on not restaurant is business, I'm most And a of can target Google the called retrieved if of year-end? curious remember I anything a you give you update you do kind the us TheFork, -- like right, quick I and impact. kind for there last for count was come then have there. side? secondly,

part. Yes, the I'll take first

change. the update, as into traffic to rather clawed And free impacting as algorithm a there reaching impact our do it very job of took was It's through said, quarter, On really disruptive in April say reacting a we That was is the true, the partly, the which our time, So called for right? we category, Google financials hotel what last most teams right? May. algo that. an Algo in quarter, And back those our came rankings far an did had it of we out and was quarter. good we long on

impact So still had an on I quarter. think it the

paid of of in the I related the and saw that. think more was financial of it wasn't demand -- impact with that both quarter, free reflective to we trends wasn't channels. of directly combination That much other in the some

I in the that change to wouldn't to clear. financial related our was algo all performance -- be to very So Meta Hotel not

engagement that going think well. And app our and in I team would of the our focused just members the remind we've I relationships really responding translate these put that to put exactly you, is this why strategy serve that we're in is monetization. we our and is in well strategy us to and place with on combination And direct

part second question, your of we didn't The hear.

So part, repeat if you second had you can the it?

I year-end? for can you the restaurants up is? versus will are sign current additional talking be that And number what was just would what curious,

Yes.

So it. is the this making to we're asking the And really Thank we're year. for profitability business believe we with about on growth and TheFork. pleased at deliver track progress you

things economics driving you do that As we part different sales a that described. and said, benefiting restaurants, productivity and with strategy. are from we of as unit we're to in enhanced would our And of our lot aim includes leverage,

both seeing restaurant at we're active lower in CAC. we're more better the we've and So ARPU importantly, count. restaurants, stability growing But seen

the product combine revenue. you efficiency on with got the we're full that to And a and marketing BXC of side got -- that margin a the the the for we're we so to as there going the and I we're profitability growth in seeing partnerships drive improved course, described. BXB deliver improvements conversion where healthy recipe rates and And year, making with improving mentioned, you've that rate, you've and app

question-and-answer to hand the Matt, ahead. back like now go Matt session. the would I please concludes This to Goldberg. call over

with in to initiatives all second looking our soon. speaking you and continuing joining a half today. to good of to look for again, everyone, Thanks forward forward us We drive Have XXXX forward. the We're one. executing

does today's conference This conclude call.

disconnect. now may You