Financial Data and Key Metrics Changes - Global billings grew 12% year over year, with North America local billings up 20% and international local billings, excluding Italy and GiftCloud, up 15% year over year [2][3] - Free cash flow of $25 million was generated, indicating profitable growth while investing in the platform [3] - Full year billings guidance was raised from 3-5% to 7-9% growth, reflecting strong business momentum [4] Business Line Data and Key Metrics Changes - The core local category, excluding Italy and GiftCloud, grew 19% and now represents nearly 90% of total billings [2] - North America "things to do" segment delivered strong double-digit growth for the sixth consecutive quarter, particularly in amusement parks and multi-attraction tour passes [4] Market Data and Key Metrics Changes - North America enterprise brands had 26 brands generating over $1 million in quarterly billings, representing 53% year-over-year growth [3] Company Strategy and Development Direction - The company is focused on building a hyper-local experience marketplace that combines trust, curation, quality, and value [5] - A proactive refinancing was announced to simplify the capital structure and eliminate constraints, positioning the company for growth [3] - The management is committed to developing leaders from within, with new appointments in key executive roles [4] Management's Comments on Operating Environment and Future Outlook - Management sees AI-generated traffic as a tailwind, with expectations of significant growth in this area [10] - The company is optimistic about the future, citing multiple levers for accelerating growth and building long-term value [4][5] - There is a focus on re-engaging lost cohorts and improving customer acquisition and retention [36] Other Important Information - The settlement with Italy is not yet binding and requires various approvals, but it may signal the end of past tax issues [38] - The company is exploring options for potentially reopening the local business in Italy [38] Q&A Session Summary Question: Can you elaborate on AI-generated traffic? - Management believes AI traffic is incremental and sees it as a positive trend with strong double-digit growth every month [10] Question: What efforts have been made to engage merchants? - The company is transforming its sales approach to be more performance-based and is focusing on understanding the economy for merchants [12][14] Question: How is the growth in AI traffic being achieved? - Growth is a mix of organic traffic and intentional enhancements to listings, with a focus on SEO and AI integration [21][26] Question: What is the dynamic between billings growth and revenue growth? - Billings are growing faster than revenue due to higher redemption rates and a mix of categories, which affects take rates [45]