Booking Holdings Inc (BKNG) 2016 Q3 法說會逐字稿

Welcome to The Priceline Group's third-quarter 2016 conference call.

歡迎參加 Priceline Group 2016 年第三季電話會議。

The Priceline Group would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

Priceline Group 謹提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。

These forward-looking statements are not guarantees of future performance, and are subject to certain risks, uncertainties, and assumptions, that are difficult to predict.

這些前瞻性陳述並非對未來績效的保證，並且受到某些難以預測的風險、不確定性和假設的影響。

Therefore, actual results may differ materially from those expressed, implied, or forecasted, and any such forward-looking statements and expressions of future goals or expectations, and similar expressions reflecting something other than historical fact, are intended to identify forward-looking statements.

因此，實際結果可能與明示、暗示或預測的結果有重大差異，任何此類前瞻性陳述和未來目標或期望的表達，以及反映歷史事實以外的內容的類似表達，均旨在識別前瞻性陳述。

For a list of factors that could cause the Group's actual results to differ materially from those described in the forward-looking statements, please refer to the Safe Harbor statements at the end of the Group's earnings press release, as well as the Group's most recent filings with the Securities and Exchange Commission.

有關可能導致集團實際業績與前瞻性聲明中所述的結果存在重大差異的一系列因素，請參閱集團收益新聞稿末尾的安全港聲明以及集團最近提交的文件與證券交易委員會。

Unless required by law, The Priceline Group undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

除非法律要求，Priceline Group 不承擔公開更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

A copy of the Group's earnings press release, together with an accompanying financial and statistical supplement, is available in the For Investors section of The Priceline Group's website at www.PricelineGroup.com.

您可以在 Priceline Group 網站 www.PricelineGroup.com 的投資者專區取得集團收益新聞稿的副本以及隨附的財務和統計補充資料。

And now I'd like to introduce The Priceline Group's speakers for this afternoon, Jeffery Boyd and Daniel Finnegan.

現在我想介紹 Priceline Group 今天下午的演講者 Jeffery Boyd 和 Daniel Finnegan。

Go ahead, gentlemen.

繼續吧，先生們。

Thank you very much, welcome to The Priceline Group's third-quarter conference call.

非常感謝，歡迎參加 Priceline Group 第三季電話會議。

I am joined this afternoon by our Priceline Group CFO, Dan Finnegan.

今天下午，我們的 Priceline 集團財務長 Dan Finnegan 也加入了我的行列。

The Priceline Group brands executed well, delivering on peak summer travel demand in the quarter.

Priceline 集團品牌表現良好，滿足了本季夏季旅遊高峰的需求。

All of our global employees worked hard to make sure our customers had fantastic travel experiences.

我們所有的全球員工都努力工作，以確保我們的客戶獲得美妙的旅行體驗。

From our property teams driving availability in the quarter, to our customer service team's handling the volumes of requests during our busiest season.

從我們的物業團隊在本季推動可用性，到我們的客戶服務團隊在最繁忙的季節處理大量請求。

Our financial results indicate favorable trends in the business.

我們的財務表現顯示了業務的良好趨勢。

The Group reported year-over-year overnight growth of 29% for the third quarter, which represents acceleration over the second quarter.

該集團報告第三季隔夜年增 29%，較第二季有所加速。

Consolidated gross bookings for the third quarter were approximately $18.5 billion, up about 26% on a constant currency basis, or about 25% year over year in US dollars.

第三季綜合預訂總額約 185 億美元，以固定匯率計算成長約 26%，以美元計算年增約 25%。

Gross profit was up 22%, or about 23% on a constant currency basis.

毛利成長了 22%，以固定匯率計算約 23%。

Earnings per share were $10.13, which was negatively impacted by a $941 million non-cash impairment charge, that I will discuss in a moment.

每股收益為 10.13 美元，受到 9.41 億美元非現金減損費用的負面影響，我稍後將對此進行討論。

Non-GAAP earnings per share were $31.18, up 23% versus the prior year, surpassing our guidance for the quarter, and FactSet consensus estimates of $29.92.

非 GAAP 每股盈餘為 31.18 美元，比去年同期成長 23%，超過我們對本季的指引以及 FactSet 一致預期的 29.92 美元。

Booking.com executed another strong quarter, showing acceleration in both room night and gross bookings growth.

Booking.com 的季度表現又強勁，間夜數和總預訂量均加速成長。

This acceleration for such a large business is a testament to Booking's growing inventory of hotel and non-hotel accommodations, and its ability to optimize peak season travel demand with tools and automation to make sure it has the best availability, combined with a seamless customer experience.

如此大型企業的這種加速證明了 Booking 不斷增長的酒店和非酒店住宿庫存，以及其透過工具和自動化優化旺季旅行需求的能力，以確保其擁有最佳的可用性，並結合無縫的客戶體驗。

Booking's property teams remained active in the quarter, as its total property count now stands at approximately 1.065 million, which represents a year-over-year increase of 29%.

Booking的飯店團隊本季仍活躍，目前飯店總數約為106.5萬間，較去年同期成長29%。

The Booking.com platform includes approximately 529,000 instantly bookable vacation rental properties, which grew 39% year over year.

Booking.com 平台包括約 529,000 個可即時預訂的度假租賃房產，較去年同期成長 39%。

Booking.com's properties represent a combined total of approximately 24.4 million potentially bookable rooms.

Booking.com 旗下飯店總共約有 2,440 萬間可預訂客房。

Of this total, 16.9 million are within our traditional hotel partners, and 7.5 million are bookable rooms in homes, apartments, villas, and other categories of unique places to stay.

其中，1,690 萬間屬於我們的傳統飯店合作夥伴，750 萬間是住宅、公寓、別墅和其他類別的獨特住宿場所的可預訂房間。

Our non-hotel properties continue to grow nicely as we build one of the largest platforms of instantly bookable vacation rental and alternative accommodation properties in the market today.

我們的非酒店物業繼續保持良好增長，因為我們建立了當今市場上最大的可即時預訂度假租賃和替代住宿物業的平台之一。

Adding supply at these growth rates creates momentum in the business beyond the current quarter, as new properties typically become more productive over time, once brought on to the Booking.com platform.

以這些成長率增加供應量將為本季之後的業務帶來動力，因為新飯店一旦進入 Booking.com 平台，通常會隨著時間的推移變得更加高效。

Booking.com is also making substantial investments to drive future growth, including constant front-end experimentation, new product development such as Booking For Business, and building more extensive distribution partnerships to extend the reach of the business.

Booking.com也進行了大量投資以推動未來成長，包括不斷的前端實驗、新產品開發（例如Booking For Business）以及建立更廣泛的分銷合作夥伴關係以擴大業務範圍。

Exciting new relationships, such as Southwest Airlines, demonstrate how we're able to bring the power of our deep global distribution platform to enhance our partners' customer experience.

西南航空等令人興奮的新關係展示了我們如何利用我們深厚的全球分銷平台的力量來增強合作夥伴的客戶體驗。

The Priceline.com team is working hard to improve performance in marketing, product, front end, and mobile offerings.

Priceline.com 團隊正在努力提升行銷、產品、前端和行動產品的績效。

We believe that Priceline.com's leadership team is making smart decisions to position this leading brand for growth in the future.

我們相信 Priceline.com 的領導團隊正在做出明智的決策，以幫助這個領先品牌在未來成長。

We are pleased to announce the promotion of Brett Keller to CEO from interim CEO, recognizing the passionate and skilled leadership he has brought to the brand since taking the helm.

我們很高興地宣布將布雷特凱勒 (Brett Keller) 從臨時首席執行官晉升為首席執行官，認可他自掌舵以來為品牌帶來的熱情和熟練的領導力。

KAYAK delivered another quarter of top and bottom line growth, while also investing in the future.

KAYAK 的營收和利潤又實現了一個季度的成長，同時也對未來進行了投資。

KAYAK worked towards executing on its key initiatives for the year: usability improvements, customer optimization, and the new development of mobile tools.

KAYAK 致力於執行今年的關鍵措施：可用性改進、客戶優化以及行動工具的新開發。

KAYAK also announced its expansion in Asia-Pacific and Latin America, two key geographic regions.

客涯也宣佈在亞太和拉丁美洲這兩個關鍵地區進行擴張。

With a greater presence in Asia-Pacific, KAYAK will be better positioned to capitalize on one of the largest online travel markets in the world.

隨著在亞太地區的影響力不斷擴大，客涯將能夠更好地利用全球最大的線上旅遊市場之一。

Additional resources in its Miami office will allow KAYAK to continue its fast-paced growth in Latin America, where it already has operations in Brazil, Mexico, Argentina, Colombia, Chile, and Peru.

邁阿密辦事處的額外資源將使客涯能夠繼續在拉丁美洲快速發展，目前客涯已在巴西、墨西哥、阿根廷、哥倫比亞、智利和秘魯開展業務。

Agoda posted a strong quarter with accelerating top line growth.

Agoda 公佈了強勁的季度業績，營收加速成長。

It's particularly important to note that the growth came primarily through direct channels, which grew faster than its paid channels.

特別重要的是要注意，成長主要來自直接管道，其成長速度快於付費管道。

Moreover, Agoda continues to see high rates of mobile growth across its customer base.

此外，Agoda 的客戶群行動端持續高速成長。

Agoda continued investments in its merchant supply platform, which enables it to control its content, innovate, and participate aggressively in closed user group and other discount offerings, which play an important role in the APAC market.

Agoda 持續投資其商家供應平台，使其能夠控制其內容、創新並積極參與封閉用戶群和其他折扣服務，這在亞太市場中發揮著重要作用。

Rental car days for the group grew 13% in the quarter, driven primarily by RentalCars.com's strong performance.

該集團的租車天數在本季度增長了 13%，這主要得益於 RentalCars.com 的強勁表​​現。

RentalCars.com saw its a rental car days accelerate in the quarter, and witnessed robust demand against most of its key geographies.

RentalCars.com 本季的租車天數有所增加，大多數主要地區的需求強勁。

The team delivered on a busy summer season, and executed a very solid quarter despite continued macro and currency pressures resulting from Brexit.

儘管英國脫歐帶來了持續的宏觀和金錢壓力，但該團隊度過了一個繁忙的夏季，並完成了非常穩健的季度業績。

Finally, turning to OpenTable.

最後，轉向 OpenTable。

You will see and our recently-filed 10-Q that we recorded a non-cash impairment of goodwill of approximately $941 million.

您會看到，我們最近提交的 10-Q 報告顯示，我們記錄了約 9.41 億美元的非現金商譽減損。

The impairment is the result of a change in OpenTable's business strategy, relating to the pace of its international expansion, and other growth initiatives.

此次減損是 OpenTable 業務策略變化的結果，該策略與其國際擴張步伐和其他成長舉措有關。

Importantly, this change in strategy allows OpenTable to invest in building its inventory of bookable restaurants and restaurant listings, in innovation around user experience and cloud-based restaurant tools, in new product development particularly in casual dining, and in international expansion.

重要的是，這項策略變革使 OpenTable 能夠投資於建立可預訂餐廳和餐廳清單的庫存、圍繞用戶體驗和基於雲端的餐廳工具的創新、新產品開發（特別是休閒餐飲）以及國際擴張。

OpenTable has delivered good results over the past two quarters, with earnings growth driven by cost discipline versus plan, and growth in diners making reservations on OpenTable's branded sites.

OpenTable 在過去兩個季度都取得了良好的業績，其獲利成長是由成本控制與計劃相比以及在 OpenTable 品牌網站上預訂的食客數量成長所推動的。

OpenTable's investments in future growth include completion of its international technology platform, which will allow it to sell more effectively into the global traveler market, and to work on important product enhancements aimed at driving diner growth.

OpenTable 對未來成長的投資包括完成其國際技術平台，這將使其能夠更有效地向全球旅行者市場銷售產品，並致力於重要的產品改進，以推動餐廳的成長。

We remain enthusiastic about the long-term prospects for OpenTable.

我們對 OpenTable 的長期前景仍然充滿熱情。

In summary the Group executed well during our busiest quarter, producing record financial results.

總而言之，集團在最繁忙的季度表現良好，創造了創紀錄的財務表現。

As always, I would like to thank our employees around the world for their hard work and dedication.

一如既往，我要感謝我們世界各地的員工的辛勤工作和奉獻精神。

I will now turn the call over to Dan for the detailed financial review.

我現在將把電話轉給丹，以進行詳細的財務審查。

Thanks, Jeff.

謝謝，傑夫。

I will discuss operating results and cash flows for the quarter, and then provide guidance for the fourth quarter of 2016.

我將討論本季的營運表現和現金流，然後提供 2016 年第四季的指導。

All growth rates referenced in my comments are relative to the prior year comparable period, unless otherwise indicated.

除非另有說明，我的評論中提到的所有增長率都是相對於上一年可比時期的。

Q3 was a solid quarter for The Priceline Group, with acceleration in room night growth to 29%, compared to 24% in Q2.

第三季對 Priceline 集團來說是一個穩定的季度，間夜成長率加速至 29%，而第二季為 24%。

Performance was strong across each of our key geographic regions, and this momentum has carried over into Q4, as I will discuss in a moment when we get to guidance.

我們每個關鍵地理區域的業績都很強勁，這種勢頭已經延續到第四季度，正如我將在我們獲得指導時討論的那樣。

Rental car day growth also accelerated to 13% in Q3 compared to 8% in Q2.

第三季租車日成長率也從第二季的 8% 加速至 13%。

Average daily rates for accommodations, or ADRs, were down by less than 1% for Q3 versus prior year on a constant currency basis for the consolidated group, which was consistent with our forecast.

以固定匯率計算，合併集團第三季​​的平均每日住宿費率（ADR）與去年同期相比下降了不到 1%，這與我們的預測一致。

Foreign exchange rate impacts were slightly unfavorable to our results expressed in US dollars, as compared to prior year, and more in-line with our forecast.

與前一年相比，匯率影響對我們以美元表示的業績略有不利，但更符合我們的預測。

Q3 gross bookings grew by 25% expressed in US dollars, and grew by about 26% on a constant currency basis compared to the prior year.

第三季以美元計算的總預訂量成長了 25%，以固定匯率計算與去年相比成長了約 26%。

The difference between constant currency gross bookings growth and room night growth is due to a decline in airline ticket gross bookings, lower accommodation ADRs, and relatively slower growth for rental car gross bookings.

固定貨幣總預訂量成長與間夜成長之間的差異是由於機票總預訂量下降、住宿平均房價下降以及租車總預訂量成長相對緩慢所致。

Gross profit for the quarter for The Priceline Group was $3.6 billion, and grew by 22% in US dollars, and by about 23% on a constant currency basis, compared to prior year.

Priceline Group 本季的毛利為 36 億美元，與去年同期相比，以美元計算成長了 22%，以固定匯率計算成長了約 23%。

Non-GAAP gross profit is a percentage of gross bookings for Q3 is 41 BPs lower than prior-year Q3.

第三季非 GAAP 毛利佔總預訂量的百分比比去年第三季低 41 個BP。

The decrease is mainly due to normal book versus day time lag, with accelerating gross bookings growth in Q3, and an expanding booking window.

下降的主要原因是正常預訂與白天的時間延遲、第三季總預訂量成長加速、預訂窗口擴大。

Other smaller controlling factors to the variance are the level of accommodation participation in preferred placement and commission override programs, business mix, and discounted closed user group rates.

其他較小的差異控制因素包括優先安置和佣金超額計劃中的住宿參與水平、業務組合以及封閉用戶組折扣費率。

We continue to believe that our commission rates are sustainable over the long term, based upon the value that we deliver to our travel partners, at a relatively low distribution cost.

我們仍然相信，我們的佣金率是長期可持續的，基於我們以相對較低的分銷成本向旅行合作夥伴提供的價值。

Our international operations generated gross profit of $3.3 billion, which grew by 25% in US dollars, and by about 26% on a constant currency basis compared to prior year.

我們的國際業務產生了 33 億美元的毛利，與前一年相比，以美元計算成長了 25%，以固定匯率計算成長了約 26%。

Gross profit for our US operations amounted to $335 million, which was about flat with prior year.

我們美國業務的毛利為 3.35 億美元，與上年基本持平。

US gross profit for Q3 2016 and 2015 includes benefits in the amount of $5.1 million and $13.7 million, respectively related to favorable travel transaction tax rulings in Hawaii.

2016 年第三季和 2015 年美國毛利分別包括與夏威夷有利的旅行交易稅規定相關的 510 萬美元和 1,370 萬美元的收益。

Advertising and other revenue, which mainly comprised of non-intercompany revenues for KAYAK and OpenTable, grew by 11% in Q3 compared to the prior year.

廣告和其他收入（主要包括 KAYAK 和 OpenTable 的非公司間收入）在第三季年增 11%。

Operating income declined by 44%, including a $941 million non-cash impairment charge to write down the carrying value of goodwill related to OpenTable.

營業收入下降了 44%，其中包括用於沖減與 OpenTable 相關商譽帳面價值的 9.41 億美元非現金減損費用。

OpenTable has delivered healthy growth in diner reservations and improved operating results under the leadership of Christa Quarles and her management team.

在 Christa Quarles 及其管理團隊的領導下，OpenTable 的用餐預訂量實現了健康成長，並改善了營運績效。

The impairment results from a reduction to our long-term forecasted results for the business, based upon actual results since the acquisition, and a change in strategy for the business going forward.

減損是由於我們根據收購以來的實際業績對業務的長期預測績效的減少以及未來業務策略的變化所造成的。

The OpenTable team will continue to pursue its international expansion opportunity and other growth initiatives going forward, but will invest at a measured pace that is more commensurate with the current growth trajectory of the business.

OpenTable 團隊將繼續尋求國際擴張機會和其他成長計劃，但將以與當前業務成長軌跡更相符的審慎步伐進行投資。

The non-cash goodwill impairment charge is excluded from non-GAAP operating income, adjusted EBITDA, non-GAAP net income, and non-GAAP EPS, because it is not indicative of our core operating results, and renders comparisons with prior periods less meaningful.

非現金商譽減損費用不包括在非GAAP 營業收入、調整後EBITDA、非GAAP 淨利和非GAAP 每股盈餘中，因為它並不代表我們的核心經營業績，並且使得與先前期間的比較意義不大。

Non-GAAP operating income grew by 19%, and non-GAAP operating margins exceeded our guidance, but decreased by 161 BPs compared to Q3 last year, due to performance advertising.

非 GAAP 營業收入成長了 19%，非 GAAP 營業利潤率超出了我們的指導，但由於業績廣告的影響，與去年第三季相比下降了 161 個BP。

Performance advertising deleverage was impacted by lower advertising ROIs, and our acceleration in top line growth, that will partly benefit gross profit in subsequent quarters when travel takes place.

效果廣告去槓桿化受到廣告投資報酬率下降以及我們收入成長加速的影響，這將在一定程度上有利於接下來幾個季度旅行發生時的毛利。

Operating margin performance is better than our forecast, due to slightly better than forecasted advertising efficiency, and less non-ad OpEx spending than assumed, partly due to spend shifting to Q4.

營業利潤率表現優於我們的預測，因為廣告效率略優於預期，且非廣告營運支出支出低於預期，部分原因是支出轉移到第四季。

Adjusted EBITDA for Q3 amounted to $1.9 billion, which exceeded the top end of our guidance range of $1.83 billion, and grew by 19% versus prior year.

第三季調整後 EBITDA 達到 19 億美元，超出了我們指導範圍的上限 18.3 億美元，比上年增長了 19%。

GAAP net income decreased by 58%, and fully-diluted EPS decreased by 57%, in both cases inclusive of the $941 million impairment charge I discussed a moment ago.

GAAP 淨利潤下降了 58%，完全攤薄後每股收益下降了 57%，這兩種情況都包括我剛才討論的 9.41 億美元減值費用。

Non-GAAP net income increased by 20%, and non-GAAP EPS grew by 23%, including increased interest expense from our recent bond offerings, and the beneficial impact of a lower share count resulting from stock repurchases.

非 GAAP 淨利潤成長了 20%，非 GAAP 每股盈餘成長了 23%，其中包括我們最近發行債券帶來的利息支出增加，以及股票回購帶來的股數減少的有利影響。

In terms of cash flow, we generated $1.5 billion of cash from operations during third quarter 2016, which is about 15% above last year.

就現金流而言，2016 年第三季我們的營運產生了 15 億美元的現金，比去年同期成長約 15%。

We repurchased 144,000 shares of our common stock for $199 million during the quarter, and we have purchased an additional $25 million of our common stock after quarter close.

我們在本季以 1.99 億美元的價格回購了 144,000 股普通股，並在季度結束後額外購買了 2,500 萬美元的普通股。

CapEx for the quarter amounted to $54 million.

該季度的資本支出為 5400 萬美元。

We entered into a contract in Q3 to build a 753,000 square foot building, with capacity for 4,600 employees in Amsterdam, to serve as the headquarters for Booking.com.

我們在第三季簽訂了一份合同，將在阿姆斯特丹建造一座 753,000 平方英尺的建築，可容納 4,600 名員工，作為 Booking.com 的總部。

Our Booking.com team in Amsterdam is currently housed in several buildings across the city.

我們在阿姆斯特丹的 Booking.com 團隊目前分佈在該市的多棟建築物中。

We believe bringing the team together in a modern headquarters in the center of one of the greatest cities in the world will produce operational benefits.

我們相信，將團隊聚集在世界上最偉大的城市之一的中心的現代化總部將產生營運效益。

The project also makes sense from a financial perspective, as we will use international cash to build what we believe will be valuable real estate in the Amsterdam market.

從財務角度來看，該項目也很有意義，因為我們將使用國際現金在阿姆斯特丹市場建造我們認為有價值的房地產。

We expect the building to be completed in 2020, at a total cost of approximately EUR270 million, plus the cost of office fit-out, furnishing, and fixtures.

我們預計該建築將於 2020 年竣工，總成本約為 2.7 億歐元，加上辦公室裝修、家具和固定裝置的成本。

Q3 investment cash flows include about $54 million paid towards the project, including $48 million paid to obtain use rights for the land upon which we will build.

第三季投資現金流包括為該項目支付的約 5,400 萬美元，其中包括為獲得我們將在其上建造的土地使用權而支付的 4,800 萬美元。

We expect to pay about $40 million of the project cost in 2017, with a the remainder paid over 2018 through 2020.

我們預計 2017 年支付約 4,000 萬美元的專案成本，其餘部分將在 2018 年至 2020 年期間支付。

Our cash and investments amounted to $13.7 billion at September 30, 2016, with about $1.5 billion of that amount in the US.

截至 2016 年 9 月 30 日，我們的現金和投資總額為 137 億美元，其中約 15 億美元在美國。

Now for Q4 guidance.

現在是第四季的指導。

As I mentioned when we reported our results last quarter, starting with our guidance and reporting for the fourth quarter and going forward, we are changing our reporting for non-GAAP financial metrics.

正如我在上季報告業績時提到的，從第四季度的指導和報告開始，我們正在更改非公認會計準則財務指標的報告。

The guidance for Q4 that I'm about to give for adjusted EBITDA and non-GAAP net income includes the cost of stock-based compensation.

我即將給出的第四季度調整後 EBITDA 和非 GAAP 淨利潤的指導包括基於股票的薪酬成本。

We are also no longer reducing income tax expense for the impact of net operating loss carry forwards, as that benefit now represents a smaller contribution to non-GAAP net income, and will eventually sunset as our NOLs are used or expire.

我們也不再因淨營業虧損結轉的影響而減少所得稅費用，因為該收益現在對非 GAAP 淨利潤的貢獻較小，並且最終將隨著我們的 NOL 使用或到期而取消。

Apart from the items above, our non-GAAP reporting will be generally consistent with prior practice.

除上述項目外，我們的非公認會計原則報告將與先前的做法基本一致。

Our Q3 earnings release that was just issued includes a reconciliation of non-GAAP information to the corresponding GAAP measure, prepared using this new methodology for each quarter of 2015, and the first three quarters of 2016, to assist investors with the transition.

我們剛發布的第三季財報包括非 GAAP 資訊與相應 GAAP 衡量標準的調節，該調節採用這種新方法為 2015 年每個季度和 2016 年前三個季度準備，以幫助投資者進行過渡。

Q4 is off to a solid start.

第四季有一個好的開始。

With gross bookings continuing to grow nicely across our key geographic regions.

我們的主要地理區域的總預訂量持續強勁成長。

Our guidance assumes that our growth rates will decelerate as we progress through the quarter, namely due to the size of our business, and consistent with long-term trends.

我們的指導假設我們的成長率將隨著本季度的進展而減速，即由於我們的業務規模，並且與長期趨勢一致。

Our guidance also reflect the difficult comp, starting in December, and running through Q1 2017, because our room night growth accelerated fairly significantly in the prior-year comparable periods.

我們的指引也反映了從 12 月開始一直到 2017 年第一季的困難情況，因為我們的間夜成長比去年同期顯著加快。

Our Q4 forecast is based upon recent foreign exchange rates and assumes that our growth rates in US dollars will be slightly dampened by foreign exchange rate fluctuations.

我們對第四季的預測是基於最近的外匯匯率，並假設我們的美元成長率將因匯率波動而略有減弱。

For Q4 guidance, we're forecasting booked room nights to grow by 20% to 25%, and total gross bookings to grow by 16% to 21% in US dollars, and by 17% to 22% on a constant currency basis.

對於第四季度的指導，我們預計預訂間夜數將增長 20% 至 25%，以美元計算總預訂量將增長 16% 至 21%，按固定匯率計算將增長 17% 至 22%。

Our Q4 forecast assumes that constant currency accommodation ADRs for the consolidated group will be about the same as the prior-year period.

我們對第四季的預測假設，合併集團的固定貨幣寬鬆 ADR 將與去年同期大致相同。

We expect gross profit to grow by 13% to 18% in US dollars, and by 14% to 19% on a constant currency basis.

我們預計毛利以美元計算將成長 13% 至 18%，以固定匯率計算將成長 14% 至 19%。

Our adjusted EBITDA is expected to range between $755 million and $795 million, which at the midpoint is up 8% versus prior year.

我們調整後的 EBITDA 預計在 7.55 億美元到 7.95 億美元之間，中間值比上年增長 8%。

We forecast that adjusted EBITDA will grow more slowly than gross profit, due to forecasted ROI pressure for performance advertising.

我們預計，由於效果廣告的投資報酬率壓力，調整後的 EBITDA 成長將慢於毛利。

Our forecast assumes further deterioration in ROIs over the balance of the quarter, to provide us with flexibility in a dynamic market, to follow our consistent approach of generating gross bookings at reasonable ROIs.

我們的預測假設本季度剩餘時間的投資回報率進一步惡化，以便為我們在動態市場中提供靈活性，遵循我們以合理的投資回報率產生總預訂量的一貫做法。

We are pleased with the balance struck by our brand teams in Q3, and thus far in Q4, to deliver exceptional top line growth with healthy bottom line growth, and market-leading adjusted EBITDA margins.

我們對我們的品牌團隊在第三季和第四季迄今所取得的平衡感到滿意，實現了卓越的營收成長與健康的利潤成長以及市場領先的調整後 EBITDA 利潤率。

We forecast GAAP EPS between $11.40 and $12 per share for Q4, which at the midpoint is up about 17% versus prior year.

我們預測第四季度 GAAP 每股收益在 11.40 美元至 12 美元之間，中位數較去年同期成長約 17%。

Our EPS guidance assumes a fully-diluted share count of 50 million shares, based upon yesterday's closing stock price, and reflects the beneficial impact of the common stock repurchases we have made to date.

根據昨天的收盤價，我們的每股盈餘指引假設完全稀釋後的股數為 5000 萬股，並反映了我們迄今為止進行的普通股回購的有益影響。

Our EPS guidance also benefits from a forecasted tax rate of 12% compared, to the prior-year tax rate of 18%, which results from forecasted mix of pretax earnings between our US and international businesses.

我們的每股盈餘指引也受益於 12% 的預測稅率，而上一年的稅率為 18%，這是由於我們的美國和國際業務的稅前收益的預測組合所致。

Our US earnings, which include interest expense on our debt, and the cost of our corporate group, are taxed at substantially higher rate than our international earnings, and are down in our Q4 forecast compared to the prior year.

我們的美國收入（包括債務利息費用和企業集團的成本）的稅率遠高於我們的國際收入，與前一年相比，我們第四季的預測有所下降。

We are targeting Q4 non-GAAP fully-diluted EPS of approximately $12.20 to $12.80 per share, which at the midpoint is up about 17% versus prior year.

我們的目標是第四季度非 GAAP 完全稀釋每股收益約為 12.20 美元至 12.80 美元，中位數較去年同期成長約 17%。

Our non-GAAP EPS forecast includes an estimated income tax rate of approximately 14%, which is lower than the prior-year rate, for the same reasons discussed a moment ago for the GAAP tax rate.

我們的非 GAAP 每股盈餘預測包括約 14% 的估計所得稅率，低於上一年的稅率，原因與剛才討論的 GAAP 稅率相同。

As you model 2017, we estimate a full-year non-GAAP tax rate of about 18%.

在對 2017 年進行建模時，我們估計全年非 GAAP 稅率約為 18%。

The difference between our GAAP and non-GAAP results is driven by non-GAAP adjustments that are detailed in our earnings release.

我們的 GAAP 和非 GAAP 業績之間的差異是由非 GAAP 調整造成的，這些調整在我們的收益發布中詳細說明。

Consistent with past practice, we have hedged contracts in place to substantially shield our fourth-quarter EBITDA and net earnings from any further fluctuation in the euro, British pound and various other currencies versus the dollar between now and the end of the quarter.

與過去的做法一致，我們已經制定了對沖合同，以大幅保護我們第四季度的 EBITDA 和淨利潤免受從現在到季度末歐元、英鎊和各種其他貨幣兌美元匯率進一步波動的影響。

Our forecast does not assume any significant change in macroeconomic conditions in general, or in the travel market in particular.

我們的預測並未假設總體宏觀經濟狀況，特別是旅遊市場發生任何重大變化。

We will now take your questions.

我們現在將回答您的問題。

(Operator Instructions)

（操作員說明）

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Thank you.

謝謝。

Obviously the room nights came in well above your forecast, and you're forecasting strength in Q4.

顯然，間夜數遠高於您的預測，並且您預測第四季度的實力。

Could you describe or discuss any market dynamics that maybe got more favorable in the quarter?

您能否描述或討論本季可能變得更加有利的任何市場動態？

And then on ROI, on the marketing spend, it looks like it might have come in better than you forecast.

然後在投資回報率和行銷支出方面，看起來可能比您預測的要好。

Maybe relate that to the room night comment, thank you.

也許將其與客房之夜的評論聯繫起來，謝謝。

Okay, Justin.

好吧，賈斯汀。

So, yes, room night performance was strong in the quarter.

所以，是的，本季的客房住宿表現強勁。

I said it was strong across all of our key geographic regions.

我說過，它在我們所有的關鍵地理區域都很強大。

It was broadly strong across all about demand channels too, so there's nothing I could call out in particular for you there.

所有的需求管道也普遍強勁，所以我沒有什麼可以特別為你指出的。

It was broad-based strength.

這是基礎廣泛的力量。

The macro environment feels relatively healthy for us.

宏觀環境對我們來說相對健康。

That same story is continued thus far in Q4.

到目前為止，第四季度仍在繼續同樣的故事。

We assume that it will decelerate from here on out.

我們假設從現在開始它將會減速。

I'd say to a lesser extent than typical for November, because we have the comp against the Paris terrorist attacks, and to a greater extent the usual for the month of December, given the difficult comp that we had in the prior year.

我想說的是，比 11 月的典型情況要小一些，因為我們有針對巴黎恐怖攻擊的比較，而且考慮到我們去年的比較困難，12 月的情況在更大程度上是正常的。

And then the ROI is better than the forecast.

然後投資報酬率比預測好。

I think you can get a sense for the split between how much of the margin pressure is driven by the acceleration in the business relative to ROI pressure, by looking at the growth in performance advertising relative to our gross bookings growth, and the disconnect there would give you an indication of our ROI pressure, and the remainder, the performance advertising relative to gross profit is due to book versus day time lag.

我認為，透過查看成效廣告相對於我們總預訂量成長的成長情況，您可以了解有多少利潤壓力是由業務加速相對於投資回報率壓力驅動的，以及兩者之間的脫節讓您了解我們的投資報酬率壓力，其餘的，相對於毛利的效果廣告是由於預訂與日間時間滯後造成的。

And maybe one follow-up.

也許還有一個後續行動。

Any pressure you're seeing from the hotel chains discounting directly on their own sites?

您是否看到連鎖飯店直接在自己的網站上打折帶來的壓力？

Any change there?

那裡有什麼變化嗎？

We haven't seen, Justin, much of a change in that situation, since we reported last quarter.

賈斯汀，自從我們上季報告以來，我們還沒有看到這種情況發生很大變化。

I think the statements coming from the chains have been consistent, and we haven't seen anything in the marketplace to indicate a change in the general dynamics associated with that.

我認為來自連鎖店的聲明是一致的，我們在市場上沒有看到任何表明與此相關的整體動態發生變化的資訊。

Great.

偉大的。

Thank you.

謝謝。

Mark Mahaney, RBC Capital Markets.

馬克‧馬哈尼，加拿大皇家銀行資本市場部。

Thanks.

謝謝。

You talked about with the Agoda property seeing direct traffic grow faster than paid channel traffic.

您曾與 Agoda 飯店討論過，直接流量成長速度快於付費通路流量。

Could you elaborate on that?

能詳細說明一下嗎？

Is that something you hadn't seen before?

這是你以前沒見過的東西嗎？

Do you think something like that is sustainable?

你認為這樣的事情是可持續的嗎？

Was there a particular strategy that paid off there, that maybe you can replicate in other areas.

是否有一個特定的策略在那裡取得了成效，也許你可以在其他領域複製。

It would obviously be big for the business model if you as a whole could get more direct versus per paid channels.

如果你整體能夠獲得比付費管道更直接的服務，那麼這對商業模式來說顯然會很重要。

And one other question please.

還有一個問題。

Any comment on Booking.com's traction in the US market?

對於 Booking.com 在美國市場的吸引力有何評價？

I think the Booking.com's CEO at an industry conference in September made a comment that you were gaining real traction in the US market.

我認為 Booking.com 的執行長在 9 月的一次行業會議上發表評論稱，你們在美國市場獲得了真正的吸引力。

Anything you can elaborate on that would be appreciated.

您能詳細說明的任何內容將不勝感激。

Thank you.

謝謝。

Okay.

好的。

Thank you, mark.

謝謝你，馬克。

Agoda has had a long-term goal and objective to try to increase the amount of direct business, and you've seen across other of our brands, for example, a push to spend money on brand advertising in addition to PPC, and I think that's consistent with that objective, that's reflected in Agoda's results.

Agoda 有一個長期的目標和目標，試圖增加直接業務量，你在我們的其他品牌中也看到過，例如，除了 PPC 之外，還推動在品牌廣告上花錢，我認為這與該目標是一致的，這也反映在Agoda 的結果中。

I wouldn't say that there's some macro trend in that regard, that you should expect to see reflected in the entire business.

我不會說這方面存在一些宏觀趨勢，您應該期望看到它反映在整個業務中。

And keep in mind that Agoda, being in the Asia-Pacific market, that's a market where mobile is growing particularly fast, and the mobile experience in many of those markets is much more driven by our success in getting customers to download apps, and obviously once you got an app download, you have got direct business.

請記住，agoda 位於亞太市場，這是一個行動成長特別快的市場，其中許多市場的行動體驗更多是由我們成功吸引客戶下載應用程式所推動的，顯然，一旦您下載了應用程序，您就獲得了直接業務。

Booking.com is doing well in the United States.

Booking.com在美國表現良好。

They've been in this market for years now.

他們已經進入這個市場很多年了。

They've built a competitive inventory set, and while in the early days, the business was a more characterized by inbound international travel, they are doing a good job building the business from US customers booking accommodations for purely domestic travel.

他們已經建立了具有競爭力的庫存組合，雖然在早期，該業務的特點更多是入境國際旅行，但他們在為純粹的國內旅行預訂住宿的美國客戶建立業務方面做得很好。

And I think we said in the past that based on the best information available to us, we think that Booking.com is gaining share of the market here in the United States for US bookers and domestic travel, and we still believe that to be the case.

我想我們過去說過，根據我們掌握的最佳信息，我們認為 Booking.com 正在為美國預訂者和國內旅行贏得美國市場份額，而且我們仍然相信，它是案件。

Thank you, Jeff.

謝謝你，傑夫。

Heath Terry, Goldman Sachs.

希思·特里，高盛。

Great.

偉大的。

Thanks.

謝謝。

As we look at the leverage in the sales and marketing, it obviously got a little bit less of a increase in advertising -- performance advertising as a percentage of gross profit, than we saw last quarter.

當我們觀察銷售和行銷的槓桿作用時，明顯比我們上季度看到的廣告成長略少——效果廣告佔毛利的百分比。

Can you give us a sense of how you view that trade-off between the gross bookings and the room night outperformance you saw this quarter?

您能否向我們介紹一下您如何看待本季總預訂量與間夜表現之間的權衡？

And if there is, whether it's a target return on advertising spend, or a target margin that you are aiming for, or growth rate that you're aiming for there, or is there a point where you could see that percentage of advertising -- or advertising as of percentage of bookings or gross profit starting to settle out?

如果有的話，無論是廣告支出的目標回報，還是您想要達到的目標利潤率，或者您想要達到的成長率，或者是否有一個點可以讓您看到廣告的百分比——或者廣告佔預訂量或毛利的百分比開始結算？

Heath, I don't think we have undertaken ever to project where that long-term relationship between performance-based advertising and gross profit dollars will ultimately shake out.

希思，我認為我們從未承諾過預測基於效果的廣告和毛利之間的長期關係最終將在何處動搖。

We've been forecasting and experiencing modest deleverage on that line as a fairly long-term trend, but I think the performance of that business has shown that we're doing generally a better time than our competition of managing those trade-offs, and able to drive share, gaining organic growth in the business on the one hand, and better overall operating margins on the other.

我們一直在預測並經歷了適度的去槓桿化，這是一個相當長期的趨勢，但我認為該業務的表現表明，我們在管理這些權衡方面總體上比我們的競爭對手做得更好，並且能夠推動份額，一方面獲得業務的有機成長，另一方面獲得更好的整體營運利潤率。

So we don't want to put our brands in a position where they have to make some predetermined ROI decision, and not be able to respond with flexibility to market conditions, as Dan mentioned in his prepared remarks.

因此，正如丹在準備好的演講中提到的那樣，我們不想讓我們的品牌必須做出一些預先確定的投資回報率決策，並且無法靈活地應對市場狀況。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

The first one, can you talk about the business mix shift toward paid, or more toward a direct in the quarter?

第一個問題，您能談談本季業務組合向付費還是更多直接轉變的情況嗎？

I know, last quarter you mentioned a little bit of a mix shift toward direct, which is a change from what we saw for the couple years when you weren't manning the helm, Jeff.

我知道，上個季度您提到了一些直接混合的轉變，這與我們在您不掌舵時所看到的幾年相比發生了變化，傑夫。

So just curious as to, is this mix shifting toward paid, and if so, why is that?

所以我很好奇，這種組合是否正在轉向付費，如果是的話，這是為什麼？

And secondly, can you talk a little about capital structure and how you think about the potential for larger buybacks over time?

其次，您能否談談資本結構以及您如何看待隨著時間的推移進行更大規模回購的潛力？

Thanks.

謝謝。

I think we've had a consistent, as I mentioned earlier, Brian, a consistent goal of trying to build our direct business, and I think for Booking.com in particular, which is our largest business, and is very active and effective in advertising and paid channels, the relationship between the share of direct and share of paid is driven by a couple of different things.

我認為，正如我之前提到的，Brian，我們有一個一致的目標，即努力建立我們的直接業務，我認為特別是對於Booking.com，它是我們最大的業務，並且在以下方面非常積極和有效：廣告和付費管道，直接份額和付費份額之間的關係是由幾個不同的因素驅動的。

And while one of those is our success in building direct business through brand advertising, through direct business from repeat customers who are loyal to our brands, and in mobile channels to the degree we can drive app downloads and app usage.

其中之一是我們成功地透過品牌廣告、忠誠於我們品牌的回頭客以及行動管道建立直接業務，從而推動應用程式下載和應用程式使用。

But on the other side, the other factors are the relative attractiveness of the paid channels with which we do business.

但另一方面，其他因素是我們開展業務的付費管道的相對吸引力。

And I think it's our view that if we can drive business at an attractive ROI, whether it's through paid search, through meta search channels, through partnerships, which is something that we've worked hard and gotten some good results on, we'll absolutely do that.

我認為我們的觀點是，如果我們能夠以有吸引力的投資回報率推動業務，無論是透過付費搜尋、透過元搜尋管道還是透過合作夥伴關係，這是我們努力工作並取得了一些良好成果的事情，我們將絕對這樣做。

And the opportunity in the paid market has been attractive.

付費市場的機會一直很有吸引力。

So I don't think we view there has a sea change in either our goals around this, or an abrupt change in mix shift.

因此，我認為我們不認為我們的目標發生了巨大變化，也不認為混合轉變發生了突然變化。

We mentioned with respect to Agoda that they had a good quarter of driving growth in their direct channels, but I don't think you all should extrapolate that's representative of some very significant change, in how would look at or operate the business.

我們提到 Agoda ，他們在直接管道方面有一個很好的季度推動成長，但我認為你們不應該推斷這代表著如何看待或經營業務方面的一些非常重大的變化。

And with respect to capital structure, I think the answer is similar to the answer to what we've done.

關於資本結構，我認為答案與我們所做的類似。

I think we've established now a pretty good track record of consistently buying back our stock.

我認為我們現在已經建立了持續回購股票的良好記錄。

We have an authorization in place, and I don't see any reason at this point in time that would change dramatically from what we've done in the past.

我們已經獲得了授權，而且我認為目前沒有任何理由會與我們過去所做的事情發生巨大變化。

Great.

偉大的。

Thanks.

謝謝。

Douglas Anmuth, JPMorgan.

道格拉斯·安穆斯，摩根大通。

Jeff, you were talking about KAYAK and some of the enhancements you are doing there around usability and customer ops.

Jeff，您談到了 KAYAK 以及您在可用性和客戶操作方面所做的一些增強。

I was hoping you could elaborate there a little bit, talk about some of the new things, and how you're driving that business?

我希望您能詳細說明一下，談論一些新事物，以及您如何推動這項業務？

And secondly, can you give us any update on the new progress for Group CEO?

其次，您能為我們介紹一下集團執行長的新進展嗎？

Thank you.

謝謝。

Sure, Doug.

當然，道格。

A couple of things that I would mention for KAYAK.

關於客涯，我想提幾點。

First is, they have a great velocity, in just the day-in and day-out front end testing, user experience.

首先，他們在日復一日的前端測試和使用者體驗方面具有很高的速度。

They run a lot of experiments, and some of those experiments represent what might look on its face to be a trivial change to the way something is presented, or the way a particular call to action button is identified, but the sum total all of those experiments and the ones that make their way to deployment on the website drive conversion, drive growth, and can drive improvements to monetization.

他們進行了大量的實驗，其中一些實驗表面上看起來可能只是對某些內容的呈現方式或識別特定號召性用語按鈕的方式進行了微不足道的改變，但所有這些實驗的總和實驗以及在網站上部署的實驗可以推動轉換、推動成長，並且可以推動貨幣化的改進。

Those are very, very important.

這些非常非常重要。

They take up substantial development efforts, and it's a big part not only of what KAYAK does, but what all of our brands do.

他們投入了大量的開發工作，這不僅是客涯所做工作的重要組成部分，也是我們所有品牌所做工作的重要組成部分。

Some of the more interesting things that KAYAK has been working on are around artificial intelligence, and natural language processing with Alexa, Facebook Messenger, trying to be able to respond to a customer's spoken query which is at its early stages now.

KAYAK 一直在做的一些更有趣的事情是圍繞人工智慧以及 Alexa 和 Facebook Messenger 的自然語言處理，試圖能夠回應客戶的口頭查詢，目前還處於早期階段。

It's not generating a ton of business but I do believe it's at the front end of some pretty important changes in the Internet in general, and the way people interact with technology.

它並沒有產生大量的業務，但我確實相信它處於整個互聯網以及人們與技術互動方式的一些非常重要的變化的前端。

And KAYAK is doing a very good job of being out in the front of that.

KAYAK 在這方面做得非常出色。

In terms of the CEO search, there is no particular update to report today, other than to say it continues apace with our Board Committee who is working on it, and I think making progress, and when we have an announcement, you will be the first to know.

在執行長搜尋方面，今天沒有具體的更新報告，只是說我們的董事會委員會正在努力進行這項工作，我認為正在取得進展，當我們發佈公告時，你將成為首先要知道。

Thank you.

謝謝。

Lloyd Walmsley, Deutsche Bank.

勞埃德‧沃姆斯利，德意志銀行。

You called out distribution partnerships and Booking.com for business in the prepared remarks for some of the strength in room nights.

您在準備好的評論中提到了分銷合作夥伴關係和 Booking.com 業務，以說明客房住宿方面的一些優勢。

Is that becoming a meaningful portion of the acceleration?

這會成為加速中有意義的部分嗎？

Is there any update you can share on the mix of room nights coming from Booking.com for business?

您是否可以分享有關 Booking.com 商務房晚數組合的最新情況？

And then I guess a second one, if I can, you touched on this around KAYAK and proving, iterating and testing on conversion rates, but in core Booking.com, do you still see good, meaningful conversion gains, particularly in mobile?

然後我想第二個，如果可以的話，您在客涯上談到了這一點，並對轉換率進行了證明、迭代和測試，但在核心Booking.com 中，您是否仍然看到良好的、有意義的轉化收益，特別是在行動領域？

Or do you feel like you've gotten to the point where there's limiting marginal conversion benefits?

或者您覺得自己已經到了邊際轉換效益有限的地步？

What update can you give us there?

您能為我們帶來什麼更新嗎？

Thanks.

謝謝。

Lloyd, I think with respect to the partnership business, and I'd make this answer for all of our brands, we definitely are interested in affiliate relationships where the affiliate has a brand, independent content, a reason for customers to go to their site, independent of purely hotel booking.

勞埃德，我認為關於合作夥伴業務，我會為我們所有的品牌做出這個答案，我們絕對對聯屬關係感興趣，其中聯屬公司擁有品牌、獨立內容、客戶訪問其網站的原因，獨立於純粹的飯店預訂。

And I think those partnerships are bringing growing business to the Group.

我認為這些合作夥伴關係正在為集團帶來不斷成長的業務。

I don't have a particular number to associate with their contribution, but if we can make the right deals, if we can have partnerships that allow us to show our brand to consumers, and have them experience the product, we like them.

我沒有具體的數字來說明他們的貢獻，但如果我們能夠達成正確的交易，如果我們能夠建立合作夥伴關係，讓我們能夠向消費者展示我們的品牌，並讓他們體驗我們的產品，我們就會喜歡他們。

And I think we're in a very strong position to compete for that business in many markets, because of the comprehensiveness of our inventory and the quality of our technology and customer experience.

我認為，由於我們庫存的全面性以及技術和客戶體驗的質量，我們在許多市場的業務競爭中處於非常有利的地位。

With respect to Booking For Business, Booking For Business is off to a good start.

對於 Booking For Business，Booking For Business 已經有了一個好的開始。

It's still a relatively new initiative.

這仍然是一個相對較新的舉措。

I'm not in a position to give you a number, as to the specific contribution of the business to our total growth.

關於該業務對我們整體成長的具體貢獻，我無法向您提供具體數字。

I can say that business travelers represent a reasonable amount of the business we have at Booking.com, and are generally participating in the overall growth of that business.

我可以說，商務旅客在 Booking.com 的業務中佔有相當大的份額，並且通常參與該業務的整體成長。

That's distinct from businesses, companies, that are actually signing up for and using the Booking For Business tools.

這與實際註冊並使用 Booking For Business 工具的企業、公司不同。

That represents a smaller amount of business today, but it's growing nicely, and I think we have a very attractive product for business users, and I expect that to do good things in the future.

這代表著今天的業務量較小，但成長良好，我認為我們為企業用戶提供了一個非常有吸引力的產品，我希望這在未來能帶來好處。

We're quite optimistic about it.

我們對此相當樂觀。

I don't think that Booking.com or any of our other brands are at a point of diminishing marginal returns from front-end experimentation and innovation.

我不認為 Booking.com 或我們的任何其他品牌因前端實驗和創新而處於邊際回報遞減的境地。

And when you think about it, because of the technology that surrounds us, and that we employ in our business, and that we interact with, with our partners, is constantly changing, that means that the opportunity and the need for innovation is constantly there.

仔細想想，由於我們周圍的技術、我們在業務中使用的技術以及我們與合作夥伴互動的技術，都在不斷變化，這意味著創新的機會和需求始終存在。

So, we could have thought that we were potentially running into diminishing returns in desktop, and then a new technology comes up like, that allows you to show additional database returns without leaving the page, which just created a massive opportunity for our engineers and product people to code great innovation, and things that help the customer while they're in the shopping process.

因此，我們可能認為我們可能會遇到桌面收益遞減的情況，然後出現了一項新技術，它允許您在不離開頁面的情況下顯示額外的資料庫收益，這為我們的工程師和產品創造了巨大的機會人們編寫偉大的創新程式碼，以及在客戶購物過程中為他們提供幫助的東西。

That's one very small example of a change in technology that happened several years ago, that was a very significant game changer in terms of the things that you could do on a desktop website.

這是幾年前發生的技術變革的一個非常小的例子，就您可以在桌面網站上執行的操作而言，這是一個非常重要的遊戲規則改變者。

And there's just more and more others happening on all the platforms that we interact with.

在我們與之互動的所有平台上，也發生了越來越多的其他事情。

So, I don't see there ever being a time when the opportunity and also, quite frankly, the need to innovate on the front end is marginalized, because of these changing technologies.

因此，我認為前端創新的機會和需求從來沒有因為這些不斷變化的技術而被邊緣化。

I hope that's helpful.

我希望這有幫助。

Thank you.

謝謝。

Chris Merwin, Barclays.

克里斯·默溫，巴克萊銀行。

As it relates to alternative accommodation, you posted another quarter of really healthy growth.

由於與替代住宿相關，您又發布了一個季度的真正健康成長。

I was just wondering if you could update us a bit on the bookings number that you're getting from those properties?

我只是想知道您是否可以向我們介紹一下您從這些酒店獲得的預​​訂號碼？

And if not I was hoping maybe talk a bit about more about your strategy to grow listing count for alternatives.

如果沒有，我希望能多談談你們增加替代品清單數量的策略。

Historically, you've mainly sourced properties from large property managers.

從歷史上看，您主要從大型物業管理公司購買物業。

I just was curious how much runway you see there, and if there's an opportunity perhaps to go after more of the individual owner market, as well?

我只是很好奇你在那裡看到了多少跑道，以及是否有機會追求更多的個人業主市場？

Thanks.

謝謝。

Chris, it's been a nice driver of our driver for several years now.

克里斯，多年來它一直是我們司機的好司機。

It's a big area of growth in our property count, and it's an area where we continue to add properties, and the way we look to the future as well.

這是我們的房產數量成長的一個重要領域，也是我們繼續增加房產的領域，也是我們展望未來的方式。

We've made initiatives through Booking Home, where we're making it easier proposition for a homeowner to participate in the platform.

我們透過 Booking Home 採取了一些舉措，讓房主更容易參與平台。

So I think our ability to sign up individual homeowners, apartment owners, and let them present their supply on our platform, where we can bring great demand to them at a reasonable price, will only grow over time.

因此，我認為我們與個人房主、公寓業主簽約並讓他們在我們的平台上展示他們的供應的能力只會隨著時間的推移而增強，我們可以在平台上以合理的價格為他們帶來巨大的需求。

It's a big opportunity.

這是一個很大的機會。

The number of non-hotel accommodations out there is huge, compared to the number of properties we have signed currently.

與我們目前簽約的酒店數量相比，非酒店住宿的數量非常龐大。

And so I think it's going to be a continued area of growth for us in the future.

因此，我認為這將成為我們未來持續成長的領域。

All right.

好的。

Thank you.

謝謝。

Eric Sheridan, UBS.

艾瑞克‧謝裡丹，瑞銀集團。

Thanks for taking the questions.

感謝您提出問題。

Maybe two.

也許是兩個。

One, on the performance advertising, you have referenced a number of new channels over the last couple of conference calls.

第一，關於效果廣告，您在過去幾次電話會議中提到了許多新管道。

Facebook, looking at the IB product through Trip, Google is also innovated around booking products at the top of the funnel.

Facebook、透過Trip看IB產品，Google也圍繞著漏斗頂部的預訂產品進行創新。

Maybe understand a little bit better how those are as a percentage of the mix of performance today with your relative ROI, versus traditional paid search, and how you see that evolving over time?

也許可以更好地理解這些與傳統的付費搜尋相比，在當今的績效與相對投資回報率的組合中所佔的百分比，以及您如何看待這種情況隨著時間的推移而變化？

That would be helpful.

那會有幫助的。

Thanks so much.

非常感謝。

Some of those new channels you talked about, Eric, Facebook, we continue to experiment with them.

Eric、Facebook，您談到的一些新管道，我們將繼續進行試驗。

They're still in pretty early stages of trying to find the best way to work with us, to put ads in front of their customers at a time when they're interested in seeing them.

他們仍處於早期階段，試圖找到與我們合作的最佳方式，以便在客戶有興趣時將廣告展示在他們面前。

So we're doing some retargeting there through dynamic ads.

因此，我們正在透過動態廣告進行一些重定向。

It's still early days.

現在還為時過早。

It's still relatively small, but it's growing nicely, and we're going to continue to work with Facebook, and we would love to spend more money with them at a reasonable ROI.

它仍然相對較小，但成長良好，我們將繼續與 Facebook 合作，我們願意以合理的投資回報率與他們一起花更多的錢。

In terms of Trip and Instant Book, no update really from what we've told you on prior calls.

在旅行和即時預訂方面，我們在先前的電話中告訴您的情況並沒有真正的更新。

We are happy to be participating in that channel.

我們很高興參與該頻道。

We think it gives us good brand advertising, particularly in the US for Booking.com, as we continue to look to grow the brand here.

我們認為這為我們提供了良好的品牌廣告，特別是在美國的 Booking.com，因為我們繼續尋求在這裡發展品牌。

But the overall impact of Instant Book on our growth and our ad efficiency has not been significant.

但即時預訂對我們的成長和廣告效率的整體影響並不顯著。

And then Google is continuously experimenting and iterating with different ways of answering travel queries for their customers, and we work closely with them.

然後，Google不斷嘗試和迭代不同的方式來回答客戶的旅行查詢，我們與他們密切合作。

They've been a great partner for us.

他們一直是我們很棒的合作夥伴。

We'll continue to work with them as they add new channels in the future, new ad placements, and look for ways that it will work for us and for them.

我們將繼續與他們合作，因為他們將來會添加新的管道、新的廣告展示位置，並尋找對我們和他們都有效的方法。

To date, it's mostly about them trying to give their customer a better experience, and give us and other OTAs a more qualified lead.

到目前為止，他們主要致力於為客戶提供更好的體驗，並為我們和其他 OTA 提供更優質的領先優勢。

And they've had some success with that and when we get a more qualified lead, it converts better, and so we're able to pay more.

他們在這方面取得了一些成功，當我們獲得更合格的潛在客戶時，它的轉換率會更好，因此我們能夠支付更多費用。

And so, I think they're going to continue to experiment in the future, and with our position as being one of their leading customers, we get good access to them during the experiment stage typically, so that we can help work with them to make sure that the offering is going to be most successful for them and for us.

因此，我認為他們未來將繼續進行實驗，並且憑藉我們作為他們的主要客戶之一的地位，我們通常在實驗階段可以很好地接觸到他們，這樣我們就可以幫助他們與他們合作確保該產品對他們和我們來說都是最成功的。

Thanks for the color.

謝謝你的顏色。

Peter Stabler, Wells Fargo.

彼得‧斯塔布勒，富國銀行。

Jeff, was wondering if you could comment a little bit on the mobile migration.

Jeff，想知道您是否可以對行動遷移發表一些評論。

You touched on Trip but outside of Trip, just wondering if you could talk a little bit about mobile usage trends, app usage trends, and whether you're seeing improvements in conversion as customers become more accustomed doing rather complex transactions on mobile devices?

您談到了Trip，但在Trip 之外，只是想知道您是否可以談談行動使用趨勢、應用程式使用趨勢，以及隨著客戶越來越習慣在行動裝置上進行相當複雜的交易，您是否看到轉換率有所提高？

Thanks so much.

非常感謝。

Sure, Peter.

當然，彼得。

I think the numbers that we've been reporting for the last couple of quarters are showing that the Group is doing well.

我認為我們過去幾個季度報告的數據表明該集團表現良好。

Our brands are doing well in participating in the migration of the business to mobile.

我們的品牌在參與業務向行動裝置的遷移方面表現出色。

And I think in some markets, particularly in the developing markets, it's really -- it's not per se a migration, it's more that the business is developing initially as a mobile business, because for many users in those markets, the mobile device is their primary or their only access to the Internet.

我認為在一些市場，特別是在發展中市場，這本身並不是遷移，更多的是業務最初是作為行動業務發展的，因為對於這些市場的許多用戶來說，行動裝置是他們的主要或唯一的網路存取方式。

For example, you mentioned app usage.

例如，您提到了應用程式的使用。

In some markets, and particularly in Asia-Pacific, access through downloading of apps is a much more important factor than it is in other, more developed markets, where apps contend to represent a relatively smaller percentage of overall business.

在某些市場，特別是在亞太地區，透過下載應用程式進行存取是比其他更發達的市場更重要的因素，在這些市場中，應用程式在整體業務中所佔的比例相對較小。

I think that our brands have done a good job building us, world-class mobile user experiences.

我認為我們的品牌在打造世界一流的行動用戶體驗方面做得很好。

I think that we found ways to experiment on those platforms, and in those operating systems, which have allowed us to continue to improve the user experience.

我認為我們找到了在這些平台和作業系統上進行實驗的方法，這使我們能夠繼續改善用戶體驗。

I think we've been able to take the expertise that we've had in performance marketing in non-mobile channels, and over time, build up that same expertise in mobile channels, so that we are able to gain share of business coming in paid channels.

我認為我們已經能夠利用我們在非行動通路效果行銷方面所擁有的專業知識，並且隨著時間的推移，在行動管道中建立同樣的專業知識，以便我們能夠獲得進來的業務份額付費頻道。

And our scale is obviously a big help in that regard because we have the most comprehensive inventory, and great conversion, so that allows us to compete aggressively for placement in mobile advertising venues.

在這方面，我們的規模顯然是一個很大的幫助，因為我們擁有最全面的庫存和龐大的轉換率，這使我們能夠積極競爭行動廣告場所的投放。

So, the mobile business continues to grow, and to grow as a share of the total business.

因此，行動業務持續成長，並且在總業務中所佔的份額不斷增長。

I think it over time becomes a more mainstream channel than perhaps it was in the early days of mobile, where it was a venue for discounting, and for a special way of looking at the business.

我認為隨著時間的推移，它可能會成為比行動早期更主流的管道，當時它是打折的場所，也是看待業務的特殊方式。

Now, in many regards, it really is a mobile first world and the product view that you have really starts off with a mobile view.

現在，從很多方面來說，這確實是一個以行動為優先的世界，您所擁有的產品視圖實際上是從行動視圖開始的。

I think our brands are doing a good job in that regard, and I think you all should realize that's an absolutely first priority for us in terms of how we look at the world, from both a development perspective, and from a marketing perspective.

我認為我們的品牌在這方面做得很好，我想你們都應該意識到，從發展的角度和行銷的角度來看，這對我們來說絕對是我們看待世界的首要任務。

Thank you, Jeff.

謝謝你，傑夫。

Thank you.

謝謝。

Kevin Kopelman, Cowen and Company.

凱文·科佩爾曼，考恩公司。

Can you give us an update on the Booking Genius program?

可以為我們介紹一下 Booking Genius 計畫的最新情況嗎？

What's uptake been like on that, and to what extent are the discounts on that program being funded by the hotel partners versus Booking.com?

該計劃的使用情況如何？

Thanks.

謝謝。

The uptake on that, Kevin, has been strong.

凱文，人們對此的理解很強烈。

It's a great offering for Booking.com loyal users, special discounts that aren't widely available to people that haven't qualified for the Genius program.

對於 Booking.com 的忠實用戶來說，這是一項很棒的服務，對於那些沒有資格參加 Genius 計劃的人來說，這種特殊折扣並不廣泛。

The discounts are made available by hotels that want to get access to those high-frequency travelers and Booking.com's most loyal users, and get the opportunity to market to those travelers, and get them to become loyal customers for their hotels, as well.

這些折扣是由那些希望吸引那些高頻旅行者和Booking.com最忠實用戶的酒店提供的，並有機會向這些旅行者進行行銷，並讓他們成為酒店的忠實客戶。

It's a share between the hotel and Booking and terms of the cost of the discount.

這是飯店和 Booking 之間的份額以及折扣費用條款。

The lower rate would result in a lower absolute commission for us, when you apply our commission rate to the discounted price.

當您將我們的佣金率應用於折扣價格時，較低的費率將導致我們的絕對佣金較低。

Okay.

好的。

Got it.

知道了。

Thanks a lot.

多謝。

Naved Khan, Cantor Fitzgerald.

納韋德汗，坎托費茲傑拉。

Just a couple.

只是一對。

Google introduced a fourth paid link to mobile searches in the third quarter, and they also made some tweaks to the algo for organic.

谷歌在第三季度推出了第四個行動搜尋付費鏈接，他們也對有機演算法進行了一些調整。

Can you talk about any impact you may have seen on the business as a result of that?

您能談談您可能因此對業務產生的影響嗎？

And then I have a follow-up.

然後我有一個後續行動。

With respect to the organic, again, I think you can see in our results that we've had a good quarter.

就有機而言，我認為您可以從我們的業績中看到我們度過了一個不錯的季度。

And so I think it's safe to assume from that, that whatever changes they made in organic have not had a substantial effect on the momentum for our growth.

因此，我認為可以安全地假設，無論他們在有機方面做出什麼改變，都沒有對我們的成長勢頭產生重大影響。

I'm sorry, but I did not catch the first one.

抱歉，我沒有抓住第一個。

The fourth paid link.

第四個付費連結。

Typically, because we are more active in the paid channels, the existence of an additional link, I would generally view as a positive for us, rather than a negative.

通常，因為我們在付費管道中更加活躍，所以我通常認為額外連結的存在對我們來說是積極的，而不是消極的。

Okay.

好的。

Thanks.

謝謝。

And quickly on the international market, can you comment on destinations like Paris or Brussels, if you saw an improvement in these markets, and how China outbound might be performing for you?

在國際市場上，如果您看到巴黎或布魯塞爾等目的地市場有所改善，您能否對這些目的地做出評論，以及中國出境旅遊對您來說可能表現如何？

Yes.

是的。

Some of those markets, Naved, France has bounced back, but continues to be impacted since the terrorist attacks last year.

其中一些市場（法國納韋德）已經反彈，但自去年恐怖攻擊以來繼續受到影響。

We will be lapping that now in November, and so that will create a easier comp for us, in terms of ADRs and growth going forward.

我們將在 11 月進行這項工作，這樣就 ADR 和未來的成長而言，這將為我們創造一個更輕鬆的競爭。

Turkey is also negatively impacted, but bouncing back a little bit.

土耳其也受到了負面影響，但有所反彈。

China outbound is still growing nicely but has slowed a little bit over the last couple of quarters.

中國出境旅遊仍保持良好成長，但在過去幾季有所放緩。

So, I think that's more tied to macroeconomic conditions there, than anything with our business.

因此，我認為這與那裡的宏觀經濟狀況關係更大，而不是與我們的業務有關。

Thank you.

謝謝。

Tom White, Macquarie.

湯姆懷特，麥格理。

Dan, when you were talking about gross profit as a percent of gross bookings, I think you characterized take rates in the hotel business as stable.

丹，當您談論毛利潤佔總預訂量的百分比時，我認為您將酒店業務的費率描述為穩定。

But could you just maybe give a bit of color on the other drivers of the change there?

但您能否對推動這項變革的其他驅動因素進行一些說明？

And I thought you said something about booking windows being longer -- I feel like that flies in the face with some of the steps we see around mobile, and what mobile is doing to booking windows.

我以為你說過關於預訂窗口更長的事情——我覺得這與我們在行動裝置上看到的一些步驟以及行動裝置對預訂視窗所做的事情是不相符的。

If I heard you correctly there, maybe if you could clarify?

如果我沒聽錯的話，也許你能澄清一下？

Thanks.

謝謝。

Sure, Tom.

當然，湯姆。

I said it was about 41 BPs of pressure we saw on the quarter.

我說我們在本季看到了大約 41 個BP 的壓力。

About half of that was due to the normal lag between the time the booking occurs and travel occurs.

其中大約一半是由於預訂時間和旅行發生之間的正常延遲造成的。

We had accelerating growth in the quarter, so that will typically put more pressure on that metric.

本季我們的成長加速，因此這通常會給該指標帶來更大的壓力。

And then we have seen pretty steady expansion in our booking window.

然後我們看到我們的預訂窗口相當穩定地擴張。

So there's been a somewhat of a bar-belling.

所以有一些叫槓鈴的聲音。

You're right, that close-in bookings have ben very strong and that's been driven to a large degree by mobile.

你是對的，近距離預訂非常強勁，這在很大程度上是由行動裝置推動的。

But we've also seen an expansion in booking windows, so people also comfortable making their bookings further in advance than they have in the past.

但我們也看到預訂窗口的擴大，因此人們也願意比過去更早進行預訂。

That could be just a function of people continuing to get comfortable with our model, particularly the agency model for Booking.com, and the flexibility that gives them in terms of making a booking, and having their vacation secure and if they need to change their plans, they're able to do that.

這可能只是因為人們繼續適應我們的模式，尤其是 Booking.com 的代理模式，以及為他們提供的預訂、假期安全以及是否需要更改預訂等方面的靈活性。

The other drivers that put some pressure on take rate in the quarter, I referenced participation by -- the level of participation by hotels and preferred placement and commission overrides.

其他對本季的接受率帶來壓力的驅動因素，我提到了參與度——飯店的參與程度以及首選安置和佣金覆蓋。

That's a function of experiments that we run from time to time to work with sort order and see if we remove hotels from preferred placement, that maybe aren't converting as well, is that going to be a net positive experiment for us?

這是我們不時進行的實驗的函數，用於處理排序順序，看看我們是否將酒店從首選位置中刪除，這可能也不會轉化，這對我們來說是一個淨積極的實驗嗎？

It's not necessarily going to be a trend long term.

從長遠來看，這不一定會成為一種趨勢。

And then commission overrides, the expensive hotels participate in that is generally driven by the relative levels of occupancy and their desire to push up their commission rates in order to drive more demand.

然後是佣金超額，昂貴的酒店參與其中通常是由相對入住率水平以及他們提高佣金率以推動更多需求的願望所驅動的。

I also mentioned business mix, so just mix of properties and regions that are propelling our business, and we saw that to an extent with lower commission regions and properties, and put some pressure on the metric, as well.

我還提到了業務組合，因此只是推動我們業務的物業和地區的組合，我們在一定程度上看到了佣金較低的地區和物業，並對指標施加了一些壓力。

Thank you.

謝謝。

Brian Fitzgerald, Jefferies.

布萊恩·菲茨傑拉德，杰弗里斯。

Maybe two quick ones.

也許兩個快點。

TV seemed particularly crowded this quarter with Olympics and presidential races, any puts and takes there in terms of the effectiveness of that channel for you?

本季電視似乎特別擁擠，充斥著奧運和總統競選，就該頻道的有效性而言，您有什麼看法嗎？

And then continuing decline in airline ticket bookings, any specific drivers around that?

然後機票預訂量持續下降，有什麼具體的驅動因素嗎？

With respect to television being crowded, it certainly has been with election season advertising.

就電視擁擠而言，選舉季的廣告無疑是最擁擠的。

By the time you get to this time of year, you're passing peak travel season.

到了每年的這個時候，您已經過了旅遊旺季。

We're not really in the peak season for running television advertising in the United States anyway, and our brand advertising, and I think you can see in the numbers, has not grown the way you might have seen grow last year in particular, and maybe the earlier part of this year.

無論如何，我們並沒有真正處於在美國投放電視廣告的旺季，而且我們的品牌廣告，我想你可以在數字中看到，並沒有像你去年看到的那樣增長，並且也許是今年早些時候。

The spending has come down a little bit, and in part that's probably because of some of that crowding.

支出下降，部分原因可能是由於擁擠。

With respect to the decline in airline tickets, I think that's a Priceline.com metric, and it's driven over the long term by a general deterioration in the economics that are available to an online travel agent for selling an airline ticket, which means it gets less marketing support in general.

關於機票的下降，我認為這是 Priceline.com 的一個指標，從長遠來看，它是由在線旅行社銷售機票的經濟狀況普遍惡化所推動的，這意味著它會受到影響。支援較少。

And in the short-term, as part of the efforts by Priceline to reorient the business here for better, sustainable long term positioning, there's been a further diminishing of investment, in performance-based marketing, in particular, for airline tickets.

從短期來看，Priceline 正在努力調整業務方向，以實現更好、可持續的長期定位，因此，在基於績效的營銷（尤其是機票行銷）方面的投資進一步減少。

So I think those are probably the two principal drivers of that trend.

所以我認為這可能是這一趨勢的兩個主要驅動力。

Got it.

知道了。

Thanks, Jeff.

謝謝，傑夫。

Ken Sena, Evercore.

肯·塞納，Evercore。

Just in terms of building out some of your platform capabilities, any additional updates on your enterprise efforts with BookingSuite, signs of traction there?

就建立您的一些平台功能而言，您的企業在 BookingSuite 所做的努力是否有任何其他更新，有哪些吸引力的跡象？

And maybe your verified review efforts or other?

也許您經過驗證的審核工作或其他？

And second, any pockets of ROI improvement that stood by variable channel?

其次，可變通路是否能提高投資報酬率？

Meta, social or other, maybe outside of search?

元、社交或其他，也許在搜尋之外？

Thank you.

謝謝。

BookingSuite, Ken, is still in the pretty early stages.

Ken 的 BookingSuite 仍處於早期階段。

We're excited about the opportunity.

我們對這個機會感到很興奮。

We have a great team working on it day in and day out, but it's still in investment stage, still in the early stage, so not a lot to stay there.

我們有一個優秀的團隊日復一日地致力於這個項目，但它仍處於投資階段，仍處於早期階段，所以沒有太多東西可以留在那裡。

We're not going to comment on ROIs by any channel, so nothing I would call out for you there.

我們不會透過任何管道評論投資回報率，因此我不會向您提出任何要求。

Certainly the actual results that we reported in Q3 and the guidance were giving for Q4 point to more pressure than pockets of strength.

當然，我們在第三季報告的實際結果和第四季的指導顯示壓力大於實力。

Thank you.

謝謝。

Mike Olson, Piper Jaffray.

麥克·奧爾森，派珀·賈弗雷。

With some changes in thinking around OpenTable and what emphasis to put on future investments there, does that change your interest or willingness to look at other peripheral booking products, and how challenging it may be to have success in non-core categories?

隨著對 OpenTable 的思考以及未來投資的重點發生一些變化，這是否會改變您對其他外圍預訂產品的興趣或意願，以及在非核心類別中取得成功的挑戰有多大？

And I guess if you are looking at other peripheral booking categories, can you share any details on what categories you would consider?

我想如果您正在考慮其他外圍預訂類別，您能分享您會考慮哪些類別的詳細資訊嗎？

Thanks.

謝謝。

On the second question, we typically would not comment on what we were looking for from a strategic perspective.

關於第二個問題，我們通常不會從策略角度評論我們正在尋找的東西。

I think the -- we continue to believe that the relationship that our brands are building with their traveling customers can provide an opportunity for us to offer value to them while they're in destination.

我認為—我們仍然相信，我們的品牌與旅行客戶建立的關係可以為我們提供機會，在他們到達目的地時為他們提供價值。

And you may have seen a release about Booking.com experiences in a few cities, where they're testing a program to provide access to attractions, and so forth to their customers.

您可能已經在一些城市看到了有關 Booking.com 體驗的發布，他們正在測試一項計劃，為客戶提供景點等服務。

And from our perspective, that provides a real opportunity to build a deeper relationship with the customer, if they are interacting with your product while they're traveling, while they're in destination.

從我們的角度來看，如果客戶在旅途中或在目的地時與您的產品互動，那麼這提供了與客戶建立更深層關係的真正機會。

And because we have that connection, and the data around their travel, where they're going, when they're going, et cetera, in many cases the customer is traveling with one of our apps on their mobile device, we continue to be very, very interested in that opportunity.

因為我們擁有這種連接，以及有關他們旅行的數據、他們要去哪裡、何時去等等，所以在許多情況下，客戶在他們的行動裝置上使用我們的應用程式之一旅行，我們繼續對這個機會非常非常感興趣。

I think specifically with respect to OpenTable, we also remain convinced that logic applies to dining, and that travelers are all dining when they're on their trip and we have an opportunity to provide a content reservation-making ability to those travelers.

我認為，特別是就 OpenTable 而言，我們仍然相信邏輯適用於餐飲，旅客在旅行時都會用餐，我們有機會為這些旅客提供內容預訂功能。

But we have an appreciation of the challenges inherent in doing that, and I think that those learnings will definitely inform us, with respect to future acquisitions, but I don't think they are necessarily going to discourage us from considering them, or ultimately doing them.

但我們認識到這樣做所固有的挑戰，我認為這些經驗教訓肯定會為我們帶來未來收購的訊息，但我不認為它們一定會阻止我們考慮它們或最終這樣做他們。

But we do have a better appreciation of the challenges of making those connections with our existing brands.

但我們確實更能認識到與我們現有品牌建立這些聯繫所面臨的挑戰。

Thank you.

謝謝。

Thank you.

謝謝。

At this time, I'd like to turn call back over to management for any closing remarks.

此時，我想將電話轉回管理層以供結束語。

Gentlemen?

先生們？

Thank you all for participating in the call.

感謝大家參與此次通話。

That does conclude your program.

這確實結束了你的程式。

You may disconnect your lines at this time.

此時您可以斷開線路。

Have a wonderful day.

祝你有美好的一天。