Booking Holdings Inc (BKNG) 2016 Q4 法說會逐字稿

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

歡迎參加 Priceline Group 2016 年第四季電話會議。

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根據 1995 年《私人證券訴訟改革法案》安全港條款所做的前瞻性陳述。

These forward-looking statements are not guarantees of future performance, and are subject to certain risk, 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 in any such forward-looking statements.

因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果有重大差異。

Expressions of future goals or expectations and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements.

未來目標或期望的表達以及反映歷史事實以外的事物的類似表達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 不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。

A copy of the Group's earnings press release, together with an accompanying financial and statistical supplement is available in the fore-investors section of The Priceline Group's website, www.pricelinegroup.com.

您可以在 Priceline Group 網站 www.pricelinegroup.com 的前投資者部分獲取該集團盈利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, Jeffrey Boyd, Glenn Fogel, and Daniel Finnegan.

現在我想介紹 Priceline Group 今天下午的演講者：Jeffrey Boyd、Glenn Fogel 和 Daniel Finnegan。

Go ahead, gentlemen.

繼續吧，先生們。

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

非常感謝，並歡迎參加 Priceline Group 第四季電話會議。

I'm joined by Group CEO, Glenn Fogel, and Group CFO, Dan Finnegan.

集團執行長 Glenn Fogel 和集團財務長 Dan Finnegan 也加入了我的行列。

I will make some brief opening remarks, Glenn will provide a business update, and Dan will give the detailed financial review.

我將做一些簡短的開場白，格倫將提供業務最新情況，丹將提供詳細的財務審查。

The Group performed well in the fourth quarter, with both room night growth and earnings exceeding our expectations.

集團第四季表現良好，間夜成長和獲利均超出我們的預期。

This is a fitting conclusion to a strong year where the benefits of favorable industry dynamics, the scale of our accommodations business, and solid execution by our teams allowed us to record impressive organic growth with attractive margins.

這是對強勁的一年的一個恰當的總結，有利的行業動態、住宿業務的規模以及我們團隊的紮實執行使我們能夠以有吸引力的利潤率實現令人印象深刻的有機增長。

At the same time, our brands made substantial investments in marketing, supply, content, and product innovation to position the business for continued growth.

同時，我們的品牌在行銷、供應、內容和產品創新方面進行了大量投資，以確保業務持續成長。

As we look forward, we will continue to pursue this strategy of driving growth and attractive margins, while investing for the future.

展望未來，我們將繼續奉行這項推動成長和有吸引力的利潤率的策略，同時投資未來。

I would like to thank my colleagues around the world for their support during my tenure as Interim CEO, and congratulate Glenn on his appointment as Group CEO.

我要感謝世界各地的同事在我擔任臨時執行長期間的支持，並祝賀 Glenn 被任命為集團執行長。

I will now turn the call over to Glenn for the business update.

我現在將把電話轉給格倫，以了解業務最新情況。

Thanks, Jeff, and I and the entire Company want to thank you for the leadership you provided over the last eight months as Interim CEO.

謝謝，傑夫，我和整個公司要感謝你在過去八個月裡作為臨時執行長所提供的領導。

It's an exciting time to become the Priceline Group's CEO, and I look forward to working with the talented leadership teams at our brands.

成為 Priceline 集團執行長是一個令人興奮的時刻，我期待與我們品牌的才華橫溢的領導團隊合作。

I'm pleased to say that the Company is performing well, and is in a strong competitive position.

我很高興地說，公司表現良好，並且處於強有力的競爭地位。

We have substantial momentum, as we execute against a very large market opportunity.

我們擁有巨大的動力，因為我們面對著巨大的市場機會。

I am happy with the progress our brands made last year, and even more thrilled about the groundwork we are laying for continued growth in the future.

我對我們的品牌去年的進步感到高興，更對我們為未來持續成長奠定的基礎感到興奮。

I'm now going to talk a little about our individual brands.

我現在要談談我們的個人品牌。

Booking.com executed another strong year in 2016, with accelerating room nights and gross bookings growth.

Booking.com 2016 年又是強勁的一年，間夜數和總預訂量均加速成長。

Booking.com added over 289,000 properties over the last year, an increase of 33%, driving real choice for its customers.

Booking.com 去年增加了超過 289,000 家飯店，成長了 33%，為客戶帶來了真正的選擇。

Booking.com now has over 1,155,000 hotels, apartments, homes, and other places to stay in over 220 countries and territories across the globe, and the platform includes approximately 591,000 instantly bookable vacation rental properties.

Booking.com 目前在全球 220 多個國家和地區擁有超過 1,155,000 家飯店、公寓、住宅和其他住宿選擇，該平台還包括約 591,000 處可即時預訂的度假租賃房產。

That is a 49% year-over-year growth rate.

年比成長率為 49%。

Booking.com properties represent a combined total of approximately 25 million potentially bookable rooms.

Booking.com 旗下飯店總共約有 2,500 萬間可供預訂的客房。

Of this total, 17.2 million are within our traditional hotel partners, and 7.8 million are bookable rooms or units in homes, apartments, villas and other places to stay.

其中，1,720 萬間屬於我們的傳統飯店合作夥伴，780 萬間是家庭、公寓、別墅和其他住宿場所中的可預訂客房或單元。

We continue to expand aggressively into the alternative accommodations market, and we believe we offer more choices on an instantly bookable, no-fee basis than anyone else.

我們繼續積極進入另類住宿市場，我們相信我們比其他任何人都能提供更多可立即預訂、免費的選擇。

For our Priceline.com brand, 2016 was a year of investment.

對我們的 Priceline.com 品牌來說，2016 年是投資的一年。

With the new leadership team in place, Priceline made progress rebuilding its technology platform, and completely overhauling the front end consumer experience on both desktop and mobile.

隨著新的領導團隊就位，Priceline 在重建其技術平台方面取得了進展，並徹底改變了桌面和行動裝置的前端消費者體驗。

These fundamental changes have enabled us to increase our experiment philosophy, and introduce new features more rapidly.

這些根本性的變化使我們能夠增加我們的實驗理念，並更快地引入新功能。

Also, we are excited about our expanded best deal brand campaign which started in February.

此外，我們對二月開始的擴大最佳優惠品牌活動感到興奮。

This consumer value proposition is an important evolution of the Priceline.com brand, and we look forward to it contributing to future growth.

這個消費者價值主張是 Priceline.com 品牌的重要演變，我們期待它為未來的成長做出貢獻。

KAYAK recorded another solid year for the Group, posting good top and bottom line growth.

KAYAK 集團又迎來了穩健的一年，實現了良好的營收和利潤成長。

We are positive about KAYAK's prospects, as it remains the only true multi-product global meta search platform today.

我們對 KAYAK 的前景持樂觀態度，因為它仍然是當今唯一真正的多產品全球元搜尋平台。

KAYAK furthered its global footprint this year, expanding into APAC and Latin America, and we recently signed a definitive agreement to acquire the Momondo Group, a leading European travel meta engine to enhance KAYAK's position in the European market.

客涯今年進一步擴大其全球足跡，擴展到亞太地區和拉丁美洲，我們最近簽署了一項最終協議，收購歐洲領先的旅遊元引擎 Momondo Group，以增強客涯在歐洲市場的地位。

We are pleased with Agoda's performance in 2016, posting solid growth and profitability, despite operating in a challenging market where aggressive discounting is prevalent.

我們對 Agoda 2016 年的表現感到滿意，儘管市場競爭激烈，折扣盛行，但它仍實現了穩健的成長和獲利能力。

The team executed well in mobile, and made smart investments in pricing strategies, user improvements, and brand advertising campaigns in target markets.

該團隊在行動領域表現出色，並在目標市場的定價策略、用戶改進和品牌廣告活動方面進行了明智的投資。

And in 2017, the Agoda team looks forward to continuing to build its very strong global merchant supply.

2017年，Agoda團隊期待繼續打造其強大的全球商家供應。

RentalCars.com executed exceptionally well in 2016, and delivered a very good year, despite the turmoil and impact of the Brexit vote.

RentalCars.com 在 2016 年的表現異常出色，儘管存在英國脫歐公投帶來的動盪和影響，但還是取得了非常好的一年。

RentalCars.com met some key metrics for 2016, which included growing its mobile mix, increasing its share of direct business, improving the customer experience, and growing the number of suppliers on the platform.

RentalCars.com 達到了 2016 年的一些關鍵指標，其中包括擴大其行動產品組合、增加其直接業務份額、改善客戶體驗以及增加平台上的供應商數量。

These achievements will continue to pay dividends for the Business in 2017 and beyond.

這些成就將繼續為 2017 年及以後的業務帶來紅利。

OpenTable achieved several important milestones this year, which we believe positions the Company for long-term sustainable growth.

OpenTable 今年實現了幾個重要的里程碑，我們相信這使公司能夠實現長期永續成長。

The Company launched its global platform in October, which enables diners to search and book any restaurant in any of its domains.

該公司於 10 月推出了其全球平台，使食客能夠搜尋和預訂其任何領域內的任何餐廳。

We believe this is a fundamental first step in providing a truly integrated global platform.

我們相信這是提供真正一體化的全球平台的根本性的第一步。

The OpenTable network continued to grow in 2016, with over 40,000 restaurants utilizing its online reservation system.

OpenTable 網路在 2016 年持續成長，超過 40,000 家餐廳使用其線上預訂系統。

As we look forward to the balance of 2017 and beyond, The Priceline Group will continue to follow the strategy that has made us successful.

展望 2017 年及以後，Priceline 集團將繼續遵循使我們成功的策略。

Our supply teams will continue to aggressively add suppliers to our network, giving our customers more and more choice.

我們的供應團隊將繼續積極地將供應商添加到我們的網路中，為我們的客戶提供越來越多的選擇。

Our front end customer service and IT teams will continue to innovate, and work hard to expand our lead as the best place for customers to book.

我們的前端客戶服務和 IT 團隊將繼續創新，努力擴大我們作為客戶預訂最佳場所的領先地位。

Our marketing teams will bring more customers to our desktops and mobile sites, and promote our mobile apps, while optimizing our return on investment, in order to deliver profitable top line growth with market-leading margins.

我們的行銷團隊將為我們的桌面和行動網站帶來更多客戶，並推廣我們的行動應用程序，同時優化我們的投資回報，從而以市場領先的利潤率實現盈利的頂線增長。

In summary, I would like to thank my colleagues for delivering another great year.

總之，我要感謝我的同事們又度過了美好的一年。

Their hard work and passion is the foundation upon which our business has been built.

他們的辛勤工作和熱情是我們業務的基礎。

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。

Thank, Glenn.

謝謝，格倫。

I'll discuss operating results and cash flows for the quarter, and then provide guidance for the first quarter of 2017.

我將討論本季的營運表現和現金流，然後提供 2017 年第一季的指導。

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。

I highlight that as we've discussed the last couple of quarters, the non-GAAP figures for our Q4 results and Q1 forecast include stock-based compensation, and do not reflect a reduction to income tax expense related to available NOLs.

我強調，正如我們在過去幾個季度所討論的那樣，我們第四季度業績和第一季度預測的非公認會計原則數據包括基於股票的薪酬，並且沒有反映與可用 NOL 相關的所得稅費用的減少。

Q4 was a solid close to a very good year for The Priceline Group, with acceleration in Q4 room night growth to 31%, compared to 29% in Q3.

第四季對 Priceline 集團來說是個非常好的一年，第四季間夜成長率加速至 31%，而第三季為 29%。

The 31% room night growth rate is the highest quarterly room night growth rate we have achieved, since the first quarter of 2014.

31% 的間夜成長率是我們自 2014 年第一季以來實現的最高季度間夜成長率。

For full year 2016, room night growth of 29% accelerated by 380 bips compared to 2015, and represents a year in which we believe we grew our market share in the US and internationally, through outstanding organic execution by our brands.

2016 年全年，間夜成長率為 29%，與 2015 年相比加快了 380 個基點，我們相信，透過我們品牌出色的有機執行，我們在美國和國際市場份額在這一年得到了成長。

Performance was strong across each of our key geographic regions, and this momentum has carried over into Q1, 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一季度，正如我將在我們獲得指導時討論的那樣。

Rental car day growth also accelerated to 14% in Q4, compared to 13% in Q3.

第四季租車日成長率也加速至 14%，而第三季為 13%。

Average daily rates for accommodations or ADRs were down slightly for Q4 versus prior year on a constant currency basis for the consolidated Group, which was slightly below our forecast.

合併集團以固定貨幣計算，第四季住宿或 ADR 的平均日費率與去年同期相比略有下降，略低於我們的預測。

Foreign exchange rates unfavorably impacted growth rates expressed in US dollars for our Q4 results, as compared to prior year, and to our forecast.

與去年和我們的預測相比，外匯匯率對我們第四季業績以美元表示的成長率產生了不利影響。

Q4 gross bookings grew by 26% expressed in US dollars, and grew by about 28% on a constant currency basis compared to prior year.

第四季總預訂量以美元計算成長了 26%，以固定匯率計算與去年同期相比成長了約 28%。

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

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、租車總預訂量成長相對較慢以及住宿平均房價略有下降。

Gross profit for the quarter for Priceline Group was $2.3 billion, and grew by 21% in US dollars, and by about 24% on a constant currency basis compared to prior year.

Priceline Group 本季的毛利為 23 億美元，以美元計算成長了 21%，以固定匯率計算與去年同期相比成長了約 24%。

Gross profit as a percentage of gross bookings for Q4 is 58 bps lower than prior year Q4.

第四季毛利佔總預訂量的百分比比去年第四季低 58 個基點。

The decrease is due in part to booked versus stay time lag, with accelerating gross bookings growth in Q4, and an expanding booking window.

下降的部分原因是預訂與入住時間滯後，第四季總預訂量成長加速，以及預訂窗口擴大。

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

造成差異的其他因素包括封閉用戶群組折扣率、業務組合以及優先安置和佣金超額計劃中的住宿參與程度。

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

我們相信，從長遠來看，我們的佣金率是合理的，因為我們以相對較低的分銷成本為旅行合作夥伴提供了巨大的價值。

Our international operations generated a gross profit of $2 billion, which grew by 23% 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 20 億美元的毛利，與前一年相比，以美元計算增長了 23%，以固定匯率計算增長了約 26%。

Gross profit for our US operations amounted to $293 million, which grew about 9% compared to the prior year.

我們美國業務的毛利達 2.93 億美元，比上年成長約 9%。

Advertising and other revenue, which is mainly comprised of non-inter-company revenues for KAYAK and OpenTable grew by 12% in Q4 compared to the prior year.

KAYAK 和 OpenTable 的廣告和其他收入主要由非公司間收入組成，第四季與去年同期相比成長了 12%。

GAAP operating income grew by 20%, and GAAP operating margins decreased by 29 bps, compared to Q4 last year, due to performance advertising, partly offset by leverage in brand advertising and non-ad operating expenses.

與去年第四季相比，美國通用會計準則營業收入成長了20%，美國通用會計準則營業利潤率下降了29 個基點，原因是效果廣告，但部分被品牌廣告和非廣告營業費用的槓桿所抵消。

Performance advertising deleverage was impacted by lower advertising ROIs, an increase in share of business coming through performance advertising channels, and acceleration in gross bookings growth that will partly benefit gross profit in subsequent quarters when travel takes place, but results in more performance advertising expense in Q4.

效果廣告去槓桿化受到廣告投資回報率下降、效果廣告管道業務份額增加以及總預訂量增長加速的影響，這將在一定程度上有利於後續季度旅行時的毛利潤，但會導致效果廣告費用增加Q4。

Adjusted EBITDA for Q4 amounted to $869 million, which exceeded the top end of our guidance range of $795 million, and grew by 22% versus prior year.

第四季調整後 EBITDA 達 8.69 億美元，超出了我們指引範圍的上限 7.95 億美元，比上年增長了 22%。

EBITDA margin performance was better than our forecast, due mainly to gross profit growth, and advertising efficiency that exceeded our forecast.

EBITDA 利潤率表現優於我們的預期，主要是由於毛利成長和廣告效率超出了我們的預期。

GAAP net income grew by 34%, and fully diluted EPS increased by 35%, including increased interest expense from our bond offerings, and the beneficial impact of lower share count resulting from stock repurchases.

GAAP 淨利成長了 34%，完全攤薄後每股盈餘成長了 35%，其中包括債券發行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。

Non-GAAP net income per share was $14.21, up 32% versus the prior year, exceeding our guidance for the quarter, and factset consensus of $12.89.

非 GAAP 每股淨利潤為 14.21 美元，比上年增長 32%，超出了我們對本季的指導，也超出了事實預期的 12.89 美元。

For full year 2016, adjusted EBITDA of $4.1 billion grew by 19%, and represents a 40% EBITDA margin.

2016 年全年，調整後 EBITDA 為 41 億美元，成長 19%，EBITDA 利潤率為 40%。

I'd like to thank our people around the world for their talent and hard work, to deliver such strong performance from both a top line and bottom line perspective.

我要感謝我們世界各地的員工的才華和辛勤工作，從收入和利潤的角度來看，都取得瞭如此強勁的業績。

In terms of cash flow, we generated $1.1 billion of cash from operations during fourth quarter 2016, which is an increase of about 26%.

在現金流方面，2016 年第四季我們的營運產生了 11 億美元的現金，成長了約 26%。

For the full year, we generated operating cash flow of $3.9 billion, and spent $268 million on CapEx and land use rights, which means about 35% of our gross profit converted into free cash flow.

全年，我們產生了 39 億美元的營運現金流，並在資本支出和土地使用權上花費了 2.68 億美元，這意味著我們約 35% 的毛利轉化為自由現金流。

During the year, we purchased 763,000 shares of our common stock for $1 billion.

這一年裡，我們以 10 億美元的價格購買了 763,000 股普通股。

Our Board recently gave us a new authorization to repurchase up to $2 billion of our common stock, which increases our total open stock repurchase authorization to about $4 billion.

我們的董事會最近授予我們回購最多 20 億美元普通股的新授權，這使我們的公開股票回購授權總額增加到約 40 億美元。

We expect to execute this program consistent with the pattern we have established over the last few years, returning capital to our shareholders at a pace we think makes sense, based upon the price at which our stock is trading, liquidity available in the US without incurring sizable incremental tax friction, and potential other uses for such capital.

我們希望按照我們過去幾年建立的模式執行這項計劃，根據我們的股票交易價格、美國可用的流動性，以我們認為合理的速度向股東返還資本，而不會產生任何損失。量稅收摩擦，以及此類資本的潛在其他用途​​。

We are hopeful that the new US administration's promised tax reform will give us future access to our international cash and cash flows, with little or no additional US tax cost.

我們希望，美國新政府承諾的稅收改革將使我們能夠在未來獲得國際現金和現金流，而幾乎不需要或不需要額外的美國稅收成本。

We also have access to US liquidity and debt markets at attractive rates, while remaining committed to a strong balance sheet, and our investment grade credit rating.

我們還可以以有吸引力的利率進入美國流動性和債務市場，同時繼續致力於維持強勁的資產負債表和投資級信用評級。

Our cash and investments amounted to $13.9 billion at December 31, 2016, with about $1.3 billion of that balance in the US.

截至 2016 年 12 月 31 日，我們的現金和投資總額為 139 億美元，其中約 13 億美元餘額在美國。

We recently announced the acquisition of the Momondo Group for $555 million, subject to regulatory review, which we hope will be completed later this year.

我們最近宣布以 5.55 億美元收購 Momondo 集團，目前尚需接受監管審查，我們希望今年稍後完成。

We are excited to add this leading European meta search business to our KAYAK portfolio.

我們很高興將這項領先的歐洲元搜尋業務添加到我們的客涯產品組合中。

We intend to use international cash for the purchase at closing, and we expect the acquisition to be modestly accretive to our non-GAAP EPS in the first year after close.

我們打算在交易完成時使用國際現金進行收購，我們預計此次收購將在交易完成後的第一年適度增加我們的非公認會計準則每股收益。

We will not comment further regarding our post-close strategy, pending regulatory approval.

在等待監管部門批准之前，我們不會就我們的交割後策略發表進一步評論。

Now for Q1 guidance, Q1 is off to a solid start, with gross bookings continuing to grow nicely across our key geographic regions, despite a year-over-year room night growth comp that is about 400 bps more difficult than Q4.

現在就第一季指導而言，第一季已經有了一個良好的開端，儘管同比間夜增長比第四季度困難約 400 個基點，但我們主要地理區域的總預訂量繼續良好增長。

We estimate that the shift of Easter into Q2 has a slightly beneficial impact on Q1 gross bookings growth, with an offsetting negative impact to Q2 gross bookings growth.

我們估計，復活節移至第二季對第一季總預訂量成長產生輕微有利影響，抵消了第二季總預訂量成長的負面影響。

The Q1 impact is offset by prior year Q1 including an extra day for leap year.

第一季的影響被上一年第一季（包括閏年的額外一天）所抵銷。

For Q1 guidance, we are forecasting booked room nights to grow by 20% to 25%, and total gross bookings to grow by 17% to 22% in US dollars, and by 19% to 24% on a constant currency basis.

對於第一季的指導，我們預計預訂間夜數將增長 20% 至 25%，以美元計算的總預訂量將增長 17% 至 22%，按固定匯率計算將增長 19% 至 24%。

Our Q1 forecast assumes that constant currency accommodation ADRs for the consolidated group will be up by about 1% compared to the prior-year period.

我們對第一季的預測假設，合併集團的固定貨幣寬鬆 ADR 將比去年同期成長約 1%。

The strength in gross bookings comes with associated performance advertising expense, which pressures Q1 earnings growth and margins, because the ad expense is recognized as incurred, but a meaningful portion of these bookings won't be recognized as revenue until travel occurs in Q2, Q3, and beyond, due to the normal seasonality of our business.

總預訂量的強勁來自於相關的績效廣告費用，這對第一季度的盈利增長和利潤率構成壓力，因為廣告費用被確認為已發生的費用，但這些預訂中的很大一部分在第二季度和第三季發生旅行之前不會被確認為收入以及其他，由於我們業務的正常季節性。

The shift of Easter from Q1 last year to Q2 this year will also negatively impact our Q1 gross profit, operating profit, EBITDA, net income, and operating margins, and will benefit those metrics in Q2, in both cases compared to the prior year.

復活節從去年第一季轉移到今年第二季也將對我們第一季的毛利、營業利潤、EBITDA、淨利潤和營業利潤率產生負面影響，並將有利於第二季度的這些指標，在這兩種情況下與去年相比。

Therefore for Q1 we expect gross profit to grow more slowly than gross bookings, due principally to the dynamics of booked versus stay timing I just mentioned, and to a lesser extent, the other factors that impacted gross margins for Q4.

因此，對於第一季度，我們預計毛利的成長速度將慢於總預訂量的成長，這主要是由於我剛才提到的預訂與入住時間的動態變化，以及在較小程度上影響第四季度毛利率的其他因素。

We forecast gross profit to grow by 9.5% to 14.5% in US dollars, and by 11% to 16% on a constant currency basis.

我們預計毛利以美元計算將成長 9.5%至 14.5%，以固定匯率計算將成長 11%至 16%。

GAAP operating margins, expressed as GAAP operating income as a percentage of gross profit are expected to be lower than prior year Q1 by about 540 bps, due largely to the seasonal timing issues I just discussed, which creates more deleverage in the performance advertising line.

GAAP 營業利潤率（以GAAP 營業收入佔毛利潤的百分比表示）預計將比去年第一季低約540 個基點，這主要是由於我剛才討論的季節性時間安排問題，這在效果廣告業務中造成了更多的去槓桿化。

Our Q1 forecast assumes that the long-term trend of year-over-year pressure on performance marketing ROIs will continue, but to a slightly lesser degree than experienced in the last couple of quarters, and that paid channel growth will continue to be strong.

我們對第一季的預測假設，效果行銷投資報酬率年比壓力的長期趨勢將持續下去，但程度略低於過去幾季的情況，付費通路成長將持續強勁。

We expect the pressure on performance advertising efficiency over the first half of 2017 to be slightly favorable, to what we experienced over the second half of 2016.

我們預期 2017 年上半年效果廣告效率所面臨的壓力將略優於 2016 年下半年所經歷的情況。

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，遵循我們以合理投資回報率產生總預訂量的一貫做法。

Non-ad OpEx and brand advertising are also forecasted to pressure Q1 margins, as we invest in our brands in advance of peak travel season, and comp against a relatively later roll out of brand advertising campaigns last year.

預計非廣告營運支出和品牌廣告也將對第一季的利潤率構成壓力，因為我們在旅遊旺季之前對我們的品牌進行了投資，並與去年相對較晚推出的品牌廣告活動進行了比較。

We continue to expect to have leverage in non-ad OpEx and brand advertising over the long-term.

我們繼續期望長期在非廣告營運支出和品牌廣告方面擁有影響力。

Q1 adjusted EBITDA is expected to range between $550 million and $580 million, which at the midpoint is down 7% versus prior year.

第一季調整後 EBITDA 預計在 5.5 億美元至 5.8 億美元之間，中位數比去年同期下降 7%。

EBITDA growth and margins are impacted by the same factors I just discussed for GAAP operating profit.

EBITDA 成長和利潤率受到我剛才討論的 GAAP 營業利潤相同因素的影響。

We forecast GAAP EPS between $7.50 and $7.90 per share for Q1, which at the midpoint is up by about 3% versus prior year.

我們預測第一季 GAAP 每股收益在 7.50 美元至 7.90 美元之間，中位數較去年同期成長約 3%。

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.

我們的每股盈餘指引假設根據昨天的收盤價，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。

We are forecasting Q1 non-GAAP fully diluted EPS of approximately $8.25 to $8.65 per share, which at the midpoint is down by about 8% versus prior year.

我們預計第一季非 GAAP 完全攤薄後每股收益約為 8.25 至 8.65 美元，中位數較去年同期下降約 8%。

Our forecasted non-GAAP income tax rate is about 19% for Q1, and 18% for the full year.

我們預測第一季的非公認會計原則所得稅率約為 19%，全年為 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。

Our Q1 forecast is based upon recent foreign exchange rates, and assumes that our growth rates in US dollars will be negatively impacted by foreign exchange rate fluctuations.

我們對第一季的預測是基於最近的匯率，並假設我們的美元成長率將受到匯率波動的負面影響。

I highlight that the basket of foreign currencies in which we transact weakened on a weighted average basis by about 2% versus the US dollar, since we reported our earnings last quarter, and most analysts last updated their forecasts.

我要強調的是，自從我們上季度報告盈利以來，而且大多數分析師最近更新了他們的預測，我們交易的一籃子外幣相對於美元的加權平均匯率下跌了約 2%。

Consistent with past practice, we have hedge contracts in place to substantially shield our first quarter EBITDA 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，我們制定了對沖合約，以大幅保護我們第一季 EBITDA 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。

Thank you, sir.

謝謝您，先生。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Mark Mahaney of RBC Capital Markets.

我們的第一個問題來自加拿大皇家銀行資本市場部的馬克‧馬哈尼 (Mark Mahaney)。

Your line is open.

您的線路已開通。

Great.

偉大的。

Two questions, please.

請教兩個問題。

Dan, you talked about seeing long-term -- that long-term trend of performance marketing deleverage, you're seeing it less than you have in the past.

丹，你談到要看到長期的效果行銷去槓桿化的長期趨勢，你看到的它比過去少了。

So any thoughts on why that is?

那麼有什麼想法嗎？

Do you think that there's, for some reason less competitive intensity?

您是否認為由於某些原因競爭強度降低了？

What would be causing that?

是什麼原因造成的呢？

And then, Glenn, if I could ask you, you talked about one of the three priorities growing the supply base.

然後，格倫，如果我可以問你的話，你談到了擴大供應基地的三個優先事項之一。

And is that something you think you can continue to do largely organically?

您認為您可以繼續有機地做這件事嗎？

Are there other options for doing it?

還有其他選擇嗎？

And I'm sorry, I'm going to layer in a third question, which is, do you think there's enough brand awareness of the advantage, the size you have in instantly bookable non-traditional alternative accommodations, or is that potential area of growth, of marketing spend for you in the future?

抱歉，我要提出第三個問題，即，您認為有足夠的品牌知名度來了解可立即預訂的非傳統替代住宿的優勢、規模，或者是潛在的領域嗎？

Thank you.

謝謝。

Well, Mark, on the first part, the trend for deleverage in performance advertising, we're pleased to see a little bit of an improvement in that trend thus far into Q1, and forecasted through the remainder of the quarter.

馬克，第一部分是效果廣告去槓桿化的趨勢，我們很高興看到第一季迄今為止這一趨勢略有改善，並預測本季剩餘時間。

It's a function, I think of all the good things our brand teams do, of continuously adding to the supply available on our websites to give our customers more choice, continuous improvement in conversion, and then also just discipline that the marketing teams employ in these markets, to try and bring us good top line growth at very strong ROIs and profitability.

我認為這是我們的品牌團隊所做的所有好事，不斷增加我們網站上的可用供應，為我們的客戶提供更多選擇，不斷提高轉換率，然後也是行銷團隊在這些方面採用的紀律。努力為我們帶來良好的收入成長和非常強勁的投資回報率和獲利能力。

And I think just the -- all those things converging has been helpful for us.

我認為所有這些事情的融合對我們很有幫助。

The comp, it was difficult for the back half, but it's also difficult for the first half of the year, so I think it's really more a function of those things that our brand teams are doing.

就比較而言，下半年很困難，但上半年也很困難，所以我認為這實際上更多是我們品牌團隊正在做的事情的一個功能。

In terms of competitive intensity, just from listening to the calls from some of the other players in the space, if anything they appear to be as competitive, or even more competitive than they've been in the past.

就競爭強度而言，僅從該領域其他一些參與者的電話來看，他們似乎比過去更具競爭力，甚至更具競爭力。

So I wouldn't attribute the slight favorability in trends to competitive dynamics.

因此，我不會將趨勢的輕微有利性歸因於競爭動態。

And Mark, thanks for the call.

馬克，感謝您的來電。

I think those are two great questions.

我認為這是兩個很好的問題。

And the first one about growing supply, and the question can we do it organically or not?

第一個是關於增加供應，問題是我們能否有機地做到這一點？

And as I made the comment a few moments ago, about last year being able to add 289,000 properties, which is an increase of 33%, and that was all organic.

正如我剛才所說，去年新增了 289,000 處房產，成長了 33%，而且都是有機的。

We believe that we can continue to grow the supply, greatly organically.

我們相信我們可以繼續大幅有機地增加供應。

I'll just make a point, that we look many, many times about ways to add to it inorganically through some type of acquisition.

我只想指出一點，我們多次尋找透過某種類型的收購來無機地增加它的方法。

One of the critical things that's very important is when you go out and you buy a company that has some supply, that perhaps you may not have, you have to think about the way their systems work, and how easy it is going to be to bring in that supply into our system.

非常重要的關鍵事情之一是，當你出去購買一家有一定供應的公司時，也許你可能沒有，你必須考慮他們的系統的工作方式，以及它是多麼容易將供應引入我們的系統。

Or the amount of distraction make it worse, than just going out and getting those properties on our own.

或者，與我們自己出去獲得這些房產相比，大量的分心會讓事情變得更糟。

So if you've seen the history of our Company, we haven't done a lot of going out recently, and getting supply inorganically.

因此，如果您了解我們公司的歷史，您會發現我們最近並沒有進行大量的走出去，也沒有透過無機方式獲取供應。

So I think that's the point we're going to go with.

所以我認為這就是我們要討論的重點。

In terms of your question about the brand advantage of the instantly bookable vacation rental product.

關於您關於即時預訂度假租賃產品品牌優勢的問題。

And I will add to the fact, and I'll repeat the thing about no fee to the traveler.

我將補充這一事實，我將向旅客重複關於免費的事情。

You may have a point there, I may take this to the marketing people afterwards, because I believe we have the absolute best product in that space out there right now.

你可能有一個觀點，我可能會在事後把這個告訴行銷人員，因為我相信我們現在在這個領域擁有絕對最好的產品。

And we definitely believe that this is something that we can drive very hard, and it's going to provide a good growth area for us in the future.

我們堅信，這是我們可以非常努力推動的事情，它將為我們未來提供一個良好的成長領域。

Thanks for the call -- the question.

感謝您的來電——問題。

Thanks, Glenn.

謝謝，格倫。

So do we have the next question?

那我們還有下一個問題嗎？

Our next question comes from Justin Post of Bank of America.

我們的下一個問題來自美國銀行的賈斯汀·波斯特。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks.

謝謝。

Glenn, congratulations on the job.

格倫，恭喜你獲得這份工作。

You're inheriting a pretty well-oiled machine, but just wondering if you have any thoughts about changes to strategic direction or the M&A appetite of the Company?

您繼承了一台運作良好的機器，但只是想知道您是否對公司的策略方向或併購興趣的變化有任何想法？

And then, one for you, Dan.

然後，丹，給你一份。

It looks like your bookings guidance on your room nights was very robust in Q1, but earnings and EBITDA a little below where Street expectations.

看起來你們的客房預訂指引在第一季非常強勁，但收益和 EBITDA 略低於華爾街的預期。

Can you help us at all understand how much gross profit might be pushed out into 2Q relative to last year, or due to Easter or any other factors?

您能否幫助我們了解，相對於去年，或者由於復活節或任何其他因素，第二季度的毛利可能會被推遲多少？

Thank you.

謝謝。

Thanks for that question, and doesn't surprise me that that question would be asked.

謝謝你提出這個問題，我對有人問這個問題並不感到驚訝。

I've been in the Company now 17 years, and we started out doing corporate development and M&A, and other strategy [titles] sometime later.

我已經在公司工作了 17 年，後來我們開始從事企業發展和併購以及其他策略[標題]。

And I worked with all the CEOs very closely on our strategy.

我與所有執行長就我們的策略進行了密切合作。

So what I would say is, while my title has changed, and the role I'm in has changed, the Company's strategy has absolutely not changed.

所以我想說的是，雖然我的頭銜變了，我的角色也變了，但公司的策略絕對沒有改變。

The strategy that we've employed over the last 17 years has been very successful for us, and we're going to continue going it forward the same way.

過去 17 年我們採用的策略對我們來說非常成功，我們將繼續以同樣的方式前進。

And that's using incredibly talented people who are able to come up with very innovative ideas, implement them, to make sure that we're accomplishing our mission which is to help people experience the world.

這就是利用非常有才華的人，他們能夠提出非常創新的想法並實施它們，以確保我們完成我們的使命，即幫助人們體驗世界。

In terms of M&A specifically, I think we've done a very good job of that in the past.

具體就併購而言，我認為我們過去做得非常好。

We look at a lot, a lot, a lot, a lot of potential deals, but we're careful about it.

我們著眼於很多很多潛在交易，但我們對此非常謹慎。

We understand the risk, and we try and be prudent.

我們了解風險，並且努力保持謹慎。

So that's the type of thing we've done in the past, and I suspect this is how we're going to do it going forward.

這就是我們過去所做的事情，我懷疑這就是我們未來要做的事情。

And Justin, in terms of top line versus bottom line growth for our Q1 forecast, I think you nailed it.

賈斯汀，就我們第一季預測的頂線與底線成長而言，我認為你已經做到了。

Well, we're pleased with the top line strength in our forecast, and the growth that the business has delivered thus far in the quarter.

嗯，我們對預測中的營收實力以及本季度迄今為止該業務所實現的成長感到滿意。

And that strength in top line, pressures the bottom line in the first quarter, where we get the gross bookings.

營收的強勁勢頭給第一季的利潤帶來了壓力，也就是我們的總預訂量。

We incur the advertising expense, but a significant portion of them aren't going to check out in Q2 and Q3, and even beyond when travel occurs.

我們承擔了廣告費用，但其中很大一部分不會在第二季和第三季結帳，甚至在旅行發生後也不會結帳。

I guess, the easiest thing I can point to you, for you is the differential in growth rates, between gross bookings and gross profit.

我想，我可以向您指出的最簡單的事情是總預訂量和毛利之間的成長率差異。

Eventually, I would expect those gross bookings to turn into gross profit.

最終，我預計這些總預訂量將轉化為毛利。

We last year gave you an estimate on what we thought the Easter impact was.

去年，我們對復活節的影響進行了估計。

We quantified it at $40 million.

我們將其量化為 4000 萬美元。

We haven't done a new estimate on that.

我們還沒有對此進行新的估計。

We figured we'd let that one stand.

我們認為我們應該讓那個人站著。

So that gives you some sense of what the Easter impact was in last year, a benefit to Q1.

這樣您就可以了解去年復活節的影響，即對第一季的好處。

We would expect that the strong gross bookings performance in Q1 will benefit Q2, and Q3 to a large extent as well.

我們預計第一季強勁的總預訂表現將在很大程度上有利於第二季和第三季。

Okay.

好的。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you.

謝謝。

Our next question comes from Douglas Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的道格拉斯·安穆斯。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

Glenn, I just wanted to ask you about your views on meta.

格倫，我只是想問你對元的看法。

I mean, you obviously talked a lot about how the business is kind of increasingly shifting towards performance spend, and we've seen that obviously over the last few years.

我的意思是，您顯然談論了很多關於業務如何越來越多地轉向績效支出的問題，我們在過去幾年中顯然已經看到了這一點。

And we can see it in some other Company's numbers as well.

我們也可以在其他一些公司的數據中看到這一點。

So I guess, the question with KAYAK, which you acquired a few years ago, and then recently with Momondo, I mean, do you really -- can you make this a much bigger push within inside of, within Priceline, just given how much you're spending outside currently?

所以我想，幾年前你收購了 KAYAK，最近又收購了 Momondo，我的意思是，你真的能在 Priceline 內部做出更大的推動嗎？

Thanks.

謝謝。

That's also a very good question.

這也是一個非常好的問題。

And I think it's fairly obvious that consumers, more and more consumers are liking the meta experience, and our goal is to have the service that the customer wants.

我認為很明顯，消費者，越來越多的消費者喜歡元體驗，我們的目標是提供客戶想要的服務。

We don't force customers how to enter and do their travel searches, and if people want to use meta, we want to make sure we're providing the best meta, which I think we are doing.

我們不會強迫客戶如何輸入和進行旅行搜索，如果人們想要使用元，我們希望確保我們提供最好的元，我認為我們正在這樣做。

So I think, in terms of answering your question, we believe that it can become a much bigger business, but this is going to be determined much more by what the consumer wants, not by what we want.

所以我認為，就回答你的問題而言，我們相信它可以成為一個更大的業務，但這將更多地取決於消費者想要什麼，而不是我們想要什麼。

Is that helpful?

有幫助嗎？

That is.

那是。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Lloyd Walmsley of Deutsche Bank.

我們的下一個問題來自德意志銀行的勞埃德·沃爾姆斯利。

Your line is open.

您的線路已開通。

Thanks.

謝謝。

Two, if I can.

兩個，如果可以的話。

First, if you can just give us a sense for where you're seeing the most strength in the room night growth, particularly into the first quarter, where you're clearly growing nicely in the face of tough comps?

首先，您能否讓我們了解一下您在客房過夜量增長中看到的最強勁的部分，特別是在第一季度，面對艱難的競爭，您的增長明顯良好？

Do you feel like the macro environment is improving, or are there any particular geographies you'd call out, or product types you'd call out as driving that supply?

您是否認為宏觀環境正在改善，或者您是否認為有任何特定的地區或產品類型可以推動供應？

And then, I guess, a related follow-up if I can.

然後，我想，如果可以的話，會進行相關的後續行動。

Can you just give us a sense for volume growth out of some key marketing channels, like do you feel like core search continues to provide nice growth?

您能否讓我們了解一些關鍵行銷管道的銷售成長情況，例如您是否認為核心搜尋持續提供良好的成長？

And are you seeing a ramp in ad channels like Facebook?

您是否看到 Facebook 等廣告管道的成長？

Are they starting to become more meaningful?

它們是否開始變得更有意義？

Anything you could share there, would be appreciated.

您可以在那裡分享的任何內容，將不勝感激。

Dan, why don't you take that?

丹，你為什麼不接受這個？

Sure, Glenn.

當然，格倫。

Hey, Lloyd.

嘿，勞埃德。

So I said in the prepared remarks that the strength in room night growth is across all our key geographic regions.

因此，我在準備好的發言中表示，間夜成長的勢頭遍及我們所有的關鍵地理區域。

I'd say it's across all channels.

我想說的是所有管道都有。

I did make the point that paid channels are growing faster than direct at the moment, and I don't think that's a surprising trend, given that the strength in top line that we've seen, with acceleration over the last few quarters.

我確實指出，目前付費管道的成長速度快於直接管道，考慮到我們所看到的營收實力以及過去幾季的加速成長，我認為這並不是一個令人驚訝的趨勢。

I think any time we see that kind of health in the top line growth, it's a largely due to new customers coming to the franchise.

我認為，任何時候我們看到收入的健康成長，很大程度上都是因為新客戶來到特許經營店。

And hopefully, we'll with able to repeat the trend that we've seen in the past, of winning them over to become loyal customers in the future.

希望我們能夠重複過去看到的趨勢，贏得他們成為未來的忠實客戶。

So we're pleased across geographies, across channels.

因此，我們對跨地域、跨渠道感到高興。

From a macro perspective, the reported results, and forecasts that we have -- is strong.

從宏觀角度來看，報告的結果和我們的預測都很強勁。

And I'd say that, what we saw from other players in our space, and the large chains from a RevPAR perspective, leads us to conclude that the macro is healthy, particularly in travel.

我想說的是，我們從我們這個領域的其他參與者以及從可出租客房收入的角度來看大型連鎖店的情況，讓我們得出這樣的結論：宏觀經濟是健康的，尤其是在旅遊業。

And then, the volume growth, the paid channels are growing faster than direct.

然後，在銷售成長方面，付費管道的成長速度快於直接管道。

So we're pleased with the work our brand teams and our marketing teams are doing, to continue to drive strong growth, but with very good profitability.

因此，我們對我們的品牌團隊和行銷團隊所做的工作感到滿意，他們繼續推動強勁成長，但獲利能力非常好。

We do care about our margins.

我們確實關心我們的利潤。

We do care about bottom line growth, and I think that the teams are striking a good balance between the two.

我們確實關心利潤成長，我認為團隊在兩者之間取得了良好的平衡。

Core search is still an important part.

核心搜尋仍然是一個重要的部分。

PPC and Google is our biggest advertising channel.

PPC 和 Google 是我們最大的廣告管道。

So we're pleased with the results we're seeing there.

因此，我們對在那裡看到的結果感到滿意。

All right.

好的。

Thanks, guys.

謝謝，夥計們。

You're welcome.

不客氣。

Thank you.

謝謝。

Our next question comes from Brian Nowak of Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·諾瓦克。

Your question, please.

請提出你的問題。

Thanks for taking my questions.

感謝您回答我的問題。

I have two.

我有兩個。

Just the first one, to go back to your last comments on paid growing faster than direct, I guess, I'd be curious to know is that true generally across all of your markets, including the more mature European markets?

只是第一個，回到您上次關於付費成長快於直接成長的評論，我想，我很想知道在您的所有市場（包括更成熟的歐洲市場）中普遍都是如此嗎？

And if it's true in Europe, are there any anecdotes or examples you can give us, of how you're still finding ways to grow even faster paid traffic in any of your more mature markets, would be really helpful?

如果在歐洲確實如此，您是否可以向我們提供任何軼事或例子，說明您如何仍在尋找在任何更成熟的市場中更快地增長付費流量的方法，這真的會有幫助嗎？

And then secondly, just to go back to your prepared remarks, you mentioned some commission overrides.

其次，回到您準備好的發言，您提到了一些佣金超馳。

What are those, and how should we think about that for 2017?

這些是什麼？

Thanks.

謝謝。

I'm not going to get too much into paid growth rates by market, Brian.

布萊恩，我不會過多討論按市場劃分的付費成長率。

That could have some competitive sensitivity to it, how aggressive we are in one market versus another.

這可能會產生一些競爭敏感性，即我們在一個市場相對於另一個市場的激進程度。

You can assume that in the markets we've been longer, the brand is better known, and we typically get more direct traffic, without going through specific growth rates market by market.

您可以假設，在我們經營時間較長的市場中，品牌知名度較高，我們通常會獲得更多的直接流量，而無需逐個市場經歷特定的成長率。

And commission overrides are a tool that Booking.com makes available to our supply partners, whereby they can ratchet up their commission rates that they pays us in order to improve their ranking, and drive more business to their websites.

佣金超額是 Booking.com 向我們的供應合作夥伴提供的工具，他們可以透過這種工具提高向我們支付的佣金率，以提高他們的排名，並為他們的網站帶來更多業務。

And when the travel macro is healthy, and the hotels and properties are successful in filling their rooms without it, employing commission overrides, we typically see them not use those to the same extent.

當旅遊宏觀健康時，酒店和酒店成功地在沒有旅遊業的情況下填滿房間，採用佣金超額，我們通常會看到他們不會以同樣的程度使用這些。

I think that's what's driving the trend over the last couple of quarters.

我認為這就是過去幾季推動這一趨勢的原因。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

You're welcome.

不客氣。

Thank you.

謝謝。

Our next question comes from Eric Sheridan of UBS.

我們的下一個問題來自瑞銀集團的艾瑞克·謝裡丹。

Your line is open.

您的線路已開通。

Thanks so much for taking the question.

非常感謝您提出問題。

Maybe two if I can.

如果可以的話，也許兩個。

One, on the shared accommodation piece of the business, I want to understand a little bit of the strategic decision to sort of decommission or de-emphasize the villas.com brand, and sort of reincorporate all of the inventory at Booking.com.

第一，關於共享住宿業務，我想了解一些策略決策，即退休或不再強調 Villas.com 品牌，並重新整合 Booking.com 的所有庫存。

Just wanted to understand a little bit how you felt that positioned you strategically for the medium and long-term.

只是想了解一點您的感受，這對您的中長期策略定位有何影響。

And then second, on the brand advertising piece, you talked before about pushing it in brand, and what sort of return you've gotten.

其次，關於品牌廣告，您之前談到了將其推向品牌，以及您獲得了什麼樣的回報。

Any color you can give us there about when you have pushed in on brand advertising spend, what's that done for traffic, or what that's done to remarketing would be helpful.

您可以向我們提供有關您何時投入品牌廣告支出、對流量有何影響或對再行銷有何影響的任何顏色訊息，都會有所幫助。

Thank you so much.

太感謝了。

I'll do the first one, and I'll let Dan take the second one.

我會做第一個，我會讓丹做第二個。

About Villa.com, and this gives me a good example to show how innovative, and the people at Booking.com are able to come up with new ideas, experiment, put something out into the marketplace, see if it works or not, see how well it's working.

關於Villa.com，這給了我一個很好的例子來展示Booking.com 的創新性，以及Booking.com 的人們能夠提出新的想法、進行實驗、將某些東西投入市場，看看它是否有效，看看效果如何。

And if it's not working, then more than willing to pull it down, and change it around.

如果它不起作用，那麼非常願意將其拆除並進行更改。

And that's really an example of Villa.com.

這確實是 Villa.com 的一個例子。

It was an idea to help us in that non-hotel, the non-hotel accommodations area.

這是一個幫助我們在非飯店、非飯店住宿區域的想法。

We put it out there.

我們把它放在那裡。

We experiment, we optimize, and at some point, we said, the customer prefers to have all of its inventory in one place on Booking.com.

我們進行實驗，我們優化，我們說，在某些時候，客戶更願意將其所有庫存集中在 Booking.com 上的一個位置。

And that's where we should spend our time, energy, effort in optimizing that.

這就是我們應該花時間、精力和精力來優化的地方。

And so, that's what they did.

所以，他們就是這麼做的。

And it's one of those things that just shows -- I just love the way that people throughout our organization do, is they're not -- they're willing to say, if it doesn't work, put it down, let's move on to something else that will work.

這是剛剛表明的事情之一 - 我只是喜歡我們整個組織中的人們所做的方式，他們不是 - 他們願意說，如果它不起作用，放下它，讓我們採取行動去做其他有用的事情。

And I'm very pleased with the way we are making that progress with that product, and I think we're seeing substantial growth.

我對我們在該產品上取得的進展感到非常滿意，我認為我們正在看到實質的成長。

And on the brand advertising side, Eric, we think it's important to the long-term health of our brands to support them, and advertise them in various markets around the world.

在品牌廣告方面，艾瑞克，我們認為支持它們並在世界各地的各個市場上為它們做廣告對於我們品牌的長期健康發展非常重要。

Typically, when you make a push, it may be ROI negative in the beginning.

通常，當您進行推動時，一開始的投資報酬率可能是負值。

We're pleased with the continuous improvement and sophistication at each our brands, to really look at analytical metrics, as they roll out new campaigns, to be able to understand the effectiveness.

我們對每個品牌的持續改進和完善感到滿意，在推出新活動時真正專注於分析指標，以便能夠了解其有效性。

And pull back, if they feel that the creative isn't working, and roll out with different creative, to testing creative, running it in digital channels at a fairly low cost, before rolling it out in major campaigns on television.

如果他們覺得創意不起作用，然後推出不同的創意，測試創意，以相當低的成本在數位管道中運行它，然後再在電視上的主要活動中推出。

So I think we're improving there.

所以我認為我們正在改善這一點。

We've done a good job in the past.

我們過去做得很好。

And we will continue to support our brands, and brand advertising in the future.

未來我們將繼續支持我們的品牌和品牌廣告。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you.

謝謝。

Our next question comes from Mark May of Citi.

我們的下一個問題來自花旗銀行的馬克‧梅。

Your line is open.

您的線路已開通。

Thanks for taking my questions.

感謝您回答我的問題。

I just want to circle back on the comment that you made earlier, about paid channels growing faster than direct right now.

我只想回顧一下您之前發表的評論，即付費頻道目前的成長速度比直接頻道快。

Do you think that's driven more by changes in consumer behavior?

您認為這更多是由消費者行為的改變所驅動的嗎？

You mentioned greater use of meta, I would include social, greater use of search on mobile, et cetera, or is that being driven more by your own marketing efforts that's driving that?

你提到更多使用元，我會包括社交，更多地使用行動搜尋等等，或者這更多是由你自己的行銷努力推動的？

And then secondly, I think a year ago, you made some efforts to -- that have helped to grow your merchant business.

其次，我認為一年前，您做了一些努力，這有助於發展您的商業業務。

Just wondering how sustainable do you think the accelerated growth that you've seen in that channel over the last few quarters is?

只是想知道您認為過去幾季在該頻道中看到的加速成長有多可持續？

Thanks.

謝謝。

Sure, Mark.

當然，馬克。

So the paid channel is growing faster.

所以付費管道的成長速度更快。

Time will tell how successful we are in converting those new customers that we found into loyal customers that come back to us directly, but our track record in the past has been good in that regard.

時間會證明我們在將我們發現的新客戶轉化為直接回到我們身邊的忠實客戶方面是否成功，但我們過去在這方面的記錄一直很好。

We've seen good growth in repeat rates.

我們看到重複率有了良好的成長。

We saw positive trends, in terms of direct as a channel for our business.

就直接作為我們業務的管道而言，我們看到了積極的趨勢。

For a good period of time there, I'm told we saw such strong acceleration in top line growth, and I'm not surprised to see some pressure on direct share when you've got that kind of growth.

我聽說，在很長一段時間裡，我們看到收入成長如此強勁，當你實現這種成長時，我對直接份額面臨一些壓力並不感到驚訝。

It's likely that it's going to be new customers coming to the franchise.

很可能會有新客戶來到該特許經營店。

So we're hopeful, and we'll track that, and hopefully we'll have some good news to report to you at some point in the future in that regard.

所以我們充滿希望，我們會追蹤這一點，希望我們能在未來的某個時候向您報告這方面的一些好消息。

And then, our merchant business is driven by a couple of different factors.

然後，我們的商業業務是由幾個不同的因素所驅動的。

So Booking.com has been entirely an agency business since it was founded, and over the past year has added the ability to process transactions on a merchant basis.

因此，Booking.com自成立以來就完全是一家代理企業，並且在過去的一年裡增加了以商家為基礎處理交易的能力。

They've done that for a number of reasons, but one of the principal ones was that they were getting into more vacation rentals, a portion of these properties don't have the ability to charge credit cards.

他們這樣做的原因有很多，但最主要的原因之一是他們越來越多地進行度假出租，其中一部分房產無法透過信用卡收費。

And so, that would create a complexity for our guest that's checking in at one of these properties, have to come with a pile of cash to pay.

因此，這會給我們的客人帶來麻煩，因為他們在這些酒店辦理入住時必須攜帶一大堆現金才能付款。

And so, we charge the customer's credit card, and then we remit payment to the property.

因此，我們會透過客戶的信用卡收取費用，然後將款項匯給飯店。

So it's really just to facilitate business, and that's driven some faster growth in our merchant gross bookings.

所以這實際上只是為了促進業務，這推動了我們的商家總預訂量的更快成長。

Interestingly, at the same time, Agoda which has always been principally a merchant business, and has had good growth rates for us over the past several quarters, has been adding more and more agency capability by using inventory that they share from Booking.com.

有趣的是，與此同時，一直以商家業務為主的Agoda 在過去幾個季度中一直保持著良好的增長率，但現在卻通過使用他們從Booking.com 共享的庫存來增加越來越多的代理能力。

So I wouldn't focus so much on, is merchant growing faster or agency, but more, how is the total doing?

所以我不會太關注商家或代理商的成長是否更快，而是更關注整體情況如何？

We're indifferent as to the means by which the customer wants to book.

我們對客戶想要預訂的方式漠不關心。

If they want to have us charge their credit card, or they want to book agency, and pay at the hotel, we're okay either way.

如果他們想讓我們從他們的信用卡扣費，或者他們想透過代理商預訂並在飯店付款，我們都可以。

And so, that's what's impacting the growth from quarter to quarter with the merchant rate.

因此，這就是影響商家費率逐季成長的因素。

Thank you.

謝謝。

Our next question comes from Paul Bieber of Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的保羅·比伯。

Your line is open.

您的線路已開通。

Thank you for taking my question, and congratulations, Glenn, on becoming the CEO.

感謝您提出我的問題，並祝賀格倫成為執行長。

When we think about the growth opportunities for Priceline globally, what are the geographies where you feel there's the largest opportunity to gain incremental market share over the coming years?

當我們考慮 Priceline 在全球的成長機會時，您認為未來幾年最有機會獲得增量市場份額的地區是哪些？

Well, thanks, Paul.

嗯，謝謝，保羅。

There certainly are some areas where we know we should be able to go in, and get some more share, where we think it's an important area to be.

當然，我們知道我們應該能夠進入某些領域，並獲得更多份額，我們認為這是一個重要的領域。

I want to be careful with that, because I certainly don't want to give our competitors a road map, in terms of where we're going to put our emphasis.

我想對此保持謹慎，因為我當然不想給我們的競爭對手路線圖，說明我們將把重點放在哪裡。

But I will talk about something that is -- that's well-known, and I'm not giving anything away, that we believe over the next decade, China will continue to be one of the largest opportunities for travel growth.

但我會談論一些眾所周知的事情，我不會透露任何訊息，我們相信在未來十年，中國將繼續成為旅遊業成長的最大機會之一。

And we've done a lot of effort over the last -- I've been seeing, going to China for 30 years now.

過去我們做了很多努力──我看到，去中國已經30年了。

I started going to China, when I first came to Priceline to help make sure that we are part of that market.

當我第一次來到 Priceline 時，我就開始去中國，以幫助確保我們成為市場的一部分。

We're going to continue to do it, we do it in a number of different ways.

我們將繼續這樣做，我們以多種不同的方式來做這件事。

We have a partnership with Ctrip, but we also have two great companies that are operating in China.

我們與攜程有合作關係，但我們還有兩家在中國營運的優秀公司。

We have Booking.com is there, and we have Agoda in there, and we operate for all different areas.

我們有Booking.com，我們有Agoda，我們的業務涵蓋所有不同的地區。

We are doing the outbound business, that meaning the Chinese people want to travel outside, and we have a great advantage because of the breadth of our properties.

我們做的是出境業務，這意味著中國人想要出國旅遊，我們有很大的優勢，因為我們的資產範圍很廣。

We've got a great inbound business, because we have the incredible customer base who want to go and visit China.

我們擁有出色的入境業務，因為我們擁有大量想要前往中國旅遊的客戶群。

And then, there's the domestic business, which is not as big for us, but we're growing nicely there.

然後是國內業務，這對我們來說並不大，但我們在那裡發展得很好。

So if you're asking me to give you one area, which I think everybody knows is important for travel, China is it.

因此，如果你要我介紹一個我想每個人都知道對旅行很重要的地區，那就是中國。

Now you also want to look, look there are some big markets that we are the biggest player in the market, what I call big markets, but we're not number one.

現在你還想看看，看看有一些大市場，我們是市場上最大的參與者，我稱之為大市場，但我們不是第一。

I will point out the US, we are not number one in the US, but that gives us more incentive to try harder, and make a bigger -- make a more share here.

我要指出的是美國，我們不是美國第一，但這給了我們更多的動力去更加努力，並在這裡取得更大的份額。

And so, we'll keep working on that.

因此，我們將繼續努力。

Is that helpful?

有幫助嗎？

Very helpful.

非常有幫助。

Thank you very much.

非常感謝。

Our next question comes from Chris Merwin of Barclays.

我們的下一個問題來自巴克萊銀行的克里斯默溫。

Your line is open.

您的線路已開通。

All right.

好的。

Thank you.

謝謝。

So do you think that the growth in alternative accommodations has the potential to change the margin structure of the business over time?

那麼，您認為替代住宿的成長是否有可能隨著時間的推移改變業務的利潤結構？

And I guess, in other words, are you finding that younger cohorts of travelers looking to book alternative accommodations are coming to you via direct mobile channels?

換句話說，我想您是否發現希望預訂替代住宿的年輕旅客會透過直接移動管道來找您？

Is that helping with advertising efficiency, or do you just think of alternative as yet another source of supply, that should drive demand for traditional paid channels?

這是否有助於提高廣告效率，或者您只是將替代方案視為另一種供應來源，從而推動對傳統付費管道的需求？

Thanks.

謝謝。

I'd say, it's more the latter, Chris.

我想說，更多的是後者，克里斯。

So the alternative accommodations have had financial metrics similar to the rest of our business, in terms of ADR and take rate.

因此，就 ADR 和接受率而言，替代住宿的財務指標與我們其他業務類似。

One area that the margin can be negatively impacted for that business, is just because the properties are less efficient, in that they're smaller, they may only be single unit properties.

利潤可能對該業務產生負面影響的一個方面是，這些物業的效率較低，因為它們較小，它們可能只是單一單位的物業。

The touch rate for our supply teams, and for our customer service teams, also given just the unique nature of some of these properties, and it could be a higher level of questions for guests that are looking to stay in one of them, can create, and has created a modest level of pressure in our non-ad OpEx.

我們的供應團隊和客戶服務團隊的接觸率，也考慮到其中一些酒店的獨特性，對於想要入住其中一間酒店的客人來說，這可能是一個更高級別的問題，可以創造，並對我們的非廣告營運支出造成了一定程度的壓力。

Our teams continue to work on ways to make the business as efficient as possible, enabling these properties to sign themselves up, build their own content, trying to continue to make our website more and more attuned to these differences for this type of business, so the customers can self-help themselves in terms of questions they may have from a customer service perspective.

我們的團隊繼續致力於使業務盡可能高效，使這些資產能夠自行註冊，建立自己的內容，努力繼續使我們的網站越來越適應此類業務的這些差異，因此客戶可以從客戶服務的角度自助解決他們可能遇到的問題。

But in terms of advertising, which is by far and away our biggest expense, I wouldn't foresee any significant difference for this business, relative to our hotel and other accommodation business.

但就廣告而言，這無疑是我們最大的支出，相對於我們的酒店和其他住宿業務，我預計這項業務不會有任何重大差異。

Okay.

好的。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you.

謝謝。

Our next question comes from Naved Khan of Cantor Fitzgerald.

我們的下一個問題來自坎托·菲茨杰拉德的納韋德·汗。

Your line is open.

您的線路已開通。

Yes, hi.

是的，嗨。

Thank you very much.

非常感謝。

Can you touch upon mobile, where are you now, in terms of the share of bookings coming from mobile versus desktop?

您能談談行動裝置嗎？

And then, I had a question on Momondo.

然後，我在 Momondo 上有一個問題。

We'll take the first one first then.

那我們就先拿第一個。

We're not going to disclose, exactly where we are in terms of mobile versus any of the other ways people book, but we will say that we know how incredibly important mobile is to the business.

我們不會透露我們在行動裝置與人們預訂的任何其他方式方面的具體情況，但我們會說我們知道行動裝置對業務有多重要。

And as I pointed out earlier, about another question, about we go where the customers are, and we believe that customers are going to continue to want to use mobile.

正如我之前指出的，關於另一個問題，關於我們去客戶所在的地方，我們相信客戶將繼續希望使用行動裝置。

They use it throughout their lives, throughout whatever they want, so they're going to continue to use it for travel.

他們一生都在使用它，無論他們想要做什麼，所以他們將繼續在旅行中使用它。

Now, we believe we have a great advantage because of our scale, and the number of technologies that we have in there, we can develop new ways to use mobile, new ways to optimize.

現在，我們相信我們擁有巨大的優勢，因為我們的規模和我們擁有的技術數量，我們可以開發使用行動裝置的新方法，新的最佳化方法。

Experiment to make sure that it's the best process, the best service for our customers, this is a great advantage for us.

進行實驗以確保這是最好的流程，為我們的客戶提供最好的服務，這對我們來說是一個很大的優勢。

If you're a small player, or you're a small supplier partner, we're providing a great, great benefit to these small supplier partners, because they can't develop these mobile applications, or do these developments quickly as we can.

如果您是小型參與者，或者您是小型供應商合作夥伴，我們將為這些小型供應商合作夥伴提供巨大的好處，因為他們無法開發這些行動應用程序，或者無法像我們一樣快速進行這些開發。

So it's an advantage for us in that area.

所以這對我們來說是該領域的優勢。

And your second question?

你的第二個問題？

Actually, so just on mobile, to touch upon the conversion rates there, are you able to sort of drive significant improvement there, because obviously you're getting more efficiency in the marketing channel.

實際上，僅在行動裝置上，觸及那裡的轉換率，你是否能夠推動那裡的重大改進，因為顯然你在行銷管道中獲得了更高的效率。

So is that -- should we then take that to understand that mobile conversions are actually doing quite well, and maybe the gap between mobile and desktop is narrowing nicely?

那麼，我們是否應該以此來理解行動轉換實際上做得相當不錯，也許行動和桌面之間的差距正在縮小？

Well, I'll give my comment, and I'll see Dan if he wants to add anything.

好吧，我會發表評論，如果丹想補充什麼，我會見他。

But I think one has to be very, very careful about trying to figure out in terms of, is mobile better, worse for us, in terms of health of the business or not?

但我認為，人們必須非常非常小心地試圖弄清楚，就業務的健康狀況而言，移動對我們來說是更好還是更糟？

We continue to try and do the best we can, to make sure that the customer is getting what they want, and converting as fast as possible.

我們將繼續盡力做到最好，以確保客戶得到他們想要的東西，並儘快實現轉換。

But don't forget, many, many consumers are going back and forth, back and forth.

但別忘了，很多很多消費者都在來回。

They look on their mobile, and then they go home, they use their desktop.

他們在手機上查看，然後回家，他們使用桌面。

So try get this attribution, to feel really what is the right calculation, we believe it's a difficult, difficult thing.

所以試著得到這個歸因，真正感受到什麼是正確的計算，我們認為這是一件很難、很難的事情。

Also Dan, you want to add anything to that?

還有丹，你想補充什麼嗎？

I'd just say, Naved, that performance ad efficiency has been under pressure for the back half of 2016, and our forecast is for slight improvement going forward.

Naved，我只想說，效果廣告效率在 2016 年下半年一直面臨壓力，我們的預測是未來會略有改善。

So there's nothing in there, that I would call out, specifically related to mobile.

所以我要指出的是，其中沒有任何與移動相關的內容。

Okay.

好的。

That's helpful.

這很有幫助。

And then, quickly on Momondo, can you just sort of talk about how much of the business is flight, and how much is hotels, and the growth rate in the business is today, on a standalone basis?

然後，在 Momondo 上，您能否簡單談談航班業務佔業務的比重，酒店業務佔業務的比重，以及目前業務的獨立增長率？

We're currently in the standard regulatory review process.

我們目前正處於標準監管審查流程中。

So unfortunately, it's not the right thing for us to comment at all on them right now.

不幸的是，我們現在對它們發表評論根本不合適。

But we will say that after we've closed on the transaction, we'll have some more color to give to you.

但我們會說，在交易結束後，我們將向您提供更多資訊。

How about that?

怎麼樣？

Great.

偉大的。

Thanks.

謝謝。

Thank you.

謝謝。

Our next question comes from Scott Devitt of Stifel.

我們的下一個問題來自 Stifel 的 Scott Devitt。

Your line is open.

您的線路已開通。

Thanks for taking my question.

感謝您提出我的問題。

There's been a long history of consolidation in the industry.

該行業的整合有著悠久的歷史。

There's also been a few instances of unbundling of assets.

也有一些資產分拆的例子。

And just wondering how you think about the advertising funnel as you move up, in terms of the assets that you have in place there, the competitive advantage that you have existing, versus the value of vertically integrated further up the advertising stack?

只是想知道，當你向上移動時，你如何看待廣告漏斗，就你在那裡擁有的資產、你現有的競爭優勢，以及進一步垂直整合廣告堆疊的價值而言？

Thank you.

謝謝。

Yes, that's a great question, Scott.

是的，這是一個很好的問題，斯科特。

And there has been a lot of that consolidation up and down, and there's been unbundling, and certainly we've seen acquisitions, and we've seen people build things organically.

上下進行了許多整合，也進行了分拆，當然我們也看到了收購，也看到人們有機地建構東西。

But we, our goal is to provide a great service to two sides of the market.

但我們的目標是為市場的兩端提供優質的服務。

One is the person who's traveling, and the other is to our partner supplier.

一個是旅行的人，另一個是我們的合作供應商。

So on the demand side, obviously, we want to try to get that person who is traveling as quickly as possible, as fast as possible, and provide them with the content they need.

因此，在需求方面，顯然，我們希望盡可能快地、盡可能快地找到正在旅行的人，並為他們提供他們需要的內容。

Now we have started our business, down at the bottom, where we convert right away.

現在我們已經開始了我們的業務，從底部開始，我們立即進行轉換。

And that is a great place to be, because that's where you can make good money.

那是一個很棒的地方，因為那是你可以賺大錢的地方。

And we also know that, by providing more content to help then make their decisions earlier, will help make them more loyal to us, so we build out that too.

我們也知道，透過提供更多內容來幫助他們更早做出決定，將有助於讓他們對我們更加忠誠，所以我們也建立了這一點。

So as with anything, we experiment.

因此，與任何事情一樣，我們都會進行實驗。

We test.

我們測試。

We optimize.

我們優化。

We see, are we getting the return we want for the amount of money, and the people and effort that we're putting into something?

讓我們來看看，我們投入的金錢、人力和精力是否得到了我們想要的回報？

And that's the way we're going to do it going forward.

這就是我們今後要做的事。

I will say that, I think we're pretty good at it, and I'm looking forward to them continuing to do it, the way they've been doing it for 17 years.

我想說的是，我認為我們在這方面相當擅長，我期待他們繼續這樣做，就像他們 17 年來一直這樣做的那樣。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Tom White of Macquarie.

我們的下一個問題來自麥格理的湯姆懷特。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

I think last quarter, you guys talked a little about focusing more on affiliate deals, or distribution deals as a way to drive growth.

我認為上個季度，你們談到了更多地關注聯屬交易或分銷交易作為推動成長的一種方式。

Correct me, if I'm wrong, but I don't think you guys have done those, that many of those types of deals in the past.

如果我錯了，請糾正我，但我認為你們過去沒有做過很多這樣的交易。

I guess, can you maybe just give us some color about how your thinking there as changed, and how you kind of weigh the benefits of those deals, versus having to split the economics?

我想，您能否給我們一些關於您的想法如何改變的信息，以及您如何權衡這些交易的好處與必須分割經濟的關係？

And just curious, if this is a channel that will be big enough, where it will have some appreciable impact on your revenue margins over the next year or two, or is it still quite small?

只是好奇，如果這是一個足夠大的管道，它將在未來一兩年內對您的收入利潤產生一些明顯的影響，還是仍然很小？

Thanks.

謝謝。

Thanks, Tom.

謝謝，湯姆。

And since you referenced remarks made in the last quarter, I'm going to pass this to Dan.

既然您提到了上個季度的言論，我將把它轉達給丹。

There's been no big change in our approach to affiliate deals, Tom.

湯姆，我們的聯盟行銷方式並沒有發生太大的變化。

We've been focused on them for a long time now.

我們長期以來一直關注它們。

We have a way of looking at affiliate deals, that we want to make sure we're getting good branding out of them, and that it's a fair share of the economics with the affiliate partner.

我們有一種看待聯盟交易的方式，我們希望確保我們從中獲得良好的品牌形象，並且與聯盟合作夥伴公平分享經濟利益。

So we typically wouldn't participate with a click-farmer type of affiliate, that doesn't really have a brand, and they're just using our content to potentially compete with us in paid advertising channels, and take a slice of our economics.

因此，我們通常不會參與點擊農民類型的附屬公司，他們實際上沒有品牌，他們只是利用我們的內容在付費廣告管道上與我們競爭，並從我們的經濟中分一杯羹。

But deals that we've done with partners like Southwest Airlines, we think those are great.

但我們與西南航空等合作夥伴達成的交易，我們認為這些都很棒。

That's a real brand that [has] customers.

這是一個真正擁有客戶的品牌。

And to the extent, they're also looking for a place to stay, we're the perfect partner to help their customer find that place to stay.

在某種程度上，他們也在尋找住宿地點，我們是幫助他們的客戶找到住宿地點的完美合作夥伴。

In terms of the economics, I mean, we don't disclose them obviously, but there's been no significant change over the last several years.

就經濟學而言，我的意思是，我們沒有明顯地披露它們，但過去幾年沒有重大變化。

And that wouldn't come out of revenue margin, just to be clear.

需要明確的是，這並不是來自收入利潤率。

Our revenue would be the full amount earned from the hotel, and then the amount that we share with the affiliate is recognized as performance marketing.

我們的收入將是從酒店賺取的全部金額，然後我們與附屬公司分享的金額被視為績效行銷。

Got it.

知道了。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you.

謝謝。

Our next question comes from Michael Olson of Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Michael Olson。

Your line is open.

您的線路已開通。

Hey, good afternoon.

嘿，下午好。

I had two questions.

我有兩個問題。

You mentioned increased discounting Agoda is facing, and when this happened in China, we saw Ctrip's margins get hit pretty hard.

您提到 Agoda 面臨折扣增加的問題，當這種情況發生在中國時，我們看到攜程的利潤受到了相當大的打擊。

How significant is the discounting in Agoda's primary markets, and do you expect any material impact on Agoda margins as a result of it?

Agoda 主要市場的折扣有多大？

And secondly, do you consider getting more aggressive with some of the strategies that Priceline.com historically emphasized, and essentially go back to the future, I guess, by putting some more resources into opaque, or last minute models, like what companies such as HotelTonight are experiencing success with?

其次，您是否考慮對 Priceline.com 歷史上強調的一些策略採取更加積極的策略，我想，本質上是回到未來，透過將更多的資源投入到不透明的或最後一刻的模型中，例如公司HotelTonight 正在經歷成功與否？

Thanks.

謝謝。

Yes, let's talk a little about APAC in general.

是的，我們來談談亞太地區的整體情況。

APAC is a competitive, competitive market, and we have a number of people out there who are building their business, in ways that they believe that offering a lower price, by using their own money to discount is advantageous for them in the long-term.

亞太地區是一個競爭激烈的市場，我們有很多人正在建立自己的業務，他們相信，透過用自己的錢進行折扣來提供較低的價格，從長遠來看對他們有利。

So at that time, we have to make decisions, whether or not we're going to match or not.

所以到了那個時候，我們就必須做出決定，無論我們是否要比賽。

And I believe I mentioned some of the very good things that Agoda's been doing, as pricing strategy has been very effective.

我相信我提到了 Agoda 一直在做的一些非常好的事情，因為定價策略非常有效。

In regard to Priceline.com company, they, as I mentioned, they've come out with new brand.

至於 Priceline.com 公司，如我所提到的，他們推出了新品牌。

They really are coming out to consumer value proposition, that is really to tell the consumer that we've got the best deals now.

他們確實提出了消費者價值主張，即告訴消費者我們現在有最優惠的價格。

That these deals are being provided by the suppliers, and we're not discounting them.

這些優惠是由供應商提供的，我們不會打折。

That doesn't necessarily mean that we are hurting our margins at all.

這並不一定意味著我們的利潤率會受到損害。

In fact, it's a great deal for everybody.

事實上，這對每個人來說都是一件大事。

The hotel gets their customer, and we get a similar margin that we'd get anyway.

酒店吸引了他們的顧客，而我們也獲得了與我們無論如何都會獲得的類似的利潤。

So I don't think that you should be too concerned about how much -- which I think what you're really commenting on, is there going to be a big hit to margins in the long-term?

因此，我認為您不應該太擔心——我認為您真正評論的是，從長遠來看，利潤率會受到多大影響？

I don't think you should be too concerned about that, which is I think where you're driving.

我認為你不應該太擔心這一點，我認為這就是你開車的地方。

Okay.

好的。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Our next question comes from Peter Stabler of Wells Fargo.

我們的下一個問題來自富國銀行的彼得‧斯特布勒。

Your line is open.

您的線路已開通。

Hi, thanks for taking the questions.

您好，感謝您提出問題。

Just two quick ones.

就兩個快的。

Dan, in your prepared remarks, you talked about the expanding booking window.

丹，在您準備好的演講中，您談到了擴大預訂窗口的問題。

Was wondering, if you could give us a little more color on whether this is a trend you expect will continue?

想知道您是否可以給我們更多的資訊來說明您預計這種趨勢是否會持續下去？

And then, one is one's probably a lay-up.

然後，一個人可能是上籃。

But Glenn, safe to assume no change in guidance philosophy, given your tenure and Dan's tenure?

但是格倫，考慮到你和丹的任期，你可以放心地假設指導理念不會改變嗎？

Thanks so much.

非常感謝。

Okay, for the expanding booking window, that is a phenomenon that we've observed for a while now, Peter.

好的，對於不斷擴大的預訂窗口，這是我們觀察到的現像已經有一段時間了，彼得。

And I would expect that it will continue, not knowing any reason why it wouldn't.

我希望它會繼續下去，但不知道為什麼它不會。

Maybe a change in the macro healthiness of the travel market could have an impact.

也許旅遊市場宏觀健康狀況的變化可能會產生影響。

We've seen, in the last several quarters, pretty healthy ADRs.

在過去的幾個季度中，我們看到了相當健康的 ADR。

So I think it's beneficial for people to book in advance.

所以我認為提前預訂對人們來說是有利的。

We have a growing numbers of repeat users that are familiar with our model, love the flexibility that it gives them.

我們有越來越多的重複使用者熟悉我們的模型，喜歡它給他們帶來的靈活性。

And so, I think as people are more familiar, and they use our service a number of times, and become direct customers, they're more comfortable booking in advance.

因此，我認為隨著人們更加熟悉，並且他們多次使用我們的服務並成為直接客戶，他們會更願意提前預訂。

So yes, right now, I'd say that that should continue going forward.

所以，是的，現在，我想說這應該繼續下去。

And the second question on -- we put guidance out there, because we believe this, is what we believe, is the guidance that we've put out.

第二個問題是──我們提出了指導意見，因為我們相信這一點，就是我們所相信的，就是我們已經提出的指導意見。

I don't [reckon we're going to] make any changes.

我[認為我們不會]做出任何改變。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Brian Fitzgerald of Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的布萊恩·菲茨傑拉德 (Brian Fitzgerald)。

Your line is open.

您的線路已開通。

Thanks, guys.

謝謝，夥計們。

Maybe a quick follow-up on social.

也許是社交媒體上的快速跟進。

Anything notable to call out, format specifically, with Facebook's dynamic product ads and travel?

Facebook 的動態產品廣告和旅遊有什麼值得注意的地方嗎？

And then, earlier you said you launched the OpenTable global platform in the quarter.

然後，您之前說過您在本季推出了 OpenTable 全球平台。

At a high level, what's kind of the next focus for that business specifically?

從較高的層面來看，該業務的下一個重點是什麼？

Thanks.

謝謝。

Regarding the Facebook marketing, look, we look forward to continuing to work with Facebook, to improve their product, so that we can get the opportunity to put more money to work there.

關於Facebook的行銷，我們期待繼續與Facebook合作，改進他們的產品，這樣我們就有機會投入更多的錢在那裡工作。

We're always looking for anybody that can help us, bring us more customers at good ROIs, that produce loyal customers who will come back to us directly.

我們一直在尋找任何可以幫助我們的人，為我們帶來更多的客戶，帶來良好的投資報酬率，從而產生忠誠的客戶，他們會直接回到我們身邊。

It's still very, very, very early, and we're working hard.

現在還非常非常早，我們正在努力工作。

We work with them, and we're hoping to have success down the road with them.

我們與他們合作，希望與他們一起取得成功。

Now I can't promise it will happen or not, but we're going to work with them, and try and make it happen.

現在我不能保證它會發生或不會發生，但我們將與他們合作，並努力實現它。

And what was your second question?

你的第二個問題是什麼？

Thanks, Glenn.

謝謝，格倫。

It was on OpenTable.

它在 OpenTable 上。

You mentioned the global platform launch in the quarter, rolled out in the quarter at a high level.

您提到本季推出的全球平台，在本季高水準推出。

What's the next focus for that business specifically?

該業務的下一個重點是什麼？

Yes.

是的。

Again, we don't like to talk too much about what we're planning to do next.

再說一次，我們不想多談論我們下一步計劃做什麼。

But as we've said, we've retooled the strategy, which is to build the business at a more profitable level, less investment.

但正如我們所說，我們已經調整了策略，即以更高的利潤水平、更少的投資來建立業務。

And we are very hopeful that we, while growing out that global platform, and be able to bring to our customers what they want, which is namely content, and the ability to get reservations for restaurants throughout the world.

我們非常希望，在發展這個全球平台的同時，能夠為我們的客戶帶來他們想要的東西，即內容，以及在世界各地預訂餐廳的能力。

It's going to take some time, more time perhaps than we thought originally.

這需要一些時間，也許比我們最初想像的還要多。

But we still believe in the product, and we believe that when people are traveling, they need a place to eat.

但我們仍然相信這個產品，我們相信人們在旅行時需要一個吃飯的地方。

Got it.

知道了。

Thanks, Glenn.

謝謝，格倫。

Thank you.

謝謝。

Our next question comes from Justin Patterson of Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的賈斯汀帕特森。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thank you very much.

非常感謝。

I wanted to circle back to vacation rentals.

我想回到度假租賃。

You've had a lot of momentum in supply there.

那裡的供應勢頭強勁。

Could you talk about the factors driving that, and how we should think about supply growth by geography going forward?

您能否談談推動這一趨勢的因素，以及我們應該如何考慮未來按地理位置劃分的供應成長？

Thank you.

謝謝。

Well, the factors that drive the growth in supply for us is no different, whether it be a vacation rental or a regular hotel, rental car, whatever a hotel.

嗯，推動我們供應成長的因素沒有什麼不同，無論是度假租賃還是普通酒店、租車，無論是酒店。

But we have people out there, who are trying their best to go out and make sure that the people who have that supply, understand the benefits of our low cost distribution system.

但我們有人正在盡力走出去，確保擁有供應的人們了解我們低成本分銷系統的好處。

And when we show them the benefit of generally people say, yes, I want to be part of that, because they see the incredible number of customers who are coming to our site, from around the world, in 42 languages, who want to find a place to stay, rent a car, or whatever we offer.

當我們向他們展示的好處時，人們普遍會說，是的，我想成為其中的一部分，因為他們看到來自世界各地、使用 42 種語言來到我們網站的大量客戶，他們想要找到住宿的地方、租車或我們提供的任何服務。

So it's no different at all.

所以這根本沒有什麼不同。

Now you're asking for specific areas or [whatever].

現在您要詢問特定區域或[無論什麼]。

Again, I just want to make this very, very plain, that we believe we need to be everywhere, throughout the world.

再說一次，我只想非常非常簡單地說明這一點，我們相信我們需要遍布世界各地。

So I'm not going to say, we should want this place, or that place.

所以我不會說，我們應該想要這個地方，或是那個地方。

We want to be everywhere, because customers are traveling around the world, and they want to stay everywhere.

我們希望無處不在，因為客戶在世界各地旅行，他們希望留在任何地方。

And that's what we're going to do.

這就是我們要做的。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Brad Erickson of Pacific Crest.

我們的下一個問題來自 Pacific Crest 的 Brad Erickson。

Your line is open.

您的線路已開通。

Two quick follow-ups.

兩次快速跟進。

First, can you just unpack, or are you able to unpack the growth on the room night metric, between traditional hotel versus alternative accommodation?

首先，您能否分析一下傳統飯店與其他住宿之間的間夜指標成長情況？

And then secondly, just curious, about I'm seeing a bit of ROI leverage here on a comparable basis, just curious how that compares for the alternative accommodation, and what's contemplated in the forward outlook?

其次，我只是好奇，我在可比較的基礎上看到了一些投資回報率槓桿，只是好奇與其他住宿相比如何，以及未來的展望是什麼？

Thanks.

謝謝。

That's Dan.

那是丹.

Yes, Brad, you see the property growth on our website, and that's been driven more by vacation rentals.

是的，布拉德，您在我們的網站上看到了房地產的增長，而這主要是由度假租賃推動的。

So you can assume that the vacation rentals are contributing nicely to our room night growth.

因此，您可以假設度假租賃對我們的間夜成長做出了很好的貢獻。

We don't split out the growth rates separately, but that's been a nice tailwind to our growth rate for several years now, as we continue to add more and more vacation rentals.

我們不會單獨劃分成長率，但隨著我們繼續增加越來越多的度假租賃，這對我們幾年來的成長率來說是一個很好的推動力。

And it's certainly something that we expect to continue going forward.

這當然是我們期望繼續向前發展的事情。

In terms of ROI leverage, we're not going to break that down for you by hotel versus vacation rental.

就投資報酬率而言，我們不會以飯店與度假租賃來為您細分。

I wouldn't really think of it that way anyway.

無論如何，我真的不會這麼想。

I mean, we're out there trying to bring customers to our website, that are interested in a place to stay in Rome.

我的意思是，我們正在努力吸引對羅馬住宿有興趣的客戶造訪我們的網站。

And maybe they're thinking they're going to look for a hotel or two hotel rooms for their family.

也許他們正在考慮為家人尋找一家或兩間酒店房間。

And then, since our teams have done such a good job of integrating the vacation rentals into the search results, in a very intuitive way, that customer may just say, you know what, this apartment, in the heart of Rome is perfect for my family.

然後，由於我們的團隊以非常直觀的方式將度假出租屋整合到搜尋結果中，做得非常好，客戶可能會說，你知道嗎，這間位於羅馬市中心的公寓非常適合我家庭。

We don't need to stay in two separate hotel rooms, and the price is great, and it's got a kitchen, so this is what I want.

我們不需要住兩個獨立的飯店房間，而且價格很棒，而且還有廚房，所以這就是我想要的。

So we're not really trying to target separately.

所以我們並不是真的試圖單獨瞄準。

There are some key words that maybe lend themselves more to the vacation rental space, but we look at it from an overall portfolio perspective.

有一些關鍵字可能更適合度假租賃領域，但我們從整體投資組合的角度來看待它。

Got it.

知道了。

Thanks.

謝謝。

You're welcome.

不客氣。

Thank you.

謝謝。

Our final question comes from Kevin Kopelman of Cowen and Company.

我們的最後一個問題來自 Cowen and Company 的 Kevin Kopelman。

Your line is open.

您的線路已開通。

Hi.

你好。

Thanks a lot, and congrats to you, Glenn.

非常感謝，並祝賀你，格倫。

A question on KAYAK.

關於 KAYAK 的問題。

You mentioned that's the only multi-product global meta search player.

您提到這是唯一的多產品全球元搜尋播放器。

Do you see being multi-product as an advantage in meta search, and if so, why is that?

您是否認為多產品是元搜尋的優勢？

Thanks.

謝謝。

Yes, I think it is.

是的，我認為是的。

When people become loyal to a particular site, that ties meta particularly, specifically, because they're offering great services.

當人們對某個特定網站變得忠誠時，就會特別特別地聯繫元，因為他們提供了優質的服務。

And it's one of those things, where the people are great, providing it to our hotel, [metasearch] or for our flight one, by being able to provide the great ways to go out, and see those different prices, and be able to see all their different choices, and then go easily to actually book it, that's the advantage.

這是其中之一，人們很棒，將其提供給我們的酒店、[元搜尋]或我們的第一趟航班，能夠提供外出的好方法，看到那些不同的價格，並且能夠查看他們所有不同的選擇，然後輕鬆地實際預訂，這就是優勢。

Now clearly, we believe that KAYAK is -- Momondo, now that's mostly a flight one, you've seen that in press, et cetera.

現在很明顯，我們相信 KAYAK 是——Momondo，現在它主要是一個航班，你已經在媒體上看到過，等等。

But we know that we're good in both areas, and we're hoping to make sure we to continue to do that.

但我們知道我們在這兩個領域都做得很好，我們希望確保我們繼續這樣做。

Thanks, Glenn.

謝謝，格倫。

Thank you.

謝謝。

At this time, I would like to turn the call over for any closing remarks.

此時，我想將會議轉交以供結束發言。

Gentlemen?

先生們？

Listen, we want to thank everybody for coming on the call, and thank you very much for attending.

聽著，我們要感謝大家參加電話會議，並非常感謝你們參加。

Ladies and gentlemen, that does conclude your program.

女士們先生們，你們的計畫到此結束。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。

You may disconnect your lines at this time.

此時您可以斷開線路。