Booking Holdings Inc (BKNG) 2018 Q1 法說會逐字稿

Welcome to Booking Holdings First Quarter 2018 Conference Call.

歡迎來到 Booking Holdings 2018 年第一季度電話會議。

Booking Holdings 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.

Booking Holdings 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》的安全港條款作出的。

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

這些前瞻性陳述不是對未來業績的保證，並受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、暗示或預測的結果存在重大差異。

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 Booking Holdings' actual results to differ materially from those described in the forward-looking statements, please refer to the safe harbor statements at the end of Booking Holdings' earnings press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

有關可能導致 Booking Holdings 的實際結果與前瞻性陳述中描述的結果存在重大差異的因素列表，請參閱 Booking Holdings 收益新聞稿末尾的安全港聲明以及 Booking Holdings 最最近向美國證券交易委員會提交的文件。

Unless required by law, Booking Holdings 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，否則 Booking Holdings 沒有義務公開更新任何前瞻性陳述，無論是由於新信息、未來事件還是其他原因。

A copy of Booking Holdings' earnings press release, together with an accompanying financial and statistical supplement, is available in the For Investors section of Booking Holdings' website, www.bookingholdings.com.

Booking Holdings 的收益新聞稿副本以及隨附的財務和統計補充資料可在 Booking Holdings 網站 www.bookingholdings.com 的投資者部分獲取。

And now I'd like to introduce Booking Holdings speakers for this afternoon: Glenn Fogel and David Goulden.

現在我想介紹今天下午 Booking Holdings 的發言人：Glenn Fogel 和 David Goulden。

Go ahead, gentlemen.

來吧，先生們。

Thank you, and welcome to Booking Holdings 2018 Quarter 1 Conference Call.

謝謝，歡迎來到 Booking Holdings 2018 年第一季度電話會議。

I am joined this afternoon by our CFO, David Goulden.

今天下午，我們的首席財務官戴維·古爾登 (David Goulden) 加入了我的行列。

Booking Holdings had a solid quarter with revenue up 24% year-over-year in U.S. dollars or about 16% on constant-currency basis.

Booking Holdings 季度表現穩健，收入按美元計算同比增長 24%，按固定匯率計算增長約 16%。

And adjusted EBITDA increased 26% year-over-year to approximately $800 million.

調整後的 EBITDA 同比增長 26% 至約 8 億美元。

Our worldwide accommodation room nights of 197 million were up 13% year-over-year and exceeded the high end of our guidance range.

我們的全球住宿間夜量為 1.97 億，同比增長 13%，超出了我們指導範圍的上限。

Consolidated gross bookings were up 21% year-over-year in U.S. dollars or about 12% on a constant-currency basis.

按美元計算，綜合總預訂量同比增長 21%，按固定匯率計算增長約 12%。

An important factor contributing to our EBITDA over-performance was another strong quarter of efficiencies in our performance marketing channels as we were able to leverage our spend by over 380 basis points.

導致我們的 EBITDA 超額表現的一個重要因素是我們的績效營銷渠道的另一個強勁季度效率，因為我們能夠將我們的支出槓桿化超過 380 個基點。

As we have discussed in the past, our performance marketing channels are complex and dynamic.

正如我們過去所討論的那樣，我們的績效營銷渠道是複雜且動態的。

Our goal is to achieve an appropriate balance between acceptable ROIs and growth.

我們的目標是在可接受的投資回報率和增長之間取得適當的平衡。

As we set out our ROI hurdles, we take into account not only the short-term impacts from our bidding strategies but also factors such as: the customer experience on the advertising platform; the incrementality of the traffic we receive; the anticipated repeat rate from a particular platform; and several other important elements.

在設定 ROI 障礙時，我們不僅考慮了出價策略的短期影響，還考慮了以下因素：廣告平台上的客戶體驗；我們收到的流量的增量；來自特定平台的預期重複率；以及其他幾個重要元素。

As we discussed last quarter, increasing direct traffic and customer loyalty is a key strategic priority for us.

正如我們上個季度所討論的那樣，增加直接流量和客戶忠誠度是我們的關鍵戰略重點。

To achieve these goals, we strive to have the widest selection, the best prices and availability, the most informative content, the easiest user interface and the highest level of customer service.

為實現這些目標，我們努力提供最廣泛的選擇、最優惠的價格和可用性、最豐富的內容、最簡單的用戶界面和最高水平的客戶服務。

We are pleased to report that we continue to see growth in our direct channel and note that our mobile business is an important factor in the growth of our direct business.

我們很高興地報告，我們繼續看到直接渠道的增長，並註意到我們的移動業務是我們直接業務增長的重要因素。

As we have discussed in previous quarters, we believe that brand marketing will also be an important part of driving direct traffic to our websites over time.

正如我們在前幾個季度所討論的那樣，我們相信隨著時間的推移，品牌營銷也將成為推動我們網站直接訪問量的重要組成部分。

We hope to make further progress executing our brand strategy, implementing new measurement technologies and tools and testing in various geographies, but want to reiterate what we have said in the past, that we will proceed in a prudent manner.

我們希望在執行我們的品牌戰略、實施新的測量技術和工具以及在不同地區進行測試方面取得進一步進展，但要重申我們過去說過的話，我們將謹慎行事。

During the quarter, we made progress adding new supply to our marketplace, maintaining our position as the leading global accommodations platform offering the most choice in over 220 countries and territories worldwide.

在本季度，我們在為市場增加新供應方面取得了進展，保持了我們作為全球領先住宿平台的地位，在全球 220 多個國家和地區提供最多的選擇。

As of March 31, Booking.com, our largest brand, had a total of 28.2 million reported listings, consisting of approximately 23.0 million reported listings in hotels, motels and resorts and approximately 5.2 million reported listings in homes, apartments and other unique places to stay.

截至 3 月 31 日，我們最大的品牌 Booking.com 共有 2820 萬個報告的房源，其中包括約 2300 萬個酒店、汽車旅館和度假村的報告房源以及約 520 萬個報告的住宅、公寓和其他獨特場所的房源停留。

Year-over-year growth in Booking.com's reported listings for our alternative accommodations category was 28%, which demonstrates our ongoing focus to build additional supply.

Booking.com 報告的我們另類住宿類別的房源同比增長 28%，這表明我們一直致力於增加供應。

Today, all of Booking.com's alternative accommodation listings are fully integrated in our marketplace and are instantly bookable with no customer fee.

今天，Booking.com 的所有備選住宿列表都已完全整合到我們的市場中，並且可以立即預訂，無需客戶付費。

Room night bookings in this category are growing nicely, and we firmly believe our customers want a one-stop shopping experience to find a great place to stay.

此類別的間夜預訂量增長良好，我們堅信我們的客戶希望通過一站式購物體驗來找到理想的住宿地點。

Whether it is a hotel, resort, home or apartment, they want the ability to search and compare across all property types to find the best fit for their unique needs.

無論是酒店、度假村、住宅還是公寓，他們都希望能夠搜索和比較所有物業類型，以找到最適合他們獨特需求的物業。

We remain focused on bringing more alternative accommodation properties on to our platform, especially single properties, whose owners may not be as aware as professional multiunit managers are of the strength of our traveler demand.

我們仍然專注於在我們的平台上引入更多的替代住宿物業，尤其是單體物業，其所有者可能不像專業的多單元經理那樣意識到我們旅行者需求的強度。

And we believe that this is an attractive opportunity for us.

我們相信這對我們來說是一個有吸引力的機會。

Building sophisticated capabilities in local attractions and in-destination experiences remains a long-term goal for the company as we look to provide a more holistic travel experience for our customers in order to drive loyalty into the larger direct brand.

在當地景點和目的地體驗方面建立復雜的能力仍然是公司的長期目標，因為我們希望為客戶提供更全面的旅行體驗，以提高對更大直銷品牌的忠誠度。

We have been gradually increasing our investments and expertise in these areas, including our recent acquisition of FareHarbor, and are pleased with our progress to date, though we want to stress that we are still in an early stage.

我們一直在逐步增加我們在這些領域的投資和專業知識，包括我們最近對 FareHarbor 的收購，並對我們迄今為止取得的進展感到滿意，儘管我們想強調我們仍處於早期階段。

During the first quarter, we utilized $1.5 billion in capital to reduce our fully diluted share count through both share repurchases and the cash settlement of the conversion premium on our convertible bonds, which matured in March.

在第一季度，我們動用了 15 億美元的資本，通過股票回購和 3 月份到期的可轉換債券轉換溢價的現金結算來減少完全稀釋的股份數量。

We will continue to prudently deploy capital through a mix of organic growth investments, M&A and stock repurchases.

我們將繼續通過有機增長投資、併購和股票回購的組合來審慎地配置資本。

In summary, Booking Holdings had a good start to the year.

總而言之，Booking Holdings 今年開局良好。

Bottom line results for the first quarter were aided by solid revenue growth and efficiencies that we realized in our performance marketing channels.

第一季度的底線結果得益於我們在績效營銷渠道中實現的穩健收入增長和效率。

We believe the travel market remains healthy, and we continue to orient ourselves to the long run.

我們相信旅遊市場依然健康，我們將繼續以長遠為導向。

We have a single-digit market share in the very large global accommodations market and an even lower market share in the total travel market.

我們在非常龐大的全球住宿市場中擁有個位數的市場份額，在整個旅遊市場中的市場份額甚至更低。

We continue to evolve the company so that in the long run, we will be able to provide our customers with a more complete and superior travel offering.

我們將繼續發展公司，以便從長遠來看，我們將能夠為我們的客戶提供更完整、更優質的旅行服務。

This will take time, but we believe that if we continue to leverage our unique assets and expertise and all of our brands continue to execute, we will be successful.

這需要時間，但我們相信，如果我們繼續利用我們獨特的資產和專業知識，並且我們所有的品牌繼續執行，我們將取得成功。

As always, I want to thank our more than 24,000 employees worldwide for their hard work and dedication.

一如既往，我要感謝我們全球 24,000 多名員工的辛勤工作和奉獻精神。

We are now getting ready for our busy Northern Hemisphere summer season, and I know we will all work tirelessly to ensure our customers have a great travel experience.

我們現在正在為繁忙的北半球夏季做準備，我知道我們都會不懈努力，以確保我們的客戶擁有良好的旅行體驗。

Finally, I want to send out a special thank you to Rob Rosenstein, the Co-founder and long-time CEO of Agoda, our Asia-based business.

最後，我要特別感謝 Rob Rosenstein，他是我們亞洲業務 Agoda 的聯合創始人兼長期首席執行官。

Effective June 1, Rob is moving up to be the Chairman of Agoda and taking the role of special adviser to the CEO of Booking Holdings.

自 6 月 1 日起，Rob 將升任 Agoda 董事長，並擔任 Booking Holdings 首席執行官的特別顧問。

I have known Rob for almost 15 years now, and I look forward to working closely with him as we continue to develop our long-term Asia strategies.

我認識 Rob 已經將近 15 年了，我期待著在我們繼續制定長期亞洲戰略的過程中與他密切合作。

Taking Rob's CEO position at Agoda is the current COO of Agoda, John Brown.

接替 Rob 在 Agoda 擔任 CEO 職務的是 Agoda 現任首席運營官 John Brown。

And Omri Morgenshtern the current Chief Product Officer, will take the COO role there.

現任首席產品官 Omri Morgenshtern 將擔任首席運營官一職。

Congratulations to all of them.

祝賀他們所有人。

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

我現在將電話轉給大衛進行財務審查。

Thank you, Glenn, and good afternoon.

謝謝你，格倫，下午好。

I'll discuss operating results and cash flows for the first quarter and then provide guidance for second quarter of 2018.

我將討論第一季度的經營業績和現金流量，然後提供 2018 年第二季度的指導。

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

除非另有說明，否則所有增長率均與上年同期相比。

Before we get into numbers, as we discussed last quarter, starting on January 1, 2018, we began reporting under the new revenue recognition accounting standard, which recognizes revenue at check-in rather than at check-out.

在我們進入數字之前，正如我們上個季度討論的那樣，從 2018 年 1 月 1 日開始，我們開始根據新的收入確認會計準則進行報告，該準則在入住時而不是退房時確認收入。

As a result, all year-over-year growth rates referenced in my remarks and Q2 guidance will compare the current year under the new accounting standard to the prior year under the previous accounting standard.

因此，我的評論和第二季度指南中引用的所有同比增長率將根據新會計準則將本年度與先前會計準則下的上一年進行比較。

Additionally, revenue growth and profit margin performance for Q1 results and Q2 guidance are based upon comparison to prior year gross profits due to the associated change to net revenue reporting in 2018.

此外，由於 2018 年淨收入報告的相關變化，第一季度業績和第二季度業績的收入增長和利潤率表現是基於與上一年毛利潤的比較。

Gross bookings and other unit metrics like room night reservations are not impacted by the new revenue accounting standard.

新的收入會計準則不會影響總預訂量和其他單位指標（如客房預訂量）。

Our non-GAAP financial results and forecast include stock-based compensation and are reconciled to our GAAP results in our earnings release.

我們的非 GAAP 財務業績和預測包括基於股票的薪酬，並在我們的收益發布中與我們的 GAAP 結果進行了核對。

So now on to our results for the quarter.

現在來看我們本季度的業績。

Our strategy to optimize performance marketing ROIs is impacting our top line growth.

我們優化績效營銷投資回報率的戰略正在影響我們的收入增長。

It's also driving significant improvements in our operating margins.

它還推動了我們營業利潤率的顯著提高。

The result was a second quarter in a row of expanding adjusted EBITDA margins and a bottom line performance that substantially exceeded our guidance range and the FactSet analyst expectations.

結果是調整後的 EBITDA 利潤率連續第二個季度擴大，利潤表現大大超出我們的指導範圍和 FactSet 分析師的預期。

Room nights booked in Q1 grew by 13%, which exceeded the high end of our guidance range.

第一季度預訂的間夜量增長了 13%，超出了我們指導範圍的上限。

Average daily rates for accommodations, or ADRs, were down slightly for Q1 versus prior year on a constant-currency basis, which was better than our forecast of down about 1%.

按固定匯率計算，第一季度住宿的平均每日房價或 ADR 與上一年相比略有下降，好於我們預測的下降約 1%。

Foreign exchange rates favorably impacted growth rates expressed in U.S. dollars for our Q1 results.

外匯匯率對我們第一季度業績以美元表示的增長率產生了有利影響。

Q1 gross bookings grew by 21%, expressed in U.S. dollars, and grew by about 12% on a constant-currency basis compared to prior year.

第一季度總預訂量增長 21%，以美元計算，與去年同期相比增長約 12%。

Consolidated revenue for the first quarter was $2.9 billion and grew by 25% in U.S. dollars and by about 18% on a constant-currency basis.

第一季度的合併收入為 29 億美元，按美元計算增長 25%，按固定匯率計算增長約 18%。

Q1 revenue includes $45 million from the Momondo Group, an acquisition we closed in July of 2017.

第一季度收入包括來自 Momondo Group 的 4500 萬美元，這是我們於 2017 年 7 月完成的一項收購。

We also recognized a $27 million benefit to revenue in Q1 from the reversal of a portion of OpenTable's loyalty program liability.

我們還從 OpenTable 忠誠度計劃負債的部分逆轉中確認了第一季度 2700 萬美元的收入收益。

This benefit relates to recently introduced changes to OpenTable's loyalty program and is excluded from our non-GAAP results as we believe it's not indicative of the core operating results of our business.

這一好處與最近對 OpenTable 的忠誠度計劃進行的更改有關，並且被排除在我們的非 GAAP 結果之外，因為我們認為它並不代表我們業務的核心運營結果。

Our non-GAAP revenue grew 24% in U.S. dollars and by about 16% on a constant-currency basis.

我們的非 GAAP 收入以美元計算增長了 24%，按固定匯率計算增長了約 16%。

Total revenues for the first quarter of 2018, under the current revenue standard, were approximately 2% lower than the first quarter 2018 would have been if reported under the previous revenue standard, which was consistent with our guidance.

根據現行收入標準，2018 年第一季度的總收入比按照之前的收入標準報告的 2018 年第一季度低約 2%，這與我們的指引一致。

This 2% difference in the quarter resulted in a 3 percentage point impact on our growth, comparing Q1 with a year ago.

與一年前相比，本季度 2% 的差異對我們的增長產生了 3 個百分點的影響。

Advertising and other revenue, which is mainly comprised of non-intercompany revenues for KAYAK and OpenTable, grew by 50% in Q1 compared to prior year, including revenue from Momondo and the OpenTable loyalty program benefits.

廣告和其他收入（主要包括 KAYAK 和 OpenTable 的非公司間收入）在第一季度比去年同期增長了 50%，其中包括來自 Momondo 的收入和 OpenTable 忠誠度計劃收益。

On a non-GAAP basis, which excludes the OpenTable benefits, growth in advertising and other revenue was 36% in Q1.

根據非美國通用會計準則計算（不包括 OpenTable 收益），第一季度廣告和其他收入增長了 36%。

GAAP operating income grew by 31%, and GAAP operating margins increased by [116] bps compared to Q1 last year.

與去年第一季度相比，GAAP 營業收入增長了 31%，GAAP 營業利潤率增加了 [116] 個基點。

GAAP net income accounted to $607 million or $12.34 per share, which grew by 35%.

GAAP 淨收入為 6.07 億美元或每股 12.34 美元，增長了 35%。

Our GAAP net income includes a $54.5 million benefit related to an unrealized gain in our equity investments in Ctrip, which is now recorded in the income statement rather than the balance sheet due to an accounting change that took effect in Q1.

我們的 GAAP 淨收入包括與我們在攜程的股權投資中未實現收益相關的 5450 萬美元收益，由於第一季度生效的會計變更，該收益現在記錄在損益表而不是資產負債表中。

We excluded this unrealized gain as well as the OpenTable loyalty program benefit from our non-GAAP results.

我們從我們的非 GAAP 結果中排除了這種未實現的收益以及 OpenTable 忠誠度計劃收益。

Our GAAP tax rate for the quarter was 19.4%, just slightly better than forecast.

我們本季度的 GAAP 稅率為 19.4%，略好於預期。

Adjusted EBITDA for Q1 amounted to $798 million, which exceeded the top end of our guidance of $705 million and grew by 26%.

第一季度調整後的 EBITDA 為 7.98 億美元，超過了我們 7.05 億美元的指導上限，增長了 26%。

Adjusted EBITDA also excludes the previously mentioned Ctrip gain and OpenTable loyalty program benefit.

調整後的 EBITDA 也不包括前面提到的攜程收益和 OpenTable 忠誠度計劃收益。

Our adjusted EBITDA margin of 27.5% was substantially better than our forecast, mainly due to higher revenue in the quarter and performance marketing efficiency.

我們調整後的 EBITDA 利潤率為 27.5%，大大好於我們的預期，這主要是由於本季度收入增加和績效營銷效率提高。

As expected, non-marketing OpEx expenses pressured year-on-year margins as we continue to invest in new markets and new capabilities.

正如預期的那樣，隨著我們繼續投資於新市場和新能力，非營銷運營支出對同比利潤率構成壓力。

Our non-GAAP EPS was $12, up 21% versus the prior year, comfortably exceeding our guidance in the quarter and FactSet consensus.

我們的非 GAAP 每股收益為 12 美元，比上年增長 21%，輕鬆超過我們在本季度的指導和 FactSet 的共識。

Non-GAAP net income reflects a non-GAAP tax rate of 19.4% in Q1, which increased from the prior year due to impacts of the U.S. tax act and a higher Innovation Box Tax rate in the Netherlands as well as last year's rate benefiting from discrete items.

非 GAAP 淨收入反映了第一季度 19.4% 的非 GAAP 稅率，由於美國稅法的影響和荷蘭更高的創新箱稅率以及去年的稅率受益於離散項。

Our cash and investments amounted to $16.3 billion at quarter-end.

截至季度末，我們的現金和投資總額為 163 億美元。

In Q1, we generated $640 million of operating cash flow, which grew by 68% compared to the prior year.

第一季度，我們產生了 6.4 億美元的運營現金流，與去年同期相比增長了 68%。

Our free cash flow for the quarter was $508 million, which is 64% higher than Q1 2017.

我們本季度的自由現金流為 5.08 億美元，比 2017 年第一季度高出 64%。

Cash flow in the quarter benefited from increased merchant transactions at Booking.com, which have a favorable working capital impact.

本季度的現金流受益於 Booking.com 商戶交易的增加，這對營運資金產生了有利影響。

We returned about $732 million during the first quarter to our shareholders through share buybacks.

第一季度，我們通過股票回購向股東返還了約 7.32 億美元。

In addition, we used another $773 million in the quarter for the cash settlements of a conversion premium on our convertible bonds that matured in March.

此外，我們在本季度又使用了 7.73 億美元用於現金結算 3 月份到期的可轉換債券的轉換溢價。

We currently have approximately $10 billion remaining of our share repurchase authorization.

我們目前還有大約 100 億美元的股票回購授權。

We will continue to be both programmatic and opportunistic with regards to our repurchases.

在我們的回購方面，我們將繼續既是程序化的又是機會主義的。

And under stable business and market conditions, we expect to complete this authorization within a 2- to 3-year time period.

在穩定的業務和市場條件下，我們預計將在 2 至 3 年的時間內完成此授權。

Our guidance reflects our quarter-to-date actual results and assumes our growth rates will decelerate over the remainder of the quarter, mainly due to the size of our business and consistent with long-term trends.

我們的指引反映了我們季度至今的實際結果，並假設我們的增長率將在本季度剩餘時間減速，這主要是由於我們的業務規模和與長期趨勢一致。

Our guidance also reflects the continued impact of our performance marketing optimization efforts, and our approach to guidance has not changed.

我們的指導還反映了我們績效營銷優化工作的持續影響，我們的指導方法沒有改變。

Our Q2 guidance is based upon current foreign exchange rates, which provide a tailwind to our growth rates expressed in U.S. dollars.

我們的第二季度指導基於當前的匯率，這為我們以美元表示的增長率提供了助力。

We are forecasting booked room nights to grow by 7% to 11% and total gross bookings to grow by 10% to 14% in U.S. dollars and by 5% to 9% on a constant-currency basis.

我們預測以美元計算的預訂間夜數將增長 7% 至 11%，總預訂量將增長 10% 至 14%，按固定匯率計算增長 5% 至 9%。

Our Q2 forecast assumes that constant-currency accommodation ADRs for the company will be down by approximately 1% compared to prior period.

我們的第二季度預測假設公司的固定貨幣住宿 ADR 將比上一期間下降約 1%。

We forecast Q2 revenue to grow by 11.5% to 15.5% in.

我們預測第二季度收入將增長 11.5% 至 15.5%。

U.S. dollars and by 6% to 10% on a constant-currency basis.

美元，並在固定匯率基礎上增加 6% 至 10%。

This forecast includes the impact of revenue shifting from Q2 to Q1 due to the timing of Easter and revenue recognition at check-in.

該預測包括由於復活節時間和入住時收入確認而導致的收入從第二季度轉移到第一季度的影響。

Q2 adjusted EBITDA is expected to range between $1.085 billion and $1.125 billion, which at the midpoint is up about 13% versus prior year.

第二季度調整後的 EBITDA 預計在 10.85 億美元至 11.25 億美元之間，與去年同期相比增長約 13%。

We forecast the adjusted EBITDA margin will be about in line with prior year Q2.

我們預測調整後的 EBITDA 利潤率將與去年第二季度大致持平。

Our Q2 forecast assumes that our ROI optimization efforts will continue to yield year-over-year performance marketing efficiency.

我們的第二季度預測假設我們的 ROI 優化工作將繼續產生同比績效營銷效率。

We expect the deleverage from our investments in brand marketing and non-marketing operating expenses will offset this leverage from performance marketing in the quarter.

我們預計我們對品牌營銷和非營銷運營費用投資的去槓桿作用將抵消本季度績效營銷的影響。

As mentioned last quarter, these investments have a more significant margin impact in Q1 and Q2, which are quarters in which we typically earn a smaller share of our annual profits due to normal seasonality of our business.

正如上個季度所述，這些投資在第一季度和第二季度對利潤率的影響更為顯著，由於我們業務的正常季節性，這些季度我們的年利潤份額通常較小。

Although we're not giving guidance beyond Q2, we do expect deleverage in non-marketing OpEx and brand marketing throughout 2018, but diminishing in the second half as we lap investments made last year.

雖然我們不會在第二季度之後提供指導，但我們確實預計整個 2018 年非營銷運營支出和品牌營銷的去槓桿化，但隨著我們去年的投資增加，下半年會減少。

We also assume operating margins will benefit from increased performance marketing efficiency until we anniversary the optimization efforts that started in Q3 of last year.

我們還假設營業利潤率將受益於績效營銷效率的提高，直到我們對去年第三季度開始的優化工作進行週年紀念。

We forecast GAAP EPS between $15.50 and $16.15 for Q2, which at the midpoint is up about 10% versus prior year.

我們預測第二季度的 GAAP 每股收益在 15.50 美元至 16.15 美元之間，中點較上年同期增長約 10%。

Our EPS guidance assumes a fully diluted share count of about 48.6 million shares, which reflects the beneficial impact of the common stock repurchases we've made to date.

我們的 EPS 指引假設完全稀釋後的股份數量約為 4860 萬股，這反映了我們迄今為止進行的普通股回購的有益影響。

Our GAAP EPS guidance for Q2 assumes a tax rate of 21% compared to prior year rate of 17%.

我們對第二季度的 GAAP 每股收益指引假設稅率為 21%，而去年的稅率為 17%。

Our current year tax rate is higher than last year due to the impacts from the U.S. tax act as well as the increased rates of the Innovation Box Tax in the Netherlands.

由於美國稅法的影響以及荷蘭創新箱稅稅率的提高，我們今年的稅率高於去年。

We're forecasting Q2 non-GAAP EPS of approximately $16.35 to $17, which at the midpoint is up about 10% versus prior year.

我們預測第二季度非 GAAP 每股收益約為 16.35 美元至 17 美元，中值較上年同期增長約 10%。

Our non-GAAP EPS forecast includes an estimated income tax rate of approximately 21%, which is higher than prior rate of 18% due to the same reasons I just discussed for the GAAP rates.

我們的非 GAAP 每股收益預測包括大約 21% 的估計所得稅率，這高於之前的 18%，原因與我剛才討論的 GAAP 稅率相同。

We have hedge contracts in place to substantially shield our second quarter EBITDA and net earnings from any further fluctuation in currencies versus the dollar between now and the end of the quarter, but the hedges do not protect our gross bookings, revenue or operating profit from the impacts of currency -- of foreign currency fluctuations.

從現在到本季度末，我們制定了對沖合約，以大幅保護我們第二季度的 EBITDA 和淨收益免受貨幣兌美元進一步波動的影響，但對沖並不能保護我們的總預訂量、收入或營業利潤免受貨幣的影響 -- -- 外匯波動。

Our forecast does not assume a 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或旅遊市場特別是旅遊市場發生重大變化。

With that, we'll now take your questions.

有了這個，我們現在將回答您的問題。

(Operator Instructions) Our first question is from Eric Sheridan of UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Eric Sheridan。

Maybe 2, if I can.

也許 2，如果可以的話。

Last quarter, you called out a shortening booking window and the potential for some cancellations or volatility around Easter in the way you'd forecasted room nights.

上個季度，您指出預訂窗口的縮短以及復活節前後可能會出現一些取消或波動的可能性，就像您預測的間夜量一樣。

I wanted to understand how that played out as the quarter progressed against what you initially thought going in.

我想了解隨著本季度的進展與您最初的想法相悖，結果如何。

And then second, you're projecting a decel in room nights in Q2 against what looks like an easier comp.

其次，你預計第二季度的間夜量會有所下降，而看起來更容易。

Wanted to understand a little bit, maybe some color around your forecasting there as well and anything we should keep in mind.

想了解一點，也許還有一些關於你的預測的顏色以及我們應該記住的任何事情。

Hi, Eric, it's Glenn.

嗨，埃里克，我是格倫。

I'm going to take that second question, and then I'll let David talk a little bit about booking windows.

我要回答第二個問題，然後讓大衛談談預訂窗口。

So our company, over time, has been very consistent in talking about deceleration because of the law of large numbers.

因此，隨著時間的推移，我們公司一直非常一致地談論減速，因為大數定律。

And that has been something that has been trending fairly regularly over time, but there's certainly been volatility quarter-to-quarter.

隨著時間的推移，這種趨勢一直相當規律，但每個季度肯定存在波動。

In some quarters, we've had smaller deceleration, and in some quarters, we've had faster deceleration.

在某些季度，我們的減速較小，而在某些季度，我們的減速更快。

And in some quarters, we've even had acceleration.

在某些方面，我們甚至加速了。

And there have been many factors that have gone into that.

並且有很多因素已經進入了這一點。

Some of the factors are macro things, the economy.

一些因素是宏觀事物，經濟。

Some of the factors can be a competitive action by someone.

其中一些因素可能是某人的競爭行為。

Some of the factors can be somebody who's not a competitor but has influence, some sort of reorganization in an SEO algorithm for a search engine.

一些因素可能是某個不是競爭對手但有影響力的人，搜索引擎的 SEO 算法中的某種重組。

And some of the factors are things that we do.

有些因素是我們所做的事情。

Optimizing our performance marketing, clearly one.

優化我們的績效營銷，顯然是其中之一。

You take all these factors, and they interact.

你考慮了所有這些因素，它們相互作用。

And there are feedback loops.

並且有反饋循環。

It's very complex.

這非常複雜。

And that makes it very hard to project or predict short-term [in this] volatility.

這使得預測或預測短期 [in this] 波動變得非常困難。

But long term, we can make some absolute, in my sense -- okay, we're very confident in making some predictions.

但從長遠來看，在我看來，我們可以做出一些絕對的——好吧，我們非常有信心做出一些預測。

And the prediction is that we're going to do very well.

預測是我們會做得很好。

I have a lot of confidence in the industry and the company, and let me tell you why.

我對這個行業和公司很有信心，讓我告訴你為什麼。

Let's start at the macro level.

讓我們從宏觀層面開始。

Travel is a function of GDP.

旅行是 GDP 的函數。

World GDP goes up, travel will go up faster.

世界 GDP 上升，旅行將上升得更快。

And I am highly confident that world GDP is going to continue to go up in the long run.

而且我非常有信心，從長遠來看，世界 GDP 將繼續上升。

That's one.

那是一個。

The second thing, a tailwind that we've always been experiencing is the off-line to online.

第二件事，我們一直經歷的順風是離線到在線。

I know it sounds archaic using off-line to online.

我知道使用離線到在線聽起來很陳舊。

Let's call it digital processes.

我們稱之為數字流程。

That trend is going to continue.

這種趨勢將繼續下去。

Yes, in some of our developed markets, there are more people who are already online, let's call it, who are doing it.

是的，在我們的一些發達市場中，有更多的人已經在線，我們可以這樣稱呼他們，他們正在做這件事。

But there's so many areas in the world that are not doing that yet but will be doing it.

但是世界上有很多地區還沒有這樣做，但將會這樣做。

That's another thing for us.

這對我們來說是另一回事。

And let's go down to number three.

讓我們來看看第三點。

Micro -- let's get into our company individually.

微——讓我們單獨進入我們的公司。

We're a big company, but we're a small share of the travel industry, a small share of our biggest business, which is the accommodation business, a single-digit market share of -- and we're measuring just the number of available rooms on our platform.

我們是一家大公司，但我們在旅遊業中所佔份額很小，在我們最大的業務（住宿業務）中所佔份額很小，只有個位數的市場份額——我們只是在衡量這個數字我們平台上的可用房間。

I'm not even talking about the inventory we haven't gotten yet.

我什至不是在談論我們還沒有得到的庫存。

So that's a lot of opportunity for us there.

所以這對我們來說有很多機會。

And if you're thinking about us as a share of the total travel industry and all things air, things like attractions, other parts of the industry that we're much smaller, we're a very small share.

如果你認為我們在整個旅遊業和所有空氣中所佔的份額，比如景點，以及我們規模小得多的行業其他部分，我們所佔的份額非常小。

When you think about -- well, I mentioned inventory, we can go out, we can get more inventory.

當你考慮 - 好吧，我提到了庫存，我們可以出去，我們可以獲得更多的庫存。

That's another thing that we're working very hard.

這是我們正在努力工作的另一件事。

We've talked about in the past about us going out and getting more inventory.

我們過去曾討論過我們走出去並獲得更多庫存。

And you see it in the numbers that we talked about.

你在我們談到的數字中看到了這一點。

We talked about the amount of money we've been putting into investing in developing our non-hotel accommodations.

我們談到了我們在開發非酒店住宿方面投入的資金數額。

That's an area of growth for us.

這對我們來說是一個增長領域。

We talked about our experimentation with all different things.

我們談到了我們對所有不同事物的實驗。

Maybe you've seen it on Booking.com, and we have flight on that.

也許您在 Booking.com 上看到過，我們有航班。

Maybe you've seen some of the things we're doing in ground transportation.

也許您已經看到我們在地面交通方面所做的一些事情。

Maybe you've seen some of the things we're now doing with attractions.

也許您已經看到了我們現在對景點所做的一些事情。

Experimentation is what's got us where we are now.

實驗讓我們走到了現在。

It's going to continue to get us in the future.

它將在未來繼續吸引我們。

And a separate part of that is coming up with innovation.

其中一個單獨的部分是提出創新。

Well, there's a new thing out for priceline.com, it is the package product they have out.

好吧，priceline.com 推出了一款新產品，這是他們推出的套裝產品。

It's new.

這是新的。

It's exciting.

是興奮的。

Things like that are also going to help drive us forward growth-wise.

諸如此類的事情也將有助於推動我們在增長方面向前發展。

Maybe you come in, you say, "Well, what about conversion?

也許你進來了，你說，“好吧，皈依怎麼樣？

Is that dead?" No.

死了嗎？”沒有。

We've always talked in the past about we do all -- we have a giant experimental platform and they are always trying to come up with a better conversion way.

我們過去一直在談論我們所做的一切——我們有一個巨大的實驗平台，他們一直在努力想出更好的轉換方式。

Some quarters, we do better.

有些方面，我們做得更好。

Some quarters, we do worse.

在某些方面，我們做得更糟。

But in the long run, we're always going to be building and that conversion rate is going to continue to go up.

但從長遠來看，我們一直在建設，轉化率將繼續上升。

And we talked about our mobile in the past, and that continues to be an absolute growth area for us.

我們過去談到過我們的手機，這對我們來說仍然是一個絕對增長的領域。

And I can just keep going on, [I'm kind of hopeless].

我可以繼續前進，[我有點絕望]。

The point is, 24,000 very talented people.

關鍵是，24,000 名非常有才華的人。

We have a lot of capital.

我們有很多資本。

We have technology.

我們有技術。

I think we're very positioned.

我認為我們的定位非常好。

So when we say, "You're comparing this -- what's happening?

所以當我們說，“你在比較這個——發生了什麼？

You're comparing us to an easier comp." Last year was a 21% growth rate, at which point, we hadn't started optimization yet.

你把我們比作一個更容易的公司。”去年是 21% 的增長率，那時我們還沒有開始優化。

I would say, actually, where we're positioned is actually very good.

我會說，實際上，我們所處的位置實際上非常好。

It's a good balance between growth and profit, and I like where we are.

這是增長和利潤之間的良好平衡，我喜歡我們所處的位置。

And now, David, you want to take number 2 there?

現在，大衛，你想拿 2 號嗎？

Yes.

是的。

Let me -- Eric, let me pick up on a couple of your opening questions that maybe I'll have a comment about Q2 as well.

讓我 - 埃里克，讓我回答你的幾個開放性問題，也許我也會對第二季度發表評論。

So on the booking window, we did continue to see a modest decline in the booking window.

因此，在預訂窗口中，我們確實繼續看到預訂窗口的小幅下降。

We noted that we started over the last few quarters to see a modest decline.

我們注意到，我們在過去幾個季度開始出現適度下降。

We think it's likely impacted by some of the things we're doing around our optimization efforts in the performance marketing channels.

我們認為這可能受到我們在績效營銷渠道中圍繞優化工作所做的一些事情的影響。

Without going into all the details, we are targeting less lower-converting and less upper-funnel ad placements.

在不深入了解所有細節的情況下，我們的目標是較少的低轉化率和較少的漏斗上層廣告展示位置。

That's having an impact on the booking window.

這對預訂窗口有影響。

I'd also point out that mobile continues to perform well, and mobile has a shorter booking window than desktop.

我還要指出，移動設備繼續表現良好，而且移動設備的預訂窗口比桌面設備更短。

So those factors are going into the booking window.

所以這些因素正在進入預訂窗口。

As we said, we see it continuing to modestly decline.

正如我們所說，我們看到它繼續溫和下降。

In terms of the Easter impact on room nights booked, very much in line with what Dan commented on the last earnings call.

就復活節對預訂間夜的影響而言，這與 Dan 在上次財報電話會議上的評論非常一致。

It did have a small impact to the room nights booked, very much in line with our commentary.

它確實對預訂的間夜產生了很小的影響，這與我們的評論非常一致。

It had a much bigger impact on revenue, and if we get a question about it later on, on the call, I'll explain how Easter impacted revenue.

它對收入產生了更大的影響，如果我們稍後在電話中收到有關它的問題，我將解釋復活節如何影響收入。

And then specifically relative to Q2, as Glenn mentioned, we are comparing it to a period in which we're spending very heavily in the paid channels.

然後特別是相對於第二季度，正如格倫提到的那樣，我們將其與我們在付費渠道上投入大量資金的時期進行比較。

But if you think about the actual guidance itself, it's a relatively stable guidance vis-à-vis what we just reported for Q1.

但如果你考慮實際指導本身，相對於我們剛剛報告的第一季度，這是一個相對穩定的指導。

Our approach to guidance hasn't changed.

我們的指導方法沒有改變。

Also, we are now sitting here with more time between now and quarter-end than what we guided for the last quarter.

此外，從現在到季度末，我們現在坐在這裡的時間比我們上個季度的指導時間要長。

So there's a natural increased level of potential variability, but I would point out that, as in every quarter, there's always something going on.

所以潛在的可變性水平自然會增加，但我要指出的是，就像每個季度一樣，總會發生一些事情。

And in this quarter, we are looking at some new factors.

在本季度，我們正在研究一些新因素。

In Q2, for example, given the timing of the World Cup and group play ending right at the end of the quarter is something, in prior years, has impacted growth rates.

例如，在第二季度，考慮到世界杯和小組賽在本季度末結束的時間，在前幾年影響了增長率。

So all those factored in.

所以所有這些因素都考慮在內。

Your next question is from Lloyd Walmsley of Deutsche Bank.

你的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two, if I can.

兩個，如果可以的話。

It looks like -- I think, Glenn, you mentioned mobile is an important factor in driving the direct business.

看起來 - 我認為，格倫，你提到移動是推動直接業務的一個重要因素。

Wondering if you can just give us a sense of if anything in particular has changed there.

想知道您是否可以讓我們了解那裡是否有任何特別的變化。

I think just 2 quarters ago, you had kind of downplayed, I think, mobile as a source of direct strength.

我想就在兩個季度前，你有點低估了移動作為直接力量的來源。

So is there a synergy with the TV spend you're doing?

那麼與您正在做的電視支出有協同作用嗎？

Or maybe, has something changed in mobile app usage versus mobile web?

或者，移動應用程序的使用與移動網絡相比有什麼變化嗎？

Any color you could share there?

你可以在那里分享任何顏色嗎？

And then just looking at non-advertising OpEx.

然後只看非廣告運營支出。

It actually looked like it was ultimately fairly well contained despite some of the investments you're making.

儘管您正在進行一些投資，但它實際上看起來最終得到了很好的控制。

So is that really just a function of the size of the P&L being able to absorb that?

那麼，這真的只是損益表能夠吸收的函數嗎？

Or any changes in kind of magnitude of the investment you have to make in some of these new areas?

或者您必須在其中一些新領域進行的投資規模有何變化？

Any color you could share there would be great.

任何你可以分享的顏色都會很棒。

Sure, Lloyd.

當然，勞埃德。

If I said something that was interpreted that I do not believe that mobile is important for direct or something of that nature, it was misunderstood or I misspoke, one or the other.

如果我說的話被解釋為我不認為移動對直接或類似性質的東西很重要，那麼它就會被誤解或我說錯了，一個或另一個。

Because, certainly, mobile helps direct significantly.

因為，當然，移動有助於顯著引導。

And we believe it's a very important part of the strategy going forward.

我們相信這是未來戰略的一個非常重要的部分。

Now why are we noting it, why is it important?

現在我們為什麼要注意它，為什麼它很重要？

I don't know how much time you spend in -- let's take Asia, for example.

我不知道你花了多少時間——讓我們以亞洲為例。

But people are not doing desktop.

但是人家不做桌面。

People are -- the mobile is the way you do everything.

人們 - 手機是你做任何事情的方式。

And that is so important for us to continue to be developing the right interfaces, the right connectivity for the different systems in all parts of the world where mobile really works efficiently.

這對於我們繼續開發正確的界面非常重要，為世界各地移動真正高效工作的不同系統提供正確的連接。

And I just think that, that is something that, for us, because of the size of our company, because of the number of technologists that we have on our staff, we have an advantage.

我只是認為，對我們來說，由於我們公司的規模，由於我們員工中技術人員的數量，我們具有優勢。

We can do these new experiments in all different areas of the business and end up with a better result, a better use for our customers, which, in the long run, is how we win.

我們可以在業務的所有不同領域進行這些新實驗，並最終獲得更好的結果，更好地為我們的客戶使用，從長遠來看，這就是我們獲勝的方式。

Regarding the non-ad OpEx, we talked about this a couple of quarters ago, about how we are making these non-ad OpEx investments and it was people and then all of the things that are associated with people, the expense that goes with that.

關於非廣告運營支出，我們在幾個季度前談到了這一點，關於我們如何進行這些非廣告運營支出投資，這是人，然後是與人相關的所有事物，以及隨之而來的費用.

And we talked about a bunch of things that -- reasons we wanted to do that, why we thought that was important for our strategy in the long term.

我們討論了很多事情——我們想要這樣做的原因，為什麼我們認為這對我們的長期戰略很重要。

And we ramped up that -- those numbers significantly at the time.

我們提高了這一點——當時這些數字顯著增加。

Now those people, they came on board throughout the year, and they're on now full.

現在那些人，他們全年都在船上，現在已經滿員了。

We don't need to hire at this high a rate.

我們不需要以這麼高的比率招聘。

We need these people now to be more efficient, more effective and such.

我們現在需要這些人變得更有效率、更有效率等等。

So we believe, as Dave was pointing out, over the year, and I certainly see going into 2019, we will get the benefit of those people who are doing all the great work that they're doing, but we should not -- you should not expect us to continue to hire the way we did last year, at that kind of rate.

所以我們相信，正如戴夫指出的那樣，在過去的一年裡，我肯定會看到進入 2019 年，我們將從那些正在做他們正在做的所有偉大工作的人那裡受益，但我們不應該——你不應指望我們會繼續像去年那樣以那種速度招聘。

Our next question is from Brian Nowak of Morgan Stanley.

我們的下一個問題來自摩根士丹利的布賴恩諾瓦克。

The first one, just kind of going back to your comment around direct traffic.

第一個，只是回到你對直接流量的評論。

It was helpful to hear it's kind of growing.

聽到它的成長很有幫助。

I guess the question is, is direct traffic growing in your mix at this point?

我想問題是，此時您的組合中的直接流量是否在增長？

And if not, how are you thinking about that throughout the course of the year?

如果沒有，您在整個一年中如何考慮這個問題？

And then just sort of going back to the deceleration implied in the guidance, I appreciate the color about the industry, but maybe just talk about potential for acceleration.

然後回到指導中暗示的減速，我欣賞這個行業的色彩，但也許只是談論加速的潛力。

What are the factors you are most focused on internally, whether it's regions or buckets of room nights, that you think, over the course of the next year, could lead to faster room night growth even through the laws of large numbers?

您在內部最關注的因素是什麼，無論是區域還是間夜桶，您認為在明年的過程中，即使通過大數定律，也可能導致更快的間夜增長？

Well, can you just explain a little more about -- are you saying direct within the mix?

好吧，你能再解釋一下——你是在混音中直接說嗎？

I didn't quite understand that question.

我不太明白那個問題。

So you mentioned that direct, your direct traffic is growing year-on-year.

所以你提到直接，你的直接流量是同比增長的。

The question is, is it increasing as a percentage of your total room nights?

問題是，它在您的總間夜數中所佔的百分比是否在增加？

Or is paid still growing in the mix?

還是付費仍在增長？

Direct is growing.

直接增長。

And we're very pleased with that growth rate, and it is something that is part of the overall strategy to continue to increase that.

我們對這種增長率感到非常滿意，這是繼續提高這一增長率的總體戰略的一部分。

In terms of -- I could come up with a whole bunch of hypotheticals of what could increase the growth rate and have it become an accelerating number versus a decelerating number.

就-我可以提出一大堆可以提高增長率並使其成為加速數字而不是減速數字的假設。

And a lot of them would be just making up, being speculative.

他們中的很多人只是在編造，是投機的。

I will say one thing, though, that is -- that we have seen over time, and that is, when we come up with something that's innovative, something that we -- obviously, we haven't thought of it yet, it's the new things that we've done and come out, and that has absolutely been helpful in terms of driving more business.

不過，我要說一件事，那就是——隨著時間的推移，我們已經看到了，那就是，當我們想出一些創新的東西時，我們——顯然，我們還沒有想到，這是我們已經完成並推出的新事物，這對推動更多業務絕對有幫助。

So a good example of something like that might be -- and while we were growing so fast at the time, you wouldn't have seen it in the growth rate, but the fact is when mobile came out.

因此，類似的一個很好的例子可能是——雖然我們當時增長如此之快，但你不會在增長率中看到它，但事實是當移動出現時。

I'm here long enough, 18 years, obviously, when there was no such thing as mobile.

我在這裡已經夠久了，18 年了，很明顯，那時候還沒有移動這樣的東西。

But when people started booking on mobile, by being out in front and coming up with great ways to use that technology, to make it easier for people to book, who wanted to use their phones, that was an advantage for us.

但是當人們開始使用手機預訂時，通過走在前面並想出使用該技術的好方法，讓想要使用手機的人們更容易預訂，這對我們來說是一個優勢。

So it will be something like that, that I believe could come out in the future, and we will be able to take advantage of it for something that I talked about earlier already, about the idea, because we do have scale in our technology area, because we have scale in all areas of our business, actually.

所以它會是類似的東西，我相信它會在未來出現，我們將能夠利用它來實現我之前已經談到的東西，關於這個想法，因為我們在我們的技術領域確實有規模，因為實際上我們在所有業務領域都有規模。

And that will help us achieve a better result than competitors who may not have the same scale.

這將幫助我們取得比規模可能不同的競爭對手更好的結果。

And let me get David.

讓我去找大衛。

If anything, you're a technologist at heart, so maybe you have something you'd like to talk about, speculate why we would accelerate.

如果有的話，你本質上是一名技術專家，所以也許你有什麼想談的，推測我們為什麼會加速。

I'd just add a couple of points, Glenn.

我只想補充幾點，格倫。

Just on the first point, I just want to reinforce that not only is the direct increasing as a percentage of a mix, it is our largest channel for bookings, Brian, so just to clarify that point.

關於第一點，我只是想強調一下，不僅直接增加了混合的百分比，而且它是我們最大的預訂渠道，布賴恩，所以只是為了澄清這一點。

And then just add one more point, certainly, it will start to play into effect in the second half of the year.

然後再補充一點，當然，下半年開始發揮作用。

Right now we are, from a growth rate, comparing periods in which we have -- we are optimizing our ROIs against periods where we weren't optimizing them quite so aggressively.

現在，從增長率來看，我們正在比較我們擁有的時期——我們正在優化我們的投資回報率，而不是我們沒有如此積極地優化它們的時期。

So in the second half of the year, the compares will start to get a little bit easier for that factor as well.

因此，在今年下半年，該因素的比較也將開始變得更容易一些。

But as Glenn said, long term, there are many other factors, including all of the things he mentioned in terms of the headroom available to us to grow in this industry with -- this business with single-digit market shares in our core markets and new ways to attract customers, et cetera.

但正如格倫所說，從長遠來看，還有許多其他因素，包括他提到的所有關於我們在這個行業中可以發展的淨空——這項業務在我們的核心市場中擁有個位數的市場份額，以及吸引顧客的新方法等等。

So those will be the bigger factors for driving long-term growth rates.

因此，這些將是推動長期增長率的更大因素。

Your next question is from Mark May of Citi.

你的下一個問題來自花旗銀行的馬克梅。

Actually, one of my questions is a bit of a follow-up to the last comment.

實際上，我的一個問題是對上一條評論的跟進。

Is it possible for you to help quantify, to some degree, the impact that optimizing some of your direct response marketing has had on the growth?

您是否有可能在某種程度上幫助量化優化您的某些直接反應營銷對增長產生的影響？

And maybe just help frame that a bit.

也許只是幫助構建一下。

And then secondly, can you talk a little bit about the relative rate of growth in your North America market and kind of how that's been trending in recent quarters?

其次，你能談談北美市場的相對增長率以及最近幾個季度的趨勢嗎？

Okay, Mark.

好的，馬克。

So we're not going to put a pin on a number in terms of the optimization.

因此，我們不會在優化方面對數字進行固定。

But as David pointed out, optimization is definitely a hurt on the growth rate.

但正如 David 指出的那樣，優化肯定會損害增長率。

And we know that if we wanted to get more growth, we could pay up for it, so to speak, but that's not what -- our strategy.

我們知道，如果我們想獲得更多增長，我們可以為此付出代價，可以這麼說，但這不是我們的戰略。

Our strategy is to achieve a balance, and we're at where we believe is the appropriate balance between profit and growth.

我們的戰略是實現平衡，我們認為利潤和增長之間的平衡是適當的。

And that's really where we're going to play at.

這就是我們真正要玩的地方。

In terms of North America, we don't generally start pulling out different regions and different rates, and so I'm not going to go there.

就北美而言，我們通常不會開始推出不同的地區和不同的費率，所以我不會去那裡。

I will say that the world economy is good.

我會說世界經濟是好的。

Travel is good in most areas of the world.

世界上大部分地區的旅行都很好。

David, I think, mentioned we have a couple of small areas that are of interest, and it's not North America at all.

我想，大衛提到我們有幾個感興趣的小區域，但根本不是北美。

Argentina and Brazil with some currency, and Russia also, some currency effects happening there, which made outbound business decline.

阿根廷和巴西有一些貨幣，俄羅斯也有一些貨幣影響，導致出境業務下降。

Or you recapture some of that in domestic business, but it's still a negative impact on us generally.

或者你在國內業務中奪回了一些，但它仍然對我們總體上產生負面影響。

So that's a little bit in terms of a regional area or country area.

所以這有點像地區或國家地區。

But generally, that's about as far I'd go in terms of anything I could call out as an issue.

但總的來說，就我可以稱之為問題的任何事情而言，這就是我所能做的。

Your next question is from Mark Mahaney of RBC Capital Markets.

你的下一個問題來自加拿大皇家銀行資本市場的馬克馬哈尼。

I just got 2 European-related questions.

我剛收到 2 個與歐洲相關的問題。

One, just a -- this is small near-term stuff, but the World Cup, just talk about the impact that's had in years past.

一，只是 - 這是近期的小事，但世界杯，只是談談過去幾年的影響。

That is a pretty sizable event.

這是一個相當大的事件。

I hear people over there getting excited by that and they don't travel.

我聽說那邊的人對此很興奮，他們不去旅行。

So just how do you actually try to handicap the kind of impact that could have on your business?

那麼，您實際上如何嘗試阻止可能對您的業務產生的影響呢？

I know that's a near-term issue, but I wanted to ask that.

我知道這是一個近期問題，但我想問這個問題。

And secondly, also European, I want to ask about GDPR.

其次，也是歐洲，我想問一下 GDPR。

And how do you think about the extent to which that will complicate your business either in terms of your ability to reach out to your current or potential future customers?

您如何看待這將使您的業務複雜化的程度，無論是在您接觸當前客戶還是未來潛在客戶的能力方面？

And just overall, does that impinge on the effectiveness of online marketing channels as -- how much of a challenge for you is GDPR in terms of running the business?

總的來說，這是否會影響在線營銷渠道的有效性——GDPR 在經營業務方面對您來說有多大挑戰？

Hi, Mark.

嗨，馬克。

I'll take the second one on GDPR.

我將採取第二個關於 GDPR 的問題。

And David, being English, and they actually have a team in the World Cup this year, I'll let him handle that one.

而大衛，作為英國人，他們今年實際上有一支球隊參加世界杯，我會讓他處理那支球隊。

So GDPR.

所以 GDPR。

Look, first, before I answer that, your question, let me just point out, we definitely believe that privacy is a very important thing.

首先，在我回答你的問題之前，讓我先指出，我們絕對相信隱私是一件非常重要的事情。

And we've been thinking about how to maintain privacy for our customers, our partners, everyone, long before GDPR was even a thought in Brussels.

早在 GDPR 在布魯塞爾出現之前，我們就一直在考慮如何為我們的客戶、我們的合作夥伴和每個人維護隱私。

We do not believe, and we've talked about this here, we do not think it's going to be -- have any real impact on our business in terms of either our marketing or getting customers.

我們不相信，而且我們已經在這裡討論過這個問題，我們認為這不會對我們的營銷或吸引客戶方面的業務產生任何實際影響。

So really, we look up and down, trying to figure out is there some sort of impact.

所以真的，我們向上和向下看，試圖弄清楚是否存在某種影響。

And we really do not see a material impact in it from GDPR.

我們真的沒有看到 GDPR 對它產生實質性影響。

That being said, preparing for it and continuing as we come up to the deadline, it obviously causes costs and diversion of resources.

話雖這麼說，為此做好準備並在截止日期前繼續進行，這顯然會導致成本和資源轉移。

Relatively minor compared to the size of our business, but there were actual movement of people, who would have been preferring to work on the business, making either more accommodations or working on some of our new innovative things, rather than be working on GDPR.

與我們的業務規模相比相對較小，但確實存在人員流動，他們本來更願意為業務工作，提供更多便利或從事我們的一些創新工作，而不是為 GDPR 工作。

But that being said, it's something that we need to do.

但話雖如此，這是我們需要做的事情。

And again, we're happy to do it.

再一次，我們很樂意這樣做。

And I'll let David talk about World Cup and what his thoughts and maybe a prediction of who he thinks is going to win.

我會讓大衛談談世界杯以及他的想法，也許還有他認為誰會贏的預測。

Mark, I would certainly not go as far as that in public.

馬克，我當然不會在公開場合走那麼遠。

Mark, it's interesting because it's difficult to predict because a number of factors come into this.

馬克，這很有趣，因為它很難預測，因為其中有很多因素。

It depends which team is doing well.

這取決於哪個團隊做得好。

What we've seen in prior years is that when teams get through to the latter round, their countrymen are not booking very heavily [while it's the end] of World Cup.

我們在前幾年看到的是，當球隊進入後一輪時，他們的同胞在世界杯結束時並沒有大量預訂。

But once they get knocked out, they start booking quite quickly.

但是一旦他們被淘汰，他們就會很快開始預訂。

So it's a function of who gets through to the latter rounds.

因此，這取決於誰能進入後幾輪。

And as I mentioned, with everything happening, starting in middle of June going into early July, I think it's the group play rounds that end right at the end of the quarter.

正如我提到的，隨著一切發生，從 6 月中旬開始進入 7 月初，我認為小組賽輪次將在本季度末結束。

So it's going to be a function of which teams are going forward beyond that.

因此，這將取決於哪些團隊正在超越這一點。

So it's very difficult to predict.

所以很難預測。

So I can't be more specific.

所以我不能更具體。

But it's certainly a factor that we are looking at when we're modeling our growth rates and looking at sequential bookings growth and things like that during the quarter.

但這肯定是我們在對增長率進行建模並查看連續預訂增長以及本季度類似情況時正在考慮的一個因素。

We'll have to tell you based upon what happens of who winds up getting through to the latter rounds.

我們必鬚根據誰最終進入後幾輪的情況來告訴你。

Our next question is 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郵報。

Just -- you definitely have tightened your ROI thresholds.

只是——你肯定收緊了投資回報率的門檻。

And I'm just wondering if you thought about the competitive impact on that.

我只是想知道你是否考慮過競爭對此的影響。

I mean, you've said it's affected your growth rate.

我的意思是，你說過它影響了你的增長率。

Where do you think those rooms might be going?

你認為這些房間可能會去哪裡？

Is it going direct?

是直達嗎？

Or do you think some competitors might be getting it?

或者你認為一些競爭對手可能會得到它？

And then over time, I've followed this company for many years, you've always found great opportunities in new marketing channels that have helped propel your growth, and you've actually outcompeted people over time.

然後隨著時間的推移，我已經關注這家公司多年，你總能在新的營銷渠道中找到巨大的機會，幫助推動你的成長，而且隨著時間的推移，你實際上已經超越了其他人。

So I'm just thinking about, do you still see those opportunities?

所以我在想，你還看到那些機會嗎？

Is it going to take new, emerging companies that you can take advantage of or changes in Google?

是要利用您可以利用的新興公司，還是要改變 Google？

But over time, do you still think you can have an advantage in marketing channels?

但是隨著時間的推移，你還認為你在營銷渠道上還能有優勢嗎？

So Justin, I agree with your point that we have done a good job in terms of marketing over time.

所以賈斯汀，我同意你的觀點，即隨著時間的推移，我們在營銷方面做得很好。

And we do believe that we will continue to do well and find new ways to be able to bring in more customers and new types of marketing.

我們相信我們會繼續做得很好，並找到新的方法來吸引更多的客戶和新的營銷方式。

Certainly, something that we've talked about in the past is our brand marketing effort, as that's sort of a counter to raising ROIs on our performance and countering it with brand spend to bring people direct.

當然，我們過去談到的是我們的品牌營銷努力，因為這在某種程度上抵消了提高我們績效的投資回報率，並通過品牌支出來抵消它，以直接吸引人們。

And that's an area that we're going to continue to work on, work very hard on, to try and develop the right formulas, coming up with the right creatives, the right measurement tools, putting it in the right geographies, so that we can bring more of those people direct to us.

這是一個我們將繼續努力的領域，努力工作，嘗試開發正確的公式，提出正確的創意，正確的測量工具，將其放在正確的地理位置，以便我們可以讓更多的人直接找到我們。

It's so important to our strategy in the long run that we don't depend as heavily as we have in the past on third-party sources of customers.

從長遠來看，這對我們的戰略非常重要，以至於我們不像過去那樣嚴重依賴第三方客戶來源。

We believe the right thing for the company in the long run is to create a service that is so good that people, when they think about travel, they think about us immediately and come to us directly.

我們相信從長遠來看對公司來說正確的事情是創造一種非常好的服務，當人們想到旅行時，他們會立即想到我們並直接來找我們。

Got it.

知道了。

And then the first question, I mean, you have apparently given up a few rooms.

然後是第一個問題，我的意思是，您顯然已經放棄了幾個房間。

Do you think those are going to direct channels?

你認為那些是直接渠道嗎？

Or where do you think that -- those people are going, any thoughts on that?

或者你認為那些人要去哪裡，對此有什麼想法嗎？

Thoughts on that.

對此的想法。

I have some thoughts on it.

我對此有一些想法。

And what I'm really hoping, because I think David may have mentioned this a little, he can talk a little bit about this, too, after I'm done, is the idea that when we are optimizing, deciding which keywords are we thinking aren't good for us in the long run, and thinking, well, maybe those people will come to us later in another way, shape or form.

我真正希望的是，因為我認為 David 可能已經稍微提到了這一點，他也可以在我完成後談談這一點，就是當我們優化時，決定我們要使用哪些關鍵字從長遠來看，思考對我們沒有好處，而思考，好吧，也許那些人以後會以另一種方式、形狀或形式來找我們。

Or maybe they'll be booking somewhere, but before they actually show up, they'll cancel there and come back to us and check our prices and our availability and see if maybe they will book with us in the end.

或者他們可能會在某個地方預訂，但在他們實際出現之前，他們會在那裡取消並返回給我們並檢查我們的價格和可用性，看看他們最終是否會與我們預訂。

Anything beyond that would really be just speculation.

除此之外的任何事情都只是猜測。

David, you have any...

大衛，你有什麼...

No.

不。

I don't think there's much else we can say on it.

我認為我們對此無話可說。

Our next question is from Kevin Kopelman of Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Kevin Kopelman。

Could you give us an update on underlying take rate trends that you're seeing?

您能否向我們提供有關您所看到的潛在採用率趨勢的最新信息？

It seemed like those might have been a little bit stronger in the quarter even after making all the adjustments.

即使在進行了所有調整之後，本季度的表現似乎也有所增強。

And then on that, can you tell us where you did end up for the estimated Easter impact on revenue, both under the new and old accounting standard, for Q1?

然後，您能否告訴我們，根據新舊會計準則，第一季度復活節對收入的估計影響最終在哪裡？

David, do you want to...

大衛，你想...

I'll take Easter first, Kevin.

我會先過復活節，凱文。

That's, kind of, the slightly longer answer, and then I'll come back to the take rates.

那是，有點，稍微長一點的答案，然後我會回到採取率。

So as I mentioned in one of the answers to an earlier question, from a bookings point of view, Easter timing was a modest headwind in Q1, in line with our expectation.

因此，正如我在先前問題的一個答案中提到的那樣，從預訂的角度來看，復活節時間在第一季度是一個適度的逆風，符合我們的預期。

The revenue impact is much greater, but also in line with our expectations.

收入影響要大得多，但也符合我們的預期。

So let me kind of explain what was going on there.

所以讓我解釋一下那裡發生了什麼。

So in 2017, of course, Easter fell in Q2, and revenue rec was based upon check-out.

所以在 2017 年，當然，復活節在第二季度結束，收入收入是基於退房的。

So those Easter stays helped Q2 revenue.

因此，那些復活節住宿有助於第二季度的收入。

In 2018, Easter fell on the 1st of April, but very importantly, the revenue rec moved to a check-in.

2018 年，復活節在 4 月 1 日舉行，但非常重要的是，收入記錄轉移到了簽到。

So most of those Easter stays mainly helps Q1 revenue.

因此，大多數復活節住宿主要有助於第一季度的收入。

So the impact of that was about a 3% year-on-year benefit to Q1 growth and about a 2% hit to year-on-year growth in Q2.

因此，這對第一季度的同比增長產生了約 3% 的影響，對第二季度的同比增長產生了約 2% 的影響。

And if you think about those 5 points of difference in growth, those account for almost the entire difference in our constant-currency revenue guide from Q1 to Q2.

如果你考慮這 5 個增長點差異，它們幾乎解釋了我們從第一季度到第二季度的固定貨幣收入指南中的全部差異。

It's really all explained by Easter in 5 or 6 points.

真的都被Easter用5、6點解釋清楚了。

So that's what's happening with Easter, and it's in line with our expectation of what we've told you on the last call.

這就是複活節正在發生的事情，這符合我們對上次電話中告訴您的內容的期望。

In terms of take rates, they have actually been quite stable, and we're pleased with that.

就接受率而言，它們實際上非常穩定，我們對此感到滿意。

So we also mentioned that ADRs were down only very modestly in the quarter, and we had it in our guidance, predicted them being down 1%.

因此，我們還提到本季度的 ADR 僅出現非常溫和的下降，我們在我們的指導中也有預測，預計它們將下降 1%。

Again, I'm talking constant-currency ADRs.

同樣，我說的是固定貨幣 ADR。

So that's what's going on there.

這就是那裡發生的事情。

Our next question is from Heath Terry of Goldman Sachs.

我們的下一個問題來自高盛的希思特里。

Great.

偉大的。

I was wondering if you could give us a bit of a sense about how -- and I know you've talked about this in a couple of different ways, but just how are you thinking about the trade-off between growth and profitability?

我想知道你是否可以讓我們了解一下 - 我知道你已經以幾種不同的方式談論過這個問題，但你是如何考慮增長和盈利能力之間的權衡的？

To the extent you're optimizing away from lower-performing channels, are these channels that are actually losing money or simply not hitting the ROI target you had for them?

就您從低效渠道進行優化而言，這些渠道實際上是在賠錢還是根本沒有達到您為它們設定的 ROI 目標？

And then second question is, as we move further away from the changes in pricing parity regulations in Europe, I'm wondering if you can give us a sense of what you're seeing in terms of hotel behavior that's discriminating and -- for the metasearch channels and whether or not -- I guess, one, whether you're seeing it, and to the extent that you are, whether it's having any impact.

然後第二個問題是，隨著我們進一步遠離歐洲定價平價法規的變化，我想知道你是否可以讓我們了解你在酒店行為方面所看到的歧視性行為 - 對於元搜索渠道以及是否——我想，一個，你是否看到它，以及你看到它的程度，它是否有任何影響。

Heath, it's Glenn.

希思，是格倫。

So we talked about this in the past and how we value a performance platform [from this] marketing platform and how we decide what we're going to bid, how much we're going to bid.

所以我們過去討論過這個問題，以及我們如何評估[來自這個]營銷平台的績效平台，以及我們如何決定我們要出價的東西，我們要出價多少。

And we talked about what's the customer experience on that platform, what's the incrementality of the traffic we're going to see.

我們討論了該平台上的客戶體驗是什麼，我們將看到的流量增量是多少。

What's the anticipated repeat rate going to [beat that down]?

預期的重複率是多少 [擊敗它]？

And we also think about are we supplying funds to someone who may even use those funds to compete with us later down the road?

而且我們還考慮我們是否向某個人提供資金，他們甚至可能在以後使用這些資金與我們競爭？

These are all factors that come in.

這些都是進來的因素。

So it's more than just, "Is it a positive ROI, a negative ROI?" There's a lot more that goes into how we decide how we're going to bid, where we're going to bid, what level we're going to go at.

所以它不僅僅是，“它是正投資回報率，還是負投資回報率？”關於我們如何決定我們將如何出價、我們將在哪裡出價、我們將達到什麼水平，還有很多內容。

We're definitely leaning in, and we will continue to lean in with those platforms that we believe are helping us build our business for our long-term strategy.

我們肯定會傾向於，我們將繼續依賴那些我們認為有助於我們為長期戰略建立業務的平台。

And I've said this before many, many times.

我已經說過很多很多次了。

And we lean out against those platforms that are not doing that, those that we believe, in the long run, are actually going to be detrimental to achieving our long-term strategies.

我們反對那些沒有這樣做的平台，那些我們認為從長遠來看實際上不利於實現我們長期戰略的平台。

So that's the answer to that question.

這就是那個問題的答案。

Regarding parity, I have not seen much impact at all regarding any of the changes in the landscape in that area.

關於平價，我沒有看到對該地區景觀的任何變化產生太大影響。

It really has not, to my knowledge, from what I've seen yet, had a material impact.

據我所知，據我所知，它確實沒有產生實質性影響。

We still believe that we are the people who have the best price, the best availability, the best service, the best user interface, and people come to us.

我們仍然相信，我們是擁有最優惠價格、最佳可用性、最佳服務、最佳用戶界面的人，並且人們會來找我們。

Sometimes, some -- and I know this from looking at this.

有時，一些——我從看到這個就知道了。

Best price doesn't always -- it's not always just best price, by the way.

最好的價格並不總是——順便說一下，它並不總是最好的價格。

And part of our winning strategy has been doing all those other things, too.

我們制勝戰略的一部分也一直在做所有其他事情。

So there's a lot more to it than just showing up with the best price at a meta to be successful in this business.

因此，要在這項業務中取得成功，除了以元數據中的最優惠價格出現之外，還有很多其他內容。

Our next question is from Douglas Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

Glenn, you talked about wanting to be the place to go for travel, and you've certainly been talking more about a broader, holistic travel approach and more full service.

格倫，你談到想成為旅行的好去處，你肯定一直在談論更廣泛、更全面的旅行方式和更全面的服務。

I was hoping you could help us understand how much of your business kind of non-hotel, nonaccommodations could be over time, how you think about that.

我希望您能幫助我們了解隨著時間的推移，您的非酒店、非住宿類業務有多少，您對此有何看法。

And what kind of investments are required to get there if you think over the next 3 to 5 years?

如果您考慮未來 3 到 5 年，需要什麼樣的投資才能實現目標？

I definitely have talked about this a great deal, and I do believe it is the proper way for us to go for the long run.

我肯定已經談了很多，我相信這是我們長遠發展的正確方法。

And one of the critical things about this is not just making sure that we have an appropriate return on the investments on this so -- let's take, for example, say, you wanted to do -- we're doing attractions right now.

關於這方面的關鍵事情之一不僅僅是確保我們在這方面有適當的投資回報 - 讓我們舉個例子，比如說，你想做 - 我們現在正在做景點。

And we believe that's very beneficial, helping our customers before they show up and while they show up to get those attractions or experiences.

我們相信這是非常有益的，可以幫助我們的客戶在他們出現之前和出現時獲得這些景點或體驗。

More than just the money we would make from those, it's providing a much easier way for that customer to achieve a great trip.

不僅僅是我們從中賺取的錢，它還為該客戶提供了一種更輕鬆的方式來實現愉快的旅行。

So we could, over time, make a lot less money on that individual action.

因此，隨著時間的推移，我們可以在那個單獨的行動上賺到更少的錢。

But because it builds great loyalty, be very beneficial, and of course, it's going to show up.

但是因為它建立了很高的忠誠度，非常有益，當然，它會出現。

David doing his accounting, he's going to tell me, "Hey, this is great.

大衛做他的會計，他會告訴我，“嘿，這太棒了。

Look at how we're doing on our accommodations." And we'll have to then figure out how much do we attribute to some of these other services, and make sure that we are properly realizing, well, is this a good investment or not.

看看我們在住宿方面做得如何。”然後我們必須弄清楚我們對其中一些其他服務的貢獻有多少，並確保我們正確地意識到，嗯，這是一項好的投資還是不是。

So that's the first part of that answer.

這就是該答案的第一部分。

I do not have in front of me a 5-year plan with the absolute numbers in dollars for each of these items.

我面前沒有一個 5 年計劃，其中包含每一項的絕對美元數。

As you know, we're an experimental company.

如您所知，我們是一家實驗性公司。

We build products out.

我們構建產品。

We see how they work.

我們看看他們是如何工作的。

If they work, we do more and we develop it further.

如果它們有效，我們會做更多，並進一步開發它。

If it doesn't seem to be working, we pull back.

如果它似乎不起作用，我們就會撤退。

The right thing, though, is maintaining the balance.

不過，正確的做法是保持平衡。

And we talked about this, and this is how do we use our capital.

我們談到了這一點，這就是我們如何使用我們的資本。

We use our capital for organic growth.

我們將資本用於有機增長。

And organic growth investments is things like building out these services.

有機增長投資就是建立這些服務。

There's also M&A.

還有併購。

As I mentioned, we went out and we bought FareHarbor to help.

正如我提到的，我們出去了，我們買了 FareHarbor 來幫忙。

That's one building block in building out this large holistic system.

這是構建這個大型整體系統的一個基石。

And those are the different ways we're going to do it.

這些是我們要做的不同方式。

I can't give you some numbers.

我不能給你一些數字。

But I can say I do believe that it is and it will be, when we have done this, a very strong competitive advantage over companies that do not have that.

但我可以說，我確實相信，當我們做到這一點時，與沒有這種優勢的公司相比，這將是一種非常強大的競爭優勢。

Our next question is from Deepak Mathivanan of Barclays Capital.

我們的下一個問題來自巴克萊資本的迪帕克馬蒂瓦南。

Two questions for me.

我有兩個問題。

First, growth in brand marketing dollar was slower than last couple of quarters.

首先，品牌營銷支出的增長低於前幾個季度。

There's, obviously, a seasonal aspect to it.

顯然，它有一個季節性的方面。

But can you talk about your current thinking on brand marketing effort in this compared to brand expectations?

但是你能談談你目前對品牌營銷努力的思考與品牌預期相比嗎？

And then second question, one of your competitors is ramping supply acquisition and marketing investments in Europe.

然後是第二個問題，您的一個競爭對手正在加大在歐洲的供應採購和營銷投資。

Do you think that's driving competitive pressure or maybe peripherally on the customer acquisition side in Europe?

您是否認為這正在推動競爭壓力，或者可能在歐洲的客戶獲取方面產生外圍影響？

Okay, brand.

好的，品牌。

So we started talking last year about the importance of brand and that we plan to make investments in brand.

所以我們去年開始談論品牌的重要性，我們計劃對品牌進行投資。

And we talked about the need for technological measurements to make sure we're doing it right, and we're going to do it.

我們談到了技術測量的必要性，以確保我們做對了，我們會去做。

And one of the things I said several times, I said we would do it carefully.

我說過幾次的其中一件事，我說我們會小心翼翼地去做。

I used the word carefully, I used the word prudent.

我用了謹慎這個詞，我用了謹慎這個詞。

I said that we weren't just going to go out and spend a huge amount of money, that we would test our way in and experiment.

我說我們不只是出去花大筆錢，我們會試水和試驗。

And we're continuing to do that.

我們將繼續這樣做。

And when we find the right formula, when we find out exactly where we think it is doing very well, that's where we're going to open up the spigot more and spend more.

當我們找到正確的公式時，當我們確切地發現我們認為它做得很好的地方時，我們就會打開更多的水龍頭並花更多的錢。

But what we're not going to do is spend a huge amount of money before we have a higher certainty that what we're doing is doing well.

但我們不會做的是在我們更加確定我們正在做的事情做得很好之前花費大量資金。

So that's how we're going to play that one.

這就是我們要玩那個的方式。

Your other question about -- people have been competing with us for a very long time, getting supply.

你的另一個問題是——人們長期以來一直在與我們競爭，獲得供應。

This is nothing new at all, and I do not expect this to change in the long run.

這根本不是什麼新鮮事，從長遠來看，我認為這不會改變。

People will continue to go out and try to get more supply, too, all of our competitors will.

人們將繼續外出並嘗試獲得更多供應，我們所有的競爭對手都會這樣做。

And we've been doing pretty well, generally, against that.

一般來說，我們在這方面做得很好。

We're always making sure that we're having a good relationship with our property partners.

我們始終確保與房地產合作夥伴保持良好關係。

We're making sure we're getting great prices and availability.

我們確保我們獲得優惠的價格和可用性。

We're making sure we're giving value to these partners.

我們確保我們正在為這些合作夥伴提供價值。

I feel pretty good about our position in Europe right now.

我對我們現在在歐洲的地位感覺很好。

And I don't really -- in the checks with partners that we've had, in the numbers that we've looked at, in all things, I have not seen anything yet from any competitor in terms of European getting inroads in there because of any reason.

而且我真的不 - 在我們與合作夥伴的檢查中，在我們看到的數字中，在所有方面，我還沒有看到任何競爭對手在歐洲取得進展方面的任何東西因為任何原因。

Our next question is from Brian Fitzgerald of Jefferies.

我們的下一個問題來自 Jefferies 的 Brian Fitzgerald。

I wanted to ask around nontraditional inventory.

我想詢問非傳統庫存。

How do you feel about the depth and breadth of the supply there going forward?

您如何看待未來供應的深度和廣度？

That's it.

就是這樣。

Well, I was very happy, Brian, when we did our announcement a few weeks ago about 5 million listings.

好吧，布賴恩，當我們幾週前宣布大約有 500 萬個房源時，我感到非常高興。

That was something the team is happy about, and we were all happy about it.

這是團隊感到高興的事情，我們都為此感到高興。

It's 5.2 million now.

現在是520萬。

I also made the note here, and I've talked about this in the past about that while we do like having a lot of listings, we do recognize that we don't have all the right type of listings.

我也在這裡做了說明，我過去曾談到過這一點，雖然我們確實喜歡有很多列表，但我們確實認識到我們沒有所有正確類型的列表。

And I spoke specifically in my prepared remarks about wanting to get more single-home inventory.

我在準備好的評論中特別談到了想要獲得更多的單一住宅庫存。

And I talked in the past about we don't have it all in the right geographies.

我過去曾說過，我們並沒有在正確的地區擁有這一切。

Some places, we have great breadth and depth.

有些地方，我們的廣度和深度都很大。

In some areas, not so much.

在某些地區，沒有那麼多。

So there's a tremendous amount of opportunity in front of us to go out and get more of that.

因此，我們面前有大量機會走出去並獲得更多機會。

But just getting inventory isn't enough, and we said this.

但僅僅獲得庫存是不夠的，我們是這樣說的。

I'm just talking about somebody else getting more inventory and how it's going to affect them.

我只是在談論其他人獲得更多庫存以及它將如何影響他們。

Well, it's the same thing with us.

好吧，這對我們來說是一樣的。

I've talked in the past the importance of not only getting that availability and that connectivity in those properties on to our platform, but it's making sure that the customer, when they're thinking about where they're going, is thinking about us for that type of accommodation.

我過去曾談過重要的是，不僅要將這些屬性的可用性和連接性放到我們的平台上，還要確保客戶在考慮他們要去的地方時，也在考慮我們對於那種類型的住宿。

The awareness of our non-hotel accommodations in the U.S. is not nearly as high as we would like it to be.

我們在美國的非酒店住宿的知名度遠沒有我們希望的那麼高。

We recognize that.

我們認識到這一點。

And I don't know if you've seen some of our recent advertisements by Booking.com.

我不知道您是否看過 Booking.com 最近的一些廣告。

They have one going right now, running right now, that is specifically oriented to that type of property.

他們現在正在進行，現在正在運行，專門針對那種類型的財產。

But one of the things we recognize, to be successful, to be very successful and to be a leader throughout the world in this, we need to have the right inventory everywhere.

但我們認識到的一件事是，要取得成功，要非常成功並成為全球領先者，我們需要在任何地方都有正確的庫存。

And our next question is from Justin Patterson of Raymond James.

我們的下一個問題來自 Raymond James 的 Justin Patterson。

Shifting back to the high-level investment themes and technology changes, AI has been one of your investment areas.

回到高層次的投資主題和技術變革，人工智能一直是你的投資領域之一。

It sounds like we've had some good success with natural language processing.

聽起來我們在自然語言處理方面取得了一些成功。

Could you talk about how that's being used in the business today, what benefits you're seeing from that, and how you think that changes the business over the long term?

您能否談談今天的業務如何使用它，您從中看到了什麼好處，以及您認為這會如何長期改變業務？

Sure.

當然。

One of the areas that, I guess -- I'm not sure if you read our shareholder letter that I wrote for the proxy, but we talked a little bit about how we're using, in customer service, the chat bot and how we're very pleased with the result, how that's doing right now.

其中一個領域，我想 - 我不確定你是否閱讀了我為代理人寫的股東信，但我們談了一些關於我們如何使用，在客戶服務中，聊天機器人以及如何我們對結果非常滿意，現在的情況如何。

It really is a great thing because customers are happy because it's easier, quicker, faster to get their problems solved.

這真的是一件很棒的事情，因為客戶很高興，因為可以更輕鬆、更快、更快地解決他們的問題。

We like it because it helps in terms of our expenses, obviously.

我們喜歡它，因為它顯然有助於我們的開支。

All good there.

那裡一切都好。

And that's one example.

這就是一個例子。

And there are going to be a lot more examples of that down the road.

未來還會有更多這樣的例子。

But I'm sorry, what was your other -- did you have another question?

但很抱歉，你的另一個問題是什麼——你還有其他問題嗎？

No, just kind of long term, where do you see the biggest AI benefit?

不，只是從長遠來看，你認為 AI 最大的好處在哪裡？

So that piece you just described is cost side.

所以你剛才描述的那部分是成本方面的。

How do you think about that playing into bookings and other areas of the business?

您如何看待這對預訂和其他業務領域的影響？

Well, obviously, personalization is so important and it's part of that whole holistic system that I've talked about.

嗯，顯然，個性化非常重要，它是我所說的整個整體系統的一部分。

I'm probably getting some of you bored with me talking about it.

我可能讓你們中的一些人對我談論它感到厭煩。

But it's important, so I'm just going to keep repeating it.

但這很重要，所以我將繼續重複。

And that is the idea, a customer, with the incredible amount of choice in all the different things that they could do as such, it's helpful to give them guidance.

這就是一個想法，一個客戶，在他們可以做的所有不同的事情中有大量的選擇，給他們指導是有幫助的。

And I always give the analogy of that old-time human travel agent, who knew everything about you because they knew the things you've done in the past.

我總是用那個舊時代的人類旅行社做類比，他們知道你的一切，因為他們知道你過去做過的事情。

And they knew your income, they knew what you liked.

他們知道你的收入，他們知道你喜歡什麼。

They know what kind of trip you should have, what kind of restaurants you should go to, what kind of attractions you should go to, what kind of experiences you should have, how you're going to get from your home to the airport, how you can get from the airport to the hotel or the non-hotel, depending on what it was, and all those great things.

他們知道你應該有什麼樣的旅行，你應該去什麼樣的餐廳，你應該去什麼樣的景點，你應該有什麼樣的體驗，你應該如何從家到機場，你如何從機場到酒店或非酒店，取決於它是什麼，以及所有這些很棒的東西。

That's what AI needs to recreate so that when people come to us, we are able to provide them what really is the perfect trip and make their lives easier.

這就是人工智能需要重新創造的東西，以便當人們來找我們時，我們能夠為他們提供真正完美的旅行，讓他們的生活更輕鬆。

I am certain you have done leisure travel, and you've been frustrated.

我敢肯定你做過休閒旅行，你也很沮喪。

And it's frustrating for me, too.

這也讓我很沮喪。

I still have these issues.

我仍然有這些問題。

But I know that with technology, we can cure this stuff.

但我知道，有了技術，我們可以治愈這些東西。

And the people who cure those problems first, who get rid of that friction, who make it easy for everybody, those are going to be the people who people are going to come to direct and are going to be the winners.

那些首先解決這些問題，消除摩擦，讓每個人都容易的人，那些人將成為人們將要指導的人，並將成為贏家。

And we want to be that person.

我們想成為那個人。

Your next question is from Tom White of D. A. Davidson.

你的下一個問題來自 D. A. Davidson 的 Tom White。

Maybe just a follow-up on kind of the deceleration that we've seen in the growth of the business over the past few quarters and sort of vis-à-vis your alternative accommodation product.

也許只是跟進我們在過去幾個季度的業務增長中看到的某種減速，以及相對於您的替代住宿產品。

I guess, if -- I guess I'm just trying to understand if there's potential, do you think, for this product to kind of be large enough over time to reaccelerate your overall growth rate in any meaningful way, and maybe through adding pockets of supply, like you mentioned, in some geographies or more of whole home inventory, or maybe just growing consumer awareness of the category.

我想，如果 - 我想我只是想了解是否有潛力，你認為這個產品隨著時間的推移變得足夠大，以任何有意義的方式重新加速你的整體增長率，也許通過增加口袋供應，就像你提到的，在一些地區或更多的整個家庭庫存中，或者可能只是提高了消費者對該類別的認識。

Just trying to understand if this is a big enough product to, maybe, kind of reverse the decel that we've seen recently.

只是想了解這是否是一個足夠大的產品，也許可以扭轉我們最近看到的減速。

Well, could is an interesting word.

好吧，可以是一個有趣的詞。

I mean, yes, it could.

我的意思是，是的，它可以。

And it might.

它可能。

Plenty of interesting issues in that right now, and I'm going to use your questions just to riff on it a little bit.

現在有很多有趣的問題，我將使用你的問題來稍微重複一下。

So clearly, we think it's very important right now.

很明顯，我們認為現在非常重要。

And we know our customers want it.

我們知道我們的客戶想要它。

We're going on getting that inventory.

我們將繼續獲取該庫存。

But we're also making sure that we obey the rules.

但我們也確保我們遵守規則。

Not all municipalities want to just let this go willy-nilly.

並非所有市政當局都願意任其發展。

And they have all sorts of ideas on how this should be regulated.

他們對如何監管有各種各樣的想法。

And we are fully in favor of working with local municipalities, local organizations, to make sure this is done appropriately.

我們完全贊成與當地市政當局和當地組織合作，以確保妥善完成這項工作。

Because if it's not, if we just let everybody just do it with nothing regulated, you can end up with potential -- the tragedy of the commons issue, where it causes a problem for the entire city.

因為如果不是這樣，如果我們只是讓每個人都在不受監管的情況下這樣做，那麼最終可能會出現——公地悲劇問題，它會給整個城市帶來問題。

And we've seen certain cities where people are objecting to that type of tourism because it's making life with the people who live there very, very difficult.

我們已經看到某些城市的人們反對這種類型的旅遊業，因為它讓住在那裡的人們的生活變得非常非常困難。

On top of that, there are some municipalities that believe that this type of activity is doing -- having effects on rental prices for the people who live there.

最重要的是，一些市政當局認為這種類型的活動正在發揮作用——對居住在那裡的人的租金價格產生影響。

I don't know if you saw the recent thing on that.

我不知道你是否看到了最近的事情。

All sorts of issues like that.

諸如此類的各種問題。

So one of the things -- we are very much in favor of much of this, but we want to do it legally and correctly.

所以其中一件事——我們非常贊成其中的大部分內容，但我們希望以合法和正確的方式進行。

And I was very, very happy to see a couple of weeks ago, when the Mayor of Paris came out and was talking about how we are a role model for doing this the right way.

幾週前，我非常非常高興地看到巴黎市長出來談論我們如何成為以正確方式做到這一點的榜樣。

So that's good.

所以這很好。

Second thing interesting, I'm not sure if you saw or heard about or seen about one of the major chain hotels that is out there and is now testing doing home sharing.

第二件有趣的事，我不確定你是否看到或聽說過或看到過一家主要的連鎖酒店，它正在測試家庭共享。

It's very small, small test, but they're out there doing it, too.

這是非常小的測試，但他們也在做。

So it will be interesting, over time, where the blending, where -- people don't make much of a distinction, that is just, "I need a place to stay." And I look, and they come to Booking.com and we have all the stuff there.

因此，隨著時間的推移，混合的地點、地點——人們不會做出太大的區分，這將很有趣，那就是，“我需要一個住宿的地方。”我看，他們來到 Booking.com，我們那裡有所有的東西。

And they see which property is right for that particular trip.

他們會看到哪家酒店適合那次特定的旅行。

So I don't want to think about, at the end of the day, is it going to be bigger or smaller than traditional or not.

所以我不想去想，在一天結束的時候，它會比傳統的更大還是更小。

I just want everything to get bigger for us.

我只是希望一切對我們來說變得更大。

At this time, I'd like to turn to Mr. Fogel for closing remarks.

此時，我想請 Fogel 先生作結束語。

Thank you.

謝謝。

Okay.

好的。

I want to end by saying that I'm very pleased with our first quarter results.

最後我想說，我對我們第一季度的業績感到非常滿意。

We balanced attractive growth with product margin expansion.

我們在有吸引力的增長與產品利潤率擴張之間取得了平衡。

And we will pursue the strategies we've just talked about to give us the highest probability of capitalizing on this very large opportunity that we have in front of us.

我們將採用我們剛才談到的策略，以最大可能地利用我們面前的這個非常大的機會。

I look forward to speaking with you all next quarter.

我期待著在下個季度與大家交談。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude your program.

女士們，先生們，你們的節目到此結束。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

You may now disconnect.

您現在可以斷開連接。