Booking Holdings Inc (BKNG) 2018 Q2 法說會逐字稿

Welcome to Booking Holdings' Second Quarter 2018 Conference Call.

歡迎來到 Booking Holdings 2018 年第二季度電話會議。

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 statement 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.

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

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

現在我想介紹今天上午 Booking Holdings 的發言人 Glenn Fogel 和 David Goulden。

Go ahead, gentlemen.

來吧，先生們。

Good morning, and thank you for joining this morning's call.

早上好，感謝您參加今天上午的電話會議。

I want to start by apologizing for rescheduling the call from last evening to this morning.

首先，我要為將通話時間從昨晚改到今天早上而道歉。

We needed the additional time to complete our checks on room nights and gross bookings.

我們需要額外的時間來完成間夜數和總預訂量的檢查。

Now turning to our results for the quarter.

現在轉向我們本季度的業績。

I am pleased to report Booking Holdings performed well during the second quarter.

我很高興地報告 Booking Holdings 在第二季度表現良好。

Our revenue increased 20% year-over-year in U.S. dollars or about 16% on a constant currency basis.

我們的收入以美元計算同比增長 20%，按固定匯率計算增長約 16%。

And adjusted EBITDA grew 35% year-over-year to approximately $1.3 billion.

調整後的 EBITDA 同比增長 35% 至約 13 億美元。

Our worldwide 191 million booked room nights was an increase of 12% year-over-year, exceeding the high end of our guidance range.

我們在全球範圍內的預訂間夜數達到 1.91 億，同比增長 12%，超出了我們指導範圍的上限。

Consolidated gross bookings were up 15% year-over-year in U.S. dollars or about 11% on a constant currency basis.

按美元計算，綜合總預訂量同比增長 15%，按固定匯率計算增長約 11%。

While we are pleased with our financial results, we saw slower-than-expected room night growth towards the end of the quarter, which we believe is due in part to a greater-than-expected impact from the World Cup, in combination with some unusual weather in some of our core European markets which extended into the third quarter.

雖然我們對我們的財務業績感到滿意，但我們發現本季度末的間夜增長速度低於預期，我們認為這部分是由於世界杯的影響大於預期，再加上一些因素我們的一些核心歐洲市場的異常天氣一直持續到第三季度。

David will provide further details on this in his remarks.

大衛將在他的評論中提供更多細節。

Our performance marketing ROI optimization has continued to impact year-over-year growth rates, as has slower growth in some performance marketing channels.

我們的績效營銷 ROI 優化繼續影響同比增長率，一些績效營銷渠道的增長放緩。

We have talked about this in the past about our desire to decrease our historical dependency on performance marketing channels and increase our direct business.

我們過去曾談到過這一點，我們希望減少對績效營銷渠道的歷史依賴並增加我們的直接業務。

At this time, we are pleased with the trends we are seeing in our traffic mix.

目前，我們對我們在流量組合中看到的趨勢感到滿意。

Our direct channel, which represents approximately 50% of our total booked room nights, is not only one of our fastest-growing channels but also represents a significant source of new users to our platform.

我們的直接渠道約占我們總預訂間夜數的 50%，它不僅是我們增長最快的渠道之一，也是我們平台新用戶的重要來源。

These are important metrics we use to evaluate the long-term health of our business, which you can see in our strong bottom line results.

這些是我們用來評估業務長期健康狀況的重要指標，您可以在我們強勁的底線結果中看到這一點。

A year ago, I talked about the importance of measuring the effectiveness of our paid channels, and we would continually evaluate the efficiency of our performance marketing spend in paid channels.

一年前，我談到了衡量付費渠道有效性的重要性，我們會不斷評估付費渠道中績效營銷支出的效率。

We said we would deploy capital in the channels that offer us attractive ROIs and provide the best user experience for our customers.

我們說過，我們將在能夠為我們提供有吸引力的投資回報率並為我們的客戶提供最佳用戶體驗的渠道中部署資金。

Our strategy has not changed since then, and we remain open to leaning into channels that make themselves more attractive to us as an advertiser, work with us to improve the customer experience and help us build our brand.

從那時起，我們的戰略就沒有改變，我們仍然願意進入那些對我們作為廣告商更具吸引力的渠道，與我們合作改善客戶體驗並幫助我們建立品牌。

Regarding brand marketing.

關於品牌營銷。

We have not been able to ramp the spend as quickly as we had hoped in the first half of the year.

我們未能像今年上半年希望的那樣迅速增加支出。

But we believe we are exercising appropriate prudence regarding new brand campaigns and channels.

但我們相信我們對新品牌活動和渠道採取了適當的謹慎態度。

And we remain confident that over time, we will build a strong brand marketing effort, which, in the long term, will produce a beneficial impact and increase our direct business.

我們仍然相信，隨著時間的推移，我們將建立強大的品牌營銷工作，從長遠來看，這將產生有益的影響並增加我們的直接業務。

Overall, we are executing on our long-term strategy that we outlined at the end of last year, which is to provide a more holistic travel experience for our customers in order to further drive loyalty and build a larger direct brand.

總體而言，我們正在執行我們在去年底概述的長期戰略，即為我們的客戶提供更全面的旅行體驗，以進一步提高忠誠度並建立更大的直接品牌。

Providing the most accommodation choice with the best customer value and experience is a key piece of this strategy, and I am pleased with our progress in building a leading alternative accommodations platform.

提供具有最佳客戶價值和體驗的最多住宿選擇是該戰略的關鍵部分，我很高興我們在構建領先的另類住宿平台方面取得的進展。

As of June 30, Booking.com had a total of approximately 28.8 million reported listings, consisting of approximately 23.3 million reported listings in hotels, motels and resorts; and approximately 5.5 million reported listings in homes, apartments and other unique places to stay.

截至 6 月 30 日，Booking.com 共有約 2880 萬個報告的房源，其中包括約 2330 萬個酒店、汽車旅館和度假村的報告房源；大約有 550 萬人報告了房屋、公寓和其他獨特住宿地點的清單。

Reported listings for our alternative accommodation category was up 23% year-over-year.

我們另類住宿類別的報告房源同比增長 23%。

And booked alternative accommodation room nights continues to grow faster than our consolidated growth rate, which shows that our focus on providing maximum choice for our customers is delivering results.

預訂替代住宿間夜的增長速度繼續快於我們的綜合增長率，這表明我們致力於為客戶提供最大選擇的重點正在取得成果。

Providing local experiences, in-stay services and ground transportation are also important components of our holistic travel vision.

提供當地體驗、住宿服務和地面交通也是我們整體旅行願景的重要組成部分。

And we are in the early stages of building a robust local experience product through both organic investment in acquisitions such as FareHarbor, which we announced last quarter.

我們正處於通過對收購的有機投資（例如我們上個季度宣布的 FareHarbor）來構建強大的本地體驗產品的早期階段。

While the volume of attractions and other travel-related services is still very small compared to the size of our accommodation business, we are happy to report that the foundational blocks are being laid.

雖然與我們住宿業務的規模相比，景點和其他旅遊相關服務的數量仍然非常小，但我們很高興地報告，基礎塊正在鋪設。

And we believe that in the long term, providing a frictionless booking and payment experience in this area will be a competitive advantage.

我們相信，從長遠來看，在這一領域提供順暢的預訂和支付體驗將成為一種競爭優勢。

As we have said in prior calls, the APAC region remains an important growth market for us, and we continue to make investments in this region.

正如我們在之前的電話會議中所說，亞太地區仍然是我們重要的增長市場，我們將繼續在該地區進行投資。

Agoda is growing faster than our consolidated growth rate.

Agoda 的增長速度快於我們的綜合增長率。

China remains a focus of ours, and we are building there organically as well as through strategic partnerships.

中國仍然是我們關注的焦點，我們正在通過有機和戰略夥伴關係在那裡建設。

The recently announced DiDi investment and strategic relationship is an example of this strategy.

最近宣布的滴滴投資和戰略合作關係就是這一戰略的一個例子。

We are pleased about this partnership and potential to help both DiDi's and our customers travel in a more seamless way.

我們對這種合作夥伴關係以及幫助滴滴和我們的客戶以更無縫的方式出行的潛力感到高興。

Also during the quarter, we announced the acquisition of HotelsCombined, a leading hotel metasearch brand with a strong presence in several APAC markets.

同樣在本季度，我們宣布收購在多個亞太市場擁有強大影響力的領先酒店元搜索品牌 HotelsCombined。

HotelsCombined will report into KAYAK and will further help us become the global market meta leader through increased scale, greater geographic breadth in the world's fastest-growing region and expanded hotel and affiliate services.

HotelsCombined 將向 KAYAK 報告，並將通過擴大規模、在全球增長最快的地區擴大地理範圍以及擴大酒店和附屬服務，進一步幫助我們成為全球市場元領導者。

We hope to close this transaction later this year.

我們希望在今年晚些時候完成這筆交易。

In summary, we produced a solid quarter with industry-leading cash flow and margins.

總而言之，我們以行業領先的現金流和利潤率創造了一個穩定的季度。

We continue to invest in the business for the long term and remain focused on driving quality growth that we believe will make us a stronger and more competitive player in this enormous global travel market opportunity.

我們將繼續對業務進行長期投資，並繼續專注於推動高質量增長，我們相信這將使我們在這個巨大的全球旅遊市場機會中成為更強大、更具競爭力的參與者。

I will now turn the call over to our CFO, David Goulden, for the detailed financial review.

我現在將把電話轉給我們的首席財務官大衛·古爾登 (David Goulden)，以進行詳細的財務審查。

Thank you, Glenn, and good morning.

謝謝你，格倫，早上好。

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

我將討論我們第二季度的經營業績和現金流量，然後提供 2018 年第三季度的指導。

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。

As we discussed last quarter, all year-over-year growth rates referenced in my remarks and Q3 guidance will compare the current year income statement under the new revenue accounting standard to the prior year under the previous accounting standard.

正如我們上個季度討論的那樣，我的評論和第三季度指南中引用的所有同比增長率將根據新收入會計準則將本年度損益表與之前會計準則下的上一年進行比較。

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

總預訂量和其他指標，如客房預訂量，不受新收入會計準則的影響。

Our non-GAAP financial results and forecast includes 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。

Now on to our results for the quarter.

現在談談我們本季度的業績。

In the second quarter, our strategy to optimize performance marketing ROIs drove significant improvement in our operating margins.

在第二季度，我們優化績效營銷投資回報率的戰略推動了我們營業利潤率的顯著提高。

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

結果是連續第三個季度擴大調整後的 EBITDA 利潤率和底線業績，大大超出了我們的指導範圍和 FactSet 分析師的估計。

Room nights booked in Q2 grew 12%, which beat the high end of our guidance range.

第二季度預訂的間夜量增長了 12%，超過了我們指導範圍的上限。

Stayed room nights in Q2 grew faster than booked room nights.

第二季度入住間夜數增長快於預訂間夜數。

As I mentioned on the last call, we have factored some impact from the World Cup into our room night guidance for June.

正如我在上次電話會議中提到的，我們已將世界杯的一些影響納入 6 月份的客房住宿指南。

I also commented that the actual impact was difficult to predict.

我還評論說實際影響很難預測。

We observed that the impact during the World Cup period in late June, but also running into early July, was larger than we had estimated, in part due to many of our larger booking countries' national teams making it deep into tournaments.

我們觀察到，在 6 月下旬和 7 月初的世界杯期間，影響比我們估計的要大，部分原因是我們的許多預訂較大的國家/地區的國家隊深入錦標賽。

We also believe that unusually warm and dry weather in Northern Europe during the World Cup period had a compounding impact on bookings.

我們還認為，世界杯期間北歐異常溫暖乾燥的天氣對預訂產生了複合影響。

Post World Cup, we've seen a pickup in bookings in Europe, although the unusual warm and dry weather in Northern Europe continues.

世界杯后，我們看到歐洲的預訂量有所回升，儘管北歐異常溫暖乾燥的天氣仍在繼續。

Average daily rates for accommodations, or ADRs, were relatively flat for Q2 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，第二季度住宿的平均每日房價或 ADR 與上一年相比相對持平，好於我們預測的下降約 1%。

Foreign exchange rates favorably impacted Q2 growth rates in U.S. dollars by about 400 basis points.

外匯匯率對第二季度美元增長率產生了約 400 個基點的有利影響。

However, given the strengthening of the U.S. dollar since our last guidance, exchange rates for the quarter were unfavorable by about 100 basis points from that time.

然而，鑑於自我們上次指導以來美元走強，本季度的匯率較當時不利約 100 個基點。

Q2 gross bookings grew by 15%, expressed in U.S. dollars, and grew by about 11% on a constant currency basis, coming in about 2 percentage points above the high end of our guidance range.

第二季度總預訂量增長 15%，以美元計算，按固定匯率計算增長約 11%，比我們指導範圍的上限高出約 2 個百分點。

Consolidated revenue for the second quarter was $3.5 billion and grew by 20% in U.S. dollars and by about 16% on a constant currency basis.

第二季度的合併收入為 35 億美元，按美元計算增長 20%，按固定匯率計算增長約 16%。

Q2 revenue includes $40 million from the Momondo Group, an acquisition we closed in July 2017.

第二季度收入包括來自 Momondo Group 的 4000 萬美元，這是我們於 2017 年 7 月完成的一項收購。

Revenue for the second quarter of 2018 under the current revenue standard was about the same as it would have been reported under the previous revenue standard.

根據現行收入標準，2018 年第二季度的收入與根據之前的收入標準報告的收入大致相同。

Advertising and other revenue, which is mainly comprised of non-intercompany revenues from KAYAK and OpenTable, grew 34% in Q2 compared to prior year, including revenue from Momondo.

廣告和其他收入（主要包括來自 KAYAK 和 OpenTable 的非公司間收入）與去年同期相比增長了 34%，其中包括來自 Momondo 的收入。

GAAP operating income grew by 37%, and GAAP operating margins increased by 432 basis points compared to Q2 of last year.

GAAP 營業收入增長 37%，GAAP 營業利潤率較去年第二季度增長 432 個基點。

GAAP net income amounted to $977 million or $20.13 per share, which grew by 40%.

GAAP 淨收入達到 9.77 億美元或每股 20.13 美元，增長了 40%。

Our GAAP net income includes a $21.8 million benefit related to an unrealized gain on our equity investment 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的未實現收益相關的 2180 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 from our non-GAAP results.

我們從我們的非 GAAP 結果中排除了這一未實現的收益。

Our GAAP tax rate for the quarter was 19.2%, which was a little better than forecasted.

我們本季度的 GAAP 稅率為 19.2%，略好於預期。

Adjusted EBITDA for Q2 amounted to $1.313 billion and grew by 35%.

第二季度調整後的 EBITDA 為 13.13 億美元，增長了 35%。

Adjusted EBITDA also excludes the previously mentioned Ctrip gain.

調整後的 EBITDA 也不包括之前提到的攜程收益。

Our adjusted EBITDA margin of 37% was substantially better than our forecast, due mainly to performance marketing efficiency, higher revenue in the quarter and lower-than-expected spending on brand marketing due to the factors that Glenn discussed, plus some timing, primarily in digital channels.

我們調整後的 EBITDA 利潤率為 37%，大大好於我們的預測，這主要是由於績效營銷效率、本季度收入增加以及由於格倫討論的因素導致品牌營銷支出低於預期，加上一些時間安排，主要是在數字頻道。

As expected, non-marketing OpEx pressured year-over-year margins as we continue to invest in new markets and new capabilities, as Glenn described in his remarks.

正如預期的那樣，正如格倫在他的言論中所描述的那樣，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 $20.67, up 36% versus the prior year.

我們的非 GAAP 每股收益為 20.67 美元，比上年增長 36%。

Non-GAAP net income reflects a non-GAAP tax charge of 19 point -- tax rate of 19.3% in Q2, which increased from the prior year due to the impacts of the U.S. Tax Act and the higher Innovation Box Tax rate in the Netherlands.

非 GAAP 淨收入反映了 19 點的非 GAAP 稅費——第二季度稅率為 19.3%，由於美國稅法和荷蘭較高的創新箱稅率的影響，該稅費較上年有所增加.

Our cash and investments amounted to $16.8 billion at quarter-end.

截至季度末，我們的現金和投資總額為 168 億美元。

In Q2, we generated $1.6 billion of operating cash flow, which grew by 35% compared to prior year.

在第二季度，我們產生了 16 億美元的運營現金流，與去年同期相比增長了 35%。

Our free cash flow for the quarter was $1.5 billion, which is 35% higher than Q2 of '17.

我們本季度的自由現金流為 15 億美元，比 17 年第二季度高出 35%。

We returned about $1.2 billion during the second quarter to our shareholders through share buybacks.

我們在第二季度通過股票回購向股東返還了約 12 億美元。

Since the start of the year, we reduced our fully diluted share count by approximately 2%.

自今年年初以來，我們將完全稀釋後的股份數量減少了約 2%。

As of June 30, we had approximately $8.6 billion remaining of our share purchase reauthorization.

截至 6 月 30 日，我們的股票購買重新授權剩餘約 86 億美元。

We continue to be both programmatic and opportunistic with regard to our repurchases, and under stable business and market conditions, expect to complete this authorization within the remainder of the 2- to 3-year time period we talked about last quarter.

我們在回購方面繼續保持計劃性和機會主義，在穩定的業務和市場條件下，預計將在我們上個季度談到的 2 至 3 年的剩餘時間內完成授權。

Turning to Q3.

轉向第三季度。

Our guidance reflects our quarter-to-date actual results and assumes that 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內減速，這主要是由於我們的業務規模和與長期趨勢一致。

Our approach to guidance has not changed.

我們的指導方法沒有改變。

Foreign exchange rates are expected to be an approximately 200 basis point headwind to year-over-year growth rates in Q3, which represents an approximately 300 basis points unfavorable change from where FX rates were at the end of April and approximately 200 basis points from the date of our last earnings call.

預計第三季度外匯匯率將對同比增長率造成約 200 個基點的不利影響，這意味著與 4 月底的匯率相比約 300 個基點的不利變化，與 4 月底的匯率相比約 200 個基點我們上次財報電話會議的日期。

We used a dollar to euro exchange rate of 1.17 when setting our Q3 guidance.

在設定第三季度指導時，我們使用了 1.17 的美元兌歐元匯率。

We are forecasting booked room nights to grow by 6% to 9% and total gross bookings to grow by 3% to 6% in U.S. dollars and by 5% to 8% on a constant currency basis.

我們預測預訂間夜數將增長 6% 至 9%，總預訂量以美元計算將增長 3% 至 6%，按固定匯率計算將增長 5% 至 8%。

Our Q3 forecast assumes that constant currency accommodation ADRs for the company will be about flat compared to prior year.

我們的第三季度預測假設公司的固定貨幣調節 ADR 與上一年相比基本持平。

We forecast Q3 revenue to grow by 6% to 9% in U.S. dollars and by 8% to 11% on a constant currency basis.

我們預計第三季度收入以美元計算增長 6% 至 9%，按固定匯率計算增長 8% 至 11%。

Q3 adjusted EBITDA is expected to range between $2.3 billion and $2.36 billion, which represents 5% to 8% growth versus prior year.

第三季度調整後的 EBITDA 預計在 23 億美元至 23.6 億美元之間，較上年增長 5% 至 8%。

We forecast that adjusted EBITDA margin will be slightly lower than Q3 last year.

我們預測調整後的 EBITDA 利潤率將略低於去年第三季度。

Our Q3 forecast assumes that our ROI optimization efforts will continue to yield year-on-year performance marketing efficiency.

我們的第三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。

However, we expect the year-over-year improvements to moderate as we begin to lap these optimization efforts, which started in the middle of Q3 last year.

但是，隨著我們開始對去年第三季度中期開始的這些優化工作進行完善，我們預計同比改善會有所緩和。

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

我們預計我們在品牌營銷和非營銷運營支出方面的投資所帶來的去槓桿作用將超過本季度績效營銷所帶來的影響。

On the last call, we commented that deleverage from non-marketing OpEx and brand marketing will diminish in the second half as we lap investments we made last year.

在上次電話會議上，我們評論說，隨著我們完成去年的投資，非營銷運營支出和品牌營銷的去槓桿作用將在下半年減少。

We expect this to continue to be the case for non-marketing OpEx.

我們預計非營銷運營支出將繼續如此。

But due to the phasing of our brand spending, we expect deleverage in the second half of the year.

但由於我們的品牌支出分階段進行，我們預計下半年會去槓桿化。

We forecast GAAP EPS to be between $35.85 and $36.85 for Q3, which represents 4% to 7% growth versus prior year.

我們預測第三季度 GAAP 每股收益在 35.85 美元至 36.85 美元之間，較上年同期增長 4% 至 7%。

Our EPS guidance assumes a fully diluted share count of about 48 million shares, which reflects the beneficial impact of our -- the common stock repurchases we've made to date.

我們的 EPS 指導假設完全稀釋後的股票數量約為 4800 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 Q3 assumes a tax rate of approximately 21% compared to the prior year tax rate of 17%.

我們對第三季度的 GAAP 每股收益指引假設稅率約為 21%，而去年的稅率為 17%。

Our current year tax rate is higher than last year due to impacts of the U.S. Tax Act as well as the increased rate of 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 Q3 non-GAAP EPS of approximately $36.70 to $37.70, which represents 4% to 7% growth versus prior year.

我們預測第三季度非 GAAP 每股收益約為 36.70 美元至 37.70 美元，較上年增長 4% 至 7%。

Our non-GAAP EPS forecast includes an estimated income tax rate of approximately 21%, which is higher than the prior year rate of 17%, due to the same reasons I just discussed for the GAAP rate.

我們的非 GAAP 每股收益預測包括約 21% 的估計所得稅率，高於上一年的 17%，原因與我剛才討論的 GAAP 稅率相同。

We have hedge contracts in place to substantially shield our third 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 impact of foreign currency fluctuations.

從現在到本季度末，我們已經制定了對沖合約，以大幅保護我們第三季度的 EBITDA 和淨收益免受貨幣兌美元的任何進一步波動的影響，但對沖並不能保護我們的總預訂量、收入或營業利潤免受外匯波動的影響。

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或旅遊市場特別是旅遊市場發生任何重大變化。

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) And our first question comes from Brian Nowak from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的布賴恩諾瓦克。

I have 2. The first one, on the performance marketing optimization.

我有2個。第一個，關於績效營銷的優化。

Just curious, as we think into the back half and into 2019, philosophically, are you still looking for further areas of ROI and performance optimization of the business more efficient that we should expect to go into the back half and into next year?

只是好奇，當我們考慮到下半年和 2019 年時，從哲學上講，您是否仍在尋找我們應該期望進入下半年和明年的更高效的投資回報率和業務性能優化的更多領域？

And then secondly, on Europe.

其次，關於歐洲。

Just kind of looking for any further color on the growth of your largest business in Europe as you're guiding to a single-digit overall room night growth.

在您引導整體間夜量實現個位數增長的同時，尋找您在歐洲最大業務增長的任何進一步色彩。

How should we think about the potential for European growth rate over the next, call it, 2 years or so, given how large the business is at this point?

考慮到目前的業務規模，我們應該如何考慮未來 2 年左右的歐洲增長率潛力？

Brian, it's Glenn.

布賴恩，是格倫。

I'll give my comments on this first, then I'm going to give David a chance to give his opinion on all of this.

我會先給出我的意見，然後我會給大衛一個機會來發表他對所有這一切的意見。

So regarding optimization, and we've talked about this in the past, about our reasoning why we decided to optimize and what we're trying to do in terms of building out a much more powerful, and we think, very important to us brand and direct marketing approach.

所以關於優化，我們過去已經談過這個，關於我們決定優化的原因以及我們在建立更強大的方面正在嘗試做的事情，我們認為這對我們的品牌非常重要和直銷方式。

It's very hard to predict in these very dynamic pay-for-performance markets, what's going to happen, because there are so many influences that are coming in, particularly what your competitor is going to do.

很難預測在這些非常動態的按績效付費的市場中，會發生什麼，因為有太多的影響正在發生，尤其是你的競爭對手將要做什麼。

But what I want to point out is what I said in my prepared remarks, and it really comes down to what we said when we first started this almost a year ago.

但我想指出的是我在準備好的發言中所說的話，這實際上歸結為我們將近一年前剛開始時所說的話。

I think almost exactly a year ago, I said this.

我想大約一年前，我說過這個。

For those advertising platforms that are willing to work cooperatively with us so that together, we can build better business for both of us, to create something that is a great customer experience, something that helps build our brand, something that again is not something that is something that is competitive but is cooperative, we're always willing to lean in and work with them.

對於那些願意與我們合作的廣告平台，我們可以一起為我們雙方建立更好的業務，創造卓越的客戶體驗，幫助建立我們的品牌，這又不是什麼是競爭但合作的東西，我們總是願意靠在他們身上並與他們合作。

And we've been doing it with a number of them.

我們一直在與他們中的許多人一起做。

Some are more cooperative than others.

有些人比其他人更合作。

So in terms of the answer to that, it really depends also on how others are going to act.

因此，就此問題的答案而言，它實際上還取決於其他人將如何行動。

In regards to Europe, yes, we have a big business in Europe.

關於歐洲，是的，我們在歐洲有很大的業務。

But -- and it is our biggest geographical area.

但是——這是我們最大的地理區域。

But I still want to point out, it's still a relatively small part of the overall travel business in Europe.

但我還是要指出，它在歐洲整體旅遊業務中仍然是相對較小的一部分。

And we have a lot of ramp left, both in our core business, which I would consider to be our hotels in urban areas, but then there's even more opportunity in all the other areas, as we talked about building out NHA, which is a very fast -- non-hotel accommodation, it is a very fast-growing area.

而且我們在核心業務中還有很多斜坡，我認為這是我們在城市地區的酒店，但在所有其他領域都有更多機會，因為我們談到了建設 NHA，這是一個非常快——非酒店住宿，是一個發展非常快的領域。

And then we talked a bit about the holistic travel service that we want to provide.

然後我們談到了我們想要提供的整體旅行服務。

So I think there's still a lot of opportunity there.

所以我認為那裡仍然有很多機會。

We are at different stages of development in all of it.

我們處於所有這一切的不同發展階段。

But I do not believe that this is something where we are running out of ramp at all.

但我認為這根本不是我們用盡斜坡的地方。

And I'll turn it over to David.

我會把它交給大衛。

Thanks, Glenn.

謝謝，格倫。

No, I think I would just reinforce that as we've been looking into the market opportunity, even in our strongest markets, there's a lot of what I'll call white space in terms of opportunity for us to grow, not only in the new areas, but also in the core hotel areas where we have obviously very strong shares in certain particular types of travel and less strong share in other travel.

不，我想我只是強調一下，因為我們一直在研究市場機會，即使在我們最強大的市場中，也有很多我稱之為空白的地方，因為我們有機會成長，而不僅僅是在新領域，但也在核心酒店領域，我們在某些特定類型的旅遊中佔有非常強的份額，而在其他旅遊中佔有較弱的份額。

So we think there's a lot of growth opportunity, over and above what the market growth rates are sitting in Europe.

因此，我們認為除了歐洲的市場增長率之外，還有很多增長機會。

And going back to performance marketing optimization, I think Glenn again summarized it very well.

回到績效營銷優化，我認為 Glenn 再次總結得很好。

These are dynamic marketplaces.

這些是動態的市場。

Obviously, you saw we had very good results in Q2 and much beyond what we guided to in terms of optimization, driving a number of the -- a large piece of our overachieve in Q2.

顯然，您看到我們在第二季度取得了非常好的結果，遠遠超出了我們在優化方面的指導，推動了我們在第二季度取得的很大一部分成就。

I think we recognize that these are important channels.

我認為我們認識到這些是重要的渠道。

We continue to look for ways to optimize, but they're also growth channels for us as well.

我們繼續尋找優化方法，但它們也是我們的增長渠道。

So there's always a balance.

所以總有一個平衡點。

But as Glenn said, we -- these are dynamic marketplaces, so a little bit difficult to predict.

但正如格倫所說，我們——這些是充滿活力的市場，所以有點難以預測。

I think we are in a fairly good position in terms of our optimization right now in terms of the balance between growth and profitability.

我認為，就增長和盈利能力之間的平衡而言，我們目前在優化方面處於相當有利的位置。

But there are always areas where we're experimenting constantly in these channels is probably the best way to summarize it.

但總有一些領域我們在這些渠道中不斷試驗，這可能是總結它的最佳方式。

And our next question comes from Mark May from Citi.

我們的下一個問題來自花旗銀行的 Mark May。

I know it's probably nitpicking, but just obvious question would be if it's possible in any way to quantify the incremental impact that you think you had from World Cup that you weren't anticipating, as well as some of the poor weather?

我知道這可能是吹毛求疵，但一個顯而易見的問題是，是否有可能以任何方式量化你認為你沒有預料到的世界杯帶來的增量影響，以及一些惡劣的天氣？

Also, I think in the past, you said that weather tends to not be a focus as consumers tend to be pretty flexible.

另外，我想在過去，你說過天氣往往不是一個焦點，因為消費者往往非常靈活。

Why is that not necessarily the case this time around?

為什麼這次不一定是這種情況？

And just on a follow-up, what, if any, impact are you seeing with Google's moves and changes in the hotel search arena in terms of your share of overall travel traffic from that channel?

就跟進而言，您認為谷歌在酒店搜索領域的舉措和變化對您在該渠道的整體旅遊流量中所佔份額有何影響（如果有的話）？

So Mark, let me take the first one and hand to Glenn for the second one.

馬克，讓我拿第一個，然後把第二個交給格倫。

So pretty helpful to start by explaining what impact we had built into our Q2 guidance for World Cup.

首先解釋我們對世界杯第二季度指南產生的影響非常有幫助。

And as I mentioned on the last call, there are many factors here, including what teams did, so I'll start off by saying we had a little less than 0.5 point built in to our guidance.

正如我在上次電話會議中提到的那樣，這裡有很多因素，包括團隊所做的事情，所以我首先要說我們的指導意見略低於 0.5 分。

What we saw was a combinatorial factor, we saw a lot of the teams of big booking countries, many of those are sitting in Northern Europe.

我們看到的是一個組合因素，我們看到很多預訂大國的球隊，其中很多都在北歐。

Having an unusual weather period during the World Cup, in fact, I was in Holland a lot during that period of time, and you could just see the activity.

世界杯期間有一個不尋常的天氣時期，事實上，那段時間我在荷蘭很多次，你可以看到活動。

And we believe the combination of those 2 things had a bigger factor than we expected.

我們相信這兩件事的結合比我們預期的要重要。

Hard to quantify because it's a hypothetical, but certainly enough to mention and point out.

很難量化，因為它是一個假設，但肯定足以提及和指出。

We did notice that, again, as I said in my remarks, that at the end of the World Cup, because the World Cup obviously impacted the last 2 weeks in June, impacted the first 2 weeks in July, bear in mind that several larger booker countries made it all the way to the semifinals.

我們確實再次注意到，正如我在發言中所說，在世界杯結束時，因為世界杯顯然影響了 6 月的最後兩週，影響了 7 月的前兩週，請記住幾個更大的布克國家一路殺入半決賽。

And historically, we have found that when teams are doing well in the World Cup, there is an impact on bookings.

從歷史上看，我們發現當球隊在世界杯上表現出色時，就會對預訂產生影響。

You can see it during the game.

你可以在比賽中看到它。

You can also see it over the period of time as well.

您也可以在一段時間內看到它。

So it did roll into July.

所以它確實進入了七月。

So we want to comment on that as well.

所以我們也想對此發表評論。

And what we've commented after the end of the World Cup, we saw a bounce back in bookings in Europe, but the weather is sufficiently noticeable to comment about it.

我們在世界杯結束後評論說，我們看到歐洲的預訂量出現反彈，但天氣非常明顯，無法對此發表評論。

We're going through a very unusual weather pattern in Europe right now.

我們現在正在歐洲經歷一種非常不尋常的天氣模式。

In the Northern countries, temperatures are in the 30s in terms of Celsius; and in Southern Europe, they're in the 40s, making it less pleasant than usual to want to go sit on a beach when it's 110 degrees.

在北方國家，溫度在攝氏 30 度左右；而在南歐，他們在 40 多歲，這使得在 110 度時想坐在海灘上的心情比平時更不愉快。

So I think others have commented upon that.

所以我認為其他人對此發表了評論。

We wanted to point it out.

我們想指出這一點。

The World Cup had a factor in our Q3 guide.

世界杯在我們的第三季度指南中有一個因素。

The ongoing weather has a bit of a factor as well.

持續的天氣也有一些因素。

And we do see it in -- when we look at the numbers of people traveling from Northern Europe to Southern Europe, we see an impact.

我們確實看到了——當我們查看從北歐到南歐旅行的人數時，我們看到了影響。

So we just wanted to call it out and explain it's now built into the way we're thinking about the business this quarter.

所以我們只是想把它說出來並解釋它現在已經融入了我們本季度對業務的思考方式。

And regarding Google, I'd want to emphasize that -- a couple of things.

關於谷歌，我想強調幾件事。

One, we have been working with Google for a very, very long time.

第一，我們已經與穀歌合作了非常非常長的時間。

Symbiotic relationship, helps build both of our businesses in the travel vertical, and we're continuing to do that.

共生關係有助於在旅遊垂直領域建立我們的業務，我們將繼續這樣做。

And we are pleased with where our share is in Google in all their different products right now.

我們對我們目前在谷歌所有不同產品中的份額感到滿意。

And they continue to develop new products, new ways to reach out to their customers, to provide their customers with a good experience.

他們不斷開發新產品，以新方式接觸客戶，為客戶提供良好的體驗。

And we work with them and provide that travel service to our customers.

我們與他們合作，為我們的客戶提供旅行服務。

And it's really worked well for us over the last, more than a decade, and I think it's going to continue to work that way.

在過去的十多年裡，它對我們來說真的很有效，我認為它將繼續以這種方式發揮作用。

Clearly, certain parts of the world where travel growth is faster, Google has less of an ability to get customers.

顯然，在旅遊增長較快的世界某些地區，谷歌獲得客戶的能力較差。

I, of course, speak to China right away.

當然，我會立即與中國通話。

I mean, that's an area where, as of today, Google would not be a supplier of customers to us of any great state.

我的意思是，在這個領域，從今天起，谷歌不會成為我們任何大國的客戶供應商。

So we are going to continue to work with them well.

因此，我們將繼續與他們良好合作。

And I have confidence that we're going to have a good relation going forward, and we're always looking forward to the new things they're working on, because that can help our business.

而且我有信心我們將在未來保持良好的關係，我們一直期待著他們正在研究的新事物，因為這可以幫助我們的業務。

And our next question comes from Lloyd Walmsley from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lloyd Walmsley。

I have 2, if I can.

如果可以的話，我有 2 個。

First, just asking a question in another way.

首先，只是以另一種方式提出問題。

Given your view that there's a lot of room left in the core markets and in your newer NHA markets, are you guys happy with the outlook for single-digit room night growth?

鑑於您認為核心市場和較新的 NHA 市場還有很大空間，你們對個位數間夜增長的前景感到滿意嗎？

Or is your base case that you can grow faster than that looking out over the next few years, given the runway left?

還是您的基本情況是，如果跑道還剩，您未來幾年的增長速度會比預期的更快？

And then second one, just kind of strategically, as you guys shift the focus beyond hotels, it seems like the different products are still a bit siloed.

然後是第二個，只是從戰略上講，當你們將注意力轉移到酒店之外時，不同的產品似乎仍然有點孤立。

So I'm just wondering what the strategy is for integrating the experience.

所以我只是想知道整合體驗的策略是什麼。

Is that effort being led by the Booking.com team?

這項工作是由 Booking.com 團隊領導的嗎？

And what kind of product investments do you need to make here, whether that's building out individual products, building an underlying platform and like, do you see risk to core hotel conversion as you develop this strategy of kind of a more holistic travel product?

您需要在這裡進行什麼樣的產品投資，無論是構建單個產品、構建基礎平台等，在您開發這種更全面的旅遊產品戰略時，您是否看到核心酒店轉換的風險？

Just curious if you can share some thoughts there.

只是好奇您是否可以在那里分享一些想法。

Sure.

當然。

So it's Glenn speaking.

現在是格倫發言。

Referring back to the growth area, you said, are we happy?

回到增長領域，你說，我們幸福嗎？

I will just make the statement that I am never happy no matter how fast we're growing, I always want to do it faster.

我只想聲明，無論我們發展多快，我都不會開心，我總是想做得更快。

So let's just lay that out.

所以讓我們把它放出來。

I'm a competitive person, our teams are competitive, everybody in this organization is competitive, and we always want to win and do more no matter what level we're at.

我是一個有競爭力的人，我們的團隊很有競爭力，這個組織中的每個人都很有競爭力，無論我們處於什麼水平，我們總是想贏，做更多。

Now your question about are we kind of in single digit, are we going to be in single digit?

現在你的問題是我們是個位數嗎？我們會是個位數嗎？

Part of our belief is that, and this is something David mentioned a little bit about, is optimization in choosing profit versus growth.

我們的部分信念是，這是大衛提到的一點，是選擇利潤與增長的優化。

And we want to do things in the smart way.

我們希望以聰明的方式做事。

And one can always buy more growth, and it depends on what cost.

人們總是可以買到更多的增長，這取決於成本。

And is that long-term benefit to the franchise or not?

這對特許經營權是否有長期利益？

Right now, we're at a stage where we're happy where we are and the way we're investing and the way we're getting the bottom line where we are.

現在，我們正處於一個階段，我們對自己所處的位置、我們的投資方式以及我們獲得底線的方式感到滿意。

Clearly, we believe that building out this holistic travel system should provide a much better solution for customers around the world who want to travel.

顯然，我們相信構建這個整體旅行系統應該為世界各地想要旅行的客戶提供更好的解決方案。

And we expect that competitive benefit to accrue to us.

我們希望我們能夠獲得競爭優勢。

Now you'd make a point, though, on this holistic thing and having these siloed different companies in our organization, are we going to make changes there?

不過，現在你要提出一個觀點，在這個整體的事情上，在我們的組織中有這些孤立的不同公司，我們要在那裡做出改變嗎？

Well, I would point out we're already doing that.

好吧，我要指出我們已經在這樣做了。

And we made the thing earlier in the year of noting that our rental cars company, which was more of an independent company, has now been put under the Booking.com umbrella to make sure that the customers are getting the most frictionless, seamless way to use ground transportation services.

我們在今年早些時候指出，我們的汽車租賃公司更像是一家獨立公司，現在已歸入 Booking.com 旗下，以確保客戶獲得最順暢、無縫的方式使用地面交通服務。

And it's more than just rental cars, it's all elements of ground transportation that we're building.

它不僅僅是租車，它是我們正在建設的地面交通的所有元素。

So that's an example of what we're doing.

這就是我們正在做的一個例子。

And we're doing it in other areas, too, and I don't want to get into too much of the details, but we have Agoda and Priceline doing a lot of back-end work together.

我們也在其他領域這樣做，我不想談太多細節，但我們有 Agoda 和 Priceline 一起做很多後端工作。

There's a lot of things happening under the hood to help build out this system.

幕後發生了很多事情來幫助構建這個系統。

Now you're right to mention the point about what sort of risks does that bring on, and does that -- first, does that do anything that's going to put a risk to the hotel, the core hotel business?

現在你提到這會帶來什麼樣的風險是正確的，並且這樣做 - 首先，這是否會對酒店，核心酒店業務帶來風險？

We're aware of that potential, and that's why we always want to guard against it and make sure we're doing things in the right way to do it with the right checks so that we don't end up doing anything that could influence the core business in a negative way.

我們意識到了這種可能性，這就是為什麼我們總是想要防範它並確保我們以正確的方式做事，通過正確的檢查來做到這一點，這樣我們最終就不會做任何可能影響的事情核心業務不利。

So I think we have it under control.

所以我認為我們已經控制住了它。

I think we're doing it the right way.

我認為我們的做法是正確的。

And I'm pleased with where we are and the position of where we're going.

我對我們所處的位置和我們要去的地方感到滿意。

And our next question comes from Mark Mahaney from RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

I'll just ask about the advertising strategy, the kind of the toggle away from performance marketing towards brand advertising.

我只問廣告策略，從績效營銷轉向品牌廣告的那種。

And I think you'd said that you'd -- it sounds like you weren't able to spend as quickly as you wanted in brand advertising, so if you could explain that a little bit more?

而且我想你說過你會 - 聽起來你無法像你想要的那樣快速地在品牌廣告上花錢，所以你能再解釋一下嗎？

Is it that the pricing wasn't -- you couldn't find the right channels?

是不是定價不對——你找不到合適的渠道？

The brand pricing, the ROI on that spend wasn't as favorable as you would have liked so you didn't spend that?

品牌定價，該支出的投資回報率不如您希望的那麼好，所以您沒有花錢？

Just explain a little bit more why the toggle over to brand advertising didn't occur as rapidly as you wanted.

只需多解釋一點，為什麼切換到品牌廣告的速度沒有您希望的那麼快。

And maybe also bigger picture, when you think about this, the goal seems very clear, build up customer loyalty and that it should show up in better margins.

也許還有更大的前景，當你考慮這個問題時，目標似乎非常明確，建立客戶忠誠度並且它應該以更高的利潤率出現。

But on the -- how are you going to judge yourself how successful this strategy is?

但是關於——你將如何判斷自己這個策略有多成功？

Is there a room night goal -- growth goal you're looking for or bookings growth goal?

是否有間夜量目標——您正在尋找的增長目標或預訂量增長目標？

I know you're trying to do both of those, margins and growth, but what's the growth objective you want to get out of switching the advertising over more towards brand advertising?

我知道你正在努力做到這兩個方面，利潤率和增長，但是你想通過將廣告更多地轉向品牌廣告來實現的增長目標是什麼？

Mark, yes, the brand, and I wanted to call out that we did not spend as fast as we would have liked.

馬克，是的，品牌，我想說我們沒有像我們希望的那樣快速消費。

And that's a function of something that we said at the very beginning when we talked about going towards a strategy that would be more direct, which would include building out a bigger brand effort.

這是我們在一開始談到製定更直接的戰略時所說的話的功能，其中包括建立更大的品牌努力。

And I made it very clear at the beginning that we would do this in a prudent way.

我一開始就說得很清楚，我們會謹慎行事。

I used the word prudent.

我用了謹慎這個詞。

I think I've used the word prudent every time since then because that's how we're doing this.

我想從那以後我每次都使用謹慎這個詞，因為我們就是這樣做的。

Our DNA is one of experimentation, test, see what the data shows us, and then if things are working, do more of it; if things aren't working, change around, figure out well, what should we adjust to and work on that.

我們的 DNA 是一種實驗、測試，看看數據向我們展示了什麼，然後如果一切正常，就做更多；如果事情不奏效，改變一下，弄清楚，我們應該適應什麼並努力解決這個問題。

It's an iterative process.

這是一個迭代過程。

And there are many things that go in.

還有很多東西要進去。

It's what kind of creative do you have, what are the signals you're getting from that, what channels are you using in it?

這是你有什麼樣的創意，你從中得到什麼信號，你在其中使用什麼渠道？

And of these new channels, relatively new, where it's not just brand on TV, it's all sorts of video, and how are your responses on that going?

在這些相對較新的新頻道中，不僅僅是電視品牌，還有各種視頻，您對此有何反應？

So over all these things, as we go through it, not that different than when we built out our pay-for-performance thing, is experimentation, results, rinse and repeat.

因此，在所有這些事情上，當我們經歷它時，與我們構建按績效付費的東西時沒有什麼不同，就是實驗、結果、沖洗和重複。

And where we are right now, that's what we thought was the appropriate thing.

而我們現在所處的位置，就是我們認為合適的事情。

And it makes no sense in my mind to spend excess money if you think you're not going to get a good result out of it.

如果你認為你不會從中得到好的結果，那麼在我看來花多餘的錢是沒有意義的。

So that's that one.

就是那個。

In terms of what's the goal, though, I think the best way we can measure this really is at direct.

不過，就目標而言，我認為我們真正衡量這一目標的最佳方式是直接衡量。

When you see more and more direct business coming, that's showing your brand effort is working.

當您看到越來越多的直接業務到來時，這表明您的品牌努力正在發揮作用。

And that's why I wanted to point out that approximately 50% of our bookings are coming direct, and it's growing.

這就是為什麼我想指出我們大約 50% 的預訂是直接來的，而且這個數字還在增長。

And we're getting new users in that channel.

我們正在該頻道中獲得新用戶。

So that's what -- that's sort of like what I'm using as a thermometer, see, is the brand working or not?

這就是 - 這有點像我用作溫度計的東西，看，這個品牌是否有效？

And our next question comes from Justin Post from Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Justin Post。

A couple of things.

幾件事。

First, on the market share, you haven't gained as much this year as in prior years.

首先，在市場份額上，你們今年的增長沒有往年那麼多。

Has anything really changed in June or July?

六月或七月真的有什麼變化嗎？

If we see the industry data that you're looking at, do you think you've held up your market share in the last couple of months?

如果我們看到您正在查看的行業數據，您認為您在過去幾個月中是否保持了市場份額？

Any big changes there?

那裡有什麼大的變化嗎？

And then, David, on your guidance, did you guide deceleration off of a slow start in July?

然後，大衛，在你的指導下，你是否指導了 7 月份緩慢開始的減速？

Or was that off of kind of the more recent improved trends?

還是這與最近改進的趨勢不符？

And then maybe one housekeeping.

然後也許是一個家政服務。

Your take rates are much higher this quarter, and I'm assuming that's just because the booking growth slowed a bit and your marketing strategy.

本季度你們的接受率要高得多，我假設這只是因為預訂增長放緩了一點和你們的營銷策略。

Was there any change to the underlying take rates in the hotel business?

酒店業務的基本收費率是否有任何變化？

Justin, thanks.

賈斯汀，謝謝。

Let me kind of take those in the order which you gave them.

讓我按照你給他們的順序來接受這些。

So market share, when we look at our share of the total rooms available in our portfolio, which is kind of what we can measure and manage, we see us continuing to gain share on a quarter-by-quarter, on a month-by-month basis, so we're kind of pleased with that number.

所以市場份額，當我們查看我們在我們的投資組合中可用房間總數的份額時，這是我們可以衡量和管理的，我們看到我們繼續按季度、按月增加份額-月的基礎，所以我們對這個數字感到滿意。

Some people call that our sell-through rate.

有些人稱之為我們的銷售率。

But when we look at that, we continue to gain share in what is an expanding portfolio.

但當我們審視這一點時，我們將繼續在不斷擴大的投資組合中獲得份額。

So we are pleased with that.

所以我們對此感到滿意。

In terms of the guidance arrangement -- and I want to stress our approach to guidance has not changed.

在指導安排方面——我想強調我們的指導方法沒有改變。

And so that's an important point to take into account.

因此，這是需要考慮的重要一點。

When we gave the guidance, we looked at a number of factors.

當我們給出指導時，我們考慮了許多因素。

Yes, we did look at what we saw coming out of June and into July, which was obviously impacted by some of the comments I talked about on my earlier remarks.

是的，我們確實研究了 6 月和 7 月的情況，這顯然受到了我在之前的評論中談到的一些評論的影響。

And I also pointed out that the guidance does continue to reflect a deceleration during the rest of the quarter, so potentially some opportunity there.

我還指出，該指引確實繼續反映了本季度剩餘時間的減速，因此可能存在一些機會。

So those are the factors that kind of went into that guidance number.

所以這些都是進入該指導數字的因素。

Take rates, nothing particularly, other than probably the impact of the book-to-stay ratio, you're probably seeing that slightly shortening windows, as we mentioned, for the last couple of quarters, just as well as the timing of things in the Q2 quarter.

拿利率來說，沒有什麼特別的，除了可能是預訂與入住率的影響，你可能會看到窗口略微縮短，正如我們提到的，在過去幾個季度，以及事情發生的時間Q2季度。

But basically, it's the book-to-stay window, which would probably have the biggest impact upon what you're seeing in take rates.

但基本上，它是預訂到入住的窗口，這可能會對您在接受率中看到的影響最大。

And our next question comes from Kevin Kopelman from Cowen and Company.

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

Just a couple of questions.

只是幾個問題。

First, so just to clarify on the previous comments, so you've seen some negative impact from weather.

首先，我想澄清一下之前的評論，你已經看到了天氣帶來的一些負面影響。

Can you quantify the impact from the Northern Europe heatwave?

你能量化北歐熱浪的影響嗎？

Or give us any sort of ballpark to what extent you think that's hurt growth?

或者給我們任何類型的球場，您認為這在多大程度上損害了增長？

And then to be totally clear there, you've taken -- because that's kind of ongoing, you've taken that rate and slowed it down from there, so you're not assuming a pick-up on better weather.

然後要完全清楚那裡，你已經採取了 - 因為這是一種持續的，你已經採取了那個速度並從那裡放慢了它，所以你沒有假設天氣好轉。

And then I have one more question.

然後我還有一個問題。

Kevin, so let me take the -- so yes, to be clear, we are -- hard to predict what's going to happen to the weather.

凱文，所以讓我接受——所以是的，要明確的是，我們很難預測天氣會發生什麼。

I think if anybody knew that, we wouldn't be sitting here, we'd be doing something else.

我想如果有人知道這一點，我們就不會坐在這裡，我們會做其他事情。

But yes, we've obviously had some impact that we did see in end of July.

但是，是的，我們顯然已經產生了一些我們在 7 月底確實看到的影響。

And we saw impacts of the weather pattern, and we saw impacts of the weather pattern in combination with the second half of the World Cup, and that was factored into our July actuals.

我們看到了天氣模式的影響，我們看到了天氣模式與世界杯下半場相結合的影響，這已被納入我們 7 月的實際情況。

So we have, as we normally do, taken an appropriate approach and guided some level of deceleration from that in our Q3 guide.

因此，我們像往常一樣採取了適當的方法，並在我們的第三季度指南中指導了一定程度的減速。

So that's exactly kind of what's -- reiterating what I said in my prepared remarks.

所以這正是 - 重申我在準備好的發言中所說的話。

And what was your second part of the question?

你的問題的第二部分是什麼？

Okay.

好的。

Okay, understood on that part.

好的，那部分明白了。

And then just a question on the direct business.

然後只是關於直接業務的問題。

You said it accounts for about 50% of nights.

你說它約佔夜晚的 50%。

And can you give us more information on how you're defining that?

你能給我們更多關於你如何定義它的信息嗎？

So specifically, are you adjusting out direct nights where users have been influenced by clicking on your online advertising in the prior 30-day period?

那麼具體來說，您是否調整了在過去 30 天內用戶因點擊您的在線廣告而受到影響的直接夜晚？

And in addition, are you including SEO?

此外，您是否包括 SEO？

Are you including brand SEM on branded keywords?

您是否在品牌關鍵字中包含品牌 SEM？

And are you including mobile app traffic that may have been driven by advertising?

您是否包括可能由廣告驅動的移動應用程序流量？

Just so we can understand that metric that you disclosed a little bit better.

這樣我們就可以更好地理解您披露的指標。

Sure.

當然。

So the direct is basically, users come through non-paid channels, we've not paid.

所以直接的基本上是，用戶來自非付費渠道，我們沒有付費。

So it will include SEO.

所以它將包括SEO。

It would not include brand searches or a brand PPC search.

它不包括品牌搜索或品牌 PPC 搜索。

So to be very clear, we're taking a very narrow but I think appropriate definition of direct.

所以非常清楚，我們正在採用非常狹窄但我認為適當的直接定義。

I know others have maybe expanded and gone to a slightly broader view, but we're taking a pure view.

我知道其他人可能已經擴展並獲得了更廣泛的觀點，但我們採取的是純粹的觀點。

Obviously, people have come from our advertising, that's all well and good.

顯然，人們來自我們的廣告，這一切都很好。

And a lot of that direct traffic, of course, is coming through a mobile with the app.

當然，很多直接流量都是通過裝有該應用程序的手機來的。

It is an important piece of it, but specifically, where we've not paid for that user when they make a booking.

這是其中很重要的一部分，但具體而言，我們沒有在該用戶進行預訂時為其付款。

And our next question comes from Douglas Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

I definitely appreciate the color on the World Cup and European weather.

我非常欣賞世界杯和歐洲天氣的顏色。

But just given the fact that the comp is certainly notably easier into 3Q, is there anything else that's impacting room nights and the FX-neutral bookings growth in the third quarter?

但考慮到 comp 進入 3Q 時明顯更容易這一事實，還有什麼其他因素會影響 room nights 和 FX-neutral 預訂量在第三季度的增長嗎？

So that's for David.

所以這是給大衛的。

And then, Glenn, just on China, can you talk a little bit more about the investments in DiDi and Meituan and your strategy here and how they tie operationally to your efforts in China?

然後，格倫，就中國而言，你能多談談對滴滴和美團的投資以及你在這裡的戰略，以及它們如何在運營上與你在中國的努力聯繫起來嗎？

Should we view the value there more in the equity investments, in the stakes, or in how they can help actually drive bookings business?

我們是否應該更多地關注股權投資、股權投資或它們如何幫助實際推動預訂業務的價值？

Yes, Doug, let me take the first part.

是的，道格，讓我來做第一部分。

I'll clarify -- I think by comp, you're talking about the performance marketing optimization comp.

我會澄清 - 我認為通過 comp，你正在談論績效營銷優化 comp。

So let me just kind of clarify what's going on there.

所以讓我澄清一下那裡發生了什麼。

So as we've said, I'll kind of just walk you through our logic here, so performance marketing optimization has obviously benefited our profitability, but over time, it's cost us some amount of growth.

因此，正如我們所說，我將在這裡向您介紹一下我們的邏輯，因此績效營銷優化顯然有利於我們的盈利能力，但隨著時間的推移，它讓我們付出了一定的增長代價。

But I think we've also pointed out we do not believe we lost much share across the performance marketing channels in aggregate.

但我認為我們還指出，我們不認為我們在績效營銷渠道中總體失去了太多份額。

Obviously, our spending reduction reduced in -- resulted in reducing growth in those channels in absolute, but we do not believe we lost much share across them in total.

顯然，我們的支出減少減少了 - 導致這些渠道的絕對增長減少，但我們認為我們總共失去了太多份額。

And also, last quarter was only a partial quarter of optimization.

而且，上個季度只是優化的部分季度。

So we've not really got a full overlap this time.

所以這次我們並沒有真正完全重疊。

So we don't expect to see a significant uptick in growth in Q3 from lapping any change in share in those channels, a, because it wasn't a big change in share; and b, because it's only a partial compare.

因此，我們預計第三季度不會因這些渠道份額的任何變化而出現顯著增長，a，因為份額變化不大；和 b，因為它只是部分比較。

And I'll take the -- I'll talk a little bit about the Chinese -- China strategy we have right now.

我會——我會談談中國——我們現在擁有的中國戰略。

And when we talk about China, really, it's the locomotive of the growth in worldwide travel industry.

當我們談論中國時，實際上，它是全球旅遊業增長的火車頭。

And any stat you'd look at, sees huge growth opportunity there.

你會看到任何統計數據，在那裡看到巨大的增長機會。

I think I saw a stat that said less than 10% of Chinese citizens have a passport or traveling out of China.

我想我看到一個統計數據說只有不到 10% 的中國公民擁有護照或出國旅行。

So that's a lot of growth potential, and we want to get a good share of that.

所以這是很大的增長潛力，我們希望從中獲得很大的份額。

Now on the flip side of that, though, China is a more difficult place to work for non-local players.

然而，另一方面，對於非本地玩家來說，中國是一個更難工作的地方。

That's absolutely a truism.

這絕對是不言而喻的。

So our strategy is to maximize our opportunity, is to both develop our own brand there, develop our own abilities within China, and at the same time, establish partnerships with companies that have great customer bases, with people who are using the Internet to do things.

所以我們的戰略是最大化我們的機會，既要在那裡發展我們自己的品牌，在中國發展我們自己的能力，同時，與擁有大量客戶群的公司建立合作夥伴關係，與那些使用互聯網做事的人建立合作夥伴關係。事物。

So you mentioned DiDi, and you mentioned Meituan.

所以你提到了滴滴，你提到了美團。

You didn't mention Ctrip, which is also a big partner of us.

你沒有提到攜程，它也是我們的大合作夥伴。

And just to spell this out, we have over $2 billion invested in Ctrip.

為了說明這一點，我們向攜程投資了超過 20 億美元。

We made an investment in Meituan in the $400 million, $450 million.

我們在美團投資了4億美元，4.5億美元。

We made a $500 million investment in DiDi.

我們對滴滴進行了 5 億美元的投資。

Now I'll repeat what I said when we made the announcement about DiDi, just to scope that one out a little bit.

現在我將重複我在宣布有關滴滴的公告時所說的話，只是為了稍微確定一下範圍。

Really, 3 pillars there.

真的，那裡有 3 個支柱。

The first thing, and we've talked about, this holistic travel system.

首先，我們已經討論過，這個整體旅行系統。

And critical to that is ground transportation.

對此至關重要的是地面交通。

And ground transportation in China is even more critical, because people who are not Chinese do not rent cars and drive in China.

而中國的地面交通更是關鍵，因為非中國人不會在中國租車自駕。

So you've got to come up with a way that people, our customers, when they get to China, how are they going to get around?

所以你必須想出一種方法，讓人們，我們的客戶，當他們到達中國時，他們將如何出行？

That's an important thing.

這是一件重要的事情。

Doing this deal with DiDi is going to create this seamless, frictionless way that our customers go to one of our apps, the Booking.com app or to the Agoda app, and are able to get that ground transportation that's powered by DiDi.

與滴滴達成這項交易將創造一種無縫、無摩擦的方式，讓我們的客戶可以訪問我們的應用程序之一，Booking.com 應用程序或 Agoda 應用程序，並能夠獲得由滴滴提供支持的地面交通。

So that's going to be, I think, a great advantage for our customers when we get that one up and running.

因此，我認為，當我們啟動並運行它時，這對我們的客戶來說是一個很大的優勢。

The second part of that, and this is very important, too, is help build our brand among the DiDi customer base.

第二部分，也是非常重要的，是幫助在滴滴客戶群中建立我們的品牌。

And DiDi, as part of this agreement, is going to help us do that through different types of marketing and different types of programs.

作為該協議的一部分，滴滴將通過不同類型的營銷和不同類型的項目幫助我們做到這一點。

And the third thing, as you pointed out, is yes, we want to get a good return on our investment, of course.

第三件事，正如您所指出的，是的，我們當然希望獲得良好的投資回報。

And that's why we're doing it with each of them.

這就是我們對他們每個人都這樣做的原因。

Now with Meituan and Ctrip, they both have very, very powerful travel services within their companies.

現在有了美團和攜程，他們在公司內部都有非常非常強大的旅遊服務。

And we share inventory, and we provide them with outbound inventory so they can have their customers get outbound hotels.

我們共享庫存，我們為他們提供出境庫存，這樣他們就可以讓他們的客戶獲得出境酒店。

And we are working with them with inbound.

我們正在與他們合作入站。

When we have sent people in, they have Chinese hotels that perhaps we don't have or perhaps they have a better price.

當我們派人進去時，他們有中國酒店，也許我們沒有，或者他們有更好的價格。

That's the way we're cooperating in all these areas.

這就是我們在所有這些領域合作的方式。

And we believe that this is the smart way to try and take advantage of what is a great opportunity for us.

我們相信這是嘗試和利用對我們來說是一個很好的機會的聰明方法。

And I'd say it's not easy, and some of the things are very early.

我會說這並不容易，有些事情還很早。

We obviously don't have that DiDi-powered app up and running yet, but it's exciting to see what we can build and what's going to be the future.

我們顯然還沒有啟動和運行由滴滴驅動的應用程序，但很高興看到我們可以構建什麼以及未來會發生什麼。

And our next question comes from Naved Khan from SunTrust.

我們的下一個問題來自 SunTrust 的 Naved Khan。

Just a couple.

只是一對。

So Glenn, can you just maybe give us some more color on this direct traffic?

那麼格倫，你能不能給我們更多關於這個直接流量的顏色？

And I think you mentioned that it's becoming the fastest-growing channel for new customer acquisition.

我想你提到過它正在成為增長最快的新客戶獲取渠道。

Is there any positive impact on this direct traffic from the brand advertising push that you have been doing for the last -- at least a year?

您最近（至少一年）一直在進行的品牌廣告推廣對這種直接流量有什麼積極影響嗎？

And then I have a follow-up.

然後我有一個後續行動。

Well, it's difficult to suss out what the reason is somebody comes to us direct.

好吧，很難弄清楚有人直接來找我們的原因是什麼。

We hope that part of it is the spend on brand.

我們希望其中一部分是品牌支出。

Certainly, some of it is because of our great service.

當然，其中一部分是因為我們的優質服務。

People have -- maybe they came first time through a paid click, used the service and loved it, and now they're coming to us direct.

人們已經 - 也許他們是第一次通過付費點擊來到這裡，使用該服務並喜歡它，現在他們直接來找我們。

The point is that by developing systems that are much better, it builds loyalty.

關鍵是通過開發更好的系統，它可以建立忠誠度。

And we can look at some of the people who are not in the travel business, and you can see some of the benefit they're getting.

我們可以看看一些不從事旅遊業務的人，你可以看到他們獲得的一些好處。

And I'll point immediately to, say, Amazon.

我會立即指出，比如說，亞馬遜。

People are not going to search engines to buy stuff off Amazon.

人們不會去搜索引擎從亞馬遜購買東西。

They're going directly to Amazon because that service is a better service.

他們直接去亞馬遜，因為該服務是更好的服務。

So we believe that yes, we have to have brand marketing so people are aware of us, come to us.

所以我們相信，是的，我們必須進行品牌營銷，以便人們了解我們，來找我們。

End of the day, though, you win in the long run by having all those best things, which is we always talk about best price, best availability, greatest selection, easiest of use, best customer service and I can go on the litany of reasons you become the winner in the space.

不過，歸根結底，從長遠來看，您會通過擁有所有這些最好的東西而獲勝，我們總是談論最好的價格、最好的可用性、最好的選擇、最簡單的使用、最好的客戶服務，我可以繼續您成為該領域贏家的原因。

Those are the areas we're working out.

這些是我們正在努力的領域。

And then you go on to the next things, the things that we're working on, things why we've hired more people, why we have these data scientists, why we're doing all this stuff in machine learning, personalizing the service, making sure it's seamless and frictionless, coming up with a payment way that people -- the same way people in the U.S. are going to use Uber.

然後你繼續接下來的事情，我們正在做的事情，為什麼我們僱傭了更多的人，為什麼我們有這些數據科學家，為什麼我們在機器學習中做所有這些事情，個性化服務，確保它是無縫和無摩擦的，想出一種人們使用的支付方式——就像美國人使用優步一樣。

What a convenient service.

多麼方便的服務。

We want the travel experience to be like that: Easy, frictionless, so it all fades into the background, and people are able to just accomplish what our mission is, which is to help people experience the world.

我們希望旅行體驗是這樣的：輕鬆、無摩擦，所以一切都淡入了背景，人們能夠恰好完成我們的使命，即幫助人們體驗世界。

And your follow-up?

你的後續行動？

Yes, on the -- yes, on just the cloud efforts.

是的，在——是的，只是在雲方面的努力。

Are you doing anything on the public cloud?

你在公共雲上做任何事情嗎？

And anything on the AI machine learning front?

在 AI 機器學習方面有什麼進展嗎？

Well, of course, we're doing a lot of things on AI.

好吧，當然，我們在 AI 上做了很多事情。

We've hired a lot of people.

我們雇了很多人。

We brought in companies.

我們引進了公司。

We bought a company called Evature out of Israel.

我們從以色列收購了一家名為 Evature 的公司。

It's very highly specialized in some natural language processing stuff.

它在某些自然語言處理方面非常專業。

And we've done a lot of things to try and make sure that all technologies are being brought in as quickly as possible and utilized.

我們已經做了很多事情來嘗試確保所有技術都被盡快引入和利用。

Now I'm not going to get into specifics about cloud.

現在我不打算詳細介紹雲。

Of course, we do some things on cloud, some things are on our own data center stuff.

當然，我們在雲上做一些事情，一些事情是在我們自己的數據中心上做的。

And I leave it up to our extremely qualified and capable IT people to determine what's the best way to do it, what's the most efficient way to do it, what gives the most flexibility and all of those things, but we're not going to call out anything in particular.

我讓我們非常合格和有能力的 IT 人員來決定什麼是最好的方法，什麼是最有效的方法，什麼能提供最大的靈活性以及所有這些，但我們不會有什麼特別要說的。

And David, who actually comes from a technological background, I'm going to let him add to that.

大衛，他實際上來自技術背景，我想讓他補充一下。

Yes, I would characterize our cloud strategy as very much a hybrid cloud, which is a recognition of there's value in both private clouds and public clouds and certain applications, based upon volumes, capacity, performance, peaks and troughs, et cetera, are better sitting inside a private cloud and some are in a public cloud.

是的，我會將我們的雲戰略描述為混合雲，這是對私有云和公共雲的價值的認可，並且某些應用程序基於容量、容量、性能、高峰和低谷等，更好位於私有云中，有些位於公共雲中。

And we're basically looking at that spectrum across a whole range of attribution capability, including things like natural language, machine learning, et cetera.

我們基本上是在整個歸因能力範圍內研究這個範圍，包括自然語言、機器學習等。

So hybrid is the approach that we're taking, and I think that's the appropriate approach.

所以混合是我們正在採取的方法，我認為這是合適的方法。

And our next question comes from Brian Fitzgerald from Jefferies.

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

A couple of quick ones.

幾個快速的。

Maybe as a follow-up to Mark's questions about the brand spending.

也許作為馬克關於品牌支出的問題的後續行動。

We appreciate the iterative testing that you're doing as you seek to deploy this brand spend.

我們感謝您在尋求部署此品牌支出時所做的迭代測試。

Any impacts from GDPR you're seeing there?

您在那裡看到 GDPR 的任何影響？

Post-GDPR, maybe not direct cost to you guys, but kind of an overall malaise or some slowness as the EU digital advertising ecosystem grappled with implementation there?

後 GDPR，也許不是你們的直接成本，但隨著歐盟數字廣告生態系統在那裡努力實施，整體不適或有些緩慢？

And then, Glenn, how do you feel about your NHA inventory, the breadth and depth there?

然後，格倫，你如何看待你的 NHA 庫存，那裡的廣度和深度？

It sounds like it's growing nicely, in the penetration of instantly bookability there.

聽起來它在即時可預訂性的滲透方面發展得很好。

Brian, so GDPR, and I didn't want to call this out because I don't think it's -- it's a short-term thing.

布賴恩，所以 GDPR，我不想大聲疾呼，因為我認為這不是——這是短期的事情。

Some of our brand spend was somewhat delayed, a little bit, so don't put too much into this.

我們的一些品牌支出有點延遲，一點點，所以不要在這方面投入太多。

But some of our platforms did have to halt in some of the work they were doing so they could develop more resources to making sure that they were ready for GDPR.

但是我們的一些平台確實不得不停止他們正在做的一些工作，這樣他們就可以開發更多的資源來確保他們為 GDPR 做好準備。

So some of the things we were doing together, particularly in the testing and experimental things, had to be pushed off.

所以我們一起做的一些事情，特別是在測試和實驗方面的事情，不得不推遲。

But again, that's a short-term timing issue.

但同樣，這是一個短期的時間問題。

And we're talking -- we play for the long run.

我們正在談論——我們從長遠來看。

So I'm not going to worry about so it took a month or 2 months, whatever it was, that's not a big point.

所以我不會擔心所以花了一個月或 2 個月，不管是什麼，這不是什麼大問題。

In terms of the NHA, 5.5 million listings.

就 NHA 而言，有 550 萬個房源。

And am I happy?

我快樂嗎？

And I think I'll just stay consistent and say I'm never happy.

而且我想我會保持一致並說我永遠不會快樂。

I always want more.

我總是想要更多。

We want more.

我們想要更多。

But in specifics, and we talked about this before, we need to continue to develop certain categories in the NHA, where I really feel -- I'm even less happy in those areas.

但具體而言，我們之前談到過這個問題，我們需要繼續在 NHA 中開發某些類別，我真的覺得 - 我在這些領域更不開心。

And we talk about the single-property owners, the people who have, let's just, for example, say a house on the Outer Banks or they have a condo at Vale, and then expand that worldwide, and that's the area where I feel that we really need to make more effort in getting that, a. But then on top of that, it's a two-sided marketplace.

我們談論的是單一財產所有者，例如，他們在 Outer Banks 擁有一所房子，或者他們在 Vale 擁有一套公寓，然後將其擴展到全球，這就是我認為的領域我們真的需要付出更多努力才能做到這一點，a。但最重要的是，這是一個雙向市場。

We not only have to have the supply, we also have to make sure that customers around the world are aware that we have this great service.

我們不僅要有供應，我們還必須確保世界各地的客戶都知道我們提供這項出色的服務。

We think we do have a great service, and I've talked about this.

我們認為我們確實提供了很棒的服務，我已經談到了這一點。

The fact that when our customers come, they can see both the NHA stuff and they can see the core hotel stuff, and it's easier to compare and contrast them.

事實上，當我們的客戶來的時候，他們既可以看到 NHA 的東西，也可以看到核心酒店的東西，並且更容易比較和對比它們。

We've talked about how the ease that people can pay because for us, you're not putting -- the customer doesn't have to pay a customer fee.

我們已經討論了人們可以輕鬆支付的費用，因為對我們來說，您沒有投入——客戶不必支付客戶費用。

For us, it's simple.

對我們來說，這很簡單。

It's never the customer fee at the end when you see, oh, here's a big charge at the end for the customer fee.

當您看到時，這絕不是最後的客戶費用，哦，這是最後收取客戶費用的一大筆費用。

And we talk about all the different things we can do to make this holistic system, so it's not just the accommodation.

我們討論了我們可以做的所有不同的事情來構建這個整體系統，所以它不僅僅是住宿。

That's what we're driving to.

這就是我們開車去的地方。

But specifically about NHA, there's a lot of inventory that we need to go out and get in.

但特別是關於 NHA，我們需要進出大量庫存。

And then we need to, particularly in the U.S., because when I talk to U.S. people, I know they're not as aware that we have this great product.

然後我們需要這樣做，尤其是在美國，因為當我與美國人交談時，我知道他們並沒有意識到我們擁有這個偉大的產品。

If you go to Europe, it'd be a different story, where people are aware of it.

如果你去歐洲，情況就不同了，那裡的人們都知道這一點。

And this is what we're working on.

這就是我們正在努力的。

Our next question comes from Heath Terry from Goldman Sachs.

我們的下一個問題來自高盛的希思特里。

Just had a few I wanted to get a sense on.

只是有一些我想了解一下。

Glenn, I know we've spent a lot of time talking about brand marketing.

格倫，我知道我們花了很多時間談論品牌營銷。

But if we look at the first half, brand is still only about 1/10 of what you're spending on, on customer acquisition.

但如果我們看一下上半年，品牌仍然只佔你在客戶獲取上的支出的 1/10。

Where do you see that settling out, with this emphasis, does that become half?

你在哪裡看到，通過這種強調，它會變成一半嗎？

Does it become the majority over time?

隨著時間的推移，它會成為大多數嗎？

What's the goal that you and your teams have for that?

您和您的團隊為此設定的目標是什麼？

And then competitively, I'm kind of curious how you think about the benefit to your competitors as you pull back on marketing spend like this.

然後在競爭方面，我很好奇你如何看待像這樣縮減營銷支出時給競爭對手帶來的好處。

I think it's notable that Expedia was able to maintain their growth rate and expand margins for the first time in several quarters, as you and others in the space were pulling back on marketing.

我認為值得注意的是，Expedia 能夠保持其增長率並在幾個季度內首次擴大利潤率，因為您和該領域的其他人正在撤回營銷。

How do you think about what that does to sort of the long-term competitive balance in the space?

您如何看待這對空間中的長期競爭平衡有何影響？

And then, David, you mentioned that your approach to guidance hasn't changed.

然後，大衛，你提到你的指導方法沒有改變。

In the past, you guys have averaged about 300 basis points above the high end of your guidance on bookings.

過去，你們平均比預訂指南的上限高出 300 個基點。

Was that line specifically to suggest that what we've seen these last few quarters relative to your guidance is less of an indicator of how we should think about Q3?

這條線是否專門表明我們最近幾個季度相對於您的指導所看到的情況並不能說明我們應該如何考慮第三季度？

Heath, on the brand question, clearly, it's a very difficult thing to try and come up with a long-term target.

Heath，關於品牌問題，很明顯，嘗試制定長期目標是一件非常困難的事情。

But it's not just because -- as we always say, it's very difficult to make predictions, especially about the future.

但這不僅僅是因為——正如我們常說的那樣，很難做出預測，尤其是對未來。

Beyond that, much more important is the whole area of brand is changing so rapidly with new channels coming in, new ways to measure.

除此之外，更重要的是隨著新渠道的出現和新的衡量方式，品牌的整個領域正在發生如此迅速的變化。

So let's take, for example, let's take something like YouTube, for example, where, a few years ago, advertising at YouTube was not effective at all, and it was a smaller number, and now it's growing very rapidly.

因此，讓我們舉個例子，讓我們以 YouTube 為例，幾年前，YouTube 上的廣告根本沒有效果，而且數量較少，現在增長非常迅速。

When I say growing, I'm not speaking for the travel business, I'm saying YouTube advertising in general and stuff, and the way one can measure the effectiveness.

當我說增長時，我不是在為旅遊業務說話，我是指一般的 YouTube 廣告和其他東西，以及衡量有效性的方式。

And then take that all different types of things, particularly in the social area.

然後接受所有不同類型的事物，特別是在社交領域。

The fact is that it's hard to say it because the world is changing so rapidly, particularly in how one does brand advertising.

事實是這很難說，因為世界變化如此之快，尤其是品牌廣告的方式。

I will just repeat what we've always said is, look, we're going to do it the way we do everything.

我將重複我們一直說的話，看，我們將按照我們做每一件事的方式來做。

We experiment, we test, and if it ends up being more and more effective, we're going to do a lot more of it.

我們試驗，我們測試，如果它最終變得越來越有效，我們將做更多的事情。

And I do believe in the long run that we are going to be able to use brand advertising to build out a larger direct business.

而且我確實相信從長遠來看，我們將能夠使用品牌廣告來建立更大的直接業務。

But I'm not going to pin myself to, and this is what the percent of our spend is going to be in year 4. And what was your second one, by the way?

但我不會把自己固定在這一點上，這就是我們在第 4 年的支出百分比。順便問一下，你的第二個支出是多少？

The competitive point, how Expedia and others.

競爭點，如何Expedia和其他人。

Oh, yes.

哦是的。

So what's interesting, of course, when the advertisers go to optimize, and there's less revenue now going to a particular or several advertising platforms, they then have less money to go out and try and get customers.

所以有趣的是，當然，當廣告商開始優化時，現在流向特定或多個廣告平台的收入減少了，他們就沒有錢出去嘗試吸引客戶了。

So their growth then slows.

所以他們的增長然後放緩。

So if their growth slows, even though all the advertisers may be in the same share and doing the same amount of share, they may not have the growth rate they had before because the core platform is not growing as rapidly as it used to do.

因此，如果他們的增長放緩，即使所有的廣告商可能都處於相同的份額並且做著相同數量的份額，他們也可能沒有以前的增長率，因為核心平台的增長速度不像以前那樣快。

So I think when we look back and we see the amount of spend being done by some of the advertising platforms in the past of very, very heavy weights, that probably brought forward some people who may not have been as familiar with how to get travel online, and now perhaps those people who came on and now because they're slowing in terms of the amount of spend in that type of brand to bring customers to these advertising platforms, maybe that is an influence on the overall slower amount of growth in that area.

所以我認為，當我們回顧過去時，我們看到一些廣告平台在過去所做的花費非常非常重，這可能會讓一些可能不熟悉如何獲得旅行的人提前在線，現在也許是那些出現的人，現在是因為他們在將客戶帶到這些廣告平台上的那種類型的品牌上的支出正在放緩，也許這會影響整體增長放緩那個區域。

That would be the way I'd say it.

那就是我要說的方式。

And then, Heath, to pick up your third point, I was going to say I'll avoid getting into a specific quantification.

然後，希思，要談到你的第三點，我想說我會避免進入具體的量化。

But what I'll just say is that the way the company has approached guidance over the last several years and quarters, I think is one that's been beneficial and appropriate.

但我只想說，公司在過去幾年和幾個季度中製定指導方針的方式，我認為是一種有益且適當的方式。

And we haven't changed that as I've come in and worked with the team, and we continue to factor in the same issues when we look at our guidance.

當我加入團隊並與團隊合作時，我們並沒有改變這一點，我們在查看指南時繼續考慮相同的問題。

And obviously, we leave ourselves some potential to do better.

顯然，我們給自己留下了一些做得更好的潛力。

Our next question comes from Deepak Mathivanan from Barclays.

我們的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Two questions.

兩個問題。

First, with the HotelsCombined acquisition and then Momondo previously, should we view these acquisitions as a strategy to sort of build out a portfolio of diverse smaller metasearch channels?

首先，通過對 HotelsCombined 的收購以及之前對 Momondo 的收購，我們是否應該將這些收購視為一種戰略，以構建多元化的小型元搜索渠道組合？

Are there opportunities to continue this strategy?

是否有機會繼續這一戰略？

And then more broadly on performance, given that you're willing to reinvest on certain performance channels, depending on the levels of branding that you get on them, is it kind of safe to say that prices and ROIs on these channels are something that you're comfortable now at these levels?

然後更廣泛地考慮性能，鑑於您願意在某些性能渠道上進行再投資，這取決於您在這些渠道上獲得的品牌水平，可以肯定地說這些渠道上的價格和投資回報率是您現在在這些水平上舒服嗎？

I'll take 1, and I'll let David take 2 on that.

我選 1，我讓 David 選 2。

So we are pleased with the HotelsCombined deal.

因此，我們對 HotelsCombined 交易感到滿意。

It hasn't closed yet.

它還沒有關閉。

We expect it to close before the end of the year.

我們預計它會在年底前關閉。

And we did do Momondo, and that is -- and so you are correct, we have built out -- brought in some smaller players.

我們確實做了 Momondo，那就是 - 所以你是對的，我們已經建立了 - 引進了一些較小的玩家。

And we believe the strategy is, one, scale matters in these areas.

我們認為戰略是，一，規模在這些領域很重要。

We bring in these meta companies that have a customer base, and perhaps they're doing certain things that we don't do as well or whatever.

我們引入了這些擁有客戶群的元公司，也許他們正在做某些我們沒有做的事情或其他事情。

And we can then optimize in terms of the amount of people we need to run the entire organization.

然後我們可以根據運行整個組織所需的人員數量進行優化。

There's some synergies to be gotten.

有一些協同效應需要獲得。

And so if we see more and they are at the right price, because we're always conscious that you've got to get value for it, what can you achieve with it, we would always be interested in doing it.

因此，如果我們看到更多並且它們的價格合適，因為我們始終意識到您必須從中獲得價值，您可以從中獲得什麼，我們將始終有興趣這樣做。

But I think we are reaching a level now where we are certainly bigger than we were before we got Momondo and when we bring in HotelsCombined, hopefully.

但我認為我們現在達到了一個水平，我們肯定比我們擁有 Momondo 之前以及我們引入 HotelsCombined 時更強大。

And by the way, this strategy started a long time ago before we bought KAYAK, when KAYAK went out and got sidestepped.

順便說一句，這個策略早在我們買 KAYAK 之前就開始了，當時 KAYAK 出局了，被迴避了。

And that, I think, was the initial thing.

我認為那是最初的事情。

Steve Hafner, our CEO there, is still with us, and he did that deal back then, and I think his vision hasn't changed.

我們在那裡的首席執行官史蒂夫·哈夫納 (Steve Hafner) 仍然和我們在一起，他當時做了那筆交易，我認為他的願景沒有改變。

Yes, and then on the performance channels, first of all, they're very important channels for us and also our customers.

是的，然後在性能渠道上，首先，它們對我們和我們的客戶來說都是非常重要的渠道。

So we view them as a strategic part of the business.

因此，我們將它們視為業務的戰略部分。

And as Glenn commented, our strategy in the channels hasn't changed.

正如格倫評論的那樣，我們在渠道中的戰略沒有改變。

And we'll actually lean into the channels that make themselves more attractive to us as an advertiser, that help us to build our customer experience and build our brand.

實際上，我們將深入了解那些對我們作為廣告商更具吸引力的渠道，這有助於我們建立客戶體驗並打造我們的品牌。

And that's been a great relationship, and we expect it to continue.

這是一種很好的關係，我們希望它能繼續下去。

In terms of where we are versus a year ago, I'd say we are pleased with what we're now seeing in terms of ROIs on those channels.

就我們與一年前相比的情況而言，我想說我們對我們現在在這些渠道上看到的投資回報率感到滿意。

And as I mentioned, a decent balance between growth and profitability in terms of what we're getting from those channels.

正如我所提到的，就我們從這些渠道獲得的收益而言，在增長和盈利能力之間取得了良好的平衡。

As Glenn said, we're never pleased, we're never satisfied.

正如格倫所說，我們永遠不會高興，我們永遠不會滿足。

There's always opportunity to continue to improve.

總有機會繼續改進。

And I think we're at a place where we're now looking for incremental improvements and certainly looking at ROI and growth in those channels, those 2 things we're looking at very closely.

而且我認為我們現在正在尋求漸進式改進，當然也在關注這些渠道的投資回報率和增長，我們正在密切關注這兩件事。

So I think pleased but not satisfied will summarize where we are today.

所以我認為高興但不滿意將總結我們今天的處境。

And our final question comes from Brad Erickson from Pacific Crest.

我們的最後一個問題來自 Pacific Crest 的 Brad Erickson。

Just a couple of follow-ups.

只是一些後續行動。

Can you talk about hotel inventory, just geographically where you're really focused on adding supply this year, if anywhere?

你能談談酒店庫存嗎？就地理位置而言，你今年真正專注於增加供應，如果有的話？

And does that give you incremental opportunities to maybe spend on performance marketing later in the year as you get bigger in certain markets?

當您在某些市場中變得更大時，這是否會增加您在今年晚些時候花在績效營銷上的機會？

And then second, just what does your direct booking retention rate look like today versus, say, I don't know, 2, 3 years ago?

其次，您的直接預訂保留率與 2、3 年前相比如何？

So in terms of inventory, we don't spell out where we are trying to get more inventory.

因此，就庫存而言，我們沒有說明我們試圖從哪裡獲得更多庫存。

It was very nice, some of our competitors in the past have done that, which we've been great for us in terms of the road map where should we be looking at things.

這非常好，我們過去的一些競爭對手已經做到了，就路線圖而言，我們應該從哪裡看事情，這對我們來說非常棒。

And I don't want to do the same thing for -- going the other way on this.

而且我不想做同樣的事情——在這方面走另一條路。

I will say that our -- people are always out there trying to get more inventory, because we do believe that's a great way to help build the business, and they are out there doing it.

我會說我們的 - 人們總是在那裡試圖獲得更多庫存，因為我們確實相信這是幫助建立業務的好方法，而且他們正在這樣做。

And we did point out the importance already, we've talked a little bit about how important it is to try and get certain parts of the non-hotel accommodation built up, because we do think that is an area where we do need to continue to improve in that area.

我們確實已經指出了重要性，我們已經談到了嘗試建立非酒店住宿的某些部分的重要性，因為我們確實認為這是我們確實需要繼續的領域去改進那個領域。

And I'll let David talk about the second one there.

我會讓大衛談談那裡的第二個。

Yes, I think in terms of retention rates, we're not going to give you a specific data point, but I'd say that we're certainly pleased with our Genius customer group in terms of how well that has developed and the level of retention and repeat booking we get out of those customers, which has continued to be a focus on the business.

是的，我認為就保留率而言，我們不會給你一個具體的數據點，但我想說我們對我們的 Genius 客戶群的發展程度和水平感到非常滿意保留和重複預訂我們從這些客戶中脫穎而出，這一直是業務的重點。

So we've seen not only is direct increasing and becoming now very close to half the business, but we do see, obviously, a much stronger retention rate, particularly in those customers who are part of our different closed user group programs.

因此，我們不僅看到直接增長，現在已經接近一半的業務，而且我們確實看到，顯然，保留率要高得多，特別是在那些屬於我們不同封閉用戶組計劃的客戶中。

So that is a good trend for us, not only in terms of the growth as the mix of the business shifts more towards direct, but also, as Glenn said, building out this loyalty factor where we want people to be coming back to us as their preferred travel partner with a whole broad range of capabilities and travel experiences.

所以這對我們來說是一個很好的趨勢，不僅在業務組合轉向直接的增長方面，而且正如格倫所說，建立這種忠誠度因素，我們希望人們回到我們身邊他們的首選旅行合作夥伴具有廣泛的能力和旅行經驗。

Okay.

好的。

So I want to thank everybody again.

所以我想再次感謝大家。

I want to just reemphasize a couple of points.

我想再次強調幾點。

One is that we believe we're on the right track.

一是我們相信我們走在正確的軌道上。

We believe we are building the business the way we want to.

我們相信我們正在按照我們想要的方式開展業務。

We believe we have the right mix in terms of profit and growth right now.

我們相信，我們目前在利潤和增長方面擁有正確的組合。

And we are pleased with our level and where we are at this stage of progress.

我們對我們的水平以及我們在這個進步階段所處的位置感到滿意。

I also want to thank all our employees around the world who have worked so hard.

我還要感謝我們在世界各地辛勤工作的所有員工。

This is a very, very busy season for them right now, and I just want to reach out to them, and we appreciate greatly the amount of effort they are putting in there.

現在對他們來說這是一個非常非常忙碌的季節，我只想與他們聯繫，我們非常感謝他們在那裡付出的努力。

And of course, we always want to thank our supplier partners and our customers who, without them, there'd be no reason for us to be here.

當然，我們始終要感謝我們的供應商合作夥伴和我們的客戶，沒有他們，我們就沒有理由在這裡。

So thank you, and see you in 3 months.

非常感謝，3 個月後見。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了程序。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a wonderful day.

每個人，祝你有美好的一天。