Booking Holdings Inc (BKNG) 2018 Q3 法說會逐字稿

Welcome to Booking Holdings' Third Quarter 2018 Conference Call.

歡迎來到 Booking Holdings 2018 年第三季度電話會議。

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 facts 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.

現在我想介紹一下今天下午 Booking Holdings 的發言人，Glenn Fogel 和 David Goulden。

Please go ahead, gentlemen.

請繼續，先生們。

Thank you, and welcome to Booking Holdings' third quarter conference call.

謝謝，歡迎來到 Booking Holdings 第三季度電話會議。

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。

We had solid execution in our busiest quarter of the year and passed a new milestone of 200 million room nights booked in a single quarter, reporting 201 million worldwide room nights booked.

我們在一年中最繁忙的季度執行得很好，並通過了單季度 2 億間夜預訂量的新里程碑，報告全球預訂間夜量為 2.01 億間夜。

This is up 13% year-over-year and exceeded the high end of our guidance range.

這比去年同期增長了 13%，超出了我們指導範圍的上限。

Consolidated gross bookings were up 12% year-over-year in U.S. dollars or about 14% on a constant currency basis.

按美元計算，綜合總預訂量同比增長 12%，按固定匯率計算增長約 14%。

Our revenue increased 11% year-over-year in U.S. dollars or about 13% on a constant currency basis, and adjusted EBITDA grew 8% in U.S. dollars with a similar currency impact on the year-over-year growth rate.

我們的收入以美元計算同比增長 11%，按固定匯率計算增長約 13%，調整後的 EBITDA 以美元計算增長 8%，貨幣對同比增長率的影響相似。

Our strong room night growth rate was helped by a later-than-normal summer booking season.

我們強勁的間夜增長率得益於晚於正常的夏季預訂季節。

In addition, we had higher growth coming from our performance marketing channels, which benefited in part from our lapping the start of last year's optimization efforts.

此外，我們的績效營銷渠道實現了更高的增長，這在一定程度上得益於我們對去年優化工作的開始。

Our guidance for Q4 room night growth of 12% reflects our expectation that we will have more stability in our top line growth rate and reflects the continuation of our marketing spend.

我們對第 4 季度間夜增長率 12% 的指引反映了我們對收入增長率將更加穩定的預期，並反映了我們營銷支出的持續性。

And we note that we continue to grow significantly faster than the overall global accommodations market.

我們注意到，我們的增長速度繼續明顯快於全球整體住宿市場。

I am pleased with this strategic approach we have taken with our paid channels this year.

我對我們今年對付費頻道採取的這種戰略方法感到滿意。

Going forward, we expect these markets will remain very dynamic, which is why we'll continue to employ our data-driven approach to achieve the right balance of growth and acceptable ROIs.

展望未來，我們預計這些市場將保持非常活躍，這就是為什麼我們將繼續採用我們的數據驅動方法來實現增長和可接受的投資回報率之間的適當平衡。

We will look to spend in the paid channels when we see opportunities to acquire high-quality traffic at attractive ROIs.

當我們看到以有吸引力的投資回報率獲得高質量流量的機會時，我們將尋求在付費渠道上進行投資。

And as I said before and want to emphasize, we will work closely with those advertising partners that help us build our brand and maintain our competitive strengths while working in a manner that is best for our customers.

正如我之前所說並想強調的那樣，我們將與那些幫助我們建立品牌並保持競爭優勢的廣告合作夥伴密切合作，同時以最有利於我們客戶的方式開展工作。

Conversely, we will reduce our participation with those who do not work in a way that we believe best serves our customers.

相反，我們將減少與那些不以我們認為最能為客戶服務的方式工作的人的參與。

As you can see in our results, we're beginning to ramp up our brand advertising.

正如您在我們的結果中看到的那樣，我們開始加大品牌廣告力度。

As we've discussed in the past, we expect to increase our brand advertising efforts to further our goal of bringing more customers directly to our platforms and to increase product awareness, particularly in our home segment.

正如我們過去所討論的那樣，我們希望加大品牌廣告力度，以進一步實現將更多客戶直接帶到我們的平台並提高產品知名度的目標，尤其是在我們的家居領域。

We are increasing our spend in digital channels as they provide efficient reach and allow us to better measure the effectiveness of our spend.

我們正在增加在數字渠道上的支出，因為它們提供了有效的覆蓋範圍，並使我們能夠更好地衡量支出的有效性。

This is part of our long-term strategy, and though we expect to increase our investment in this area, we are mindful to spend as efficiently as possible, letting results and data help direct the pace of the investment.

這是我們長期戰略的一部分，儘管我們希望增加在這一領域的投資，但我們會注意盡可能高效地支出，讓結果和數據幫助指導投資步伐。

We have progressed in many of the investment areas that we have discussed over the current year.

我們在今年討論過的許多投資領域都取得了進展。

In particular, we've expanded our product breadth and customer experience in the areas of alternative accommodations and experiences.

特別是，我們在替代住宿和體驗領域擴大了產品範圍和客戶體驗。

We continue to build supply in alternative accommodations.

我們繼續在替代住宿中建立供應。

And as of September 30, Booking.com had over 5.7 million reported listings in homes, apartments and other unique places to stay, which is an increase of 21% year-over-year.

截至 9 月 30 日，Booking.com 有超過 570 萬間房屋、公寓和其他特色住宿的房源，同比增長 21%。

Booking.com's total reported listings were about 29 million of September 30.

截至 9 月 30 日，Booking.com 報告的房源總數約為 2900 萬。

Our room night growth in alternative accommodation remains robust and is higher than our consolidated growth rate.

我們在替代住宿方面的間夜增長依然強勁，高於我們的綜合增長率。

We're also pleased to see that the number of customers whose first-ever booking with us through our home product is growing nicely.

我們也很高興地看到，首次通過我們的家居產品向我們預訂的客戶數量增長良好。

We have developed new services specifically for our Booking home hosts.

我們專門為我們的 Booking home 主機開發了新服務。

These services include streamlined property onboarding, enhanced guest management tools and property profiling capabilities, which allows hosts to highlight their property's unique aspects.

這些服務包括簡化的物業入職流程、增強的賓客管理工具和物業概況分析功能，使房東能夠突出其物業的獨特之處。

We believe we are building a leading platform to search and discover truly unique accommodations in the same frictionless path that our customers have come to expect from us.

我們相信我們正在建立一個領先的平台，以我們的客戶對我們的期望相同的無摩擦路徑搜索和發現真正獨特的住宿。

And we continue to believe that the best customer benefit comes from offering both hotel and home accommodations on one unified platform.

我們仍然相信，最大的客戶利益來自於在一個統一平台上提供酒店和家庭住宿。

We recognize that building a great home platform is only part of the challenge to building a great home business.

我們認識到，構建出色的家居平台只是打造卓越家居業務所面臨挑戰的一部分。

And customer awareness of our capabilities, particularly in certain geographies like the United States, is low and will require a higher marketing investment in the coming quarters.

客戶對我們能力的認知度較低，尤其是在美國等某些地區，未來幾個季度將需要更高的營銷投資。

However, we believe we are on the right path and, in the long run, will achieve a leading global home business.

然而，我們相信我們走在正確的道路上，從長遠來看，我們將實現全球領先的家居業務。

In the area of experiences, we are building out our product capabilities, creating a seamless integrated way to offer more choices for our accommodations customers.

在體驗方面，我們正在構建我們的產品能力，創建一個無縫集成的方式來為我們的住宿客戶提供更多選擇。

This quarter, Booking.com made progress integrating FareHarbor's products, giving Booking.com access to new local attractions in the U.S. and the ability to leverage FareHarbor's technology to help even more tours and attractions around the world come online.

本季度，Booking.com 在整合 FareHarbor 的產品方面取得了進展，使 Booking.com 能夠訪問美國的新本地景點，並能夠利用 FareHarbor 的技術幫助全球更多的旅遊和景點上線。

Booking.com's experiences product is scaling well, and we now offer experiences in approximately 70 cities worldwide.

Booking.com 的體驗產品擴展良好，我們現在在全球約 70 個城市提供體驗。

In addition, we are making progress with experience in other areas such as offering at-hotel services and restaurant booking options, though we note these are nascent efforts.

此外，我們正在其他領域取得進展，例如提供酒店服務和餐廳預訂選項，儘管我們注意到這些都是新生的努力。

As mobile becomes an increasingly integral part of the travel ecosystem, we continue to invest in our mobile platform so we can offer all of our products, accommodations, ground transport and experiences, whenever and wherever our customers may be.

隨著移動成為旅游生態系統中日益不可或缺的一部分，我們繼續投資於我們的移動平台，以便我們可以隨時隨地為客戶提供我們所有的產品、住宿、地面交通和體驗。

We are happy with our progress in this area as today, over 50% of our accommodation booking transactions come from mobile devices.

我們對我們在這一領域取得的進展感到滿意，因為今天，我們超過 50% 的住宿預訂交易來自移動設備。

We continue to seek ways to promote cross-brand initiatives that allow us to share best practices throughout our company and get further benefits from our multi-brand platform.

我們繼續尋找方法來促進跨品牌計劃，使我們能夠在整個公司分享最佳實踐，並從我們的多品牌平台中獲得更多收益。

Priceline and Agoda are now working more closely together in certain overlap markets such as the U.S., and we are seeing some efficiencies there.

Priceline 和 Agoda 現在在某些重疊市場（例如美國）中更緊密地合作，我們在那裡看到了一些效率。

With greater technical and managerial cooperation between KAYAK and OpenTable, we're excited about the pace of innovation happening at both companies.

隨著 KAYAK 和 OpenTable 之間加強技術和管理合作，我們對兩家公司的創新步伐感到興奮。

OpenTable has been growing nicely, and we are confident about its large opportunity.

OpenTable 一直發展得很好，我們對其巨大的機會充滿信心。

We believe through tighter interaction with our other brands in the future, OpenTable will provide benefits to all of our customers and create additional value to our entire enterprise.

我們相信，通過未來與我們其他品牌更緊密的互動，OpenTable 將為我們所有的客戶帶來好處，並為我們整個企業創造額外價值。

The number of restaurants on the OpenTable platform has grown by 55% since its acquisition in 2014.

自 2014 年被收購以來，OpenTable 平台上的餐廳數量增長了 55%。

And over the prior 12 months, OpenTable has seated over 330 million diners via its online reservation system, which is 69% higher than during 2014.

在過去的 12 個月裡，OpenTable 通過其在線預訂系統安排了超過 3.3 億名食客，比 2014 年增加了 69%。

OpenTable is now increasing its development velocity, and we look forward to some exciting improvements in the platform in the quarters to come.

OpenTable 現在正在加快其開發速度，我們期待在未來幾個季度對該平台進行一些激動人心的改進。

Finally, I would like to note our $200 million investment in Grab, the leading on-demand transportation and mobile services platform in Southeast Asia, that we announced last week.

最後，我想提一下我們上周宣布的對東南亞領先的按需交通和移動服務平台 Grab 的 2 億美元投資。

This investment and strategic partnership is consistent with our long-term strategy to create the optimal worldwide travel platform, which will make all aspects of travel easier for our customers by having an integrated seamless way to experience the world at the lowest friction possible.

這項投資和戰略合作夥伴關係符合我們創建最佳全球旅遊平台的長期戰略，這將使我們的客戶以一種集成的無縫方式以盡可能低的摩擦體驗世界，從而使旅行的各個方面變得更加輕鬆。

I have mentioned this long-term strategy before and will always be a work in progress as technology changes and advances.

我之前提到過這個長期戰略，並且隨著技術的變化和進步，它將永遠是一項正在進行的工作。

But I am pleased to see the initial foundations being laid out.

但我很高興看到初步的基礎正在鋪設。

In sum, I am very pleased with our execution in the third quarter.

總之，我對我們在第三季度的執行感到非常滿意。

The pace of innovation remains robust, and I am confident in the long-term growth prospects of the company.

創新步伐依然強勁，我對公司的長期增長前景充滿信心。

I want to thank our approximately 24,000 employees for their hard work and dedication during this busy quarter, providing unparalleled service to both our customers and property partners around the world.

我要感謝我們大約 24,000 名員工在這個繁忙的季度中的辛勤工作和奉獻精神，為我們的客戶和全球物業合作夥伴提供無與倫比的服務。

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 David Goulden，以進行詳細的財務審查。

Thank you, Glenn, and good afternoon.

謝謝你，格倫，下午好。

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

我將討論我們第三季度的經營業績和現金流量，然後為 2018 年第四季度提供指導。

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 Q4 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，我的評論和第四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.

新的收入會計準則不會影響總預訂量和其他指標（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。

Now on to our results for the quarter.

現在談談我們本季度的業績。

We are pleased with our booked room night growth of 13% in Q3, which is well ahead of the high end of our guidance range and accelerated from Q2.

我們對第三季度 13% 的預訂間夜增長率感到滿意，這遠遠高於我們指導範圍的高端，並且從第二季度開始加速增長。

When we provided our guidance for the third quarter in early August, we were in a period of relatively high uncertainty given the impact that the World Cup and an unusual weather pattern in Europe were having on the summer travel season.

當我們在 8 月初提供第三季度的指導時，考慮到世界杯和歐洲不尋常的天氣模式對夏季旅遊旺季的影響，我們正處於一個相對高度不確定的時期。

Following our earnings call, we saw an acceleration in our room night growth rate that continued through the end of the quarter, driven by the late summer travel peak and improved results from some of our performance marketing channels.

在我們的財報電話會議之後，我們發現我們的間夜增長率一直持續到本季度末，這是受夏末旅遊高峰和我們一些績效營銷渠道的改善結果的推動。

We continue to show progress in growing bookings through our direct channel, which remains our largest single source of new customers.

我們繼續通過我們的直接渠道在增加預訂方面取得進展，這仍然是我們最大的新客戶單一來源。

The direct channel continues to represent about half of our booked room nights and continued to grow faster than the overall growth rate.

直接渠道繼續占我們預訂間夜數的一半左右，並且繼續以高於整體增長率的速度增長。

Average daily rates for accommodations, or ADRs, were up over 1% in Q3 versus the prior year on a constant currency basis, which is better than our forecast of flat.

在固定匯率的基礎上，第三季度住宿的平均每日房價或 ADR 比上一年上漲超過 1%，這好於我們預測的持平。

Strong ADRs in some of our core travel markets more than offset the negative impact from mix.

我們一些核心旅遊市場的強勁 ADR 足以抵消混合帶來的負面影響。

Changes in foreign exchange rates reduced Q3 growth rates in U.S. dollars by approximately 3 percentage points versus last year and by about 1 percentage point versus guidance.

外匯匯率的變化使以美元計算的第三季度增長率與去年相比下降了約 3 個百分點，與指導值相比下降了約 1 個百分點。

We estimate that changes in FX rates impacted gross bookings, revenue and EBITDA growth rates by a similar amount.

我們估計，匯率變化對總預訂量、收入和 EBITDA 增長率的影響相似。

Q3 gross bookings grew by 12% expressed in U.S. dollars and grew by 14% on a constant currency basis, coming in about 6 percentage points above the high end of our guidance range.

第三季度總預訂量以美元計算增長了 12%，按固定匯率計算增長了 14%，比我們指導範圍的高端高出約 6 個百分點。

Consolidated revenue for the third quarter was $4.8 billion and grew by 11% in U.S. dollars and by about 13% in constant currency.

第三季度的合併收入為 48 億美元，按美元計算增長 11%，按固定匯率計算增長約 13%。

Revenue for the third quarter of 2018 under our current revenue standard was approximately 1% lower than it would have been if reported under the previous revenue standard.

根據我們當前的收入標準，2018 年第三季度的收入比按照之前的收入標準報告的收入低約 1%。

Advertising and other revenue, which is mainly comprised of non-intercompany revenue from KAYAK and OpenTable, grew by 14% in Q3 compared to prior year, including revenue from Momondo, an acquisition we closed in July 2017.

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 14%，其中包括我們於 2017 年 7 月完成的收購 Momondo 的收入。

In the third quarter, we started lapping our strategy to optimize performance marketing ROIs, which began in mid-Q3 2017.

在第三季度，我們開始製定優化績效營銷投資回報率的戰略，該戰略始於 2017 年第三季度中期。

As a result, we continued to see leverage from performance marketing in the quarter, however, at a lower rate than the first half of the year.

因此，我們在本季度繼續看到效果營銷的槓桿作用，但比上半年要低。

The leverage from performance marketing in the quarter was more than offset by the deleverage in sales and other expense, which continues to be driven by the growth of our merchant business in Booking.com.

本季度效果營銷的槓桿作用被銷售和其他費用的去槓桿化所抵消，這繼續受到 Booking.com 商戶業務增長的推動。

We will see pressure on the sales and other expense line as we continue to ramp our merchant business.

隨著我們繼續擴大我們的商業業務，我們將看到銷售和其他費用線的壓力。

However, a significant portion of these expenses are offset in revenue.

然而，這些費用的很大一部分在收入中被抵消了。

As part of our effort to drive more direct traffic to our websites, we increased our spending on brand marketing in the quarter by 27% versus Q3 last year, which contributed about 40 bps of deleverage.

作為我們努力為我們的網站帶來更多直接流量的一部分，我們在本季度的品牌營銷支出比去年第三季度增加了 27%，這貢獻了約 40 個基點的去槓桿化。

As expected, the year-on-year margin pressure from nonmarketing OpEx, which includes sales and other, diminished in Q3 relative to the first half of 2018.

正如預期的那樣，與 2018 年上半年相比，第三季度來自非營銷運營支出（包括銷售和其他）的同比利潤率壓力有所減輕。

GAAP operating income grew by 7%, and GAAP operating margin decreased by about 170 bps compared to Q3 last year.

GAAP 營業收入增長 7%，GAAP 營業利潤率與去年第三季度相比下降約 170 個基點。

GAAP operating income in Q3 is negatively impacted by $23 million pretax related to -- sorry, by $27 million -- $23 million pretax related to a net travel transaction tax charge from prior periods that is recorded in our G&A expense line.

第三季度的 GAAP 營業收入受到 2300 萬美元稅前的負面影響 - 抱歉，2700 萬美元 - 2300 萬美元與我們的 G&A 費用項目中記錄的前期淨旅遊交易稅相關的稅前費用。

GAAP net income amounted to $1.8 billion or $37.02 per share, which grew by 8%.

GAAP 淨收入達到 18 億美元或每股 37.02 美元，增長 8%。

Our GAAP net income includes a $31 million pretax net benefit related to unrealized gains and losses on our equity investments in Meituan and Ctrip.

我們的 GAAP 淨收入包括與我們在美團和攜程的股權投資的未實現損益相關的 3100 萬美元稅前淨收益。

GAAP net income was also negatively impacted by the net travel transaction charge I just mentioned.

GAAP 淨收入也受到我剛才提到的淨旅行交易費用的負面影響。

We excluded the unrealized gain and the net travel transaction charge from our non-GAAP results.

我們從我們的非 GAAP 結果中排除了未實現收益和淨旅行交易費用。

Our non-GAAP tax rate for the quarter was 21%, which was in line with our forecast.

我們本季度的非美國通用會計準則稅率為 21%，符合我們的預測。

Adjusted EBITDA for Q3 amounted to $2.36 billion, which met the high end of our guidance range and was up 8% year-on-year.

第三季度調整後的 EBITDA 為 23.6 億美元，達到我們指導範圍的上限，同比增長 8%。

As I previously mentioned, we saw a negative impact on our growth rates from the changes in FX since providing our guidance.

正如我之前提到的，自提供指導以來，我們看到外匯變化對我們的增長率產生了負面影響。

Our adjusted EBITDA margin of 49% was slightly below our forecast.

我們調整後的 EBITDA 利潤率為 49%，略低於我們的預期。

This reflects higher spending in marketing, which helped our room night growth.

這反映出更高的營銷支出，這有助於我們的間夜增長。

Our non-GAAP EPS was $37.78, up 7% versus the prior year.

我們的非 GAAP 每股收益為 37.78 美元，比上年增長 7%。

Non-GAAP net income reflects a non-GAAP tax rate of 21.1% in Q3, 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 淨收入反映了第三季度 21.1% 的非 GAAP 稅率，由於美國稅法和荷蘭較高的創新箱稅率的影響，該稅率比上一年有所增加。

Our 4% lower share count in Q3 versus last year offset the negative impact on EPS growth from the higher tax rates.

我們在第三季度的股票數量比去年減少了 4%，抵消了較高稅率對 EPS 增長的負面影響。

Our cash and investments amounted to $16.2 billion at quarter-end.

截至季度末，我們的現金和投資總額為 162 億美元。

In Q3, we generated $2 billion of operating cash flow, which grew by 4% for the quarter and by 22% on a year-to-date basis compared to prior year.

第三季度，我們產生了 20 億美元的運營現金流，本季度增長 4%，與去年同期相比增長 22%。

Our free cash flow for Q3 was $1.8 billion, which grew by 2% for the quarter and by 19% on a year-to-date basis compared to prior year.

我們第三季度的自由現金流為 18 億美元，本季度增長 2%，與去年同期相比增長 19%。

We returned about $2.2 billion during the third quarter to our shareholders through share buybacks.

第三季度，我們通過股票回購向股東返還了約 22 億美元。

Since the start of the year, we reduced our fully diluted share count by approximately 4%.

自今年年初以來，我們將完全稀釋後的股份數量減少了約 4%。

And on September 30, we had approximately $6.4 billion remaining on our share repurchase authorization.

9 月 30 日，我們的股票回購授權剩餘約 64 億美元。

We will continue to be both programmatic and opportunistic with regard 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 the remainder of the 2- to 3-year time period we talked about in May.

在穩定的業務和市場條件下，我們希望在我們 5 月份談到的 2 至 3 年的剩餘時間內完成這項授權。

Turning to Q4.

轉向第四季度。

Our guidance reflects our quarter-to-date 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 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 4 percentage point headwind to year-over-year growth rates in Q4, which we estimate will impact gross bookings revenue and EBITDA growth rates by similar amounts.

預計第四季度外匯匯率將對同比增長率產生約 4 個百分點的不利影響，我們估計這將對總預訂收入和 EBITDA 增長率產生類似的影響。

We used a dollar-to-euro exchange rate of $1.145 when setting our Q4 guidance.

在設定第四季度指引時，我們使用了 1.145 美元的美元兌歐元匯率。

We are forecasting booked room nights to grow by 9% to 12% and gross bookings to grow by 6% to 9% in U.S. dollars and by 10% to 13% on a constant currency basis.

我們預測以美元計算的預訂間夜數將增長 9% 至 12%，總預訂量將增長 6% 至 9%，按固定匯率計算將增長 10% 至 13%。

Our Q4 forecast assumes that constant currency ADRs for the company will be up by about 2% compared to prior year.

我們的第四季度預測假設公司的固定貨幣 ADR 將比上年增長約 2%。

We forecast Q4 revenue to grow by 13% to 16% in U.S. dollars and by 17% to 20% on a constant currency basis.

我們預計第四季度收入將以美元計算增長 13% 至 16%，按固定匯率計算增長 17% 至 20%。

We estimate that our Q4 revenue as reported under the new revenue accounting standard will be slightly less than 5% higher than it would have been under previous standard.

我們估計，根據新的收入會計準則報告的第四季度收入將比以前的標準高出略低於 5%。

Note that our EBITDA margins and growth rates versus prior year will also benefit from the impact of the change in the revenue accounting standard.

請注意，我們的 EBITDA 利潤率和增長率與上一年相比也將受益於收入會計準則變化的影響。

Q4 adjusted EBITDA is expected to range between $1.19 billion and $1.22 billion, which represents 11% to 14% growth versus prior year.

第四季度調整後的 EBITDA 預計在 11.9 億美元至 12.2 億美元之間，較上年增長 11% 至 14%。

We forecast that adjusted EBITDA margin will be down modestly versus Q4 last year.

我們預測調整後的 EBITDA 利潤率將比去年第四季度小幅下降。

After adjusting for the impact of the revenue accounting change, forecast EBITDA will be approximately flat versus Q4 of last year, at the midpoint of our guidance range.

在針對收入會計變化的影響進行調整後，預測 EBITDA 將與去年第四季度大致持平，處於我們指導範圍的中點。

Note that this growth rate was negatively impacted by the unfavorable year-over-year FX change I mentioned earlier.

請注意，這一增長率受到我之前提到的不利的同比外匯變化的負面影響。

To help you understand the underlying drivers of leverage and deleverage in the business in Q4, I will talk about these on a like-for-like revenue basis to eliminate the impact of the Q4 benefit from revenue accounting change.

為了幫助您了解第四季度業務中槓桿和去槓桿化的潛在驅動因素，我將在類似收入的基礎上討論這些，以消除收入會計變化對第四季度收益的影響。

We are forecasting deleverage from the performance marketing expense line in Q4.

我們預測第四季度績效營銷費用線的去槓桿化。

Our Q4 forecast reflects the full impact of lapping our ROI optimization efforts we started in the middle of Q3 last year.

我們的第四季度預測反映了我們在去年第三季度中期開始的 ROI 優化工作的全部影響。

We also expect to continue to lean into certain performance channels where we see high-quality traffic.

我們還希望繼續關注我們看到高質量流量的某些績效渠道。

We expect to grow our brand marketing expense in the quarter at a faster rate than we did in Q3, which will contribute additional deleverage to the P&L.

我們預計本季度我們的品牌營銷費用將以比第三季度更快的速度增長，這將為損益錶帶來額外的去槓桿作用。

We believe prudent investment in brand marketing is important to drive more direct traffic to our websites and build better product awareness.

我們認為，對品牌營銷進行審慎投資對於為我們的網站帶來更多直接流量和建立更好的產品知名度非常重要。

Sales and other expenses continue -- is expected to continue to pressure margins, primarily due to the ramp-up of our merchant business.

銷售和其他費用繼續——預計將繼續對利潤率構成壓力，這主要是由於我們的商業業務的增長。

We continue to push the expansion of our merchant platform to help build a home business and for other beneficial transaction effects.

我們繼續推動我們的商家平台的擴展，以幫助建立家庭業務和其他有益的交易效果。

Finally, we expect continued deleverage in personnel from the investments we made in the second half of 2017 and earlier this year.

最後，我們預計我們在 2017 年下半年和今年早些時候進行的投資將繼續降低人員槓桿率。

We forecast GAAP EPS between $18.05 and $18.55 for Q4.

我們預測第四季度的 GAAP 每股收益在 18.05 美元至 18.55 美元之間。

Our EPS guidance assumes a fully diluted share count of about 46.8 million shares, reflecting the beneficial impacts of the common stock repurchases we've made to date, which have reduced our share count by 6% versus Q4 last year.

我們的 EPS 指導假設完全稀釋後的股票數量約為 4680 萬股，反映了我們迄今為止進行的普通股回購的有益影響，與去年第四季度相比，我們的股票數量減少了 6%。

Our non-GAAP EPS guidance for Q4 assumes a tax rate of approximately 20%.

我們對第 4 季度的非 GAAP 每股收益指引假設稅率約為 20%。

Note that our GAAP tax rate in Q4 last year was negatively impacted by a onetime expense item related to the U.S. Tax Act and is, therefore, not comparable.

請注意，我們去年第四季度的 GAAP 稅率受到與美國稅法相關的一次性費用項目的負面影響，因此不具有可比性。

We are forecasting Q4 non-GAAP EPS of approximately $18.90 to $19.40, which represents 12% to 15% growth versus prior year.

我們預測第四季度非 GAAP 每股收益約為 18.90 美元至 19.40 美元，較上年增長 12% 至 15%。

Our non-GAAP EPS forecast assumes an estimated income tax rate of approximately 20%, which is higher than the prior rate of 17% due to the impacts from the U.S. Tax Act as well as the increased rate of the Innovation Box Tax in the Netherlands.

我們的非 GAAP 每股收益預測假設估計所得稅稅率約為 20%，高於之前的 17%，這是由於美國稅法的影響以及荷蘭創新箱稅稅率的提高.

The negative impact from the higher tax rate is more than offset by a lower share count versus Q4 last year.

與去年第四季度相比，較低的股票數量抵消了較高稅率的負面影響。

We have hedge contracts in place to substantially shield our fourth quarter EBITDA and net income 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，我們制定了對沖合約，以大幅保護我們第四季度的 EBITDA 和淨收入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) Our first question comes from Mark Mahaney with RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Mark Mahaney。

Okay.

好的。

I want to ask about the marketing strategy a little bit.

我想問一下營銷策略。

I know you've gone through this kind of over a year of this kind of toggle, I think, away from performance and more towards brand advertising.

我知道你已經經歷了一年多的這種切換，我認為，從性能轉向品牌廣告。

Sounds like some of the upside, the acceleration you saw this quarter, it happened at -- came through the lapping of performance marketing.

聽起來有些好處，你在本季度看到的加速，它發生在——來自績效營銷的重疊。

But maybe just address a little bit broader this overall shift towards brand advertising.

但也許只是更廣泛地解決了向品牌廣告的整體轉變。

Do you feel like you're at an optimal mix now?

你覺得你現在處於最佳組合狀態嗎？

There's going to be constant experimentation.

將會有不斷的實驗。

I assume the answer to that is yes.

我認為答案是肯定的。

But any more color on whether after this year of experimentation you feel like you've gotten a better, more sustainable growth profile setup because of this toggle in marketing shift?

但是，在經過今年的實驗之後，您是否覺得由於這種營銷轉變的轉變，您已經獲得了更好、更可持續的增長模式設置，還有更多色彩嗎？

Mark, it's Glenn speaking.

馬克，我是格倫。

So I know you'd like me to be able to tell you it's all fine, stable, and it's going to be the same going forward.

所以我知道你希望我能夠告訴你一切都很好，很穩定，而且以後也會一樣。

But the fact of the matter, these markets, as you well know, are extremely dynamic.

但事實是，眾所周知，這些市場非常活躍。

So when we find good opportunities, we find high-quality traffic at the ROIs that we like, we step in, and we're going to buy.

因此，當我們找到好的機會時，我們會以我們喜歡的投資回報率找到高質量的流量，我們介入，然後我們將購買。

Similarly, when we think that there's something that we don't like, we're going to step away, and whether that's because the platform's acting in a way that we don't believe is in the best interest of our customers or for some other reason, we're going to vary how we're going to spend in those pay-for-performance channels.

同樣，當我們認為有什麼我們不喜歡的東西時，我們會走開，這是否是因為該平台的行為方式我們認為不符合我們客戶或某些人的最佳利益其他原因，我們將改變我們在這些按績效付費渠道上的支出方式。

But what I said a year ago, and I continue to say it now, is the importance of increasing our brand spend.

但我一年前說過，現在我會繼續說，是增加品牌支出的重要性。

And we're going to continue to do that, and you saw some of the increase already, and we said we're going to spend more.

我們將繼續這樣做，你已經看到了一些增長，我們說我們將花費更多。

And the reason is we believe, in the long run, we want to try and drive as much traffic as we can directly, and part of that is creating a brand awareness.

原因是我們相信，從長遠來看，我們希望盡可能多地直接吸引流量，其中一部分就是建立品牌知名度。

And we talked about this in the past several times.

我們過去曾多次討論過這個問題。

So I can't give you any sort of specifics about how much it is we're going to do in performance, is it up or down.

所以我不能給你任何關於我們將在性能方面做多少的細節，是提高還是降低。

I can say that it's probably going to be dynamic.

我可以說它可能會是動態的。

There's going to be movements up and down going forward.

未來會有上下波動。

But I absolutely believe, in the long run, the right thing is to try and increase that brand advertising to get the people to come direct.

但我絕對相信，從長遠來看，正確的做法是嘗試增加品牌廣告，讓人們直接來。

David, if you want to add any color, go ahead.

大衛，如果你想添加任何顏色，請繼續。

Oh, Glenn, thank you.

哦，格倫，謝謝你。

I think just consistent with Glenn's comments, we did reinforce in my remarks that we're very focused upon the growth and the balance of that direct business, again, which remains our largest single source of new customers and represents about half of our booked room nights.

我認為與 Glenn 的評論一致，我們確實在我的評論中強調，我們非常關注直接業務的增長和平衡，再次，這仍然是我們最大的新客戶單一來源，約占我們預訂房間的一半夜。

So it's a very strategic part, not the only part.

所以這是一個非常具有戰略意義的部分，而不是唯一的部分。

But the spending on brand obviously supports that and also supports our longer-term strategy to expand our portfolios to provide more value to our customers.

但品牌支出顯然支持這一點，也支持我們擴大產品組合以為客戶提供更多價值的長期戰略。

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 had a couple, if I can.

如果可以的話，我有一對。

I wanted to first, I guess, follow up on the marketing questions.

我想，我想首先跟進營銷問題。

Can you give us any sense for how we should think about the return timing on the brand spend?

您能否告訴我們應該如何考慮品牌支出的回報時間？

And are you planning you're able to scale that up with more confidence around measuring a specific payback?

您是否計劃在衡量特定投資回報時更有信心地擴大規模？

Or is that more of a strategic decision still to spend on brand?

或者更多的是在品牌上花錢的戰略決策？

And then, I guess, the second one.

然後，我想，第二個。

You mentioned the number of customers making their first booking is growing nicely.

您提到首次預訂的客戶數量增長良好。

So any specific growth kind of rate or relative growth rate to your room nights?

那麼，您的房間間夜數有任何特定的增長率或相對增長率嗎？

Is it faster or slower than overall room nights?

它比整體房間夜數快還是慢？

Or maybe you can give us an update on that customer count metric given it's been a couple of years since you've updated that.

或者你可以給我們更新客戶計數指標，因為你已經更新了幾年了。

Anything further you can share there?

你還有什麼可以在那里分享的嗎？

Lloyd, so talking about marketing and the brand and what we're trying to do here.

勞埃德，所以談論營銷和品牌以及我們在這裡嘗試做的事情。

I can't give you any sort of specifics of when we think the ROI is going to be.

我無法告訴您我們認為投資回報率何時會達到的任何具體細節。

I will say that it's still very early.

我會說現在還很早。

If you recall last year, we talked a little bit about how we increased the number of people in terms of our brand marketing, how we're increasing the ability to develop technology tools to be able to measure, and we're continuing to do that.

如果你還記得去年，我們談到了我們如何在品牌營銷方面增加人數，我們如何提高開發技術工具以進行衡量的能力，我們將繼續做那。

And we do like what we're seeing, and we are increasing the spend.

我們確實喜歡我們所看到的，我們正在增加支出。

This is a difficult thing as we continue to go forward in terms of understanding the attribution and how much effect are you getting for your brand that's going over to where your pay-for-performance is now performing better than it would have in the past, and many different ways to understand what's the true ROI.

這是一件困難的事情，因為我們在理解歸因方面繼續前進，以及你對你的品牌產生了多大的影響，你的績效薪酬現在比過去表現得更好，以及了解什麼是真正的投資回報率的許多不同方式。

It's going to be something we're going to continue to experiment, but I do believe we are going to continue to ramp up that spend, as I said in the last question, and it is something that we do believe is very important.

這將是我們將繼續試驗的東西，但我確實相信我們將繼續增加支出，正如我在上一個問題中所說的那樣，我們確實認為這是非常重要的事情。

Regarding the second thing, I want to make sure you heard what I said perfectly.

關於第二件事，我想確保你完全聽清了我說的話。

What I was talking about is we are having people who are coming, the first time they've ever come and booked something with Booking, and the first thing they're using is the home product.

我所說的是我們有一些人來了，他們是第一次來並通過 Booking 預訂了東西，他們使用的第一件事就是家庭產品。

That's something we really like to see growing because that's showing that there's awareness of our booking home product beginning to grow.

這是我們真正希望看到的增長，因為這表明人們對我們的預訂家庭產品的認識開始增長。

In terms of specifics, I'm not -- we're not going to give out any numbers on that area.

就具體細節而言，我不會——我們不會給出該領域的任何數字。

And our next question comes from Mark May with Citi.

我們的下一個問題來自花旗銀行的馬克·梅。

Sorry, again, on the marketing side, but up until the last year or so, the company's marketing spend as a percent of revenue is, I think, pretty consistently growing a couple hundred basis points a year.

再次抱歉，在營銷方面，但直到去年左右，公司的營銷支出佔收入的百分比，我認為，每年都在持續增長幾百個基點。

I guess, now it looks as though you've kind of leaned back into marketing.

我想，現在看來您似乎又回到了營銷領域。

Is that kind of the pace that we should be thinking about?

這是我們應該考慮的步伐嗎？

I'm just trying to understand a little bit how much of the past year or so has been a bit of an anomaly.

我只是想稍微了解一下過去一年左右有多少時間有點反常。

And would you -- should we be thinking about kind of pre-2017 to think more about the marketing leverage in the business?

你會 - 我們是否應該考慮在 2017 年之前更多地考慮業務中的營銷槓桿？

Yes.

是的。

Mark, this is David.

馬克，這是大衛。

Let me just start off with that.

讓我從那開始。

I understand where the question is going.

我明白問題的出處。

Let me just -- first of all, I think you do have to look at the year in 2 halves.

讓我——首先，我認為你必須把這一年分成兩半來看待。

As you mentioned, the first half, broadly speaking, we have the benefit from our ROI authorization activities comparing optimized -- less optimized a year ago, and in the second half, we start to lap it.

正如你提到的，上半年，從廣義上講，我們從我們的 ROI 授權活動中受益，比較優化 - 一年前優化較少，而在下半年，我們開始超越它。

So you start seeing the 2 halves start to play out in a slightly different way.

所以你開始看到兩半開始以略有不同的方式進行。

I think one way to look at it, if you just look at the full year, and I know this is a projection based upon the top end of our guidance range, Q4, but if you look at the full year and you add everything together, you see 13% room night growth, 17% revenue growth, 17% EBITDA growth, 16% EPS growth.

我認為有一種看待它的方式，如果你只看全年，我知道這是基於我們指導範圍的頂端 Q4 的預測，但如果你看全年並將所有內容加在一起，您會看到 13% 的間夜增長，17% 的收入增長，17% 的 EBITDA 增長，16% 的 EPS 增長。

So I think it represents a fairly healthy year.

所以我認為這是相當健康的一年。

Obviously, there's been significant stories during that year.

顯然，那一年發生了重大事件。

And I know it's been a little bit of a challenge sometimes for us to walk everybody through the moving parts.

而且我知道，有時讓每個人都了解活動部件對我們來說是一個挑戰。

So one -- and one way to look at it is just kind of step back and look at the bigger picture for the year.

因此，一種 - 一種看待它的方式就是退後一步，看看今年的大局。

The other part of your question is kind of what will things look like going forward.

你問題的另一部分是未來的情況。

And I'm not going to give you a specific amount of leverage or deleverage, but I mean, our longer-term view of the business hasn't changed.

我不會給你具體的槓桿或去槓桿化，但我的意思是，我們對業務的長期看法沒有改變。

And as we put our -- there's always going to be a bit of an ROI reset going on within certain of our performance channels over the course of the last 18 months, but our longer-term view hasn't changed.

正如我們所說的那樣——在過去 18 個月的過程中，我們的某些績效渠道中總會有一些 ROI 重置，但我們的長期觀點並沒有改變。

And as we think about our 2019 plan, we think about our longer-term plan, what we plan to do is to invest in the business, to grow at above-market growth rates, expect to have and tolerate some modest deleverage in our EBITDA margin rates to achieve that build-out of the platform and that above-market position, but have a close eye on the EBITDA dollar growth.

當我們考慮我們的 2019 年計劃時，我們考慮我們的長期計劃，我們計劃做的是投資業務，以高於市場的增長率增長，期望並容忍我們的 EBITDA 適度去槓桿化保證金率以實現平台的構建和高於市場的地位，但要密切關注 EBITDA 美元的增長。

So that gives you a little bit of direction.

所以這給了你一點方向。

But I don't want to get into the specifics yet as to how much, and we're still obviously working through that.

但我不想詳細說明具體多少，而且我們顯然仍在努力解決這個問題。

We'll give you more as we finish our 2019 plan.

我們會在完成 2019 年計劃後為您提供更多。

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

我們的下一個問題來自美銀美林的 Justin Post。

One big-picture question and one housekeeping.

一個大問題和一個內務管理。

On big picture, I think you spent about $100 million more than we thought on marketing, just our estimates, and generated about 6 million more room nights than we were thinking.

總的來說，我認為你們在營銷上的花費比我們想像的多 1 億美元，這只是我們的估計，並且產生的間夜數比我們想像的多 600 萬。

Did something shift intra-quarter where you found pockets of better ROI?

在您發現投資回報率更高的地方時，季度內是否發生了某些變化？

Or has something changed in the market that made you more aggressive on the marketing spend?

還是市場發生了某些變化，使您在營銷支出上更加積極？

That's the first question versus your original outlook.

這是第一個問題與您最初的看法。

And then secondly, just the strength in merchant bookings growth versus agency.

其次，就是商家預訂增長相對於代理的優勢。

Can you just remind us of the dynamics of that?

你能提醒我們一下它的動態嗎？

Sure.

當然。

I'll take the first one, Justin.

我要第一個，賈斯汀。

I'll let Dave take the second one.

我會讓戴夫拿第二個。

So as I remarked earlier, when we see good opportunities, we're going to spend.

因此，正如我之前所說，當我們看到好的機會時，我們就會花錢。

When we see areas that we don't think it's appropriate, we're going to lean back in terms of marketing spend.

當我們看到我們認為不合適的領域時，我們將縮減營銷支出。

The markets are extremely dynamic.

市場非常活躍。

And as David mentioned, there were some interesting things happening towards the end of Q2, running into Q3, that made things a little bit harder to try and foresee the future.

正如大衛所提到的，在第二季度末，進入第三季度時發生了一些有趣的事情，這使得嘗試和預見未來變得更加困難。

So it's one of those things where we did spend more at certain times, and we did end up with more room nights.

所以這是我們在某些時候確實花費更多的事情之一，我們最終確實有更多的房夜。

That's clearly in the math there, and we're pleased about it.

這在數學上很明顯，我們對此感到高興。

And we hope going forward that we'll continue to find these type of opportunities that are going to help us build the franchise.

我們希望繼續尋找這些類型的機會來幫助我們建立特許經營權。

Yes.

是的。

Thanks, Glenn.

謝謝，格倫。

And then on the -- on housekeeping, actually, it's a fairly important point.

然後，實際上，關於內務管理，這是相當重要的一點。

You can really see the transition occurring -- starting to occur in Q4 '17 when the growth in our merchant bookings started to significantly exceed the growth in our agency bookings as we are building out and deploying a global payments platform at Booking.com.

你可以真正看到轉變的發生——從 17 年第四季度開始發生，當時我們在 Booking.com 上建立和部署全球支付平台時，我們的商戶預訂增長開始顯著超過我們代理預訂的增長。

That does a number of great things for us, for our customers and our partners.

這對我們、我們的客戶和我們的合作夥伴來說有很多好處。

For our customers, it gives them many more choices to how they may want to pay for their transactions either in advance or closer to their stay.

對於我們的客戶，它為他們提供了更多選擇，讓他們可以選擇如何提前或臨近入住時支付交易費用。

It gives them more opportunities to pay with the payment product of their choice.

這讓他們有更多機會使用自己選擇的支付產品進行支付。

It may not necessarily be a credit card.

它不一定是信用卡。

It could be something like an Alipay, for example.

例如，它可能類似於支付寶。

For us, it lets us basically provide our customers with a more consistent service because we're in charge of exactly how our payment flow works.

對我們來說，它讓我們基本上可以為我們的客戶提供更一致的服務，因為我們負責支付流程的確切運作方式。

And then for our partners, again, we offer them more ability to accept different payment forms from different customers in different parts of the world because we can basically pay them, the partner, in the form of whatever they like to take even though we may have taken the payment in on the front end via a different payment mechanism.

然後，對於我們的合作夥伴，我們再次為他們提供了更多的能力來接受來自世界不同地區不同客戶的不同付款方式，因為我們基本上可以以他們喜歡的任何形式向他們付款，即使我們可能通過不同的支付機制在前端進行支付。

So it is the build-out of our global payments platform, principally, rolling through Booking.com that's having the impact.

因此，我們的全球支付平台的構建，主要是通過 Booking.com 滾動產生了影響。

And you see that mix shift occurring.

你會看到這種混合轉變正在發生。

It's been occurring for quite some time as we see merchant revenues -- merchant bookings, rather, outstripping the growth of the agency bookings.

它已經發生了很長一段時間，因為我們看到商家收入 - 商家預訂，而不是超過代理預訂的增長。

Okay.

好的。

And one follow-up.

和一個後續行動。

Is Agoda [similarly] growing faster than your other platforms?

Agoda [同樣] 比您的其他平台增長得更快嗎？

Can you tell us about that?

你能告訴我們嗎？

We don't usually talk about individual brands, which ones are growing faster, which ones are not.

我們通常不會談論個別品牌，哪些品牌增長更快，哪些不是。

But I will say that Asia is a fast-growing area.

但我會說亞洲是一個快速發展的地區。

It's also a very competitive area.

這也是一個競爭非常激烈的領域。

It's been that way for some time, and I suspect it's going to continue to be that way for some time in the future.

這種情況已經有一段時間了，我懷疑在未來的一段時間內它會繼續這樣。

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

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

Just a follow-up on the marketing questions.

只是對營銷問題的跟進。

Can you give us an update on your relationship with Google, and given your comments in the prepared remarks, whether you feel they're helping you best serve your customers?

您能否向我們介紹一下您與 Google 的最新關係，並在準備好的評論中給出您的評論，您是否認為他們正在幫助您最好地為您的客戶服務？

So as you know, we don't generally talk about any individual advertising platform.

如您所知，我們通常不會談論任何個人廣告平台。

And we also talked about, over many, many years, we've had a wonderful relationship with the people at Google, basically helping build out our business together with them, a very symbiotic relationship, helping improve each other's capabilities.

我們還談到，多年來，我們與穀歌的員工建立了良好的關係，基本上幫助我們與他們一起建立業務，這是一種非常共生的關係，幫助提高彼此的能力。

And we're very pleased with that.

我們對此非常滿意。

And we hope that continues for a very long time.

我們希望這種情況能持續很長時間。

I can't say much beyond that, that would be helpful to you, I don't think.

除此之外我不能說太多，我不認為這對你有幫助。

Okay, understood.

好的，明白了。

And then just another question on brand marketing.

然後是關於品牌營銷的另一個問題。

You talked about wanting to grow that.

你談到想要發展它。

Right now, you're about $500 million annually.

現在，你每年大約有 5 億美元。

How are you thinking about what the right amount is to spend on brand to make sure you're getting out there around the world today?

您如何考慮在品牌上花費多少金額才能確保您今天在世界各地開展業務？

So as you know, one of the things that we're very proud about is our history of doing experimentation and not trying to make guesses or just projections without data.

如您所知，我們非常自豪的一件事是我們進行實驗的歷史，而不是試圖在沒有數據的情況下進行猜測或預測。

So what we're going to do is continue what we've always done, and that is spend, test; test, spend, see how it goes.

所以我們要做的是繼續我們一直在做的事情，那就是花錢，測試；測試，花錢，看看效果如何。

It's complicated.

情況很複雜。

It's going to take a long time.

這需要很長時間。

And over that -- over this long period of time, we will find out what the optimal amount to spend is.

除此之外——在這麼長的一段時間內，我們將找出最佳支出金額。

But I can't give you a number now given that it's going to take a significant amount of experimentation for a very long time before we are able to come up with what we think the optimal is.

但我現在不能給你一個數字，因為在我們能夠得出我們認為的最佳方案之前，需要很長時間進行大量實驗。

And the interesting thing about that is because this world is so dynamic, things change so rapidly, I don't expect we're ever going to come up with a set number.

有趣的是，這個世界充滿活力，變化如此之快，我不認為我們會得出一個固定的數字。

It's always going to be moving.

它總是會移動的。

One thing, though, I will add that I am happy to see is more and more of the brand marketing is going to digital video.

不過，我要補充一點，我很高興看到越來越多的品牌營銷轉向數字視頻。

And one of the good things about that is the measurement of that spend is better than it used to be when you're doing over-the-air TV.

這樣做的好處之一是，對支出的衡量比過去在做無線電視時要好。

So at least we're getting better data to measure against.

所以至少我們得到了更好的數據來衡量。

Glenn, and lastly, can I just -- can you give us quarter-to-date share repurchase?

格倫，最後，我能不能——你能給我們一個季度至今的股票回購嗎？

I leave that to David to say no.

我把這個留給大衛說不。

That -- Kevin, we'll just update you every quarter on how we've done.

那 - 凱文，我們每個季度都會向您更新我們的工作情況。

Yes, I think that's our new policy, and I think it's the right way to go.

是的，我認為這是我們的新政策，我認為這是正確的做法。

And our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. The first one, just trying to a little bit better understand the 3Q and the 4Q guidance.

我有 2 個。第一個，只是想更好地理解 3Q 和 4Q 指南。

The room night acceleration and the guidance acceleration, can you just talk to any specific regions or products that were the biggest contributors to the overall acceleration and growth?

間夜加速和指導加速，你能談談對整體加速和增長貢獻最大的任何特定地區或產品嗎？

Then the second one, just to kind of, again, better understand the quarter.

然後是第二個，只是為了更好地理解這個季度。

As you said, direct traffic, it sounds like, grew faster than the overall rate, so I think direct grew in the mix, yet performance probably drove more upside than expected.

正如您所說，直接流量的增長速度似乎快於整體速度，所以我認為直接流量在組合中有所增長，但性能可能比預期的更上行。

How did that happen?

那是怎麼發生的？

Were you able to use data to sort of test and deliver more volume at lower ROIs?

您是否能夠使用數據進行排序測試並以較低的投資回報率提供更多的數量？

Or were ROIs more stable than what you thought?

還是投資回報率比您想像的更穩定？

Just how did performance come in better than expected?

性能如何好於預期？

Was it that lower ROI or not?

投資回報率是否較低？

Brian, let me start, and then I'm sure we'll maybe pass it over to Glenn for a couple of comments.

布賴恩，讓我開始，然後我確定我們可能會將其轉交給格倫徵求一些意見。

So yes, you asked a number of things there.

所以是的，你在那裡問了很多事情。

So yes, just to confirm, direct did increase mix in the quarter, and also our performance -- growth in the performance channels did better than they did in the earlier part of the year, specifically in Q2, to just kind of confirm that.

所以是的，只是為了確認，直接在本季度確實增加了組合，而且我們的表現 - 表現渠道的增長比今年早些時候，特別是在第二季度表現得更好，只是為了確認這一點。

And why did we see some more opportunities there?

為什麼我們在那裡看到了更多機會？

Well, we always test the amount of kind of elasticity and what the potential is to increase growth rates and return for investment.

好吧，我們總是測試彈性的數量以及提高增長率和投資回報的潛力。

We're testing constantly in those channels, as Glenn mentioned, a very dynamic and real-time testing of kind of what we see as the opportunity.

正如 Glenn 所提到的，我們在這些渠道中不斷進行測試，這是對我們認為是機會的一種非常動態和實時的測試。

And we saw a little bit more opportunity to drive growth without dropping ROI very much, if that makes sense.

如果這是有道理的，我們看到了更多的機會來推動增長而不會降低投資回報率。

The prior elasticity test we had during the year would say that if you were wanting to drive a lot of growth, you have a high reduction in ROI.

我們在這一年進行的先前彈性測試表明，如果你想推動大量增長，你的投資回報率就會大幅下降。

We saw some opportunities in some of our key channels to drive some more growth with less of a drop in ROI.

我們在一些關鍵渠道中看到了一些機會，可以在減少投資回報率下降的情況下推動更多增長。

We thought that was a smart thing to actually do.

我們認為這實際上是一件明智的事情。

So that accounts for a number of things we've already talked about.

因此，這說明了我們已經討論過的許多事情。

It accounts for kind of why our performance marketing spend was perhaps a little bit higher than many people have estimated.

這可以解釋為什麼我們的績效營銷支出可能比許多人估計的要高一點。

But as we commented upon the performance in room nights, that was part of the reason why we were able to do better in room nights, not the only reason why we were able to do better in room nights.

但正如我們評論間夜表現時，這是我們能夠在間夜表現更好的部分原因，而不是我們能夠在間夜表現更好的唯一原因。

And that's why we leaned into those channels a little bit more in Q3 than we expected to when we gave our guidance.

這就是為什麼我們在第三季度比我們給出指導時預期的更多地傾向於這些渠道。

There were some other factors, of course, that were very much at the top of our mind when we gave that guidance at the start of the quarter.

當然，當我們在本季度初給出該指引時，我們首先想到的還有其他一些因素。

I mentioned there are unusual patterns we were seeing in July.

我提到我們在 7 月份看到了一些不尋常的模式。

In August, those started to get better.

8 月，情況開始好轉。

Particularly, the whole weather situation in Europe got better, both in terms of the heat wave breaking in the north and the scorch wave breaking in the south.

尤其是歐洲整體天氣情況好轉，無論是北方的熱浪破，還是南方的焦浪破。

So those are all contributing factors, but specifically related to the channels, I think that gives you some color.

所以這些都是促成因素，但特別與渠道相關，我認為這會給你一些顏色。

I would just probably just add that -- and I understand where people are coming from with these questions and looking at the numbers for sort of guidance with us.

我可能只想補充一點——我知道人們從哪裡來提出這些問題，並查看這些數字以獲得我們的指導。

But what I continue to try and do is have our investors and people that are looking at our company is focus on the long term, what we're trying to grow, what we're trying to build, what's going to be great for customers and partners, so in the long run, we're able to achieve the mission, which really is to help people experience the world [and all that], experience the world with less friction and more profits for us.

但我繼續嘗試和做的是讓我們的投資者和關注我們公司的人關注長期，我們正在努力發展的東西，我們正在努力建立的東西，對客戶有好處的東西和合作夥伴，所以從長遠來看，我們能夠實現真正的使命，即幫助人們體驗世界[以及所有這些]，以更少的摩擦和更多的利潤體驗世界。

That's what we're trying to do here.

這就是我們在這裡要做的。

And some quarters are going to be better than expected.

有些季度會好於預期。

Some quarters are perhaps not going to be as good.

有些季度可能不會那麼好。

And there's so much -- and again, I'll use the word dynamic.

還有很多——我會再次使用動態這個詞。

We got a lot of players in a market that are also bidding against us, bidding -- their own strategies.

我們在市場上有很多參與者也在競標我們，競標——他們自己的策略。

Brand advertising, we are trying to figure out what works, what doesn't work.

品牌廣告，我們試圖弄清楚什麼有效，什麼無效。

Lots of factors happening.

發生的因素很多。

But as long as we continue to build our products, make things better for the customers, create what I talked about in the past about this holistic system that really makes it easier for people to travel.

但只要我們繼續打造我們的產品，為客戶提供更好的服務，創造我過去談到的真正讓人們出行更輕鬆的整體系統。

As long as we focus on that and continue to do that, I believe, in the long run, we will continue to grow this company at a reasonable rate.

只要我們專注於此並繼續這樣做，我相信從長遠來看，我們將繼續以合理的速度發展這家公司。

And as we said so many times, we're still at single digit in accommodations in the whole industry.

正如我們多次說過的那樣，我們在整個行業的住宿方面仍處於個位數。

So that's a lot of ramp left.

所以還有很多斜坡。

And our next question comes from Douglas Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

Maybe a good segue into something that's not marketing-related.

也許是與營銷無關的東西的好轉折點。

But Glenn, just hoping you can talk a little bit more about nonhotel accommodations.

但是格倫，只是希望你能多談談非酒店住宿。

Just passed through the busiest part of the season.

剛剛度過了這個季節最繁忙的時期。

How do you sum up where you are here in terms of supply, the value proposition to consumers and also awareness and how that ties into your key priorities as you look into '19?

您如何總結您在供應、對消費者的價值主張以及意識方面所處的位置，以及在您展望 19 年時這與您的主要優先事項有何联系？

Yes.

是的。

Look, it's incredibly important.

看，這非常重要。

We believe it's a great opportunity.

我們相信這是一個很好的機會。

We -- our reported listing is up 21% year-over-year.

我們——我們報告的上市數量同比增長 21%。

You got to have the actual supply to actually book anything.

您必須有實際供應才能實際預訂任何東西。

If you don't have that, then you're not going to be able to move business, so that's a good start.

如果你沒有，那麼你將無法轉移業務，所以這是一個好的開始。

But we've also talked in the past about the need to spend money to improve all the different things that need to be done to make a host, the person who owns that property, be willing to rent it out to somebody.

但我們過去也談到需要花錢來改善所有需要做的不同事情，才能讓房東，即擁有該房產的人願意將其出租給其他人。

And we need to get the awareness to the demand side to get them to know, "Hey, we got this great product.

我們需要讓需求方意識到，讓他們知道，“嘿，我們得到了這個很棒的產品。

Come and get it." That's a lot of effort.

快來拿吧。”那可是費了不少功夫。

And we were starting from behind from some of our competitors, no doubt about that.

毫無疑問，我們是從我們的一些競爭對手後面起步的。

That being said, we talked about things that we built, and I talked a little bit about it in my prepared remarks, about some of the stuff that we've been building.

話雖如此，我們談論了我們構建的東西，我在準備好的發言中談到了一些我們一直在構建的東西。

And it's really a long-term project.

這確實是一個長期項目。

This is not going to be done in a quarter or 2 quarters, even a year.

這不會在一個季度或兩個季度甚至一年內完成。

But it's something that is a long-term thing that we absolutely believe in, and we believe that we're going to be able to continue to do it in the way that we think is the best way, and that's having both hotels and home properties on the same site, so the customer sees both products right there, sees the reviews right there.

但這是我們絕對相信的長期事情，我們相信我們將能夠以我們認為最好的方式繼續做這件事，那就是同時擁有酒店和家同一站點上的屬性，因此客戶可以在那裡看到兩種產品，在那裡可以看到評論。

And we believe that you don't hit somebody with a traveler's fee at the end.

我們相信你不會在最後用差旅費打人。

And we believe incredibly important is the ability to do it on an instant-booking basis, so that when a customer is ready to purchase, it's done.

我們相信非常重要的是能夠在即時預訂的基礎上做到這一點，這樣當客戶準備好購買時，它就完成了。

It's not going back and forth, back and forth.

它不是來來回回，來來回回。

And one of the things in that, though, is that there's an issue of trust.

不過，其中一件事是存在信任問題。

And that some of the tools we talked about for the host, to be able to build some of the tools to make those hosts feel comfortable in an instant-booking area.

還有我們為房東討論的一些工具，能夠構建一些工具讓這些房東在即時預訂區域感到舒適。

So lots of things to be done, but it's an important part of what we're trying to build here.

有很多事情要做，但這是我們在這裡努力構建的重要組成部分。

And I've seen -- as I mentioned earlier, seen people the first time they ever booked with us is booking a home product, loving that.

而且我已經看到 - 正如我之前提到的那樣，看到人們第一次通過我們預訂是預訂家居產品，他們很喜歡。

And our next question comes from Naved Khan with SunTrust.

我們的下一個問題來自 SunTrust 的 Naved Khan。

It's Naved Khan from SunTrust.

我是 SunTrust 的 Naved Khan。

Maybe 2 questions.

也許2個問題。

So can you just maybe talk a little bit about the China outbound demand and maybe plans for HotelsCombined now that you've gotten approval from Europe for acquiring that business?

那麼，既然您已經獲得歐洲批准收購該業務，您能否談談中國的出境需求以及 HotelsCombined 的計劃？

And then I had a follow-up on metasearch.

然後我對元搜索進行了跟進。

So question -- first question, HotelsCombined, and I may have missed it.

所以問題 - 第一個問題，HotelsCombined，我可能錯過了。

I'm not -- I don't believe we actually got the final approval yet.

我不是——我不相信我們實際上還沒有獲得最終批准。

So we're going to pass on that question.

所以我們將傳遞這個問題。

So your question about meta in general?

那麼你對元的一般問題是什麼？

Yes.

是的。

And then just, along with HotelsCombined now, so wanted to know if you're willing to provide some color on China outbound demand, what are the -- any kind of trends you might be willing to share.

然後，現在與 HotelsCombined 一起，所以想知道您是否願意提供有關中國出境需求的一些顏色，您可能願意分享的趨勢是什麼。

China outbound.

中國出境。

Yes, look, incredibly important.

是的，看，非常重要。

I love saying it, so I'll say it again.

我喜歡這樣說，所以我再說一遍。

I love China, so the locomotive, the travel train.

我愛中國，所以火車頭，旅遊列車。

I just saw some interesting statistics that I thought were indicative of how important this can be.

我剛剛看到一些有趣的統計數據，我認為這些數據表明了這有多麼重要。

So 2014, there were 55 million Chinese passports they could use to go outbound.

所以2014年，有5500萬本中國護照可以出境。

2017, it's 120 million passports.

2017年是1.2億本護照。

That shows kind of the growth.

這顯示了某種增長。

People don't get a passport unless you intend to actually go out of the country.

除非您打算實際出國，否則人們不會獲得護照。

China is also making things -- making it easier for a Chinese tourist to go out.

中國也在製造東西——讓中國遊客更容易出門。

So in 2015, there were 46 countries that were visa-free.

所以在 2015 年，有 46 個國家免簽。

Now there are 74 countries, makes it a lot easier to go.

現在有74個國家，去起來容易多了。

As the -- and this is anywhere in the world.

作為——這是世界上任何地方。

When the economy is doing well, as people get more money, they want to travel more.

當經濟表現良好時，隨著人們有更多的錢，他們想要更多地旅行。

And in China, when the person is able to afford to travel outside China, they want to go.

而在中國，當人們有能力出國旅行時，他們就會想去。

If you look at some of the social stuff going on, social media, people putting out their pictures of visiting London and Paris and Rome and all that.

如果你看看正在發生的一些社交活動，社交媒體，人們會發布他們訪問倫敦、巴黎和羅馬的照片等等。

But it's more than that.

但不僅如此。

It's all over the world, and I've talked about the times being in Alaska seeing Chinese tourists, being in Iceland seeing Chinese tourists.

全世界都有，我講過在阿拉斯加看中國遊客的時候，在冰島看中國遊客的時候。

It is so important for us to be able to get a good share of that product, and that's why we're doing a lot of effort.

能夠很好地分享該產品對我們來說非常重要，這就是我們付出很多努力的原因。

We have over 1,000 people in China working for us there.

我們在中國有超過 1,000 名員工為我們工作。

I think we have either a dozen or 14 offices in China.

我想我們在中國有十幾個或 14 個辦事處。

We have made -- as you know, we've made some significant investments to have good partners in China.

我們已經——如你所知，我們已經進行了一些重大投資，以便在中國擁有良好的合作夥伴。

We invested in Ctrip some time ago.

我們前段時間投資了攜程。

We invested in Meituan, and we recently made an investment in DiDi.

我們投資了美團，最近又投資了滴滴。

By making these investments, we are getting different ways to reach the Chinese tourists so that we can show them all the great things that we offer to them.

通過這些投資，我們獲得了接觸中國遊客的不同方式，這樣我們就可以向他們展示我們為他們提供的所有美好事物。

So when they want to travel, we've got what they need.

因此，當他們想要旅行時，我們可以滿足他們的需求。

And we're excited about it.

我們對此感到興奮。

We're pleased about it, and we think it's going to have a long-term benefit to our company.

我們對此感到高興，我們認為這將為我們公司帶來長期利益。

And Glenn, if I can just pick up the point on meta because that was in the first question.

格倫，請問我是否可以在 meta 上提出要點，因為那是第一個問題。

For obvious reasons, we're not going to talk about HotelsCombined because we have not got the final approvals yet.

出於顯而易見的原因，我們不會談論 HotelsCombined，因為我們還沒有獲得最終批准。

So we've been working down that path nicely.

所以我們一直在沿著這條路努力。

But what I would say is that we think the meta segment is very important.

但我要說的是，我們認為元細分非常重要。

And it is a segment because I think are a group of people who will always want to go a meta first before choosing their travel, and there are other people who are prepared to build their longer-term relationships with those with OTA platforms.

這是一個細分市場，因為我認為有一群人總是希望在選擇旅行之前先了解元數據，還有其他人準備與那些使用 OTA 平台的人建立長期關係。

And we think the winning model is a global multi-platform model, which we are building in the meta space.

我們認為獲勝的模型是我們正在元空間中構建的全球多平台模型。

So we think it's a very important part of our strategy, and people shouldn't get confused.

所以我們認為這是我們戰略中非常重要的一部分，人們不應該感到困惑。

We don't think it's necessarily competitive with other parts of the business.

我們認為它不一定與業務的其他部分競爭。

It's complementary because it addresses a segment of the marketplace that just prefers to go there first, and we want to have a great solution for those customers as well.

它是互補的，因為它針對的是一個更喜歡先去那裡的市場部分，我們也希望為這些客戶提供一個很好的解決方案。

That's helpful.

這很有幫助。

And just on the -- your commentary on meta.

就在 - 你對 meta 的評論。

So now that you are sort of lapping the changes you made last year, the ROI changes, do you see more room for improving ROI there?

因此，既然您正在考慮去年所做的更改，投資回報率發生變化，您是否看到那裡有更多提高投資回報率的空間？

Or do you think that they're at their appropriate level for now?

還是您認為他們目前處於合適的水平？

Well, in terms of meta as a channel now for our other businesses, I think we are -- now we'll be fully lapping in Q4.

好吧，就元數據作為我們其他業務的渠道而言，我認為我們 - 現在我們將在第四季度全面完成。

The areas where there was the biggest share shift in terms of the changes that we made when we started our ROI-optimization effort was, in fact, in meta, so we should get benefits in there, Q4 over Q4.

事實上，就我們開始 ROI 優化工作時所做的更改而言，份額變化最大的領域實際上是元數據，因此我們應該從中受益，第四季度超過第四季度。

But we like our ROI approach.

但我們喜歡我們的投資回報率方法。

We think that what we've done has got things to a level that works nicely for us and for our business.

我們認為我們所做的事情已經達到了對我們和我們的業務都很好的水平。

So now we're lapping those, and we're looking incrementally at opportunities, just like I mentioned we did with other channels in the Q3.

所以現在我們正在研究這些，我們正在逐步尋找機會，就像我提到的我們在第三季度對其他渠道所做的那樣。

And our next question comes from Mike Olson with Piper Jaffray.

我們的下一個問題來自 Mike Olson 和 Piper Jaffray。

One follow-up on homes.

關於房屋的一項後續行動。

Have you been able to decipher whether or not vacation homes are mostly additive or cannibalistic to traditional bookings?

您是否能夠破譯度假屋是否主要是對傳統預訂的附加或同類相食？

And then separately, on experiences.

然後分別討論經驗。

Should we think about this as being a significant area of investment in the near future?

我們是否應該將此視為近期的一個重要投資領域？

Or is it fairly minor relative to your spend in other categories?

還是相對於您在其他類別上的支出而言，它相當小？

Just wondering how that stacks up on the priority list.

只是想知道它是如何疊加在優先級列表上的。

I'm sorry, could you read that second one again, Mike?

對不起，邁克，你能再讀一遍第二篇嗎？

Experiences, just wondering where it stacks up on the priority list and how much the near-term investments need to be there.

經驗，只是想知道它在優先列表中的位置以及需要多少近期投資。

All right.

好的。

So in terms of cannibalistic in terms of homes, I don't usually think of it that way, really.

所以就食人者而言，我通常不會那樣想，真的。

I think about providing the choices.

我考慮提供選擇。

And what the consumer decides is fine by us.

消費者的決定由我們決定。

It's not our decision to try and direct them one way or the other.

嘗試以一種或另一種方式指導他們並不是我們的決定。

We do recognize, though, if we don't have the home, we may lose somebody who wanted a home.

不過，我們確實認識到，如果我們沒有家，我們可能會失去一個想要家的人。

Even though they may come to us and want to check out the hotels and we don't have the home, that may be a negative.

即使他們可能會來找我們，想看看酒店，而我們沒有房子，這可能是負面的。

We've always said that it's important for us to try and get every single type of accommodation on that platform.

我們一直說，嘗試在該平台上獲得每一種類型的住宿對我們來說很重要。

It's homes, apartments, it's -- we say a unique place to stay.

它是住宅、公寓，它是——我們說的是一個獨特的住宿地點。

We really mean unique.

我們真正的意思是獨一無二。

We're talking about yurts.

我們說的是蒙古包。

We're talking igloos in the winter.

我們說的是冬天的冰屋。

We're talking everything there.

我們在那裡談論一切。

That way, by providing that incredible breadth, really makes it more appealing to the consumer that when they want to travel or thinking about what they're going to do, they come to us, they know they're going to be able to get what they want on our site.

這樣，通過提供令人難以置信的廣度，真正使它對消費者更具吸引力，因為當他們想要旅行或考慮他們將要做什麼時，他們會來找我們，他們知道他們將能夠獲得他們在我們網站上想要什麼。

Now in terms of experiences, in the long run, it is important.

現在就經驗而言，從長遠來看，這很重要。

It's not something that we're going to just go 1 million miles an hour right now and crash the income statement by just throwing money at it to build out the thing, but it's something that is very, very important.

這不是我們現在要以每小時 100 萬英里的速度行駛並通過向損益表投入資金來建造它而使損益表崩潰的東西，但這是非常非常重要的事情。

And the reason is not only the money that it will bring to the bottom line, the incremental EBITDA, but we also believe, in the long run, it goes to that thing that I've talked about so many times, it's providing that system that makes it easier and better for the person to travel.

原因不僅是它會帶來利潤，即增量 EBITDA這使人們的旅行變得更輕鬆、更好。

And I've experienced it myself as a consumer.

作為消費者，我自己也經歷過。

I use it.

我用它。

And in cities where we have these things like experiences, it's just been a wonderful thing to be able just to show that QR code off the Booking.com app, skip the line to go on to the funicular, go up to the castle at the top of the mountain in Salzburg.

在我們擁有這些體驗之類的城市中，能夠在 Booking.com 應用程序上顯示二維碼，免排隊乘坐纜車，登上城堡，真是太棒了薩爾茨堡山頂。

I did that.

我做到了。

And I said, "This is great." And that's the type of thing we do, so to build loyalty, it'll make it easier.

我說，“這太棒了。”這就是我們所做的事情，所以要建立忠誠度，它會讓事情變得更容易。

So there's a lot of compounding besides just getting the incremental amount of money out of that one transaction.

因此，除了從那筆交易中獲得增量資金外，還有很多複利。

And our next question comes from Anthony DiClemente with Evercore.

我們的下一個問題來自 Evercore 的 Anthony DiClemente。

I have 2. Glenn, the hotel suppliers themselves have been out there talking about the success of their own direct-to-consumer initiatives.

我有 2. Glenn，酒店供應商本身一直在談論他們自己直接面向消費者的舉措的成功。

They're competing to grow direct relationships with their guests as you are.

他們正在競相與您一樣與客人建立直接關係。

So I guess the question is, how is that going?

所以我想問題是，這是怎麼回事？

How much of your spend on brand is really to actually compete with what amounts to your suppliers who are trying to build those same direct relationships in the channel?

您在品牌上的支出有多少是真正用於與您的供應商競爭，而這些供應商正試圖在渠道中建立同樣的直接關係？

And then second question would be for, I guess, either David or Glenn.

然後第二個問題是大衛或格倫。

What's the right capital structure for Booking Holdings?

Booking Holdings 的正確資本結構是什麼？

Is the business overcapitalized relative to what really is steady cash flows over time?

相對於長期穩定的現金流而言，企業是否資本過剩？

So maybe just talking about the puts and takes of stock buybacks versus a strategic M&A versus other uses of your capital would be really helpful.

因此，也許只是談論股票回購的看跌期權與戰略併購與資本的其他用途會非常有幫助。

So our business is based on creating a great relationship, both with people who want to stay in an accommodation and people who are supplying the accommodation.

因此，我們的業務基於與想要住宿的人和提供住宿的人建立良好的關係。

And whether it be a large multinational, international chain or a single little hotel owner in the middle of some small village in France, it's always trying to provide value to them and, at the same time, provide value to the demand side.

無論是大型跨國公司、國際連鎖店，還是法國某個小村莊中心的一家小旅館老闆，它總是在努力為他們提供價值，同時也為需求方提供價值。

And sure, I've seen the ads for some of the large international chains, and nothing wrong with that.

當然，我看過一些大型國際連鎖店的廣告，這沒什麼不妥。

They want to attract people to come to them directly.

他們想吸引人們直接來找他們。

They think it may be cheaper for them to do that.

他們認為這樣做對他們來說可能更便宜。

There's nothing wrong with that.

這沒有錯。

We have a great relationship.

我們有很好的關係。

I'd point out that the international large chains is actually a small portion of our business.

我要指出的是，國際大型連鎖店實際上只是我們業務的一小部分。

I believe we've talked about it in the past, it's about 15% of our business.

我相信我們過去曾討論過它，它大約占我們業務的 15%。

But we want to do everything that we can to be helpful and help make their business better.

但我們希望盡我們所能提供幫助，幫助他們改善業務。

That's how we win in the long run.

從長遠來看，這就是我們獲勝的方式。

And we do provide a lot of value.

我們確實提供了很多價值。

We have the largest demand platform in the world for accommodations.

我們擁有全球最大的住宿需求平台。

So anybody who has a hotel and wants to fill a bed with a body and make some money, we're the people to come to.

因此，任何擁有旅館並想用屍體填滿床位並賺點錢的人，我們都是來找他們的人。

And some of the stuff that we do, doing over 40 languages, over 40 languages, and doing customer service in these languages, we pay for that.

我們所做的一些事情，使用超過 40 種語言，超過 40 種語言，並使用這些語言提供客戶服務，我們為此付費。

The hotel doesn't pay for that.

酒店不為此付費。

That's our cost.

那是我們的成本。

Doing all of the marketing that we do, those things are done more efficiently than almost any hotel could do on their own.

做我們所做的所有營銷，這些事情比幾乎任何酒店自己做的都更有效率。

And [thereby, that] efficiency, we're providing that value to these hotels.

[因此，那種]效率，我們正在為這些酒店提供這種價值。

I want to -- I read about this and I hear about people saying the fight between the people like us and the hotels, and I really wish people would stop thinking this is a sporting event, a boxing thing or something like that.

我想——我讀到過這件事，我聽說有人說像我們這樣的人和酒店之間的鬥爭，我真的希望人們不要再認為這是一場體育賽事、一場拳擊比賽或類似的事情。

This is a thing where, sure, people want to attract people to their own site to say, "Look, I want everybody to come to us direct, too." I don't want to have to pay money for marketing.

當然，在這種情況下，人們希望吸引人們訪問他們自己的網站並說：“看，我希望每個人也直接來找我們。”我不想為營銷付錢。

But in the end, I really want to change the -- just the tone of everything, so that we see that we're really helping each other and this is really a symbiotic relationship.

但最後，我真的很想改變——只是一切的基調，讓我們看到我們真的在互相幫助，這真的是一種共生關係。

And I'll let David talk about capital structure.

我會讓大衛談談資本結構。

Yes.

是的。

Anthony, obviously, capital structure could be a very long topic, and we've only got a couple of minutes for it.

顯然，安東尼，資本結構可能是一個很長的話題，我們只有幾分鐘的時間。

So I'll try and give you kind of a high-level view.

所以我會試著給你一個高層次的觀點。

First of all, I think you have to step back and look at we try to do with the business.

首先，我認為你必須退後一步，看看我們試圖做的生意。

There is a huge travel market opportunity out there, and we only have -- we have a single-digit share of the accommodation segment, where we are the strongest.

那裡有巨大的旅遊市場機會，我們只有 - 我們在住宿領域擁有個位數的份額，我們是最強大的。

Therefore, we have a lower single-digit share of the broader travel marketplace.

因此，我們在更廣泛的旅遊市場中的個位數份額較低。

And our mission is to build out the best online global travel marketplace on the planet, offering choice, value, service and seamlessness for our customers.

我們的使命是打造全球最佳在線全球旅遊市場，為我們的客戶提供選擇、價值、服務和無縫銜接。

And that prize is a huge prize.

那個獎品是一個巨大的獎品。

And that is a prize, I think, everybody wants us to go forward and try to develop.

我認為這是一種獎勵，每個人都希望我們繼續前進並努力發展。

So that is our primary mission in life, and we are fortunate to have enough financial resources to be able to do that and, of course, be able to return significant amounts of money to our shareholders.

所以這是我們人生的首要使命，我們很幸運有足夠的財力來做到這一點，當然，也能夠向我們的股東返還大量資金。

Now that ability to return to shareholders as aggressively as we can right now has been aided by the U.S. Tax Act that is relatively new.

現在，相對較新的美國稅法幫助我們盡可能積極地回報股東。

I think that the commitment to return $10 billion over the next 2 to 3 years is a very important step forward.

我認為在未來 2 到 3 年內返還 100 億美元的承諾是向前邁出的非常重要的一步。

But I do want to put it in the context of that broader opportunity to invest both organically and inorganically in building out this incredibly large opportunity we have in front of us, where I think we have the ability to generate something which is of significant value for our customers, our shareholders, for our partners, which is kind of our primary mission in life.

但我確實想把它放在更廣泛的有機和無機投資機會的背景下，以建立我們面前的這個令人難以置信的巨大機會，我認為我們有能力產生對我們具有重要價值的東西我們的客戶、我們的股東、我們的合作夥伴，這是我們人生的首要使命。

So if that helps, that's how we think about it.

所以如果這有幫助，這就是我們的想法。

And our next question comes from James Hardiman with Wedbush.

我們的下一個問題來自 James Hardiman 和 Wedbush。

You've touched on this a little bit, but maybe clarify a little bit.

您已經略微談到了這一點，但也許可以澄清一點。

You had a strong finish to the third quarter and then better-than-expected guidance for the fourth quarter.

您在第三季度取得了強勁的成績，然後第四季度的指導好於預期。

I'm trying to figure out how much of that is momentum versus coincidence.

我試圖弄清楚其中有多少是勢頭與巧合。

Obviously, you don't give us a fourth quarter guide until now.

顯然，您直到現在才給我們提供第四季度指南。

But you spoke to a delayed summer travel booking scenario.

但是你談到了一個延遲的夏季旅行預訂場景。

I wouldn't think that, that would affect the fourth quarter very much.

我不認為那會對第四季度產生很大影響。

But I guess, at the end of the day, I'm trying to get at, are you more optimistic about the fourth quarter today than you were 3 months ago?

但我想，歸根結底，我想知道，你對今天第四季度的看法是否比 3 個月前更樂觀？

And then maybe as somewhat of an aside, maybe talk a little bit geographically.

然後也許有點旁白，也許從地理上談談。

Europe was called out as maybe a headwind to overall growth last time we talked.

上次我們談話時，歐洲被認為可能是整體增長的逆風。

Obviously, the mix of Europe changes in the fourth quarter.

顯然，歐洲的組合在第四季度發生了變化。

But I'm just trying to figure out if that's sort of resolved itself and whether or not Europe is a headwind or a tailwind as we look into the fourth quarter and beyond.

但我只是想弄清楚這是否已經自行解決，以及在我們展望第四季度及以後時，歐洲是逆風還是順風。

Yes, James, let me start with that.

是的，詹姆斯，讓我從這個開始。

So to answer the direct question, are we more optimistic about Q4 now than we were when we did our guidance last time?

所以要回答直接的問題，我們現在對 Q4 是否比我們上次做指導時更樂觀？

Yes.

是的。

I think we were pretty clear last time when we were guiding, we were sitting looking at a June and a July period which were impacted by some macro factors that were out of our control.

我認為我們上次在指導時非常清楚，我們坐著看 6 月和 7 月期間，這些期間受到一些我們無法控制的宏觀因素的影響。

Europe, being our biggest single marketplace, was going through the most ridiculous weather pattern we've ever seen, where the south was -- sorry, where the north was kind of warm and dry and people didn't want to go away on vacation, and the south was basically in the 40s and raining and people didn't want to go there.

歐洲，作為我們最大的單一市場，正在經歷我們所見過的最荒謬的天氣模式，南方是——抱歉，北方有點溫暖乾燥，人們不想去度假, 南方基本上是 40 年代，下雨，人們不想去那裡。

So that really affected our business.

所以這真的影響了我們的業務。

We couldn't predict when that was going to change, and that was also compounded by the World Cup going on, which, again, had big impacts on Europe, with big countries doing well in the tournament.

我們無法預測這種情況何時會發生變化，而且正在進行的世界杯也加劇了這種情況，這再次對歐洲產生了重大影響，大國在錦標賽中表現出色。

So we were sitting there, looking at a high degree of uncertainty.

所以我們坐在那裡，看著高度的不確定性。

As I mentioned, as we developed through the quarter, things got better.

正如我所提到的，隨著我們在本季度的發展，情況變得更好了。

Things got better than we expected in most of our geographies.

在我們的大部分地區，情況都比我們預期的要好。

And Europe was certainly the biggest one, and things did improve in Europe.

歐洲當然是最大的一個，歐洲的情況確實有所改善。

And obviously, we ended the quarter at a higher growth rate than the average for the quarter because we commented that we expected deceleration back on our August call.

顯然，我們在本季度結束時的增長率高於本季度的平均增長率，因為我們評論說我們預計在 8 月的電話會議上會減速。

So we are looking at Q4 from a stronger lens than we expected to be if things hadn't improved.

因此，如果情況沒有改善，我們會從一個比我們預期更強的角度來看待第四季度。

And as I mentioned, our guidance for Q4 would reflect some deceleration from what we saw from a growth rate in October.

正如我所提到的，我們對第四季度的指導將反映我們從 10 月份的增長率中看到的一些減速。

So those are the factors which we are looking at.

所以這些就是我們正在研究的因素。

And hopefully, that clarifies the puts and takes.

希望這能澄清問題。

But the short answer to the question is, yes, we are in a stronger position about our view of Q4 now than we would have been if things had not improved in Q3, which is what we'd built into our Q3 guidance.

但對這個問題的簡短回答是，是的，我們現在對第四季度的看法比我們在第三季度沒有改善的情況下更有力，這就是我們在第三季度指南中的內容。

Got it.

知道了。

And the geographic question, it sounds like Europe, the concerns there have largely been alleviated.

地理問題，聽起來像歐洲，那裡的擔憂已基本緩解。

Is Europe now a tailwind to growth going forward?

歐洲現在是未來增長的順風嗎？

I'm not going to get into the relative growth rates of different segments.

我不打算討論不同細分市場的相對增長率。

But obviously, a lot of the things that were out of our control, we talked of how it impacted our view of the world in early Q3, were happening in Europe.

但顯然，很多我們無法控制的事情，我們在第三季度初談到它如何影響我們對世界的看法，正在歐洲發生。

And yes, we talked about some level of acceleration from Q2 into Q3, and we saw that across most of our major geographies.

是的，我們談到了從第二季度到第三季度的某種程度的加速，我們在大多數主要地區都看到了這一點。

And our last question comes from Deepak Mathivanan with Barclays.

我們的最後一個問題來自巴克萊銀行的 Deepak Mathivanan。

Just a question on the 50% transaction mix from mobile.

只是關於來自移動設備的 50% 交易組合的問題。

As mobile ramped over the last several quarters, has there been a meaningful change on repeat behavior, cost of customer acquisition, that could potentially be an incremental positive to unit economics going forward as -- given that we have now crossed a significant threshold in terms of 50%?

隨著移動在過去幾個季度的快速發展，重複行為、客戶獲取成本是否發生了有意義的變化，這可能對未來的單位經濟產生積極的增量影響——鑑於我們現在已經跨越了一個重要的門檻50%？

And is the mix between paid and organic significantly different on mobile devices?

在移動設備上，付費和有機之間的組合是否有顯著差異？

So we don't -- we're not going to get into talking about the relative costs for mobile or desktop.

所以我們不會 - 我們不會討論移動或桌面的相對成本。

I would, of course, caution the obvious thing, but some people seem to sometimes forget this, that mobile does not mean app and does not mean free.

當然，我會警告顯而易見的事情，但有些人似乎有時會忘記這一點，移動並不意味著應用程序，也不意味著免費。

So I just want to make sure everybody is on the same page on that one because it's not.

所以我只想確保每個人都在同一頁上，因為它不是。

We are very pleased though, because we believe as people continue to move towards the mobile device and doing all of their -- doing their travel with a mobile, it gives us a great opportunity to continue to work with the customer throughout the trip, providing them with more services, more things and making a better experience, make their travel better, so that they are then more loyal to come back to us again because we're offering all these great things on the mobile.

不過，我們非常高興，因為我們相信，隨著人們繼續轉向移動設備並使用手機完成他們所有的旅行，這為我們提供了一個很好的機會，可以在整個旅程中繼續與客戶合作，提供為他們提供更多的服務、更多的東西和更好的體驗，讓他們的旅行變得更好，這樣他們就會更加忠誠地再次回到我們這裡，因為我們在移動設備上提供所有這些很棒的東西。

That's the good part about mobile.

這就是移動的好處。

That's where it is really at.

那才是真正的所在。

And I wouldn't get too much wrapped around whether or not the cost is higher or lower.

而且我不會過多地考慮成本是高是低。

Again, these are competitive markets.

同樣，這些都是競爭激烈的市場。

And over time, I imagine they're probably going to end up in an area where they hit an equilibrium that's not that different than desktop.

隨著時間的推移，我想他們可能最終會達到一個與桌面沒有什麼不同的平衡點。

Who knows?

誰知道？

That's my point about mobile.

這就是我對移動的看法。

I don't know, Dave, if you want to add anything to that.

戴夫，我不知道你是否想對此添加任何內容。

No, Glenn.

不，格倫。

I think that's the key point.

我認為這是關鍵點。

The key point is that when we talk about the trip and being able to interact with the customer during their trip, their mobile device is always with them.

關鍵是，當我們談論旅行並能夠在旅行期間與客戶互動時，他們的移動設備始終隨身攜帶。

It's always on.

它總是開著。

The desktop, they can go back to it occasionally, but they tend not to take the desktop with them.

桌面，他們偶爾可以回去使用，但他們往往不會帶走桌面。

So if they open their laptops at night, maybe they'd interact with you once or twice a day.

因此，如果他們在晚上打開筆記本電腦，也許他們一天會與您互動一兩次。

But the mobile device is there the entire time.

但是移動設備一直都在那裡。

So it's a very strategic shift in the business, and particularly as we build out all the aspects of the trip.

因此，這是一項非常具有戰略意義的業務轉變，尤其是在我們構建旅行的各個方面時。

We like our customers interacting with us much more often on mobile than they can on a desktop device.

與在桌面設備上相比，我們喜歡我們的客戶在移動設備上更頻繁地與我們互動。

So thank you for joining us for the call today.

感謝您今天加入我們的電話會議。

Very pleased with our quarterly results, and we remain very excited about the future prospects of the company.

對我們的季度業績非常滿意，我們對公司的未來前景仍然感到非常興奮。

I look forward to updating you after our fourth quarter call.

我期待在我們的第四季度電話會議後為您更新。

Thank you very much, and good night.

非常感謝，晚安。

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 today's program, and you may all disconnect.

這確實結束了今天的節目，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。