Booking Holdings Inc (BKNG) 2019 Q1 法說會逐字稿

Welcome to the Booking Holdings First Quarter 2019 Conference Call.

歡迎來到 Booking Holdings 2019 年第一季度電話會議。

Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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

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

這些前瞻性陳述不是對未來業績的保證，並受某些難以預測的風險、不確定性和假設的影響。

Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements.

因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果存在重大差異。

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

未來目標或期望的表達以及反映歷史事實以外的事物的類似表達旨在識別前瞻性陳述。

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

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

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

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

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

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

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

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

Go ahead, gentlemen.

來吧，先生們。

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

謝謝，歡迎來到 Booking Holdings 第一季度電話會議。

I'm 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 produced a solid quarter with 217 million worldwide room nights booked, which is up 10% year-over-year and exceeded the high end of our guidance range.

我們創造了一個穩健的季度，全球預訂間夜數達到 2.17 億，同比增長 10%，超出了我們指導範圍的上限。

As we discussed on our last call, the timing of Easter and foreign exchange rate movements meaningfully impacted our U.S. dollar financial results this quarter.

正如我們在上次電話會議上討論的那樣，復活節的時間和匯率變動對我們本季度的美元財務業績產生了重大影響。

Our year-over-year non-GAAP revenue growth was down slightly in U.S. dollars, but up 6% on a constant currency basis and up about 8% when further adjusting for Easter.

以美元計算，我們的非 GAAP 收入同比增長略有下降，但按固定匯率計算增長 6%，在進一步調整復活節後增長約 8%。

Adjusted EBITDA declined year-over-year by 10%, but increased about 6% when adjusting for FX and Easter, which was above the high end of our guidance range for the quarter.

調整後的 EBITDA 同比下降 10%，但在針對外彙和復活節進行調整後增長了約 6%，高於我們本季度指導範圍的上限。

We are pleased with our results for the quarter, and we continue to see encouraging metrics in our business.

我們對本季度的業績感到滿意，我們繼續看到令人鼓舞的業務指標。

Our direct channel is growing faster than our pay channels.

我們的直接渠道比付費渠道增長得更快。

Our mobile share is increasing, and our alternative accommodation business is growing faster than our overall business.

我們的移動份額正在增加，我們的替代住宿業務的增長速度超過我們的整體業務。

As we continue to execute against a very large market opportunity, we will look to drive shareholder returns through a combination of organic growth investment, share repurchases and opportunistic M&A.

隨著我們繼續抓住一個非常大的市場機會，我們將尋求通過有機增長投資、股票回購和機會主義併購相結合來推動股東回報。

As we discussed on our last earnings call, we are investing to support the growth in our core accommodation business primarily through brand marketing, merchandising and customer acquisition programs.

正如我們在上次財報電話會議上討論的那樣，我們正在投資，主要通過品牌營銷、商品銷售和客戶獲取計劃來支持我們核心住宿業務的增長。

These investments are aimed at driving long-term top line growth and share gains.

這些投資旨在推動長期收入增長和股票收益。

We are on target with the launch of our new brand campaigns.

我們的目標是推出新的品牌活動。

And while it's early, we have confidence that they will increase our brand awareness over time.

雖然現在還早，但我們相信他們會隨著時間的推移提高我們的品牌知名度。

We're also pleased with the early results of some of our merchandising and customer acquisition programs and look to expand these as we move into our busy travel season.

我們也對我們的一些商品銷售和客戶獲取計劃的早期結果感到滿意，並希望在我們進入繁忙的旅遊季節時擴大這些計劃。

Our branding goals include driving greater awareness of our alternative accommodation to listings as we continue to expand and improve our offering here.

我們的品牌目標包括隨著我們繼續擴大和改進我們在這裡提供的服務，提高人們對我們替代房源的認識。

We were pleased to announce during the quarter that Booking.com passed the milestone of 0.75 billion guest stays in its alternative accommodations since 2007.

我們很高興地在本季度宣布，自 2007 年以來，Booking.com 的另類住宿服務已突破 7.5 億人次的里程碑。

And as of March 31, Booking.com had approximately 5.8 million reported listings in alternative accommodations, which grew approximately 13% year-over-year.

截至 3 月 31 日，Booking.com 已報告約 580 萬間替代住宿，同比增長約 13%。

More importantly, our individually-owned properties represent the fastest category of supply in booked room night growth.

更重要的是，我們的個人擁有的物業代表了預訂間夜增長最快的供應類別。

This is a key area of our focus for us as we look to provide the broadest possible selection of unique places to stay, which helps drive conversion benefits across our platform.

這是我們關注的一個關鍵領域，因為我們希望提供盡可能廣泛的獨特住宿選擇，這有助於推動我們平台的轉化收益。

We will continue to utilize M&A and strategic investments to accelerate key growth opportunities.

我們將繼續利用併購和戰略投資來加速關鍵增長機會。

For example, FareHarbor has enabled us to accelerate our growth in the attractions market and has given us key capabilities to build a truly connected trip, where we envision a frictionless customer experience that we believe will enhance loyalty in our accommodations offering.

例如，FareHarbor 使我們能夠加速我們在景點市場的增長，並賦予我們建立真正互聯旅行的關鍵能力，我們設想在其中提供無摩擦的客戶體驗，我們相信這將提高我們住宿產品的忠誠度。

Our strategic investments in China, in broader Asia, accompanied with local marketing partnerships, will continue to help us expand in these key under-penetrated markets, where we believe we can have long-term growth.

我們在中國和整個亞洲的戰略投資，以及當地營銷合作夥伴關係，將繼續幫助我們在這些關鍵的滲透率低的市場擴張，我們相信我們可以在這些市場實現長期增長。

Finally, in terms of share repurchases, we completed the remaining portion of our $10 billion share repurchase program, buying approximately $4.5 billion to date in 2019.

最後，在股票回購方面，我們完成了 100 億美元股票回購計劃的剩餘部分，2019 年迄今為止購買了約 45 億美元。

Consistent with our historical approach to share repurchases, we took advantage of the opportunity to invest in our own stock during the quarter.

與我們以往的股票回購方法一致，我們利用這個機會在本季度投資了我們自己的股票。

This year alone, we have purchased 5% of our fully diluted shares.

僅今年一年，我們就購買了 5% 的完全稀釋股份。

Additionally, our Board of Directors approved a new $15 billion repurchase authorization that we will look to execute over the next 2 to 3 years, assuming stable business and market conditions.

此外，我們的董事會批准了一項新的 150 億美元回購授權，我們將在未來 2 到 3 年內執行，假設業務和市場條件穩定。

Dave will provide some more color in his prepared remarks, but this new authorization reflects our strong financial position, our high cash flow generation and demonstrates our confidence in the future of the business.

戴夫將在他準備好的發言中提供更多色彩，但這項新授權反映了我們強大的財務狀況、我們產生的高現金流，並表明了我們對業務未來的信心。

In conclusion, we had a solid quarter as our team remains in full execution mode.

總之，由於我們的團隊仍處於完全執行模式，因此我們有一個穩定的季度。

We'll continue to drive long-term shareholder returns through a combination of organic investment, share repurchases and opportunistic M&A.

我們將繼續通過有機投資、股票回購和機會性併購相結合來推動長期股東回報。

As you can see, we are actively pulling on all 3 of these levers.

如您所見，我們正在積極拉動所有 3 個槓桿。

We remain absolutely focused on the large global opportunity that lies ahead of us and we'll manage our business with a long-term view to capture it.

我們仍然絕對專注於擺在我們面前的巨大全球機遇，我們將以長遠的眼光管理我們的業務以抓住它。

I will now turn the call over to our CFO, David Goulden, for the 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) 進行財務審查。

Thank you, Glenn, and good afternoon.

謝謝你，格倫，下午好。

I'll discuss our operating results for the first quarter, provide an update on our capital structure and then discuss our guidance for the second quarter as well as our thoughts on the full year.

我將討論我們第一季度的經營業績，提供我們資本結構的最新情況，然後討論我們對第二季度的指導以及我們對全年的看法。

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。

Information regarding reconciliation to GAAP can be found in our earnings release.

有關與 GAAP 對賬的信息可以在我們的收益發布中找到。

Now on to our results for the quarter.

現在談談我們本季度的業績。

Our booked room night growth of 10% for the quarter exceeded the high end of our guidance range.

我們本季度的預訂間夜增長率為 10%，超出了我們指導範圍的上限。

We were pleased with our performance considering the slow start in Europe and the growth challenges in our primary performance marketing channels.

考慮到歐洲的起步緩慢以及我們主要績效營銷渠道的增長挑戰，我們對我們的業績感到滿意。

Despite a sluggish environment in Europe, room night growth rates in the region exceeded our expectations.

儘管歐洲環境低迷，但該地區的間夜增長率超出了我們的預期。

Our room night growth rates for the rest of the world was slightly ahead of our expectations and grew faster than Europe.

我們在世界其他地區的間夜增長率略高於我們的預期，增長速度快於歐洲。

Average daily rates for accommodations, or ADRs, were down about 2% in Q1 on a constant currency basis, which was more than our guidance of down about 1%.

按固定匯率計算，第一季度住宿的平均每日房價或 ADR 下降了約 2%，超過了我們預測的約 1% 的降幅。

Changes in foreign exchange rates reduced Q1 growth rates in U.S. dollars by approximately 6 percentage points versus last year.

外匯匯率的變化使以美元計算的第一季度增長率與去年相比下降了約 6 個百分點。

We estimate the changes in FX rates impacted Q1 gross bookings, revenue and EBITDA growth rates by similar amounts and EPS growth rate by about 1 percentage point more.

我們估計匯率變化對第一季度總預訂量、收入和 EBITDA 增長率的影響相似，每股收益增長率高出約 1 個百分點。

Q1 gross bookings grew by 2% expressed in U.S. dollars and grew by 8% on a constant currency basis coming in above the high end of our guidance range.

第一季度總預訂量以美元計算增長 2%，按固定匯率計算增長 8%，高於我們指導範圍的上限。

Consolidated non-GAAP revenue for the first quarter was $2.9 billion and declined by 0.4% in U.S. dollars and grew by about 6% on a constant currency basis.

第一季度非美國通用會計準則合併收入為 29 億美元，按美元計算下降 0.4%，按固定匯率計算增長約 6%。

As expected, the shift in timing of Easter holiday had an approximately 2 percentage point negative impact on our growth rates on our Q1 revenue growth rate.

正如預期的那樣，復活節假期時間的變化對我們第一季度收入增長率的增長率產生了大約 2 個百分點的負面影響。

As a reminder, last year, Easter was on April 1 and, therefore, the majority of Easter-related travel revenue was recorded in the first quarter.

提醒一下，去年復活節是在 4 月 1 日，因此，與復活節相關的大部分旅遊收入都記錄在第一季度。

This year, with Easter on April 21, Easter travel revenue will be recorded in Q2.

今年4月21日是複活節，復活節旅遊收入將在Q2錄得。

Our Q1 non-GAAP revenue growth rate on a constant currency basis and adjusted for Easter timing was about 8%.

我們的第一季度非 GAAP 收入增長率按固定匯率計算並針對複活節時間進行了調整，約為 8%。

Advertising and other non-GAAP revenue, which is mainly comprised of nonintercompany revenues for KAYAK and OpenTable, grew by 9% in Q1.

廣告和其他非 GAAP 收入（主要包括 KAYAK 和 OpenTable 的非公司間收入）在第一季度增長了 9%。

Adjusted EBITDA for Q1 was $718 million, which exceeded the high end of our guidance range and was down 10% year-over-year on a reported basis and up about 6% on a constant currency and Easter-adjusted basis.

第一季度調整後的 EBITDA 為 7.18 億美元，超出了我們指導範圍的上限，並且在報告的基礎上同比下降 10%，在固定匯率和復活節調整的基礎上增長約 6%。

Our Q1 adjusted EBITDA margin of 27%, after adjusting for Easter, was also ahead of our forecast.

在針對複活節進行調整後，我們第一季度調整後的 EBITDA 利潤率為 27%，也高於我們的預期。

We remain disciplined with our spending on performance marketing, which helped drive better-than-expected leverage of 250 basis points in the quarter.

我們在績效營銷方面的支出仍然受到約束，這有助於推動本季度槓桿率好於預期 250 個基點。

While we have seen slowing growth across our performance marketing channels, we continue to see these channels as an effective way to acquire customers, and we will continue to spend rationally to optimize growth.

雖然我們的績效營銷渠道增長放緩，但我們繼續將這些渠道視為獲取客戶的有效方式，我們將繼續合理支出以優化增長。

As part of our 2019 growth investments as well as our continued efforts to drive more direct traffic to our websites, we increased our spend on brand marketing in the quarter by 61% versus Q1 last year, contributing to about 250 basis points of deleverage.

作為我們 2019 年增長投資的一部分，以及我們繼續努力為我們的網站帶來更多直接流量，我們本季度的品牌營銷支出比去年第一季度增加了 61%，為去槓桿化做出了約 250 個基點的貢獻。

Sales and other expense line grew with merchant gross bookings growth and contributed 172 basis points of deleverage primarily due to the growth of our payment platform at Booking.com.

銷售和其他費用線隨著商戶總預訂量的增長而增長，並貢獻了 172 個基點的去槓桿化，這主要是由於我們在 Booking.com 支付平台的增長。

Finally, personnel expense came in lower than our forecast and contributed a small amount of deleverage in the quarter.

最後，人事費用低於我們的預期，並在本季度貢獻了少量的去槓桿作用。

Our non-GAAP EPS was $11.17, down 7% versus the prior year.

我們的非 GAAP 每股收益為 11.17 美元，比上年下降 7%。

Adjusting for currency and Easter timing, non-GAAP EPS grew 11% in the quarter.

調整貨幣和復活節時間後，本季度非 GAAP 每股收益增長 11%。

Non-GAAP net income reflects a non-GAAP tax rate of 18.9%, which decreased slightly from the prior year and was higher than our estimate for guidance due to discrete items.

非 GAAP 淨收入反映了 18.9% 的非 GAAP 稅率，比上一年略有下降，並且由於離散項目高於我們的指導估計。

Our 8% lower share count in Q1 benefited EPS growth in the quarter.

我們在第一季度減少了 8% 的股票數量，這有利於該季度每股收益的增長。

On a GAAP basis, operating income declined by 24% and GAAP operating margin decreased by 532 basis points compared to Q1 of last year.

按 GAAP 計算，與去年第一季度相比，營業收入下降了 24%，GAAP 營業利潤率下降了 532 個基點。

Q1 GAAP net income amounted to $756 million or $16.85 per share, up significantly from Q1 2018.

第一季度 GAAP 淨收入為 7.56 億美元或每股 16.85 美元，顯著高於 2018 年第一季度。

Our Q1 GAAP net income included $451 million of pretax unrealized gains on our equity investments in Ctrip and Meituan.

我們第一季度的 GAAP 淨收入包括我們在攜程和美團的股權投資的 4.51 億美元稅前未實現收益。

We excluded these unrealized gains from our non-GAAP results.

我們從我們的非 GAAP 結果中排除了這些未實現的收益。

We had a GAAP tax rate of 21% in the quarter, which increased from the prior year primarily due to discrete tax provisions related to the Ctrip and Meituan gains.

我們本季度的 GAAP 稅率為 21%，比上年有所增加，這主要是由於與攜程和美團收益相關的離散稅收規定。

Our operating cash flow and free cash flow in the quarter were negatively impacted by a payment of $403 million to the French tax authorities in order to preserve our right to contest an assessment in court, as well as an increase of $48 million of income tax prepayments in the Netherlands.

我們在本季度的運營現金流和自由現金流受到負面影響，因為我們向法國稅務機關支付了 4.03 億美元，以維護我們在法庭上對評估提出異議的權利，以及增加了 4800 萬美元的所得稅預付款在荷蘭。

We entered 2019 with approximately $4.5 billion remaining from our $10 billion share repurchase program which we announced in May of 2018.

進入 2019 年，我們在 2018 年 5 月宣布的 100 億美元股票回購計劃中剩餘約 45 億美元。

In the first quarter, we repurchased another $2.7 billion of our stock under the program.

第一季度，我們根據該計劃又回購了 27 億美元的股票。

And since the end of Q1, we've completed the remaining $1.8 billion share purchase reauthorization, reflecting both the buying opportunity and our confidence in the business.

自第一季度末以來，我們已經完成了剩餘的 18 億美元股票購買重新授權，反映了購買機會和我們對業務的信心。

We ended the quarter with $12.8 billion in cash and investments and $8.7 billion of outstanding debt.

本季度結束時，我們擁有 128 億美元的現金和投資以及 87 億美元的未償債務。

With this authorization complete, we wanted to update you on how we're thinking about our capital structure and our next steps for capital allocation.

完成此授權後，我們想向您介紹我們如何考慮我們的資本結構以及我們下一步的資本配置步驟。

We believe that our strong balance sheet is a strategic asset as we look to capitalize on the growth opportunities ahead in our core online travel businesses and also as we execute our strategy to deliver the full connected trip.

我們相信，我們強大的資產負債表是一項戰略資產，因為我們希望利用我們核心在線旅遊業務未來的增長機會，並執行我們的戰略以提供完整的互聯旅行。

Our top priorities are investing in the growth of our business, both organically and inorganically and having the financial resource to enhance our competitive position even in the events of a macro downturn.

我們的首要任務是投資於我們業務的有機和無機增長，並擁有財務資源來增強我們的競爭地位，即使在宏觀經濟低迷的情況下也是如此。

In April, our Board authorized a new $15 billion share repurchase authorization, which we expect to complete in the next 2 to 3 years, assuming stable business and market conditions.

4 月，我們的董事會批准了一項新的 150 億美元的股票回購授權，假設業務和市場狀況穩定，我們預計將在未來 2 至 3 年內完成。

We intend to fund this authorization as well as future M&A, be it cash on hand, cash flow from operations and additional borrowing capacity consistent with maintaining strong investment-grade credit ratings.

我們打算為這項授權以及未來的併購提供資金，無論是手頭現金、運營現金流量還是與維持強大的投資級信用評級相一致的額外借貸能力。

On a related note, as we have deployed more of our cash, we have decided to move $3.6 billion of cash we were holding in euros into our U.S. cash pool.

與此相關的是，隨著我們部署了更多現金，我們決定將我們持有的 36 億美元歐元現金轉移到我們的美國現金池中。

This means that starting in Q2, our $3.75 billion of euro debt will no longer be fully hedged from currency fluctuations for GAAP purposes.

這意味著從第二季度開始，我們的 37.5 億美元歐元債務將不再針對 GAAP 目的的貨幣波動進行完全對沖。

And going forward, you'll see these noncash gains or losses in our foreign currency transactions and other line in our GAAP income statements.

展望未來，您將在我們的外幣交易和我們的 GAAP 損益表中的其他行中看到這些非現金收益或損失。

These euro-denominated liabilities remain economically hedged by our ongoing cash generation from euro-denominated operations.

這些以歐元計價的負債通過我們以歐元計價的業務持續產生的現金在經濟上進行了對沖。

And at maturity, we intend to refinance the debt in euros or repay it with euro-denominated cash flow.

到期時，我們打算以歐元為債務再融資或以歐元計價的現金流償還。

As such, we intend to exclude these noncash gains and losses from our non-GAAP financial presentation.

因此，我們打算從我們的非 GAAP 財務報告中排除這些非現金損益。

Turning to guidance.

轉向指導。

I want to briefly walk you through some of the factors we discussed in the last quarter will impact the outlook for the year and then I'll come back to our guidance for Q2.

我想簡要介紹一下我們在上個季度討論的一些因素將影響今年的前景，然後我將回到我們對第二季度的指導。

Starting with our growth investments in 2019, as we discussed in detail last quarter, we're investing for growth, customer acquisition and loyalty.

從我們 2019 年的增長投資開始，正如我們上個季度詳細討論的那樣，我們正在為增長、客戶獲取和忠誠度進行投資。

While it's early days, we're on target with the launch of our brand campaigns.

雖然現在還為時過早，但我們的目標是推出我們的品牌活動。

We're also encouraged with the initial results from some of our merchandising and customer acquisition programs.

我們還對一些商品銷售和客戶獲取計劃的初步結果感到鼓舞。

We continue to expect these growth investments will reduce our EBITDA growth rates by a few percentage points in 2019 and there'll be a greater negative impact on EBITDA growth during the first half.

我們繼續預計這些增長投資將在 2019 年將我們的 EBITDA 增長率降低幾個百分點，並將對上半年的 EBITDA 增長產生更大的負面影響。

Moving to payments at Booking.com.

轉到 Booking.com 的付款方式。

Last quarter, we noted that we do not expect any additional reduction in EBITDA growth from payments this year.

上個季度，我們指出，我們預計今年的付款不會進一步減少 EBITDA 增長。

We now expect the payments will have a modestly negative impact on EBITDA growth for this year due to a change in the timing of revenue recognition on the components of merchant revenue.

我們現在預計，由於商戶收入組成部分的收入確認時間發生變化，這些付款將對今年的 EBITDA 增長產生適度的負面影響。

However, we do not expect any additional negative impact on EBITDA growth from payments for 2020.

但是，我們預計 2020 年的付款不會對 EBITDA 增長產生任何額外的負面影響。

As a reminder, we believe payments provides important advantages in many areas, including merchandising flexibility, a better customer and partner experience, reduced customer service expenses and the ability to coordinate and manage integrated trips.

提醒一下，我們認為支付在許多領域提供了重要優勢，包括銷售靈活性、更好的客戶和合作夥伴體驗、減少客戶服務費用以及協調和管理綜合旅行的能力。

Now to the mechanical factors impacting our outlook.

現在談談影響我們前景的機械因素。

Using current FX rates assumed in our guidance, gross bookings growth and revenue growth through to non-GAAP EPS growth will be reduced by approximately 3 percentage points for the full year, which has greater impact than anticipated on our previous guidance due to the reduction in the euro-dollar exchange rate since we last announced.

使用我們指南中假設的當前匯率，全年總預訂量增長和收入增長到非 GAAP 每股收益增長將減少約 3 個百分點，這對我們之前的指南的影響大於預期，因為減少了自我們上次宣布以來的歐元兌美元匯率。

Additionally, the shift of timing of Easter will impact Q1 and Q2 revenue growth rates.

此外，復活節時間的變化將影響第一季度和第二季度的收入增長率。

Finally, our outlook does not anticipate any change in the macro environment, which as I've previously mentioned remains sluggish in Europe.

最後，我們的展望預計宏觀環境不會有任何變化，正如我之前提到的，歐洲的宏觀環境仍然低迷。

With that context, it remains our expectation that non-GAAP EPS on a constant currency basis will grow in the low double digits in 2019.

在此背景下，我們仍然預計 2019 年按固定匯率計算的非 GAAP 每股收益將以較低的兩位數增長。

We continue to expect to gain share in accommodations in each major geographic region.

我們繼續期望在每個主要地理區域獲得住宿份額。

And we're confident that the strength of our business, reinforced by the growth investments we're making this year, will enable us to achieve this.

我們相信，我們今年進行的增長投資增強了我們的業務實力，將使我們能夠實現這一目標。

Let's now turn our attention to Q2.

現在讓我們把注意力轉向第二季度。

Foreign exchange rates are expected to be an approximately 5 percentage point headwind to year-over-year growth rates in Q2, which we estimate will impact gross bookings, revenue, EBITDA and non-GAAP EPS growth rates by similar amounts.

預計外匯匯率將對第二季度的同比增長率產生約 5 個百分點的不利影響，我們估計這將對總預訂量、收入、EBITDA 和非 GAAP 每股收益增長率產生類似的影響。

We used a dollar-to-euro exchange rate of $1.12 when setting our Q2 guidance.

在設定第二季度指引時，我們使用了 1.12 美元的美元兌歐元匯率。

The shift of timing of Easter, discussed earlier on the call, will positively impact revenue growth in Q2.

早些時候在電話會議上討論過的複活節時間的變化將對第二季度的收入增長產生積極影響。

We estimate this timing shift will increase Q2 2019 revenue growth rates by approximately 2 percentage points.

我們估計這一時間轉移將使 2019 年第二季度的收入增長率提高約 2 個百分點。

Based on where we are in the quarter and looking at all other factors and consistent with our usual approach to guidance, we're forecasting booked room nights to grow by 6% to 8% and gross bookings to be approximately flat in U.S. dollars and grow by 4% to 6% on a constant currency basis.

根據我們在本季度的情況並考慮所有其他因素並與我們通常的指導方法一致，我們預測預訂間夜數將增長 6% 至 8%，總預訂量將大致持平並增長按固定匯率計算 4% 至 6%。

Our future forecast assumes that constant currency ADR at the company will be down about 2%.

我們的未來預測假設公司的固定貨幣 ADR 將下降約 2%。

We forecast Q2 revenue to be up 5% to 7% in U.S. dollars and grow by 10% to 12% on a constant currency basis.

我們預計第二季度收入以美元計算將增長 5% 至 7%，並以固定匯率計算增長 10% 至 12%。

Normalizing for both Easter and constant currency, we estimate Q2 revenue to grow by 8% to 10%.

將復活節和固定匯率正常化，我們估計第二季度收入將增長 8% 至 10%。

Q2 adjusted EBITDA is expected to range between $1.295 billion and $1.325 billion, which represents approximately flat year-over-year growth.

第二季度調整後的 EBITDA 預計在 12.95 億美元至 13.25 億美元之間，同比增長大致持平。

Normalizing for both Easter and constant currency, we estimate Q2 EBITDA growth also to be approximately flat.

將復活節和固定匯率正常化，我們估計第二季度 EBITDA 增長也大致持平。

We are forecasting modest leverage for the performance marketing expense line in Q2, reflecting lower volumes in the pay channels and our continued focus on acquiring high-quality traffic.

我們預測第二季度績效營銷費用線的槓桿作用不大，反映出付費渠道的銷量下降以及我們繼續專注於獲取高質量流量。

We expect to continue to meaningfully grow our brand marketing spend in the quarter, which will contribute deleverage to the P&L and more than offset leverage we're expecting from performance marketing.

我們預計本季度將繼續有意義地增加我們的品牌營銷支出，這將有助於去槓桿化 P&L，並超過我們對績效營銷的預期槓桿作用。

Of course, the benefits from brand marketing will be realized over multiple quarters.

當然，品牌營銷的好處將在多個季度實現。

Finally, sales and other expense growth is expected to remain elevated and continue to grow faster than revenue primarily due to the ramp of our payment platform at Booking.com.

最後，銷售額和其他費用的增長預計將保持高位，並繼續以高於收入的速度增長，這主要是由於我們在 Booking.com 的支付平台的增長。

We are forecasting Q2 non-GAAP EPS of approximately $22.15 to $22.60.

我們預測第二季度非 GAAP 每股收益約為 22.15 美元至 22.60 美元。

Normalizing for both Easter and constant currency, we estimate Q2 non-GAAP EPS to grow approximately 7% to 9%.

將復活節和固定貨幣標準化，我們估計第二季度非 GAAP 每股收益將增長約 7% 至 9%。

Our non-GAAP EPS forecast includes an estimated income tax rate of approximately 19%, which is in line with Q2 last year.

我們的非 GAAP 每股收益預測包括約 19% 的估計所得稅率，這與去年第二季度一致。

We continue to expect our full year non-GAAP tax rate to be 19% to 19.5%.

我們繼續預計全年非 GAAP 稅率為 19% 至 19.5%。

Our Q2 non-GAAP EPS guidance assumes a fully diluted share count of about 43.6 million shares, which is 10% below Q2 last year.

我們的第二季度非 GAAP 每股收益指引假設完全攤薄後的股票數量約為 4360 萬股，比去年第二季度低 10%。

We forecast GAAP EPS between $21.10 and $21.55 for Q2.

我們預測第二季度的 GAAP 每股收益在 21.10 美元至 21.55 美元之間。

Our GAAP EPS guidance for Q2 assumes tax rate of approximately 19%.

我們對第二季度的 GAAP 每股收益指引假設稅率約為 19%。

We have hedge contracts in place to substantially shield our second quarter EBITDA and net income from any further fluctuation in currencies versus the dollar between now and the end of the quarter.

從現在到本季度末，我們制定了對沖合約，以充分保護我們第二季度的 EBITDA 和淨收入免受貨幣兌美元進一步波動的影響。

But the hedges do not protect our gross bookings, revenue or operating profit from the impacts of foreign currency fluctuations.

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整體宏觀經濟狀況或特別是旅遊市場發生任何重大變化。

We'll now take your questions.

我們現在將回答您的問題。

(Operator Instructions) Our first question comes from the line of Lloyd Walmsley from Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Lloyd Walmsley。

I have 2 questions, if I can.

如果可以的話，我有兩個問題。

First just on the performance spend, it looks like it declined again on a year-over-year basis.

首先，就績效支出而言，它看起來同比再次下降。

Can you talk about how much of that was a function of changing ROI targets versus just not seeing the traffic from some of the pay channels?

你能談談其中有多少是改變 ROI 目標的功能，而不是僅僅看不到來自某些付費渠道的流量？

Or maybe how much was contra revenue from the new acquisition programs?

或者新的收購計劃帶來的對沖收入是多少？

And then second one, as you look to 2Q, are things fairly stable?

然後第二個，當你看到第二季度時，情況是否相當穩定？

Anything strange to call out on a bookings and room nights outlook?

在預訂和房間夜景方面有什麼奇怪的嗎？

Wondering if Easter is a bit of a headwind to bookings in 2Q.

想知道復活節是否對第二季度的預訂有點不利。

And then does your guidance assume deceleration for the remainder of the quarter?

然後你的指導是否假設本季度剩餘時間減速？

Anything you can share there would be helpful.

您可以在那里分享的任何內容都會有所幫助。

Okay, Lloyd, let me take it in reverse order so we can remember your first question last.

好的，Lloyd，讓我倒序回答，這樣我們就可以記住你最後的第一個問題。

So relative to Q2 guidance and what we are expecting from a room night point of view, we are -- our April room night growth is actually in line with the high end of our guidance range, to answer your question on deceleration.

因此，相對於第二季度的指導以及我們從間夜的角度來看的預期，我們 - 我們 4 月份的間夜增長實際上符合我們指導範圍的高端，以回答你關於減速的問題。

But that was impacted by a little bit of negative impact from the timing of the Easter holiday.

但這受到了復活節假期的一些負面影響。

So in line with the high end but with some pressure from the timing of Easter with that shift.

因此與高端一致，但隨著復活節時間的推移，這一轉變帶來了一些壓力。

In terms of what do we factor in to our Q2 guidance, our approach hasn't changed.

就我們在第二季度指導中考慮的因素而言，我們的方法沒有改變。

We've obviously looked to the macro; as someone said out there, Europe continues to be a little sluggish.

我們顯然已經著眼於宏觀；正如有人所說，歐洲仍然有些低迷。

But we've taken all these factors into account, and consistent with our prior practice, that really supports the way we came out with guidance.

但我們已經考慮了所有這些因素，並且與我們之前的做法一致，這確實支持我們提出指導的方式。

And then on your first question on the performance marketing spend, we're pleased with our share in those channels.

然後關於您關於績效營銷支出的第一個問題，我們對我們在這些渠道中的份額感到滿意。

We are -- our ROIs were fairly consistent with what we expected them to be, and that kind of drives the leverage that we're seeing in the performance marketing channel.

我們是——我們的投資回報率與我們的預期相當一致，這推動了我們在績效營銷渠道中看到的槓桿作用。

And anything just to add in terms of how much -- how material the contra revenue is from new acquisition programs and merchandising that you can help us think through?

還有什麼要補充的嗎 - 您可以幫助我們考慮的新收購計劃和商品銷售的反收入有多大？

Obviously, as we go through the year, that's going to increase Q1, nothing particularly material to talk about.

顯然，隨著我們度過這一年，這將增加第一季度，沒有什麼特別重要的可談。

We talked about the fact that those investments will ramp during the year, so Q1 will be the smallest impact as we go through the year.

我們談到了這些投資將在年內增加的事實，因此第一季度的影響將是我們全年影響最小的。

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

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

This is Ben on for Mark.

這是馬克的本。

Firstly, just on the alternative accommodations, last quarter you talked about specifically building out inventory in nonurban and single-home vacation destinations in the U.S. Any, like, kind of update on the progress there?

首先，就替代住宿而言，上個季度你談到了在美國非城市和單戶度假勝地專門建立庫存。有什麼進展的最新消息嗎？

Or any relative performance of U.S. versus Europe performance in the AA market?

或者美國與歐洲在 AA 市場上的任何相對錶現？

And just secondly, are there any kind of preliminary results you can report from the brand marketing campaign?

其次，您可以從品牌營銷活動中報告任何類型的初步結果嗎？

Any significant upticks in direct traffic to call out?

要呼叫的直接流量有任何顯著上升嗎？

All right, Ben, it's Glenn speaking.

好的，本，我是格倫。

So we did call out previously about how important we think it is to have the breadth of all types of alternative accommodations.

因此，我們之前確實提出過我們認為擁有所有類型的替代住宿的廣度是多麼重要。

And we marked that in our portfolio.

我們在我們的投資組合中標記了這一點。

We felt an area we needed to grow more was the single-property owner spot.

我們覺得我們需要擴大的領域是單一財產所有者的地方。

And I'm pleased to say we continue to make progress there.

我很高興地說我們繼續在那裡取得進展。

We continue to grow that very fast, but it is still a smaller portion of the overall portfolio of alternative accommodations, so there's room to grow there.

我們繼續以非常快的速度增長，但它仍然是替代住宿整體組合的一小部分，因此那裡有增長空間。

In regard to brand, we are pleased with the early, early part of our rolling out the campaigns.

在品牌方面，我們對我們推出活動的早期、早期部分感到滿意。

And I think in any type of new campaign, you need to have some time before you declare victory or not.

而且我認為在任何類型的新戰役中，您都需要一些時間才能宣布勝利與否。

So we'll say just that it's early, and so far, so good.

所以我們會說現在還早，到目前為止，一切都很好。

And any comments on kind of how your AA performance has been in Europe versus the U.S. overall, like in general?

以及關於您的 AA 表現在歐洲與美國整體表現的任何評論，就像一般情況一樣？

I don't think we break that out like that, but we've always said how Europe is a bigger portion of our overall business than any other part of the world.

我不認為我們會那樣打破它，但我們一直在說歐洲在我們整體業務中所佔的比例比世界上任何其他地方都大。

And we have pointed out in the past, in terms of awareness, that if you went to somebody on the street and said where can I get a home in the U.S., they probably would not go to Booking.com.

我們過去曾指出，就意識而言，如果你去街上問某人我在美國哪裡可以找到房子，他們可能不會去 Booking.com。

But if you were walking in a capital city in Europe, a much higher likelihood that they would say Booking.com.

但如果你走在歐洲的首都，他們會說 Booking.com 的可能性要大得多。

Our next question comes from the line of Douglas Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Douglas Anmuth。

I have 2. First one for David.

我有 2 個。第一個給大衛。

If your April was 8% in terms of room nights booked, I was just hoping you could give a little bit more color in terms of the guide, 6% to 8%.

如果您 4 月份的預訂間夜數是 8%，我只是希望您能在指南中多說一點，6% 到 8%。

Is there something that you're expecting over the next couple of months?

在接下來的幾個月裡，你有什麼期待嗎？

Or is this just kind of your natural expectation for decel that you've kind of had in previous quarters?

或者這只是您對前幾個季度的減速的自然期望？

And then, Glenn, couldn't help but notice that you mentioned opportunistic M&A, I think, 3 times in your script.

然後，格倫，不禁注意到你在劇本中提到了 3 次機會主義併購。

I'm curious what kinds of things you guys are kind of considering and looking at, any kind of color there would be helpful.

我很好奇你們正在考慮和關注什麼樣的東西，任何一種顏色都會有所幫助。

Sure.

當然。

Let me go first on the guidance comments, right, not to repeat what I said, maybe, to put a bit more flavor, right?

先說引導意見吧，不是重複我說的，說不定，放得更香一點對不對？

April was in line with the high end of the guidance range.

4 月份符合指導範圍的高端。

As mentioned, we had a little bit of pressure in April from the timing of Easter.

如前所述，我們在 4 月份因複活節時間而承受了一些壓力。

When we look at our guidance for the quarter, we haven't changed our guidance approach.

當我們查看本季度的指導時，我們沒有改變我們的指導方法。

We are looking at a number of things that are happening out in the marketplace in the macro.

我們正在研究宏觀市場上正在發生的許多事情。

There's obviously some uncertainty out there, they're not really correlating to our guidance.

顯然存在一些不確定性，它們與我們的指導並不真正相關。

But again, our approach to guidance hasn't changed, so don't read anything more into it than that.

但同樣，我們的指導方法沒有改變，所以不要再讀更多了。

And in terms of opportunistic M&A, as you know, we wouldn't talk about any specific targets or anything of that nature.

正如你所知，就機會主義併購而言，我們不會談論任何具體目標或任何類似性質的事情。

But you know we built this company over time by bringing in great teams, great products, and that's what we're going to continue to do.

但你知道，隨著時間的推移，我們通過引入優秀的團隊、優秀的產品建立了這家公司，這就是我們將繼續做的事情。

And I think the best way to look at this is over the past couple of years, where we've been spending our money, bringing in things that we didn't really have, and I'll just point to our most recent acquisition which we just closed a couple of days ago, Venga, small acquisition, but it brings in a CRM platform for our OpenTable operation with restaurants.

我認為最好的看待這個問題的方法是在過去的幾年裡，我們一直在花錢，引進我們實際上沒有的東西，我只想指出我們最近的收購我們幾天前剛剛關閉了 Venga，這是一項小型收購，但它為我們與餐廳的 OpenTable 運營帶來了一個 CRM 平台。

And it makes the idea of how we can provide a personalized experience for a consumer, a diner, it makes it much more powerful in terms of the overall restaurant operating system.

它提出了我們如何為消費者、用餐者提供個性化體驗的想法，這使得它在整個餐廳操作系統方面更加強大。

Now that is part of our overall strategy of the connected trip.

現在，這是我們互聯旅行整體戰略的一部分。

And we've talked about this in the past about providing a service, a value to a traveler.

我們過去曾討論過為旅行者提供服務和價值。

There's much more than just going on to a site and booking a hotel.

不僅僅是訪問網站和預訂酒店。

That's what we're trying to do, is create all these different things, stitch them together in a way that provides significantly more value than any single service could do on its own.

這就是我們正在努力做的，就是創造所有這些不同的東西，以一種比任何單一服務單獨提供更多價值的方式將它們縫合在一起。

Our next question comes from the line of Kevin Kopelman from Cowen and Company.

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

First, just kind of a follow-up on your last comment there.

首先，只是對您在那裡的最後評論進行跟進。

Can you give us more detail on your rollout of the attractions product?

您能否詳細介紹一下您推出的景點產品？

That's an area where you've had kind of a pilot in place for a long time, but we haven't seen that broader product.

這是一個你已經進行了很長時間試點的領域，但我們還沒有看到更廣泛的產品。

So what can we expect in attractions?

那麼我們對景點有什麼期待呢？

Sure.

當然。

Glenn speaking here.

格倫在這裡發言。

So as you know, we've been building out the attraction business now for a while.

如您所知，我們已經建立了一段時間的景點業務。

We went out and we bought a company called FareHarbor, which provides a back-end solution to enable small or medium-sized attraction suppliers to go digital and get onboard.

我們走出去，收購了一家名為 FareHarbor 的公司，該公司提供後端解決方案，使中小型景點供應商能夠實現數字化並參與進來。

And we've talked in the past about more than 100 cities, where you can now get attractions.

我們過去曾討論過 100 多個城市，您現在可以在這些城市獲得景點。

And the whole idea is to create this frictionless, seamless way for a consumer who's using, say, the Booking.com app to be able to see all the different things you can do in a city because you don't go to a city just to sit in the hotel room or in a home, you do it to do things.

整個想法是為使用 Booking.com 應用程序的消費者創造這種無摩擦、無縫的方式，讓他們能夠看到您在一個城市可以做的所有不同的事情，因為您不只是去一個城市坐在酒店房間或家裡，你做它做的事情。

And providing this very easy-to-use frictionless thing where you're provided with a QR code that enables you just to go up to some type of attraction and go through it, either it's quicker because we're offering up something like a skip-the-line benefit or it's cheaper.

並提供這種非常易於使用的無摩擦的東西，其中提供了一個 QR 碼，使您能夠進入某種類型的景點並通過它，或者它更快，因為我們提供了類似跳過的東西-在線優惠或更便宜。

And these are things we can do because of our overall huge demand, we can negotiate with these suppliers and get these kind of benefits for our customers that others may not be able to get.

這些都是我們可以做的事情，因為我們的整體需求量很大，我們可以與這些供應商談判，並為我們的客戶獲得其他人可能無法獲得的這些好處。

That's the whole idea.

這就是整個想法。

Now in terms of rolling it out, we continue to add more cities and more attractions all the time, and I think you'll be able to go to more cities as we roll it out in the near future.

現在就推出而言，我們一直在繼續添加更多的城市和更多的景點，我認為隨著我們在不久的將來推出它，您將能夠去到更多的城市。

And then just one other question, if I may, on revenue in the first quarter was a little lower than expected despite the strong nights.

然後還有一個問題，如果可以的話，儘管夜晚表現強勁，但第一季度的收入略低於預期。

Can you give us some color on the puts and takes there, and to what extent was that impacted by the new merchandising programs?

你能給我們一些關於看跌期權的顏色嗎？新的營銷計劃在多大程度上影響了它？

Kevin, this is David.

凱文，這是大衛。

Let me take that.

讓我拿那個。

I think that's really more due to the timing of our -- our room nights.

我認為這實際上更多是由於我們的房間之夜的時間安排。

If you think about it, we were speaking to you last at the end of February and, therefore, the beat that we saw in room nights was clearly in the month of March.

如果您考慮一下，我們上次與您交談是在 2 月底，因此，我們在房夜中看到的節拍顯然是在 3 月份。

And those room nights came in later during the quarter, therefore, they have less of an impact in Q1 and more of an impact in future quarters.

這些間夜在本季度晚些時候出現，因此，它們對第一季度的影響較小，但對未來幾個季度的影響更大。

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

我們的下一個問題來自美國銀行的 Justin Post。

I guess if you look at last quarter's bookings and this quarter's guidance of 4% to 6% ex FX, so more deceleration there.

我想如果你看看上一季度的預訂量和本季度 4% 至 6% ex FX 的指導，那麼那裡的減速會更多。

I'm just trying to think about the long-term growth rate.

我只是想考慮長期增長率。

So could you talk about if there's some unusual factors that you're seeing in 2Q?

那麼你能談談你在第二季度看到的一些不尋常的因素嗎？

Obviously, the 2% ADR declines, other things you're seeing?

顯然，2% 的 ADR 下降了，你還看到其他事情嗎？

And do you feel like your growth rate can improve from the 4% to 6% level in 2Q over time from here?

你覺得你的增長率會隨著時間的推移從第二季度的 4% 提高到 6% 嗎？

So why don't I start, Justin, and I'm sure David can add some more comment to this.

那麼為什麼我不開始呢，Justin，我相信 David 可以對此添加更多評論。

But -- so I think we mentioned a little bit about sluggishness in Europe continues.

但是 - 所以我認為我們提到了一些關於歐洲持續低迷的問題。

As we mentioned before, we're a bigger player in Europe than we are in other areas of the world.

正如我們之前提到的，與世界其他地區相比，我們在歐洲的影響力更大。

In terms of your point, which is can it improve, certainly, it's not just a macro thing.

就您的觀點而言，它可以改進嗎，當然，這不僅僅是宏觀的事情。

And I'm going to use that question as an opportunity to, again, lay out what our long-term strategy is.

我將以這個問題為契機，再次闡述我們的長期戰略是什麼。

And we believe that providing this better service, stitching together all these different things, really providing something no one else really can do and then layering on that all of the money we're spending on machine learning experts, using our huge amount of data, our Big Data analysis to really provide a better thing for the consumer, we believe, and that's why we're doing this is that we can come up with something that actually hits an inflection point at some point, where it really is significantly better to come to Booking.com to do your travel, and that's what we're aiming for.

我們相信，提供這種更好的服務，將所有這些不同的東西拼接在一起，真正提供其他人無法真正做到的東西，然後將我們花在機器學習專家身上的所有資金，使用我們的大量數據，我們相信，我們的大數據分析能夠真正為消費者提供更好的東西，這就是我們這樣做的原因，因為我們可以想出一些在某個時候真正達到拐點的東西，這確實要好得多來Booking.com做你的旅行，這就是我們的目標。

So if you ask me, do I think that's possible?

所以如果你問我，我認為這可能嗎？

I absolutely believe that's possible, and that's why we're building this stuff.

我絕對相信這是可能的，這就是我們構建這些東西的原因。

And David, do you want to give any more?

大衛，你還想再給點嗎？

Yes.

是的。

And Justin, just to kind of drill a little bit more into numbers this year, you've got a couple of things going on.

賈斯汀，只是為了今年對數字進行更多的鑽探，你有幾件事正在進行。

Bear in mind, we, of course, didn't guide to the top line for the year.

請記住，我們當然沒有指導這一年的最高線。

We did give you some guidance on the bottom line, but we do expect to get some additional benefits from our investments as we move throughout the year.

我們確實為您提供了一些關於底線的指導，但我們確實希望在全年移動時從我們的投資中獲得一些額外收益。

That's one of the factors to think about this year in addition to longer term factors that Glenn spoke about.

除了格倫談到的長期因素之外，這是今年要考慮的因素之一。

Next question comes from the line of Mark May from Citi.

下一個問題來自花旗的Mark May。

I have 2, if I could.

如果可以的話，我有 2 個。

I was just kind of curious how much of the slowdown in bookings and also the ADR pressure might be not so much a macro factor as it is sort of hotel pricing competition, where we've picked up on bookings efforts around early payment benefits and some other efforts that seem more a response to sort of pricing competition.

我只是有點好奇，預訂量放緩和 ADR 壓力在多大程度上可能不是一個宏觀因素，因為它是一種酒店定價競爭，我們已經開始圍繞提前付款福利和一些預訂工作其他似乎更像是對某種定價競爭的回應的努力。

I'm just wondering how much that in fact accounts for some of the slowdown in bookings and the pressure on ADRs.

我只是想知道這實際上在多大程度上解釋了預訂放緩和 ADR 的壓力。

And then my second question is around the non-GAAP EPS growth in low double digits this year.

然後我的第二個問題是關於今年非 GAAP 每股收益以兩位數的低增長。

I believe that you talked about share count declines of about 10%.

我相信你談到了大約 10% 的股票數量下降。

So is that kind of the way we should be thinking about the non-GAAP EPS growth for this year, ex the buybacks, as kind of in the low -- the very low single digits?

那麼，我們是否應該以這種方式來考慮今年的非 GAAP 每股收益增長（不包括回購），因為它處於低位 - 非常低的個位數？

So Mark, let me talk about the beginning, and you started up by saying in terms of hotels, but I think we really have to expand that question into price competition in general.

所以馬克，讓我談談開頭，你從酒店方面開始說，但我認為我們真的必須把這個問題擴展到一般的價格競爭中。

And in previous quarters, we've talked about certain areas where, particularly Asia, where price competition can be very strong.

在前幾個季度，我們談到了某些地區，尤其是亞洲，那裡的價格競爭可能非常激烈。

And one of the things that we talked about is building out that merchandise payment platform for Booking.com, so we could have an ability to compete on price when appropriately, but even more so, that whole idea of merchandising.

我們討論的其中一件事是為 Booking.com 構建商品支付平台，這樣我們就可以在適當的時候在價格上進行競爭，但更重要的是，整個商品銷售理念。

And it's not necessarily just discounting a hotel, which anybody could do and that may not be the thing to do.

而且它不一定只是打折酒店，這是任何人都可以做的，但可能不是應該做的事情。

What you can do instead is package something.

你可以做的是打包一些東西。

So for example, we made that investment into DiDi.

例如，我們對滴滴進行了投資。

We made that investment into Grab in Southeast Asia.

我們對東南亞的 Grab 進行了投資。

And the idea is that a customer comes to us and we can offer them up ground transportation, along with the hotel.

我們的想法是，客戶來找我們，我們可以為他們提供地面交通以及酒店。

And on that merchandise platform, we can do different things with the overall price, the overall cost to the consumer, in a way that makes it much more advantageous to that consumer to come to us.

在那個商品平台上，我們可以對總體價格、消費者的總體成本做不同的事情，使消費者來找我們更有優勢。

So that's the way we'll have an advantage in competing in these areas of high competition.

因此，這就是我們在這些競爭激烈的領域中競爭優勢的方式。

And I'm looking forward to that as we continue to roll that out.

我很期待，因為我們會繼續推出它。

And David, I don't know, is there anything you want to add there?

大衛，我不知道，你有什麼要補充的嗎？

Yes.

是的。

I think there are a couple of things.

我認為有幾件事。

So Mark, you asked about the ADRs.

所以馬克，你問過美國存託憑證。

I can give you a bit more color on that.

我可以給你更多的顏色。

They were down a little bit more than we expected for the quarter.

他們對本季度的跌幅比我們預期的要多一點。

It wasn't really a full quarter because there's a fairly important rounding factor there, so it was down less than 1% more than we thought, but they were down for the quarter year-on-year by 2%.

這並不是一個完整的季度，因為那裡有一個相當重要的捨入因素，所以它比我們想像的下降了不到 1%，但他們在本季度同比下降了 2%。

And there are 2 factors that are really almost equal weighting.

並且有 2 個因素的權重幾乎相等。

One was to do with rate and pricing.

一是與費率和定價有關。

I wouldn't necessarily say that was rate and pricing pressure that we were creating, just kind of rate and pricing pressure in the marketplace.

我不一定會說這是我們正在創造的利率和定價壓力，只是市場上的一種利率和定價壓力。

And the other was geo mix impact as some of the higher growth countries are some of the countries with the lower ADRs.

另一個是地域組合影響，因為一些高增長國家是一些 ADR 較低的國家。

And then moving to your question about non-GAAP EPS constant currency on a low double-digit basis, we clearly are going to get benefit from share count reduction this year.

然後轉向你關於低兩位數的非 GAAP EPS 固定貨幣的問題，我們顯然將從今年的股票數量減少中獲益。

I talked to you about a 10% reduction, that was a Q2 share count reduction.

我跟你談過 10% 的減少，那是第二季度的股票數量減少。

Obviously, we bought very heavily in the first month and that will impact the Q2 share counts.

顯然，我們在第一個月大量買入，這將影響第二季度的股票數量。

So something a little bit less than that for the full year.

所以比全年少一點。

But bear in mind that we're also making significant investments this year as well.

但請記住，我們今年也進行了大量投資。

We talked about the fact that investments we're driving are costing us a few basis points of EBITDA growth rate.

我們談到了這樣一個事實，即我們正在推動的投資使我們損失了幾個 EBITDA 增長率的基點。

So there are a few different things going on in the income statement this year, but you need to kind of look at the investments as well as the share count reduction because they both have an impact upon that growth rate.

因此，今年的損益表中發生了一些不同的事情，但你需要看看投資和股票數量的減少，因為它們都會對增長率產生影響。

So I'd say the good news this year, that even though we're making some very significant investments, we're still looking to return low double digit non-GAAP EPS growth constant currency basis, in the year where we're making that level of spend.

所以我要說今年的好消息，即使我們正在進行一些非常重要的投資，我們仍然希望在我們進行的那一年返回低兩位數的非 GAAP EPS 增長恆定貨幣基礎那個水平的花費。

Our next question comes from the line of Brian Nowak from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I just wanted to ask a couple about alternative accommodations.

我只是想問幾個關於替代住宿的問題。

Can you just sort of talk about any learnings you've had from commission rate adjustments or take rate adjustments on alternative accommodations?

您能否談談您從佣金率調整或對替代住宿進行費率調整中獲得的任何經驗教訓？

And how should we think about your strategy on take rate in terms of the accommodation space?

我們應該如何考慮您在住宿空間方面的採用率策略？

And then for any other areas of investment, I guess talk to us about how you think about integrating more OpenTable into the platform and maybe driving more attach on non-hotels to the traveler's experience.

然後對於任何其他投資領域，我想與我們談談您如何考慮將更多 OpenTable 集成到平台中，並可能推動非酒店更多地關注旅行者的體驗。

Brian, it's Glenn.

布賴恩，是格倫。

So we talked about the alternative accommodations, the take rates are not dissimilar from hotels.

所以我們談到了替代住宿，價格與酒店沒有什麼不同。

We have commented, though, that the cost to us for those type of accommodations, can be higher than a hotel.

不過，我們評論說，我們為這些類型的住宿支付的費用可能高於酒店。

And we talked the reason is, one, you can't spread your cost, account costs or other things in terms of getting people on board as well as you can with a hotel because you only have really 1 property, so to speak, to get somebody in the room.

我們談過的原因是，第一，你不能分攤你的成本、賬戶成本或其他事情來吸引人們加入酒店，因為你實際上只有一處房產，可以這麼說，找人在房間裡。

Even more so, we've mentioned that the context for the customer in the accommodations area is higher usually than for the hotels, and that's end up being a cost here, too.

更重要的是，我們已經提到，住宿區域的客戶環境通常高於酒店，這最終也是一種成本。

So the strategy is always, look, you're in a market, you've got to match up the market, and the more demand you have, the more ability you'll have to get the take rates you want.

所以策略總是，看，你在一個市場中，你必須與市場相匹配，你的需求越多，你就越有能力獲得你想要的接受率。

And as you get bigger and bigger and you learn more about how to do the business, hopefully, you can leverage and lower your cost across the accommodations area.

隨著您變得越來越大，並且您對如何開展業務了解更多，希望您可以利用並降低整個住宿區域的成本。

And along with more technology, will also help us -- and I've mentioned in the past, as we continue to develop more technology, particularly in the area of using our natural language processing to help provide automated responses to the customers, the Booking.com chat bot that works so well right now in English.

隨著更多的技術，也將幫助我們——我在過去提到過，隨著我們繼續開發更多的技術，特別是在使用我們的自然語言處理來幫助向客戶提供自動響應的領域，預訂.com 聊天機器人，現在用英語運行得很好。

As we continue to develop that, we'll reduce that cost portion of the business.

隨著我們繼續開發它，我們將減少業務的成本部分。

In terms of integrating for OpenTable, I think you've probably heard me talk about this and it's something that I'm very encouraged by, and I'm often frustrated that we haven't done it yet, but I do see it coming out in future because I've always talked about if somebody travels, 100% of them are not going to be at home.

就 OpenTable 的集成而言，我想你可能聽過我談過這個，這是我非常受鼓舞的事情，我經常因為我們還沒有做到這一點而感到沮喪，但我確實看到了它的到來將來出去，因為我一直在談論如果有人旅行，他們中的 100% 不會在家。

We need to be able to provide a combined packaged product, something that we're using all the data we have on our customers to provide them with a better, more effective way to give them value.

我們需要能夠提供組合包裝產品，我們正在使用我們擁有的所有客戶數據來為他們提供更好、更有效的方式來為他們提供價值。

And it's not just for the customer who's traveling, we've got the customers on the restaurant side.

這不僅僅是為了旅行的顧客，我們在餐廳也有顧客。

Using our OpenTable platform is a marketing platform for those restaurateurs, and be able to do that because we know who the people are, where they're going, we know their habits.

使用我們的 OpenTable 平台是那些餐館老闆的營銷平台，並且能夠做到這一點，因為我們知道人們是誰，他們要去哪裡，我們知道他們的習慣。

Doing that altogether, I believe, is going to provide a significant benefit for our customers, another reason to make them more loyal to us, make them come back and will repeat.

我相信，完全這樣做將為我們的客戶帶來顯著的好處，這是讓他們對我們更加忠誠、回頭客並再次光顧的另一個原因。

How fast is that going to happen?

這將以多快的速度發生？

I hope faster than it has in the past.

我希望比過去更快。

And that we continue to work with the teams, so I think we'll see some stuff coming down the road in the not-so-distant future, that is encouraging.

而且我們將繼續與團隊合作，所以我認為我們會在不遠的將來看到一些東西出現，這是令人鼓舞的。

Our next question comes from the line of Eric Sheridan from UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Maybe following up on a couple of points that have made during the call so far.

也許跟進到目前為止在電話會議中提出的幾點。

How far along are you to where you want to be on realigning your marketing against your longer-term goals?

在根據長期目標重新調整營銷方面，您距離目標還有多遠？

What comes from performance channels versus direct channels lining up against direct traffic and sort of loyalty and reward-type behavior from your core users and growing acquisition but also growing retention of spend across users on the platform?

績效渠道與直接渠道的直接流量以及來自核心用戶的忠誠度和獎勵類型行為以及不斷增長的收購以及平台上用戶支出的增加保留有什麼區別？

Just want to understand how far through that process we are and what some of the big friction points you're still trying to solve for that you think line up against your broader goals of how to spend and what kind of ROI you'll get from your broader marketing budget.

只是想了解我們在這個過程中走了多遠，以及您仍在嘗試解決哪些您認為與您更廣泛的目標（如何支出以及您將從中獲得什麼樣的投資回報率）相一致的大摩擦點您更廣泛的營銷預算。

Well, in terms of where we are in the process, we think that -- every day we think we're where we want to be in terms of the balance between the different ways we're going to spend in marketing, always looking at what's the ROI, what's the long-term benefit that we're getting, what's the return, the loyalty we're going to get out of these people, looking at the data.

好吧，就我們在這個過程中所處的位置而言，我們認為 - 每天我們都認為我們想要在我們將在營銷中花費的不同方式之間取得平衡，始終關注查看數據，投資回報率是多少，我們獲得的長期利益是什麼，回報是什麼，我們將從這些人那裡獲得的忠誠度。

Historically, we've always been a company that deals with data and what are we getting out of it.

從歷史上看，我們一直是一家處理數據以及我們從中得到什麼的公司。

Now it's harder with the brand marketing, and it's much harder with a new campaign that comes out and you don't have a lot of response yet.

現在品牌營銷更難了，新的營銷活動更難了，而且你還沒有很多回應。

So as I mentioned earlier, we're early in that, but we are -- we absolutely believe that it's important to continue on the path of building out that brand spend and develop that brand awareness, particularly, in the U.S. where we believe we under-indexed, so that people are more aware of the very good service, the very good products that we provide to customers and develop the same type of market share that we have been able to achieve in other areas.

因此，正如我之前提到的，我們在這方面還處於早期階段，但我們絕對相信，繼續建立品牌支出和發展品牌知名度的道路非常重要，尤其是在我們相信我們的美國索引不足，以便人們更加了解我們為客戶提供的優質服務和優質產品，並開發我們在其他領域能夠實現的相同類型的市場份額。

That being said, competitors are always making their moves, and it's -- I know I'm going to use a word I know I use all the time, dynamic.

話雖這麼說，競爭對手總是在採取行動，而且它是 - 我知道我會使用我知道我一直使用的詞，動態。

These markets are dynamic, whether it be paid stuff, whether it be areas and brand, they're always moving and changing and you're always looking at what everybody is doing and matching against that.

這些市場是動態的，無論是付費的東西，無論是區域還是品牌，它們總是在移動和變化，你總是在關注每個人在做什麼並與之相匹配。

I think we're good where we are right now.

我認為我們現在的處境很好。

I'm pleased with the ROIs and I think we're going to be fairly steady in the near future.

我對投資回報率感到滿意，我認為我們在不久的將來會相當穩定。

Maybe if I can just ask one follow-up.

也許我可以問一個後續問題。

As you've seen some of the performance channels evolve, how are you thinking about what they donate to you in terms of traffic and conversion measured against what kind of ROI you're getting?

正如您所看到的一些績效渠道的演變，您如何根據您獲得的投資回報率來衡量它們在流量和轉化方面為您提供的東西？

Are you still in sort of a neutral to declining ROI environment but you can't sort of abandon them from a volume standpoint?

您是否仍處於投資回報率下降的中性環境中，但從數量的角度來看您不能放棄它們？

How are you thinking about the puts and takes of some of your performance channels, what they deliver to you?

你如何看待你的一些績效渠道的投入和投入，它們為你提供了什麼？

I'll say we look at all factors.

我會說我們會考慮所有因素。

When we're doing -- we're spending on any part of our marketing channel, we are always looking at all the data we get back in every way, shape or form and determining whether or not this is a good spend, not -- should we spend more, should we spend less and also what's the elasticities at that time.

當我們做的時候——我們在營銷渠道的任何部分上花費，我們總是在查看我們以各種方式、形狀或形式返回的所有數據，並確定這是否是一筆好的支出，而不是—— - 我們應該多花錢還是少花錢，以及當時的彈性是多少。

But I'm not going to get into the details of any individual thing.

但我不打算深入了解任何個別事情的細節。

And then Eric, I just had -- these channels are all important to us, so it's not one versus the other, it's always both.

然後埃里克，我剛剛 - 這些渠道對我們都很重要，所以這不是一個與另一個的對比，它總是兩者兼而有之。

And we acquire new customers through lease channels and people sometimes move from channel-to-channel so it's a little dynamic.

我們通過租賃渠道獲得新客戶，人們有時會從一個渠道轉移到另一個渠道，所以它有點動態。

So just want one -- want to make that point, it's really always a question of and, it's not a question of or, how we kind of look at these channels.

所以只想要一個 - 想要說明這一點，這實際上始終是一個問題，而不是我們如何看待這些渠道的問題。

The next question comes from the line of Deepak Mathivanan from Barclays.

下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Two questions.

兩個問題。

So first of all related to the prior one but on the brand marketing side, which inning are we currently with respect to the size of the program?

所以首先與前一個有關，但在品牌營銷方面，我們目前在節目規模方面處於哪一局？

Obviously unlike performance, there's some constraints in how big the program can reach in every market.

顯然與性能不同，該程序在每個市場中的影響範圍都有一些限制。

So I mean, you guys are expecting it to grow in 2Q as well.

所以我的意思是，你們預計它也會在第二季度增長。

And are we at -- when do you think we'll be at a run rate where these programs are in sufficient scale in your key markets?

我們是否在 - 您認為我們什麼時候會在這些計劃在您的主要市場中達到足夠規模的情況下運行？

And then second on, David, you noted margin pressure from payments is higher than prior expectations for you, is that driven by incremental adoption of payment offerings on higher volumes?

其次，大衛，你注意到支付帶來的利潤壓力高於你之前的預期，這是由於越來越多地採用更高數量的支付產品嗎？

Or can you talk about some of the primary drivers of that?

或者你能談談其中的一些主要驅動因素嗎？

So I'm going to take the first one, and I'm going to say we don't use words like innings.

所以我要拿第一個，我要說我們不使用像局這樣的詞。

We're a global company and baseball is not actually played in much of the world.

我們是一家全球性公司，實際上世界上很多地方都沒有打棒球。

So when we talk about it the way you do, I'm going to use football and talk about where you kick the ball.

因此，當我們以您的方式談論它時，我將使用足球並談論您踢球的位置。

So I'd say, look, it's still first quarter, first half, depending on which -- whether you're playing in a high school game or you're playing out in a world game.

所以我會說，看，這仍然是第一節，上半場，這取決於你是在參加高中比賽還是在參加世界比賽。

So definitely first half and maybe the early part of that.

所以絕對是上半年，也許是早期。

There's a lot of things still to be done.

還有很多事情要做。

And as I said, this is early in terms of getting a response.

正如我所說，就獲得回應而言，這還為時過早。

But I want to commit again that this is an important area we're going to continue to spend.

但我想再次承諾，這是我們將繼續投入的一個重要領域。

We may have to change things down the road, but we're going to continue to spend.

我們可能不得不在未來做出改變，但我們會繼續花錢。

Yes.

是的。

And Glenn, let me just follow up and answer the question on payment.

格倫，讓我跟進並回答有關付款的問題。

So let me just kind of recap again what's going on with payments.

因此，讓我再次回顧一下付款的情況。

So last fall, we went through a long explanation on payments in February, and we said we didn't expect any additional reduction in EBITDA growth from payments in 2019.

因此，去年秋天，我們對 2 月份的付款進行了長時間的解釋，我們表示我們預計 2019 年的付款不會進一步減少 EBITDA 增長。

We now expect that this year, payments will have a modestly negative impact on EBITDA growth for the year.

我們現在預計，今年付款將對全年的 EBITDA 增長產生適度的負面影響。

So what's changed?

那麼改變了什麼？

Nothing's changed in terms of the adoption of payments and the cash flow economics of payments.

在支付的採用和支付的現金流經濟學方面沒有任何變化。

What's changed is due to a change in the revenue recognition timing of a components of merchant revenue we'll not recognize this year.

發生的變化是由於我們今年不會確認的商戶收入組成部分的收入確認時間發生了變化。

And we expect to start recording some of this revenue again in 2020.

我們預計將在 2020 年再次開始記錄其中的部分收入。

So it's a timing issue of revenue recognition.

所以這是收入確認的時間問題。

It doesn't change underlying cash flow economics, it doesn't change the long term economics.

它不會改變基礎現金流經濟學，也不會改變長期經濟學。

It really will impact us in 2019, and that's what's going on.

它確實會在 2019 年影響我們，這就是正在發生的事情。

Our next question comes from the line of Naved Khan from SunTrust.

我們的下一個問題來自 SunTrust 的 Naved Khan。

Glenn, maybe you can give us some additional commentary around the macro.

格倫，也許你可以給我們一些關於宏觀的額外評論。

Back in Feb, when you were on the call, it seemed like Europe was kind of not that great, and now 2 months out, is your view incrementally better?

早在 2 月，當你在電話會議上時，歐洲似乎不太好，現在 2 個月過去了，你的看法是否逐漸好轉？

Or how do you view the European macro?

或者您如何看待歐洲宏觀？

And then I have a follow-up.

然後我有一個後續行動。

I'm just going to have to stick to it's sluggish.

我將不得不堅持它的緩慢。

I can't really compare it to -- the last call it's -- things we'd called out in the past seem to be continuing somewhat, Germany and France, as matter of fact, confidence fell.

我真的無法將它與 - 最後一次呼籲 - 我們過去呼籲的事情似乎在某種程度上繼續進行比較，事實上，德國和法國的信心下降了。

Germany reduced the full year growth outlook.

德國下調了全年增長預期。

Brexit, even though we got off the cliff, it still is something in people's mind and I think it also hurts confidence in the U.K. about making decisions.

英國退歐，儘管我們已經脫離了懸崖，但它仍然是人們心中的事情，我認為這也會損害人們對英國做出決定的信心。

So I can't say more than we believe it's sluggish, and it's not dissimilar.

所以我不能說更多，我們相信它是緩慢的，而且沒有什麼不同。

Got it.

知道了。

And then follow-up question I have was just on this ADR being down 2% versus your expectation of, I guess, that being down 1%.

然後我提出的後續問題是這個 ADR 下降了 2%，而你的預期是下降 1%。

Is there some kind of dynamics about trade down in terms of what consumers are booking, how they're selecting hotels or places to stay that might not be at the same ADR rate versus previous levels?

在消費者預訂的內容、他們如何選擇可能與之前的 ADR 率不同的酒店或住宿地點方面，是否存在某種關於折衷的動態？

Not specifically.

不具體。

In terms of the mix impact, which is part of the ADR component, it's really more a mix impact.

就作為 ADR 組件的一部分的混合影響而言，它實際上更像是一種混合影響。

It's impacted by different geographies and where some of the higher-growth markets are.

它受到不同地區和一些高增長市場所在位置的影響。

Some of the higher ADRs are in the U.S. and Western Europe, where some of the lower relative growth markets.

一些較高的 ADR 在美國和西歐，其中一些相對增長較低的市場。

Similarly, some of the higher-growth markets, the places like Asia and countries like Vietnam have lower ADRs.

同樣，一些高增長市場，如亞洲和越南等國家的 ADR 較低。

So that mix impact is a bigger factor than trading up or trading down within a particular local marketplace.

因此，這種混合影響是一個比在特定本地市場內向上交易或向下交易更大的因素。

Our next question comes from the line of Stephen Ju from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Stephen Ju。

So Glenn, in the emerging markets in Asia, where you may be plugging into the super apps to source demand, how much easier or more difficult do you think it will be for you to get users to come directly to Booking or Agoda, so you don't have to pay for those transactions every single time?

所以格倫，在亞洲的新興市場，你可能會接入超級應用程序來尋找需求，你認為讓用戶直接來到 Booking 或 Agoda 會更容易還是更困難，所以你不必每次都為這些交易付費？

And second, will you also talk about what's going on behind the scenes between Agoda, alternative accommodations versus hotels, and your push to run your own payments and how these factors may be influencing your agency versus merchant booking growth?

其次，您是否還會談談 Agoda 幕後發生的事情、替代住宿與酒店、您推動自己進行支付以及這些因素如何影響您的代理與商家預訂增長？

So regarding the super apps like say, Grab, for example, I don't know because we haven't rolled out the product yet.

因此，對於像 Grab 這樣的超級應用程序，我不知道，因為我們還沒有推出該產品。

And we come up with hypotheses, but we don't have data yet to say how easy is it to get people to come direct or not.

我們提出了假設，但我們還沒有數據可以說明讓人們直接來訪有多容易。

So I can't answer that until we start getting some data and then we'll have a much better sense.

所以在我們開始獲得一些數據之前我無法回答這個問題，然後我們會有更好的感覺。

We just have hypothesis.

我們只有假設。

Regarding Agoda, and I think you mentioned their home business, the alternative accommodations for Agoda, is that correct?

關於Agoda，我想你提到了他們的家庭業務，Agoda的替代住宿，對嗎？

I think -- Agoda versus everything else and the consumer behavior of choosing alternative accommodations versus hotels, and you're pushing payments and how that's influencing the merchant bookings growth rate may be at the expense of the agency.

我認為 - Agoda 與其他一切以及選擇替代住宿與酒店的消費者行為，你正在推動支付以及這如何影響商家預訂增長率可能會以該機構為代價。

Yes.

是的。

So let me -- so I'll talk just about the Agoda thing and I'll let David talk about payments.

所以讓我 - 所以我將只談論 Agoda 的事情，我會讓大衛談論付款。

So one thing people may not be aware is that Agoda has an alternative accommodation product, too.

所以人們可能不知道的一件事是 Agoda 也有另一種住宿產品。

And unlike Booking, where every single property on Booking is instantly bookable, on Agoda, in Asia, with some of their properties, they're not absolutely instantly bookable.

與 Booking 不同，Booking 上的每家酒店都可以立即預訂，而在亞洲的 Agoda 上，他們的一些酒店並不是絕對可以立即預訂的。

And that is because they're localizing in certain areas of Asia, where it's important to have some of the product that is not instantly bookable.

那是因為他們在亞洲的某些地區進行本地化，在這些地區擁有一些不能立即預訂的產品很重要。

So there's a little difference there between the Booking one and the Agoda one.

因此，Booking 和 Agoda 之間存在一些差異。

But it's growing nicely.

但它長得很好。

It's much smaller than the Booking.com product, but it is an important part as you probably have seen, out in Asia.

它比 Booking.com 產品小得多，但它是您可能在亞洲看到的重要組成部分。

The growth in the alternative accommodation market is very, very fast.

替代住宿市場的增長非常非常快。

And I'll let David talk about...

我會讓大衛談談......

Yes.

是的。

In terms of payments, the mix shift that's going on, it's driving.

在支付方面，正在發生的混合轉變正在推動。

And if you just kind of look at our year-on-year growth in agency versus merchant bookings, that growth is being driven by a mix shift towards more payments at Booking.com.

如果你只是看看我們在代理預訂與商戶預訂方面的同比增長，就會發現這種增長是由 Booking.com 向更多支付方式的混合轉變推動的。

Both Agoda and Priceline have had payment platforms for many years, and the mix of payments within their total business isn't dramatically changing.

Agoda 和 Priceline 都擁有支付平台多年，而且其整體業務中的支付組合併沒有發生顯著變化。

So as I mentioned last year, we went from a relatively small percentage the year before to 10% of the TTV at Booking.com on payments.

因此，正如我去年提到的那樣，我們在 Booking.com 的 TTV 付款中所佔比例從前一年的相對較小百分比增加到 10%。

And we expect it to continue to rise this year.

我們預計它今年會繼續上升。

We expect it to move meaningfully higher in the next few years as well, but we also continue to believe there are property -- our agency product at Booking.com also remains a very important part of our portfolio.

我們預計它在未來幾年也會大幅上漲，但我們仍然相信有財產——我們在 Booking.com 的代理產品仍然是我們產品組合中非常重要的一部分。

But the mix shift that you're seeing and the impact that payments is having as it's riffling through our income statements is really due to what's happening at Booking.com.

但是，您所看到的混合轉變以及付款在我們的損益表中產生的影響實際上是由於 Booking.com 正在發生的事情。

The next question comes from the line of Heath Terry from Goldman Sachs.

下一個問題來自高盛的希思特里。

I realize there's been a little bit of discussion around marketing efficiency already, but kind of wanted to dig a little bit deeper into that if we could.

我意識到已經有一些關於營銷效率的討論，但如果可以的話，我想更深入地研究一下。

For the last -- we went through this sort of 6-quarter period or so where you saw significant leverage on your marketing spend.

最後一次——我們經歷了大約 6 個季度的時間，您看到了對營銷支出的重大影響。

And for the last couple of quarters, we've started to see deleverage again just in terms of -- looking at this in terms of total advertising spend as a percentage of revenue.

在過去的幾個季度裡，我們已經開始再次看到去槓桿化——從總廣告支出佔收入的百分比來看。

In the past when you've had that kind of deleverage, it's driven acceleration in bookings growth or in revenue or gross profit growth back when you reported that.

在過去，當你有這種去槓桿化時，它會推動預訂增長或收入或毛利潤增長的加速。

Is there a level that you feel like is appropriate or that you are targeting from a growth perspective in terms of what you're willing to accept on that advertising return?

是否有一個您認為合適的水平，或者您是否從增長的角度來看您願意接受的廣告回報？

Just really trying to get a sense of now that you've gone through this efficiency effort kind of where the -- where your strategy is now or where your thoughts are in terms of optimizing around that growth and advertising return tradeoff.

只是真的想了解一下，你已經完成了這種效率工作——你的戰略現在在哪裡，或者你的想法在優化增長和廣告回報權衡方面的想法。

Sure.

當然。

This is David, let me take that.

這是大衛，讓我來接。

So you're right, we basically had a period of time from late 2017 up through Q3 of '18 where we had a strategy to explicitly optimize the performance marketing spend, ergo improve our ROIs.

所以你是對的，從 2017 年底到 18 年第三季度，我們基本上有一段時間，我們制定了明確優化績效營銷支出的戰略，從而提高我們的投資回報率。

And you saw some fairly dramatic amounts of leverage as we went through that period of time.

在那段時間裡，你看到了相當大的槓桿作用。

For example, Q2 2018 was a great example with over 600 basis points' leverage in the performance marketing spend.

例如，2018 年第二季度是一個很好的例子，在績效營銷支出中有超過 600 個基點的槓桿作用。

We essentially lapped the execution of that strategy in Q4 of '18.

我們基本上在 18 年第四季度完成了該戰略的執行。

And so from Q4 of '18 onwards, it's really been a function of against our now more optimized spend that we feel is the appropriate balance between growth and profitability.

因此，從 18 年第四季度開始，這確實是我們現在更加優化的支出的一個函數，我們認為這是增長和盈利能力之間的適當平衡。

What opportunities do we see?

我們看到了哪些機會？

How much traffic is being presented to us?

有多少流量呈現給我們？

Where can we find attractive traffic -- good ROIs?

我們在哪裡可以找到有吸引力的流量——良好的投資回報率？

Our ROI targets from that point of view haven't really changed.

從這個角度來看，我們的投資回報率目標並沒有真正改變。

The actual ROIs themselves a function of what happens in these dynamic marketplaces, the amount of traffic that gets presented to us and where the opportunities are.

實際投資回報率本身取決於這些動態市場中發生的事情、呈現給我們的流量數量以及機會所在。

We always look to try and lean in and find growth in those channels.

我們總是希望嘗試並依靠並在這些渠道中找到增長。

So we're always pushing for incremental growth subject to our ROI targets and our ROI returns that we're quite pleased with.

因此，我們一直在根據我們的投資回報率目標和我們非常滿意的投資回報率回報推動增量增長。

So we -- kind of post the big change in optimization, we're now into driving more opportunistic efficiency from those channels.

所以我們 - 有點發布優化的重大變化，我們現在正在從這些渠道中推動更多的機會主義效率。

And like everybody else who operates in those channels, we're a function of how much volume they present to us and also what the competitive dynamic is in those channels at any point in time.

就像在這些渠道中運營的其他人一樣，我們是他們向我們展示的數量以及這些渠道在任何時間點的競爭動態的函數。

But it sounds like, from what you're saying, the focus is still on efficiencies versus growth.

但聽起來，從你所說的來看，重點仍然是效率與增長。

Even though you've stabilized where this is, it's stabilizing at this level of growth versus the 20% or so that you had before you started this effort.

即使你已經穩定在這個位置，它也穩定在這個增長水平，而不是你開始這項工作之前的 20% 左右。

Is that fair to say?

這樣說公平嗎？

Well, I'd say this, our approach to certain channels will be very different from other channels, right?

好吧，我想說的是，我們對某些渠道的處理方式與其他渠道非常不同，對吧？

So for example -- and then you can see how those channels themselves are, in fact, responding.

因此，例如 - 然後您可以看到這些渠道本身實際上是如何響應的。

Our core search channels are still growing, but we've also experienced declining growth rates in some of those core search channels as we noted prior.

我們的核心搜索渠道仍在增長，但正如我們之前提到的那樣，我們也經歷了一些核心搜索渠道的增長率下降。

Some of the other channels, some of the managed channels, and you can look at the external results, are no longer growing.

一些其他渠道，一些託管渠道，你可以看看外部結果，不再增長。

In fact, quite the opposite way.

事實上，恰恰相反。

So a lot of it is resulting in the dynamic of those channels and the growth opportunities presented to us.

因此，其中很大一部分導致了這些渠道的動態和呈現給我們的增長機會。

Once we lapped our optimization, once we kind of got to our new ROI targets, we really are pushing against growth at those targets.

一旦我們完成了優化，一旦我們達到了新的投資回報率目標，我們就真的在推動這些目標的增長。

So we're pushing to -- we aren't pushing to kind of drive the ROI targets up.

所以我們正在努力——我們並不是在努力提高投資回報率目標。

If you happen to wind up with a higher ROI during a particular quarter, it's because of the dynamics that will happen within the market.

如果您在某個特定季度碰巧獲得了更高的投資回報率，那是因為市場內部會發生動態變化。

So at this point in time, we are looking to push growth consistent with our ROI targets that we feel good about.

因此，在這個時間點，我們希望推動增長與我們感覺良好的投資回報率目標一致。

Your next question comes from the line of Anthony DiClemente from Evercore.

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

Maybe first for David.

也許首先是大衛。

One of your competitors reported a deceleration in its alternative accommodation segments bookings in the Q1 specifically.

您的一個競爭對手特別報告說，第一季度其替代住宿細分市場的預訂量有所下降。

And so I know you don't explicitly break out alternative in your reporting, but did you see stable growth in alternative accommodations bookings in the Q1?

所以我知道您沒有在報告中明確列出替代方案，但您是否看到第一季度替代住宿預訂量穩定增長？

Or did you, likewise, see a deceleration there as compared to the 4Q?

或者，與第四季度相比，您是否同樣看到了減速？

And then secondly maybe for Glenn, you've talked on this call and in the past about investments in your customers, customer acquisition and loyalty programs.

其次，對於格倫來說，你在這次電話會議上和過去都談到了對客戶、客戶獲取和忠誠度計劃的投資。

Just, can you give me a couple of specific examples of loyalty or customer retention features that are working for you?

只是，您能給我幾個對您有用的忠誠度或客戶保留功能的具體示例嗎？

And just maybe more broadly, what are the things you can do to deliver more value to drive incremental loyalty from customers of Booking Holdings?

也許更廣泛地說，您可以做些什麼來提供更多價值，從而提高 Booking Holdings 客戶的忠誠度？

Sure...

當然...

You want to take it first and I'll...

你想先拿走，我再...

It was easy because when we've said this several times now, our alternative accommodation business continues to grow faster than our core business.

這很容易，因為當我們已經多次說過這一點時，我們的替代住宿業務繼續比我們的核心業務增長得更快。

And that's been going on for a very long time.

這已經持續了很長時間。

It continues to go on, and we're very pleased with the way we're building out that product.

它繼續進行，我們對我們構建該產品的方式感到非常滿意。

That's the answer to the first one.

這就是第一個的答案。

But relative to itself last quarter, is it keeping stable growth?

但相對於上個季度的自身，它是否保持穩定增長？

Is it accelerating?

它在加速嗎？

Or is it decelerating in the year-over-year growth rate versus prior periods?

還是與前期相比，同比增長率有所下降？

Right.

正確的。

But we don't break out that in that detail, to that granularity.

但我們不會在那個細節上，在那個粒度上打破它。

So we'll go to the second one, loyalty.

所以我們轉到第二個，忠誠度。

Well, you've certainly seen some of the loyalty stuff and whether it be you're a genius customer at Booking.com where you're getting significantly reduced prices for a hotel, which is one way to do it, or you're over at OpenTable, and you're getting your dining points and you're seeing that.

好吧，您肯定已經看到了一些關於忠誠度的內容，無論您是 Booking.com 的天才客戶，您都可以在 Booking.com 上獲得大幅降價的酒店價格，這是一種實現方式，或者您是在 OpenTable 上，你得到了你的用餐點，你看到了。

So both of those we love.

所以我們都愛。

I'm going to pick 1 out, it's small and just starting, we're just experimenting but I like it, is the fact that you can now use those dining points and you can, instead of using them just to get a cheaper restaurant meal, you can use those to get a cheaper hotel room.

我要挑 1 個，它很小，剛剛開始，我們只是在試驗，但我喜歡它，事實是你現在可以使用這些用餐點，你可以，而不是僅僅為了獲得更便宜的餐廳而使用它們飯，你可以用那些來獲得更便宜的酒店房間。

That's a perfect thing.

那是一件完美的事情。

And maybe you've actually seen some of the TV ads going out there.

也許你真的看過一些電視廣告。

That's actually KAYAK is the one doing it with OpenTable, and that's an example where you can do that.

這實際上是 KAYAK 是用 OpenTable 做的，這是一個你可以做到這一點的例子。

Now we've been experimenting with some other things, different services that we have and this deal is primarily with the ground transportation.

現在我們一直在嘗試其他一些東西，我們擁有的不同服務，而這筆交易主要是地面運輸。

We have a company called Rentalcars.com, which is more than just rental cars.

我們有一家名為 Rentalcars.com 的公司，這不僅僅是租車。

It's ground transportation, has a lot of good relationships with different types of ground transportation, black cars, ridesharing, et cetera.

它是地面交通工具，與不同類型的地面交通工具、黑車、拼車等有很多良好的關係。

And we're experimenting with different ways to package these services and give that better value to the customer.

我們正在嘗試不同的方式來打包這些服務並為客戶提供更好的價值。

I don't want to give too much detail, obviously, we're rolling this out now and testing, et cetera.

我不想提供太多細節，顯然，我們現在正在推出並測試等等。

And I've also -- you've seen it in the attractions part and I've actually used that, where I've -- actually, I booked with a hotel at Booking.com with my app and then I got my QR code and I got a discount on all sorts of things to do in a particular city.

而且我也 - 你已經在景點部分看到了它，我實際上已經使用過它 - 實際上，我在 Booking.com 上用我的應用程序預訂了一家酒店，然後我得到了我的二維碼代碼，我在特定城市的各種活動中都獲得了折扣。

Those are all different ways and there are lots more that we're doing it.

這些都是不同的方式，我們正在做的還有很多。

And things are standard like -- just the points, which is a standard loyalty thing, and things much more creative regarding putting together different types of service into one bundle and all different things like that.

事情是標準的——只是點數，這是標準的忠誠度事情，以及關於將不同類型的服務組合成一個捆綁包以及類似的所有不同事情的更有創意的事情。

There are no further questions at this time.

目前沒有其他問題。

I would now like to turn the call over back to your speakers.

我現在想把電話轉回給你們的發言人。

Thank you.

謝謝。

So I just want to say how pleased we were with our solid Q1 results and remain excited about our future as we continue to execute on our long-term growth plans.

因此，我只想說我們對第一季度穩健的業績感到非常高興，並對我們的未來感到興奮，因為我們將繼續執行我們的長期增長計劃。

Thank you very much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。