Booking Holdings Inc (BKNG) 2019 Q2 法說會逐字稿

Good afternoon, everyone.

大家下午好。

Welcome to Booking Holdings Second Quarter 2019 Conference Call.

歡迎來到 Booking Holdings 2019 年第二季度電話會議。

Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the safe harbor provisions of 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 and 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、暗示和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 indeed to identify forward-looking statements.

對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確實可以識別前瞻性陳述。

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 the 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 的最近向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 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' second quarter conference call.

謝謝，歡迎來到 Booking Holdings 第二季度電話會議。

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 are pleased to report that we produced a solid quarter, with 213 million worldwide room nights booked, which is up 12% year-over-year and exceeded the high end of our guidance range.

我們很高興地報告，我們取得了穩健的季度業績，全球預訂間夜數達到 2.13 億，同比增長 12%，超出了我們指導範圍的上限。

Our year-over-year non-GAAP revenue grew by 7% in U.S. dollars, but was up about 12% on a constant-currency basis.

我們的非 GAAP 收入按美元計算同比增長 7%，但按固定匯率計算增長約 12%。

Adjusted EBITDA increased by 5% in U.S. dollars and about 10% when adjusted for FX, which was above the high end of our guidance range for the quarter.

調整後的 EBITDA 按美元計算增長 5%，按匯率調整後增長約 10%，高於我們本季度指導範圍的上限。

We are seeing encouraging signs in our business as we extended our global leadership position and accommodations and continued to execute against our long-term strategic vision of building a connected trip for our customers to become the global leader in travel and experiences.

隨著我們擴大我們的全球領導地位和住宿，並繼續執行我們的長期戰略願景，即為我們的客戶打造互聯旅行，成為全球旅行和體驗的領導者，我們在我們的業務中看到了令人鼓舞的跡象。

Today, we operate the largest online marketplace for accommodations, with the greatest global reach and scale.

今天，我們經營著最大的在線住宿市場，具有最大的全球影響力和規模。

In the first half of the year, we produced over $50 billion in gross bookings and over 430 million booked room nights.

今年上半年，我們的總預訂量超過 500 億美元，預訂間夜數超過 4.3 億。

We're investing against a large opportunity in the global accommodations market and are developing capabilities like payments, merchandising and loyalty, and expanding our focus in important customer and geographic segments.

我們正在投資全球住宿市場的巨大機會，並正在開發支付、商品銷售和忠誠度等功能，並擴大我們對重要客戶和地理區域的關注。

Our objective for payments is to provide all relevant payment options to customers and partners to power a frictionless global marketplace.

我們的付款目標是為客戶和合作夥伴提供所有相關的付款選項，以推動無摩擦的全球市場。

This will benefit us by supporting key market growth, enable the connected trip, facilitate merchandising, and attract unique supply.

這將使我們受益於支持關鍵市場的增長，實現互聯旅行，促進商品銷售並吸引獨特的供應。

To share, Booking.com's merchant transaction continues to steadily climb as customers can now pay Booking.com in over 45 countries, which represents about 80% of its focus markets.

分享一下，Booking.com 的商家交易繼續穩步攀升，因為客戶現在可以在超過 45 個國家/地區向 Booking.com 付款，這些國家約佔其重點市場的 80%。

Enabled by the rollout of our payments platform, we have been pleased with the early results of our investments and merchandising capabilities.

通過推出我們的支付平台，我們對我們的投資和銷售能力的早期結果感到滿意。

We view merchandising as an important part of our customer value proposition, which we believe will result in increased loyalty to our brand.

我們將推銷視為我們客戶價值主張的重要組成部分，我們相信這將提高對我們品牌的忠誠度。

Focusing on increased customer acquisition, frequency and loyalty remains a significant growth opportunity for our core accommodations business.

專注於增加客戶獲取、頻率和忠誠度仍然是我們核心住宿業務的重要增長機會。

In these areas, we are continuing to focus on our mobile experience, expand the reach of our Genius program and offer incentives to bring customers to our site directly.

在這些領域，我們將繼續專注於我們的移動體驗，擴大我們 Genius 計劃的範圍，並提供激勵措施將客戶直接帶到我們的網站。

We feel good about our progress here with both mobile and direct bookings going faster than our consolidated rate.

我們對我們在這裡取得的進展感到滿意，移動和直接預訂的速度都快於我們的綜合預訂速度。

These capabilities become more important as we continue to witness slowing pay channels.

隨著我們繼續目睹支付渠道放緩，這些功能變得更加重要。

We are driving a deeper focus on specific accommodations segments that will strengthen the business and we believe will drive greater growth.

我們正在更深入地關注特定的住宿領域，這將加強業務，我們相信這將推動更大的增長。

Booking.com has built one of the largest alternative accommodations platforms, with approximately 6 million listings as of June 30.

Booking.com 已建立了最大的另類住宿平台之一，截至 6 月 30 日，已有約 600 萬個房源。

We are making good progress building greater supply choice in this segment, where we believe we have the best customer experience with all of our properties being instantly bookable with no consumer fees.

我們在這一細分市場建立更多的供應選擇方面取得了良好進展，我們相信我們擁有最好的客戶體驗，我們所有的酒店都可以立即預訂，無需消費者費用。

We are also developing new capabilities to capture growth in other accommodation segments such as business travelers and destination-specific choices, such as ski and beach accommodations.

我們還在開發新功能以抓住其他住宿領域的增長，例如商務旅客和特定目的地的選擇，例如滑雪和海灘住宿。

We remain focused on select geographic opportunities such as the U.S., where we are continuing to promote our brand to drive awareness in this important market.

我們仍然專注於特定的地理機會，例如美國，我們將繼續在美國推廣我們的品牌，以提高在這個重要市場的知名度。

We believe it is still too early to fully assess the current brand campaign, but we note that while we see solid direct new visitor traffic growth, we would like to see faster progress in this region.

我們認為現在全面評估當前的品牌活動還為時過早，但我們注意到，雖然我們看到直接的新訪客流量穩步增長，但我們希望看到該地區取得更快的進展。

In the longer term, we will meet our customer needs by building distinctive capabilities around the connected trip, removing friction along the entire travel journey.

從長遠來看，我們將圍繞連接的旅程構建獨特的能力，消除整個旅行旅程中的摩擦，從而滿足客戶的需求。

An early step was to integrate Rentalcars.com with Booking.com.

早期的一步是將 Rentalcars.com 與 Booking.com 整合。

Not only is Rentalcars.com operating a leading online rental car marketplace, but it is also building capabilities to book all forms of ground transportation.

Rentalcars.com 不僅運營著領先的在線汽車租賃市場，而且還在打造預訂各種地面交通工具的能力。

Today, we provide pre-booked car service in approximately 800 cities globally.

今天，我們在全球約 800 個城市提供預訂專車服務。

Another step was to begin building out an attractions offering at Booking.com, which was accelerated with the acquisition of FareHarbor.

另一個步驟是開始在 Booking.com 上提供景點服務，並通過收購 FareHarbor 加速了這一進程。

FareHarbor is bringing more attractions online and now has over 100,000 bookable activities globally.

FareHarbor 將更多景點帶到網上，目前在全球擁有超過 100,000 項可預訂活動。

Booking.com is utilizing this platform and to date, offers attraction in over 280 destinations.

Booking.com 正在利用這個平台，迄今為止，在 280 多個目的地提供景點。

Booking is also providing the ability to have someone book experience even if they do not have an accommodation reservation.

預訂還提供了讓某人預訂體驗的能力，即使他們沒有預訂住宿。

And while the number of destinations where someone can do this is small, as we're just starting out, we expect to grow the number of these markets over time.

雖然可以做到這一點的目的地很少，因為我們才剛剛起步，但我們希望隨著時間的推移增加這些市場的數量。

Attractions are an important part of the connected trip, and we're pleased with the very early data that shows, on average, customers have used our attractions product increase their frequency of combination bookings.

景點是聯程旅行的重要組成部分，我們很高興很早的數據顯示，平均而言，客戶使用我們的景點產品增加了他們組合預訂的頻率。

Again, these are initial findings, but we like what we see to date.

同樣，這些是初步發現，但我們喜歡我們迄今為止所看到的。

As a group, we have tremendous assets that we can utilize to help build the connected trip, and all of our brands will play a critical role in achieving this vision for the company.

作為一個集團，我們擁有巨大的資產，我們可以利用這些資產來幫助打造互聯旅行，我們所有的品牌都將在實現公司這一願景方面發揮關鍵作用。

Priceline has extensive capabilities in the flight product and has recently developed a world-class packaging product that can be leveraged across our brand companies.

Priceline 在飛行產品方面擁有廣泛的能力，並且最近開發了一種世界級的包裝產品，可以在我們的品牌公司中加以利用。

Agoda brings extensive knowledge of the APAC region and years of data science and machine learning on merchandising.

Agoda 擁有豐富的亞太地區知識以及多年的數據科學和機器學習營銷經驗。

KAYAK's knowledge at operating a multiproduct global meta business helps us to better understand how to better serve our customers.

KAYAK 在經營多產品全球元業務方面的知識幫助我們更好地了解如何更好地為我們的客戶服務。

OpenTable's leading online restaurant discovery and booking platform will be an important piece of our connected trip vision.

OpenTable 領先的在線餐廳發現和預訂平台將成為我們互聯旅行願景的重要組成部分。

As I commented earlier, we continue to focus on driving growth in accommodations through key initiatives in merchandising, payment, demand channels and inventory.

正如我之前評論的那樣，我們繼續專注於通過商品銷售、支付、需求渠道和庫存方面的關鍵舉措來推動住宿的增長。

That is job one.

那是工作一。

We also remain excited about the connected drip -- trip to drive loyalty and engagement across many dimensions of our business, which will help support and grow the accommodation business.

我們也對互聯點滴感到興奮——在我們業務的許多方面提高忠誠度和參與度，這將有助於支持和發展住宿業務。

As we move through our busy summer season, all of our employees are intensely focused on delivering an exceptional customer experience.

在我們度過繁忙的夏季時，我們所有的員工都非常專注於提供卓越的客戶體驗。

I would like to thank our over 26,000 employees around the world for their hard work and dedication, especially during this peak travel season.

我要感謝我們在世界各地的 26,000 多名員工的辛勤工作和奉獻精神，尤其是在這個旅遊旺季期間。

And now I'd like to thank all of our supplier partners, who we are so proud to be associated with.

現在我要感謝我們所有的供應商合作夥伴，我們很自豪能與他們合作。

And finally, we send a great thank you to our millions of customers throughout the world, who are out there experiencing the world.

最後，我們非常感謝全球數百萬正在體驗世界的客戶。

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 review our operating results for the second quarter, and then discuss our guidance for the third quarter as well as our focus on the full year.

我將回顧我們第二季度的經營業績，然後討論我們對第三季度的指導以及我們對全年的關注。

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 12% 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 12%，超出了我們指導範圍的上限。

The Q2 room night outperformance was driven by strong growth in June as we saw a greater-than-expected benefit from lapping the low growth rate in June of last year, which was the results of the 2018 World Cup and unfavorable weather in Europe.

第二季度的客房間夜表現出色是由 6 月份的強勁增長推動的，因為我們看到去年 6 月份的低增長率超出預期，這是 2018 年世界杯和歐洲不利天氣的結果。

While the macro environment in Europe remains cautious, our room night growth in the region continued to exceed our expectations this quarter.

雖然歐洲的宏觀環境依然謹慎，但本季度我們在該地區的間夜增長繼續超出我們的預期。

Room night growth rates for the rest of the world were largely in line with our expectations and continued to grow faster than Europe in Q2.

世界其他地區的間夜增長率基本符合我們的預期，並在第二季度繼續以高於歐洲的速度增長。

Average daily rates for accommodation, or ADRs, were down about 1.5% in Q2 on a constant-currency basis, which was better than our guidance that's down about 2%.

按固定匯率計算，第二季度住宿的平均每日房價或 ADR 下降了約 1.5%，好於我們的指引，後者下降了約 2%。

Changes in foreign exchange rates reduced Q2 growth rates in U.S. dollars by approximately 5% versus last year.

外匯匯率的變化使以美元計算的第二季度增長率與去年相比下降了約 5%。

We estimate the change in FX rates impacted Q2 gross bookings, revenue and EBITDA growth by a similar amounts and EPS growth rate by about 1% point more.

我們估計匯率的變化對第二季度總預訂量、收入和 EBITDA 增長的影響相似，每股收益增長率增加約 1 個百分點。

Q2 gross bookings grew by 5% expressed in U.S. dollars and grew by about 10% on a constant-currency basis, coming in above the high end of our guidance range.

第二季度總預訂量以美元計算增長了 5%，按固定匯率計算增長了約 10%，高於我們指導範圍的高端。

Consolidated non-GAAP revenue for the second quarter was $3.8 billion and grew 7% in U.S. dollars and by about 12% on a constant-currency basis.

第二季度非美國通用會計準則合併收入為 38 億美元，按美元計算增長 7%，按固定匯率計算增長約 12%。

The shift in timing of the Easter holiday had a little less than a 3 percentage point positive impact on our Q2 revenue growth rate, a slightly greater impact than previously expected.

復活節假期時間的改變對我們第二季度的收入增長率產生了不到 3 個百分點的積極影響，比之前預期的影響略大。

Our Q2 non-GAAP revenue growth rate on a constant-currency basis and adjusted for Easter was about 9%.

我們第二季度的非美國通用會計準則收入增長率按固定匯率計算並針對複活節進行了調整，約為 9%。

Advertising and other non-GAAP revenue, which is comprised mainly of KAYAK and OpenTable, grew by 9% in Q2.

主要由 KAYAK 和 OpenTable 組成的廣告和其他非 GAAP 收入在第二季度增長了 9%。

Adjusted EBITDA for Q2 was $1.4 billion, which exceeded the high end of our guidance range, and was up 5% year-on-year on a reported basis and up about 10% on a constant-currency basis.

第二季度調整後的 EBITDA 為 14 億美元，超出我們指導範圍的上限，按報告基礎同比增長 5%，按固定匯率計算增長約 10%。

Our Q2 adjusted EBITDA growth rate on a constant-currency basis and adjusted for Easter timing was about 3%.

我們第二季度調整後的 EBITDA 增長率按固定匯率計算，並根據復活節時間進行了調整，約為 3%。

We remain disciplined with our spending on performance marketing, which helped drive better-than-expected leverage of about 90 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的槓桿率好於預期，達到約 90 個基點。

Leverage in the quarter was driven by an increased mix in room nights from the direct channel, which continues to grow faster than our paid channels.

本季度的槓桿率是由直接渠道的間夜組合增加所推動的，該渠道的增長速度繼續快於我們的付費渠道。

While we keep working to grow our direct channel over time, we continue to see performance marketing channels as an effective way to acquire customers, and we'll spend rationally in these channels to optimize growth.

隨著時間的推移，我們不斷努力發展直接渠道，同時我們繼續將績效營銷渠道視為獲取客戶的有效方式，我們將在這些渠道中合理支出以優化增長。

As part of our effort to drive more direct traffic to our websites, we increased our spend on brand marketing in the quarter by 41% versus Q2 last year, which contributed about 110 basis points 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二季度增加了 41%，這貢獻了約 110 個基點的去槓桿化。

Sales and other expense grew 22% versus Q2 last year and contributed about 80 basis points of deleverage, primarily due to the growth of our payment platform of Booking.com.

銷售和其他費用與去年第二季度相比增長了 22%，並貢獻了約 80 個基點的去槓桿化，這主要是由於我們的支付平台 Booking.com 的增長。

Sales in other grew slower than merchant gross bookings in the quarter due to lower growth in certain payment-related expenses.

由於某些支付相關費用的增長放緩，本季度其他業務的銷售額增長低於商戶總預訂量。

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

最後，人事費用略低於我們的預期，並在本季度貢獻了少量槓桿作用。

Our non-GAAP EPS was $23.59, up 14% versus the prior year.

我們的非 GAAP 每股收益為 23.59 美元，比上年增長 14%。

Adjusted for currency and Easter timing, non-GAAP EPS grew 12% in the quarter.

根據貨幣和復活節時間調整後，本季度非 GAAP 每股收益增長 12%。

Non-GAAP net income reflects a non-GAAP tax rate of 19.4% in Q2, which is about in line with the prior year and our estimated guidance.

非 GAAP 淨收入反映了第二季度 19.4% 的非 GAAP 稅率，這與去年和我們的估計指引基本一致。

Our 10% lower share count in Q2 benefited EPS growth in the quarter.

我們在第二季度減少 10% 的股票數量有利於該季度每股收益的增長。

On a GAAP basis, operating income grew -- increased by 2%, and GAAP operating margin decreased by 215 basis points compared to Q2 last year.

按 GAAP 計算，營業收入增長了 2%，與去年第二季度相比，GAAP 營業利潤率下降了 215 個基點。

GAAP operating income was also impacted by a $53 million favorable adjustment to revenue and a $66 million unfavorable adjustment to personnel expenses.

GAAP 營業收入還受到 5300 萬美元的收入有利調整和 6600 萬美元的人事費用不利調整的影響。

Q2 GAAP net income amounted to $979 million or $22.44 per share, up 11% from Q2 2018.

第二季度 GAAP 淨收入為 9.79 億美元或每股 22.44 美元，比 2018 年第二季度增長 11%。

Our Q2 GAAP net income includes $17 million of pretax unrealized gains from our equity investments in Ctrip and Meituan, and $19 million of FX remeasurement losses on our eurobonds as well as the 2 adjustments impacting operating income.

我們的第二季度 GAAP 淨收入包括我們在攜程和美團的股權投資產生的 1700 萬美元稅前未實現收益，以及我們歐元債券的 1900 萬美元外匯重新計量損失以及影響營業收入的 2 項調整。

We exclude these unrealized gains, remeasurement losses and adjustments from our non-GAAP results.

我們從我們的非 GAAP 結果中排除了這些未實現收益、重新計量損失和調整。

We had a GAAP tax rate of 18.9% for the quarter, which decreased slightly from the prior year.

我們本季度的 GAAP 稅率為 18.9%，比去年略有下降。

In Q2, we generated $1.8 billion of operating cash flow, which increased 8% compared to Q2 of last year.

第二季度，我們產生了 18 億美元的運營現金流，與去年第二季度相比增長了 8%。

Our free cash flow for the quarter was $1.7 billion, which increased by 10% compared to prior year.

我們本季度的自由現金流為 17 億美元，比去年同期增長 10%。

We repurchased $2.6 billion of our stock in Q2, which completed our previous $10 billion repurchase authorization in early May and reduced the amount outstanding under our new $15 billion repurchase authorization to about $14.2 billion at the end of the quarter.

我們在第二季度回購了 26 億美元的股票，這在 5 月初完成了我們之前的 100 億美元回購授權，並將我們新的 150 億美元回購授權下的未償還金額在本季度末減少至約 142 億美元。

We expect to complete this authorization in the next 2 to 3 years assuming stable business and market conditions.

假設業務和市場條件穩定，我們預計將在未來 2 至 3 年內完成此項授權。

We ended the quarter with $11.4 billion of cash and investments and $8.7 billion of outstanding debt.

本季度結束時，我們擁有 114 億美元的現金和投資以及 87 億美元的未償債務。

Turning to our guidance.

轉向我們的指導。

I want to briefly walk through some of the facts, as we discussed on the last call that will impact our outlook for the full year, then I'll come back to our guidance for Q3.

我想簡要介紹一些事實，正如我們在上次電話會議上討論的那樣將影響我們全年的展望，然後我將回到我們對第三季度的指導。

Starting with our growth investments in 2019.

從我們 2019 年的增長投資開始。

As we discussed over the last 2 quarters, we're investing for growth, customer acquisition and loyalty.

正如我們在過去兩個季度討論的那樣，我們正在為增長、客戶獲取和忠誠度進行投資。

Our new brand campaigns -- our new brand marketing campaigns were launched earlier this year.

我們的新品牌活動——我們的新品牌營銷活動於今年早些時候推出。

And while we're encouraged by the continued growth and mix shift towards our direct channel and by some of the early new visited direct traffic trends we're seeing from our brand campaigns, the short-term return on our brand spending is running below our expectations.

儘管我們對直接渠道的持續增長和混合轉變以及我們從品牌活動中看到的一些早期新訪問直接流量趨勢感到鼓舞，但我們品牌支出的短期回報低於我們的預期期望。

As a result, we plan on refining our spending levels on brand marketing in the second half of the year.

因此，我們計劃在下半年改進我們在品牌營銷方面的支出水平。

We remain committed to building our brand.

我們仍然致力於打造我們的品牌。

Turning to our merchandising programs.

轉向我們的營銷計劃。

We continued to see positive results and plan to continue these investments.

我們繼續看到積極的結果，併計劃繼續這些投資。

We are pleased with these merchandising results, but they'll take time to scale.

我們對這些營銷結果感到滿意，但它們需要時間才能擴大規模。

Finally, with regard to our customer acquisition incentive programs, we're seeing some positive results and we'll continue to spend on the programs with better ROIs.

最後，關於我們的客戶獲取激勵計劃，我們看到了一些積極的結果，我們將繼續在投資回報率更高的計劃上投入資金。

As we told you earlier in the year, as we look at these growth investments, we'll evaluate and scale the ones that are working, and we'll not hesitate to pull back on the ones that are not.

正如我們在今年早些時候告訴您的那樣，當我們審視這些增長投資時，我們將評估和擴展那些有效的投資，我們會毫不猶豫地撤回無效的投資。

So we're intelligently refining our investments as we move through the year and are confident that these investments will benefit us in the long term.

因此，我們在這一年中明智地改進了我們的投資，並相信這些投資將使我們長期受益。

Overall, we continue to expect these growth investments will collectively reduce our EBITDA growth rate by a few percentage points in 2019.

總體而言，我們繼續預計這些增長投資將在 2019 年將我們的 EBITDA 增長率共同降低幾個百分點。

We now expect the return on these investments to be similar in the second half versus the first half, but the spending will be less in the second half, which results in a smaller negative impact on EBITDA growth in the second half.

我們現在預計下半年這些投資的回報率與上半年相似，但下半年的支出將減少，這對下半年 EBITDA 增長的負面影響較小。

This change in our expectations does not have a material impact on our room night growth for the year.

我們預期的這種變化不會對我們今年的間夜增長產生重大影響。

Now turning to the mechanical facts that's impacting our outlook.

現在轉向影響我們前景的機械事實。

Our guidance for Q3 and the full year is impacted by the French digital services tax, which we expect will reduce Q3 and full year EBITDA by about $25 million and $32 million, respectively.

我們對第三季度和全年的指導受到法國數字服務稅的影響，我們預計這將使第三季度和全年 EBITDA 分別減少約 2500 萬美元和 3200 萬美元。

This will reduce our Q3 and full year EBITDA margins by about 50 basis points and 20 basis points, respectively.

這將使我們的第三季度和全年 EBITDA 利潤率分別降低約 50 個基點和 20 個基點。

This expense will be recorded in our G&A line.

這筆費用將記錄在我們的 G&A 行中。

Using current FX rates assumed in our guidance, gross bookings and revenue growth through to non-GAAP EPS growth will be reduced by approximately 3 percentage points for the full year, which is in line with our outlook last quarter.

使用我們指南中假設的當前匯率，全年總預訂量和收入增長到非 GAAP 每股收益增長將減少約 3 個百分點，這與我們上季度的展望一致。

Finally, our outlook does not anticipate any change in the macro environment.

最後，我們的展望預計宏觀環境不會有任何變化。

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 global accommodations this year.

我們繼續期望今年在全球住宿中獲得份額。

Let's now turn our attention to Q3, which is our largest quarter of the year.

現在讓我們將注意力轉向第三季度，這是我們今年最大的季度。

Foreign exchange rates are expected to negatively impact year-on-year growth rates for gross bookings and revenue by approximately 2 percentage points, and for EBITDA our non-GAAP EPS by approximately 3 percentage points.

匯率預計將對總預訂量和收入的同比增長率產生約 2 個百分點的負面影響，對 EBITDA 的非 GAAP 每股收益產生約 3 個百分點的負面影響。

We use a dollar-to-euro exchange rate of $1.12 when setting our Q3 guidance.

在設定第三季度指導時，我們使用 1.12 美元的美元兌歐元匯率。

Based on where we are in the quarter, and looking at all other factors, we're forecasting booked room nights to grow by 6% to 8% in Q3.

根據本季度的情況，並考慮所有其他因素，我們預測第三季度的預訂間夜數將增長 6% 至 8%。

As a reminder, Q3 last year benefited from the unusually late summer bookings season, which resulted in a slightly harder compare in Q3 this year.

提醒一下，去年第 3 季度受益於不同尋常的夏末預訂季，這導致今年第 3 季度的比較略有困難。

We forecast total gross bookings to grow 1.5% to 3.5% in U.S. dollars, and to grow by 3% to 5% on a constant-currency basis.

我們預測以美元計算的總預訂量將增長 1.5% 至 3.5%，按固定匯率計算將增長 3% 至 5%。

Our Q3 forecast assumes that constant-currency ADRs for the company will be down about 2.5%, which is a greater decline than we saw in Q2 due to lapping of the over 1% increase in ADR we experienced in Q3 of last year.

我們第三季度的預測假設公司的固定貨幣 ADR 將下降約 2.5%，這比我們在第二季度看到的降幅更大，因為我們在去年第三季度經歷了超過 1% 的 ADR 增長。

We forecast Q3 revenue to be up 2% to 4% in U.S. dollars and grow by 4% to 6% on a constant-currency basis.

我們預計第三季度收入以美元計算將增長 2% 至 4%，按固定匯率計算增長 4% 至 6%。

Q3 adjusted EBITDA is expected to range between $2.4 billion and $2.45 billion, which represents 2% to 4% year-over-year growth in U.S. dollars or 4% to 6% growth on a constant-currency basis.

第三季度調整後的 EBITDA 預計在 24 億美元至 24.5 億美元之間，按美元計算同比增長 2% 至 4%，按固定匯率計算增長 4% 至 6%。

We are forecasting continued leverage from the performance marketing expense line in Q3, reflecting lower volumes in the paid channels and our continued focus on acquiring high-quality traffic.

我們預測第三季度績效營銷費用線將繼續發揮槓桿作用，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。

As we refine our brand marketing spend that begins to comp against a higher spend in Q3 last year, we expect to see a small amount of leverage from brand marketing in the quarter.

隨著我們改進品牌營銷支出，開始與去年第三季度較高的支出相比較，我們預計本季度品牌營銷將產生少量影響。

Finally, sales and other expense is expected to grow faster than revenue, primarily due to the ramp-up of our payment platform of Booking.com.

最後，銷售額和其他費用的增長預計將快於收入，這主要是由於我們的 Booking.com 支付平台的增長。

We are forecasting Q3 non-GAAP EPS of approximately $43.60 to $44.60.

我們預測第三季度非 GAAP 每股收益約為 43.60 美元至 44.60 美元。

Normalizing for currency, we expect Q3 non-GAAP EPS to grow approximately 18% to 21%.

貨幣正常化後，我們預計第三季度非 GAAP 每股收益將增長約 18% 至 21%。

Our non-GAAP EPS forecast includes an estimated tax rate of approximately 19%, which is lower than Q3 of last year due to a provision of the tax act that was clarified in Q4 of last year.

我們的非 GAAP 每股收益預測包括約 19% 的估計稅率，由於去年第四季度澄清的稅法規定，該稅率低於去年第三季度。

We continue to expect our full year non-GAAP tax rate to be 19% to 19.5% compared with 18.3% last year.

我們繼續預計我們的全年非 GAAP 稅率為 19% 至 19.5%，而去年為 18.3%。

Our Q3 non-GAAP EPS guidance assumes a fully diluted share count of about 42.8 million shares, which is 10% below Q3 last year.

我們的第三季度非 GAAP 每股收益指引假設完全攤薄後的股票數量約為 4280 萬股，比去年第三季度低 10%。

We forecast GAAP EPS between $42.60 and $43.60 for Q3.

我們預測第三季度 GAAP 每股收益在 42.60 美元至 43.60 美元之間。

Our GAAP EPS guidance for Q3 assumes a tax rate of approximately 19%.

我們對第三季度的 GAAP 每股收益指引假設稅率約為 19%。

We have hedge contracts in place to substantially shield our third quarter EBITDA and an income from any further fluctuation in currencies versus the dollar between now and at 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.

我們制定了對沖合約，以大幅保護我們第三季度的 EBITDA 和收入免受從現在到本季度末貨幣對美元的任何進一步波動的影響，但對沖並不能保護我們的總預訂收入或營業利潤免受外匯波動的影響。

With that, we'll now take your questions.

有了這個，我們現在將回答您的問題。

Operator, can we open the line for questions, please?

接線員，我們可以打開問題熱線嗎？

Your first question comes from the line of Kevin Kopelman from Cowen and Company.

你的第一個問題來自 Cowen and Company 的 Kevin Kopelman。

Can you give us an update on what you're seeing in the environment to start the third quarter, both in terms of room nights growth trends and also advertising ROIs?

您能否向我們介紹一下您在第三季度開始時在環境中看到的最新情況，包括間夜增長趨勢和廣告投資回報率？

And help us walk -- help walk us through that comp as you have initially the easier comps on heatwave and then the tough comp later in the quarter.

並幫助我們走 - 幫助我們完成那個比賽，因為您最初在熱浪上有更簡單的比賽，然後在本季度晚些時候有艱難的比賽。

Okay.

好的。

Kevin, let me take that.

凱文，讓我接受。

So I think there's a couple of important things to understand relative to the Q3 guidance.

因此，我認為相對於第三季度指南，有幾件重要的事情需要了解。

And you talked about some of them.

你談到了其中的一些。

Obviously, if you go back to June, we still have the strong guide, strong result in Q2 against relatively easy compare.

顯然，如果你回到 6 月，我們仍然有強大的指導，第二季度的強勁結果相對容易比較。

As I mentioned, what happened last year, that delayed summer booking season pushed more bookings into Q3, making a harder compare coming up.

正如我所提到的，去年發生的事情是，夏季預訂季的延遲將更多的預訂推到了第三季度，這使得接下來的比較變得更加困難。

I think there's an important ways to step back and kind of look at what's going on across Q1 and Q2 and our Q3 guide because there's been a few normalizing factors.

我認為有一種重要的方法可以退後一步，看看 Q1 和 Q2 以及我們的 Q3 指南發生了什麼，因為有一些標準化因素。

Obviously, Easter had impacts to the positive on Q1 from a room night point of view, and obviously, just the negative in Q2, and then the World Cup and weather has the opposite impact.

顯然，從房夜的角度來看，復活節對第一季度產生了積極影響，顯然，對第二季度產生了負面影響，然後是世界杯和天氣產生了相反的影響。

It helps us to the positive in Q3 and to the negative -- as we said, it's positive in Q2 and then negative in Q3.

它幫助我們在第三季度取得積極和消極的影響——正如我們所說，它在第二季度是積極的，然後在第三季度是消極的。

If you kind of normalize for all those factors, essentially, the normalized room night growth of Q1, Q2 and Q3 projected are all in a similar band.

如果你對所有這些因素進行標準化，基本上，預計第一季度、第二季度和第三季度的標準化間夜增長都在一個相似的範圍內。

And that's the way to kind of think about what's going on.

這就是思考正在發生的事情的方式。

Obviously, as we move through Q3, the compare gets a little harder because as we said, last year, we saw the majority of the growth in September, but we try and stay away from the kind of enter within the quarter monthly compares and give you a flavor of how the quarter's going to look and just remind you that our approach to guidance hasn't changed.

顯然，隨著我們進入第三季度，比較變得有點困難，因為正如我們所說，去年，我們看到了 9 月份的大部分增長，但我們盡量避免在季度內進行月度比較並給出讓您了解本季度的情況，並提醒您我們的指導方法沒有改變。

Okay.

好的。

Great.

偉大的。

That's very helpful.

這很有幫助。

And then if I can ask one other question.

然後我是否可以問另一個問題。

Can you just give us an outlook for the digital tax across Europe as you see kind of legislation in other countries, and how you're expecting that to play out?

當您看到其他國家/地區的某種立法時，您能否給我們介紹一下整個歐洲的數字稅前景，以及您期望它如何發揮作用？

Sure, Kevin.

當然，凱文。

So you saw that France passed the tax, and there are a number of other countries that are also lining up to potentially put a similar tax into effect.

所以你看到法國通過了這項稅收，還有許多其他國家也在排隊可能實施類似的稅收。

We are, of course, very disappointed to have seen this.

看到這一幕，我們當然感到非常失望。

We believe companies should pay their fair share of taxes, but we want those taxes to be done equitably and fairly applied to all companies.

我們認為公司應該繳納其公平份額的稅款，但我們希望這些稅款能夠公平公正地適用於所有公司。

So what has been applied does not do that.

因此，已應用的內容不會那樣做。

It's very hard to guess what's going to happen.

很難猜測會發生什麼。

You may have seen some of the remarks that have come out of the U.S. administration that were very against the French tax, that believe it is focused primarily against American companies, and there have even been some remarks by the American administration about tariffs against France as a counter.

你可能已經看到美國政府發表的一些非常反對法國稅收的言論，認為它主要針對美國公司，甚至美國政府還發表了一些關於對法國征收關稅的言論，因為一個櫃檯。

So who knows how this is going to play out?

那麼誰知道這將如何進行呢？

End of the story is we can't write the laws.

故事的結局是我們無法制定法律。

We can only lobby and express that we do not believe this DST is the right way to go forward to ensure that people are paying their fair taxes.

我們只能遊說並表示，我們認為 DST 不是確保人們繳納公平稅款的正確方式。

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

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

Two things.

兩件事情。

One, could you just talk about the brand advertising, it seems like you're not getting the kind of the results you'd like out of that.

第一，你能不能談談品牌廣告，你似乎沒有從中得到你想要的那種結果。

And when do you -- is there a time in which you kind of -- is it 2 years?

你什麼時候——你有一段時間——是 2 年嗎？

Is it 1 year?

是1年嗎？

You've been experimenting with brand advertising for well over a year.

一年多來，您一直在嘗試品牌廣告。

It's possible that the industry itself just doesn't lend itself well to brand advertising, that performance advertising really is the optimal marketing channel.

有可能這個行業本身並不適合品牌廣告，效果廣告確實是最佳營銷渠道。

When do you reach that point of go, no go, or maybe it's never that point?

你什麼時候到達那個點，不去，或者永遠不會那個點？

But just talk about what's the backstop in case display or brand advertising continues to underperform for you?

但是，如果展示或品牌廣告繼續對您表現不佳，請談談什麼是後盾？

And then, secondly, if I could ask, just talk about the synergies between accommodations and activities.

然後，其次，如果我可以問的話，請談談住宿和活動之間的協同作用。

Glenn, you mentioned it a little bit, but just briefly, are you seeing cases where you're getting customers that are coming in just for activities and you're able to cross-sell them on combinations?

格倫，你提到過一點，但只是簡單地說，你是否看到過這樣的情況：你的客戶只是為了活動而來，並且你能夠通過組合對他們進行交叉銷售？

Or is it almost entirely go the other way?

還是幾乎完全相反？

Just help us think about how much of an opportunity you could face in the next couple of years from the activities segment.

請幫助我們考慮一下您在未來幾年內可以從活動部分獲得多少機會。

Sure, Mark.

當然，馬克。

So in terms of the brand advertising, let's say it's a mixed situation right now, but I think we had laid it out really when David talked about it.

所以就品牌廣告而言，可以說現在是一個混合的情況，但我認為當大衛談到它時我們已經真正地佈局了。

We always want things to do better, but we've always been very clear in saying that we are a company that believes in experiment, test, see results and adjust if things aren't what we want them to be.

我們總是希望事情做得更好，但我們一直非常明確地說，我們是一家相信實驗、測試、查看結果並在事情不是我們想要的情況下進行調整的公司。

So we're going to continue to do that.

所以我們將繼續這樣做。

Though, as David said, we are going to be refining going for the second half of the year, in terms of what the spend will be.

不過，正如大衛所說，我們將在今年下半年根據支出情況進行改進。

I do believe that brand advertising has a important part in the overall way to bring customers to us.

我確實相信品牌廣告在將客戶帶給我們的整體方式中起著重要作用。

Particularly, it brings us direct.

特別是，它給我們帶來直接。

And we've talked about this in the past how important it is for us to continue to build our direct business.

我們過去曾討論過繼續建立我們的直接業務對我們來說有多重要。

That is one of our key strategies going forward.

這是我們未來的關鍵戰略之一。

And I think if you look at some other people in the travel space, you will see that some who have achieved certain positive results by doing brand advertising.

而且我認為如果你看看旅遊空間中的其他一些人，你會看到一些人通過做品牌廣告取得了一定的積極成果。

And we talked in the past how we believe that as things become more and more digitally based, brand advertising has the potential for being much more effective in terms of understanding what the ROIs will be.

我們過去曾談到我們如何相信隨著事物變得越來越數字化，品牌廣告有可能在了解投資回報率方面變得更加有效。

So in terms of when do you say, oh, it's not working, let's stop doing.

所以就你什麼時候說，哦，它不起作用，讓我們停止做。

I don't think that's ever going to happen.

我認為這永遠不會發生。

I think print advertising is always going to be important for anybody who's in the retail business.

我認為印刷廣告對於任何從事零售業務的人來說總是很重要的。

I do believe that we need to continue to work on this and improve upon it, and I'm looking forward to us doing that.

我確實相信我們需要繼續努力並改進它，我期待著我們這樣做。

In terms of your second question about the attractions business, we believe that attractions is a very important part of our connected trip.

關於你的第二個關於景點業務的問題，我們認為景點是我們聯程旅行中非常重要的一部分。

Nobody goes to a city to sit in the hotel.

沒有人去城市住酒店。

They want to do things.

他們想做事。

We believe that providing something that is seamless, frictionless, easy to use and giving people all the information they need to do things, helps provide a better experience in terms of how they are going to get these attractions.

我們相信，提供無縫、無摩擦、易於使用的東西並為人們提供他們做事所需的所有信息，有助於在他們如何獲得這些景點方面提供更好的體驗。

We believe that, and we've seen it very slightly right now, and I said they are very early, but we're seeing benefit from people who have bought an attraction from us, achieve a very seamless, frictionless, easy-to-do thing, and for whatever reason, believe that this is the way we should book travel.

我們相信這一點，我們現在已經看到了一點點，我說他們還很早，但我們看到從我們這裡購買景點的人受益，實現了一個非常無縫、無摩擦、易於-做事，無論出於何種原因，相信這是我們應該預訂旅行的方式。

And they are coming back more frequently.

而且他們回來的頻率更高。

I don't know how big it will be yet, but I do know that we are pleased with the results so far, and we're going to continue to build on it.

我不知道它會有多大，但我知道我們對目前的結果很滿意，我們將繼續在此基礎上繼續發展。

And as I mentioned in my prepared remarks, we're also slowly beginning to roll out the ability to buy attractions separate from having first bought an accommodation.

正如我在準備好的發言中提到的，我們也慢慢開始推出與首次購買住宿分開購買景點的能力。

I don't have any data to come back to you on in terms of how much that's going to make people in the future come and sort of cross-sell the accommodation to them, but I do believe that by bringing people all the things they need when they travel, making a one-stop place to shop, and giving them all the things they need, plus all the customer service that you can bring them in case something goes wrong and being able to fix everything at once, because when things go wrong, they cascade throughout the trip, I believe that provides a better result for the customers and one of the reasons that we will be able build greater loyalty.

我沒有任何數據可以告訴你未來會有多少人來這裡並向他們交叉銷售住宿，但我確實相信通過給人們帶來他們所有的東西他們旅行時需要，打造一站式購物場所，為他們提供所需的一切，再加上您可以為他們提供的所有客戶服務，以防萬一出現問題並能夠立即修復所有問題，因為當事情發生時出錯了，它們會在整個行程中級聯，我相信這會為客戶提供更好的結果，這也是我們能夠建立更高忠誠度的原因之一。

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

您的下一個問題來自 SunTrust 的 Naved Khan。

So I just wanted to dig a little bit into the -- into your commentary, Glenn, about brand spending not being as efficient as you had expected.

所以我只想深入了解一下——格倫，你關於品牌支出沒有你預期的那樣高效的評論。

Is that -- are you referencing the spend you have made in the last 1 or 2 quarters?

那是——你指的是你在過去 1 或 2 個季度的支出嗎？

Or is it the spending that you have been making over the last few quarters, and you realized that it's not where you thought it would come out to be?

或者是您在過去幾個季度中一直在進行的支出，並且您意識到它不是您認為會出現的地方？

And how do I reconcile that with the fact that your direct traffic is still growing faster?

我如何將其與您的直接流量仍在快速增長這一事實相協調？

Well, I am speaking specifically about the new campaign that we launched at the end of February.

好吧，我說的是我們在 2 月底發起的新活動。

And how I reconcile that, the fact that we're still doing well, I guess would be that I'd like us to be doing better.

我如何調和這一點，事實上我們仍然做得很好，我想我希望我們做得更好。

I don't know how else to say that except I'd like to see do better.

除了我希望看到做得更好之外，我不知道還能怎麼說。

And again, I'm not saying it's not doing okay.

再說一次，我並不是說它做得不好。

I'm just saying I'd like it to do better.

我只是說我希望它做得更好。

There are certain parts when you look at our brand health metrics that are good, and you look at some that you would like them to be better.

當您查看我們的品牌健康指標時，某些部分是好的，並且您會看到一些您希望它們更好的部分。

As we said, we're always going to test and learn, and this is just another way that we're going to do it.

正如我們所說，我們總是要測試和學習，這只是我們要做的另一種方式。

Understood.

明白了。

And then a follow-up, if I may.

然後是跟進，如果可以的話。

On your outlook for the third quarter, what are you baking in, in terms of the macro environment and another Brexit deadline sort of looming in October?

關於您對第三季度的展望，就宏觀環境和 10 月即將到來的另一個英國脫歐最後期限而言，您有什麼看法？

Well, we take all factors when we're putting together our guidance, and we do it the same every quarter.

好吧，當我們整理我們的指南時，我們會考慮所有因素，並且我們每個季度都這樣做。

We look at everything we can and put everything into the calculations, and this is what we come up with.

我們盡我們所能，將一切都納入計算，這就是我們得出的結論。

I will say that we all recognize that there are some interesting things happening right now that may have some negative impacts on travel down the road.

我要說的是，我們都認識到現在正在發生一些有趣的事情，這些事情可能會對未來的旅行產生一些負面影響。

And everything from what you've recently seen, certain of those central banks have indicated that the macro environment may be weakening due to certain other parts in terms of unrest between certain countries.

從你最近看到的一切來看，某些中央銀行表示，由於某些國家之間的動盪等某些其他部分，宏觀環境可能正在減弱。

U.S., China being a big one, and then certain local things whether it'd be in Europe or others.

美國，中國是一個大國，然後是某些地方的東西，無論是在歐洲還是其他地方。

So we've put everything together, and this is the number that we came up with.

所以我們把所有東西放在一起，這就是我們想出的數字。

Your next question comes from the line of Lloyd Walmsley from Deutsche Bank.

你的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two questions, if I can.

兩個問題，如果可以的話。

First, Glenn, you guys have, obviously, strong assets across hotel booking, flight metasearch, car rental, restaurants.

首先，格倫，你們顯然在酒店預訂、航班元搜索、汽車租賃和餐廳方面擁有強大的資產。

So when you think about the long-term vision, to what extent are you guys just trying to kind of make the best of the assets you have versus looking at where the product should get to with a clean sheet of paper and kind of building to that vision?

因此，當您考慮長期願景時，你們在多大程度上只是試圖充分利用您擁有的資產，而不是用一張乾淨的紙和某種建築來查看產品應該達到的目標那個願景？

And how do you kind of see these things all working together versus maybe building some new things?

你如何看待這些東西一起工作而不是構建一些新東西？

And what is it going to take in terms of like a tech stack rebuild or otherwise to get there?

就技術堆棧重建或以其他方式實現目標而言，需要採取什麼措施？

And then, I guess, just a second one, Glenn, any big changes we should expect at Booking.com as you kind of take the reins as the CEO operating that asset moving forward?

然後，我想，再問一下，Glenn，當您接管 CEO 的職位後，我們應該期待 Booking.com 發生什麼大的變化來運營該資產？

Yes.

是的。

So Lloyd, in all things tech, you always would love to start everything with a green field, a clean sheet -- clean piece of paper and do everything with all the newest technology, but nobody ever has a chance to do that.

所以勞埃德，在所有的技術領域，你總是喜歡從一片綠地開始一切，一張乾淨的紙——一張乾淨的紙，用所有最新的技術做每件事，但沒有人有機會這樣做。

You've already built old things that you now have to retro, refactor, bring things together.

您已經構建了舊的東西，現在您必須對其進行回顧、重構、整合。

The vision is clear that we want to provide our customers with a seamless holistic system that gives and does everything for travel and makes their lives easier and gives more value to them.

願景很明確，我們希望為我們的客戶提供一個無縫的整體系統，為旅行提供一切服務，讓他們的生活更輕鬆，並為他們提供更多價值。

In certain areas, that's going to be put together fairly easily, and you're seeing it happen already.

在某些領域，這將相當容易地組合在一起，而且你已經看到它發生了。

For example, a simple one, I've talked about it in the past.

比如一個簡單的，我以前講過。

OpenTable.

打開表。

Now if you use the dining points that you get from OpenTable, you can use those and get a hotel, simple example.

現在，如果您使用從 OpenTable 獲得的就餐點數，您可以使用這些點數獲得酒店，簡單的例子。

We mentioned that Priceline has a great new package product, and we're going to be leveraging that across all of our brand companies.

我們提到 Priceline 有一個很棒的新包裝產品，我們將在我們所有的品牌公司中利用它。

Not that hard to do.

沒那麼難做。

Other things are going to require a little more effort, and I can't give you any sort of dollar amounts for investments.

其他事情將需要更多的努力，我不能給你任何形式的投資金額。

I can't give you a time line, but I can say that we have the best possibility, I believe, of anyone to put this together.

我不能給你一個時間表，但我可以說，我相信我們最有可能把它放在一起。

Scale matters in these things, and we can afford to put the investments and then create this, one.

在這些事情中，規模很重要，我們有能力進行投資，然後創造這個，一個。

Two, one of the key things to make these systems successful in the end, it's not just the technology, it's all the data you get from all the different parts of the travel ecosystem and put it together, along with the money you've invested and all your machine learning, your AI specialist, who create the personalization that really gives greater value to the customers.

第二，最終使這些系統取得成功的關鍵因素之一，不僅僅是技術，還包括您從旅游生態系統的所有不同部分獲得併將其整合在一起的所有數據，以及您投入的資金以及你所有的機器學習，你的人工智能專家，他們創造了真正為客戶帶來更大價值的個性化。

So I believe in the end, we have -- I believe we have an advantage over almost anybody.

所以我相信最終，我們有——我相信我們比幾乎任何人都有優勢。

And what was your second question?

你的第二個問題是什麼？

The second question was just, how should we expect things to change at Booking.com now that you're kind of taking the reins as the CEO of that asset in addition to Group CEO?

第二個問題是，既然您在集團首席執行官之外還擔任該資產的首席執行官，那麼我們應該如何期待 Booking.com 的事情發生變化？

Well, it kind of ties to that first question, actually.

好吧，這實際上與第一個問題有關。

One of the benefits that I've had is being part of bringing all the different companies into the group.

我獲得的好處之一是參與了將所有不同的公司納入集團的工作。

So I know what they do well.

所以我知道他們擅長什麼。

I know where our strengths are, and I know how they can work together.

我知道我們的優勢在哪裡，我知道它們如何協同工作。

And one of the key things is understanding all the senior management and all the different companies and helping us all work together to create this greater system.

關鍵之一是了解所有高級管理層和所有不同的公司，並幫助我們共同努力創建這個更大的系統。

So that's one of the biggest reasons.

所以這是最大的原因之一。

The second reason is I want to bring the execution rate faster.

第二個原因是我想加快執行速度。

I want to make things happen quicker.

我想讓事情發生得更快。

I believe that urgency is important in this business, and I want to come and bring this new holistic system to our customers faster.

我相信緊迫性在這項業務中很重要，我想更快地將這個新的整體系統帶給我們的客戶。

Your next question comes from the line of Justin Post from Bank of America Merrill Lynch.

你的下一個問題來自美銀美林的 Justin Post。

Maybe one short term and one longer term.

也許一份短期一份長期。

David, could you remind us your exposure to Brexit?

大衛，你能提醒我們你對英國脫歐的了解嗎？

I think that was one of the factors that maybe -- that were pushed out of 1Q bookings.

我認為這可能是被排除在第一季度預訂之外的因素之一。

Just exposure to the U.K. and how you see a no-deal Brexit?

剛剛接觸英國，你如何看待無協議脫歐？

And then longer term, maybe, Glenn, this is for you.

然後從長遠來看，也許，格倫，這是給你的。

You beat bookings by $1 billion in the quarter, better room nights.

您在本季度的預訂量超過了 10 億美元，更好的間夜數。

Are any of the longer-term initiatives -- I know you said branding maybe not as well, but merchandising is working, really making a difference at this point and give you encouragement on a longer-term basis?

是否有任何長期舉措——我知道你說品牌可能不太好，但商品營銷正在發揮作用，在這一點上確實有所作為，並在長期基礎上給你鼓勵？

Okay.

好的。

Sure.

當然。

Justin, sure.

賈斯汀，當然。

So let me go to Brexit first.

所以讓我先談談英國脫歐。

We've not disclosed how much the U.K. is.

我們沒有透露英國有多少。

I think a couple of years ago, we went back in 2016 and said it was less than 10% of our business.

我想幾年前，我們回到 2016 年時說它還不到我們業務的 10%。

And broadly, that's not too bad a data point to think about.

從廣義上講，這不是一個值得考慮的數據點。

What we see happening simply in these situations is around an event, people might slow down, and they get nervous.

在這些情況下，我們看到發生的只是圍繞著一個事件，人們可能會放慢速度，他們會變得緊張。

But after the event, they kind of recover.

但在事件發生後，他們有點恢復。

So we saw that in the early part of the year that went.

所以我們在今年年初看到了這一點。

It looked like there was a Brexit going to happen in the early part of the year into the U.K. We saw a bit of a slowdown, then we saw a nice rebound in the market when it looked like that was being pushed off.

看起來英國脫歐將在今年年初進入英國。我們看到了一點放緩，然後當它看起來被推遲時，我們看到市場出現了不錯的反彈。

So I think we do see some short-term sentiment change around the actual event itself.

所以我認為我們確實看到圍繞實際事件本身的一些短期情緒變化。

Obviously, there's 2 factors here.

顯然，這裡有兩個因素。

There's what level of uncertainty is great.

有什麼程度的不確定性很大。

And then if there's any impact to the currency, does that devalue the pound?

然後，如果對貨幣有任何影響，那會使英鎊貶值嗎？

Does that make it more expensive for British travelers to go overseas?

這是否會使英國遊客出國的費用更高？

But generally, our experiences have been short term in nature and they rebound quickly.

但總的來說，我們的經曆本質上是短期的，而且很快就會反彈。

So it's hard to give a precise number.

所以很難給出一個準確的數字。

But as Glenn said, we kind of looked at all those things.

但正如格倫所說，我們有點看了所有這些東西。

Right now, of course, that's looking like a Q4 thing rather than a Q3 thing, but it's something that we're watching quite carefully.

現在，當然，這看起來像是第四季度的事情而不是第三季度的事情，但這是我們正在非常仔細地觀察的事情。

And in terms of what our investments to date and what we think that's done in terms so far for us, I think we have so much upside still ahead of us.

就我們迄今為止的投資以及我們認為到目前為止為我們所做的事情而言，我認為我們還有很多上行空間。

We really haven't started to get the great benefits I believe we're going to get at what we're trying to create and all the things that we're spending money on.

我們真的還沒有開始獲得巨大的好處，我相信我們將獲得我們正在努力創造的東西以及我們正在花錢購買的所有東西。

And I can give you some examples of things that I see down the road, and they all come together.

我可以給你一些我在路上看到的事情的例子，它們都聚集在一起。

And we've talked a little bit about attractions already.

我們已經談了一些景點。

But I believe that is a big win.

但我相信這是一個巨大的勝利。

Not a lot of people are using it yet.

目前還沒有很多人在使用它。

Yes, we have over 100,000 different things people can do.

是的，人們可以做超過 100,000 種不同的事情。

And yes, we have more cities, but that 200 and something locations, that's relatively small compared to the world, but even more so the awareness of it.

是的，我們有更多的城市，但是那 200 多個地點，與世界相比相對較小，但對它的認識更是如此。

So we're going to be pushing that out.

所以我們將把它推出來。

The thing I mentioned about that ground transportation, I believe when you can provide a much more efficient, seamless way to get that ride from your home to the airport, to the hotel and then to do things, I believe that's going to help increase things.

我提到的關於地面交通的事情，我相信當你可以提供一種更高效、更無縫的方式從你家到機場、到酒店然後做事時，我相信這將有助於增加事情.

When I look at things like we've talked about our investments in Grab and DiDi, we have not yet rolled out those apps that will enable the people to be able to get around very efficiently using the Booking.com or the Agoda apps.

當我看到我們已經談到我們對 Grab 和滴滴的投資時，我們還沒有推出那些能讓人們能夠使用 Booking.com 或 Agoda 應用程序非常高效地出行的應用程序。

So there's so many things down the road that we have not yet begun to actually see the results in the top and bottom lines.

所以在路上有很多事情我們還沒有開始真正看到頂線和底線的結果。

And I am just very encouraged about the future.

我對未來感到非常鼓舞。

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

你的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. Glenn, just to go back to sort of the connected trip and sort of your comments about frequency.

我有 2. Glenn，只是想回到連接旅行的排序和您對頻率的評論。

You mentioned it a little bit, in the previous question, but we've seen OpenTable partner with Caviar and GrubHub and UberEats.

您在上一個問題中提到了一點，但我們已經看到 OpenTable 與 Caviar、GrubHub 和 UberEats 合作。

Just talk to us about how you think about potentially using food delivery a high-frequency purchase potentially helping the overall booking business grow faster in the U.S. Is that potentially a way to grow it even better than branded advertising?

請與我們談談您如何看待潛在地使用送餐服務進行高頻購買，從而有可能幫助美國的整體預訂業務更快地增長。這是否有可能成為比品牌廣告更好的增長方式？

And the second one, a couple of quarters ago, you gave us an update on the size of the alternative accommodations business.

第二個，幾個季度前，您向我們介紹了另類住宿業務規模的最新情況。

We think it's growing pretty quickly.

我們認為它的增長非常快。

Any help at all on how fast that business is growing?

關於該業務增長速度的任何幫助？

Or how large that piece is becoming in the overall room nights?

或者這部分在整個間夜量中變得有多大？

So let me just do the second part first because that's relatively easy.

所以讓我先做第二部分，因為這相對容易。

We haven't given any more disclosure about that.

我們沒有對此進行更多披露。

I should say they're still growing faster than our other -- our main hotel business.

我應該說他們的增長速度仍然快於我們的其他業務——我們的主要酒店業務。

So that's about the only color I can give you to date on that.

所以這是迄今為止我能給你的唯一顏色。

In regards to OpenTable, there are really 2 things to think about here.

關於 OpenTable，這裡確實有兩件事需要考慮。

There's the thing I've always talked around in the past.

這是我過去一直在談論的事情。

The reason we bought OpenTable, and we always joke about it and I say it all the time, that 100% of our customers, when they're traveling, don't eat at home.

我們購買 OpenTable 的原因，我們總是拿它開玩笑，我一直在說，我們 100% 的客戶在旅行時都不在家吃飯。

So this is a great service to provide to them.

因此，這是為他們提供的一項很棒的服務。

But the other thing which you mentioned, which is something a little different, and it actually is an important thing, and that is the awareness factor.

但是你提到的另一件事有點不同，它實際上是一件重要的事情，那就是意識因素。

And if you look at one of the companies that we've made an investment in, in China, Meituan, which really started out with the delivery business, and then moved into the travel business, and using high frequency of food delivery to develop a customer base that was then pushing out of travel, that is a way to help increase the awareness of your travel business.

如果你看看我們在中國投資的其中一家公司，美團，它真正從外賣業務起家，然後進入旅遊業務，並利用高頻食品外賣發展的客戶群，然後推出旅遊，這是一種幫助提高旅遊業務知名度的方式。

So that is a positive.

所以這是積極的。

Now whether better or worse than brand advertising, I don't have ROIs in front of me because we're just rolling it out right now, but I do see that as a way to help increase the awareness of our travel business.

現在，無論比品牌廣告好還是壞，我面前都沒有投資回報率，因為我們現在才剛剛推出，但我確實認為這是一種有助於提高我們旅遊業務知名度的方式。

And again, also to merchandising opportunities that come to mind in terms of when you have more than one service, you can do all different types of value plays.

同樣，對於當您擁有不止一項服務時想到的商品銷售機會，您可以進行所有不同類型的價值遊戲。

It helps make people want to continue to come and use your service more often.

它有助於讓人們想要繼續來更頻繁地使用您的服務。

Your next question comes from the line of Deepak Mathivanan from Barclays Capital.

你的下一個問題來自巴克萊資本的 Deepak Mathivanan。

So first one, I wanted to ask about the customer acquisition programs like loyalty and referrals.

所以第一個，我想問一下忠誠度和推薦等客戶獲取計劃。

David, you've noted that they are performing better.

大衛，你注意到他們的表現更好了。

Are the ROIs on these programs currently comparable with some of the other performance standards?

這些項目的投資回報率目前是否可以與其他一些績效標準相媲美？

Or when do you think we can reach that?

或者你認為我們什麼時候可以達到？

And then how big are these programs currently in terms of driving transactions?

那麼這些程序目前在推動交易方面有多大？

And then the second piece of it, also for David, the 12% room night that you reported was very strong, well above your forecast.

然後是第二部分，也是對大衛而言，您報告的 12% 間夜率非常強勁，遠高於您的預測。

Clearly, 3Q, as you pointed out, is kind of like a unique quarter.

顯然，正如您所指出的，第三季度有點像一個獨特的季度。

Trends were being strong later last year.

去年晚些時候趨勢強勁。

So should we think of the 3Q guide in the context of extra conservatism for the uncertainty in the back end that you haven't seen this year?

那麼，我們是否應該在今年未曾見過的後端不確定性的額外保守主義背景下考慮 3Q 指南？

Okay.

好的。

Let me take 2 those questions, Deepak.

Deepak，讓我回答兩個問題。

So now I commented on the customer acquisition programs.

所以現在我評論了客戶獲取計劃。

So if you remember, there were one of the 3 areas that we were investing.

因此，如果您還記得的話，我們正在投資的 3 個領域之一。

We talked about the -- a few points of EBITDA growth investments would cost us this year.

我們談到了 - 今年 EBITDA 增長投資的幾個點將使我們付出代價。

And there was one of the 3 areas, with obviously, merchandising and brand being the other 2.

並且有 3 個領域之一，顯然，商品銷售和品牌是另外兩個。

As I mentioned, we see positive results on some of those programs, not all of them, but we're always moving our spend towards the ones that have the higher ROIs.

正如我所提到的，我們在其中一些項目中看到了積極的結果，而不是全部，但我們總是將我們的支出轉移到具有更高投資回報率的項目上。

We're not in a position to make a comparison here between the different brands, but positive ROI compared to our expectations.

我們無法在這裡對不同品牌進行比較，但與我們的預期相比，投資回報率是正的。

And then also, for obvious reasons, we're not going to sit here and tell you exactly which ones are working or not either, and you wouldn't want us to either think either as members of our environments.

然後，出於明顯的原因，我們不會坐在這裡告訴您確切的哪些正在工作或沒有，您也不希望我們將其中任何一個視為我們環境的成員。

But we're pleased about the ones that -- we rolled out a number of them.

但我們很高興 - 我們推出了其中的一些。

We've obviously pulled some back.

我們顯然已經撤回了一些。

We've focused upon some.

我們專注於一些。

The ones that we are now focused upon are doubling down on we think our ROIs and are driving growth.

我們現在關注的是我們認為我們的投資回報率加倍，並正在推動增長。

As I mentioned, the early stages, in totality, these investment programs, they're not making a huge difference to our room night growth this year.

正如我所提到的，總體而言，這些投資計劃的早期階段並沒有對我們今年的間夜增長產生巨大影響。

I talked about the fact we now expect the returns are going to be more similar across the first half and the second half.

我談到了一個事實，我們現在預計上半年和下半年的回報將更加相似。

So that's the color I can give you on the customer acquisition programs.

這就是我可以在客戶獲取計劃中給你的顏色。

Back to Q3 room night guide, I'm not going to repeat what I said on the first -- on the answer to the first question.

回到 Q3 房夜指南，我不打算重複我在第一個問題中所說的話——關於第一個問題的答案。

I've covered a number of points on that, but I think that what you should assume is that our approach to guidance hasn't changed.

我已經介紹了很多關於此的要點，但我認為你應該假設我們的指導方法沒有改變。

We cannot look at everything in front of us, and I think we are consistent in terms of how we call our guidance and what our expectation is vis-à-vis guidance.

我們無法看到眼前的一切，我認為我們在如何稱呼我們的指導以及我們對指導的期望方面是一致的。

I'd say, obviously, these year-on-year compares when you are looking at comparing unusual events making our process just a little bit harder.

我想說的是，很明顯，當您比較不尋常的事件時，這些同比比較會使我們的流程變得更加困難。

And obviously, we were pleased to the positive in June, and we know we have a strong compare coming up against us in September.

顯然，我們對 6 月份的積極表現感到高興，而且我們知道 9 月份我們將面臨一個強有力的比較。

But as we said, we cannot factor all into account, plus the macro things that Glenn talked about, and give us -- and give you our best view of guidance taking those things into account and try to be consistent in terms of how we do that vis-à-vis our expectations.

但正如我們所說，我們不能將所有因素都考慮在內，加上 Glenn 談到的宏觀因素，然後給我們 - 並為您提供我們最好的指導觀點，將這些因素考慮在內，並努力在我們的工作方式上保持一致這與我們的期望背道而馳。

Your next question comes from the line of Doug Anmuth from JPMorgan.

你的下一個問題來自摩根大通的 Doug Anmuth。

This is Dae Lee on for Doug.

這是道格的大李。

Just a question on reducing friction.

只是關於減少摩擦的問題。

You talked about it a lot.

你談了很多。

And you talked about the ways you could do that across kind of a trip.

你談到了你可以在一次旅行中做到這一點的方法。

But looking more specifically on the accommodations side, are there consumer pain points that you think you could help improve going forward?

但更具體地看一下住宿方面，您認為您是否可以幫助改善未來的消費者痛點？

I assume payments help there, but are there other areas where you see opportunity?

我認為付款在這方面有所幫助，但您是否在其他領域看到了機會？

And then, turning to accommodation.

然後，轉向住宿。

In the past, you talked about wanting to onboard more single-unit supply.

過去，您談到要增加單機供應。

Could you give us an update on how you're doing there?

你能告訴我們你在那裡的最新情況嗎？

So in terms of reducing that friction, and you mentioned payments, there is a very important area, people want to pay in different ways, but not every accommodation has the ability or even wants to have the ability to accept payment that way.

因此，就減少摩擦而言，你提到了付款，有一個非常重要的領域，人們希望以不同的方式付款，但並非每個住宿都有能力甚至希望有能力以這種方式接受付款。

As you know, Booking.com grew up on an agency platform where the customer paid at the desk, at the hotel, at the end of the stay.

如您所知，Booking.com 是在一個代理平台上發展起來的，在這個平台上，客戶在入住結束時在酒店前台、酒店付款。

That doesn't work so well.

那不太管用。

If somebody wants to use M-Pesa or Paytm, and I can go through an incredibly large number of different payment methods.

如果有人想使用 M-Pesa 或 Paytm，我可以使用大量不同的支付方式。

We removed that friction.

我們消除了這種摩擦。

Somebody can come to us and use the payment method they want, and we're then able to pay the accommodation in an easy way.

有人可以來找我們並使用他們想要的付款方式，然後我們就可以輕鬆地支付住宿費。

So right away, that's removing a part of the friction but goes much beyond that.

所以馬上，這就消除了一部分摩擦，但遠遠不止於此。

And so, for example, in the attractions, when somebody has already booked a hotel with us in Booking.com and then goes to get an attraction, I've used the service, and I'm looking at something to do, I just one click, my payment method is already in the Booking.com system.

因此，例如，在景點中，當有人已經在 Booking.com 上通過我們預訂了酒店然後去景點時，我已經使用了該服務，並且正在尋找可以做的事情，我只是一鍵，我的支付方式已經在Booking.com系統中了。

I don't have to do anything else.

我不需要做任何其他事情。

So when I'm going, I'm just showing a QR code at the place of attraction, and I'm through the line.

所以我去的時候只要在景點出示一個二維碼，就可以過線了。

Much easier.

容易多了。

Really removes that issue.

真正消除了那個問題。

And even more so, you can do all friction merchandising we talked about, suppliers that want more demand can offer up to us lower prices that we can then push out to our customers and bring more demand to those suppliers.

更重要的是，您可以進行我們談到的所有摩擦營銷，想要更多需求的供應商可以向我們提供更低的價格，然後我們可以將這些價格推給我們的客戶並為這些供應商帶來更多需求。

Lots of ways to play with that.

有很多方法可以玩這個。

So I think there are all different ways, and I think that's one of things down the road that again will give people a reason to be using our service throughout their travel trip.

所以我認為有很多不同的方式，我認為這是未來的事情之一，它會再次讓人們有理由在整個旅行過程中使用我們的服務。

Regarding single properties, we haven't given any more data about that.

關於單一屬性，我們還沒有提供更多相關數據。

But it's doing well.

但它做得很好。

Look, we know how important it is.

看，我們知道這有多重要。

We know it's critical to continue to have an incredible breadth of different types of alternative accommodations, and I'm pleased with what's being done around the world on that, but I don't have a specific number to give you on that.

我們知道繼續擁有廣泛的不同類型的替代住宿至關重要，我很高興世界各地在這方面所做的工作，但我沒有具體數字可以告訴你。

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

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe building on some of the questions from earlier in the call.

也許是基於電話會議早些時候提出的一些問題。

Glenn, if you look out past 2019 and probably more qualitatively than quantitatively, when you look at the different buckets of investments you're trying to make and you're thinking about some of the yield and the momentum around those investments, what's sort of the medium to longer-term thinking about the investments where, while it might be early to think multiyear, you'd rather lean in and you're seeing better-than-expected returns.

格倫，如果你回顧 2019 年，可能更注重定性而不是定量，當你審視你試圖進行的不同投資類別，並考慮這些投資的一些收益和勢頭時，什麼樣的關於投資的中長期思考，雖然現在考慮多年可能還為時過早，但您寧願投入其中，而且您會看到好於預期的回報。

And investors should think of those as areas that are going to continue to be a neutral-to-rising area of focus for incremental investments, and how you think about balancing sort of margins versus the revenue yield that comes from those investments on a multiyear view?

投資者應該將這些領域視為將繼續成為增量投資的中性至上升重點領域，以及您如何考慮平衡利潤率與多年期這些投資帶來的收益收益率？

Yes.

是的。

We always try and maintain a good balance.

我們總是努力保持良好的平衡。

In any investment we make, we're always looking at what's the return?

在我們進行的任何投資中，我們總是關注回報是多少？

How fast?

多快？

And is it something that we should spend more or less on and continue to modify as we go throughout.

我們是否應該或多或少地花錢在這上面，並在我們進行的過程中繼續修改。

And as you get further out trying to make what you think you're going to end up spending in terms of things, it's very hard to know now, but I do want to give confidence to our investors that our historical record of always being careful with our funds and using it appropriately is something that should give them comfort.

隨著你進一步嘗試做出你認為你最終會在事物方面花費的東西，現在很難知道，但我確實想讓我們的投資者相信我們一直保持謹慎的歷史記錄用我們的資金並適當地使用它應該會讓他們感到安慰。

That being said, we know that there is a bit of a race for this connected trip.

話雖這麼說，我們知道這次連接旅行有點像一場比賽。

We know that our competitors are trying to build something very similar.

我們知道我們的競爭對手正在嘗試構建非常相似的東西。

We know that people who are very large suppliers talk about being able to bring other services with them, too, and you look at people who may not be considered to be classic competitors of ours, but are very, very big in the travel space, are also talking about putting these things together.

我們知道，那些非常大的供應商也談論能夠帶來其他服務，你看看那些可能不被認為是我們的經典競爭對手，但在旅行領域非常非常大的人，也在談論把這些東西放在一起。

Given that, if we see the opportunity to increase spend, if we're getting the return that we like, we may accelerate, but these are things we'll see down the road.

鑑於此，如果我們看到增加支出的機會，如果我們得到我們喜歡的回報，我們可能會加速，但這些都是我們會在未來看到的事情。

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

你的下一個問題來自高盛的 Heath Terry。

Just looking at the guidance for Q3, there's about a 300 basis point delta between your guidance for gross bookings and your guidance for room night growth.

只要看看第三季度的指導，總預訂量指導與間夜增長指導之間就有大約 300 個基點的差值。

And we've seen that sort of widening over the last few quarters.

我們在過去幾個季度看到了這種擴大。

Just curious if you can give us a sense of sort of what's behind that?

只是好奇您是否可以讓我們了解這背後的原因？

Is it a question of mix?

是混搭的問題嗎？

Is it a question of access to specific types of inventory within hotels?

這是一個訪問酒店內特定類型庫存的問題嗎？

Any sort of insight that you could share with us on what's driving that?

您可以與我們分享有關驅動因素的任何見解嗎？

Sure.

當然。

So this is David.

所以這是大衛。

Let me give you the answer to that.

讓我給你答案。

So the main driver in that difference in Q3 is ADRs, which, as I mentioned -- which were down 150 basis points in Q2 and we're forecasting to be down 250 basis points in Q3.

因此，第三季度差異的主要驅動因素是 ADR，正如我提到的那樣 - 第二季度下降了 150 個基點，我們預測第三季度將下降 250 個基點。

The underlying trends are actually quite similar, but in Q3, you've got this additional compare of a year ago when we actually had a rather unusual increase in ADRs.

潛在趨勢實際上非常相似，但在第三季度，你得到了一年前的額外比較，當時我們的 ADR 實際上有相當不尋常的增長。

They're up over 1% year-on-year.

同比增長超過 1%。

So then the real question is kind of what's driving those ADRs in Q2 that are kind of more consistently running into Q3 and excluding that kind of lapping effects.

因此，真正的問題是，是什麼推動了第二季度的那些 ADR，這些 ADR 更穩定地進入第三季度，並排除了那種重疊效應。

And there's basically 3 factors that are driving those ADRs.

基本上有 3 個因素在推動這些 ADR。

One is some local rate and pricing pressure, some geo mix factors, where some of the lower ADR countries are growing high -- faster than some of the higher ADR countries around the world.

一個是一些當地的利率和定價壓力，一些地理混合因素，其中一些較低的 ADR 國家正在增長 - 比世界上一些較高的 ADR 國家更快。

And then, we're also seeing some kind of rate pressure, particularly for people coming into the U.S., where the dollar has been strengthening against the euro in some important destinations like New York and Miami, where European travelers are still going on sort of vacations to those locations, but they may be trading down in the size of the hotel or the star ratings of the hotel that they're moving into because, obviously, the euro has been growing less far in the U.S.

然後，我們也看到了某種利率壓力，特別是對於進入美國的人來說，在紐約和邁阿密等一些重要目的地，美元兌歐元一直在走強，歐洲遊客仍在繼續到這些地方度假，但他們可能會降低酒店的規模或他們要入住的酒店的星級，因為很明顯，歐元在美國的增長幅度較小。

So those are the facts that are kind of really driving the 1.5% we saw in Q2.

所以這些是真正推動我們在第二季度看到的 1.5% 的事實。

Then you've got this additional lapping factor in Q3 that gives you the difference, which we talked about.

然後你在第三季度獲得了這個額外的重疊因素，它給你帶來了差異，我們已經談到了這一點。

And so I mean if we look at the industry data, ADRs have generally been increasing.

所以我的意思是，如果我們看一下行業數據，ADR 總體上一直在增加。

And so is this something that you feel like is unique to bookings customer base and just the mix of customers that you have given your heavy European exposure?

那麼，這是否是您認為預訂客戶群所獨有的東西，以及您在歐洲擁有大量業務的客戶組合？

Or is there something else that's sort of different between the third-party industry numbers that we all see and what you're seeing in your business?

或者我們都看到的第三方行業數字與您在您的業務中看到的數字之間是否存在其他差異？

Yes.

是的。

I think it's -- we certainly have some geo mix factors that we have -- obviously, a large percentage of our booking base coming into -- or coming from Europe because we are very global, but we still have a big European presence.

我認為這是 - 我們當然有一些我們擁有的地理混合因素 - 顯然，我們的很大一部分預訂基礎來自 - 或者來自歐洲，因為我們非常全球化，但我們在歐洲仍然有很大的影響力。

And obviously, as the euro has weakened, that has affected some of these factors that we talked about, particularly for people traveling from Europe into U.S. or into other parts of the world like Asia, where currency is kind of pegged more to the U.S. or have done stronger by themselves.

顯然，隨著歐元走弱，這影響了我們談到的一些因素，特別是對於從歐洲到美國或世界其他地區（如亞洲）旅行的人來說，亞洲的貨幣更多地與美國掛鉤或自己做得更強。

So that's what we see happening.

這就是我們看到的情況。

I think that the rate that we saw in Q2 is kind of more indicative of the underlying trend that we're seeing.

我認為我們在第二季度看到的利率更能說明我們所看到的潛在趨勢。

And obviously, to the extent that some of those currency changes start to move the other way, we could see things pick up.

顯然，就其中一些貨幣變化開始向相反方向發展的程度而言，我們可以看到情況有所好轉。

But that's what we're seeing.

但這就是我們所看到的。

Your next question comes from Jed Kelly from Oppenheimer.

你的下一個問題來自奧本海默的傑德凱利。

Just on the earlier comments on one grow faster in the U.S. region, is that more of a supply issue or trying to penetrate more relationships with property managers?

就早先關於美國地區增長更快的評論而言，這更多是供應問題還是試圖滲透與物業經理的更多關係？

Just how do you view the strategy?

您如何看待該戰略？

And then, on digital advertising, I realize it's harder to extract rental growth in Google, but how do you view your social strategy, particularly with Instagram giving some of the location advertising it's offering?

然後，在數字廣告方面，我意識到很難在谷歌中獲得租金增長，但你如何看待你的社交策略，尤其是在 Instagram 提供它提供的一些位置廣告的情況下？

And then how do you view your social strategy?

那麼你如何看待你的社交策略？

All right.

好的。

So in terms of the U.S., and I wanted -- look, we want to -- the U.S. is a great opportunity for us because we're underindexed.

所以就美國而言，我想——看，我們想——美國對我們來說是一個很好的機會，因為我們的指數不足。

And that's something that we've recognized, a need to do better and to try and get more than our fair share is what we always want.

這是我們已經認識到的事情，需要做得更好並嘗試獲得超出我們公平份額的東西是我們一直想要的。

And that's many things we want to do.

這就是我們想要做的很多事情。

It's not just a supply in the alternative accommodation, that's one small part of the business.

這不僅僅是替代住宿的供應，這是業務的一小部分。

It's all areas.

都是地區。

It's the merchandising we talk about.

這是我們談論的營銷。

It's being able to provide a payment product in the U.S. for U.S. customers that is effective and efficient.

它能夠在美國為美國客戶提供有效且高效的支付產品。

There are many different areas, so I see that is all upside for us, and it's something that excites me.

有很多不同的領域，所以我認為這對我們來說都是有利的，這讓我很興奮。

The second thing about the social is interesting because in many parts -- well, in some parts of the world, our usual way of getting demand is not effective.

關於社交的第二件事很有趣，因為在許多地方——好吧，在世界的某些地方，我們通常獲取需求的方式並不有效。

There is no Google in China, for example.

例如，中國沒有谷歌。

So you need to have another strategy, and that many things are social.

所以你需要有另一種策略，而且很多東西都是社交的。

And we do see more and more people using social as a way to make decisions for travel.

我們確實看到越來越多的人使用社交作為做出旅行決定的方式。

And we meet with all the key players in different parts of social, whether the people at Instagram, Facebook, Snap, even Twitter and always looking, what is the best way to try and bring customers to our site?

我們會見了社交不同領域的所有主要參與者，無論是 Instagram、Facebook、Snap，甚至是 Twitter 的人，他們一直在尋找嘗試將客戶吸引到我們網站的最佳方式是什麼？

What's the most efficient way with a good ROI?

獲得良好投資回報率的最有效方法是什麼？

And we're working all the time with them.

我們一直在與他們合作。

I will be open and say that is not -- the ROIs are not as effective, and it's not as easy to scale yet as some of our other long-term use channels like Google, for example.

我會開誠佈公地說這不是——投資回報率並不那麼有效，而且它不像我們其他一些長期使用的渠道（例如穀歌）那樣容易擴展。

That being said, we are going to continue to work on it.

話雖這麼說，我們將繼續努力。

We're going to continue to work with all these different companies because we do believe that this will be an important leg down the road to bring in demand.

我們將繼續與所有這些不同的公司合作，因為我們相信這將是增加需求的重要途徑。

Your next question comes from the line of James Lee from Mizuho Securities.

你的下一個問題來自瑞穗證券的James Lee。

On the room night growth outperformance in 2Q, can you guys be maybe a little bit more specific as to which regions that you guys are seeing strength and why?

關於第二季度的間夜增長表現，你們能否更具體地說明你們在哪些地區看到了優勢以及為什麼？

And also, Glenn, you can comment about this, China outbound travel, what kind of trends are you seeing, especially given the tension between U.S. and China at this point?

還有，格倫，你可以評論一下，中國出境游，你看到什麼樣的趨勢，特別是考慮到目前美國和中國之間的緊張關係？

James, this is David.

詹姆斯，這是大衛。

Let me take the first one.

讓我拿第一個。

I think we're relatively clear where we saw the outperformance versus our expectations in Q2.

我認為我們相對清楚我們在第二季度看到了超出我們預期的表現。

It was very much in Europe, where we saw most of the impacts from the unusual combination of the unfavorable weather patterns in the World Cup happening in Europe last year.

這在歐洲非常普遍，我們看到了去年在歐洲發生的世界杯中不利天氣模式的不尋常組合的大部分影響。

I say that we didn't see all those impacts just in Europe because some -- certain other countries who did well and are very football-centric also had a strong June as well.

我說我們並沒有在歐洲看到所有這些影響，因為一些 - 某些表現良好且非常以足球為中心的其他國家也有強勁的六月。

But the major impact was, again, doesn't compare.

但主要影響是，再一次，無法比較。

The major impact was -- Europe was, in June.

主要影響是——歐洲是在 6 月份。

And as I mentioned, what's happened now is that we've had lower expectations, lower expectations in both Q1 and Q2 for Europe, but Europe is outperforming in both quarters vis-à-vis our expectations.

正如我所提到的，現在發生的事情是我們對歐洲的第一季度和第二季度的預期較低，但歐洲在兩個季度的表現都超出了我們的預期。

But we do recognize that the macro environment in Europe remains cautious.

但我們確實認識到歐洲的宏觀環境仍然謹慎。

And we all read the same headlines and economic outlooks, et cetera, coming out of Europe and out of the region.

我們都閱讀了來自歐洲和該地區的相同頭條新聞和經濟前景等等。

But we'd be pleased with our results in Europe in both Q1 and Q2 vis-à-vis our expectation.

但我們對我們在第一季度和第二季度在歐洲的業績都符合我們的預期感到滿意。

I think we were relatively clear as to where that was happening.

我認為我們相對清楚發生了什麼。

So hopefully that answers the first part, and I'll ask -- hand over to Glenn to talk about China outbound.

所以希望這能回答第一部分，我會問 - 交給格倫來談談中國出境。

Yes.

是的。

China outbound, interesting situation.

中國出境，有趣的情況。

I assume you're aware that 2018, for example, was the first time that China to U.S. was an actual decline, not an increase in terms of total number of Chinese travelers coming to the U.S.

我想你知道，例如，2018 年是中國赴美旅遊人數首次出現實際下降，而不是來美國的中國遊客總數的增加。

Our business definitely is impacted by these type of events, such as U.S.-China trade disputes, and then you see things happening on TV in Hong Kong.

我們的業務肯定會受到此類事件的影響，例如美中貿易爭端，然後您會在香港的電視上看到發生的事情。

You read about things happening in terms of people going from China to Taiwan, from mainland to Taiwan, and there are being -- certain restrictions being put in place there.

你讀到過關於人們從中國大陸到台灣，從大陸到台灣的事情，那裡有一些限制。

So all sorts of different things that are impacting the outbound business.

因此，影響出境業務的各種不同的事情。

Our point, though, is China is a great opportunity for the long run.

不過，我們的觀點是，從長遠來看，中國是一個巨大的機遇。

There's, in the long run, going to be a lot more Chinese travelers outbound, so it's important that one doesn't just pull back because of any sort of short-term blip.

從長遠來看，將會有更多的中國遊客出境，因此重要的是不要因為任何短期的曇花一現而退縮。

We have approximately 1,000 people in China working to make sure we're providing great service to the Chinese travelers.

我們在中國有大約 1,000 名員工致力於確保我們為中國遊客提供優質服務。

And we'll continue to do what is appropriate to build our Chinese business because we do believe that this will be a long-term benefit to our company.

我們將繼續做適當的事情來建立我們的中國業務，因為我們相信這將為我們公司帶來長期利益。

Your last question comes from the line of Dan Wasiolek from Morningstar.

你的最後一個問題來自 Morningstar 的 Dan Wasiolek。

Just going back to the connected trip.

只是回到連接的旅行。

I can appreciate not giving any specific date, but building this out, is this a few years?

我很感激沒有給出任何具體日期，但是建立這個，這是幾年嗎？

Several years?

幾年？

Somewhere in between?

中間某個地方？

And then I think you mentioned earlier in the call that there might be a period where you might choose to maybe accelerate spend or performance spend.

然後我想你在電話會議的早些時候提到過，在一段時間內你可能會選擇加速支出或績效支出。

So is it reasonable that there might be a period where that happens?

那麼，可能會有一段時間發生這種情況是否合理？

Well, I think I'll just cover the second part where the way you said it is correct.

好吧，我想我只介紹第二部分，您所說的方式是正確的。

We may, and it will depend entirely on what we're seeing in terms of performance ROIs and how fast things are being developed.

我們可能會，而且這將完全取決於我們在性能 ROI 方面看到的情況以及事物的開發速度。

In terms of your first question, I'm not sure if you'll appreciate the answer, but it is the truth, and that this is a little bit like bridge painting.

關於你的第一個問題，我不確定你是否會喜歡這個答案，但這是事實，這有點像畫橋。

You're never done.

你永遠不會完成。

You're never done.

你永遠不會完成。

You're always going to come with new things to do things better.

你總是會帶著新事物來把事情做得更好。

And that's actually the nature of all type of technological services.

這實際上是所有類型的技術服務的本質。

And if you look at anything that has been created, it's never completely done.

而且，如果您查看已創建的任何內容，就會發現它從未完全完成。

You're always trying to improve, and that's what the connected trip will always be.

您總是在努力改進，這就是互聯旅行永遠的意義所在。

That being said, I do believe in the not-so-distant future, we'll start seeing some real benefit from what we're doing.

話雖這麼說，但我確實相信在不遠的將來，我們會開始看到我們正在做的事情帶來的一些真正好處。

And that will be something that we'll be able to bring to you with some more concrete data.

這將是我們能夠通過一些更具體的數據帶給您的東西。

Okay.

好的。

I want to thank everyone.

我要感謝大家。

Once again, I'm going to tell you how pleased we are about our solid Q2 results.

再一次，我要告訴你我們對我們穩健的第二季度業績感到多麼高興。

And we remain excited about our future as we execute our long-term growth plans.

在執行我們的長期增長計劃時，我們對未來仍然感到興奮。

So thank you very much for joining.

非常感謝您的加入。

And with that, I'm going to turn it back to the operator.

有了這個，我要把它轉回給運營商。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you all for joining.

謝謝大家的加入。

You may now disconnect.

您現在可以斷開連接。