Booking Holdings Inc (BKNG) 2022 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Booking Holdings' Second Quarter 2022 Conference Call. 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. These forward-looking statements are not guaranteed of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements.

大家下午好，歡迎參加 Booking Holdings 2022 年第二季度電話會議。 Booking Holdings 想提醒大家，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》的安全港條款做出的。這些前瞻性陳述不能保證未來的表現，並且受制於某些難以預測的風險、不確定性和假設。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. 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' earning press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission. 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.

未來目標或期望的表達以及反映歷史事實以外的類似表達旨在識別前瞻性陳述。有關可能導致 Booking Holdings 的實際結果與前瞻性聲明中描述的結果存在重大差異的因素列表，請參閱 Booking Holdings 盈利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。除非法律要求，否則 Booking Holdings 不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。

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 would like to introduce Booking Holdings speakers for this afternoon: Mr. Glenn Fogel, CEO; and Mr. David Goulden, CFO. Go ahead, gentlemen.

現在我想介紹一下 Booking Holdings 今天下午的演講嘉賓：Glenn Fogel 先生，首席執行官；和首席財務官 David Goulden 先生。來吧，先生們。

Thank you and welcome to Booking Holdings' second quarter conference call. I'm joined this afternoon by our CFO, David Goulden. I am pleased to announce that we reached another milestone in our company's recovery with room nights for Q2 being the first quarter in which we have surpassed 2019 pre-pandemic levels. Our customers booked 246 million room nights in the second quarter, so just shy of 0.25 billion room nights, which represented an increase of 16% versus Q2 2019 and a significant improvement from the 9% decline in Q1.

謝謝並歡迎參加 Booking Holdings 第二季度的電話會議。今天下午，我們的首席財務官 David Goulden 加入了我的行列。我很高興地宣布，我們在公司的複蘇中達到了另一個里程碑，第二季度的房晚是我們超過 2019 年大流行前水平的第一季度。我們的客戶在第二季度預訂了 2.46 億間夜，因此接近 2.5 億間夜，與 2019 年第二季度相比增長了 16%，與第一季度 9% 的下降相比有了顯著改善。

We continue to see very strong accommodation ADR growth, which helped drive an even higher 38% increase in gross bookings in the second quarter or 48% growth on a constant currency basis. Both our room nights and gross bookings in Q2 were our company's highest quarterly amounts ever for these metrics.

我們繼續看到非常強勁的住宿 ADR 增長，這有助於推動第二季度總預訂量增長 38% 或按固定匯率計算增長 48%。對於這些指標，我們在第二季度的客房夜數和總預訂量都是我們公司有史以來最高的季度金額。

While we continue to see bookings growth in July versus 2019, the pace of growth moderated to about 4% for room nights and just over 20% for gross bookings or about 35% growth on a constant currency basis with room night and gross bookings growth slightly improving in the back half of the month versus the comparable weeks in 2019. For the remainder of the summer period through the end of Q3, we see higher gross bookings on the books than at this point in 2019, which we believe will result in a record revenue for the third quarter, which is our seasonally largest revenue quarter.

雖然與 2019 年相比，7 月份的預訂量繼續增長，但客房間夜的增長速度放緩至約 4%，總預訂量略高於 20%，或按固定貨幣計算增長約 35%，客房間夜和總預訂量略有增長與 2019 年同期相比，本月後半月有所改善。在夏季剩餘時間到第三季度末，我們看到賬面上的總預訂量高於 2019 年此時，我們認為這將導致第三季度創紀錄的收入，這是我們季節性最大的收入季度。

Looking towards the rest of the year, Booking.com, we see solid gross bookings for the fourth quarter, which are about 15% higher than at this same point in 2019 on a euro basis. Though I note that a high percentage of these bookings are cancelable, and current FX rates will negatively impact that growth rate in dollars by about 10 percentage points. The booking window remains shorter than it was at this point in 2019, which somewhat limits our visibility into how Q4 will continue to develop. And although conditions could change rapidly, we are cautiously optimistic on the data we are seeing so far. David will provide further details on the recent trends we have been seeing.

展望今年剩餘時間，Booking.com 第四季度的總預訂量穩定，按歐元計算比 2019 年同期高出約 15%。儘管我注意到這些預訂中有很大一部分是可以取消的，而當前的外匯匯率將對美元增長率產生大約 10 個百分點的負面影響。預訂窗口仍然比 2019 年的時間短，這在一定程度上限制了我們對第四季度將如何繼續發展的可見性。儘管情況可能會迅速變化，但我們對迄今為止所看到的數據持謹慎樂觀的態度。 David 將提供有關我們所看到的近期趨勢的更多詳細信息。

Now we recognize that there is uncertainty around the macroeconomic environment and questions about the strength of consumer demand through the end of this year and into next year. And while it is extremely difficult to accurately predict the near-term economic environment, I am as confident as ever in consumers' strong desire to travel, the attractive long-term growth profile of the travel industry and our improving longer-term competitive position. With our industry-leading margins, high-quality earnings, strong free cash flow and liquidity position and solid balance sheet, we believe we are well positioned to navigate any potential near-term economic uncertainty and continue our work attracting customers and partners to our platform while making progress on our key strategic priorities of payments and the connected trip vision.

現在我們認識到，宏觀經濟環境存在不確定性，今年年底和明年的消費者需求強度存在疑問。雖然準確預測近期經濟環境極其困難，但我對消費者強烈的旅行願望、旅遊業具有吸引力的長期增長前景以及我們不斷提高的長期競爭地位充滿信心。憑藉我們行業領先的利潤率、高質量的收益、強勁的自由現金流和流動性狀況以及穩健的資產負債表，我們相信我們有能力應對任何潛在的近期經濟不確定性，並繼續努力吸引客戶和合作夥伴加入我們的平台同時在我們的支付關鍵戰略重點和互聯旅行願景方面取得進展。

In terms of attracting customers to our platform, our unique active customers at Booking.com surpassed 2019 levels in the second quarter, driven by very strong growth in returning customers who have not made a previous booking over a year as well as growth in repeat customers. Our mix of customers booking directly on our platforms reached its highest second quarter level ever. We aim to build on increasing our direct mix through several initiatives, including by continuing to enhance the benefits of our Genius loyalty program, further building out our connected trip vision to increase engagement with our customers and driving more of our customers to download and utilize the mobile app.

在吸引客戶到我們的平台方面，我們在 Booking.com 的獨特活躍客戶在第二季度超過了 2019 年的水平，這得益於一年以上未進行過預訂的回頭客的強勁增長以及回頭客的增長.我們直接在我們的平台上預訂的客戶組合達到了有史以來第二季度的最高水平。我們的目標是通過多項舉措來增加我們的直接組合，包括繼續提高我們的 Genius 忠誠度計劃的好處，進一步建立我們的互聯旅行願景以增加與我們的客戶的互動，並推動我們的更多客戶下載和使用移動應用。

In our mobile app, we see the strongest direct repeat customer behavior when compared to our other platforms like desktop or mobile web. Consistent with the first quarter, over 40% of our room nights were booked through our apps in the second quarter, which is about 10 percentage points higher than in 2019. Booking.com's app continue to set new records in terms of monthly active users in Q2 and remains the #1 downloaded OTA app globally according to a third-party research firm.

在我們的移動應用程序中，與桌面或移動網絡等其他平台相比，我們看到了最強烈的直接回頭客行為。與第一季度一致，第二季度超過 40% 的房晚是通過我們的應用預訂的，比 2019 年高出約 10 個百分點。根據第三方研究公司的數據，Q2 仍然是全球下載量排名第一的 OTA 應用程序。

As I said before, the app is a critical platform as it allows us more opportunities to engage directly with travelers, and ultimately, we see it as the center of our connected trip vision. We will continue our efforts to enhance the app experience to build on the recent success we have seen here.

正如我之前所說，該應用程序是一個關鍵平台，因為它讓我們有更多機會直接與旅行者互動，最終，我們將其視為我們互聯旅行願景的中心。我們將繼續努力提升應用體驗，以鞏固我們最近在這裡看到的成功。

For our supply partners, we strive to be a valuable partner to all accommodation types on our platform by delivering incremental demand and developing products and features to help support their businesses. Alternative accommodation room nights Booking.com grew about 25% versus 2019 and representing about 1/3 of Booking.com's total room nights in Q2. We continue improving our alternative accommodation product globally with an additional focus on the U.S. market.

對於我們的供應合作夥伴，我們通過提供增量需求並開發產品和功能來幫助支持他們的業務，努力成為我們平台上所有住宿類型的有價值的合作夥伴。其他住宿間夜 Booking.com 與 2019 年相比增長了約 25%，約佔 Booking.com 第二季度總間夜的 1/3。我們將繼續在全球範圍內改進我們的替代住宿產品，並將重點放在美國市場上。

In the first quarter, we launched partner liability insurance for our alternative accommodation supply partners with global coverage. In the second quarter, we launched an enhanced payment solution for professional property managers in the U.S. and have made progress increasing adoption by our partners. Finally, we started rolling out the damage policy option for partners in the second quarter and have continued expanding this option to more countries in the third quarter.

第一季度，我們為我們的替代住宿供應合作夥伴推出了覆蓋全球的合作夥伴責任保險。在第二季度，我們為美國的專業物業經理推出了增強型支付解決方案，並在提高合作夥伴的採用率方面取得了進展。最後，我們在第二季度開始為合作夥伴推出損害政策選項，並在第三季度繼續將此選項擴展到更多國家/地區。

Each of these initiatives helps add important features to our alternative accommodation offering, which we believe strengthens our efforts to attract more properties and partners onto our platform.

這些舉措中的每一項都有助於為我們的替代住宿產品添加重要功能，我們相信這會加強我們吸引更多物業和合作夥伴加入我們平台的努力。

In the second quarter, we saw the largest sequential net increase in alternative accommodation properties since 2019, and we now have 6.6 million alternative accommodation listings on Booking.com. We are encouraged by the increase in alternative accommodation supply that we have seen so far this year, and we aim to further build on this growth as we move through the second half of the year.

在第二季度，我們看到自 2019 年以來替代住宿物業的最大環比淨增長，我們現在在 Booking.com 上有 660 萬個替代住宿列表。我們對今年迄今為止看到的替代住宿供應增加感到鼓舞，我們的目標是在下半年進一步鞏固這一增長。

Let me now talk about the progress we have made in our interrelated strategic priorities of payments and the connected trip vision. 38% of Booking.com's gross bookings were processed through our payment platform in the second quarter, which is our highest quarterly level ever. We continue to increase adoption of payments by our property partners with over 60% of our total Q2 gross bookings coming from properties that have adopted payments. So this means that about 2/3 of the bookings at payment-enabled properties are being processed via payments. We believe Booking.com's payment services drive benefits for both our travelers and our supplier partners across hotels, alternative accommodations, cars, flights and attractions.

現在讓我談談我們在相互關聯的支付戰略重點和互聯旅行願景方面取得的進展。在第二季度，Booking.com 的總預訂量中有 38% 是通過我們的支付平台處理的，這是我們有史以來最高的季度水平。我們繼續增加我們的房地產合作夥伴對付款的採用，我們第二季度總預訂量的 60% 以上來自採用付款的房地產。因此，這意味著大約 2/3 在支持支付的酒店的預訂是通過支付處理的。我們相信 Booking.com 的支付服務可以為我們的旅客和我們的供應商合作夥伴在酒店、替代住宿、汽車、航班和景點方面帶來好處。

Furthermore, we believe that Booking.com's payment platform helps deliver a more seamless and frictionless booking experience, which are important elements of our larger connected trip vision.

此外，我們相信 Booking.com 的支付平台有助於提供更加無縫和無摩擦的預訂體驗，這是我們更大的互聯旅行願景的重要元素。

On the connected trip, I think it's a helpful reminder to talk to what we are hoping to achieve with this vision. Our vision for the connected trip strives to make booking and experiencing travel easier, more personal and more enjoyable while delivering better value to our customers and a way to provide marketing opportunities to our supplier partners. And as a result, we believe, over time, we will drive increase in customer engagement, share spend and loyalty.

在互聯旅行中，我認為這是一個有用的提醒，可以讓我們談談我們希望通過這一願景實現的目標。我們對互聯旅行的願景緻力於讓預訂和體驗旅行更輕鬆、更個性化和更愉快，同時為我們的客戶提供更好的價值，並為我們的供應商合作夥伴提供營銷機會。因此，我們相信，隨著時間的推移，我們將推動客戶參與度、分享支出和忠誠度的提高。

First, we are looking to increase the engagement of customers on our platform by solving more of our customers' travel problems than just finding the right accommodation of Booking.com as we've done in the past. A simple example of solving a problem and driving additional engagement would be we proactively suggesting options for top attractions that can be booked seamlessly in our app while the traveler's destination and looking for something to do.

首先，我們希望通過解決更多客戶的旅行問題來增加客戶在我們平台上的參與度，而不僅僅是像過去那樣在 Booking.com 上找到合適的住宿。解決問題和推動額外參與的一個簡單示例是，我們主動建議可以在我們的應用程序中無縫預訂的熱門景點的選項，同時旅行者的目的地和尋找活動。

Another example is our testing discounted transportation from the airport to the hotel for, say, a high-value accommodation customer. And the ground transportation supplier might in the future be providing a discounted price that is specific for our customer because we are able to provide incremental business.

另一個例子是我們為高價值住宿客戶測試從機場到酒店的打折交通服務。地面運輸供應商將來可能會為我們的客戶提供特定的折扣價，因為我們能夠提供增量業務。

Second, we see the opportunity to increase our share of customers' travel spend. We estimate that pre-pandemic, our customers' annual spend on Booking.com represented only about 25% of their total travel spend on average. We believe that by making it easier to book multiple elements of the trip in one place, we can make more part of that travel spend onto our platform. Even in core accommodations and even with top customers, we believe there are opportunities to improve our share of spend over time.

其次，我們看到了增加客戶旅行支出份額的機會。我們估計，在大流行前，我們的客戶每年在 Booking.com 上的平均支出僅佔其總旅行支出的 25% 左右。我們相信，通過在一個地方更輕鬆地預訂旅行的多個元素，我們可以將更多的旅行支出用於我們的平台。即使在核心住宿，甚至是頂級客戶，我們相信隨著時間的推移，我們有機會提高我們的支出份額。

And we want to increase customer loyalty and drive a higher direct mix through our app over time. We believe by addressing our customers' critical needs of value, choice and convenience through our connected trip vision, we will deliver an improved experience and increase the likelihood that our customers come back to us again on a direct basis.

隨著時間的推移，我們希望通過我們的應用程序提高客戶忠誠度並推動更高的直接組合。我們相信，通過我們的互聯旅行願景滿足客戶對價值、選擇和便利的關鍵需求，我們將提供更好的體驗，並增加客戶再次直接回到我們身邊的可能性。

This year, we continue to make progress as we work on building the foundation of the connected trip, including developing a flight offering of Booking.com. This flight offering gives us the ability to engage with potential customers who choose their flight options early in their discovery process and allows us an opportunity to suggest other services to these flight bookers -- continues to be a source for new customers with about 1/4 of all of our flight bookers globally being new to Booking.com with an even higher share of new customers in the U.S.

今年，我們將繼續取得進展，為互聯旅行奠定基礎，包括開發 Booking.com 的航班服務。這種航班產品使我們能夠與在發現過程中及早選擇航班選項的潛在客戶互動，並讓我們有機會向這些航班預訂者推薦其他服務——繼續成為新客戶的來源，約佔 1/4在我們全球所有的航班預訂者中，我們都是 Booking.com 的新客戶，而在美國的新客戶比例更高。

In conclusion, I am encouraged by our strong second quarter results and the record level of summer travel we are seeing now. Our teams are working hard to continue making progress in several key areas, including the app, the Genius program, our alternative accommodation offering, payments at Booking.com and building towards our connected trip vision. Through this work, we believe we are building a better offering for our customers and partners while strengthening our long-term competitive position. While there is uncertainty around the near-term macroeconomic environment, we are as confident as ever in the long-term growth of travel and in the opportunities ahead for our company.

總之，我對我們強勁的第二季度業績和我們現在看到的創紀錄的夏季旅行水平感到鼓舞。我們的團隊正在努力在幾個關鍵領域繼續取得進展，包括應用程序、Genius 計劃、我們的替代住宿產品、在 Booking.com 的付款以及實現我們的互聯旅行願景。通過這項工作，我們相信我們正在為我們的客戶和合作夥伴提供更好的產品，同時加強我們的長期競爭地位。儘管近期宏觀經濟環境存在不確定性，但我們對旅遊業的長期增長以及我們公司未來的機遇充滿信心。

I will now turn the call over to our CFO, David Goulden.

我現在將把電話轉給我們的首席財務官 David Goulden。

Thank you, Glenn, and good afternoon. I'll review our results for the second quarter and provide some color on trends we've seen so far in the third quarter. All growth rates for 2022 are relative to the comparable period in 2019 unless otherwise indicated. Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release.

謝謝你，格倫，下午好。我將回顧我們第二季度的業績，並對我們在第三季度迄今為止看到的趨勢提供一些顏色。除非另有說明，否則 2022 年的所有增長率均相對於 2019 年可比期間。有關非 GAAP 結果與 GAAP 結果對賬的信息可在我們的收益發布中找到。

Now on to our results for the second quarter. Room nights in the second quarter were up 16%, a 25-point improvement from Q1 and our first full quarter of room night growth versus 2019. On our May earnings call, we discussed how we started off the quarter with a 10% increase in room nights for the month of April, which was a 14-point improvement from March. As we moved into May, we saw further strength in room nights resulting in 22% growth for the month. June room night growth of 14% landed between April and May.

現在談談我們第二季度的業績。第二季度的房晚增長了 16%，比第一季度提高了 25 個百分點，與 2019 年相比，我們的第一個完整季度的房晚增長。在我們 5 月的財報電話會議上，我們討論了我們如何以 10% 的增長開始本季度4 月份的房晚數，比 3 月份提高了 14 個百分點。隨著我們進入 5 月，我們看到房間夜數進一步增加，導致該月增長 22%。 4 月至 5 月間，6 月間夜增長 14%。

On -- for Q2 on a regional basis, room nights in Europe were up over 20%. The U.S. was up about 30%. Rest of World was up in the mid-teens, and Asia was down high single digits with all regions improving from Q1 levels. The improvement from Q1 was helped by all regions with Europe and Asia contributing the most.

在第二季度，歐洲的房間夜數增加了 20% 以上。美國上漲了約 30%。世界其他地區在十幾歲時上升，亞洲下降了個位數，所有地區都比第一季度的水平有所提高。歐洲和亞洲貢獻最大的所有地區都對第一季度的改善有所幫助。

Mobile bookings, particularly through our apps, represent about 50% of our total room nights in the second quarter. Our apps were over 2/3 of our mobile bookings and over 40% of total room nights, which was in line with the first quarter.

移動預訂，尤其是通過我們的應用程序進行的預訂，約占我們第二季度總房晚的 50%。我們的應用程序占我們移動預訂的 2/3 以上，佔總房晚的 40% 以上，與第一季度持平。

In the second quarter, we continued to see an increasing mix of our total room nights coming to us through the direct channel versus Q2 2019 and versus Q2 2021. The international mix of our room nights in Q2 was about 45%, an increase from about 40% in Q1. Q2 international room nights were up mid-single digits compared to Q2 2019 levels, which was the first quarter of growth versus 2019 for international. And these international room nights drove most of the overall improvements in room night growth from Q1 to Q2.

在第二季度，與 2019 年第二季度和 2021 年第二季度相比，我們繼續看到通過直接渠道向我們提供的總間夜組合不斷增加。我們在第二季度的國際間夜組合約為 45%，高於約第一季度為 40%。與 2019 年第二季度的水平相比，第二季度的國際間夜數增長了中個位數，與 2019 年相比，這是第一季度的國際增長。從第一季度到第二季度，這些國際房晚推動了房晚增長的大部分整體改善。

The improvement in international room nights we saw continue to be driven by travel within Europe, and these cross-border room night bookings continue to have on average longer length of stay and a shorter booking window than comparable bookings in 2019. In Q2, we also saw an encouraging improvement in long-haul international room nights, which almost recovered to 2019 levels. We saw very strong growth in our domestic room nights in the second quarter, also an improvement from Q1.

我們看到的國際間夜的改善繼續受到歐洲境內旅行的推動，與 2019 年的可比預訂相比，這些跨境間夜預訂的平均停留時間和預訂窗口繼續保持更長的時間和更短的預訂窗口。在第二季度，我們還長途國際間夜數出現令人鼓舞的改善，幾乎恢復到 2019 年的水平。我們看到第二季度國內房晚增長非常強勁，也比第一季度有所改善。

We were pleased to see our cancellation rates below 2019 levels in Q2. You'll recall our Q1 cancellation rates were about in line with 2019. In Q2, the booking window of Booking.com moved closer to 2019 levels than it was in Q1 but remained shorter than 2019 across all major regions. The booking window expanded versus the second quarter of 2021.

我們很高興看到我們在第二季度的取消率低於 2019 年的水平。您會記得我們第一季度的取消率與 2019 年大致持平。第二季度，Booking.com 的預訂窗口比第一季度更接近 2019 年的水平，但在所有主要地區仍短於 2019 年。與 2021 年第二季度相比，預訂窗口有所擴大。

Our alternative accommodations of Booking.com, our room night growth rate was 25% in Q2 versus Q2 2019, and the global mix of alternative accommodation room nights was about 32%, which was about in line with Q2 2021 and a couple of percentage points higher than Q2 2019. Within Europe, our mixed alternative accommodations continues to be meaningfully higher than the global average. In North America, our mix of alternative accommodations remains low relative to global average. However, we did see an encouraging increase in mix versus Q2 2021 in that region.

我們在 Booking.com 的替代住宿，與 2019 年第二季度相比，我們在第二季度的房晚增長率為 25%，全球替代住宿的房晚組合約為 32%，與 2021 年第二季度和幾個百分點一致高於 2019 年第二季度。在歐洲，我們的混合替代住宿繼續顯著高於全球平均水平。在北美，我們的替代住宿組合相對於全球平均水平仍然較低。但是，與 2021 年第二季度相比，我們確實看到該地區的混合增長令人鼓舞。

Q2 gross bookings of about $35 billion increased 38% versus Q2 2019 or 48% on a constant currency basis. The 38% increase in gross bookings was 22 percentage points better than the 16% room night increase due to 25% higher accommodation constant currency ADRs and also due to a few points from strong flight booking growth across the group, partially offset by the 10 percentage points of negative impact from FX improvement -- from FX movements.

第二季度的總預訂量約為 350 億美元，與 2019 年第二季度相比增長了 38%，按固定匯率計算增長了 48%。總預訂量增長 38% 比 16% 的房晚增長高出 22 個百分點，原因是住宿固定貨幣 ADR 增加了 25%，也由於整個集團強勁的航班預訂增長帶來了幾個點，部分被 10% 的增長所抵消外匯改善的負面影響點——來自外匯變動。

Our accommodation constant currency ADRs benefited by about 2 percentage points from regional mix and about 23 percentage points from rate increases across all of our regions, most notably in Europe and North America, especially in high-demand, leisure-oriented destinations. Constant currency ADR growth versus 2019 accelerated from 18% in Q1 to 25% in Q2 due primarily to higher rates in Europe. Despite the higher ADRs in the second quarter, we have not seen a change in the mix of hotel start rate levels being booked or changes in length of stay that could indicate that consumers are trading down. We'll continue to watch the dynamics closely. Airline tickets booked in the second quarter were up about 190% versus a small base in 2019 and up 31% versus 2021, driven by the continued expansion of Booking.com's Fly platform.

我們的住宿固定貨幣 ADR 受益於約 2 個百分點的區域組合和約 23 個百分點的利率上漲，在我們所有地區，尤其是在歐洲和北美，尤其是在高需求、以休閒為導向的目的地。與 2019 年相比，固定貨幣 ADR 增長從第一季度的 18% 加速至第二季度的 25%，這主要是由於歐洲的利率較高。儘管第二季度的 ADR 較高，但我們沒有看到預訂的酒店開工率水平的變化或可能表明消費者正在下降的住宿時間的變化。我們將繼續密切關注動態。在 Booking.com 的 Fly 平台持續擴張的推動下，第二季度預訂的機票與 2019 年的小基數相比增長了約 190%，與 2021 年相比增長了 31%。

Consolidated revenue for the second quarter was $4.3 billion, which was up 13% versus 2019, up about 20% on a constant currency basis. Revenue as a percentage of gross bookings was about 275 basis points below Q2 2019, down more than our expectations due primarily to timing differences between gross bookings and revenue recognition driven by stronger bookings than we expected in Q2. Our underlying accommodation take rates were about in line with Q2 2019 levels.

第二季度合併收入為 43 億美元，與 2019 年相比增長 13%，按固定匯率計算增長約 20%。收入佔總預訂量的百分比比 2019 年第二季度低約 275 個基點，低於我們的預期，這主要是由於總預訂量和收入確認之間的時間差異，這是由於第二季度的預訂量高於我們的預期。我們的基本住宿費率與 2019 年第二季度的水平大致一致。

Marketing expense, which is a highly variable expense item, increased 27% versus Q2 2019. Marketing expense as a percentage of gross bookings decreased by about 40 basis points versus Q2 2019, which is better than our expectations, mainly due to higher-than-expected marketing ROIs in a high-intent travel environment. Additionally, our direct mix was a little higher than we expected.

營銷費用是一個高度可變的費用項目，與 2019 年第二季度相比增長了 27%。營銷費用佔總預訂量的百分比與 2019 年第二季度相比下降了約 40 個基點，這好於我們的預期，主要是由於高於-在高意向旅行環境中的預期營銷投資回報率。此外，我們的直接組合略高於我們的預期。

Sales and other expenses were up 87% versus Q2 2019 due to a higher volume of merchant gross bookings and higher third-party call center costs. 38% of Booking.com's gross bookings were processed through our payments platform in Q2, up from 16% in Q2 2019. Compared with Q2 2021, sales and other expenses as a percentage of gross bookings were up about 40 basis points, slightly better than our expectations of up 60 basis points. Our more fixed expenses in aggregate were better than our expectations, up 7% versus Q2 2021, primarily due to a slower-than-expected ramp-up in terms of our G&A and IT expenses.

由於商戶總預訂量增加和第三方呼叫中心成本增加，銷售額和其他費用與 2019 年第二季度相比增長了 87%。在第二季度，Booking.com 總預訂量的 38% 是通過我們的支付平台處理的，高於 2019 年第二季度的 16%。與 2021 年第二季度相比，銷售和其他費用佔總預訂量的百分比上升了約 40 個基點，略好於我們的預期上調 60 個基點。我們更多的固定支出總體上好於我們的預期，與 2021 年第二季度相比增長了 7%，這主要是由於我們的 G&A 和 IT 支出的增長速度慢於預期。

Adjusted EBITDA was $1.1 billion in the second quarter, which is better than our expectations. If we were to normalize for negative timing impact on revenue in the second quarter, our adjusted EBITDA would have been meaningfully higher than in Q2 2019. In addition, the changes in FX rates are negatively impacting the translation of our EBITDA to U.S. dollars. Our Q2 EBITDA would have been about 10% higher if FX were in line with Q2 2019.

第二季度調整後的 EBITDA 為 11 億美元，好於我們的預期。如果我們將第二季度對收入的負面時間影響正常化，我們調整後的 EBITDA 將顯著高於 2019 年第二季度。此外，外匯匯率的變化正在對我們的 EBITDA 轉換為美元產生負面影響。如果外匯與 2019 年第二季度一致，我們的第二季度 EBITDA 將高出約 10%。

Non-GAAP net income of $776 million results in non-GAAP EPS of about $19 a share, which is down 19% versus Q2 2019. On a GAAP basis, we had operating income of $1 billion and net income of $857 million in Q2.

Non-GAAP 淨收入為 7.76 億美元，非 GAAP 每股收益約為 19 美元，與 2019 年第二季度相比下降了 19%。按 GAAP 計算，我們第二季度的營業收入為 10 億美元，淨收入為 8.57 億美元。

Now on to our cash and liquidity position. Our Q2 ending cash investment balance of $14.2 billion was up versus our Q1 ending balance of $12.8 billion, primarily driven by $2.6 billion of free cash flow, partially offset by about $1.3 billion in share repurchases in Q2. The increase in free cash flow included a $2.1 billion benefit from change in working capital due to the increase in our deferred merchant bookings and other current liabilities, partially offset by the increase in our accounts receivable.

現在談談我們的現金和流動性頭寸。我們的第二季度末現金投資餘額為 142 億美元，高於第一季度末的 128 億美元，主要受 26 億美元自由現金流的推動，部分被第二季度約 13 億美元的股票回購所抵消。自由現金流的增加包括由於我們的遞延商戶預訂和其他流動負債的增加而從營運資本變化中獲得的 21 億美元收益，部分被我們的應收賬款增加所抵消。

We continue to return capital to shareholders and more recently have increased the pace of our repurchase given the pullback in our share price. In addition to the $1.3 billion of share repurchase in Q2, we repurchased another $840 million of our shares in the month of July, which brings our year-to-date repurchases to just over $3 billion and our outstanding authorization to about $7.4 billion. Given our recent increased pace of share repurchases, we now believe we'll complete our current authorization in about 2 years from when we started the repurchasing back in January.

我們繼續向股東返還資本，最近鑑於我們的股價回落，我們加快了回購步伐。除了第二季度 13 億美元的股票回購外，我們在 7 月份又回購了 8.4 億美元的股票，這使我們年初至今的回購額略高於 30 億美元，我們的未償授權達到約 74 億美元。鑑於我們最近增加了股票回購的步伐，我們現在相信我們將在 1 月份開始回購後的大約 2 年內完成目前的授權。

Now onto recent trends for the third quarter. Joint room nights increased about 4% versus 2019 or about 7%, excluding Russia, Belarus and Ukraine. Growth fluctuated a bit in July and were strong in the second half of the month versus the comparable weeks in 2019. ADR growth remained at Q2 levels, and gross bookings were up just over 20% in July, including some help from flights, partly offset by negative impacts of FX pressure. In July, constant currency gross bookings were up about 35%.

現在談談第三季度的最新趨勢。與 2019 年或約 7% 相比，聯合間夜增加了約 4%，不包括俄羅斯、白俄羅斯和烏克蘭。 7 月份的增長略有波動，與 2019 年同期相比，本月下半月的增長強勁。ADR 增長保持在第二季度的水平，7 月份的總預訂量僅增長了 20% 以上，其中包括來自航班的一些幫助，部分抵消了受外匯壓力的負面影響。 7 月份，固定匯率總預訂量增長了約 35%。

Compared with June, growth rates in July moderated in all regions with North America showing the smallest change. In July, Europe room night growth was up mid-single digits and up low double digits, excluding Russia, Belarus and Ukraine. Growth in the U.S. was up 25%. Rest of World was up low single digits, and Asia was down about 10%, all versus 2019.

與 6 月份相比，7 月份所有地區的增長率均有所放緩，其中北美變化最小。 7 月，不包括俄羅斯、白俄羅斯和烏克蘭，歐洲客房夜增長率為中個位數和低兩位數。美國的增長率為 25%。與 2019 年相比，世界其他地區下降了個位數，亞洲下降了約 10%。

When thinking about the rest of Q3, we realized there continues to be volatility in the environment, and our commentary assumes that room night growth for the fourth quarter will be at the same level we saw in July. We do expect the strength in ADRs we saw in July to continue for the remainder of the third quarter as well as continued strength in price and flight bookings. We expect the difference between the level of room night growth and gross booking growth for the full third quarter to be a few percentage points less than the 22% it was in Q2 due to factors, including more FX pressure in Q3. We expect FX pressure gross bookings by about 12% in Q3.

在考慮第三季度的剩餘時間時，我們意識到環境繼續存在波動，我們的評論假設第四季度的客房夜增長將與我們在 7 月看到的水平相同。我們確實預計我們在 7 月份看到的 ADR 的強勢將在第三季度的剩餘時間內持續下去，並且價格和航班預訂的持續強勢。我們預計，由於第三季度外匯壓力增加等因素，整個第三季度的間夜增長水平與總預訂增長水平之間的差異將比第二季度的 22% 低幾個百分點。我們預計第三季度外匯對總預訂量的壓力約為 12%。

In July, the overall booking window Booking.com remained stronger than it was in 2019, similar to Q2. We expect Q3 revenue as a percentage of gross bookings to be about 70 basis points lower than in Q3 2019 due to investments in merchandising, consistent with our prior commentary about the opportunity for us to lean into a recovering travel market in 2022 and due to an increase in the mix of flights and some impact from FX rates. We expect our underlying accommodation take rates to remain stable.

7 月，Booking.com 的整體預訂窗口仍然強於 2019 年，與第二季度相似。由於對商品銷售的投資，我們預計第三季度收入佔總預訂量的百分比將比 2019 年第三季度低約 70 個基點，這與我們之前關於我們有機會在 2022 年進入復甦的旅遊市場的評論一致，並且由於航班組合的增加以及外匯匯率的一些影響。我們預計我們的基本寬鬆利率將保持穩定。

We expect Q3 marketing expense as a percentage of gross bookings will be slightly above Q3 2019 as we expect to invest in capturing demand and increasing awareness during the peak travel season. We expect Q3 sales and other expense as a percentage of gross bookings to be about 40 basis points higher than it was in Q3 2021 due to higher gross booking mix and higher third-party call center costs, including the impact of our partnership with Majorelle. We expect our more fixed expenses in aggregate will be about 20% higher than Q3 2021 with personnel up about 10% and both G&A and IT up meaningfully versus Q3 of last year.

我們預計第三季度營銷費用佔總預訂量的百分比將略高於 2019 年第三季度，因為我們預計將投資於在旅遊旺季捕捉需求並提高知名度。由於更高的總預訂組合和更高的第三方呼叫中心成本，包括我們與 Majorelle 合作的影響，我們預計第三季度的銷售額和其他費用佔總預訂的百分比將比 2021 年第三季度高出約 40 個基點。我們預計，我們的固定開支總額將比 2021 年第三季度高出約 20%，人員增長約 10%，與去年第三季度相比，G&A 和 IT 均顯著增長。

The year-on-year increase in G&A is driven by higher deal sales taxes, which are tied to revenue as well as increased personnel-related expenses due to return to a hybrid work environment. We expect IT expenses to increase year-over-year at a similar rate to what we saw in Q2.

G&A 的同比增長是由較高的交易銷售稅推動的，這與收入相關，以及由於返回混合工作環境而增加的人員相關費用。我們預計 IT 費用將以與第二季度相似的速度同比增長。

Taking all this into account, we would expect Q3 adjusted EBITDA to be slightly above Q3 2019. As I noted for Q2, the comparison of our Q3 EBITDA expectations to Q3 2019 is negatively impacted by changes in FX rates. At current exchange rates, we expect that our FX-neutral Q3 EBITDA growth versus 2019 will be about 15 percentage points higher than our expectation on a reported basis.

考慮到所有這些因素，我們預計第三季度調整後的 EBITDA 將略高於 2019 年第三季度。正如我在第二季度所指出的，我們對第三季度 EBITDA 預期與 2019 年第三季度的比較受到匯率變化的負面影響。按照目前的匯率，我們預計與 2019 年相比，我們的外匯中性第三季度 EBITDA 增長將比我們在報告基礎上的預期高出約 15 個百分點。

We know there's a lot of interest in what will happen beyond the summer. Booking.com's gross bookings for the Q4 travel period are over 15% higher than they were at this time in 2019 but with a high percentage of cancelable bookings. The booking window is still shorter than it was in 2019, which reduces the amount of gross bookings that we expect on the books for Q4 at this time. The shorter booking window limits our visibility into Q4, and we recognize that conditions could change rapidly.

我們知道人們對夏季之後會發生的事情很感興趣。 Booking.com 第四季度旅行期間的總預訂量比 2019 年此時高出 15% 以上，但可取消預訂的比例很高。預訂窗口仍然比 2019 年更短，這減少了我們目前預計第四季度的總預訂量。較短的預訂窗口限制了我們對第四季度的了解，我們認識到情況可能會迅速變化。

Please note these Booking.com gross booking trends for Q4 period are on a euro basis. On a dollar basis, these growth rates would be about 10 percentage points lower.

請注意，這些 Booking.com 第四季度的總預訂趨勢以歐元為基礎。按美元計算，這些增長率將降低約 10 個百分點。

We are maintaining the full year EBITDA margin commentary we provided in February and May, and we still expect EBITDA margin for 2022 to be a few points higher than in 2021. As a reminder, timing mainly impacts adjusted EBITDA and EBITDA margins for the year. If it were not for the impact of timing, our expectations for the full year EBITDA margins would be a few points higher than our guidance for the year.

我們維持我們在 2 月和 5 月提供的全年 EBITDA 利潤率評論，我們仍然預計 2022 年的 EBITDA 利潤率將比 2021 年高幾個點。提醒一下，時間主要影響調整後的 EBITDA 和 EBITDA 利潤率。如果不是時間的影響，我們對全年 EBITDA 利潤率的預期將比我們今年的預期高出幾個點。

As the year has progressed, we revised our allocation of our growth investments between marketing and merchandising. We now expect marketing spend as a percentage to gross bookings to be about the same as it was in 2019 and expect to spend more on merchandising. This higher merchandising, along with a higher-than-anticipated mix of flights and some negative FX impact, means we expect our take rates for the year will now be in the mid-14% range. Our underlying accommodation take rates remain about the same as we were in 2019.

隨著這一年的進展，我們修改了我們在營銷和商品銷售之間的增長投資分配。我們現在預計營銷支出佔總預訂量的百分比將與 2019 年大致相同，並預計將在商品推銷上花費更多。這種更高的商品銷售，以及高於預期的航班組合和一些負面的外匯影響，意味著我們預計我們今年的收費率現在將在 14% 的中間範圍內。我們的基本住宿費率與 2019 年大致相同。

In conclusion, we're encouraged by our strong Q2 results and by the continued growth above 2019 levels we have seen in July. We remain confident that our focus on customer acquisition and our strategic priorities is the right approach for 2019 -- sorry, for 2022.

總之，我們對我們強勁的第二季度業績以及我們在 7 月份看到的高於 2019 年水平的持續增長感到鼓舞。我們仍然相信，我們對客戶獲取和戰略重點的關注是 2019 年的正確方法——對不起，2022 年。

We'll now take your questions. Michelle?

我們現在將回答您的問題。米歇爾？

(Operator Instructions) Your first question comes from Mark Mahaney of Evercore.

（操作員說明）您的第一個問題來自 Evercore 的 Mark Mahaney。

Let me ask 2 questions, please: one long term, one short term. Long term, how do you increase, Glenn, that your share of annual spend per customer? If it was 25% in the past, what do you think the best way to increase that is? And what's a reasonable number? Is it 50%?

請讓我問兩個問題：一個長期，一個短期。從長遠來看，格倫，您如何增加您在每位客戶的年度支出中所佔的份額？如果過去是 25%，你認為提高它的最佳方法是什麼？什麼是合理的數字？是50%嗎？

And then secondly, just near term on the room night. So this deceleration from May to June and then continuing into Q3, could -- is this -- it doesn't sound like you're seeing macro issues. So is that a comps issue? Or is it just that you've had this really material recovery in travel and now that's starting to fade and become more -- is starting to become more of a normal growth environment? So just what's your interpretation of why we're seeing that deceleration in the room night growth?

其次，就在近期的房間之夜。因此，這種從 5 月到 6 月的減速，然後持續到第三季度，可能——是這樣的——聽起來你沒有看到宏觀問題。那麼這是一個補償問題嗎？還是只是因為您在旅行中已經真正實現了物質復甦，而現在這種情況開始消退並變得越來越多-開始變得更加正常的增長環境？那麼您對為什麼我們看到房間夜增長減速的解釋是什麼？

Thank you, Mark. And question actually has some interrelated themes. So let's start a little bit with, I'm going to repeat how happy I am. When we spoke last time, and I talked about April being the first month that we were able to say we're recovered beyond 2019. And now we have a full quarter where we've done very, very well. As you point out, very strong there.

謝謝你，馬克。問題實際上有一些相互關聯的主題。所以讓我們從一點開始，我要重複我有多開心。當我們上次發言時，我談到 4 月是我們能夠說我們在 2019 年之後恢復的第一個月。現在我們有一個完整的季度，我們做得非常非常好。正如您所指出的，那裡非常強大。

And yes, we see that there's been some moderation, but I will repeat, July gross bookings, 35% on a constant currency basis. That's pretty strong. And yet we know that the recovery is not fully done yet. We know there are countries around the world that are still somewhat inhibiting travel or making it more difficult. And we know we hear about people saying how hard it's been in some airports. We read about some of the troubles with cancellations and the crowds and you have to come 5 hours (inaudible) on the airport, all these things.

是的，我們看到有一些緩和，但我要再說一遍，7 月份的總預訂量，按固定貨幣計算為 35%。這是相當強大的。然而我們知道，復甦還沒有完全完成。我們知道世界上有些國家仍然在某種程度上限制旅行或使其更加困難。我們知道我們聽到有人說在某些機場遇到了多麼困難。我們讀到了一些關於取消和人群的麻煩，你必須在機場來 5 個小時（聽不清），所有這些事情。

So why the deceleration? Hard to say and we can all hypothesize about what that is and why and all that. But I do believe there's tremendous opportunity still in this recovery. And then going into your first question about what share we can get, that is something that we'll get even more of because I believe in our future, the idea is that we know travel is going to continue to increase in the long run. We don't know how steady it will be. We know the volatility we see the last 2 years. This recovery is not a linear straight line up. They're ups and downs, up and downs. And now we have some economic things people are talking about and certainly what (inaudible) pandemic. There's a war, as David pointed out, what things would have been without Russia, Belarus. Look, there's a lot of uncertainty in the short run that's understood, but the long run is fairly certain that travel will continue to increase.

那麼為什麼會減速呢？很難說，我們都可以假設那是什麼，為什麼以及所有這些。但我相信在這次復蘇中仍有巨大的機會。然後進入你的第一個問題，即我們可以獲得多少份額，這是我們將獲得更多的東西，因為我相信我們的未來，這個想法是我們知道從長遠來看，旅行將繼續增加。我們不知道它會有多穩定。我們知道過去 2 年的波動性。這種複蘇不是直線上升的。他們起起落落，起起落落。現在我們有一些人們正在談論的經濟問題，當然還有什麼（聽不清）大流行。正如大衛指出的那樣，如果沒有俄羅斯、白俄羅斯，將會發生一場戰爭。看，短期內有很多不確定性是可以理解的，但從長遠來看，旅行將繼續增加是相當肯定的。

Our job is to continue to improve our products and our services so we get that higher share of our current customers get more customers and get a lot of their share to. How do we do that? All the things I talked about. I talk about building out that connected trip. I talk about making the app better. We talk about payments stuff, all the things we're doing. And we're seeing us gain that share, and we see it has improved.

我們的工作是繼續改進我們的產品和服務，以便我們在現有客戶中獲得更高的份額，獲得更多的客戶並獲得他們的大部分份額。我們如何做到這一點？我談到的所有事情。我談論建立連接的旅行。我談論使應用程序更好。我們談論支付的東西，我們正在做的所有事情。我們看到我們獲得了這一份額，並且我們看到它有所改善。

Now what is the ultimate -- what we talk -- 25 -- should that go? Somebody individual look, this is the average. Some customers, I'm certain, were getting a huge amount of it. Some customers less so. And it certainly depends on what kind of product our customers are looking for. And we've mentioned in the past that we know in some parts of the world, our alternative accommodations is not where I want to be yet. We're working on that to make that better. So sometimes certain customers say, I'm going to use Booking.com this type of stay, and I'm going to use some competitor for this other type of stay. That's an area we can do better and get more share.

現在什麼是終極——我們所說的——25——應該去嗎？有人個人看，這是平均的。我敢肯定，一些客戶得到了大量的。一些客戶則更少。這當然取決於我們的客戶正在尋找什麼樣的產品。我們過去曾提到，我們知道在世界的某些地方，我們的替代住宿還不是我想去的地方。我們正在努力使它變得更好。因此，有時某些客戶會說，我將使用 Booking.com 這種類型的住宿，而我會使用一些競爭對手的其他類型的住宿。這是我們可以做得更好並獲得更多份額的領域。

So I'm not going to come back and say, my goal is X percentage but I will come back and say, I absolutely believe we're on the right path, and we are growing that share, and we're going to continue to do that in the long run. David, anything you want to add to that?

所以我不會回來說，我的目標是 X 百分比，但我會回來說，我絕對相信我們走在正確的道路上，我們正在增加這一份額，我們將繼續從長遠來看要做到這一點。大衛，你想補充什麼嗎？

No.

不。

Your next question comes from Justin Post of Bank of America.

您的下一個問題來自美國銀行的 Justin Post。

It looks like your bookings to ad spend ratio was about 19.9% in Q2. That's up from 18.3%. So it looks like getting progress there, but maybe investing more in merchandising and that's impacting your take rate. Can you explain why you think this is the right strategy for the company shifting a little bit to merchandising? And then second, it does appear you could be gaining some share of room nights in the U.S. And just trying to think about how you think about those customers repeating. Do you have confidence that spending and getting market share is going to result in better repeat rates next year and you'll be able to keep those customers?

看起來您的預訂與廣告支出的比率在第二季度約為 19.9%。高於 18.3%。所以看起來在那裡取得了進展，但可能會在商品推銷上投入更多，這會影響你的錄取率。你能解釋一下為什麼你認為這是公司稍微轉向商品銷售的正確策略嗎？其次，看起來您確實可以在美國獲得一些房晚份額，並且只是想考慮一下您如何看待那些重複的客戶。您是否有信心花費和獲得市場份額將在明年帶來更高的重複率，並且您將能夠留住這些客戶？

Yes. So actually, your last question actually applies to the earlier part, which is part of our decision how we spend our money, whether it be dollars, euro, yen, whatever, how do we spend it? To point people to our platform and get them to buy something is factored by what do we think we're going to get in terms of the return. And when they return is, are they going to come back? Or else they going to come back? Are they coming back direct or not? Do they now make want to pay from the cannot? All of these types of things go into our calculations around our machine learning, all the science we bring in to try and decide what is the best use of the money.

是的。所以實際上，你的最後一個問題實際上適用於前面的部分，這是我們決定如何花錢的一部分，無論是美元，歐元，日元，無論是什麼，我們如何花錢？將人們引向我們的平台並讓他們購買東西取決於我們認為我們將獲得的回報。當他們回來時，他們會回來嗎？否則他們會回來嗎？他們是直接回來還是不回來？他們現在是否想從無法付款的地方付款？所有這些類型的東西都進入了我們圍繞機器學習的計算中，我們引入了所有的科學來嘗試決定什麼是錢的最佳用途。

And we're looking, obviously, the markets are dynamic. I haven't used that word in a while, but we're going to use it today right now. These markets are dynamic. And whether it's a performance marketing market you're looking at or any other type of market in terms of what is the best way to put that money to work to get the best long-term value for our company. And that's what we're doing right now. And clearly, David pointed out that we're leaning more toward some merchandising right now because we believe that is the appropriate use of our money right now to get the best return in the long run for the company.

我們正在尋找，顯然，市場是動態的。我有一段時間沒用過這個詞了，但我們今天就用它。這些市場是動態的。無論是您所關注的績效營銷市場，還是任何其他類型的市場，都需要以最好的方式投入資金，為我們的公司獲得最佳的長期價值。這就是我們現在正在做的事情。很明顯，大衛指出，我們現在更傾向於進行一些商品推銷，因為我們認為這是我們現在適當使用我們的資金，以便從長遠來看為公司獲得最佳回報。

And obviously, one factor is getting to come back again and again, and that's the important point in trying to make sure that we use the money correctly.

顯然，一個因素是一次又一次地回來，這是確保我們正確使用資金的重要一點。

Great. And maybe a follow-up. Are you seeing higher repeat rates? I know it's early in the transition, but are you seeing higher repeat rates?

偉大的。也許還有後續。您是否看到更高的重複率？我知道現在還處於過渡初期，但您是否看到更高的重複率？

Well, I'm going to say that we believe the repeat rates are appropriate for the money we're spending, and we're comfortable with how we're spending it. How about that.

好吧，我要說的是，我們相信重複率適合我們所花的錢，而且我們對如何花錢感到滿意。那個怎麼樣。

Your next question comes from Lloyd Walmsley of UBS.

您的下一個問題來自瑞銀的 Lloyd Walmsley。

So you guys have talked in the past about looking to grow room nights in 2023 faster than what you were doing in '19. I guess, is that still your ambition? Does the macro make it harder to kind of expect that? And any kind of medium-term outlook you can share? And then secondly, recognizing there is a balance with using the margin for merchandising, but what is the latest update around payments margin, turning that to profitability maybe with FX translation or other value-added services? Are you guys starting to roll those out, thinking about it? What's the latest thought process and timing there?

因此，你們過去曾談到希望在 2023 年比 19 年更快地增加房間夜數。我想，這還是你的野心嗎？宏是否讓人們更難以期待這一點？您可以分享任何一種中期前景嗎？其次，認識到將保證金用於商品銷售是平衡的，但是關於支付保證金的最新更新是什麼，可能通過外匯轉換或其他增值服務將其轉化為盈利能力？你們開始推出這些，考慮一下嗎？那裡最新的思考過程和時間安排是什麼？

Yes. Lloyd, let me take both of those. So our goal is absolutely to when we have a fully recovered marketplace, whenever that is, and that gets back to your question about 2023, will that be the case? We don't know yet. But our view is that when we get back to a more stabilized market growth level, at that point in time, we would expect to be growing fast than we were in 2019. That's still very much our strategy, our statement based upon the things that Glenn talked about moving forward with the product, building out the connected trip, having a more comprehensive offering and also doing more with payments, which gets back to the second part of your question.

是的。勞埃德，讓我把這兩個都拿走。因此，我們的目標絕對是當我們擁有一個完全恢復的市場時，無論何時，回到你關於 2023 年的問題，會是這樣嗎？我們還不知道。但我們的觀點是，當我們回到更穩定的市場增長水平時，屆時我們預計增長速度將超過 2019 年。這仍然是我們的戰略，我們的聲明基於格倫談到了產品的發展、建立互聯旅行、提供更全面的產品以及在支付方面做更多的事情，這又回到了你問題的第二部分。

So that goal is absolutely out there. Our goal is to be growing on the top line and the bottom line faster than we were in 2019 when we're into a fully normalized recurrent market environment. So we believe that we can do that.

所以這個目標是絕對存在的。我們的目標是在進入完全正常化的經常性市場環境時，以比 2019 年更快的速度在收入和利潤上增長。所以我們相信我們可以做到這一點。

In terms of where are we on the payments platform, we continue to be pleased with the progress that we're making. We expect to run our payments platform very close to breakeven this year. And we expect to start seeing some positive returns to the payments platform in aggregate in 2023. Some of that will just come through better economics in the core processing of payments, and some of that would be from starting to introduce in a bit more scale. Some of the payment-oriented products that we're currently experimenting rolling out, we're currently working on FX options for our customers, paying your own currency-type solutions, buy now, pay later type offerings. Those are the first 2 we're experimenting with in different markets right now. We expect to roll it out a little bit more fully in 2023.

就我們在支付平台上的位置而言，我們繼續對我們正在取得的進展感到滿意。我們預計今年的支付平台將非常接近盈虧平衡。我們預計，到 2023 年，支付平台總體上將開始看到一些積極的回報。其中一些將來自支付核心處理中更好的經濟性，而其中一些將開始以更大的規模引入。我們目前正在試驗推出的一些面向支付的產品，我們目前正在為我們的客戶開發外匯期權，支付您自己的貨幣類型解決方案，立即購買，稍後支付類型的產品。這些是我們目前在不同市場嘗試的前兩個。我們希望在 2023 年更全面地推出它。

And the combination of that and some things will also add in 2023 on top of that will move us into a positive position relative to getting a return from payments platform next year.

再加上這一點，一些事情也將在 2023 年增加，除此之外，我們將在明年從支付平台獲得回報方面處於積極地位。

Your next question comes from Kevin Kopelman of Cowen.

您的下一個問題來自 Cowen 的 Kevin Kopelman。

Just a follow-up on the marketing question. You talked about in the second quarter the kind of high-intent environment. Can you dig into that? Exactly you were seeing there that allows that add ROIs to outperform in Q2? And how has that trended into Q3? And then I have a quick follow-up.

只是對營銷問題的跟進。您在第二季度談到了那種高意向的環境。你能深入研究嗎？您是否確實看到那裡允許增加投資回報率在第二季度表現出色？第三季度的趨勢如何？然後我有一個快速跟進。

Did you -- kind of broke up from.

你 - 有點分手了。

No. I missed the last part, Kevin. How does that turn into and then you cut out.

不，我錯過了最後一部分，凱文。那怎麼變成然後你剪掉了。

Sorry, so if you could dig into the high-intent environment that you described in the second quarter and how -- what the drivers were and how that has looked into the third quarter.

抱歉，如果你能深入研究你在第二季度描述的高意圖環境以及如何 - 驅動程序是什麼以及第三季度的情況如何。

Thank you. Let me take that, Glenn, add some color. So we were pleased see the ROIs better than our expectation in the second quarter and to get some leverage on that marketing spend. It's obviously the biggest single line in our income statement. And we characterize it as a high-intent environment in Q2 because there's no single factor that kind of led to that. It's a multiplicity of things. As you know, the calculation of ROI is based upon many, many different variables.

謝謝你。讓我接受，格倫，添加一些顏色。因此，我們很高興看到第二季度的投資回報率好於我們的預期，並獲得了一些營銷支出的槓桿作用。這顯然是我們損益表中最大的單行。我們將其描述為第二季度的高意圖環境，因為沒有單一因素導致這種情況。這是很多事情。如您所知，投資回報率的計算基於許多不同的變量。

Some of the ones that made a difference to the positive in the second quarter, having a lower cancellation rate helped with ROIs. We saw some strengthening length of stays versus what we were expecting and also versus 2019. And some of the ADR trends also helped us.

一些在第二季度對積極因素產生影響的因素，較低的取消率有助於提高投資回報率。與我們的預期以及與 2019 年相比，我們看到入住時間有所延長。一些 ADR 趨勢也對我們有所幫助。

There are other factors as well. But I'd point out those 3 as ones that certainly had a meaningful impact on the overall ROI environment. And just a lot of people, a lot of volume in environment. And as we said, people were booking and they weren't canceling. That's going to be part of what we mean by high intent.

還有其他因素。但我會指出這 3 個肯定會對整體 ROI 環境產生有意義的影響。而且只有很多人，很多環境。正如我們所說，人們正在預訂，他們並沒有取消。這將成為我們所說的高意圖的一部分。

In the third quarter, we still expect that to be the biggest travel season from a room stay point of view. It always is. The market is still recovering. As Glenn said, it's not linear. But the trend line is certainly going up positively, which is what we like to see. And like last quarter, we think there'll be an opportunity to attract bookers to the platform. Bear in mind for a number of people still be a couple of years since they've made their last booking. And they may not automatically come back. So we've got a regain some existing customers. There's the opportunity to win new customers in the peak travel season.

從客房住宿的角度來看，我們仍然預計第三季度將是最大的旅遊旺季。它總是如此。市場仍在復蘇。正如格倫所說，它不是線性的。但趨勢線肯定是積極向上的，這是我們希望看到的。和上個季度一樣，我們認為將有機會吸引預訂者加入該平台。請記住，許多人距離他們最後一次預訂還有幾年的時間。他們可能不會自動回來。因此，我們重新獲得了一些現有客戶。在旅遊旺季有機會贏得新客戶。

So our plan is still to lean in as we said we would do at the start of the season. We expect, in total, that leaning in on marketing to be a little less impactful on the P&L than we did for the full year and believe on our merchandising to be a little more, but we'll still have both of them turn up pretty high in the third quarter.

所以我們的計劃仍然是像我們在賽季開始時所說的那樣傾斜。總的來說，我們預計，與全年相比，依靠營銷對損益的影響要小一些，並且相信我們的商品銷售會更多一些，但我們仍然會讓它們都出現漂亮第三季度高點。

Great. And then a quick follow-up on the merchandising in the mix. How should we be thinking about that as a percentage of the mix? What is the kind of level you're looking at? And would you -- as it's gotten more important, is this something you'd consider disclosing?

偉大的。然後快速跟進混合中的商品推銷。我們應該如何將其視為混合的百分比？你看的是什麼級別？你會 - 隨著它變得越來越重要，這是你會考慮披露的嗎？

Again, I missed the first part of the question. I think Glenn, did as well. I apologize.

同樣，我錯過了問題的第一部分。我認為格倫也這樣做了。我道歉。

Apologies. So could you give us a sense of merchandising, how big it could be in the mix or what you're envisioning? And then as it's become more, is it something you'd consider disclosing?

道歉。那麼你能給我們一種商品推銷的感覺嗎？它可以有多大，或者你的設想是什麼？然後隨著它變得越來越多，你會考慮披露嗎？

Yes. Thank you. I got the question, merchandising. Obviously, it's something that we use selectively. We'll think about further disclosure as it grows. Obviously, this year is something that we will -- but think of it as something we're leaning into this year in a recovering marketplace, just like marketing. As and when things have recovered, we may not have to lean in quite heavily. So we kind of see this may also fluctuate. We have not broken it out. Yes, it does obviously have a bit of an impact upon take rates. And probably the way to give you some flavor on it in the future is to give you a bit more flavor as to how it's impacting take rate, but nothing more to disclose at this point in time.

是的。謝謝你。我有問題，商品。顯然，這是我們有選擇地使用的東西。隨著它的發展，我們會考慮進一步披露。顯然，今年是我們將要做的事情——但可以把它看作是我們今年在復甦的市場中傾向於做的事情，就像營銷一樣。當事情已經恢復時，我們可能不必非常依賴。所以我們有點看到這也可能會波動。我們還沒有打破它。是的，它顯然對採取率有一點影響。未來讓你了解它的方法可能是讓你更了解它是如何影響錄取率的，但目前沒有更多可透露的信息。

I'd say one thing generally in merchandise. But in general, when we talk about one of the values in the connected trip, and I mentioned in my prepared remarks about providing a marketing platform for suppliers to be able to do what they feel is appropriate in terms of maximizing their value and us providing them an opportunity to do their own way to merchandise and offer up different types of offers to our customers. And we'll use all sorts of important scientific analysis on where it's really incremental for them. And that I believe is something that's going to be very helpful going and run, particularly if we are in a less of a hot market where everybody feels we can sell at maximum price.

我會在商品中說一件事。但總的來說，當我們談論互聯旅行的價值之一時，我在準備好的評論中提到了為供應商提供一個營銷平台，讓他們能夠做他們認為合適的事情，以最大化他們的價值，我們提供他們有機會以自己的方式銷售商品並向我們的客戶提供不同類型的優惠。我們將使用各種重要的科學分析來確定對他們來說真正增量的地方。而且我相信這將是非常有幫助的事情，特別是如果我們處於一個不太熱門的市場，每個人都認為我們可以以最高價格出售。

When things start getting a little more interesting, that will be another opportunity for us to provide value to our supplier partners.

當事情開始變得更有趣時，這將是我們為供應商合作夥伴提供價值的另一個機會。

And just final, then, as we build out the elements of the connected trip, that gives us more ways to merchandise. At the moment, a lot of our merchandises through pricing-type activity. But as Glenn mentioned, we are looking at providing incentives or other benefits to our high-value accommodation customers, if they're buying more elements of the total trip. So the mix of how we merchandise on our side will also change over time as well.

最後，隨著我們構建互聯旅行的元素，這為我們提供了更多的商品銷售方式。目前，我們的很多商品都是通過定價類活動。但正如格倫所提到的，我們正在考慮為我們的高價值住宿客戶提供獎勵或其他好處，如果他們購買了整個旅行的更多元素。因此，我們的商品組合方式也會隨著時間而改變。

Your next question comes from Brian Nowak of Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

So just a couple I wanted to follow up on. Pretty strong U.S. numbers, and you're talking about the 30% growth and even the 25% growth in July. Maybe just talk to us about what are sort of some of the unique drivers around that U.S. business at this point. Are you seeing outsized Genius adoption? Is the merchandising having an impact there? Is air a disproportionate driver? Like what is sort of 1 or 2 of the key funnel drivers you're seeing in the U.S. for that type of growth is the first one.

所以我只想跟進一對夫婦。美國的數據相當強勁，你說的是 7 月份的 30% 甚至 25% 的增長。也許只是和我們談談目前圍繞美國業務的一些獨特驅動因素。您是否看到 Genius 被大量採用？商品推銷在那裡有影響嗎？空氣是不成比例的驅動因素嗎？就像您在美國看到的 1 或 2 個關鍵漏斗驅動因素一樣，這種增長是第一個。

And then the second one, and maybe you said it, I know you guys gave so many helpful numbers. Can you just sort of talk to us about the growth rates you're seeing on cross-border travel versus intra-continental travel across the entire company?

然後是第二個，也許你說過，我知道你們提供了很多有用的數字。你能和我們談談你在整個公司看到的跨境旅行與大陸內旅行的增長率嗎？

Sure. So let me take the first one, and David can do the second one. I know he talked a little bit in what sort of details you want to give on that second one. On the first one, I'll make the point that several years ago, I said that it was just hard for us to do better in the U.S. That would be a strategic priority for us to get more share. We under-indexed in the U.S. We felt we have a very good product, we improved upon it. And that is something that we should be doing better we would. And now we're beginning to see some of that. We're seeing these kind of growth rates that you just mentioned, and that is something that I am very happy that the team has executed well.

當然。所以讓我拿第一個，大衛可以做第二個。我知道他談到了你想在第二個問題上提供什麼樣的細節。在第一個問題上，我會指出幾年前，我說過我們很難在美國做得更好。這將是我們獲得更多份額的戰略重點。我們在美國的索引不足。我們覺得我們有一個非常好的產品，我們改進了它。這是我們應該做得更好的事情。現在我們開始看到其中的一些。我們看到了你剛才提到的這種增長率，我很高興團隊執行得很好。

Now what is the silver bullet? There is no silver bullet. It's a lot of things. There's a tremendous number of different things being worked out by so many different teams. And I can -- we can spend all -- the rest of this call talking about all the things that have been done by the different people to improve so we can get higher share. And you've seen some of it yourself. You see our brand marketing. You see the things that we're doing in terms of app. You see us in terms of being payments out. We have Booking.com and now have payments in the space, and we have that.

現在銀彈是什麼？沒有銀彈。這是很多事情。許多不同的團隊正在解決大量不同的事情。我可以——我們可以把所有的時間都花在這個電話會議的其餘部分上，討論不同人為改進所做的所有事情，以便我們獲得更高的份額。你自己也看到了一些。你看我們的品牌營銷。您會看到我們在應用程序方面正在做的事情。你看我們的付款方式。我們有 Booking.com，現在可以在該空間付款，我們也有。

And assuming those things is the blocking and tackling every day, working with the suppliers, achieving better relationships so that we can work together so we can offer up to travelers something that really fits what their needs are. And I can't come out and help you in terms of -- this is the biggest part, this is the next part and the next part. What I can say is that this is something that has been something that's been important to us, but I'm glad to see the results starting to come through. It's not done by any way, shape or form. There's a lot more to be done, and I continue to repeat myself about we got to do better in the alternative accommodations in the States. Not enough people know about it. We don't have enough supply and all those areas we want to improve upon there. And obviously, flights has started up for Booking.com in the States and is doing well, but a lot more to do there.

假設這些事情是每天的阻礙和解決，與供應商合作，建立更好的關係，這樣我們就可以一起工作，這樣我們就可以為旅行者提供真正符合他們需求的東西。我不能出來幫助你——這是最重要的部分，這是下一部分和下一部分。我能說的是，這對我們來說一直很重要，但我很高興看到結果開始顯現。它不是以任何方式、形狀或形式完成的。還有很多工作要做，我繼續重複自己，我們必須在美國的替代住宿方面做得更好。沒有足夠的人知道它。我們沒有足夠的供應以及我們想要改進的所有領域。很明顯，Booking.com 在美國的航班已經開始運營，而且表現不錯，但還有很多工作要做。

And all those things that connected trips. So lots more to be done there, but that is an area where we're going to continue. As I said, it's one of our priorities, one of the things we're working hard on it. And I am happy to see to be able to show people, here's what the growth -- the progress that we've made so far.

以及所有與旅行相關的東西。那裡還有很多工作要做，但這是我們將繼續的領域。正如我所說，這是我們的優先事項之一，也是我們正在努力的事情之一。我很高興看到能夠向人們展示，這就是增長——我們迄今為止取得的進展。

Yes. Thanks, Glenn. Brian, yes, on international travel, Q2 is probably the best place to come look because we've got the full quarter numbers to talk about. International, that was the first quarter that we saw growth in international travel in total vis-à-vis 2019. So in Q2, international travel in total was a mid-single-digit growth. Of course, the room nights in aggregate were up 16 points. Obviously, domestic was still strong -- very strong, but it was the first quarter we saw return to growth of international travel in aggregate.

是的。謝謝，格倫。布賴恩，是的，在國際旅行中，第二季度可能是最好的選擇，因為我們有完整的季度數據可以討論。國際，這是我們看到與 2019 年相比國際旅行總量增長的第一季度。因此，在第二季度，國際旅行總量是個位數的中位數增長。當然，總的房晚增加了 16 個百分點。顯然，國內仍然強勁——非常強勁，但這是我們看到國際旅遊總體恢復增長的第一季度。

And to your point, within international travel, we saw better-than-average growth in the -- within regional travel, so travel within Europe and Asia, et cetera. And the long-haul international travel was still down mid-single digits but was -- still was almost recovered back to 2019 levels. So I think it's an encouraging trends as we move through the quarter. As I mentioned, in terms of the overall improvement from Q1 to Q2, international travel drove most of that improvement.

就您而言，在國際旅行中，我們看到區域旅行中的增長高於平均水平，因此在歐洲和亞洲等地區旅行。長途國際旅行仍下降中個位數，但仍然幾乎恢復到 2019 年的水平。因此，我認為隨著我們整個季度的發展，這是一個令人鼓舞的趨勢。正如我所提到的，就第一季度到第二季度的整體改善而言，國際旅行推動了大部分改善。

Your next question comes from Doug Anmuth of JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

Glenn, can you just elaborate a little bit around your thoughts on ADR strength and the sustainability and just kind of how things get a little bit more interesting? I think, as you said, in a potentially less hot market. And then, David, I just want to ask about payments. I think you said kind of close to breakeven this year, some positive returns in '23. Can you just talk about how you're kind of working through the initial dilutive nature there from a margin perspective?

Glenn，您能否詳細說明您對 ADR 強度和可持續性的看法，以及事情如何變得更有趣？正如你所說，我認為在一個可能不太熱的市場中。然後，大衛，我只想問一下付款。我認為你說今年接近收支平衡，23 年有一些積極的回報。你能談談你是如何從利潤的角度來解決最初的稀釋性質的嗎？

So a couple of thoughts about ADR. Obviously, we talked about ADR in a very global average-type thing. But it's interesting, when you look around the world, it's not the same everywhere. In Asia, very different than what's happened in States, let's say, differences in Europe, too.

因此，關於 ADR 的一些想法。顯然，我們在一個非常全球平均類型的事情中談論了 ADR。但有趣的是，當你環顧世界時，到處都不盡相同。在亞洲，與在國家發生的情況非常不同，比方說，在歐洲也存在差異。

It is interesting that in almost all the time I've been in the travel industry, when you had lower occupancy rates, that would usually end up with lower ADRs. People try to fill up those last rooms because the margin that would drop to the bottom line was huge. Yet that is not what's happening here.

有趣的是，在我從事旅遊業的幾乎所有時間裡，當您的入住率較低時，通常會導致較低的 ADR。人們試圖填滿最後幾個房間，因為下降到底線的利潤是巨大的。然而，這不是這裡發生的事情。

You see occupancy rates, for example, in the States, still not at historical highs, yet we all know ADR are certainly are. And that's an interesting change from how they've been in the past. And now your question is a good one. Well, what's going to happen in the future? Are these things going to come back -- are these ADRs going to come back down now at some point? If demand does drop, are we going to see that come back down? Or are the hoteliers going to continue what they've been doing with saying, look, I can't even service for all of my rooms. So I'm not going to try and fill them all up because I don't want help, I don't have labor and where labor cost are. It's better -- I'm doing better by doing this higher ADRs and not trying to fill everything. That's happening in some of the places.

例如，您會看到美國的入住率仍未達到歷史高位，但我們都知道 ADR 肯定是。與他們過去的情況相比，這是一個有趣的變化。現在你的問題很好。那麼，未來會發生什麼？這些事情會回來嗎？這些 ADR 現在會在某個時候回落嗎？如果需求確實下降，我們會看到它回落嗎？或者酒店經營者會繼續他們一直在做的事情，說，看，我什至不能為我所有的房間提供服務。所以我不會嘗試把它們都填滿，因為我不需要幫助，我沒有勞動力，勞動力成本在哪裡。更好——我通過做這個更高的 ADR 做得更好，而不是試圖填補一切。有些地方正在發生這種情況。

The truth is, nobody knows what's going to happen in the future. I do know, though, that we have flexibility ourselves, that we work well when there is -- ADRs are high, as you've seen with the numbers we just [printed], which is great. And also when ADRs are dropping because the suppliers need more demand, we're there to help them. We did better than most of the people in the industry coming straight out of when the depth of the pandemic because we worked really hard with these suppliers to find a way to get the demand, and we did that.

事實是，沒有人知道未來會發生什麼。不過，我確實知道，我們自己有靈活性，我們在有靈活性的時候工作得很好——ADR 很高，正如你在我們剛剛 [打印] 的數字中看到的那樣，這很棒。而且當由於供應商需要更多需求而導致 ADR 下降時，我們會為他們提供幫助。在大流行最嚴重的時候，我們比業內大多數人做得更好，因為我們與這些供應商一起努力尋找滿足需求的方法，我們做到了。

And that's really our role with them is to make sure we're putting heads and beds for them at the price that they think is right. And that's what we're going to continue to do. So I can't tell you what's going to happen in the future. I can tell you, we will continue to execute well under either scenario.

這就是我們對他們的真正職責是確保我們以他們認為合適的價格為他們提供人頭和床鋪。這就是我們將繼續做的事情。所以我不能告訴你未來會發生什麼。我可以告訴你，在任何一種情況下，我們都會繼續很好地執行。

And Doug, on payments, I think that is not a new story. The fact that we're going to have some revenue streams that are going to be growing faster than the current average because they're newer and they'll be less profitable from a profit margin point of view. We talked about payments and flights earlier during the year that are both going to be significant contributors to the business in the future will result in incremental EBITDA dollars -- incremental EBITDA dollar growth but will be dilutive to margin rates.

道格，關於付款，我認為這不是一個新故事。事實上，我們將擁有一些收入流，其增長速度將超過當前平均水平，因為它們較新，從利潤率的角度來看，它們的利潤將減少。我們在今年早些時候談到了付款和航班，這兩者都將對未來的業務產生重大貢獻，這將導致 EBITDA 美元的增加——EBITDA 美元的增加，但會稀釋利潤率。

And I don't think that's anything new. And I think that's a good thing for the business. It means we'll have faster EPS growth for having those businesses than we would without. So I think it's a conversation we had a few times in the early part of the year and hopefully nothing new. We're making progress and getting payments into the position we talked we thought we might be able to go into 2023. So I view that as encouraging.

而且我認為這不是什麼新鮮事。我認為這對企業來說是件好事。這意味著擁有這些業務的每股收益增長將比沒有這些業務更快。所以我認為這是我們在今年年初進行的幾次對話，希望沒有什麼新鮮事。我們正在取得進展，並將款項支付到我們認為我們可能能夠進入 2023 年的位置。所以我認為這是令人鼓舞的。

Your next question comes from Naved Khan of Truist.

您的下一個問題來自 Truist 的 Naved Khan。

Glenn, in the past, heatwaves have hurt bookings. I go back to 2018, 2019, I think that has happened. And this year, -- do you think there's any impact on the heatwave or maybe flight cancellations in the July trends that you just shared? And just give us your thoughts on that.

格倫，過去，熱浪影響了預訂。我回到2018年，2019年，我認為這已經發生了。今年，您認為您剛剛分享的 7 月趨勢中的熱浪或航班取消對您有什麼影響嗎？請告訴我們您對此的看法。

And then if we just look at the U.S. room night growth, how should I think about the contribution from Getaroom? Is that -- how much of a factor is that?

如果我們只看美國的客房夜增長，我應該如何看待 Getaroom 的貢獻？那是-這是一個多大的因素？

So I can answer the second one first because I heard that one well, and I want to go back and get that first question again. Again, we're very pleased with how it's working, very nice, but that is not a big driver at all in these numbers. So -- and I'll let David if you want some specificity, but I would say do not -- that is not the -- it's nice. It's good. I'm very happy how we're doing. I'm pleased. I love the guys. We're doing great. It is very helpful in our B2B strategic partnership area.

所以我可以先回答第二個問題，因為我聽得很好，我想回去再回答第一個問題。同樣，我們對它的工作方式非常滿意，非常好，但在這些數字中這根本不是一個大驅動因素。所以--如果你想要一些具體性，我會讓大衛，但我會說不要--那不是--很好。很好。我很高興我們的表現。我很高興。我愛這些傢伙。我們做得很好。這對我們的 B2B 戰略合作夥伴領域非常有幫助。

Helping us build out that part of our business to be a very competitive part of the business with others too, it's one element. We had that part of the business for a long time before. This is just one addition to our overall B2B area. So that's something I'm there. I'll let -- David, anything you want to say on that, on Getaroom?

幫助我們將業務的這一部分建設成與其他業務競爭非常激烈的部分，這是一個要素。我們很早以前就有這部分業務。這只是我們整個 B2B 領域的一項補充。所以這就是我在那裡的東西。我會讓--大衛，你想說什麼，在 Getaroom 上？

Fine. It's only a few points of incremental growth in the U.S.

美好的。這只是美國的幾個增量增長點。

Yes. So if we can, can you say the first question because I think I heard flight cancellations. I'm not sure what you said. Could you go back...

是的。所以如果可以的話，你能說第一個問題嗎，因為我想我聽說航班取消了。我不確定你說的是什麼。能不能回去...

Yes. Yes. It's really about if there is any impact from either the heatwave in Europe or flight cancellations that we're seeing in the July numbers, just give us some color.

是的。是的。這真的是關於歐洲的熱浪或我們在 7 月份的數字中看到的航班取消是否有任何影響，只是給我們一些顏色。

Oh, I've got it now. Okay. So it goes back to me trying to explain, talk about the nonlinearity of the (inaudible) in January because we see the change, and I talked at the beginning about that. And one hypothesis, certainly, somebody in the past, people have definitely talked about, well, when it's hot, people don't travel as much. That's true. Definitely there that in there.

哦，我現在明白了。好的。所以它回到我試圖解釋，談論一月份（聽不清）的非線性，因為我們看到了變化，我在一開始就談到了這一點。還有一個假設，當然，過去的某個人，人們肯定說過，好吧，當天氣很熱時，人們不會去旅行。確實如此。肯定有那個。

And there certainly, is the cancellation, (inaudible) that probably played a factor too. There are a lot of things that are probably played -- and we look at how strong May was. And did that take some bookings from July we ended up in May because people were just -- as soon as the pandemic levels went down, and so I'm [calling] it down. People say I'm going right away, (inaudible) would have waited. There's so many potential hypothesis. I can't tease them all out.

當然，取消（聽不清）也可能是一個因素。可能有很多東西可以玩——我們看看梅有多強。這是否從 7 月開始進行了一些預訂，我們在 5 月結束了，因為人們只是 - 一旦大流行水平下降，所以我 [calling] 它下降了。人們說我馬上去，（聽不清）會等的。有很多潛在的假設。我不能把他們都戲弄出來。

And in fact, I would say it's actually not that -- it's not that important because we're talking for the long run, 1 month versus another month. In my mind, yes, I know there was going to be volatility in these things, variability. But we're looking at the long run. Are we achieving what we want to continue to open the long run, build this business? And we're doing that. And I see that.

事實上，我想說這實際上並不是那麼重要——這並不那麼重要，因為我們談論的是長期的，1 個月而不是 1 個月。在我看來，是的，我知道這些事情會有波動，可變性。但我們著眼於長遠。我們是否實現了我們想要繼續長期開放、建立這項業務的目標？我們正在這樣做。我看到了。

So I can't really help you, whatever guesses you'd like yourself, but what's more important in my mind is are we executing, creating a better product, a better service that we'll get more share as the travel recovery continues, which it is. And again, I emphasize this recovery from the pandemic is nowhere near done yet. When you look at countries like -- look at Japan, there are a lot of places where it's not where everybody isn't just traveling as they used to at all.

所以我真的幫不了你，不管你自己想什麼，但在我看來，更重要的是我們正在執行，創造更好的產品，更好的服務，隨著旅行複甦的繼續，我們將獲得更多的份額，它是。我再次強調，從大流行中復蘇還遠未完成。當你看看像日本這樣的國家時，有很多地方並不是每個人都不像以前那樣只是在旅行。

In Asia -- we mentioned Asia. It's not a full recovery yet. Look at China, lots of places where the pandemic has not totally disappeared, everybody's living like they did in 2019 at all, but there's a lot of room to come back just from recovery, and we're looking forward to that.

在亞洲——我們提到了亞洲。現在還沒有完全恢復。看看中國，很多地方疫情還沒有完全消失，每個人都過著2019年的生活，但復甦的空間很大，我們很期待。

Your next question comes from Deepak Mathivanan of Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

This is Jack Halpert on for Deepak. I just wanted to ask, can you guys talk about any shifts in the consumer demand you're seeing between your alternative accommodations and hotels booking as things sort of normalized a bit from COVID?

這是傑克·哈爾珀特為迪帕克效力的。我只是想問一下，你們能否談談您在替代住宿和酒店預訂之間看到的消費者需求的任何變化，因為事情從 COVID 開始有點正常化了？

Well, I think we talk a little bit about what share of our business in the alternative accommodations now and how we saw a couple of percentage points better than 2019 to more accommodations versus hotels. That's steady improvement that we're pleased with seeing. We talked a little bit about the U.S. and the mix there. It's still low in terms of the share that's going to alternative accommodations, but we're pleased with the mix is improving. It's on the right path.

好吧，我想我們談談我們現在在替代住宿中的業務份額，以及我們如何看到比 2019 年更多的住宿與酒店相比好幾個百分點。這是我們很高興看到的穩步改進。我們談了一點美國和那裡的混合。就替代住宿的份額而言，它仍然很低，但我們對組合正在改善感到高興。它走在正確的道路上。

I'm not sure in terms of general, though -- I think I know your question is -- is this going to be -- are people going back to where they formerly had done a lot more hotels and are they going to switch back there? I don't think anybody knows or not. But what I'd emphasize is how important it is to offer both. And that's why we think we have an advantage because we know, and I mentioned this in previous calls, we know people come to our site thinking they want one type of accommodation, yet we see by the way they search and the way they look at different potential places to stay that there's actually a lot of uncertainty.

不過，我不確定總體而言——我想我知道你的問題是——這是否會成為——人們是否會回到他們以前做過更多酒店的地方，他們是否會轉回去那裡？我想沒有人知道或不知道。但我要強調的是，提供兩者是多麼重要。這就是為什麼我們認為我們有優勢，因為我們知道，我在之前的電話會議中提到過這一點，我們知道人們來到我們的網站時認為他們想要一種類型的住宿，但我們從他們搜索的方式和他們看待的方式中看到不同的潛在住宿地點實際上存在很多不確定性。

And by offering both a hotel and a home or apartment, whatever it is, we are providing better information to the traveler to be able to make the right choice and have a higher opportunity that they will buy from us because we're offering these different types of services.

通過提供酒店和住宅或公寓，無論是什麼，我們都在為旅行者提供更好的信息，以便他們能夠做出正確的選擇，並有更多的機會從我們這裡購買，因為我們提供這些不同的服務類型。

So I don't know what's going to happen in terms of people's behavior going back. I can guess. I think that people who have enjoyed a home and never did before, they're going to continue to look at that home. And I'm fine with that because we offer it. So it's okay by me if that's what's happening. What I'd like to do, of course, is make our home products be top brand -- be as good as anybody else's and make sure that nobody ever says, I (inaudible) here are some things you don't have yet. That's something I want to get rid of.

所以我不知道人們的行為會發生什麼。我能猜到。我認為那些享受過一個家但以前從未享受過的人，他們會繼續關注那個家。我對此很好，因為我們提供它。因此，如果發生這種情況，我沒關係。當然，我想做的是讓我們的家居產品成為頂級品牌——與其他人的產品一樣好，並確保沒有人說，我（聽不清）這裡有一些你還沒有的東西。這是我想擺脫的東西。

Your next question comes from Lee Horowitz of Deutsche Bank.

您的下一個問題來自德意志銀行的 Lee Horowitz。

Two, if I could. Can you comment at all on how hotel attach rates are pacing for your air product relative to your expectations and how you think about continuing to improve those from here? And then just one on cost, if I could. Just given the directional commentary you've given us on fixed cost for this year, looking beyond this year, how do you think about the kind of sustainable level of fixed cost growth into a more normalized demand environment?

二，如果可以的話。您能否評論一下相對於您的期望，酒店附加費率是如何影響您的空氣產品的，以及您如何考慮從這裡繼續改進這些？如果可以的話，只有一個成本。鑑於您對今年固定成本的方向性評論，展望今年之後，您如何看待固定成本增長到更加正常化的需求環境的可持續水平？

Well, I'll take the first one. I'll let David do the second one. And what we've said, and it hasn't changed, what we said in the past is that we're a meaningful percentage of bookers who first book a flight then book an accommodation. And we're saying for new customers, we see that an encouraging percentage of them are attaching an accommodation to the flight booking, which is what I said in the past and I will say the same because it's pretty much the same. And David, on your side?

好吧，我會拿第一個。我會讓大衛做第二個。我們已經說過，並且沒有改變，我們過去說過的是，我們是一個有意義的百分比的預訂者，他們首先預訂航班然後預訂住宿。我們對新客戶說，我們看到他們中的很大一部分人在航班預訂中附加了住宿，這就是我過去所說的，我會說同樣的話，因為它幾乎是一樣的。大衛，站在你這邊嗎？

Yes. On my side, obviously, the best elements in our fixed cost is personnel. And in recent years, with the current inflation rates and obviously wage inflation, that has been pressured particularly for tech and technology people and product people, the marketing folks, et cetera, engineers. So that's been under pressure for a little while.

是的。就我而言，顯然，我們固定成本中最好的元素是人員。近年來，隨著當前的通貨膨脹率和明顯的工資通脹，尤其是對技術和技術人員、產品人員、營銷人員等工程師來說，壓力很大。所以這已經有一段時間了。

We believe that when we get back to this post-COVID steady state and we get to the situation where we are gaining share, growing top line faster than we used to grow in the bottom line faster than we used to, we believe that we can start looking at the right time of getting leverage from our fixed costs. But at the moment, we're obviously facing some short-term pressures.

我們相信，當我們回到 COVID 後的穩定狀態並達到我們獲得份額的情況時，我們的收入增長速度比以前快，底線增長速度比以前快，我們相信我們可以開始尋找從我們的固定成本中獲得槓桿的合適時機。但目前，我們顯然面臨一些短期壓力。

Ladies and gentlemen, I will now turn the conference back to Mr. Glenn Fogel for closing remarks.

女士們，先生們，我現在將會議轉回格倫·福格爾先生的閉幕詞。

Well, thank you. So after the difficult situation in the last 2.5 years, we are very pleased to arrive at where we are today. And I want to thank our partners, our customers, dedicated employees and our shareholders. We greatly appreciate the support as we continue to build on our long-term vision for our company.

嗯，謝謝。所以在經歷了過去 2.5 年的艱難處境之後，我們很高興能走到今天。我要感謝我們的合作夥伴、我們的客戶、敬業的員工和我們的股東。我們非常感謝在我們繼續為公司建立長期願景的過程中獲得的支持。

Thank you, everyone, and good night.

謝謝大家，晚安。

Ladies and gentlemen, this concludes your conference call for this afternoon. We would like to thank everyone for their participation and ask you to please disconnect your lines.

女士們，先生們，今天下午的電話會議到此結束。我們要感謝大家的參與，並請您斷開線路。