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.

各位下午好，歡迎參加Booking Holdings 2022年第二季業績電話會議。 Booking Holdings特此提醒各位，本次電話會議可能包含前瞻性陳述，這些陳述均符合1995年《私人證券訴訟改革法案》的安全港條款。這些前瞻性陳述並非對未來績效的保證，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、暗示或預測的結果有重大差異。

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.

凡涉及未來目標或預期，以及反映歷史事實以外的類似表述，均旨在識別前瞻性陳述。有關可能導致Booking Holdings實際業績與前瞻性陳述中所述業績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向美國證券交易委員會提交的最新文件。除非法律另有規定，Booking Holdings不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。

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 的獲利新聞稿及其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」部分查閱。

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.

現在我來介紹今天下午Booking Holdings的演講嘉賓：執行長格倫·福格爾先生和財務長大衛·古爾登先生。請兩位先生發言。

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.

感謝各位參加Booking Holdings第二季財報電話會議。今天下午，我們的財務長David Goulden先生也出席了會議。我很高興地宣布，公司復甦又邁上了一個新的里程碑：第二季度客房夜數首次超過了2019年疫情前的水平。我們的客戶在第二季預訂了2.46億間夜，略低於2.5億間夜，較2019年第二季成長了16%，較第一季9%的降幅有了顯著改善。

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.

我們持續看到住宿平均房價的強勁成長，這推動了第二季總預訂量成長38%，以固定匯率計算則成長48%。第二季的客房夜數和總預訂量均創下公司有史以來的季度新高。

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.

儘管7月的預訂量與2019年同期相比持續成長，但客房夜數成長放緩至約4%，總預訂量成長率略高於20%，以固定匯率計算則成長約35%。與2019年同期相比，7月下半月的客房夜數和總預訂量成長速度均略有改善。在夏季剩餘時間直至第三季末，我們預計總預訂量將高於2019年同期水平，我們相信這將使第三季（通常是我們收入最高的季度）創下歷史新高。

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預計第四季毛預訂量將維持穩健成長，以歐元計價，較2019年同期成長約15%。不過要注意的是，這些預訂中可取消的比例較高，且目前的匯率波動將使以美元計價的成長率下降約10個百分點。預訂窗口期仍比2019年同期短，這在一定程度上限制了我們對第四季度未來發展趨勢的預測。儘管市場狀況可能瞬息萬變，但我們對目前的數據持謹慎樂觀態度。 David將就近期觀察到的趨勢提供更多細節。

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.

我們意識到，宏觀經濟環境存在不確定性，消費者需求在今年年底甚至明年能否保持強勁也存在疑問。儘管準確預測短期經濟環境極其困難，但我對消費者強烈的旅行意願、旅遊業極具吸引力的長期成長前景以及我們不斷提升的長期競爭優勢依然充滿信心。憑藉著業界領先的利潤率、高品質的獲利能力、強勁的自由現金流和流動性以及穩健的資產負債表，我們相信我們能夠應對任何潛在的短期經濟不確定性，並繼續致力於吸引客戶和合作夥伴加入我們的平台，同時在支付和互聯旅行願景等關鍵戰略重點方面取得進展。

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.

在吸引顧客方面，Booking.com 的獨立活躍用戶數量在第二季度超過了 2019 年同期水平，這主要得益於一年多未預訂的回頭客數量的強勁增長以及重複預訂用戶數量的增長。直接透過我們平台預訂的用戶比例也達到了有史以來第二季的最高水準。我們計劃透過多項措施進一步提升直接預訂用戶的比例，包括持續優化 Genius 會員計畫的權益，進一步完善互聯旅行願景以增強用戶參與度，以及鼓勵更多用戶下載並使用行動應用程式。

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.

與其他平台（例如桌面端或行動網頁）相比，我們的行動應用程式展現出最強勁的直接客戶復購行為。與第一季一致，第二季超過 40% 的客房預訂量來自我們的應用程序，比 2019 年同期增加約 10 個百分點。 Booking.com 應用程式在第二季度繼續刷新月活躍用戶紀錄，並根據第三方研究公司的調查，繼續保持全球下載量排名第一的線上旅行社應用程式地位。

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，這款應用程式是一個至關重要的平台，它讓我們有更多機會直接與旅客互動，最終，我們將其視為我們互聯旅行願景的核心。我們將繼續努力提升應用程式體驗，以鞏固我們近期的成功。

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.

對於我們的供應商合作夥伴，我們致力於成為平台上所有住宿類型的寶貴合作夥伴，透過增加需求並開發產品和功能來支持他們的業務發展。 Booking.com 的非傳統住宿客房夜數較 2019 年成長約 25%，約佔 Booking.com 第二季總客房夜數的三分之一。我們將繼續在全球範圍內改進非傳統住宿產品，並專注於美國市場。

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，我們為全球範圍內的替代住宿供應合作夥伴推出了合作夥伴責任保險。第二季度，我們為美國的專業物業管理公司推出了一項增強型支付解決方案，並已取得進展，合作夥伴的採用率正在不斷提高。最後，我們在第二季開始向合作夥伴推出損害賠償保險選項，並在第三季繼續將該選項擴展到更多國家。

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增添重要功能，我們相信這將加強我們吸引更多房源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.

第二季度，我們實現了自2019年以來最大的非傳統住宿房源淨增長，Booking.com上的非傳統住宿房源數量目前已達660萬個。我們對今年迄今非傳統住宿供應量的成長感到鼓舞，並計劃在下半年進一步擴大這一成長勢頭。

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，我想談談我們在支付和互聯旅行願景這兩項相互關聯的策略重點方面取得的進展。第二季度，Booking.com 38% 的總預訂量是透過我們的支付平台完成的，創下歷史新高。我們持續提升飯店夥伴的支付普及率，第二季超過 60% 的總預訂量來自已開通支付功能的飯店。這意味著，在已開通支付功能的飯店，約有三分之二的預訂是透過付款方式完成的。我們相信，Booking.com 的支付服務能夠為我們的旅客和供應商合作夥伴帶來許多好處，涵蓋飯店、其他住宿選擇、租車、機票和景點等各個方面。

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流暢便捷的預訂體驗，這是我們實現互聯旅行願景的重要組成部分。

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.

在探討互聯旅行的願景時，我認為有必要回顧一下我們希望透過這個願景實現的目標。我們對互聯旅行的願景是，讓旅行預訂和體驗更加便利、個人化和愉悅，同時為客戶創造更大價值，並為供應商合作夥伴提供行銷機會。我們相信，隨著時間的推移，這將提升客戶參與度、市場份額和忠誠度。

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，我們希望透過解決客戶在Booking.com上遇到的更多旅行難題，來提升用戶在我們平台上的參與度，而不只是像過去那樣僅僅幫助他們找到合適的住宿。一個簡單的例子是，當旅客到達目的地並正在尋找遊玩項目時，我們會主動推薦一些熱門景點，方便他們透過我們的應用程式輕鬆預訂。

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.

另一個例子是我們正在測試為高價值住宿客戶提供從機場到飯店的折扣交通服務。未來，地面交通供應商可能會為我們的客戶提供專屬折扣，因為我們能夠為他們帶來增量業務。

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，我們看到了提升客戶旅行支出份額的機會。據估計，在疫情前，客戶在Booking.com上的年度支出平均僅佔其旅遊總支出的25%左右。我們相信，透過簡化客戶在一處預訂行程多個環節的流程，我們可以將更多旅行支出轉移到我們的平台上。即使在核心住宿領域，即使是頂級客戶，我們也相信隨著時間的推移，我們的份額仍有提升空間。

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.

我們希望透過我們的應用程序，逐步提高客戶忠誠度並提升直接購買的比例。我們相信，透過我們互聯出行的願景，滿足客戶對價值、選擇和便利的關鍵需求，我們將提供更優質的體驗，並提高客戶再次直接購買的可能性。

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，我們在建立互聯旅行的基礎架構方面持續取得進展，包括開發 Booking.com 的航班預訂服務。這項航班預訂服務使我們能夠與潛在客戶互動，幫助他們在搜尋過程中儘早選擇航班選項，並有機會向這些航班預訂者推薦其他服務——航班預訂服務仍然是我們吸引新客戶的重要來源，全球約有四分之一的航班預訂者是 Booking.com 的新用戶，而美國的新用戶比例更高。

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業績以及目前創紀錄的夏季旅遊熱潮感到鼓舞。我們的團隊正努力在多個關鍵領域持續取得進展，包括應用程式、Genius計劃、我們的替代住宿選擇、Booking.com的支付系統以及建立互聯旅行願景。我們相信，透過這些努力，我們正在為客戶和合作夥伴打造更優質的產品和服務，同時鞏固我們的長期競爭優勢。儘管短期宏觀經濟環境存在不確定性，但我們對旅遊業的長期成長以及公司未來的發展機會仍然充滿信心。

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

現在我將把電話轉交給我們的財務長大衛古爾登。

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.

謝謝格倫，下午好。我將回顧我們第二季的業績，並簡要介紹第三季至今的發展趨勢。除非另有說明，且所有2022年的成長率均相對於2019年同期。有關非GAAP績效與GAAP績效的調節訊息，請參閱我們的獲利報告。

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.

現在來看我們第二季的業績。第二季客房夜數成長了16%，較第一季成長了25個百分點，也是自2019年以來首個實現客房夜數成長的完整季度。在5月的財報電話會議上，我們討論了本季開局的情況：4月份客房夜數增加了10%，較3月份增加了14個百分點。進入5月份，客房夜數持續保持強勁成長勢頭，當月成長了22%。 6月份客房夜數增加了14%，這一增長主要集中在4月和5月之間。

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.

第二季度，按地區劃分，歐洲酒店客房夜數增長超過20%，美國增長約30%，世界其他地區增長15%左右，亞洲則下降了接近兩位數，所有地區均較第一季有所改善。所有地區的成長均對整體業績有所貢獻，其中歐洲和亞洲貢獻最大。

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.

第二季度，行動端預訂，尤其是透過我們的應用程式進行的預訂，約佔總客房夜數的50%。我們的應用程式預訂量佔行動電話預訂總量的三分之二以上，佔總客房夜數的40%以上，與第一季的情況基本一致。

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.

第二季度，我們透過直銷管道預訂的客房夜數佔總客房夜數的比例持續上升，與2019年第二季和2021年第二季相比均有所成長。第二季國際客房夜數佔比約45%，高於第一季的約40%。與2019年第二季相比，第二季國際客房夜數實現了中等個位數的成長，這是自2019年以來國際客房夜數首次實現同比增長。這些國際客房夜數的成長是推動第二季客房夜數整體成長的主要動力。

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.

國際客房夜數的成長持續受到歐洲境內旅行的推動，這些跨境客房夜數預訂的平均入住時長和預訂窗口期均較2019年同期有所延長。第二季度，長途國際客房夜數也出現了令人鼓舞的改善，幾乎恢復到2019年的水準。第二季度，我們的國內客房夜數也實現了強勁成長，較第一季有所提升。

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.

我們很高興看到第二季的取消率低於 2019 年的水準。您可能還記得，第一季的取消率與 2019 年基本持平。第二季度，Booking.com 的預訂窗口期較第一季有所回升，更接近 2019 年的水平，但在所有主要地區仍低於 2019 年的水平。與 2021 年第二季相比，預訂窗口期有所延長。

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.

在Booking.com的替代住宿方面，我們第二季的客房夜數年增25%，與2019年第二季相比成長了25%。全球替代住宿客房夜數佔比約32%，與2021年第二季基本持平，比2019年第二季略高幾個百分點。在歐洲，我們的替代住宿混合比例持續顯著高於全球平均。在北美，我們的替代住宿比例仍然低於全球平均。然而，與2021年第二季相比，該地區的替代住宿比例出現了令人鼓舞的成長。

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.

第二季總預訂金額約350億美元，較2019年第二季成長38%，以固定匯率計算成長48%。總預訂金額38%的增幅比客房夜數16%的增幅高出22個百分點，這主要得益於住宿平均房價（以固定匯率計算）上漲25%，以及集團整體強勁的航班預訂增長。但部分成長被匯率波動帶來的10個百分點的負面影響所抵銷。

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.

我們的住宿平均房價（以固定匯率計算）受益於區域組合優化約2個百分點，以及所有區域房價上漲約23個百分點，尤其是在歐洲和北美，特別是高需求休閒旅遊目的地。與2019年相比，以固定匯率計算的平均房價成長率從第一季的18%加速至第二季的25%，主要得益於歐洲房價的上漲。儘管第二季的平均房價有所上漲，但我們並未觀察到預訂飯店起始房價水準組合的變化，也未觀察到入住時長的變化，這表明消費者並未降低預訂檔次。我們將繼續密切關注市場動態。第二季機票預訂量較2019年同期成長約190%，較2021年同期成長31%，主要得益於Booking.com旗下Fly平台的持續擴張。

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.

第二季合併營收為43億美元，較2019年同期成長13%，以固定匯率計算成長約20%。營收佔總預訂量的百分比較2019年第二季下降約275個基點，降幅超出預期，主要原因是總預訂量與營收確認之間存在時間差異，而第二季的預訂量高於預期。我們的基礎住宿入住率與2019年第二季基本持平。

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.

行銷費用是一項波動性較大的支出項目，較2019年第二季成長了27%。行銷費用佔總預訂金額的比例較2019年第二季下降了約40個基點，優於預期，這主要得益於在高意向性旅遊環境下行銷投資報酬率高於預期。此外，我們的直接行銷佔比也略高於預期。

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.

由於商家總預訂量增加以及第三方呼叫中心成本上升，銷售額及其他費用較 2019 年第二季增加 87%。 Booking.com 第二季 38% 的總預訂量透過我們的支付平台處理，高於 2019 年第二季的 16%。與 2021 年第二季相比，銷售額及其他費用佔總預訂量的百分比上升約 40 個基點，略高於我們先前預期的 60 個基點。我們的固定支出總額優於預期，較 2021 年第二季增加 7%，這主要是由於一般及行政費用和 IT 費用的成長速度低於預期。

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.

第二季調整後 EBITDA 為 11 億美元，超出預期。若剔除第二季營收受時間因素影響，調整後 EBITDA 將顯著高於 2019 年第二季。此外，匯率波動也對 EBITDA 以美元計價的計算結果產生不利影響。若匯率與 2019 年第二季持平，第二季 EBITDA 預計可提高約 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.

根據非GAAP準則，公司淨利為7.76億美元，非GAAP每股收益約19美元，較2019年第二季下降19%。以GAAP準則計算，公司第二季營業收入為10億美元，淨利為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.

接下來談談我們的現金和流動性狀況。第二季末現金投資餘額為142億美元，高於第一季末的128億美元，主要得益於26億美元的自由現金流，但部分被第二季約13億美元的股票回購所抵銷。自由現金流的增加包括因遞延商戶訂單和其他流動負債增加而帶來的21億美元營運資本變動收益，但部分被應收帳款的增加所抵銷。

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.

我們持續向股東返還資本，鑑於近期股價回落，我們加快了股票回購步伐。除第二季回購13億美元股票外，我們在7月又回購了8.4億美元股票，使得今年迄今的股票回購總額略高於30億美元，剩餘授權額度約為74億美元。鑑於近期加快了股票回購步伐，我們預計自今年1月開始回購以來，將在大約兩年內完成目前的授權額度。

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%.

現在來看第三季的最新趨勢。與2019年同期相比，聯合客房夜數成長約4%，若不計入俄羅斯、白俄羅斯和烏克蘭，則成長約7%。 7月份的成長略有波動，但下半月較2019年同期表現強勁。平均房價成長與第二季持平，7月份總預訂量成長略高於20%，其中部分成長來自航班，但被匯率壓力帶來的負面影響所抵銷。 7月份，以固定匯率計算的總預訂量成長約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月所有地區的成長率均放緩，其中北美地區的降幅最小。 7月份，歐洲（不包括俄羅斯、白俄羅斯和烏克蘭）的客房夜數成長率為個位數中段至兩位數低段。美國成長了25%。世界其他地區成長了個位數低段，亞洲則下降了約10%，以上數據均與2019年同期相比。

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.

展望第三季剩餘時間，我們意識到市場環境依然波動，因此我們預計第四季客房夜數成長將與7月份持平。我們預計7月的平均房價（ADR）強勢將在第三季剩餘時間內延續，價格和機票預訂量也將保持強勁。由於匯率壓力等因素，我們預期第三季客房夜數成長與總預訂量成長之間的差距將比第二季的22%略低幾個百分點。我們預計匯率壓力將使第三季總預訂量下降約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月份，Booking.com的整體預訂窗口表現依然強勁，與2019年同期水準持平，與第二季的情況類似。我們預計第三季營收佔總預訂量的百分比將比2019年第三季下降約70個基點，這主要歸因於我們在商品銷售方面的投資，這與我們先前關於2022年旅遊市場復甦機遇的預測相符，同時也是由於航班組合的增加以及匯率波動的影響。我們預計住宿預訂率將保持穩定。

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.

我們預計第三季行銷費用佔總預訂額的比例將略高於2019年第三季度，因為我們計劃在旅遊旺季加大投入，以抓住市場需求並提升品牌知名度。由於總預訂額佔比上升以及第三方呼叫中心成本增加（包括與Majorelle合作的影響），我們預計第三季銷售及其他費用佔總預訂額的比例將比2021年第三季高出約40個基點。我們預計固定支出總額將比2021年第三季增加約20%，其中人員成本增加約10%，一般及行政費用和IT費用較去年同期均有顯著增長。

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.

一般及行政費用較去年同期增加主要受交易銷售稅上漲以及因恢復混合辦公模式而導致的人員相關費用增加所致。我們預計IT費用年增速將與第二季持平。

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.

綜合考慮以上因素，我們預計第三季調整後 EBITDA 將略高於 2019 年第三季。正如我在第二季分析中所述，匯率波動對我們第三季 EBITDA 預期與 2019 年第三季的比較產生了負面影響。以目前匯率計算，我們預期經匯率中立調整後的第三季 EBITDA 成長率將比我們基於報告數據的預期高出約 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.

我們知道大家非常關注夏季之後的情況。 Booking.com 第四季旅遊旺季的總預訂量比 2019 年同期成長超過 15%，但其中可取消預訂的比例很高。目前的預訂窗口期仍然比 2019 年短，這導致我們預計第四季度的總預訂量有所減少。較短的預訂窗口期限制了我們對第四季的預測，我們也意識到情況可能瞬息萬變。

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，Booking.com 第四季的總預訂量趨勢以歐元計價。若以美元計價，這些成長率將降低約 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2月和5月發布的全年EBITDA利潤率預測，並仍預計2022年的EBITDA利潤率將比2021年略高。需要提醒的是，時間因素主要影響全年的調整後EBITDA和EBITDA利潤率。如果不考慮時間因素的影響，我們對全年EBITDA利潤率的預期將比我們先前的指引略高。

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.

隨著年內推進，我們調整了成長投資在行銷和商品銷售之間的分配。目前，我們預期行銷支出佔總預訂量的百分比將與2019年基本持平，同時預期會增加商品銷售方面的支出。商品銷售支出的增加，加上航班組合高於預期以及匯率波動帶來的負面影響，意味著我們預計全年的佣金率將維持在14%左右。住宿業務的佣金率與2019年基本持平。

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，我們對第二季強勁的業績以及7月持續高於2019年水準的成長感到鼓舞。我們仍然堅信，專注於客戶獲取和策略重點是2019年——抱歉，是2022年——的正確做法。

We'll now take your questions. Michelle?

現在開始回答您的問題。米歇爾？

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

（操作說明）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%?

請容許我問兩個問題：一個是長期的，一個是短期的。長期來看，格倫，您認為如何提高您在每位客戶年度消費中所佔的份額？如果過去是25%，您認為提高這個份額的最佳方法是什麼？合理的比例是多少？ 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，就近期客房夜數而言，從5月到6月，以及隨後延續到第三季度的增速放緩，是否——聽起來您似乎沒有看到宏觀層面的問題。那麼，這是同店銷售下降導致的嗎？還是只是因為旅遊業經歷了大幅復甦，而現在這種復甦勢頭開始減弱，逐漸回歸正常的成長環境？您如何解釋客房夜數成長放緩的原因？

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。這個問題其實包含一些相互關聯的主題。那麼，我們先來說說我的喜悅之情。上次我們談話時，我提到四月是我們能夠宣布從2019年的影響中恢復過來的第一個月。現在，我們整個季度都表現得非常出色。正如你所指出的，非常強勁。

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，我們看到情況有所緩和，但我還是要重申，7月份的總預訂量按固定匯率計算達到了35%。這相當強勁。然而，我們也知道復甦尚未完全完成。我們知道世界上仍有一些國家在某種程度上限製或阻礙旅行。我們也聽到有人抱怨在一些機場有多糟糕。我們看到一些關於航班取消、人潮擁擠以及需要在機場耗費5個小時（聽不清楚）等問題的報道。

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，為什麼會出現成長放緩呢？很難說，我們都可以對此進行各種假設。但我相信，這次復甦仍蘊藏著巨大的機會。至於你第一個問題，我們能獲得多少份額，我認為我們會獲得更多份額，因為我相信，從長遠來看，旅遊業將會持續成長。我們不知道這種成長會有多穩定。我們知道過去兩年的波動性。這次復甦並非一帆風順，而是起伏不定。現在，人們都在談論一些經濟問題，當然還有（聽不清楚）疫情。正如大衛所指出的，還有戰爭，以及如果沒有俄羅斯和白俄羅斯，情況會是如何。短期內存在著許多不確定性，這是可以理解的，但從長遠來看，旅遊業持續成長幾乎是可以肯定的。

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.

我們的工作就是不斷改進產品和服務，進而提高現有客戶的份額，吸引更多新客戶，並爭取更多市場份額。我們該如何實現呢？就是我剛才提到的所有面向。我談到如何打造互聯旅行體驗，如何改進應用程序，如何優化支付方式等等。我們看到市場份額正在成長，而且份額也在不斷提升。

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.

那麼，我們最終討論的──也就是25%──應該是多少呢？每個人的情況都不一樣，這只是平均值。我確信，有些客戶能獲得大量的額外獎勵，而有些客戶獲得的則較少。這當然取決於客戶正在尋找哪種類型的產品。我們之前也提到過，在世界某些地區，我們提供的替代住宿選擇還不夠理想。我們正在努力改進。所以，有時有些客戶會說，我會選擇Booking.com預訂這種類型的住宿，而選擇競爭對手的住宿來預訂另一種類型的住宿。這是我們可以做得更好、獲得更大市場份額的領域。

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?

所以我不會回來宣布我的目標是X%，但我會說，我堅信我們走在正確的道路上，我們的市場份額正在增長，而且我們會長期保持這種增長勢頭。大衛，你還有什麼要補充的嗎？

No.

不。

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

下一個問題來自美國銀行的賈斯汀·波斯特。

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?

看來您第二季的預訂量與廣告支出比率約為 19.9%，高於上一季的 18.3%。這說明您在這方面取得了進展，但或許是因為您在商品推廣方面投入了更多資金，從而影響了您的佣金率。您能否解釋一下，為什麼您認為公司適當轉向商品推廣是正確的策略？其次，您似乎在美國的客房預訂量方面有所增長。我想了解您如何看待這些客戶的複購率。您是否相信，增加支出並擴大市場份額能夠帶來明年更高的複購率，從而留住這些客戶？

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，你最後一個問題也涉及到前面那部分，也就是我們如何決定如何使用資金——無論是美元、歐元、日圓或其他貨幣——我們該如何花錢。引導用戶造訪我們的平台並促使他們購買商品，這取決於我們預期能獲得多少回報。而當他們再次光顧時，我們會考慮他們是否會再光顧？他們會直接再光顧嗎？他們現在是否願意從其他管道付費？所有這些因素都會納入我們的機器學習演算法，以及我們引入的所有科學方法中，以幫助我們決定如何最有效地利用資金。

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.

顯然，我們正在密切關注市場動態。我好久沒用「動態」這個詞了，但今天我們就要用到它。這些市場確實瞬息萬變。無論你關注的是效果行銷市場，還是其他任何類型的市場，我們都要思考如何才能最有效地利用資金，為公司創造最大的長期價值。而這正是我們目前正在做的。正如大衛所指出的，我們目前更傾向於進行一些商品銷售，因為我們相信，從長遠來看，這是最合適的資金使用方式，能夠為公司帶來最佳回報。

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，其中一個因素是能夠一次又一次地回來，而這正是確保我們正確使用資金的關鍵。

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?

太好了。或許可以再問一個後續問題。您是否發現復診率更高了？我知道現在還處於過渡初期，但您是否發現復診率更高了？

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.

嗯，我想說的是，我們認為目前的續約率與我們的支出相符，而且我們對目前的支出方式也很滿意。怎麼樣？

Your next question comes from Lloyd Walmsley of UBS.

你的下一個問題來自瑞銀集團的勞埃德‧沃姆斯利。

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?

你們先前曾提到，希望在2023年實現比2019年更快的客房夜數成長。我想，這仍然是你們的目標嗎？宏觀經濟情勢是否讓實現這一目標變得更加困難？能否分享一下你們的中期展望？其次，我們理解在利用利潤進行商品銷售方面需要取得平衡，但關於支付利潤率的最新進展如何？你們是否正在考慮或開始推出這些服務？目前的想法和計劃是什麼？

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，讓我來回答這兩個問題。我們的目標是，無論何時，只要市場完全復甦，就能實現目標。這又回到了你關於2023年的問題，屆時是否能夠實現？我們目前還無法確定。但我們認為，當市場成長恢復到更穩定的水平時，我們預計屆時的成長速度將超過2019年。這仍然是我們目前的策略，也是基於格倫剛才提到的產品發展方向，包括建立互聯旅行、提供更全面的產品和服務，以及在支付方面做出更多努力（這也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，這個目標絕對是存在的。我們的目標是，在市場環境完全恢復正常後，實現營收和利潤的成長速度都超過2019年的水準。我們相信我們能夠做到這一點。

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.

就支付平台而言，我們對目前的進展感到滿意。我們預計今年支付平台將接近損益兩平。我們預計到2023年，支付平台整體將開始產生正收益。部分收益將來自於支付核心處理環節的最佳化，部分收益則來自我們逐步擴大業務規模。我們目前正在嘗試推出一些支付類產品，例如外匯交易選項、客戶自有貨幣支付方案以及先買後付服務。這是我們目前正在不同市場測試的首批兩項服務。我們預計將在2023年更全面地推廣這些服務。

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 2023 年的一些其他因素，這將使我們在明年從支付平台獲得回報方面處於有利地位。

Your next question comes from Kevin Kopelman of Cowen.

你的下一個問題來自 Cowen 公司的 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.

關於行銷方面的問題，我還有一個後續問題。您在第二季提到了高意向性環境，能否詳細解釋？具體來說，您觀察到哪些因素使得第二季的投資報酬率表現優異？第三季這趨勢如何？最後，我還有一個後續問題。

Did you -- kind of broke up from.

你們是不是──算是分手了？

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。那段怎麼就突然中斷了？

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，如果您能深入探討一下您在第二季所描述的高意向性環境，以及其驅動因素是什麼，以及這種環境在第三季的發展情況，那就太好了。

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。格倫，讓我來補充一些細節。我們很高興看到第二季的投資報酬率超出預期，行銷支出也得到了有效利用。顯然，這是我們損益表中最大的單項支出。我們把第二季的市場環境描述為高意向性環境，因為並非單一因素促成了這個結果，而是多種因素共同作用的結果。如您所知，投資回報率的計算是基於許多不同的變數。

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.

第二季業績取得正面進展的部分原因在於，較低的取消率提高了投資報酬率。我們看到，平均入住時長較預期以及2019年同期有所成長。此外，平均房價（ADR）的一些趨勢也對我們有幫助。

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.

當然還有其他因素。但我認為這三點對整體投資報酬率環境產生了顯著影響。此外，用戶數量龐大，交易量也很大。正如我們所說，用戶預訂後沒有取消。這正是我們所說的「高意向」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.

我們仍預計第三季將是客房預訂量最大的旅遊旺季。一直以來都是如此。市場仍在復甦中。正如格倫所說，復甦並非一帆風順。但整體趨勢無疑是正面的，這也是我們樂見的。與上個季度一樣，我們認為將有機會吸引更多預訂者使用我們的平台。請記住，許多人距離上次預訂可能還有幾年時間。他們可能不會主動再次預訂。因此，我們需要重新贏得一些現有客戶。同時，我們也有機會在旅遊旺季贏得新客戶。

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.

因此，我們的計劃仍然是按照賽季初的承諾，加大行銷投入。我們預期，整體而言，加大行銷投入對損益表的影響會比全年略小，而商品銷售的影響會略大一些，但我們相信這兩項在第三季都會取得相當不錯的成績。

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?

好的。接下來我想快速了解商品銷售在整體組合中的佔比。我們應該如何看待它在整個組合中所佔的比例？您預計的比例是多少？鑑於這一點變得越來越重要，您是否會考慮公開披露相關資訊？

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

我又一次錯過了問題的第一部分。我想格倫也錯過了。我為此道歉。

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?

抱歉。您能否簡要介紹週邊產品銷售方面的情況，例如它在整體規劃中可能佔據多大比例，或者您目前的設想？隨著專案進展，您是否會考慮公開相關資訊？

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。我明白了您關於商品推廣的問題。顯然，我們會有選擇地使用這項服務。隨著業務的成長，我們會考慮進一步揭露相關資訊。今年我們肯定會專注於這項服務——但您可以把它看作是我們在市場復甦期間加大投入的一種方式，就像其他行銷方式一樣。一旦市場完全復甦，我們可能就不需要再投入這麼多精力了。所以我們預計這項服務也會有所波動。我們還沒有單獨列出相關資訊。是的，它顯然會對佣金率產生一定影響。未來，或許可以更詳細地說明它對佣金率的影響，但目前我們還沒有更多資訊可以揭露。

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.

就商品而言，我一般想說一點。但總的來說，當我們談到互聯互通的價值之一時，正如我在準備的發言稿中提到的，我們會為供應商提供一個行銷平台，讓他們能夠根據自身情況最大化價值，並為他們提供機會，讓他們以自己的方式進行商品銷售，並向我們的客戶提供不同類型的優惠。我們會運用各種重要的科學分析，來確定哪些做法對他們來說真正具有增量價值。我相信，這會非常有幫助，尤其是在市場不太火爆，大家都覺得可以賣到最高價的時候。

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一些時，那將是我們為供應商合作夥伴創造價值的另一個機會。

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，隨著我們不斷完善互聯旅行的各個環節，我們將擁有更多銷售管道。目前，我們主要透過價格策略進行銷售。但正如格倫所提到的，我們正在考慮為高價值住宿客戶提供獎勵或其他優惠，以鼓勵他們購買更多旅行項目。因此，我們的銷售策略也會隨著時間而不斷改變。

Your next question comes from Brian Nowak of Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·諾瓦克。

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.

我想就幾個問題繼續探討。美國市場的數據非常強勁，您提到7月成長了30%，甚至25%。能否請您談談目前美國業務有哪些獨特的驅動因素？ Genius系統的普及率是否異常高？商品銷售是否發揮了作用？空氣品質是否是主要驅動因素？首先，您認為在美國市場推動這種成長的關鍵因素是什麼？

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?

第二個問題，也許你們已經提過了，我知道你們提供了許多有用的數據。能否請你們談談公司整體跨境差旅與洲內差旅的成長率對比情況？

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。那我先回答第一個問題，第二個問題由大衛回答。我知道他之前已經稍微談到了你想在第二個問題上詳細闡述哪些內容。關於第一個問題，我想強調的是，幾年前我說過，我們在美國市場很難做得更好。當時，提升市場佔有率是我們的策略重點。我們在美國市場的投入不足。我們認為我們的產品非常出色，並且不斷改進。而這正是我們應該做得更好的地方。現在，我們開始看到一些成效。我們看到了你剛才提到的那種成長率，我很高興團隊在這方面做得這麼出色。

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.

那麼，靈丹妙藥是什麼呢？沒有靈丹妙藥。這涉及很多方面。許多不同的團隊正在研究各種各樣的方案。我可以－我們可以用剩下的通話時間來討論各方為了提升市場佔有率所做的所有努力。您自己也看到了一些。您看到了我們的品牌行銷，看到了我們在應用程式方面所做的工作，也看到了我們在支付領域的努力。我們有 Booking.com，現在也涉足支付領域，我們在這方面做得很好。

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.

假設這些條件都具備，那麼我們每天的工作就是與供應商合作，建立更好的關係，以便我們能夠攜手為旅客提供真正符合他們需求的服務。我無法具體告訴你——這是最重要的部分，這是下一個部分，再下一個部分。我只能說，這對我們來說一直都很重要，我很高興看到成果開始顯現。但這絕非萬事大吉。還有很多工作要做，我一直在強調，我們必須在美國的替代住宿方面做得更好。了解這些住宿的人太少了。我們的供應不足，所有這些方面我們都想改進。顯然，Booking.com 在美國的航班已經恢復運營，而且進展順利，但我們還有很多工作要做。

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.

以及所有那些將旅行連結起來的因素。所以這方面還有很多工作要做，但我們會繼續在這個領域努力。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方向之一。我很高興能夠向大家展示我們迄今為止的進展。

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。布萊恩，是的，關於國際旅行，第二季度可能是最佳切入點，因為我們有完整的季度數據可以討論。國際旅行方面，這是自2019年以來國際旅行總量首次實現成長。因此，第二季國際旅行總量實現了中等個位數的成長。當然，客房夜數總量增加了16個百分點。顯然，國內旅行依然強勁——非常強勁，但這是我們首次看到國際旅行總量恢復成長。

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.

正如您所說，在國際旅行方面，我們看到區域旅行（例如歐洲和亞洲等地的旅行）的增長高於平均水平。長途國際旅行雖然仍下降了個位數，但已基本恢復到 2019 年的水平。因此，我認為這是一個令人鼓舞的趨勢。正如我之前提到的，從第一季到第二季的整體改善來看，國際旅行是推動這項改善的主要動力。

Your next question comes from Doug Anmuth of JPMorgan.

下一個問題來自摩根大通的道格·安穆斯。

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，你能否詳細談談你對ADR實力和永續性的看法，以及事情如何變得更有趣？正如你所說，我認為在市場可能不太火熱的情況下，情況會如何？ David，我想問支付方面的問題。我記得你說過今年基本上接近損益平衡，2023年會有一些正收益。你能否談談你如何從利潤率的角度來應對初期稀釋的影響？

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.

關於ADR，我有幾點想法。顯然，我們之前討論ADR時著眼於全球平均水平。但有趣的是，放眼全球，情況並非千篇一律。亞洲的情況就與美國大相逕庭，歐洲的情況也存在差異。

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，入住率低的時候，平均房價通常也會下降。人們會想辦法填滿剩下的房間，因為利潤空間會大幅縮小。然而，現在的情況並非如此。

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，在美國，入住率雖然還沒達到歷史最高水平，但我們都知道平均房價（ADR）肯定很高。這與以往的情況截然不同。你的問題問得很好。那麼，未來會怎麼樣呢？這些情況會好轉嗎？平均房價會在某個時候回落嗎？如果需求下降，我們會看到房價回落嗎？還是旅館業者會繼續沿用之前的做法，說：「我甚至都無法滿足所有房間的需求。所以我不會試圖把所有房間都住滿，因為我不想招人，我沒有足夠的勞動力，而且勞動力成本很高。這樣更好——通過提高平均房價而不是試圖把所有房間都住滿，我的收益更高。」這種情況在某些地方已經出現了。

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.

事實上，沒人能預知未來。但我知道，我們本身擁有足夠的彈性，而且在平均房價（ADR）高企時，我們運作良好——正如您剛才看到的，我們公佈的數據非常亮眼。同時，當平均房價因供應商需求下降而告急時，我們也會全力以赴地幫助他們。在疫情最嚴重時期過後，我們比業內大多數公司做得更好，因為我們與供應商密切合作，努力尋找提升需求的方法，而且我們成功做到了。

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.

我們與他們合作的真正職責是確保以他們認為合適的價格為他們提供床位和床位。我們將繼續這樣做。所以我無法預測未來會發生什麼事。但我可以肯定的是，無論出現什麼情況，我們都會繼續出色地完成任務。

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.

至於支付業務，Doug，我認為這並非什麼新鮮事。事實上，我們未來會有一些收入來源成長速度高於目前的平均水平，因為它們是新興業務，但從利潤率的角度來看，它們的獲利能力會相對較低。我們年初討論過支付和航班業務，它們未來都將成為公司業務的重要貢獻者，帶來增量 EBITDA 成長，但同時也會稀釋利潤率。

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.

我認為這並非什麼新鮮事。而且我認為這對公司來說是件好事。這意味著，如果我們擁有這些業務，每股盈餘成長速度會比沒有它們時更快。所以，我認為我們在年初就討論過幾次這個問題，希望不會有什麼新的進展。我們正在取得進展，付款情況也正朝著我們之前討論過的、預計到2023年能夠達到的目標穩步推進。因此，我認為這令人鼓舞。

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，過去熱浪確實會影響預訂量。我回顧2018年和2019年，我認為這種情況確實發生過。那麼今年呢？你覺得熱浪或剛剛提到的7月航班取消趨勢會有什麼影響嗎？請談談你的看法。

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?

那麼，如果我們只看美國飯店客房夜數的成長，我該如何看待 Getaroom 的貢獻？這究竟有多大影響？

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，因為我聽得很清楚，我想再回頭確認第一個問題。再次強調，我們對目前的運作情況非常滿意，非常好，但這並非影響這些數據的主要因素。所以——如果你想了解更多細節，我會讓大衛來問，但我建議不要——這不是——它很好。它很棒。我對我們目前的進展非常滿意。我很滿意。我喜歡我的團隊。我們做得很好。它對我們的B2B策略合作領域非常有幫助。

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?

幫助我們拓展這部分業務，使其在競爭中脫穎而出，這是其中一個面向。我們之前就已經擁有這部分業務很久了。這只是我們整體B2B業務版圖的一個新增部分。這就是我目前的工作內容。接下來就交給David，你對Getaroom有什麼想說的話嗎？

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

好吧。在美國，這只是幾個百分點的成長。

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，你能再說一次第一個問題嗎？因為我好像聽到航班取消的消息。我不確定你剛才說了什麼。你能再說一次嗎…

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。關鍵在於歐洲的熱浪或七月航班取消的情況是否會對數據產生影響，請給我們一些具體資訊。

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，我明白了。好的。所以，這又回到了我試圖解釋的事情上，談談一月份的（聽不清楚）非線性變化，因為我們看到了這種變化，我一開始也談到了這一點。當然，過去有人提出一個假設，就是天氣熱的時候，人們出行會減少。這是真的。這肯定是一個因素。

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，取消預訂也是一個因素（聽不清楚），這也可能是原因之一。有很多因素可能都起作用——我們看看五月的強勁勢頭。這是否導致一些七月份的預訂被擠到了五月？因為人們一旦疫情有所緩解，就會立刻行動起來，所以我稱之為「疫情緩解」。人們說他們馬上就要去，（聽不清楚）他們本來會再等等。有很多可能的假設，我無法一一列舉。

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，我認為這並非那麼重要——因為我們著眼於長遠，而不是一個月與一個月之間的短期波動。我知道這些事情肯定會有波動和變化，但我們著眼於長遠。我們是否實現了我們想要的目標，能夠持續發展壯大這項業務？我們正在朝著這個方向努力。我看到了這一點。

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，無論你如何猜測，我都幫不了你。但在我看來，更重要的是我們是否在執行，是否在創造更好的產品和服務，從而在旅遊業持續復甦的過程中獲得更大的市場份額——而旅遊業確實在復甦。再次強調，疫情後的復甦遠未結束。看看像日本這樣的國家，很多地方的旅遊業遠遠沒有恢復到疫情前的水準。

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——我們剛才提到了亞洲。那裡還沒有完全復甦。看看中國，很多地方疫情還沒完全消失，人們的生活方式仍然和2019年差不多，但復甦之路還很長，我們對此充滿期待。

Your next question comes from Deepak Mathivanan of Wolfe Research.

你的下一個問題來自 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?

這裡是傑克·哈爾珀特，替迪帕克發言。我想問一下，隨著疫情逐漸好轉，情況有所恢復正常，你們能否談談消費者對替代住宿和飯店預訂的需求是否有所改變？

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.

嗯，我想我們剛才談到了我們目前在非傳統住宿方面的業務份額，以及與2019年相比，非傳統住宿相對於酒店的份額增長了幾個百分點。這是一個穩步提升，我們對此感到欣慰。我們也簡單聊了聊美國市場的狀況。雖然非傳統住宿的份額仍然較低，但我們很高興看到其比例正在改善。一切都在朝著正確的方向發展。

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.

就整體而言，我不太確定——我想我知道你的問題是——人們是否會回到以前經常入住酒店的地方，並重新選擇酒店住宿？我想沒人能確定。但我想強調的是，同時提供這兩種住宿方式非常重要。正因為如此，我們認為我們擁有優勢，因為我們知道（我在之前的電話會議中也提到過），人們訪問我們的網站時，往往以為自己想要某種類型的住宿，但我們從他們的搜索方式以及他們瀏覽不同住宿地點的方式中發現，實際上他們有很多不確定因素。

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.

透過同時提供酒店、住宅或公寓等住宿選擇，我們為旅行者提供更好的信息，使他們能夠做出正確的選擇，並提高他們從我們這裡購買產品的機會，因為我們提供這些不同類型的服務。

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在回歸市場後會如何改變。但我可以猜測一下。我認為那些曾經擁有過理想住宅，現在卻已經擁有了理想住宅的人，會繼續關注這類住宅。我對此並不介意，因為我們正好提供這類住宅。所以如果情況真是如此，我完全可以接受。當然，我希望的是，我們的家居產品能夠成為頂級品牌——品質與其他任何品牌一樣出色，確保沒有人會說：“我（聽不清）這裡有一些東西你們還沒有。我想把它們都淘汰掉。”

Your next question comes from Lee Horowitz of Deutsche Bank.

下一個問題來自德意志銀行的李‧霍洛維茲。

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?

如果可以的話，我想問兩個問題。您能否談談貴公司航空產品的飯店附加率成長情況，以及您如何規劃繼續提升這一比例？另外，如果可以的話，我想問一個關於成本的問題。鑑於您先前對今年固定成本的展望，展望未來，在需求趨於正常化的環境下，您認為固定成本成長的可持續水平是什麼？

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，第一個問題我來回答，第二個問題就讓大衛來回答吧。我們之前說過，而且一直沒變，那就是相當一部分預訂者會先預訂機票，然後再預訂住宿。對於新客戶，我們也看到相當一部分人會將住宿和機票一起預訂，這一點我之前就說過，現在依然如此，因為情況基本上沒變。大衛，你那邊呢？

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有利的因素是人員。近年來，由於當前的通貨膨脹率和工資上漲，技術人員、產品人員、行銷人員以及工程師等人員都面臨巨大的壓力。所以，這部分成本已經承受了一段時間的壓力。

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，當疫情過後，公司恢復到穩定狀態，市場佔有率和利潤成長速度都超過以往水準時，我們就可以開始考慮如何利用固定成本來降低成本。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，現在我將把會議交還給格倫·福格爾先生，請他作閉幕致詞。

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.

非常感謝。經歷了過去兩年半的艱難時期，我們非常高興能夠達到今天的成就。在此，我要感謝我們的合作夥伴、客戶、敬業的員工和股東。我們衷心感謝大家的支持，我們將繼續朝著公司的長期願景邁進。

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。感謝各位的參與，請各位掛斷電話。