(BKNG) 2022 Q3 法說會逐字稿

Welcome to Booking Holdings Third 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 such forward-looking statements.

歡迎來到 Booking Holdings 2022 年第三季度電話會議。 Booking Holdings 想提醒大家，本次電話會議可能包含根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的前瞻性陳述。這些前瞻性陳述不能保證未來的表現，並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' earnings press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

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 收益新聞稿末尾的安全港聲明以及 Booking Holdings 最最近向美國證券交易委員會提交的文件。

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

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

And now I'd like to introduce Booking Holdings speakers for this afternoon, Glenn Fogel and David Goulden. Please go ahead, gentlemen.

現在我想介紹一下今天下午的 Booking Holdings 發言人 Glenn Fogel 和 David Goulden。請繼續，先生們。

Thank you, and welcome to Booking Holdings' third quarter conference call. I'm joined this afternoon by our CFO, David Goulden. I am encouraged by the strong results we are reporting today and by the record level of travel during our peak summer season.

謝謝，歡迎來到 Booking Holdings 第三季度電話會議。今天下午，我們的首席財務官 David Goulden 加入了我的行列。我對我們今天報告的強勁結果以及夏季高峰期創紀錄的旅行水平感到鼓舞。

In the third quarter, our customers booked 240 million room nights, a little under 0.25 million room nights, which was 8% higher than in Q3 2019. We saw an improvement in room night growth during the third quarter from 4% growth in July to 10% growth in both August and September relative to the comparable months in 2019. We note that sadly, the war in Ukraine continues. And as you know, we suspended our operations in Russia and Belarus shortly after the work we get.

第三季度，我們的客戶預訂了 2.4 億間夜，略低於 25 萬間，比 2019 年第三季度增長 8%。我們看到第三季度的間夜增長從 7 月的 4% 增長到與 2019 年同期相比，8 月和 9 月均增長了 10%。我們遺憾地註意到，烏克蘭的戰爭仍在繼續。如你所知，我們在完成工作後不久就暫停了在俄羅斯和白俄羅斯的業務。

If we exclude the suspended areas as well as Ukraine, our room night growth for the quarter would have been 11%. We are pleased that all of our major regions improved in August and September versus July and room nights in Asia surpassed 2019 levels for the first time in September. In the U.S., both our Priceline and Booking.com brands continue to execute well and contributed to room night growth of almost 30% in the third quarter versus the third quarter of 2019.

如果我們排除暫停區域以及烏克蘭，我們本季度的客房夜增長率將達到 11%。我們很高興我們所有的主要地區在 8 月和 9 月都比 7 月有所改善，並且亞洲的房晚在 9 月首次超過 2019 年的水平。在美國，我們的 Priceline 和 Booking.com 品牌繼續表現良好，與 2019 年第三季度相比，第三季度的房晚增長近 30%。

We continue to see very strong accommodation of ADR growth, which helped drive a 27% increase in global gross bookings in the third quarter or 41% on a constant currency basis, both versus Q3 2019. Despite the strong pricing environment, we have not seen evidence of our customers trading down to lower hotel star ratings or reducing the length of their trips.

我們繼續看到 ADR 增長非常強勁，與 2019 年第三季度相比，這有助於推動第三季度全球總預訂量增長 27% 或按固定匯率計算增長 41%。儘管定價環境強勁，但我們還沒有看到我們的客戶降低酒店星級或縮短旅行時間的證據。

We took another important step in our company's recovery from a profitability perspective with the third quarter being the first time that adjusted EBITDA surpassed pre-pandemic levels. In fact, the third quarter was our highest revenue and adjusted EBITDA quarter ever. Our Q3 revenue and adjusted EBITDA were 20% and 7% higher than Q3 2019 and grew 34% and 25% on a constant currency basis.

從盈利能力的角度來看，我們在公司復甦方面又邁出了重要一步，第三季度調整後的 EBITDA 首次超過大流行前的水平。事實上，第三季度是我們有史以來最高的收入和調整後的 EBITDA 季度。我們第三季度的收入和調整後的 EBITDA 分別比 2019 年第三季度高出 20% 和 7%，按固定匯率計算分別增長了 34% 和 25%。

More recently, we have seen resiliency in the level of demand from travelers with room night growth improving slightly from September levels to about 12% growth estimated for the month of October versus October 2019. Gross bookings in October are estimated to be up about 30% or just over 45% on a constant currency basis. The slight improvement in October was primarily driven by the continued recovery in Asia as well as a slight improvement in Europe.

最近，我們看到旅行者的需求水平有所回升，與 2019 年 10 月相比，10 月的客房夜增長量從 9 月的水平略有改善至 12% 左右。 10 月的總預訂量預計將增長約 30%或按固定貨幣計算略高於 45%。 10 月份的小幅改善主要受亞洲持續復甦以及歐洲小幅改善的推動。

As we take an early look at demand into 2023 at Booking.com, we see strong growth in gross bookings on the books for travel that will take place in the first quarter of next year, though I note that a high percentage of these bookings are cancelable. Interestingly, we have strong numbers on our books for early 2023 despite the booking window being shorter than it was at this point in 2019. David will provide further details on our results and on the recent trends we have been seeing.

當我們在 Booking.com 對 2023 年的需求進行早期研究時，我們看到明年第一季度的旅行書籍總預訂量將強勁增長，儘管我注意到這些預訂量中的很大一部分是可取消。有趣的是，儘管預訂窗口比 2019 年的這個時間點要短，但我們在 2023 年初的賬簿上仍有大量數據。大衛將提供有關我們的結果和我們所看到的近期趨勢的更多詳細信息。

While there is a rising concern around the macroeconomic environment and uncertainty around the consumer spending, we believe the sustained level of demand we have seen through October helps demonstrate our consumers' strong desire to travel further. We believe our solid operating results, substantial liquidity and strong free cash flow positions us well to navigate potential near-term economic uncertainty while we continue our work attracting customers and partners to our platform and making progress on our key strategic priorities of payments and the connected trip vision.

儘管對宏觀經濟環境和消費者支出不確定性的擔憂日益增加，但我們認為，我們在 10 月份看到的持續需求水平有助於表明我們的消費者對進一步旅行的強烈願望。我們相信，我們穩健的經營業績、充足的流動性和強大的自由現金流使我們能夠很好地應對潛在的近期經濟不確定性，同時我們繼續努力吸引客戶和合作夥伴加入我們的平台，並在支付和互聯網絡的關鍵戰略重點方面取得進展旅行的願景。

Given our confidence in the positioning of our business, the positive long-term outlook for travel and our strong balance sheet, we have stepped up the pace of our share repurchases since we reinitiated the program at the start of the year. With $4.2 billion in repurchases for the first 3 quarters of this year, we have reduced our share count by 5% relative to our ending share count last year.

鑑於我們對業務定位的信心、積極的長期旅遊前景和強勁的資產負債表，自年初重新啟動該計劃以來，我們加快了股票回購步伐。今年前三個季度的回購金額為 42 億美元，相對於去年的期末股票數量，我們的股票數量減少了 5%。

We remain focused on building a better experience for our customers and addressing their needs of value, choice and convenience. With continued focus on our customers, we aim to increase loyalty, frequency, spend and direct relationships over time. We are encouraged to see our unique active customers at Booking.com above 2019 levels in the third quarter, which was driven by strong growth in reactivated customers who had not made a booking in over a year as well as growth in repeat customers.

我們仍然專注於為客戶打造更好的體驗，並滿足他們對價值、選擇和便利性的需求。隨著持續關注我們的客戶，我們的目標是隨著時間的推移提高忠誠度、頻率、支出和直接關係。我們很高興看到第三季度我們在 Booking.com 的獨特活躍客戶高於 2019 年的水平，這是由於一年多未預訂的重新激活客戶的強勁增長以及回頭客的增長。

Our mix of customers booking directly on our platforms reached its highest third quarter level ever. Our goal over time is to further increase our direct mix through several initiatives, including continued efforts to enhance the benefits of our Genius loyalty program, further building out our connected vision to increase engagement with our customers and driving more of our customers to download and utilize the mobile app.

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三季度的最高水平。隨著時間的推移，我們的目標是通過多項舉措進一步增加我們的直接組合，包括繼續努力提高 Genius 忠誠度計劃的好處，進一步建立我們的互聯願景以增加與客戶的互動，並推動更多客戶下載和使用移動應用程序。

The mobile app is an important 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. About 45% of our room nights were booked through our apps in the third quarter, which is just over 10 percentage points higher than in 2019. Booking.com app remains the number one downloaded OTA app globally according to a third-party research firm, and we have seen increasing levels of downloads in the U.S. We will continue our efforts to enhance the app experience to build on the recent success we have seen here.

移動應用程序是一個重要的平台，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。第三季度，我們約有 45% 的房晚是通過我們的應用程序預訂的，比 2019 年高出 10 個多百分點。根據第三方研究公司的數據，Booking.com 應用程序仍然是全球下載量第一的 OTA 應用程序，我們已經看到美國的下載量不斷增加。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。

We're thinking about addressing our customers' need for value, we believe providing attractive prices on accommodations is very important. As has always been the case, our first priority, as we think about providing attractive prices, is to source competitive rates from our supply partners. We do this by working closely with our supply partners to get the best prices possible and increase participation in our targeted rate programs to ensure that compelling prices are available to our customers.

我們正在考慮滿足客戶對價值的需求，我們認為提供有吸引力的住宿價格非常重要。一如既往，當我們考慮提供有吸引力的價格時，我們的首要任務是從我們的供應合作夥伴那裡獲得有競爭力的價格。為此，我們與供應合作夥伴密切合作，以盡可能獲得最優惠的價格，並增加對我們的目標價格計劃的參與，以確保我們的客戶可以獲得具有吸引力的價格。

Our Genius loyalty program at Booking.com is a great example of a program where hundreds of thousands of our property partners are participating to offer lower rates and other benefits to travelers in ways that meet our property partners specific revenue needs. In addition to sourcing competitive rates directly from our partners, we have built up our ability to selectively offer discounts and incentives at Booking.com over the last few years.

Booking.com 的 Genius 忠誠度計劃就是一個很好的例子，我們的數十萬酒店合作夥伴參與其中，以滿足我們酒店合作夥伴特定收入需求的方式為旅行者提供更低的價格和其他福利。除了直接從我們的合作夥伴那裡獲得有競爭力的價格外，在過去幾年中，我們還增強了在 Booking.com 選擇性地提供折扣和獎勵的能力。

Visibility to merchandise is another lever that we can now pull as we look to deliver value to our customers to more competitive pricing. We believe this competitive tool helps us attract and retain customers and drive improved conversion on our platform. Importantly, we take a disciplined approach to merchandising by very closely monitoring the incremental return on investment on that spend, and we can adjust the level of our spend according to our desired return objectives. We have been pleased with the levels of incremental return we have seen this year for merchandising and we'll continue to selectively utilize this tool going forward.

商品的可見性是我們現在可以利用的另一個槓桿，因為我們希望以更具競爭力的價格為客戶提供價值。我們相信這個有競爭力的工具可以幫助我們吸引和留住客戶，並在我們的平台上提高轉化率。重要的是，我們通過非常密切地監控該支出的增量投資回報來採取嚴格的銷售方法，並且我們可以根據我們期望的回報目標調整我們的支出水平。我們對今年在商品銷售方面看到的增量回報水平感到滿意，我們將繼續有選擇地利用這一工具。

For our supply partners, we strive to be a valuable partner for all accommodation types on our platform by delivering incremental demand and developing products and features to help support their businesses. Alternative accommodations of room night at Booking.com grew about 11% versus 2019 and represented about 30% of Booking.com's total room nights in Q3.

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。與 2019 年相比，Booking.com 的替代住宿房晚增長了約 11%，佔 Booking.com 第三季度總房晚的 30% 左右。

We have continued to make progress with our alternative accommodation offering by increasing our supply base of properties which has grown by about 300,000 since the end of 2021 and has increased in each of our major regions around the world over that time period. We aim to build on this growth in our alternative accommodation supply base by improving our product offering to our supply partners globally with a continued focus on the U.S. market.

自 2021 年底以來，我們的物業供應基礎增加了約 300,000 套，並且在此期間我們在全球每個主要地區的供應量均有所增加，從而繼續在提供替代住宿方面取得進展。我們的目標是通過改進我們向全球供應合作夥伴提供的產品，並繼續關注美國市場，從而在我們的替代住宿供應基礎上實現這一增長。

Let me now talk about the progress we have made in our interrelated strategic priorities of payments and the connected trip vision. On payments, 40% of Booking.com's gross bookings were processed through our payment platform in the third quarter, which, once again, is our highest quarterly level ever. We believe Booking.com payment services drive benefits for both our travelers and our supplier partners across hotels, alternative accommodations, cars, flight 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。在支付方面，第三季度 Booking.com 的總預訂量中有 40% 是通過我們的支付平台處理的，這再次是我們有史以來的最高季度水平。我們相信 Booking.com 支付服務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了好處。

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. On the connected trip, our long-term vision is to make booking and experiencing travel easier, more personal and more enjoyable, while delivering better value to our customers and supplier partners.

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。在互聯旅行中，我們的長期願景是讓預訂和體驗旅行更輕鬆、更個性化、更愉快，同時為我們的客戶和供應商合作夥伴提供更好的價值。

We are expanding our offering into travel verticals other than the combinations, and then we'll work to link relevant travel components together to provide a more seamless, flexible consumer experience. As a result of this initiative, we believe, over time, we will drive increases in customer engagement, share of spend and loyalty to our platform.

我們正在將我們的產品擴展到組合以外的旅遊垂直領域，然後我們將努力將相關的旅遊組件鏈接在一起，以提供更加無縫、靈活的消費者體驗。由於這一舉措，我們相信，隨著時間的推移，我們將推動客戶參與度、支出份額和對我們平台的忠誠度的提高。

We continue to make progress on building foundations so that we connect trip vision, including our work to integrate ground transportation options and further develop our flight offering on 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 over 20% of all of our flight bookings globally are new to Booking.com. There is much more work to do as we strive to give our customers the best possible trip experience, but we are pleased with the early results we have seen so far.

我們繼續在建立基礎上取得進展，以便我們將旅行願景聯繫起來，包括我們整合地面交通選擇和進一步開發我們在 Booking.com 上的航班服務的工作。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進行互動。在我們全球所有航班預訂中，超過 20% 是 Booking.com 的新用戶。在努力為客戶提供最佳旅行體驗的過程中，還有很多工作要做，但我們對迄今為止所看到的早期結果感到滿意。

In conclusion, I'm encouraged by our strong third quarter results and the sustained levels of travel demand we are seeing into the fall and into early next year. We continue to make progress in several key areas, including engagement with our app, the Genius program, our alternative accommodation offerings, payments at Booking.com and building towards our connected trip vision. I believe these initiatives will help us deliver a better offering and experience for our customers and our partners. While there continues to be 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，我對我們強勁的第三季度業績以及我們在秋季和明年初看到的持續的旅行需求水平感到鼓舞。我們繼續在幾個關鍵領域取得進展，包括參與我們的應用程序、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。我相信這些舉措將幫助我們為客戶和合作夥伴提供更好的產品和體驗。儘管近期宏觀經濟環境仍存在不確定性，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 third quarter and provide some color on the trends we've seen supply in the fourth 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。我將回顧我們第三季度的業績，並就我們在第四季度看到的供應趨勢提供一些顏色。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 third quarter. In the third quarter, we were encouraged to see room night growth improved to 10% in both August and September, up from the 4% room night growth we previously reported for the month of July. All regions improved in August and September relative to July. For the full third quarter, global room night growth was 8%, with Europe up high single digits, the U.S. up almost 30% and rest of world up over 10% and Asia down mid-single digits. And September was the first month of room night growth in Asia versus 2019 as the delayed recovery continues in that region.

現在談談我們第三季度的業績。在第三季度，我們欣喜地看到 8 月和 9 月的間夜增長從我們之前報告的 7 月份的 4% 增長到 10%。相對於 7 月，所有地區在 8 月和 9 月都有所改善。整個第三季度，全球客房夜增長率為 8%，其中歐洲增長高個位數，美國增長近 30%，世界其他地區增長超過 10%，亞洲下降中個位數。與 2019 年相比，9 月是亞洲房晚增長的第一個月，因為該地區繼續延遲復甦。

Our mobile apps represented about 45% of our Q3 total room nights, an increase of slightly over 40% in the second quarter. Total mobile bookings represented over 60% of our total room nights in the third quarter, also an increase from the second quarter.

我們的移動應用程序約占我們第三季度總房晚的 45%，第二季度增幅略高於 40%。第三季度，移動預訂總量占我們總房晚的 60% 以上，也比第二季度有所增加。

In the third quarter, we continue to see increasing mix of our total room nights turning to us to our direct channel versus 2019 and also versus Q3 2019 and also versus Q3 2021. The international mix of our total room nights in Q3 was about 45%, in line with Q2. Our Q3 cancellation rates continue to be below 2019 levels as they were in Q2.

在第三季度，我們繼續看到與 2019 年、2019 年第三季度和 2021 年第三季度相比，我們轉向我們的直接渠道的總房晚組合越來越多。我們在第三季度的總房晚的國際組合約為 45% ，與 Q2 一致。我們第三季度的取消率繼續低於 2019 年第二季度的水平。

In Q3, the booking window of Booking.com remain shorter than in 2019, similar to what we saw in the second quarter of 2022. This booking window expanding meaningfully versus the third quarter of 2021, where we saw a higher mix of near-end bookings due to the COVID-19 Delta variant wave.

在第三季度，Booking.com 的預訂窗口仍然比 2019 年更短，與我們在 2022 年第二季度看到的相似。與 2021 年第三季度相比，這個預訂窗口顯著擴大，我們看到了更高的近端組合由於 COVID-19 Delta 變體波導致的預訂。

For our alternative accommodation in a Booking.com, our room night growth rate was 11% in Q3 versus 2019 and the goal mix of alternative accommodations was about 30%, which is slightly higher than Q3 2019. Q3 global mix was about in line with 2021.

對於我們在 Booking.com 的替代住宿，我們在第三季度的客房夜增長率與 2019 年相比為 11%，替代住宿的目標組合約為 30%，略高於 2019 年第三季度。第三季度的全球組合與2021 年。

Q3 gross bookings increased 27% versus 2019 or 41% on a constant currency basis. The 27% increase in gross bookings was 19 percentage points better than the 8% room night increase due to 28% higher accommodation constant currency ADRs and also due to 4 points from strong flight growth bookings across the group, partially offset by the 14% points of negative impact from FX movements.

第三季度總預訂量與 2019 年相比增長了 27%，按固定匯率計算增長了 41%。總預訂量增長 27% 比房晚增長 8% 高 19 個百分點，原因是住宿固定貨幣 ADR 增加了 28%，並且由於整個集團強勁的航班預訂量增長了 4 個百分點，部分被 14% 點抵消外匯走勢的負面影響。

Our accommodation constant currency ADRs benefit by about 2 percentage points from regional mix and about 26 percentage points from rate increases across all of our regions, most notably in Europe and North America. Despite the high ADRs in the third quarter, we have not seen a change in the mix of hotel star ratings being booked or changes in length of stay that could indicate that consumers are trending down. We'll continue to watch this dynamics closely.

我們的住宿固定貨幣 ADR 從區域組合中受益約 2 個百分點，從我們所有地區的利率上漲中受益約 26 個百分點，尤其是在歐洲和北美。儘管第三季度的 ADR 很高，但我們沒有看到預訂的酒店星級評級組合或住宿時間的變化可能表明消費者呈下降趨勢。我們將繼續密切關注這一動態。

Airline tickets booked in the third quarter were up about 235% versus a smaller base in 2019 and up 45% versus 2021, driven by the continued expansion of Booking.com's flight offering. Revenue for the third quarter was over $6 billion, which was up 20% versus 2019 and up about 34% on a constant currency basis.

由於 Booking.com 航班服務的持續擴張，第三季度預訂的機票與 2019 年較小的基數相比增長了約 235%，與 2021 年相比增長了 45%。第三季度收入超過 60 億美元，與 2019 年相比增長 20%，按固定匯率計算增長約 34%。

Revenue as a percentage of gross bookings was about 110 basis points below Q3 2019 due to a number of factors, including investments in merchandising, which is consistent with our prior commentary about the opportunity for us to lead into a recovering travel market in 2022 and also due to an increase in the mix of flights, the slower recovery of our advertising and other revenues, which have no associated gross bookings and some negative impact from FX rates.

由於多種因素，包括對商品的投資，收入佔總預訂量的百分比比 2019 年第三季度低約 110 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，而且由於航班組合的增加，我們的廣告和其他收入的恢復較慢，這些收入沒有相關的總預訂量以及外匯匯率的一些負面影響。

Q3 take rates were down more than our expectation of being down about 70 basis points, primarily due to timing differences between gross bookings and revenue recognition, driven by the improved bookings in Q3, some of which relate to travel in future quarters. Our underlying accommodation take rates were about in line with Q3 2019 levels.

第三季度的接受率下降幅度超過我們預期的下降約 70 個基點，這主要是由於第三季度預訂量的改善推動的總預訂量和收入確認之間的時間差異，其中一些與未來幾個季度的旅行有關。我們的基本住宿費率與 2019 年第三季度的水平大致一致。

Marketing expense, which is a highly variable expense item, increased 27% versus Q3 2019. Marketing expense as a percentage of gross bookings was about in line with Q3 2019, which was better than our expectations, mainly due to higher-than-expected direct mix. As expected, our marketing ROIs were lower than in Q3 2019, which was in line with our strategy to lead into a recurring travel market in the Q3 peak season.

營銷費用是一個高度可變的費用項目，與 2019 年第三季度相比增長了 27%。營銷費用佔總預訂量的百分比與 2019 年第三季度大致一致，好於我們的預期，主要是由於高於預期的直接混合。正如預期的那樣，我們的營銷投資回報率低於 2019 年第三季度，這符合我們在第三季度旺季進入經常性旅遊市場的戰略。

Sales and other expenses as a percentage of gross bookings were up about 40 basis points compared to Q3 2021, which was in line with our expectations. About 40% of Booking.com's gross bookings are processed through our payments platform in Q3, up from almost 1/3 in Q3 2021. Our more fixed expenses in aggregate were better than our expectations of 17% versus Q3 2021, primarily due to a slower-than-expected ramp into our IT expenses and lower-than-expected personnel expenses.

與 2021 年第三季度相比，銷售和其他費用佔總預訂量的百分比增加了約 40 個基點，這符合我們的預期。在第三季度，Booking.com 的總預訂量中約有 40% 是通過我們的支付平台處理的，高於 2021 年第三季度的近 1/3。與 2021 年第三季度相比，我們的固定支出總額高於我們預期的 17%，這主要是由於我們的 IT 開支增長慢於預期，人事開支低於預期。

Adjusted EBITDA was $2.7 billion in the third quarter, which is better than our expectations and about 7% above 2019 and would have been about 25% above 2019 on a constant currency basis.

第三季度調整後的 EBITDA 為 27 億美元，好於我們的預期，比 2019 年高出約 7%，按固定匯率計算，將比 2019 年高出約 25%。

Non-GAAP net income of $2.1 billion results in non-GAAP earnings per share of about $53 per share, which was up 17% versus Q3 2019. On a GAAP basis, we had operating income of $2.6 billion in Q3. We recorded GAAP net income of $1.7 million in the quarter, which includes a $336 million unrealized loss on our equity investments, primarily related to Meituan as well as $125 million expense related to an ongoing French tax matter.

非 GAAP 淨收入為 21 億美元，非 GAAP 每股收益約為 53 美元，與 2019 年第三季度相比增長 17%。按 GAAP 計算，我們第三季度的營業收入為 26 億美元。我們在本季度記錄了 170 萬美元的 GAAP 淨收入，其中包括 3.36 億美元的股權投資未實現虧損，主要與美團有關，以及與正在進行的法國稅務事項相關的 1.25 億美元費用。

Now on to our cash and liquidity position. Our Q3 ending cash and investment balance of $11.8 million was down versus our Q2 ending balance of $14.2 billion, primarily driven by about $2 billion in share repurchases in Q3 as well as the unrealized losses on our equity investments. The $2 billion in share repurchases in Q3 was a step-up from the $1.3 billion in Q2 as we increased the pace of our repurchases given the pullback in our share price. In October, we repurchased another $595 million worth of our shares, which brings our year-to-date repurchase up to about $4.8 billion and our remaining outstanding authorization to about $5.6 billion.

現在談談我們的現金和流動性頭寸。我們第三季度末現金和投資餘額為 1180 萬美元，低於第二季度末餘額 142 億美元，這主要是由於第三季度約 20 億美元的股票回購以及我們的股權投資的未實現虧損。第三季度 20 億美元的股票回購比第二季度的 13 億美元有所增加，因為我們在股價回落的情況下加快了回購步伐。 10 月，我們又回購了價值 5.95 億美元的股票，這使我們今年迄今的回購金額達到約 48 億美元，剩餘的未償授權達到約 56 億美元。

As Glenn mentioned, we reduced our share count by 5% since the end of last year. And over the last 5 years, we reduced our share count by 20% despite suspending our share buyback activity for 21 months during COVID-19 pandemic.

正如格倫所說，自去年年底以來，我們的股票數量減少了 5%。在過去 5 年中，儘管在 COVID-19 大流行期間暫停了我們的股票回購活動 21 個月，但我們的股票數量減少了 20%。

We have negative $95 million in free cash flow for the third quarter, our earnings for the quarter were offset by about a $2 billion decrease in our deferred merchant booking balance following the peak travel season in Europe and North America.

我們第三季度的自由現金流為負 9500 萬美元，本季度的收益被歐洲和北美旅遊旺季後遞延商戶預訂餘額減少約 20 億美元所抵消。

Now on to recent trends and out thoughts for fourth quarter. We estimate that October room night increased about 12% versus 2019, a slight improvement from the 10% growth in September, driven primarily by the continued recovery in Asia as well as a slight improvement in Europe. In October, all regions were above 2019 levels. The U.S. was of almost 35%, rest of world was up high teens, and both Asia and Europe were up high single digits.

現在談談最近的趨勢和第四季度的想法。我們估計 10 月間夜數較 2019 年增加約 12%，較 9 月 10% 的增幅略有改善，主要受亞洲持續復甦以及歐洲略有改善的推動。 10月，所有地區均高於2019年水平。美國幾乎是 35%，世界其他地區的增長率很高，亞洲和歐洲的增長率都很高。

ADR growth has remained around Q3 levels, and we estimate gross bookings were up about 30% in October, which includes negative impacts from FX pressures. We estimate that constant currency gross bookings were up just over 45% in October.

ADR 增長一直保持在第三季度左右的水平，我們估計 10 月份的總預訂量增長了約 30%，其中包括來自外匯壓力的負面影響。我們估計 10 月份的固定匯率總預訂量僅增長了 45% 以上。

While there continues to be uncertainty in the near term, our comments for the quarter make the assumption that room night growth for the fourth quarter will be about 10% above 2019, which is in line with levels of growth we've seen over the last 3 months. 10% room night growth in Q4 versus 2019 would also be an acceleration on a year-on-year basis from 31% growth in Q3 2022 versus Q3 2021 to 39% growth in Q4 '22 versus Q4 '21.

儘管短期內仍存在不確定性，但我們對本季度的評論假設第四季度的客房夜增長將比 2019 年高出約 10%，這與我們在過去看到的增長水平一致3個月。與 2019 年第四季度相比，與 2021 年第三季度相比，第四季度的客房夜數增長 10% 也將同比加速，從 2022 年第三季度與 2021 年第三季度的 31% 增長到 22 年第四季度與 21 年第四季度的 39% 增長。

We expect the strength in ADRs, we've seen in recent months to generally continue for the remainder of the fourth quarter as well as continued growth in flight bookings. We expect about a 15% difference between the level of room night growth and gross booking growth, less than 19% gap in Q3 due to more FX pressure in Q4. We expect FX to pressure gross bookings growth versus 2019 by about 18% in Q4.

我們預計 ADR 的強勢，我們在最近幾個月看到的情況將普遍持續到第四季度的剩餘時間，以及航班預訂的持續增長。我們預計，由於第四季度的外匯壓力增加，間夜增長水平與總預訂增長水平之間的差距約為 15%，低於第三季度的 19%。我們預計第四季度外匯將使總預訂量增長與 2019 年相比下降約 18%。

We expect Q4 revenue as a percentage of gross bookings to be about 120 basis points lower than Q4 2019 due to investments in merchandising, an increase in mix of clients and negative impact from timing differences between gross bookings and revenue recognition. We expect Q4 marketing expense as a percentage of gross bookings to be a bit higher than in Q4 2019 as we expect to continue to invest in capturing demand and increasing awareness due to the continued global recovery of travel demand.

我們預計第四季度收入佔總預訂量的百分比將比 2019 年第四季度低約 120 個基點，原因是對商品的投資、客戶組合的增加以及總預訂量和收入確認之間時間差異的負面影響。我們預計第四季度營銷費用佔總預訂量的百分比將略高於 2019 年第四季度，因為由於全球旅行需求的持續復甦，我們預計將繼續投資於捕捉需求和提高知名度。

We expect Q4 sales and other expenses as a percentage of gross bookings to be about 40 basis points higher than Q4 2021 due to higher merchant gross bookings 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 in Q4 2021, with personnel, G&A and IT each up similar percentage year-on-year.

我們預計第四季度銷售額和其他費用佔總預訂量的百分比將比 2021 年第四季度高出約 40 個基點，原因是商戶總預訂量組合增加和第三方呼叫中心成本增加，包括我們與 Majorelle 合作的影響。我們預計，我們的固定支出總額將比 2021 年第四季度高出約 20%，其中人事、G&A 和 IT 均同比增長相似的百分比。

Taking all this into account, we expect the Q4 adjusted EBITDA to be over $1.1 billion. If it were not for the impact of FX, we expect Q4 adjusted EBITDA to be above Q4 2019. We are maintaining our full year adjusted EBITDA margin commentary and still expect EBITDA margin for 2022 to be a few points higher than in 2021. And if not for the impact of timing, our expectations for the full year adjusted EBITDA margins would be higher by another few points.

考慮到所有這些因素，我們預計第四季度調整後的 EBITDA 將超過 11 億美元。如果沒有外彙的影響，我們預計第四季度調整後的 EBITDA 將高於 2019 年第四季度。我們維持對全年調整後 EBITDA 利潤率的評論，仍然預計 2022 年的 EBITDA 利潤率將比 2021 年高幾個百分點。如果不考慮時間的影響，我們對全年調整後 EBITDA 利潤率的預期會再高出幾個點。

For the full year, we expect our revenue as a percentage of gross bookings to be just over 14%, lower than our prior expectations for mid-14% range, due primarily to timing differences between gross bookings and revenue recognition, driven by stronger bookings than previously expected, some of which are related to travel expected to occur in 2023.

對於全年，我們預計我們的收入佔總預訂量的百分比將略高於 14%，低於我們之前預期的 14% 中間區間，主要是由於預訂量增加和總預訂量和收入確認之間的時間差異超出之前的預期，其中一些與預計將在 2023 年發生的旅行有關。

Compared to the 15.6% take rate in 2019, the expected take rate in 2022 includes almost a full point of noted impact from timing, about 40 basis points from a slower recovery in advertising other revenue, which have no associated gross bookings and about 30 basis points from increased mix of flights.

與 2019 年 15.6% 的採用率相比，2022 年的預期採用率幾乎包括了時間的全部顯著影響點，廣告其他收入恢復緩慢的約 40 個基點，沒有相關的總預訂量和約 30 個基點增加航班組合的積分。

The benefit to take rates in 2022 from increased revenues associated with payments is offset by our increased investments in merchandising, each of which impacts our reported take rates by about 1% in 2022 compared with about 0.5% each in 2019. These changes in payment revenues and merchant costs versus 2019 are mainly at Booking.com.

2022 年收取與支付相關的收入增加帶來的收益被我們增加的商品銷售投資所抵消，每一項都會影響我們報告的 2022 年收取率約 1%，而 2019 年則分別約為 0.5%。支付收入的這些變化與 2019 年相比，商家成本主要來自 Booking.com。

Looking forward into winter months, the booking window continues to be shorter than it was in 2019, which means that we would expect lower levels of future stays already on our books. Given this, we are pleased that the gross bookings we've already received at Booking.com for stay in Q1, up about 25% in euros versus the same time in 2019. Of course, we note that high percentage of these bookings are cancelable. While this represents a relatively small percentage of the total revenue we record in Q1, we think it's a helpful early data points to share.

展望冬季，預訂窗口繼續比 2019 年更短，這意味著我們預計未來的入住率將會降低。鑑於此，我們很高興我們已經在 Booking.com 收到的第一季度住宿預訂總額與 2019 年同期相比增長了約 25%。當然，我們注意到這些預訂中有很大一部分是可取消的.雖然這僅占我們第一季度記錄的總收入的一小部分，但我們認為這是一個有用的早期數據點，可以分享。

In closing, we're pleased with our Q3 results and the trends that we're seeing into Q4 and early into 2023. We remain confident that our strategic priority is the right ones and will enable us to provide better travel services for our customers and partners. We'll now move to Q&A. And Sylvie, can you please open the lines?

最後，我們對第三季度的業績以及我們在第四季度和 2023 年初看到的趨勢感到滿意。我們仍然相信我們的戰略重點是正確的，這將使我們能夠為我們的客戶和夥伴。我們現在將轉到問答環節。西爾維，你能打開線路嗎？

(Operator Instructions) And your first question will be from Lloyd Walmsley at UBS.

（操作員說明）您的第一個問題將來自 UBS 的 Lloyd Walmsley。

All right. Two, if I can. First, it sounds like you're not seeing any consumer weakness right now, but are there any actions you're thinking about taking or approaches to the cost to batten down the hatches ahead of what could be a tough year from a macro standpoint? And maybe help us think about fixed cost growth and marketing posture for next year?

好的。二，如果可以的話。首先，聽起來您現在沒有看到任何消費者疲軟，但您是否正在考慮採取任何行動或採取措施來降低成本，以應對從宏觀角度來看可能是艱難的一年？也許可以幫助我們考慮明年的固定成本增長和營銷態勢？

And then second one would just be, can you give us an update on payments monetization and profitability? I appreciate some of the added disclosure you gave us this quarter. But maybe where are we in the rollout of FX translation? And how should we think about impact of that on take rates and profitability maybe over the next year or so?

然後第二個就是，你能給我們介紹一下支付貨幣化和盈利能力的最新情況嗎？我感謝您在本季度向我們提供的一些額外披露。但也許我們在推出 FX 翻譯方面處於什麼位置？我們應該如何考慮這對未來一年左右的利率和盈利能力的影響？

Lloyd, why don't I take the first one. I'll let David talk about payments, then add anything he wants in terms of fixed cost going forward.

勞埃德，我為什麼不拿第一個。我會讓大衛談論付款，然後在未來的固定成本方面添加他想要的任何東西。

So obviously, we are very pleased with third quarter and we are very pleased with what we're seeing, albeit it's small numbers into the first quarter. David just talked about that 25% on the books in Europe in euros, I'd like to see that. Your question is, is there anything we're seeing from consumer sentiment or expanding some macro that may be inhibiting growth or be hurt in the future? And something that's very hard to know is what's the counter factual. And we're doing well. Imagine what would it be if all these terrible things that we read in the newspapers have not been happening, how much better would it be? I can't measure that. I don't know. What I do know, though, is that we are seeing good numbers, and we're pleased with where we are.

所以很明顯，我們對第三季度非常滿意，我們對我們所看到的非常滿意，儘管第一季度的數字很小。大衛剛剛談到了歐洲賬面上的 25% 歐元，我想看看。您的問題是，我們是否從消費者情緒或擴大某些宏觀方面看到了任何可能抑制增長或在未來受到傷害的情況？很難知道什麼是反事實。我們做得很好。想像一下，如果我們在報紙上讀到的所有這些可怕的事情都沒有發生，那會怎樣，會好到什麼程度呢？我無法衡量。我不知道。不過，我所知道的是，我們看到了不錯的數字，而且我們對自己所處的位置感到滿意。

We know that we've been through bad times in the past and we're able to do very well. We've made adjustments where we've had to. I've been now in this company for 23 years almost. We've had some recessions and we have some real disasters. And we have managed this company extremely well steering it through some very stormy weather and being able to adjust. So many of our expenses are variable, so we can adjust very quickly and we adjust automatically almost as volumes change. But I'm feeling good right now, albeit the world can change any time, and I'll let David now talk, you want thinking about, specifically fixed expenses and also about payments.

我們知道我們過去曾經歷過糟糕的時期，我們能夠做得很好。我們已經在我們不得不做的地方進行了調整。我在這家公司已經快 23 年了。我們經歷了一些衰退，也經歷了一些真正的災難。我們對這家公司的管理非常好，可以通過一些非常暴風雨的天氣並能夠進行調整。我們的許多費用都是可變的，因此我們可以非常快速地進行調整，並且我們幾乎會隨著交易量的變化而自動調整。但我現在感覺很好，儘管世界隨時可能發生變化，我現在讓大衛談談，你想考慮一下，特別是固定費用和付款。

Yes. Thank you, Glenn. I just comment that about 2/3 of our expenses are variable, which is caused a very important starting point. We, of course, do look at the fixed payments costs very carefully, but just to put that into context. And then also just to clarify, the 25% is actually a Booking.com global number, not just Europe, it's around the whole business.

是的。謝謝你，格倫。我只是評論說，我們大約 2/3 的費用是可變的，這是一個非常重要的起點。當然，我們確實非常仔細地研究了固定支付成本，但這只是為了把它放在上下文中。然後還要澄清一下，25% 實際上是 Booking.com 的全球數字，不僅僅是歐洲，它涉及整個業務。

So I think Glenn said what we need to say about the expense side. We will -- we have an agenda to move forward, we really want to continue enhancing our products and services and obviously, that requires continued investments and movement towards further important payments that the connected trip.

所以我認為格倫說了我們需要說的關於費用方面的內容。我們將 - 我們有一個前進的議程，我們真的希望繼續增強我們的產品和服務，顯然，這需要繼續投資並朝著連接旅行的進一步重要支付方向發展。

Relative to the payment platform, of course, we are pleased with the progress. We did give you some additional commentary, Lloyd, as you mentioned. So you get a feel for what the revenues are for payments now, also you get a feel for what the corresponding expenses are in sales and others that offset those revenues. Because as we said, this year, we're running the payments platform at about breakeven when you look at revenues and you subtract the sales and other expenses. What I'll also tell you is that relative to 2019, payments is having about 0.5 basis points or about 0.5 point impact on our EBITDA margins as that mix of revenue has increased our breakeven or that mix revenue has increased.

相對於支付平台，我們當然對進步感到欣慰。正如你提到的，勞埃德，我們確實給了你一些額外的評論。因此，您可以了解現在支付的收入是多少，還可以了解銷售中的相應費用以及抵消這些收入的其他費用。因為正如我們所說，今年，當您查看收入並減去銷售和其他費用時，我們正在以大約盈虧平衡的價格運行支付平台。我還要告訴你的是，相對於 2019 年，付款對我們的 EBITDA 利潤率產生了約 0.5 個基點或約 0.5 個百分點的影響，因為這種收入組合增加了我們的盈虧平衡或組合收入增加了。

Now of course, back in 2019, we actually weren't a breakeven, but the combined impact of where we were to where we are now is about 0.5 point of headwind on our margin, but of course, is giving us additional capabilities. Going forward, room night has not changed. So we do expect to turn to profitability in that combination of payments platform, a combination of revenues, less sales and other expenses in 2023. We are rolling out FX and other services on a market-by-market basis. And of course, testing them as we always do before we continue to push them further.

當然，早在 2019 年，我們實際上並沒有實現盈虧平衡，但我們從現在的位置到現在的位置的綜合影響是我們的利潤大約 0.5 個逆風點，但當然，這給了我們額外的能力。展望未來，房間之夜沒有改變。因此，我們確實希望在 2023 年通過這種支付平台組合、收入組合、銷售額和其他費用減少來實現盈利。我們正在逐個市場推出外彙和其他服務。當然，在我們繼續推動它們之前，像往常一樣測試它們。

We have an exciting road map. It's a multiyear road map for payments. I don't expect anything to change very rapidly in the course of 12 months, it will be a course of multiple years. But as you look at the sources we can provide for our business today in terms of reducing friction for customers and bookers and then we can look at how payments can really help underpin the connected trip in the future, we're very encouraged and excited about it. And I think with the additional disclosure we give you today will be -- have a more constructive dialogue upon how it's doing going forward against those benchmarks.

我們有一個令人興奮的路線圖。這是一個多年的支付路線圖。我預計在 12 個月內不會有任何快速變化，這將是一個多年的過程。但是，當您查看我們今天可以為我們的業務提供的資源以減少客戶和預訂者的摩擦時，然後我們可以看看付款如何真正幫助支撐未來的互聯旅行，我們感到非常鼓舞和興奮它。而且我認為，通過我們今天向您提供的額外披露，將就這些基準的進展情況進行更具建設性的對話。

Next question will be from Brian Nowak at Morgan Stanley.

下一個問題將來自摩根士丹利的 Brian Nowak。

I have 2. I appreciate the color on the U.S. almost growing 30%. I guess -- the question on the U.S. as you're sort of looking at the different regions of the globe from a profitability perspective, can you just help us understand where you are at this point from the U.S. from a profit contribution perspective? Or is it still sort of very much in investment mode to drive growth? And how do you think about the path to making that a more profitable region for the company?

我有 2 個。我很欣賞美國的顏色幾乎增長了 30%。我想 - 關於美國的問題，當你從盈利能力的角度看待全球不同地區時，你能不能幫助我們從利潤貢獻的角度從美國了解你在這一點上的位置？或者它仍然在很大程度上以投資模式來推動增長？您如何看待使該地區成為公司更有利可圖的地區的途徑？

And the second one, I'm going to mispronounce it. It's a Majorelle or Majorelle, I apologize. David, can you just talk us again, how do we think about the puts and takes or potential tailwinds of that arrangement into 2023 to the P&L?

第二個，我會誤讀它。這是一個馬若雷勒或馬若雷勒，我很抱歉。大衛，你能不能再和我們談談，我們如何看待這種安排到 2023 年對損益表的看跌期權或潛在順風？

Okay. Brian, we can take in reverse order. So Majorelle, you're very close, is basically, from a P&L point of view, this year is just moving around geography because always we're going through a transition phase, I think we mentioned that about $25 million of personnel expense a quarter and about $6 million of G&A expense a quarter move out of those lines respectively and into sales and other. And that started in June 1. Essentially, starting in Q3 and Q4, you see the full impact of that.

好的。布賴恩，我們可以按照相反的順序。所以，馬若雷勒，你非常接近，基本上，從損益表的角度來看，今年只是在地理上移動，因為我們總是在經歷一個過渡階段，我想我們提到一個季度大約 2500 萬美元的人事費用每季度約有 600 萬美元的 G&A 費用分別從這些業務線轉移到銷售和其他方面。這從 6 月 1 日開始。基本上，從第三季度和第四季度開始，你會看到它的全部影響。

As we mentioned, the policy with Majorelle does have some cost benefits to it, but really most about flexibility. It's about our ability to flex up and flex down quickly, respond to different market needs, different pictures of -- languages. So over the longer term, compared to continuing to build out ourselves, there are some cost benefits and it'll start occurring in 2023. We haven't quantified it yet. We'll think about whether it makes sense to try and quantify but it'll probably be next year. But again, it's not the primary driver. So I'm not saying there are no cost managers. That's not why we entered into that partnership.

正如我們所提到的，Majorelle 的政策確實有一些成本優勢，但實際上最重要的是靈活性。這是關於我們快速靈活向上和向下彎曲的能力，響應不同的市場需求，不同的語言圖片。因此，從長遠來看，與繼續建設自己相比，有一些成本效益，它將在 2023 年開始發生。我們還沒有量化它。我們會考慮嘗試和量化是否有意義，但可能會在明年。但同樣，它不是主要驅動力。所以我並不是說沒有成本經理。這不是我們建立這種夥伴關係的原因。

What we will says is the partnership is working exceptionally well. We just completed the summer period, and our customer service results were also solid under the new regime because we did keep some folks ourselves.

我們要說的是，這種夥伴關係運作得非常好。我們剛剛結束了暑期，在新制度下我們的客戶服務結果也很穩定，因為我們自己確實留了一些人。

On the U.S., well, of course, we are growing. So we're investing. I mean it's no big surprise. We haven't broken out or contribution margin dollars in different regions. We don't plan to do that. But obviously, we're investing in the U.S. to grow a position, which is continued to increase. And as that increases over time, we'll be able to deliver higher profitability for it. But we're not any way displeased with what we're doing in the U.S. And obviously, it's a market where people do make money, and we do too, just maybe not the same rate as much, we're not investing in quite heavily.

在美國，當然，我們正在成長。所以我們在投資。我的意思是這沒什麼大驚喜。我們還沒有在不同地區打破或貢獻保證金美元。我們不打算這樣做。但很明顯，我們正在美國投資以增加頭寸，而且還在繼續增加。隨著時間的推移，這將增加，我們將能夠為其提供更高的盈利能力。但我們對我們在美國所做的事情並沒有任何不滿。顯然，這是一個人們確實賺錢的市場，我們也是如此，只是速度可能不一樣，我們並沒有完全投資沉重。

Next question will be from Kevin Kopelman at Cowen.

下一個問題將來自 Cowen 的 Kevin Kopelman。

Just a follow-up on the marketing spend. Could you characterize how you see the competitive environment right now on advertising channels over Q3 and quarter-to-date? How that compared to earlier in the year and maybe also compared to 2019?

只是對營銷支出的跟進。您能否描述一下您如何看待目前在第三季度和本季度至今的廣告渠道的競爭環境？這與今年早些時候相比如何，也許還與 2019 年相比？

One, I just mentioned in general and then if David want to state in specific. Look, marketing for travel is always extraordinarily competitive. It's never not competitive. No matter what channel you're spending your money, it's competitive. And we're always trying to make the right judgment and how much money to spend, what we think the ROI is going to be and looking into it for the long view in terms of what this does in terms of our overall building the franchise.

一，我只是籠統地提到，然後如果大衛想具體說明。看，旅遊營銷總是競爭異常激烈。它從來都不是沒有競爭力的。無論您在哪個渠道花錢，都具有競爭力。我們一直在努力做出正確的判斷，花多少錢，我們認為投資回報率將是多少，並從長遠來看，這對我們整體建立特許經營權有什麼作用。

I can't give any specifics in terms of up and down. David can talk about percentages of the amount of marketing spend we've been doing versus gross bookings over the last couple of years. But again, the market is never less competitive. It's always competitive, and I think we have performed very, very well regardless.

至於上下，我不能給出任何細節。大衛可以談論過去幾年我們一直在做的營銷支出與總預訂量的百分比。但同樣，市場的競爭從未減弱。它總是很有競爭力，我認為無論如何我們都表現得非常非常好。

Go on, Kevin, please. Do you have the second question?

請繼續，凱文。你有第二個問題嗎？

Just a kind of a separate follow-up on investment levels. Can you talk about just how headcount has been trending in? Kind of what you're doing now in terms of hiring? And any color on how that looks over the next year?

只是一種對投資水平的單獨跟進。你能談談員工人數的趨勢嗎？你現在在招聘方面做什麼？對明年的情況有什麼看法嗎？

Sure. Just to finish up on Glenn's point on the market environment. Remember that we did say that our ROIs were a little lower this last point in Q3, as we expected. We targeted lower ROIs obviously that we chose to drive ourselves to continue to lean into the recovery. Also remember, our ROIs were actually, in fact, higher in the first half than they were in 2019. So you have to kind of look at it in that context.

當然。只是為了結束格倫關於市場環境的觀點。請記住，正如我們預期的那樣，我們確實說過我們的投資回報率在第三季度的最後一點略低。顯然，我們選擇了較低的投資回報率來推動自己繼續努力復甦。還要記住，我們的投資回報率實際上在上半年高於 2019 年。所以你必須在這種情況下看待它。

Investment levels, we continue to be -- I'd say, we continue to want to invest in the business. But of course, we do recognize some of the backlog factor. We're not going to pull back anything strategic from what we want to do if we have a short-term slowdown. But of course, we are looking at how many people we add and where we add to make sure we add them against the things that really matter most for the business, as you would expect us to do.

投資水平，我們繼續 - 我會說，我們繼續希望投資於業務。但當然，我們確實認識到一些積壓因素。如果我們有短期放緩，我們不會從我們想做的事情中撤回任何戰略性的東西。但是，當然，我們正在查看我們添加了多少人以及我們添加的位置，以確保我們將他們添加到對業務真正最重要的事情中，正如您期望我們做的那樣。

Next question will be from Mark Mahaney at Evercore.

下一個問題將來自 Evercore 的 Mark Mahaney。

Two questions, please. Can you talk about how you have been able to drive up that mobile app usage? There's obviously got great benefits for the business model. But how have you been able to do it? And just -- I know you'd like to get it higher. How much higher? What's realistic for how much higher it could get? And then if you could, please double-click on the flights business? And where are you now in terms of rolling that out and to how many markets, how broadly used is it or how high is the awareness of the product? Just talk about what the growth path is just for those flights product.

請教兩個問題。您能談談您是如何提高移動應用程序使用率的嗎？顯然，這種商業模式有很大的好處。但是你是怎麼做到的呢？只是——我知道你想把它弄得更高。高多少？它可以提高多少是現實的？如果可以，請雙擊航班業務？你現在在哪裡推出它，有多少市場，它的使用範圍有多廣，或者產品的知名度有多高？只談談那些航班產品的增長路徑。

Mark, so you're very right about the importance of the mobile app, and I say that every single prepared remarks con call we do, I always mentioned it's an important part of our platform. How we are doing is by creating a great experience for the people who are using it. That's the same thing we all think you're trying to get somebody who use this provide a great experience will come back and they'll tell all the people, et cetera. We're not necessarily doing anything really different than anything anyone else does, but just doing it well.

馬克，所以你對移動應用程序的重要性說得很對，我說我們所做的每一次準備好的電話會議，我總是提到它是我們平台的重要組成部分。我們的做法是為使用它的人創造出色的體驗。這與我們都認為您試圖讓使用此功能的人提供出色體驗的人會回來的事情相同，他們會告訴所有人等等。我們不一定做任何與其他人做的事情真正不同的事情，而只是做得好。

In terms of when do -- what would be the top level for it? That's hard to say because as the people who create these mobile devices continue to prove upon it and people find it more advantageous to use that versus their desktops, it's hard to say, but it could be an extremely high number that people go to the mobile device. Now our job is to make sure people use our app and don't use mobile web search where we have to pay, which is one of the key things. We mentioned, I think, over 60% of our business was going in mobile, but 45% is at the app. So obviously, we want to make anybody using the mobile device. We want them to use the app, as how to direct them.

就什麼時候做而言——它的最高級別是什麼？這很難說，因為隨著創建這些移動設備的人繼續在上面證明，人們發現使用它比使用台式機更有優勢，這很難說，但人們使用移動設備的人數可能非常高設備。現在我們的工作是確保人們使用我們的應用程序，而不是在我們必須付費的地方使用移動網絡搜索，這是關鍵之一。我們提到，我認為，我們 60% 以上的業務是在移動端進行的，但 45% 是在應用程序上。所以很明顯，我們想讓任何人都使用移動設備。我們希望他們使用該應用程序，以指導他們。

Regarding flights, I should have checked of countries. I haven't done that recently. It's an awful lot, but some of the areas is a relatively low amount because there's very little awareness. I think, for example, I give you an example. I know we brought up Pakistan, not that long ago, not a lot of flights yet in Pakistan, but we are getting out there. The key thing for us again is creating a better experience. And I'll be honest with you. Our flight product is not yet, what I would say, as good as it should be. We continue to improve upon it, make it better than it's been in the past, providing the features that some other of our competitors offer up to consumers that we don't do yet that we want to offer.

關於航班，我應該檢查國家。我最近沒有這樣做。這是非常多的，但有些領域的數量相對較低，因為意識很少。我想，例如，我給你舉個例子。我知道我們在不久前提出了巴基斯坦，在巴基斯坦還沒有很多航班，但我們正在走出去。對我們來說，關鍵是創造更好的體驗。我會對你說實話。我想說的是，我們的飛行產品還沒有達到應有的水平。我們繼續改進它，使它比過去更好，提供我們的其他一些競爭對手向消費者提供的功能，而我們還沒有提供我們想要提供的功能。

So there's a lot of upside left in this, I think a tremendous amount of upside. And the numbers are still, while we like the growth rates, it's still relatively small.

所以這裡面還有很多上升空間，我認為還有很大的上升空間。雖然我們喜歡增長率，但數字仍然相對較小。

Next question will be from Justin Post at Bank of America Merrill Lynch.

下一個問題將來自美銀美林的 Justin Post。

Great. One for Glenn. Obviously, merchandising, I think you all at a one point headwind, payments might be offsetting. But can you explain why you think that's a good thing to do? Is it training the consumer? Is this something you have to comp next year? Why do you like that aspect of the business?

偉大的。一個給格倫。顯然，在商品推銷方面，我認為你們所有人都遇到了逆風，付款可能會抵消。但是你能解釋一下為什麼你認為這是一件好事嗎？是在培訓消費者嗎？這是你明年必須補償的東西嗎？你為什麼喜歡這方面的業務？

And then maybe for David, assuming we don't have a real unusual year for travel. As you think about the unwind of the timing differences and the added marketing spend this year, how do we think about those kind of unwinding next year? And then maybe last, if you want to call anything about 1Q. I remember, I think we had a real COVID slow start to the quarter and then bookings really accelerated in March. If there's anything unusual in Q1 we should be thinking about.

然後也許對大衛來說，假設我們沒有一個真正不尋常的旅行年份。當你考慮到今年時間差異的解除和增加的營銷支出時，我們如何看待明年的這種解除？然後也許是最後一個，如果你想打電話給關於 1Q 的任何事情。我記得，我認為我們在本季度的 COVID 開局確實很慢，然後在 3 月份的預訂量確實加速了。如果第一季度有什麼不尋常的事情，我們應該考慮一下。

So I'll talk a little bit about merchandising. A couple of things. First thing is, so merchandising can be an investment that we're making, a way to bring in customers, retain customers or ways that we feel it necessary to be competitive against other OTAs or our suppliers even. The fact is that we're always looking where to spend the money to get the best return. And merchandising, if we see somebody else is offering a lower price, we recognize that one of the most important things is to give a competitive price, and we need to make sure that we're offering that up to the customer.

所以我會稍微談談商品化。有幾件事。首先，推銷可以是我們正在進行的一項投資，一種吸引客戶、留住客戶的方式，或者是我們認為有必要與其他 OTA 或我們的供應商競爭的方式。事實是，我們一直在尋找將錢花在哪里以獲得最佳回報。在商品銷售方面，如果我們看到其他人提供更低的價格，我們認識到最重要的事情之一就是提供有競爭力的價格，我們需要確保將其提供給客戶。

Many times, we want to do like talk with our supplier partners and making sure they bring us, as I said in the prepared remarks about bringing us the most competitive prices. But if for some reason is not available, and we feel a need, we'll put money in there to make sure that our customers recognize coming to at Booking.com, we'll provide them with a great place to do their travel bookings. That's one.

很多時候，我們想與我們的供應商合作夥伴進行類似的談話，並確保他們帶來我們，正如我在準備好的評論中所說的那樣，為我們帶來最具競爭力的價格。但是，如果由於某種原因無法使用，而我們覺得有需要，我們會投入資金以確保我們的客戶認可來到 Booking.com，我們將為他們提供一個進行旅行預訂的好地方.那是一個。

Second thing is I want to make sure everybody understands is that merchandising doesn't always mean a discount by us. It can mean lots of things. People offering up some other type of benefit, for example. Although it if somebody were to offer up a upgrade in a room, I'll consider that a merchandising technique to do. If somebody offers a free breakfast at the hotel, I'll consider that too. We're not paying for that breakfast, it's the free breakfast.

第二件事是我想確保每個人都明白，推銷並不總是意味著我們打折。這可能意味著很多事情。例如，人們提供其他類型的福利。儘管如果有人要對房間進行升級，我會認為這是一種推銷技巧。如果有人在酒店提供免費早餐，我也會考慮。我們不付那份早餐，這是免費早餐。

So lots of ways to do, and lots of levers to play. That's one of the things we think is so important is making sure that we are providing the most competitive offering out in the space and in addition, being able to use all of our investments in the right way at the right time to get the right return. And we'll even use a lot of data to see where is it best to be put out. I'll let David go with the other 2 questions.

所以有很多方法可以做，很多槓桿可以玩。這是我們認為非常重要的一件事，即確保我們提供該領域最具競爭力的產品，此外，能夠在正確的時間以正確的方式使用我們的所有投資以獲得正確的回報.我們甚至會使用大量數據來查看最好將其放在哪裡。我會讓大衛去解決其他兩個問題。

Yes. Thanks, Glenn. Yes, in terms of -- just as looking forward, on the timing side, I mentioned the timing is costing us about 1 point of take rate this year. We think we have most of that back next year, maybe not 100% of it. There'll probably be some minor timing impact. But again, it's really a function of what the growth rates look like going into and going out of the year, but assume we get most of that back.

是的。謝謝，格倫。是的，就 - 就像展望一樣，在時間方面，我提到今年的時間讓我們損失了大約 1 個百分點。我們認為明年我們會收回大部分資金，也許不是 100%。可能會有一些輕微的時間影響。但同樣，這實際上是進入和退出一年的增長率的函數，但假設我們得到了大部分回報。

On the marketing and merchandising side combined, that's where we've been leading in this year to really take advantage of a recovering from a marketplace. We certainly will be deleveraging on those lines further next year. But we want to see really what the market looks like in terms of how much recovery there is left, to get it sort of agent recovery, for example travel recovery. There are a few things that have not yet gone back to where they were before.

在營銷和商品銷售方面，這就是我們今年一直領先的地方，以真正利用從市場中復甦的機會。明年我們肯定會在這些方面進一步去槓桿化。但我們想看看市場還剩下多少復甦，以實現代理復甦，例如旅行複蘇。有些事情還沒有回到原來的位置。

So we'll look at exactly what the right level of investment is. And if we feel that we continue to gain share, if we believe we're gaining this year, we believe we gained share last year. We need the share gains in outlets we had that we may maintain those levels for a while until we get back to a more normal market growth rate. And we'll give you more thinking on where we are on that spectrum when we get together in February once we completed our planning process for the year, and we've got a bit more visibility into next year.

因此，我們將看看正確的投資水平是多少。如果我們覺得我們繼續獲得份額，如果我們相信我們今年正在獲得，我們相信我們去年獲得了份額。我們需要在我們擁有的網點中獲得份額收益，以便我們可以維持這些水平一段時間，直到我們恢復到更正常的市場增長率。一旦我們完成了今年的計劃流程，我們將在 2 月份聚在一起時讓你更多地思考我們在這個範圍內的位置，並且我們對明年有更多的了解。

And then finally, on your Q1 question, yes, Q1 last year was unusual. Omicron was really having an impact. We'll have to see exactly what happens to the different variants that are out there this year. We wanted to give you that stats about 25% more gross bookings on the books. For next year, we had the same type as '19, so the first quarter of 2020 as a way to understand, the book is building quite nicely for Q1. Obviously, there's a lot of ground to happen between now and then, so represents a relatively small percentage of what we'll do in total in Q1 for revenue, but we think it's a positive stat.

最後，關於你的第一季度問題，是的，去年第一季度很不尋常。 Omicron 確實產生了影響。我們將不得不確切地了解今年出現的不同變體會發生什麼。我們想為您提供有關書籍總預訂量增加約 25% 的統計數據。對於明年，我們有與 19 年相同的類型，所以從 2020 年第一季度的角度來看，這本書在第一季度的構建非常好。顯然，從現在到那時，還有很多事情要做，因此只占我們第一季度總收入的一小部分，但我們認為這是一個積極的統計數據。

And it's a stat we gave out a couple -- actually for the last 2 quarters when the number was more like 15% forward growth, not 25% and in both cases, the revenue for the quarter wound up being a fair amount higher than our early indicator as those books built. Now again, don't forget, I'm talking about the euro number, just to be clear, was 25%.

這是我們給出的一個統計數據——實際上在過去的兩個季度中，這個數字更像是 15% 的遠期增長，而不是 25%，在這兩種情況下，本季度的收入最終都比我們的高出很多這些書建立的早期指標。再說一次，別忘了，我說的是歐元數字，為了清楚起見，是 25%。

Next question would be from Doug Anmuth at JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

I have 2. I know you indicated you're not seeing hotel trade down or shortening of trips. I just wanted to clarify, is that the case across all geographies? And do you have any more relative stability in the U.S. versus other regions? And then secondly, how should we think about ADR growth? I know you said it continues to be strong. But as you look into '23, just factors around FX and any relevant mix factors and like-for-like potential pressures as well?

我有 2 個。我知道您表示您沒有看到酒店交易減少或旅行縮短。我只是想澄清一下，所有地區都是這種情況嗎？與其他地區相比，您在美國是否有更多的相對穩定性？其次，我們應該如何看待 ADR 增長？我知道你說它繼續強勁。但是，當您查看 23 年時，是否只是圍繞 FX 的因素以及任何相關的混合因素以及類似的潛在壓力？

So Doug, I'll start with the hotel trading down stars or I have not seen anything in any sort of geographical area that would anything stand out differently. We're seeing people who want to travel and have a significant amount of savings over this COVID period and they want to travel and some are even traveling longer length of stay and enjoying it regardless of what the economic situation is. So we -- I have not seen anything and David, you can go right at it, you saw I would say anything that were unusual about what we're seeing for ADRs going forward, I'm not sure we've said -- what we were going to say publicly.

所以道格，我將從降低星級的酒店開始，否則我在任何地理區域都沒有看到任何會與眾不同的東西。我們看到人們在這段 COVID 期間想要旅行並節省大量資金，他們想要旅行，有些人甚至旅行更長時間並享受旅行，無論經濟狀況如何。所以我們——我什麼都沒看到，大衛，你可以直接說，你看到我會說任何關於我們在未來 ADR 中看到的不尋常的事情，我不確定我們是否說過——我們要公開說的話。

Yes. On the mix -- on the trade down, Doug, as you mentioned, we're not seeing that in Europe to be perfectly clear because that's where sometimes people are asking the question, but we're not seeing global either. So it's just not a factor, but particularly, it's also not a factor in Europe either.

是的。關於混合 - 在貿易下降方面，Doug，正如你所提到的，我們在歐洲並沒有看到這一點非常清楚，因為有時人們會問這個問題，但我們也沒有看到全球性的問題。所以這不是一個因素，但特別是在歐洲也不是一個因素。

On the ADRs, obviously there'll be puts and takes going into next year, we'll talk in constant currency because it's difficult to know exactly how exchange rates are going to move on us. We're not really -- so the 28 points of constant currency ADR mix we saw in Q3, and we saw continued roughly same level into October was 26 points from rates and only 2 percentage points from mix. So as ADR continues to rebound, we'll lose that 2-point of mix, which is really what's driving right now, the fact that Asia had a lot of mix down it used to be. So that will go away. But obviously, most of what we're seeing is rate driven.

在美國存託憑證上，顯然明年會有看跌期權，我們將以固定貨幣進行討論，因為很難確切知道匯率將如何影響我們。我們不是真的 - 所以我們在第三季度看到的 28 個固定貨幣 ADR 組合，我們看到到 10 月份繼續大致相同的水平是利率 26 個百分點，混合只有 2 個百分點。因此，隨著 ADR 繼續反彈，我們將失去這 2 點的組合，這確實是目前的驅動力，事實上亞洲過去有很多組合。所以那會消失。但很明顯，我們所看到的大部分都是利率驅動的。

And as we talk to our property partners, they continue to be facing the same expense pressure and inflation pressures that many people are facing in terms of utility, energy, labor, et cetera. So we'll see how the environment develops and we have no other color on that to give at this point in time. We'll update you again when we get to February, if we see anything differently.

當我們與我們的房地產合作夥伴交談時，他們繼續面臨著許多人在公用事業、能源、勞動力等方面面臨的同樣的開支壓力和通貨膨脹壓力。所以我們將看看環境是如何發展的，目前我們沒有其他顏色可以給出。如果我們看到任何不同的情況，我們會在二月份再次更新您。

Next question will be from Eric Sheridan at Goldman Sachs.

下一個問題將來自高盛的 Eric Sheridan。

Maybe a few, if I can, on the alternative accommodation space where you made some interesting comments there. When you think about supply growth, are there any areas of either geographic focus or mix or types of properties or types of duration of stays that are greater levels of target for supply growth as you look out into '23 and beyond in terms of alternative accommodations?

如果可以的話，也許可以在替代住宿空間上發表一些有趣的評論。當您考慮供應增長時，當您展望 23 年及以後的替代住宿時，是否有任何地理重點或混合領域或物業類型或停留時間類型是更高水平的供應增長目標?

Is there any color also you can give us on, as you have more of that type of supply to show that the consumer what that might do to either a traffic conversion or ROI in the platform as you have a wider array of inventory to show the consumer? And the last piece would be, is there any element of either mix or size of the business you're sort of thinking about in terms of striking the right balance between traditional inventory and alternative accommodation inventory over the long term?

您是否還可以給我們提供任何顏色，因為您有更多此類供應來向消費者展示這可能會對平台中的流量轉換或投資回報率產生什麼影響，因為您有更廣泛的庫存來顯示消費者？最後一點是，您是否正在考慮在傳統庫存和替代住宿庫存之間長期取得適當平衡的業務組合或規模方面的任何因素？

So Eric, basic concept for us has always been more is better, more supply is better and it's always the consumer's choice of what they want to stay, where they want to stay. They want to stay in a home or villa, apartment or a hotel, that's it. So in terms of overall, we do need to continue working hard at getting more supply of all types. I've talked many times in the past about our need for the single property, the home specifically that we need to build. I talk geography. I've always talked about we need to build in the U.S. even better.

因此，Eric，我們的基本理念一直是越多越好，供應越多越好，而消費者想要留下什麼，想留在哪裡，始終是他們的選擇。他們想住在家里或別墅、公寓或酒店，就是這樣。因此，就整體而言，我們確實需要繼續努力獲得更多各種類型的供應。過去我多次談到我們對單一房產的需求，特別是我們需要建造的房屋。我講地理。我一直說我們需要在美國建設得更好。

And one of the things is creating a better onboarding experience for people who own these properties, improving the payments for these people, coming up with ways they feel better about having somebody stay in their property with an insurance type property. These are something that we have been working on that we brought out, and we're going to continue to roll things out down the road to make it better for the owners and the managers of these properties to be willing to put it up on our platform.

其中一件事是為擁有這些房產的人創造更好的入職體驗，改善這些人的支付方式，想出讓他們感覺更好的方式讓某人留在他們的房產中並擁有保險類型的房產。這些是我們一直在研究的東西，我們將繼續推出這些東西，以使這些物業的所有者和管理者更願意將其放在我們的平台。

Now I believe the -- and this is what we've seen over many, many years is that as we bring more and more supply in, that will help us build the business. And I absolutely think that this is something that is not someone is going to require some rocket science or some great thing that can't be invented. People are doing this. We just need to continue to work on it, put people to work, create the things necessary, and we will roll this out, maybe it's taking longer than I would like, but I am very pleased with where we are. And I think some of the numbers that we've talked about are encouraging.

現在我相信——這是我們多年來所看到的，隨著我們帶來越來越多的供應，這將有助於我們建立業務。而且我絕對認為這不是某人需要一些火箭科學或一些無法發明的偉大事物。人們正在這樣做。我們只需要繼續努力，讓人們工作，創造必要的東西，然後我們會推出它，也許它需要的時間比我想要的要長，但我對我們的現狀感到非常滿意。我認為我們談到的一些數字令人鼓舞。

Next question will be from Naved khan at Truist Securities.

下一個問題將來自 Truist Securities 的 Naved khan。

Glenn, I think you mentioned you see opportunities to enhance the experience in the mobile app. Can you give an example of what kind of things we could see there? And then I don't know if you guys updated us on the mix of urban and cross-border, any stats that would be pretty helpful.

Glenn，我想你提到你看到了提升移動應用體驗的機會。你能舉例說明我們在那裡可以看到什麼樣的東西嗎？然後我不知道你們是否更新了我們關於城市和跨境混合的任何統計數據，這將是非常有用的。

I'll let David talk about stat you want to revolve about urban or cross border, I'll let him to that. But in term of the app, I'll give you one right off the bat that I think is -- and again, I look at it as a traveler, I say, what am I missing? Why am I not getting this? Something as simple as, as you know, we have attraction, so we're building that up right now. But when I'm in destination, I need to have things being popping up on my screen from our app, telling me great things to do, maybe the discount or skip a line, things that will make somebody say, gee, using Booking.com for this travel experience is much better because I'm getting so much more.

我會讓大衛談論你想要圍繞城市或跨境的統計數據，我會讓他說。但就應用程序而言，我會馬上給你一個我認為是的——再一次，我把它看作一個旅行者，我說，我錯過了什麼？為什麼我沒有得到這個？就像你知道的那樣簡單，我們有吸引力，所以我們現在正在建立它。但是當我到達目的地時，我需要讓我們的應用程序在我的屏幕上彈出一些事情，告訴我要做的好事，也許是折扣或免排隊，這些事情會讓別人說，哎呀，使用 Booking。這次旅行體驗的com要好得多，因為我得到了更多。

And I can go through so many different examples of that. The great thing about the mobile app is it's in people's hands or in their pocket book or in their pocket, they're carrying it with them. And that gives us the connection to be able to provide them with better service, better things to do, better value. And that's why it's such an important part of this connected trip vision. David, I don't know if you want to give anything from stats?

我可以通過很多不同的例子來說明這一點。移動應用程序的偉大之處在於它在人們的手中、在他們的口袋里或在他們的口袋裡，他們隨身攜帶。這使我們能夠為他們提供更好的服務、更好的事情、更好的價值。這就是為什麼它是這種互聯旅行願景的重要組成部分。大衛，我不知道你是否想提供統計數據？

No stats on urban to say that historically, urban is we've had a heavier weight of mix in urban than not. So as recovery continues, if people go back to cities and other locations that usually is a positive for us, but no stats on mix. On cross-border, we did tell you that we're back up to 45% of our bookings now in the third quarter. For international, that's down from a little over 50% on a pre-pandemic basis. So there's still some decent recovery left there to -- we had as things continue to normalize back to where they were.

沒有關於城市的統計數據可以說，從歷史上看，城市是我們在城市中的混合權重比沒有的。因此，隨著復甦的繼續，如果人們回到城市和其他地方，這通常對我們有利，但沒有混合統計數據。在跨境方面，我們確實告訴過您，我們現在在第三季度恢復了高達 45% 的預訂。對於國際而言，這比大流行前的略高於 50% 有所下降。因此，仍然存在一些不錯的複蘇——隨著事情繼續正常化，我們已經恢復到原來的水平。

Next question will be from Lee Horowitz at Deutsche Bank.

下一個問題將來自德意志銀行的 Lee Horowitz。

Two on margins that -- margin, if I could. When you think about margins beyond this year, how does the strength in direct and applicants impact the way you think about the long-term margin profile of the business, particularly with some of your growth initiatives like flights having lower margin than your core could direct end of offsetting these headwinds in the fullness of time? And then when you think about the shape of margins perhaps next year, how if at all should we be thinking about APAC being potentially a source of premium growth impact in the overall margin profile of the business in 2023?

兩個邊距，如果可以的話。當您考慮今年以後的利潤率時，直接和申請人的實力如何影響您對業務長期利潤率狀況的看法，特別是在您的一些增長計劃（例如航班的利潤率低於您的核心可以指導的情況下）在充足的時間裡抵消這些不利因素的結束了嗎？然後，當您考慮明年的利潤率形狀時，如果我們應該考慮亞太地區可能會成為 2023 年業務整體利潤率狀況的溢價增長影響的來源，我們應該如何考慮？

Yes, Lee, I really trying to avoid talking about 2023 margins today. That's really a conversation for next February, but maybe longer term, is a place to have to kind of recap on what we're thinking and save the 2023 commentary for then. So as we said, the -- our strategy here is to build a better product and better service for customers and partners. So they'll come back to us more frequently and more directly. And obviously, our direct mix is super important and our direct mix is tied heavily to frequency and to people who do more with.

是的，李，我今天真的很想避免談論 2023 年的利潤。這確實是明年 2 月的對話，但也許從長遠來看，是一個必須回顧一下我們的想法並將 2023 年的評論留到那時的地方。正如我們所說，我們的戰略是為客戶和合作夥伴打造更好的產品和更好的服務。所以他們會更頻繁、更直接地回到我們身邊。顯然，我們的直接混音非常重要，我們的直接混音與頻率和做更多事情的人密切相關。

People who bought and buy multiple things from us are much more likely to come back to us directly through the pay channel. So yes, of course, there are some headwinds to our volume profile because of our business mix changing and is changing from almost the pure accommodation business to having a higher mix of payments, a higher mix of flights and those are of course lower margin businesses, we've had that conversation before. But most important thing we can do to kind of keep our margins in a strong position is to continue to drive that mix of direct up, and that will impact all parts of the business.

從我們這裡購買和購買多件商品的人更有可能直接通過支付渠道回到我們這裡。所以，是的，當然，由於我們的業務組合正在發生變化，我們的業務量狀況存在一些阻力，並且正在從幾乎純粹的住宿業務轉變為擁有更高的支付組合、更高的航班組合，這些當然是利潤率較低的業務，我們之前有過這樣的對話。但我們可以做的最重要的事情是保持我們的利潤率處於強勢地位，那就是繼續推動這種直接上升的組合，這將影響業務的所有部分。

But as we said before, we'll be industry-leading profitability and margins. Because of the mix factors, we do not have a -- we believe that medium term, the margin will be a little bit lower than they were in 2019, but we'll have a faster growing business with more EBITDA, more earnings per share that's growing faster in the top line and bottom line, we think that's the most important thing.

但正如我們之前所說，我們將獲得行業領先的盈利能力和利潤率。由於混合因素，我們沒有 - 我們認為從中期來看，利潤率將比 2019 年略低，但我們將擁有更快的業務增長，更多的 EBITDA，更多的每股收益在頂線和底線中增長更快，我們認為這是最重要的事情。

Next question will be from Mario Lu at Barclays.

下一個問題將來自巴克萊的 Mario Lu。

The first one is on the room night guide in the fourth quarter, the 10% for 2019. I guess, can you talk a little bit more about what you saw in October? Did the trends within the month get worse as we exited the month? Just trying to tie that 10% versus 12% in October?

第一個是第四季度的房間夜指南，2019 年的 10%。我想，你能多談談你在 10 月份看到的情況嗎？當我們退出本月時，本月內的趨勢是否變得更糟？只是想在 10 月份將 10% 與 12% 聯繫起來？

So yes, sure. The 10% room night guide, it's really a framework what we give you for Q4. There's still a lot of volatility. And obviously, we can't predict exactly what's going to happen to room nights in November and December, given the back were out there. But what we did was say, look, we grew -- we've been growing at 10% increase up to 12%. It's a nice round number to kind of pin our commentary to with Q4 to explain to you what the shape of the P&L might be.

所以是的，當然。 10% 房間夜指南，這確實是我們為 Q4 提供給您的一個框架。波動性還是很大的。顯然，我們無法準確預測 11 月和 12 月的房晚會發生什麼，因為背後已經存在。但我們所做的是說，看，我們增長了——我們一直在增長 10% 到 12%。這是一個很好的整數，可以將我們的評論與第四季度聯繫起來，向您解釋損益表的形狀可能是什麼。

It does not indicate that there was a slowdown at the end of October. In fact, room night growth was fairly linear at 12% throughout the entire month of October. So it's more of a framework than it is a hard guide. But of course, to give you a number to kind of think about when building your models, but it's not reflective of anything we're seeing in October, either slowing down or speeding up. It's just a way to think about the shape of the income statement and how things might look in Q4.

這並不表明 10 月底出現放緩。事實上，整個 10 月份的客房夜增長率相當線性，為 12%。所以它更像是一個框架，而不是一個硬指南。但是，當然，在構建模型時給你一些思考的數字，但這並不能反映我們在 10 月份看到的任何情況，無論是減速還是加速。這只是一種考慮損益表形狀以及第四季度情況的方式。

Great. That's helpful. And then just one on alternative combinations. You guys mentioned as a percentage of total, it's around 30%, slightly higher than 3Q '19. I guess, are there any low-hanging fruit or opportunities ahead to kind of increase this percentage over the next couple of years?

偉大的。這很有幫助。然後只是一個關於替代組合的。你們提到的佔總數的百分比約為 30%，略高於 19 年第三季度。我想，在接下來的幾年裡，有沒有容易實現的成果或機會來增加這個百分比？

Well, I mean, we could easily increase that if we didn't do so well in hotels. It's one of those things where we think of this holistically, we want to get more bookings, as I mentioned earlier. This is really a case where the consumer makes the decision, not us. We think one of the great advantages of our platform is that we offer all the different types of accommodations. And we have seen the data where people come to our site. And the first thing they're looking at may be one type of combination, let's say, hotel. They end up booking with a home because they saw that in the search results and they were going back and forth looking around.

好吧，我的意思是，如果我們在酒店做得不好，我們可以很容易地增加這一點。正如我之前提到的，這是我們從整體上考慮的事情之一，我們希望獲得更多的預訂。這確實是消費者做出決定的情況，而不是我們。我們認為我們平台的一大優勢是我們提供所有不同類型的住宿。我們已經看到了人們訪問我們網站的數據。他們首先關注的可能是一種類型的組合，比如說酒店。他們最終預訂了房子，因為他們在搜索結果中看到了這一點，而且他們來回四處尋找。

It's really something that we're very pleased to have that ability to offer up all the types of accommodations to the customer. So I don't see anything to try and artificially try and drive more people to the alternative accommodations, so necessarily a thing that's going to increase the value of the company. I think providing the customer with what they want, what they need, what they think is best for them is really the right way being consumer-centric and really driving that is the best way to build the company.

我們非常高興能夠為客戶提供所有類型的住宿。所以我看不出有什麼可以嘗試和人為地嘗試將更多的人吸引到替代住宿的地方，這必然會增加公司的價值。我認為為客戶提供他們想要的、他們需要的、他們認為對他們最有利的東西確實是以消費者為中心的正確方式，真正推動這是建立公司的最佳方式。

Your last question will be from Stephen Ju at Credit Suisse.

您的最後一個問題將來自瑞士信貸的 Stephen Ju。

So Glenn, your unit growth commentary in the U.S. was actually very interesting. So can you talk about the relative size of your user base for Booking.com in the U.S. versus, say, Priceline? And presumably booking continues to grow, do you think it's necessary to support both brands longer term. And if you were to take one step out and zoom out more globally, there was always a sharper line in the sand between the consumer experience on booking and Agoda. So do you think as you do more merchandising and connected trips, should we be thinking about a unified brand position under Booking.com?

所以格倫，你在美國的單位增長評論實際上非常有趣。那麼，您能否談談您在美國的 Booking.com 與 Priceline 的用戶群的相對規模？並且大概預訂量繼續增長，您認為有必要長期支持這兩個品牌嗎？而且，如果您要邁出一步，在全球範圍內縮小範圍，那麼在預訂時的消費者體驗和Agoda之間總是有一條更清晰的界限。那麼，您認為當您進行更多的商品推銷和互聯旅行時，我們是否應該考慮在 Booking.com 下統一品牌定位？

Yes. So let me talk in general about why we have different brands. We have different brands because they offer a different user experience to the consumer and the different things that they are aiming to do different strategies. We really -- we totally understand the issue of are we causing excess cost? Are there ways to save money by doing things that are not duplicative? So we are -- we understand that. We are working all the time looking at those things that we can try and improve upon.

是的。所以讓我概括地談談為什麼我們有不同的品牌。我們擁有不同的品牌，因為它們為消費者提供不同的用戶體驗，以及他們旨在採取不同策略的不同事物。我們真的——我們完全理解我們是否造成了超額成本的問題？有沒有辦法通過做不重複的事情來省錢？所以我們 - 我們理解這一點。我們一直在努力尋找我們可以嘗試和改進的東西。

But at this time, I do not see any reason I'd want to separate out and say, well, we're going to eliminate one of these and just go under one brand. Some of our competitors have done that. And to me, that may be their strategy, our strategy is to continue with the differentiation among these brands and continue to build them out the way they're doing them. In terms of the actual numbers in U.S. for Priceline versus booking, I don't believe we never disclose anything of that nature. So I think we're going to sit tight with that and keep going the way we are.

但此時，我看不出有任何理由要分開並說，好吧，我們將消除其中一個，只使用一個品牌。我們的一些競爭對手已經這樣做了。對我來說，這可能是他們的策略，我們的策略是繼續這些品牌之間的差異化，並繼續按照他們的方式來打造它們。就美國的 Priceline 與預訂的實際數字而言，我認為我們從未披露過任何這種性質的事情。所以我認為我們會堅持下去，繼續我們現在的方式。

At this time, I would like to turn the call back over to Mr. Fogel. Please go ahead.

此時，我想將電話轉回給福格爾先生。請繼續。

Thank you. And I want to thank our partners, our customers, our dedicated employees and our shareholders. We appreciate your support as we continue to build on the long-term vision for the company. Thank you, everyone, and good night.

謝謝你。我要感謝我們的合作夥伴、客戶、敬業的員工和股東。感謝您的支持，因為我們將繼續建立公司的長期願景。謝謝大家，晚安。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

謝謝你，先生。女士們，先生們，這確實結束了你們今天的電話會議。再次感謝您的出席。在這個時候，我們確實要求您斷開您的線路。