Booking Holdings Inc (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.

歡迎參加 Booking Holdings 2022 年第三季電話會議。 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' earnings press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

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。如需了解可能導致Booking Holdings實際業績與前瞻性聲明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。

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。 Booking Holdings的獲利新聞稿及其隨附的財務和統計補充文件可在Booking Holdings網站www.bookingholdings.com的「投資者關係」欄位中查閱。

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

現在我來介紹今天下午Booking Holdings的演講嘉賓，格倫·福格爾和戴維·古爾登。請兩位開始吧。

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.

謝謝大家，歡迎參加Booking Holdings第三季財報電話會議。今天下午，我們的財務長David Goulden也和我一起參加了會議。我對今天公佈的強勁業績以及夏季旅遊旺季創紀錄的出行量感到鼓舞。

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25萬間夜，比2019年第三季成長了8%。第三季客房夜數成長有所改善，7月份的增幅為4%，而8月和9月的增幅均為10%，與2019年同期相比均有所提高。遺憾的是，烏克蘭戰爭仍在持續。如您所知，我們在接到訂單後不久便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.

如果排除暫停營運的地區以及烏克蘭，本季客房夜數成長率將達到11%。我們很高興地看到，所有主要地區的業績在8月和9月均較7月有所提升，亞洲地區的客房夜數在9月首次超過了2019年同期水準。在美國，Priceline和Booking.com兩大品牌持續保持良好表現，推動第三季客房夜數較2019年第三季成長近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.

我們持續看到強勁的住宿市場需求推動平均房價成長，促成了第三季全球總預訂量成長27%，以固定匯率計算成長41%（皆與2019年第三季相比）。儘管價格環境強勁，但我們並未發現客戶選擇入住星級較低的飯店或縮短行程的跡象。

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.

從獲利能力角度來看，我們公司在復甦過程中又邁出了重要一步，第三季調整後 EBITDA 首次超過了疫情前的水平。事實上，第三季是我們有史以來營收和調整後 EBITDA 最高的季度。與 2019 年第三季相比，我們第三季的營收和調整後 EBITDA 分別成長了 20% 和 7%，以固定匯率計算，分別成長了 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.

近期，我們看到旅客需求展現韌性，客房夜數成長較9月略有改善，預計10月份較2019年10月成長約12%。 10月份總預訂量預計成長約30%，以固定匯率計算則略高於45%。 10月份的輕微成長主要得益於亞洲市場的持續復甦以及歐洲市場的輕微改善。

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.

Booking.com 提前展望 2023 年的需求，發現明年第一季的預訂總量增長強勁，但值得注意的是，其中很大一部分預訂是可以取消的。有趣的是，儘管 2023 年初的預訂窗口期比 2019 年同期短，但我們的預訂量依然十分可觀。 David 將會詳細介紹我們的業績以及近期觀察到的趨勢。

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.

儘管宏觀經濟環境和消費者支出前景的不確定性日益令人擔憂，但我們相信，10月份持續高漲的需求水準充分展現了消費者強烈的旅行意願。我們穩健的經營業績、充裕的流動性和強勁的自由現金流，使我們能夠更好地應對近期潛在的經濟不確定性。同時，我們將繼續致力於吸引客戶和合作夥伴加入我們的平台，並在支付和互聯旅行願景等關鍵策略重點領域取得進展。

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.

鑑於我們對自身業務定位的信心、對旅遊業長期前景的樂觀預期以及我們穩健的資產負債表，自年初重啟股票回購計劃以來，我們已加快了回購步伐。今年前三個季度，我們已完成42億美元的股票回購，使股票數量較去年同期減少了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.

我們始終致力於為客戶打造更優質的體驗，滿足他們對價值、選擇和便利的需求。我們將持續關注客戶，力求逐步提升客戶忠誠度、預訂頻率、消費金額以及與客戶的直接聯繫。令人欣喜的是，Booking.com 第三季度的獨立活躍客戶數量已超過 2019 年同期水平，這主要得益於一年多未預訂的客戶重新激活數量的強勁增長，以及回頭客數量的增長。

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.

我們平台直接預訂的客戶比例在第三季達到了歷史最高水準。我們的目標是透過多項措施進一步提高直接預訂的比例，包括持續提升 Genius 會員計畫的權益，進一步建立互聯願景以增強客戶互動，以及鼓勵更多客戶下載並使用行動應用程式。

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.

行動應用是一個重要的平台，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。第三季度，我們約45%的客房預訂量是透過我們的應用程式完成的，比2019年同期增加了10個百分點以上。根據第三方研究公司的數據，Booking.com應用程式仍然是全球下載量最高的線上旅行社應用，而且我們在美國的下載量也不斷增加。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。

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.

我們致力於滿足顧客對性價比的需求，並深信提供價格優惠的住宿至關重要。一如既往，我們首要考慮的是如何從供應商夥伴處獲得極具競爭力的價格。為此，我們與供應商緊密合作，力求獲得最優價格，並積極推廣我們的定向優惠活動，以確保客戶能夠享受到極具吸引力的價格。

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 會員忠誠計畫就是一個很好的例子，數十萬家飯店合作夥伴參與其中，為旅客提供更低的價格和其他優惠，以滿足他們特定的收入需求。除了直接從合作夥伴處獲取具有競爭力的價格外，過去幾年我們還不斷提昇在 Booking.com 上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.

商品展示是我們如今可以利用的另一項槓桿，旨在透過更具競爭力的價格為客戶創造價值。我們相信，此競爭優勢有助於我們吸引和留住客戶，並提昇平台轉換率。重要的是，我們採取嚴謹的商品推廣策略，密切監控每項投入的增量投資報酬率，並根據預期報酬目標調整投入水準。我們對今年商品推廣帶來的增量回報感到滿意，並將繼續有選擇地運用這項工具。

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 上其他住宿類型的客房預訂量較 2019 年成長約 11%，約佔 Booking.com 第三季總客房預訂量的 30%。

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.

我們持續拓展替代住宿服務，房源供應量自2021年底以來已成長約30萬套，在全球各大主要區域均實現了成長。我們計劃在此基礎上，進一步提升面向全球供應商的替代住宿產品供應，並持續聚焦美國市場。

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。在付款方面，Booking.com 第三季 40% 的總預訂量是透過我們的支付平台處理的，這再次創下了我們有史以來最高的季度紀錄。我們相信，Booking.com 的支付服務能夠為我們的旅客以及飯店、其他住宿選擇、租車、機票和景點等供應商合作夥伴帶來許多好處。

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流暢、更便利的預訂體驗，這對於我們建立互聯旅行願景至關重要。在互聯旅行方面，我們的長期願景是讓旅遊預訂和體驗更加輕鬆、個人化和愉悅，同時為我們的客戶和供應商合作夥伴創造更大價值。

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.

我們正在擴大業務範圍，涵蓋組合旅遊以外的其他旅遊垂直領域，並將相關的旅遊要素整合起來，為消費者提供更流暢、更靈活的旅遊體驗。我們相信，隨著時間的推移，這項舉措將提升客戶參與度、消費份額和用戶對我們平台的忠誠度。

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.

我們持續推動各項基礎建設，以連結旅遊願景，包括整合地面交通選項，並進一步完善Booking.com上的航班服務。這項航班服務使我們能夠與潛在客戶互動，幫助他們在探索旅程的早期階段就選擇航班選項。目前，我們全球超過20%的航班預訂都是Booking.com的新用戶。我們仍需努力，力求為客戶提供最佳的旅行體驗，但我們對目前的初步成果感到滿意。

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業績以及秋季和明年初持續旺盛的旅遊需求感到鼓舞。我們在多個關鍵領域持續取得進展，包括提升用戶對我們應用程式的參與度、「天才計畫」、提供更多住宿選擇、優化Booking.com的支付系統，以及朝著「互聯旅行」願景邁進。我相信這些措施將有助於我們為客戶和合作夥伴提供更優質的產品和服務體驗。儘管短期宏觀經濟環境仍存在不確定性，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 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.

謝謝格倫，下午好。我將回顧我們第三季的業績，並簡要介紹我們在第四季度觀察到的供應趨勢。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 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.

接下來是第三季業績。第三季度，我們很高興看到8月和9月的客房夜數成長率均達到10%，高於先前報告的7月4%的成長率。所有地區的客房夜數在8月和9月均較7月增加。第三季整體而言，全球客房夜數成長率為8%，其中歐洲成長接近兩位數，美國成長近30%，世界其他地區成長超過10%，而亞洲則下降了個位數。 9月是亞洲地區自2019年以來首次實現客房夜數成長，該地區的復甦進程仍在持續。

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.

第三季度，我們的行動應用程式預訂量約佔總客房夜數的45%，比第二季度成長略超過40%。第三季度，行動端預訂量佔總客房夜數的60%以上，也比第二季有所成長。

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.

第三季度，我們持續看到透過直銷管道預訂的客房夜數佔總客房夜數的比例不斷上升，與2019年同期、2019年第三季以及2021年第三季相比均有所增長。第三季國際客房夜佔總客房夜數的比例約45%，與第二季持平。第三季的取消率與第二季一樣，繼續低於2019年同期水準。

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.

第三季度，Booking.com 的預訂窗口仍然比 2019 年短，與 2022 年第二季的情況類似。與 2021 年第三季相比，此預訂窗口顯著擴大，當時由於 COVID-19 疫情的影響，臨近出發日期的預訂比例較高。

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.

在 Booking.com 平台上，我們的替代住宿客房夜數在第三季年增 11%，替代住宿的目標佔比約為 30%，略高於 2019 年第三季。第三季的全球住宿組合與 2021 年基本持平。

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.

第三季總預訂量較2019年同期成長27%，以固定匯率計算成長41%。總預訂量27%的增幅比客房夜數8%的增幅高出19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28%，以及集團整體航班預訂量強勁增長4個百分點，但部分被匯率率的14個百分點波動的負面影響所抵銷。

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，並受益於所有區域（尤其是歐洲和北美）的房價上漲約26個百分點。儘管第三季平均房價較高，但我們並未觀察到預訂飯店星級組合或入住時長發生變化，這表明消費者並未出現消費趨勢下降的跡象。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.

第三季機票預訂量較2019年同期成長約235%，較2021年同期成長45%，主要得益於Booking.com航班業務的持續擴張。第三季營收超過60億美元，較2019年同期成長20%，以固定匯率計算成長約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，包括對商品銷售的投資，收入佔總預訂量的百分比比 2019 年第三季低約 110 個基點。這與我們先前關於有機會在 2022 年引領復甦的旅遊市場的評論一致。此外，航班組合增加、廣告和其他收入（這些收入與總預訂量無關）的復甦速度較慢以及匯率的一些負面影響也是造成這一結果的原因。

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.

第三季營收確認率下降幅度超過預期，約為下降70個基點，主要原因是總預訂量與營收確認之間存在時間差異，而這又受到第三季預訂量成長的推動，其中部分預訂涉及未來幾季的行程。我們的基礎住宿收入確認率與2019年第三季水準基本持平。

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.

行銷費用是一項波動性較大的支出項目，較2019年第三季成長了27%。行銷費用佔總預訂額的比例與2019年第三季基本持平，優於預期，主要得益於直銷業務佔比高於預期。如預期，我們的行銷投資報酬率低於2019年第三季度，這符合我們在第三季旅遊旺季期間開拓持續性旅遊市場的策略。

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.

銷售額及其他費用佔總預訂額的比例較2021年第三季成長約40個基點，符合預期。 Booking.com第三季約40%的總預訂金額透過我們的支付平台處理，高於2021年第三季的近三分之一。我們的固定支出總額優於預期，較2021年第三季成長17%，主要得益於IT支出成長低於預期以及人事支出低於預期。

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.

第三季調整後 EBITDA 為 27 億美元，優於我們的預期，比 2019 年成長約 7%，以固定匯率計算，比 2019 年成長約 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.

根據非GAAP準則，公司淨利為21億美元，每股收益約53美元，較2019年第三季成長17%。以GAAP準則計算，公司第三季營業收入為26億美元。該季度GAAP淨利潤為170萬美元，其中包括3.36億美元的股權投資未實現虧損（主要與美團相關）以及1.25億美元的法國稅務相關支出。

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.

接下來談談我們的現金和流動性狀況。第三季末的現金和投資餘額為1,180萬美元，低於第二季末的142億美元，主要原因是第三季回購了約20億美元的股票，以及股權投資的未實現損失。第三季20億美元的股票回購額高於第二季的13億美元，這是由於股價回檔後我們加快了回購步伐。 10月份，我們又回購了價值5.95億美元的股票，使年初至今的回購總額達到約48億美元，剩餘未授權回購額度約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.

正如格倫所提到的，自去年年底以來，我們的股票數量減少了5%。過去五年，儘管在新冠疫情期間暫停了股票回購活動長達21個月，我們的股票數量仍減少了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.

第三季我們的自由現金流為負 9,500 萬美元，由於歐洲和北美旅遊旺季的結束，我們遞延商家預訂餘額減少了約 20 億美元，抵銷了本季的收益。

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.

接下來我們來看看近期趨勢以及對第四季的展望。我們預計10月份的客房入住率較2019年同期成長約12%，略高於9月10%的增幅，這主要得益於亞洲市場的持續復甦以及歐洲市場的略微改善。 10月份，所有地區的客房入住率均高於2019年同期水準。美國市場成長近35%，世界其他地區成長接近10%，亞洲和歐洲市場均成長接近10%。

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.

平均房價成長基本上維持在第三季水平，我們估計10月份總預訂量成長約30%，這其中包含了匯率波動帶來的負面影響。我們估計，以固定匯率計算，10月份總預訂量成長略高於45%。

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，但我們對本季度的預測基於以下假設：第四季度客房夜數增長率將比2019年同期增長約10%，這與我們過去三個月觀察到的增長水平一致。第四季客房夜數較2019年同期成長10%，也代表年增率將高於2022年第三季較2021年第三季成長31%至2022年第四季較2021年第四季成長39%。

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.

我們預計近幾個月來平均房價（ADR）的強勁勢頭將在第四季度剩餘時間內基本延續，航班預訂量也將持續增長。我們預期客房夜數成長與總預訂量成長之間的差距約為15%，低於第三季的19%，這是由於第四季匯率波動壓力增大所致。我們預期匯率波動將使第四季總預訂量較2019年同期下降約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年第四季下降約120個基點，主要原因是商品銷售方面的投資、客戶組合的增加以及總預訂量和收入確認之間的時差帶來的負面影響。我們預計第四季度行銷費用佔總預訂量的百分比將略高於2019年第四季度，因為我們預計將繼續投資於市場需求挖掘和品牌推廣，以應對全球旅遊需求的持續復甦。

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，由於商家訂單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），第四季度銷售額及其他費用佔總訂單額的比例將比2021年第四季高出約40個基點。我們預計，固定支出總額將比2021年第四季高出約20%，其中人員、一般及行政費用和IT費用年增幅大致相同。

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.

綜合考慮以上因素，我們預計第四季度調整後 EBITDA 將超過 11 億美元。若不計匯率影響，我們預期第四季調整後 EBITDA 將高於 2019 年第四季。我們維持對全年調整後 EBITDA 利潤率的預期，並繼續預計 2022 年 EBITDA 利潤率將比 2021 年略高。若不計入時間因素，我們對全年調整後 EBITDA 利潤率的預期還會再提高幾個百分點。

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.

預計全年收入佔總預訂量的百分比將略高於 14%，低於我們先前預期的 14% 左右，這主要是由於總預訂量和收入確認之間的時間差異造成的，而總預訂量又比之前預期的要高，其中一些與預計在 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% 的轉換率相比，2022 年的預期轉換率包括近 1 個百分點的時間影響、約 40 個基點的其他廣告收入復甦放緩（這些收入沒有相關的總預訂量）以及約 30 個基點的航班組合增加。

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年支付相關收入增加所帶來的費率提升，被我們在商品銷售方面增加的投資所抵消，這兩項因素分別使我們2022年報告的費率較2019年增加了約1%，而2019年這兩項因素的增幅約為0.5%。與2019年相比，支付收入和商家成本的這些變化主要發生在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，預訂窗口期仍比2019年更短，這意味著我們預計已預訂的未來住宿數量將會減少。儘管如此，我們欣喜地看到，第一季透過Booking.com收到的住宿預訂總額（以歐元計）較2019年同期成長約25%。當然，我們也注意到這些預訂中有相當一部分是可以取消的。雖然這僅占我們第一季總收入的一小部分，但我們認為分享這些數據有助於我們更好地了解市場狀況。

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，我們對第三季的業績以及第四季和2023年初的發展趨勢感到滿意。我們仍然堅信，我們的策略重點是正確的，這將使我們能夠為客戶和合作夥伴提供更優質的旅行服務。接下來是問答環節。 Sylvie，請你接通電話好嗎？

(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瑞銀集團的勞埃德·沃爾姆斯利。

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。如果可以的話，我想問兩個問題。首先，聽起來您目前並沒有看到任何消費疲軟的跡象，但是您是否正在考慮採取任何措施或成本控制方案，以應對可能從宏觀角度來看較為艱難的一年？能否也幫我們思考明年的固定成本成長和行銷策略？

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?

第二個問題是，能否請您介紹一下支付貨幣化和獲利能力的最新情況？我很感謝您本季提供的額外資訊。但是，外匯轉換的推廣目前進展如何？我們應該如何看待它在未來一年左右對手續費率和獲利能力的影響？

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，不如我先說第一個。我先讓大衛談談付款方式，然後再根據他的想法，加上未來固定成本方面的任何要求。

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.

顯然，我們對第三季非常滿意，也對目前的情況非常滿意，儘管第一季的數據還比較小。大衛剛才提到歐洲歐元區的帳面價值佔25%，我很期待看到這個數字。你的問題是，從消費者信心或宏觀經濟擴張的角度來看，是否有任何可能抑製成長或在未來造成不利影響的因素？而最難預測的是反事實情況下的結果。我們目前的表現不錯。想像一下，如果我們在報紙上看到的那些可怕的事情都沒發生，情況會好多少？我無法衡量這一點。我不知道。但我知道的是，我們看到了不錯的業績，我們對目前的狀況感到滿意。

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.

我們知道過去也經歷過艱難時期，但我們依然能夠做得很好。我們根據需要做出了調整。我在這家公司工作快23年了。我們經歷過幾次經濟衰退，也遭遇過一些真正的災難。但我們管理得非常好，帶領公司度過了許多風雨飄搖的時期，並且能夠靈活調整。我們的支出很多都是可變的，所以我們可以非常迅速地進行調整，幾乎可以根據業務量的變化自動調整。但我現在感覺很好，儘管世事難料。接下來就讓大衛談談你們需要考慮的具體問題，特別是固定支出和付款方面的問題。

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。我只是想補充一點，我們大約三分之二的支出是變動成本，這構成了一個非常重要的出發點。當然，我們也會非常仔細地檢視固定支出，但這裡只是想說明一下。另外，需要澄清的是，25%實際上是Booking.com的全球平均水平，不僅僅是歐洲，而是適用於整個業務。

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.

所以我覺得格倫已經把我們應該說的關於費用方面的問題都說清楚了。我們會－我們有前進的計劃，我們真心希望繼續提升我們的產品和服務，顯然，這需要持續的投資，以及在互聯旅行領域進一步推進重要的支付項目。

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.

當然，就支付平台而言，我們對目前的進展感到滿意。正如您所提到的，勞埃德，我們確實向您提供了一些補充說明。這樣您就能大致了解目前的支付收入狀況，以及相應的銷售和其他支出，這些支出會抵銷部分收入。正如我們所說，今年，扣除銷售和其他支出後，我們的支付平台基本上實現了盈虧平衡。我還想告訴您，與 2019 年相比，支付業務對我們的 EBITDA 利潤率產生了約 0.5 個基點的影響，因為該收入組合提高了我們的盈虧平衡點。

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，2019年的時候，我們其實還沒有達到損益平衡，但從當時的狀況到現在，綜合來看，利潤率大約下降了0.5個百分點，不過這也讓我們擁有了更多能力。展望未來，客房夜數沒有變化。因此，我們預計在2023年，支付平台、收入（扣除銷售和其他費用）的組合將實現盈利。我們正在逐一市場推出外匯和其他服務。當然，我們會像往常一樣，在進一步推廣之前進行測試。

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.

我們制定了一份令人振奮的路線圖，這是一份為期多年的支付路線圖。我預計未來12個月內不會發生什麼快速變化，這將是一個多年逐步推進的過程。但考慮到我們目前能夠為業務提供的各種資源，例如減少客戶和預訂者的摩擦，以及未來支付如何真正助力打造互聯旅行體驗，我們對此感到非常鼓舞和興奮。我相信，今天我們向大家披露的更多資訊將有助於我們與大家就未來發展與這些基準目標的差距展開更具建設性的對話。

Next question will be from Brian Nowak at Morgan Stanley.

下一個問題將來自摩根士丹利的布萊恩·諾瓦克。

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?

我有兩個問題。我很欣賞美國市場近30%的成長。我想問的是－鑑於您是從獲利角度審視全球不同地區，能否請您介紹一下目前美國市場的獲利貢獻？或者說，美國市場目前仍處於投資階段以推動成長？您認為如何讓美國市場成為公司獲利能力更強的地區？

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?

第二個名字，我可能念錯了。應該是Majorelle或Majorelle，抱歉。 David，你能再跟我們說說，我們該如何看待這項安排在2023年對損益表的影響，包括潛在的利多因素和利空因素嗎？

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。布萊恩，我們可以倒序來。馬約爾，你說得很接近了，從損益表的角度來看，今年主要是地域上的調整，因為我們一直處於過渡階段。我想我們之前提到過，大約每季2500萬美元的人員​​費用和大約600萬美元的行政管理費用分別從這些科目轉移到了銷售和其他科目。這項調整從6月1日開始。實際上，從第三季和第四季開始，你就能看到全部的影響。

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.

正如我們之前提到的，與Majorelle的合作政策確實具有一定的成本效益，但其主要優勢在於彈性。它使我們能夠快速且靈活地調整規模，以應對不同的市場需求和語言需求。因此，從長遠來看，與繼續自行建造相比，這種合作具有一定的成本效益，並將在2023年開始顯現。我們尚未進行量化分析。我們會考慮是否有必要進行量化，但可能要等到明年。不過，再次強調，這並非我們主要的驅動因素。我並不是說我們沒有成本控制的考量。我們之所以選擇合作，並非出於成本考量。

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.

我們想說的是，這種合作關係運作得非常出色。我們剛結束了夏季的營運期，在新管理模式下，我們的客戶服務業績也保持穩健，因為我們留用了一些員工。

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.

至於美國市場，我們當然在成長，所以我們也在投資。這並不令人意外。我們還沒有公佈不同地區的貢獻毛利，也沒有這樣的計畫。但顯然，我們在美國投資是為了擴大市場份額，而且這個份額還在持續成長。隨著時間的推移，我們的份額也會成長，獲利能力也會隨之提高。但我們對我們在美國的業務發展現狀非常滿意。顯然，這是一個賺錢的市場，我們也能賺錢，只是收益可能沒有其他市場那麼高，因為我們並沒有投入大量資金。

Next question will be from Kevin Kopelman at Cowen.

下一個問題將來自 Cowen 公司的 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?

關於行銷支出，我想跟進一下。您能否描述一下您如何看待第三季以及本季至今的廣告管道競爭環境？與今年稍早以及2019年相比，情況如何？

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.

第一，我剛才只是泛泛而談，如果大衛想具體闡述的話。你看，旅遊行銷的競爭一直都非常激烈。它從未停止過競爭。無論你把錢花在哪個管道，競爭都無所不在。我們始終都在努力做出正確的判斷，決定投入多少資金，評估投資報酬率，並從長遠角度考慮，思考這對我們整體品牌建立的影響。

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.

我無法給出具體的增減幅度。 David 可以談談過去幾年我們行銷支出佔總預訂額的百分比。但話說回來，市場競爭從未減弱。它一直都很激烈，但我認為無論如何，我們的表現都非常出色。

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

請繼續，凱文。你還有第二個問題嗎？

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?

關於投資水平，我想再補充一點。能否談談員工人數的趨勢？目前貴公司在招募方面採取了哪些措施？以及對未來一年的招募前景有何展望？

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。最後再補充一下格倫關於市場環境的觀點。記得我們之前說過，正如我們預期的那樣，第三季末的投資回報率略有下降。顯然，我們設定了較低的投資報酬率目標，以便我們能夠繼續抓住復甦的機會。另外，請記住，我們上半年的投資報酬率實際上高於2019年同期。所以，您需要結合這個背景來看待這個問題。

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.

投資水準方面，我們依然——或者說，我們依然希望繼續投資這項業務。當然，我們也意識到一些積壓訂單的影響。即使短期內業務放緩，我們也不會因此而放棄任何策略計畫。當然，我們會仔細考慮新增人員的數量和方向，確保這些新增人員能夠投入對業務真正至關重要的領域，正如您所期望的那樣。

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.

請容許我問兩個問題。您能否談談您是如何提升行動應用程式使用量的？這顯然對商業模式大有裨益。但您是如何做到的呢？我知道您希望進一步提升使用量，那麼究竟能提升多少？實際可行的提升幅度是多少？另外，如果您方便的話，能否詳細介紹一下航班業務？目前航班業務的推廣進度如何？涵蓋了多少市場？用戶使用率如何？產品知名度如何？請您談談航班業務的成長路徑。

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，你說得對，行動應用確實非常重要。我每次準備電話會議演講稿時都會提到，它是我們平台的重要組成部分。我們努力的方向是為使用者打造卓越的體驗。我們都希望用戶擁有良好的體驗，這樣他們就會再次使用，並向其他人推薦等等。我們並沒有做什麼與眾不同的事情，只是做得更好而已。

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.

至於何時－行動端用戶量會達到多少？這很難說，因為隨著行動裝置製造商不斷改進，人們發現使用行動裝置比使用桌上型電腦更有優勢，所以很難預測，但使用行動裝置的使用者數量可能會非常高。現在我們的任務是確保用戶使用我們的應用程序，而不是使用需要付費的行動網頁搜索，這是關鍵所在。我們之前提到過，超過 60% 的業務來自行動端，其中 45% 來自應用程式。所以很顯然，我們希望所有使用行動裝置的用戶都使用我們的應用程序，並引導他們使用。

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，我應該檢查各個國家的情況。我最近沒查過。航班數量確實很多，但有些地區的航班相對較少，因為人們對這些地區的了解還很有限。舉個例子，我知道我們不久前提到了巴基斯坦，巴基斯坦的航班目前還不多，但我們正在努力拓展。對我們來說，關鍵在於創造更好的使用者體驗。坦白說，我們的航班產品目前還不夠完善。我們會不斷改進，力求超越以往，提供一些競爭對手已經提供但我們尚未提供的功能，而這正是我們想要提供的。

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.

所以我覺得這方面還有很大的上漲空間，可以說是巨大的上漲空間。雖然我們對目前的成長率感到滿意，但規模仍然相對較小。

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

下一個問題將來自美國銀行美林證券的賈斯汀·波斯特。

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?

太好了。給格倫一個問題。顯然，在商品銷售方面，我認為你們都面臨著一些不利因素，例如付款可能會抵消一部分。但你能解釋為什麼你認為這樣做是好事嗎？是為了培養消費者嗎？這是你們明年需要彌補的嗎？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，對大衛來說，假設今年的旅遊業沒有特別異常的情況。考慮到今年因時差和額外行銷支出而造成的損失，我們該如何看待明年這些損失的逐步消除？最後，如果要說第一季有什麼值得關注的地方的話。我記得，第一季開局受新冠疫情影響非常緩慢，但3月預訂量迅速成長。如果第一季出現任何異常情況，我們該如何應對？

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.

接下來我簡單談談商品陳列。有幾點要說明。首先，商品陳列可以算是我們的投資，一種吸引和留住客戶的方式，或者說是我們為了與其他線上旅行社（OTA）甚至供應商競爭而必須採取的措施。事實上，我們一直在尋找能夠帶來最佳回報的投資方式。在商品陳列方面，如果我們發現其他競爭對手提供的價格更低，我們就會意識到，提供具有競爭力的價格至關重要，我們需要確保為客戶提供這樣的價格。

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，我們希望與供應商合作夥伴溝通，確保他們能像我之前在準備好的演講稿中提到的那樣，為我們提供最具競爭力的價格。但如果因為某些原因無法實現，而我們覺得有必要，我們會投入資金，確保我們的客戶在Booking.com上感受到，我們將為他們提供一個絕佳的旅行預訂平台。這是其中一點。

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.

第二點是，我想確保大家都明白，促銷並不總是意味著我們提供折扣。它可以包含很多方面。例如，提供其他類型的優惠。當然，如果有人提供房間升級，我會將其視為一種促銷手段。如果有人提供免費早餐，我也會這麼認為。畢竟，我們不用為早餐付費，這是免費的。

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到，也有很多手段可以運用。我們認為至關重要的一點是，確保我們提供的產品和服務在市場上最具競爭力，並且能夠在合適的時機以合適的方式運用所有投資，從而獲得理想的回報。我們甚至會利用大量數據來確定最佳的推廣管道。剩下的兩個問題就交給大衛回答吧。

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，就未來而言——就像我之前提到的，時機問題導致我們今年的成交率下降了大約1個百分點。我們認為明年大部分損失都能彌補回來，或許無法完全彌補。時機方面可能會有一些輕微的影響。但再次強調，這其實取決於年初和年末的成長率，不過我們假設大部分損失都能彌補回來。

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.

在行銷和商品銷售方面，我們今年一直處於領先地位，力求充分利用市場復甦的機會。明年我們肯定會進一步降低在這些領域的投入。但我們想真正觀察市場復甦的程度，例如代理商的復甦，以及旅遊業的復甦。目前還有一些領域尚未恢復到疫情前的水準。

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.

所以我們會仔細研究合適的投資水準。如果我們認為市佔率會持續成長，如果我們相信今年會成長（我們相信去年也成長了），那麼我們需要維持現有市場佔有率的成長，直到市場成長率恢復正常水準。等到二月我們完成年度規劃，對明年有更清晰的了解之後，我們會再次聚首，屆時會詳細闡述我們目前所處的位置。

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，關於您提出的第一季問題，是的，去年第一季的情況比較特殊。 Omicron 的影響確實很大。我們還需要觀察今年不同版本產品的具體情況。我們想告訴您，目前已預訂的訂單總額增加了約 25%。明年，我們採用與 2019 年相同的模式，也就是 2020 年第一季度，訂單量正在穩定成長。當然，從現在到那時還有很多工作要做，所以這只占我們第一季總收入的一小部分，但我們認為這是一個積極的信號。

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%.

我們之前也發布過這個數據——實際上，過去兩個季度我們發布的都是這個數字，當時的預期成長率更接近15%，而不是25%。而且在這兩種情況下，隨著訂單的積累，當季實際營收都遠高於我們先前的預期。再次強調，我指的是歐元區的數據，需要說明的是，歐元區的成長率是25%。

Next question would be from Doug Anmuth at JPMorgan.

下一個問題來自摩根大通的道格·安穆斯。

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?

我有兩個問題。我知道您提到飯店消費水準沒有下降，也沒有縮短行程。我想確認一下，這種情況是否適用於所有地區？與其他地區相比，美國市場是否相對更穩定？其次，我們該如何看待平均房價（ADR）的成長？我知道您說過ADR依然強勁。但展望2023年，匯率波動、相關因素以及同類飯店的潛在壓力等因素是否也會影響ADR？

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.

道格，我先說說飯店降星級的情況，或者說，我還沒看到任何特定地區出現什麼特別突出的現象。我們看到，人們想旅行，而且在疫情期間積攢了不少錢，他們想去旅行，有些人甚至延長了旅行時間，無論經濟狀況如何，他們都樂在其中。所以，我——我還沒看到任何異常情況。大衛，你可以直接說了，你也看到了，關於未來平均房價（ADR）的走勢，我不確定我們是否公開說過——我們原本打算公開說的話。

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。關於產品組合——關於降級消費，道格，正如你所提到的，我們在歐洲並沒有看到這種情況，這一點需要明確說明，因為有時人們會問這個問題，但我們在全球範圍內也沒有看到這種情況。所以這根本不是因素，尤其是在歐洲，這更不是因素。

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.

關於美國存託憑證（ADR），顯然明年會有各種利弊權衡，我們將以固定匯率進行討論，因為很難準確預測匯率走勢。我們目前無法準確預測－第三季以固定匯率計算的ADR組合佔比為28個百分點，且這一比例在10月份基本上保持不變，其中26個百分點來自匯率，只有2個百分點來自組合因素。隨著ADR持續反彈，我們將失去這2個百分點的組合因素影響，而這正是目前的主要驅動因素，即亞洲市場組合佔比大幅下降。這種情況將會消失。但顯然，我們目前看到的大部分影響仍然來自匯率。

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.

我們與房地產夥伴溝通後發現，他們和其他許多人一樣，在水電、能源、勞動力等方面也面臨同樣的成本壓力和通膨壓力。因此，我們將密切關注市場動態，目前暫無其他資訊可透露。如果二月情況有所變化，我們會再次向您報告。

Next question will be from Eric Sheridan at Goldman Sachs.

下一個問題將來自高盛的艾瑞克·謝裡丹。

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，我想就您之前發表過一些關於另類住宿領域有趣評論的話題，談談我的看法。在考慮供應成長時，您認為在2023年及以後，另類住宿領域有哪些重點成長方向，例如地理分佈、房型組合、物業類型或入住時長？

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?

您能否再提供一些顏色方面的例子，例如，當您有更多此類供應時，如何向消費者展示更廣泛的庫存，從而提昇平台的流量轉換率或投資回報率？最後一點是，從長遠來看，您是否考慮過在傳統住宿庫存和替代住宿庫存之間取得適當的平衡，以及在業務組合或規模方面有哪些因素？

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.

所以艾瑞克，我們一直以來的基本理念是多多益善，供應越多越好，最終的選擇權始終在消費者手中，他們想住什麼、想住在哪裡。他們想住住宅、別墅、公​​寓還是飯店，就這麼簡單。因此，總的來說，我們確實需要繼續努力增加各種類型的供應。我過去多次談到我們對獨棟房產的需求，特別是我們需要建造的住宅。我談到地理位置。我一直強調，我們需要在美國建造更好的住宅。

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.

其中一項工作是為這些房產的所有者打造更完善的註冊體驗，改善他們的支付方式，並讓他們更樂意讓其他人入住他們的房產，尤其是那些提供保險類房產的人。這些都是我們一直在努力改進並已推出的舉措，我們將繼續推進後續工作，讓這些房產的所有者和管理者更願意將房產上架到我們的平台上。

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——這也是我們多年來一直看到的——隨著供應量的不斷增加，這將有助於我們發展業務。我絕對認為這並非需要什麼高深的學問或天方夜譚。人們已經在做這件事了。我們只需要繼續努力，創造就業機會，打造必要的資源，然後就能推出這項業務。也許這比我預期的要花更長時間，但我對我們目前的進展非常滿意。而且我認為我們之前提到的一些數據令人鼓舞。

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.

格倫，我記得你提到你認為行動應用程式的使用者體驗還有提升空間。你能舉例說明一下我們可以在哪些方面進行改進嗎？另外，也不知道你們有沒有更新一下城市和跨境流量的組成情況，如果有相關數據就太好了。

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.

關於你想討論的城市或跨國旅遊數據，就讓大衛來談談。但就應用程式而言，我一開始就想提一點——再說一遍，我是以旅行者的視角來看待這個問題的，我會問自己：我錯過了什麼？為什麼我得不到這些？例如，你知道，我們有景點，所以我們現在正在努力完善這方面。但當我到達目的地時，我需要我們的應用程式在螢幕上彈出一些訊息，告訴我有哪些好玩的，例如折扣或免排隊之類的，這些資訊會讓我覺得：哇，用Booking.com預訂這次旅行體驗真是太棒了，因為我能獲得更多。

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?

我可以舉出很多不同的例子。行動應用的妙處在於它就在人們手中，放在他們的錢包裡，他們隨身攜帶。這讓我們能夠與他們保持聯繫，為他們提供更好的服務、更豐富的活動和更高的價值。這就是為什麼它是我們互聯旅行願景中如此重要的一部分。大衛，你有什麼統計數據可以分享嗎？

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.

目前沒有關於城市地區的統計數據，但從歷史數據來看，城市地區的客流量佔比一直高於非城市地區。因此，隨著經濟持續復甦，如果人們重返城市和其他地區，這通常對我們來說是利好消息，但我們目前沒有關於客流量組成的具體數據。關於跨境業務，我們之前提到過，第三季我們的預訂量已恢復到疫情前的45%。國際業務方面，這一比例較疫情前的略高於50%有所下降。因此，隨著一切逐漸恢復正常，國際業務仍有相當大的復甦空間。

Next question will be from Lee Horowitz at Deutsche Bank.

下一個問題將來自德意志銀行的李·霍洛維茨。

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?

有兩個關於利潤率的問題——如果可以的話，我想談談利潤率。展望今年以後的利潤率，直接業務和申請人數的強勁成長將如何影響您對公司長期利潤率的看法？特別是考慮到一些成長舉措，例如航班業務，其利潤率低於核心業務，這些舉措最終能否抵消這些不利因素？此外，展望明年的利潤率走勢，亞太地區是否可能在2023年成為公司整體利潤率成長的主要來源？

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，Lee，我今天真的盡量避免談論2023年的利潤率。這確實是明年二月的話題，但從長遠來看，或許我們應該先回顧一下我們的想法，把2023年的相關評論留到那時再說。正如我們所說，我們的策略是為客戶和合作夥伴打造更好的產品和服務。這樣他們就會更頻繁、更直接地與我們互動。顯然，我們的直接客戶組合非常重要，而直接客戶組合又與客戶頻率以及與我們互動更多的人密切相關。

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.

那些在我們這裡購買過多次商品的顧客更有可能透過付費管道再次光顧。所以，是的，由於我們的業務結構正在發生變化，從幾乎純粹的住宿業務轉向支付管道和機票業務佔比更高的業務，我們的銷售確實面臨一些不利因素。當然，這些業務的利潤率較低，我們之前也討論過這個問題。但為了保持利潤率的穩定，我們最重要的工作就是繼續提高直接購買的比例，這將影響業務的各個方面。

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，我們將保持行業領先的獲利能力和利潤率。由於各種因素的影響，我們認為中期內利潤率會略低於2019年的水平，但我們的業務增長速度更快，EBITDA更高，每股收益也更高，營收和利潤的增長速度都更快，我們認為這才是最重要的。

Next question will be from Mario Lu at Barclays.

下一個問題將來自巴克萊銀行的馬裡奧·盧。

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?

第一個數據來自第四季的客房夜數指南，也就是2019年的10%。我想，您能再詳細說說10月的狀況嗎？當月的趨勢是否隨著月底的臨近而惡化？我只是想了解10月的降幅是10%還是12%？

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%的客房夜數成長預期，實際上是我們為第四季提供的一個框架。市場仍然存在很大的波動性。顯然，鑑於目前的情況，我們無法準確預測11月和12月的客房夜數。但我們所做的是，我們一直保持著10%到12%的成長。這是一個比較合適的整數，可以用來概括我們對第四季業績的分析，並解釋損益表的大致情況。

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.

這並不意味著10月底增速放緩。事實上，整個10月份客房夜數成長率基本上保持線性，約12%。因此，這更像是一個參考框架，而非硬性指標。當然，這個數字可以作為建構模型時的參考，但它並不反映10月份的實際成長情況，無論是成長放緩還是加快。這只是幫助我們思考損益表結構以及第四季可能出現的情況的一種方式。

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?

太好了，這很有幫助。還有一點關於其他組合方式的問題。你們提到，目前佔總數的百分比約為30%，略高於2019年第三季。我想問的是，未來幾年內，有沒有什麼容易實現的途徑或機會可以提高這個比例？

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.

嗯，我的意思是，如果我們飯店業務做得不好，我們很容易就能提高預訂量。我們是從整體角度考慮這個問題的，正如我之前提到的，我們希望獲得更多預訂。這其實是由消費者做決定，而不是我們。我們認為我們平台的一大優勢在於我們提供各種類型的住宿。我們已經看到數據，人們造訪我們的網站時，首先可能會查看某種類型的組合，例如飯店。但最終他們可能會選擇預訂民宿，因為他們在搜尋結果中看到了民宿，並且在來回瀏覽的過程中發現了其他選擇。

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各種類型的住宿選擇。因此，我認為沒有必要人為地引導更多人選擇其他住宿方式，因為這未必能提升公司的價值。我認為，以客戶為中心，滿足客戶的需求，提供他們認為最適合自己的住宿，才是真正正確的做法，也是發展公司的最佳方式。

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

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?

格倫，你之前關於美國用戶成長的評論很有意思。可以談談Booking.com在美國的使用者規模與Priceline相比如何嗎？假設Booking.com的用戶持續成長，你認為是否有必要長期支持這兩個品牌？如果從全球視角來看，Booking.com和Agoda的使用者體驗一直存在著明顯的差異。隨著Booking.com拓展更多商品銷售和聯程旅行服務，你認為我們是否應該考慮將其品牌定位統一在Booking.com旗下？

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。那麼，讓我先談談我們為什麼會有不同的品牌。我們擁有不同的品牌，是因為它們為消費者提供不同的使用者體驗，它們的目標和策略也各不相同。我們非常清楚，我們是否造成了成本過高的問題。是否有透過避免重複勞動來節省成本的方法？我們明白這一點。我們一直在努力尋找可以改進的地方。

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.

但就目前而言，我認為沒有任何理由要拆分品牌，例如取消其中一個，只保留一個品牌。我們的一些競爭對手已經這樣做了。在我看來，這或許是他們的策略，而我們的策略是繼續保持這些品牌之間的差異化，並繼續以他們目前的方式成長。至於Priceline和Booking在美國的實際業績對比，我認為我們從未公開過這類資訊。所以，我認為我們會保持現狀，繼續按部就班地發展。

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

現在，我想把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.

謝謝大家。我也要感謝我們的合作夥伴、客戶、敬業的員工和股東。感謝你們的支持，我們將繼續推動公司的長遠發展願景。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.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝各位的參與。現在，請各位掛斷電話。