Booking Holdings Inc (BKNG) 2023 Q1 法說會逐字稿

Welcome to Booking Holdings First Quarter 2023 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 guarantees of future performance and are not subject to certain risks, uncertainties and assumptions that are difficult to predict.

歡迎參加 Booking Holdings 2023 年第一季電話會議。 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，且受某些難以預測的風險、不確定性和假設的影響。

Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements. 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.

因此，實際結果可能與任何此類前瞻性聲明中明示、暗示或預測的結果有重大差異。對未來目標或預期以及其他反映歷史事實以外的類似表述旨在識別前瞻性聲明。有關可能導致Booking Holdings實際結果與前瞻性聲明中所述結果存在重大差異的因素列表，請參閱Booking Holdings盈利新聞稿末尾的安全港聲明以及Booking Holdings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 undertake 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作出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. 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。請兩位開始演講。

Thank you, and welcome to Booking Holdings' First Quarter Conference Call. I'm joined this afternoon by our CFO, David Goulden. I am pleased to report that in the first quarter, we reached all-time quarterly highs for both room nights of 274 million and gross bookings of $39.4 billion and achieved year-over-year growth rates of 38% and 44%, respectively.

謝謝各位，歡迎參加Booking Holdings第一季財報電話會議。今天下午，我們的財務長David Goulden先生也出席了會議。我很高興地宣布，第一季度，我們客房夜數達到2.74億晚，總預訂額達到394億美元，均創下季度歷史新高，年成長率分別為38%和44%。

On a constant currency basis, first quarter gross bookings growth was even stronger at 52% year-over-year. Both room night and gross bookings came in ahead of our previous expectations as a result of the continued strength in leisure travel demand and from a lengthening booking window, particularly in Europe and the U.S.

以固定匯率計算，第一季總預訂量年增52%，增幅更為強勁。由於休閒旅遊需求持續強勁，以及預訂窗口期延長（尤其是在歐洲和美國），客房夜數和總預訂量均超出我們先前的預期。

The room night and gross bookings outperformance versus our expectations was driven by bookings that will stay in future periods, which is when the revenue will be recognized. As a result of this timing difference, revenue was approximately in line with our expectations, while adjusted EBITDA was a bit below, given the additional marketing expenses associated with the future states.

客房夜數和總預訂量超乎預期，主要得益於未來期間的預訂，而收入也將在屆時確認。由於存在時間差異，實際收入與預期基本一致，但考慮到未來期間預訂產生的額外行銷費用，調整後 EBITDA 略低於預期。

When we look at room night growth versus 2019, we have seen a slight increase in April compared with what we saw in the first quarter. Though on a year-over-year basis, growth has decelerated since April last year saw an accelerating travel recovery, making the comparison more difficult.

從客房夜數與2019年同期的數據來看，4月的客房夜數較第一季略有成長。但與去年同期相比，由於去年4月旅遊業復甦加速，成長放緩，因此年比數據難以準確比較。

Overall, we remain encouraged by the continued strength and resiliency of travel demand so far this year, which speaks to consumers' strong desires to travel. We currently see very strong growth of bookings received for travel during our peak summer period in quarter 3. Though we note, these bookings represent a modest percentage of what will likely be booked for total summer travel, and most of these bookings are cancelable.

總體而言，我們對今年迄今持續強勁的旅行需求和韌性感到鼓舞，這反映了消費者強烈的旅行意願。目前，我們收到的夏季旅遊旺季（第三季）預訂量成長強勁。不過要指出的是，這些預訂量僅佔夏季整體旅遊預訂量的一小部分，而且其中大部分預訂都可以取消。

While travel booking trends have remained robust, we recognize that there is uncertainty regarding the path of the global economy. However, we believe we are well positioned to navigate any potential near-term economic uncertainty given our highly variable expense structure, solid operating results, substantial liquidity and strong free cash flow. This allows us to remain focused on what's important for the long term, which means making the necessary investments to strengthen and grow our business while remaining cost conscious and implementing initiatives across the business to drive cost efficiency.

儘管旅遊預訂趨勢依然強勁，但我們意識到全球經濟走向存在不確定性。然而，鑑於我們高度靈活的費用結構、穩健的經營業績、充裕的流動資金和強勁的自由現金流，我們相信我們有能力應對任何潛在的短期經濟不確定性。這使我們能夠專注於長期發展，這意味著在保持成本意識的同時，進行必要的投資以加強和發展業務，並在業務各個環節實施提高成本效益的措施。

We continue to make progress on our key strategic priorities, including our long-term connected trip vision. The connected trip is our long-term vision to make booking and experiencing travel easier, more personal, more enjoyable, while delivering better value to our traveler customers and supplier partners.

我們在關鍵策略重點方面持續取得進展，包括我們長期的互聯旅行願景。互聯旅行是我們的長期願景，旨在讓旅行預訂和體驗更加便利、個人化和愉悅，同時為我們的旅客客戶和供應商合作夥伴創造更大價值。

Our payments platform at Booking.com ties into our connected trip vision as payments helps deliver a more seamless and frictionless booking experience for our travelers. Though still small today, we are seeing an increase in the mix of transactions that are connected to another book travel component in a trip. We believe continuing to build on this progress will improve the booking experience for more of our customers, which we believe will help drive increasing customer engagement with our platform.

Booking.com 的支付平台與我們連網旅行的願景緊密相連，因為付款有助於為旅客提供更流暢、更便利的預訂體驗。雖然目前規模仍然較小，但我們看到與旅行預訂其他環節相關的交易比例正在不斷增長。我們相信，持續推動這項進展將改善更多客戶的預訂體驗，進而提升客戶對我們平台的參與度。

We continue to focus on further developing our flight offering on Booking.com, which provides consumers with another place to book an air ticket. Booking.com's flight offering was an important part of our total Q1 73% year-over-year increase in air tickets, which was an acceleration from the year-over-year growth in Q4 of 61%.

我們持續專注於進一步發展Booking.com上的航班預訂服務，為消費者提供另一個預訂機票的平台。 Booking.com的航班預訂服務是我們第一季機票銷售額年增73%的重要組成部分，這增速較第四季的年增61%有所加快。

We will continue this important work to provide travelers with the best possible flight booking experience.

我們將繼續進行這項重要工作，為旅客提供最佳的航班預訂體驗。

Though AI has received significant attention recently, we began our investments in AI years ago. We believed then, and we continue to believe now, that we can build a more compelling and differentiated offering if we can leverage AI technology to deliver a more personalized booking experience, a connected trip that would be more responsive to a booker's needs and help manage different aspects of their trips.

儘管人工智慧近年來備受關注，但我們早在幾年前就開始投資人工智慧領域。我們當時就相信，現在依然堅信，如果我們能夠利用人工智慧技術提供更個人化的預訂體驗，打造更貼合預訂者需求、更有效地管理行程各個環節的互聯旅行方案，就能建立更具吸引力、更具差異化的產品和服務。

We believe we are well positioned in this area, given that we have been using AI extensively for years in order to optimize interactions with our customers who are both travelers and partners. This goes from personalizing interactions and recommendations to machine translation in over 40 languages and dialects to analyzing the content and pictures provided by customers and partners, to optimizing value for our customers and many, many more.

我們相信我們在這一領域擁有得天獨厚的優勢，因為我們多年來一直廣泛運用人工智慧來優化與客戶（包括旅客和合作夥伴）的互動。這涵蓋了從個人化互動和推薦，到40多種語言和方言的機器翻譯，再到分析客戶和合作夥伴提供的內容和圖片，以及優化客戶價值等等諸多方面。

Over the years, we have built a strong team of AI experts across the company, and we keep current with the latest AI research through Booking.com's collaborations with universities. This enables us to quickly react, adapt and learn how our traveler customers and supplier partners can benefit from new developments in the field.

多年來，我們已在公司內部建立了一支強大的AI專家團隊，並透過Booking.com與大學的合作，持續專注於最新的AI研究成果。這使我們能夠快速回應、靈活調整，並了解如何讓我們的旅客客戶和供應商合作夥伴從該領域的最新發展中受益。

We are always looking for new ways to make customer interaction smoother and richer, realizing our ambition to make it easier for everyone to experience the world and to deliver our connected trip vision.

我們一直在尋找新的方法，使客戶互動更加順暢和豐富，以實現讓每個人都能更輕鬆地體驗世界並實現我們互聯旅行願景的願景。

Much of the recent attention has been on large language models, or LLMs, which provide a multitude of interesting possibilities for improving all areas of travel searching, booking and experiencing. Two interesting possibilities are interactive itinerary building and answering travelers questions, though there are current challenges given current LLMs sometimes produce inaccurate outputs. Nevertheless, we are excited to be exploring how we can make use of these technologies for the benefit of our customers.

近來，人們的關注點大多集中在大型語言模型（LLM）上，它為改進旅行搜尋、預訂和體驗的各個方面提供了許多可能性。其中兩個引人注目的應用領域是互動式行程規劃和解答旅行者的疑問，但目前仍存在一些挑戰，例如現有LLM有時會產生不準確的輸出。儘管如此，我們仍然很高興能夠探索如何利用這些技術為我們的客戶帶來益處。

Some of our brands, like KAYAK and OpenTable, are experimenting with regenerative AI plug-ins, while others are building ways to integrate the technology into their own offerings. It is, as we all know, very early days, but I am confident in our company's ability to benefit from these developments and improve our products for our customers given our experience in AI, our travel-related data and our human and financial capital, our strategic priorities, including the connected trip vision and to improve the experience for our customers and drive more value and benefits to them.

我們旗下的一些品牌，例如 KAYAK 和 OpenTable，正在嘗試使用再生人工智慧插件，而其他品牌則在探索如何將這項技術融入自身的產品和服務中。眾所周知，目前還處於起步階段，但我對公司能夠從這些發展中獲益並改善產品、造福客戶的能力充滿信心。這得歸功於我們在人工智慧領域的經驗、豐富的旅遊相關數據、雄厚的人力和財力資本，以及我們的策略重點，包括連網旅行願景，從而提升客戶體驗，並為他們創造更多價值和利益。

But it's important to note that when we think about customers, we have 2 equally important customer groups to consider, our supply partners and our travelers.

但值得注意的是，當我們考慮客戶時，我們需要考慮兩個同樣重要的客戶群：我們的供應商合作夥伴和我們的旅客。

For our supply partners, we strive to be a valuable partner for all accommodation types on our platform, from traditional hotels to the vacation rental on the beach, to everything in between. We believe we can add value to these partners across the spectrum of accommodation types by delivering incremental demand and developing products and features to help support their businesses.

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（從傳統酒店到海灘度假租賃，以及介於兩者之間的各種住宿選擇）的寶貴合作夥伴。我們相信，透過創造增量需求並開發有助於支持其業務發展的產品和功能，我們可以為這些合作夥伴在各種住宿類型中創造價值。

In the area of alternative accommodations, we are seeing encouraging progress at Booking.com with alternative accommodation room nights in the first quarter increasing about 45% year-over-year and representing about 33% of Booking.com's total room nights, which is 2 percentage points higher than in Q1 2022.

在替代住宿領域，我們看到 Booking.com 取得了令人鼓舞的進展，第一季替代住宿房間夜數同比增長約 45%，約佔 Booking.com 總房間夜數的 33%，比 2022 年第一季度高出 2 個百分點。

In the U.S., our mix of alternative accommodation room nights, while still low relative to our global mix, has increased meaningfully in the first quarter, reaching its highest level ever and was also our absolute highest room nights in U.S. alternative accommodations ever.

在美國，我們的替代住宿房間夜數雖然相對於全球而言仍然較低，但在第一季度已顯著增加，達到有史以來的最高水平，也是我們在美國替代住宿房間夜數的最高紀錄。

We are seeing continued momentum in terms of supply growth, both globally and in the U.S., for alternative accommodations, with global listings reaching about 6.7 million by the end of the first quarter, which is about 2% higher than year-end 2022.

我們看到，無論是在全球還是在美國，替代住宿的供應增長勢頭持續強勁，截至第一季末，全球房源數量達到約 670 萬套，比 2022 年底增長約 2%。

We have seen great traction with the adoption of our enhanced payment solution for alternative accommodation partners in the U.S. We believe rolling out this solution, along with other product enhancements last year, including partner liability insurance and an enhanced damage policy, is helping to bring more professional supply online to our platform.

我們看到，我們為美國另類住宿合作夥伴推出的增強型支付解決方案獲得了極大的認可。我們相信，去年推出的這項解決方案，以及包括合作夥伴責任保險和增強型損壞保險在內的其他產品改進措施，正在幫助更多專業供應商加入我們的線上平台。

In addition, we are seeing our alternative accommodation properties across our major regions, achieving improvements in productivity, and our new partners are receiving their first booking on our platform earlier. We aim to build on this progress by continuing to improve the product offering to our supply partners and travelers, particularly in the U.S.

此外，我們看到，我們在主要地區的替代住宿物業的營運效率有所提高，新合作夥伴也更早在我們的平台上獲得了首筆訂單。我們計劃在此基礎上，繼續改進面向供應商合作夥伴和旅客的產品，尤其是在美國市場。

For our travelers, we remain focused on building a better experience that leads to increased loyalty, frequency, spend and direct relationships over time. Our mix of customers booking directly on our platforms in the first quarter continued to increase and reached the highest first quarter level ever. We see a very high level of direct bookings from the mobile app, which is an important platform as it allows us more opportunities to engage directly with travelers.

對於我們的旅客，我們始終致力於打造更優質的體驗，從而提升旅客忠誠度、出行頻率、消費額，並隨著時間的推移建立更緊密的直接聯繫。第一季度，透過我們平台直接預訂的客戶比例持續成長，並創下歷史新高。行動應用程式的直接預訂量非常高，這是一個重要的平台，因為它為我們提供了更多與旅客直接互動的機會。

Just over 45% of our room nights were booked through our apps in the first quarter, which is a few percentage points higher than in Q1 2022. We will continue our efforts to enhance the app experience to build on the recent success we are seeing here.

第一季度，我們超過45%的客房預訂量是透過我們的應用程式完成的，比2022年第一季高出幾個百分點。我們將繼續努力提升應用程式體驗，以鞏固我們最近的成功。

Another way that we build a better experience and deliver value to our travelers is going through our Genius loyalty program at Booking.com. Simplicity is a core principle of Genius, where our travelers get the benefits from the program right away. Over time, we've enhanced these benefits, including the creation of a top-tier level of Genius, and we will continue to find ways to deliver incremental value to our travelers through this program.

我們提升旅客體驗、為旅客創造價值的另一種方式是Booking.com的Genius忠誠度計畫。 Genius的核心原則是簡潔易用，讓旅客能立即享受到計畫的各項權益。隨著時間的推移，我們不斷完善這些權益，包括設立最高級別的Genius會員，並將繼續探索如何透過該計劃為旅客帶來更多增值。

Finally, we published our 2022 sustainability report last month, which provides an update on the progress we have made against the goals laid out in our climate action plan. We are proud of the emissions reductions achieved and ambitious targets set out for our business. But as I said before, we believe our greatest influence on sustainable travel is through making it easier for travelers to find and book sustainable options. We're addressing this opportunity through our work with our Travel Sustainable badge [and] program, which now includes over 400,000 properties that can highlight their sustainable practices to customers on Booking.com, and that program has been expanded to Priceline, Agoda and KAYAK.

最後，我們上個月發布了2022年永續發展報告，其中更新了我們在實現氣候行動計畫目標方面的進展。我們為已實現的減排目標以及為公司設定的雄心勃勃的目標感到自豪。但正如我之前所說，我們相信，我們對永續旅行的最大影響在於讓旅客更容易找到並預訂永續的旅行選擇。我們正在透過「永續旅行」徽章和項目來把握這一機遇，該項目目前已涵蓋超過40萬家酒店，這些酒店可以在Booking.com上向客戶展示其可持續實踐，並且該項目已擴展到Priceline、Agoda和KAYAK。

In conclusion, I am encouraged by the continued strength of travel demand we are seeing so far this year as well as our team's execution against our key strategic priorities. We remain focused on delivering a better offering and experience for our customers, both our supply partners and our travelers alike. We are as confident as ever in the long-term growth of travel and in the opportunities ahead for our company. I will now turn the call over to our CFO, David Goulden.

總之，我對今年迄今為止強勁的旅遊需求以及團隊在關鍵策略重點方面的出色執行感到鼓舞。我們將繼續致力於為客戶——包括我們的供應商合作夥伴和旅客——提供更優質的產品和服務體驗。我們對旅遊業的長期成長以及公司未來的發展機會充滿信心。現在，我將把電話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 first quarter as well as our thoughts for Q2 and for the year. All growth rates for 2023 are on a year-over-year basis, unless otherwise indicated. We will be making some references to the comparable periods in 2019 where we think these are helpful. Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release. We will be posting our prepared remarks to the Booking Holdings Investor Relations website after the conclusion of the earnings call.

謝謝格倫，下午好。我將回顧我們第一季的業績，並展望第二季和全年的業績。除非另有說明，2023 年的所有成長率均為年比數據。我們會在必要時提及 2019 年的同期資料。有關非 GAAP 業績與 GAAP 業績的調節信息，請參閱我們的盈利報告。財報電話會議結束後，我們將把準備好的發言稿發佈在 Booking Holdings 投資者關係網站上。

Before getting into details for Q1, I want to remind you that our business is quite seasonal. Q1 is typically a strong booking quarter, and we incur marketing expenses in Q1 for many bookings that will stay in future quarters, which is when the revenue is recognized. Q1 has also historically been our seasonally smallest revenue quarter and adjusted EBITDA quarter. This means that Q1 adjusted EBITDA can be quite sensitive to the level of bookings we get in the quarter.

在詳細介紹第一季業績之前，我想提醒各位，我們的業務有明顯的季節性。第一季通常是預訂量較大的季度，我們會在第一季為許多會在未來幾季確認收入的預訂支付行銷費用。此外，第一季歷來也是我們營收和調整後 EBITDA 最低的季度。這意味著第一季的調整後 EBITDA 將受到當季預訂量的影響。

With the increasing mix of payments at Booking.com, Q1 is also becoming a strong cash flow quarter due to high level of bookings. So now let me go on to our numbers for the first quarter.

隨著Booking.com支付方式的日益多元化，第一季也因預訂量高企而成為現金流強勁的季度。接下來，我將介紹我們第一季的財務數據。

We were encouraged to see strong year-over-year room night growth of 38% in the first quarter, which is better than our expectations. For the first quarter, Asia was up 100%. Europe and rest of world were both up more than 30%. We continue to see growth in the U.S., which was up high single digits versus the prior year.

我們很欣喜地看到，第一季客房夜數年增38%，超乎預期。其中，亞洲地區成長100%，歐洲和世界其他地區均成長超過30%。美國市場持續成長，年成長接近兩位數。

Our growth in total room nights versus 2019 increased from 10% in Q4 to 26% in Q1. In the first quarter, U.S. was up more than 30%, and all other regions were up about 25% versus 2019.

與 2019 年相比，我們的總客房夜數成長率從第四季的 10% 提高到第一季的 26%。第一季度，美國成長超過 30%，其他所有地區與 2019 年相比成長約 25%。

The booking window of Booking.com expanded versus 2019 for the first time since the onset of the pandemic, driven by Europe and the U.S. The booking window in the first quarter was longer than we expected due to strong levels of bookings for travel in the summer period. I note that many of these bookings are cancelable.

受歐洲和美國市場推動，Booking.com的預訂窗口期較2019年同期有所延長，這是自疫情爆發以來的首次。由於夏季旅遊預訂量強勁，第一季的預訂窗口期比我們預期的要長。需要注意的是，這些預訂中有很多是可以取消的。

Our mobile apps represented over 45% of our total room nights in the first quarter, similar to the fourth quarter of 2022. We continue to see an increasing mix of our total room nights coming to us through the direct channel. The direct channel increased as a percentage of our room nights in the first quarter relative to the first quarter of 2022.

今年第一季度，我們的行動應用程式貢獻了超過45%的客房夜數，與2022年第四季的情況類似。我們持續看到，透過直銷管道預訂的客房夜數佔比不斷增長。與2022年第一季相比，今年第一季直銷通路客房夜數佔比上升。

The international mix of our total room nights in Q1 was about 53%, which was the highest quarterly mix since 2019, but still a couple of percentage points below Q1 2019. Our cancellation rates in the first quarter were below Q1 2022 and Q1 2019. For our alternative accommodations of Booking.com, our Q1 room night growth rate was about 45% year-on-year, and the global mix alternative accommodation room nights was about 33%, which was higher than about 31% in Q1 2022.

第一季度，我們的國際客房夜數佔總客房夜數的比例約為 53%，這是自 2019 年以來最高的季度佔比，但仍比 2019 年第一季低幾個百分點。第一季的取消率低於 2022 年第一季和 2019 年第一季。 Booking.com 旗下其他住宿平台的客房夜數年增約 45%，全球其他住宿平台客房夜數佔比約 33%，高於 2022 年第一季的約 31%。

We are pleased with the progress we made in North America alternative accommodations where growth in the first quarter was much stronger than the global average.

我們對北美替代住宿領域的進展感到滿意，該領域第一季的成長遠高於全球平均水平。

Q1 gross bookings increased 44% year-over-year or 52% on a constant currency basis. The 44% increase in gross bookings was 6 percentage points higher than the 38% room night increase due to 9% higher accommodation constant currency ADRs and also due to a couple of points from strong flight booking growth, partially offset by the 8 percentage points of negative impact from FX movements.

第一季總預訂量較去年同期成長44%，以固定匯率計算成長52%。總預訂量44%的增幅比客房夜數38%的增幅高出6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9%，以及強勁的航班預訂量增長帶來的幾個百分點的提振，但部分被匯率波動造成的8個百分點的負面影響所抵消。

Our accommodation in constant currency ADRs were negatively impacted by about 5 percentage points from regional mix due to Asia room nights growing the fastest of all our regions and U.S. growing the slowest. Excluding regional mix, constant currency ADRs were up about 14 percentage points year-on-year due to rate increases in all of our regions. Despite the higher ADRs in the first 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 the consumers are trading down. We continue to watch these dynamics closely.

受區域組合的影響，以固定匯率計算的住宿平均房價（ADR）下降了約5個百分點，原因是亞洲客房夜數增長速度最快，而美國增長速度最慢。若剔除區域組合的影響，由於所有區域的房價均有所上漲，以固定匯率計算的ADR年增​​約14個百分點。儘管第一季ADR有所上升，但我們尚未觀察到預訂酒店星級組合或入住時長發生變化，這表明消費者並未降低入住檔次。我們將繼續密切關注這些動態。

Airline tickets booked in the first quarter were up about 73% year-over-year, driven by the continued expansion of Booking.com's flight offering. Revenue for the first quarter was up 40% year-on-year or about 47% on a constant currency basis. Although we had stronger-than-expected Q1 from a room night and gross booking point of view, the outperformance versus our expectations was driven by bookings that will stay in future quarters.

第一季機票預訂量年增約73%，主要得益於Booking.com航班業務的持續擴張。第一季營收年增40%，以固定匯率計算約47%。儘管從客房夜數和總預訂量來看，第一季業績超出預期，但這一成長主要來自未來幾季的預訂。

As a result, we did not see revenue benefit in Q1 from these incremental bookings. The lower-than-expected take rate in Q1 was entirely driven by the timing effects. Our underlying accommodation take rates continue to be in line with 2019 levels. Marketing expense, which is a highly variable expense line, increased 32% year-over-year. Marketing expense as a percentage of gross bookings was about 30 basis points lower than Q1 2022 due to higher ROIs in our paid channels and a higher mix of direct business.

因此，我們並未在第一季從這些新增預訂中看到營收成長。第一季低於預期的成交率完全是由時間因素造成的。我們的基礎住宿成交率與 2019 年的水準保持一致。行銷費用是一項波動性較大的支出，較去年同期成長 32%。由於付費管道的投資報酬率更高以及直接業務佔比更高，行銷費用佔總預訂額的比例比 2022 年第一季低約 30 個基點。

Marketing and merchandising combined as a percentage of gross bookings in Q1 was about 20 basis points lower than last year, which is better than our expectations of being slightly higher. Relative to our expectations, this was due to better ROIs in our paid channels as well as phasing of merchandising spend, which is tied to revenues.

第一季行銷和商品推廣支出佔總預訂額的比例比去年同期下降了約20個基點，優於我們先前略微上升的預期。此結果優於預期主要得益於付費管道更高的投資報酬率，以及與收入連結的商品推廣支出分階段進行的調整。

Sales and other expenses as a percentage of gross bookings were up about 15 basis points compared with last year, which was better than our expectations. About 45% of Booking.com's gross bookings were processed through our payments platform in Q1, up from about 34% in Q1 2022. Our more fixed expenses in aggregate were up 25% year-on-year, which was higher than our expectations due to a few factors that impacted personnel and indirect taxes. The 25% year-over-year growth excludes $39 million in accruals related to potential settlements of indirect tax matters recorded in G&A. We continue to manage our more fixed expenses very carefully.

銷售額及其他費用佔總預訂額的比例較去年同期成長約15個基點，優於預期。 Booking.com第一季約45%的總預訂金額透過我們的支付平台完成，高於2022年第一季的約34%。由於部分因素影響了人員和間接稅，我們的固定支出總額較去年同期成長25%，高於預期。這25%的年增率不包括計入一般及行政費用的3,900萬美元間接稅事項潛在和解相關應計費用。我們將繼續謹慎管理固定支出。

Adjusted EBITDA was $586 million in the quarter, which was up 89% year-over-year and would have been up 111% on a constant currency basis. Adjusted EBITDA was lower than our expectations, impacted by marketing expenses incurred for the higher-than-expected gross bookings as staged in future quarters. February and March growth bookings came in stronger than we expected at the time of our prior guidance. These extra bookings also negatively impacted our take rate more than we expected for the quarter.

本季調整後 EBITDA 為 5.86 億美元，年增 89%，以固定匯率計算則較去年同期成長 111%。調整後 EBITDA 低於預期，主要原因是未來幾季分階段確認的超額訂單產生的行銷費用。 2 月和 3 月的成長訂單量高於我們先前的預期。這些額外的訂單也對本季的佣金率產生了超出預期的負面影響。

If we look at marketing and merchandising as a percentage of gross bookings in Q1, to eliminate the timing difference, this was lower than our expectations and lower than both Q1 2022 and Q1 2019.

如果我們把第一季的行銷和商品銷售佔總預訂額的百分比視為合理的，以消除時間差異，那麼這個數字低於我們的預期，也低於 2022 年第一季和 2019 年第一季的水準。

Non-GAAP net income of $440 million resulted in non-GAAP earnings per share of $11.60 per share, which was up 197% year-on-year. Our average share count in the first quarter was 8% below Q1 2022 and 16% below Q1 2019.

非GAAP淨利為4.4億美元，非GAAP每股收益為11.60美元，較去年同期成長197%。第一季平均流通股數比2022年第一季下降8%，比2019年第一季下降16%。

On a GAAP basis, we had net income of $266 million in the quarter. As a reminder, every profit metric we highlight in these quarterly earnings report includes the negative impact of stock-based compensation expense because we view SBC expense as a very real cost of doing business. We continue to manage SBC very carefully, and it continues to be a very low percentage of our operating cash flow.

以美國通用會計準則（GAAP）計算，本季我們的淨利為2.66億美元。需要提醒的是，我們在季度財報中重點提及的每項利潤指標都包含了股權激勵費用帶來的負面影響，因為我們認為股權激勵費用是企業營運中非常實際的成本。我們將繼續謹慎管理股權激勵費用，目前該費用在我們經營現金流中所佔的比例仍然很低。

Now on to our cash and liquidity position. Our Q1 ending cash and investment balance of $15.3 billion was up slightly versus our Q4 ending balance of $15.2 billion. Our operating cash flow for the quarter was $2.9 billion, up 70% year-on-year. And our free cash flow was $2.8 billion, up 77% year-on-year. The operating and free cash flow generated in the quarter benefited from $2.3 billion in change in working capital due to an increase in our deferred merchant booking balance as well as the $586 million in adjusted EBITDA. The $2.8 billion of free cash flow was mostly offset by about $2 billion in share repurchase in Q1 and the payment of about $500 million for debt to mature in March.

接下來談談我們的現金和流動性狀況。第一季末的現金和投資餘額為153億美元，略高於第四季末的152億美元。本季經營現金流為29億美元，年增70%。自由現金流為28億美元，年增77%。本季經營現金流和自由現金流的成長得益於23億美元的營運資本變動（由於遞延商戶應收帳款餘額增加）以及5.86億美元的調整後EBITDA。 28億美元的自由現金流主要被第一季約20億美元的股票回購以及約5億美元的3月到期債務支付所抵銷。

Now on to our thoughts for the second quarter of 2023. In April, we continued to see strong demand with room night growth versus 2019 that was slightly higher than the 26% growth we saw in the first quarter, with all of our major regions growing at similar rates. The booking window in April at Booking.com continues to be long as it was in 2019. On a year-on-year basis, April room night growth was in the mid-teens, which is lower than Q1 due to a more difficult prior year comparison. You will recall that last year, Q1 room nights were 9% below 2019, and April was up 10%. April 2022 was our first month of growth versus 2019 since the onset of the pandemic.

接下來，我們來談談2023年第二季的展望。 4月份，我們持續看到強勁的需求，客房夜數年增率略高於第一季的26%，所有主要地區的成長率都相近。 Booking.com 4月份的預訂窗口期與2019年一樣長。與去年同期相比，4月份的客房夜數成長率在15%左右，低於第一季，這是因為去年同期基數較高。您可能還記得，去年第一季的客房夜數比2019年同期下降了9%，而4月則增加了10%。 2022年4月是自疫情爆發以來，我們首次實現客房夜數年成長。

Our comments on the second quarter make the assumption that room night growth will be up mid-single digits year-over-year. As you'll recall, Q1 last year was impacted by Omicron. And in Q2, we saw a strong recovery, which resulted in Q2 2022 being our highest growth quarter versus 2019, especially May and June, which were our highest growth months last year.

我們對第二季業績的預測是基於客房夜數年成長將達到中等個位數成長的假設。您可能還記得，去年第一季受到了歐密克戎颶風的影響。而第二季度，我們看到了強勁的復甦，使得2022年第二季度成為我們相對於2019年成長最快的季度，尤其是5月和6月，這兩個月也是我們去年成長最快的月份。

Compared with 2019, we'd expect future room night growth in 2023 to be just over 20%, assuming some moderation from growth from the first quarter in April when room nights were helped by more bookings we expected for the summer. We expect Q2 gross bookings to grow about 4 points faster room nights on a year-on-year basis due to a few points from continued flight bookings growth and slightly higher constant currency ADRs.

與 2019 年相比，我們預計 2023 年未來客房夜數成長率將略高於 20%，這是假設 4 月第一季成長放緩，當時客房夜數的成長得益於我們預期夏季預訂量的增加。我們預計第二季總預訂量將年增率將比客房夜數增長快約 4 個百分點，這主要得益於航班預訂量的持續增長以及按固定匯率計算的平均房價略有上漲。

We expect Q2 revenue as a percentage of gross bookings to be approximately 120 basis points above last year due to a less negative impact from timing and increased revenue from payments, partially offset by an increased investment in merchandising and a higher mix of flights.

我們預計第二季度收入佔總預訂量的百分比將比去年同期高出約 120 個基點，這主要得益於時間因素的負面影響較小以及付款收入的增加，但部分被商品銷售投資的增加和航班組合的增加所抵消。

We may see less of an increase in our take rate if booking trends exceed our expectations, especially if a high percentage of these bookings [are for stays] in future quarters. This could also result in higher-than-expected marketing expense in the quarter.

如果預訂趨勢超出預期，尤其是當這些預訂中很大一部分是未來幾季的住宿時，我們的佣金率成長幅度可能會降低。這也可能導致本季的行銷費用高於預期。

We expect Q2 marketing expenses as a percentage of gross bookings to be lower than last year due to an increase in direct mix. We expect marketing and merchandising combined as a percentage of gross bookings in Q2 to be about in line with last year. We expect Q2 sales and other expenses as a percentage of gross bookings to be about 40 basis points higher than last year due to higher merchant gross bookings mix and higher third-party call center costs, including the impact of our partnership with Majorelle.

我們預計第二季行銷費用佔總預訂額的比例將低於去年同期，主要原因是直接預訂比例的增加。我們預計第二季行銷和商品推廣費用合計佔總預訂額的比例將與去年同期基本持平。我們預計第二季銷售和其他費用佔總預訂額的比例將比去年同期高出約40個基點，主要原因是商家預訂額佔比增加以及第三方呼叫中心成本上升（包括與Majorelle合作的影響）。

We expect our more fixed expenses in Q2 to grow about 25% year-over-year due to higher personnel and related expenses, indirect taxes and IT expenses. Taking all this into account, we'd expect future adjusted EBITDA to be around 35% higher than last year.

我們預期第二季固定支出將年增約25%，主要原因是人員及相關費用、間接稅和IT支出增加。綜合考慮這些因素，我們預計未來調整後EBITDA將比去年成長約35%。

In terms of our outlook for the year, we are not updating our previous full year commentary at this time. Our strong bookings in the first 4 months of the year create the potential for some upside but we want to see how the next few months develop before considering any updated commentary. We continue to expect that our adjusted EBITDA margin will expand by a couple of percentage points versus 2022.

關於全年展望，我們目前暫不更新先前的全年預測。今年前四個月強勁的預訂量帶來了一定的成長潛力，但我們希望觀察未來幾個月的發展情況，然後再考慮更新預測。我們仍預期調整後的EBITDA利潤率將比2022年提高幾個百分點。

In closing, we're pleased with our Q1 results and the very strong growth in bookings for the summer. We'll now move to Q&A, and Rob, could you please open the lines?

最後，我們對第一季的業績以及夏季預訂量的強勁成長感到滿意。接下來進入問答環節，羅布，請你接電話好嗎？

(Operator Instructions) Your first question comes from the line of Justin Post from Bank of America.

（操作員說明）您的第一個問題來自美國銀行的賈斯汀·波斯特。

I guess two things. First, when you look at ROI in the marketing channels, how do you feel about that going into the summer? Are you seeing some advantages based on changes from some of your competitors?

我想問兩點。首先，就行銷通路的投資報酬率而言，您對即將到來的夏季有何看法？您是否看到一些競爭對手的調整為您帶來了優勢？

And then secondly, as you think about your overall use of cash, any reason why you can't just put buybacks to work for the next 5 years? Are there anything we should be thinking about on the debt side?

其次，在考慮現金的整體使用情況時，您有什麼理由不將資金用於股票回購，以維持未來五年的支出嗎？在債務方面，我們有什麼需要考慮的嗎？

Well, Justin, why don't I take the second and then I'll let David talk specifically about ROIs and marketing and thoughts on that going forward?

賈斯汀，不如我先說第二個問題，然後讓大衛具體談談投資報酬率、行銷以及未來發展方向？

So I think we've been fairly clear in the past about how we view the company and how we believe our free cash flow should be used. And the first thing we always want to see is how can we invest that money appropriately in the company, build out services in ways that we can make the way we work with our partners and our traveler customers in a better way to help build this franchise. That's the first thing, absolutely important. Then after that, we say, well, we can't build it organically. Is there something outside the company, we think, that could add value, make things better for both, again, our traveler customers and our partner customers?

所以，我認為我們過去已經相當明確地闡述了我們對公司的看法以及我們認為應該如何使用自由現金流。我們首先要考慮的是如何將這筆資金合理地投資於公司，拓展服務，以便更好地與合作夥伴和旅客客戶合作，助力公司發展壯大。這是首要任務，至關重要。之後，我們會考慮，如果無法透過自身發展成長，那麼公司外部是否存在我們認為能夠增加價值、改善旅客客戶和合作夥伴客戶體驗的資源？

And the last thing is, okay, if we don't see a good use of that, then we should be somehow returning that capital to our shareholders, which is what we laid out. The last quarter, we laid out our buyback program, where we had $4 million (sic) [billion], left in the previous authorization, $20 billion in the next one, that made $24 billion total. And then we said that over the next 4 years, we expected to be able to complete the full authorization.

最後一點是，如果我們看不到這筆資金的有效利用，那麼我們應該以某種方式將這筆資金返還給股東，這也是我們之前製定的計劃。上個季度，我們公佈了股票回購計劃，其中上一輪授權還剩40億美元，下一輪授權還剩200億美元，總計240億美元。我們當時表示，預計在未來四年內能完成全部授權。

And I believe we've given out some numbers about our buyback now. And I am thrilled with the way we're doing this. But for long term, 5 years, this is what we laid out. Things can always change, but that's the way we've laid it out. And I'll leave it up to David, in terms of ROIs, anything you're seeing differently about the summer. I haven't myself, but maybe you've seen something.

我相信我們已經公佈了一些關於股票回購的數據。我對我們目前的運作方式非常滿意。但就長遠來看，也就是五年計劃，這是我們制定的。情況隨時可能變化，但這就是我們目前的計劃。至於投資報酬率，以及你對夏季計畫有何不同的看法，就交給大衛來判斷吧。我自己還沒有，但也許你已經發現了什麼。

Yes. Justin, I think it's hard to predict what's going to happen to ROIs that far out. So what I will say is that you can see that we saw some encouraging ROI trends compared to expectations in the first quarter. Those were a little bit related to what happened to our bookings profile. So as we mentioned, we got a lot of extra bookings for the summer in the first quarter, more than we would have expected.

是的，賈斯汀，我覺得很難預測那麼遠以後的投資報酬率會如何改變。所以我想說的是，你可以看到，與預期相比，我們在第一季看到了一些令人鼓舞的投資報酬率趨勢。這與我們的預訂情況有一定的關係。正如我們之前提到的，第一季我們獲得了大量夏季的額外預訂，遠遠超出預期。

And the ROIs in the pay channels were better than we expected due to basically three things: higher ADR, a lower cancellation rate and longer-than-expected average length of stay. So we were bidding -- so basically, that was tied to the expansion of the booking window. So the expansion -- the booking window is quite close to correlate to what we saw in terms of good ROI performance in the first quarter. I just always maintain the point these are highly competitive channels, many players in them and relative to your question on competitive dynamic, and nothing really to talk about that's different.

付費管道的投資報酬率高於預期，主要歸功於三點：更高的平均房價、更低的取消率以及超出預期的平均入住時長。因此，我們採取了競價策略——這基本上與預訂窗口的延長有關。預訂窗口的延長與我們在第一季看到的良好投資回報率表現密切相關。我始終堅持認為，這些管道競爭非常激烈，參與者眾多。至於您提出的競爭格局問題，其實也沒有什麼特別之處。

Your next question comes from the line of Mark Mahaney from Evercore.

你的下一個問題來自 Evercore 樂團的 Mark Mahaney。

I just want to ask about the Asia Pacific travel and China travel. Are you already seeing the impact of China outbound travel? And then within Asia Pacific, it sounds like that's the strongest region. Are there any particular markets that are performing well for you?

我想問一下亞太地區和中國旅遊的情況。您是否已經感受到中國出境旅遊的影響？至於亞太地區內部，聽起來那裡是成長最強勁的地區。有沒有哪些市場表現特別好？

Mark, sorry about that. Let me take that apart two ways. So I know last time, I believe you asked about China outbound then, too, if I recall correctly.

馬克，真抱歉。讓我從兩個方面來解釋。我知道上次你也問過關於中國出境稅的問題，如果我沒記錯的話。

And so China is not a significant part at all of our very strong Asia growth in the first quarter. And I want to make it clear that China is still not anywhere near it was in 2019 and outbound. It is coming back in terms of overall market coming back, but there's still shortages of lift there. It is getting better than it was in January when there was, I think, mid-teens number of available airlift out of China outbound. It is coming back.

因此，中國在我們第一季強勁的亞洲成長中所佔比例並不大。我想明確指出，中國目前的出境運力遠未恢復到2019年的水準。雖然整體市場正在復甦，但運能仍然不足。情況比1月好轉，當時中國出境航班的運能只有十幾架次。市場正在復甦。

But I'll be probably honest with you, we are seeing more growth, obviously, in other parts of Asia. We're very pleased with the very strong growth we're seeing. I don't believe that we're going to break down individual countries but I do see that this is an area of growth for us that I'm very pleased about.

但說實話，我們在亞洲其他地區顯然看到了更強勁的成長。我們對目前看到的強勁成長感到非常滿意。我認為我們不會逐個國家進行分析，但我確實認為這是我們非常欣喜的成長領域。

Your next question comes from the line of Lloyd Walmsley from UBS.

你的下一個問題來自瑞銀集團的勞埃德‧沃姆斯利。

Two, if I can. First, just going back to the higher marketing ROI. Like how much of that is you all proactively managing to higher targets versus just the competitive market maybe softening up in marketing channels? And like do you think this is durable? And do you think we should think of this as a reflection of kind of normalizing consumer demand?

如果可以的話，我想問兩個問題。首先，我們再回到更高的行銷投資報酬率這個話題。你們主動提升目標，這其中有多少是因為市場競爭趨於緩和，又有多少是因為行銷通路的競爭壓力？你們認為這種趨勢能夠持續嗎？我們是否應該將其視為消費者需求趨於正常的體現？

And then the second one is just anything you're seeing in terms of just price consciousness among consumers either trading down at all or taking shorter trips to compensate for higher ADRs. Is there anything you'd call out there in any of your big markets?

第二點就是消費者對價格的敏感度，例如他們會選擇更便宜的住宿，或是為了彌補更高的平均房價而縮短旅行時間。您在主要市場有什麼特別需要注意的地方嗎？

Let me take the second one because I do look at that very carefully to see are there any smoke signals coming out of the market, giving us any indication of any changes. And I have not seen any decline in the star ratings that people are going for nor are we seeing a decrease in the length of stays, either one of which could increase that potential softening in the market, and we have not seen that yet. And I think we made the remark about the booking window has gone out further, indicating confidence. I believe that's one hypothesis [I want to put out], confidence about the future willing to put your money down and be willing to book for further out. That can be seen as a positive.

讓我來談談第二個問題，因為我確實非常仔細地觀察市場，看看是否有任何蛛絲馬跡表明市場即將發生變化。到目前為止，我還沒有看到人們追求的星級評分下降，也沒有看到入住時長縮短——這兩者都可能加劇市場疲軟的跡象，但我們目前還沒有看到這種情況。而且，我認為我們之前也提到過，預訂窗口期已經延長，這表明市場信心增強。我認為這是我想要提出的假設：人們對未來充滿信心，願意提前預訂，這可以被視為一個正面的訊號。

(inaudible) is that people are concerned there's not going to be enough availability. Or they could be considering that prices are going to continue to rise, they want to lock it in now. That's another way to look into it. None of those hypotheses will say anything about a weakness at all. And in terms of, I think, your first question, I'll leave it to David.

（聽不清楚）人們擔心供應不足。或者他們可能認為價格會繼續上漲，所以想現在就鎖定價格。這是另一種解釋。但這些假設都無法說明市場有任何弱點。至於你的第一個問題，我想還是交給大衛回答吧。

Yes, in terms of -- Lloyd, let me just remind you that this is a year that we still expect to be leaning into marketing and merchandising because we believe there's recovery in the travel market available to us. And I think that our growth rates relative to the market demonstrates that we're making progress there. If you remember, we started off the year by saying we expect our marketing and merchandising investment to be roughly the same as it was as a percentage of gross bookings, roughly same as it was in 2022. We still expect that to be the case. And remember, we said that 2022 was a year which we look out leaning in and making more investment relative to gross bookings that we did in 2019. And that story for us hasn't changed.

是的，關於這一點——勞埃德，我只想提醒你，我們預計今年仍將加大行銷和商品推廣的投入，因為我們相信旅遊市場存在復甦的可能性。我認為，我們相對於市場的成長率表明，我們在這方面取得了進展。如果你還記得，年初我們曾表示，預計行銷和商品推廣的投資佔總預訂量的比例將與2022年大致相同。我們仍然預計情況會如此。請記住，我們曾說過，2022年我們將加大投入，增加相對於總預訂量的投資。對我們來說，這項策略並沒有改變。

We believe that we want to continue to lean in this year to continue to gain share in a recovery marketplace. And the fact that we saw some improvement in Q1, as I mentioned in my -- in the answer to my question to Justin, was more to do with the kind of shape of our booking profile and the booking window and getting more summer bookings with higher transaction values than we would have expected to get from a mix point of view in Q1 and actually why the ROIs came in better. But we still plan to [be leaning in] the industry. And as I said in Q2 and for the full year, we still expect that investment in marketing and merchandising to be as it was in 2022.

我們相信，今年我們將繼續加大投入，以期在復甦的市場中繼續擴大份額。正如我在回答賈斯汀的問題時提到的，第一季業績有所改善，這主要歸功於我們的預訂結構和預訂窗口期，以及夏季預訂量和交易額均超出預期，這才是第一季投資回報率提升的真正原因。但我們仍計劃繼續加大投入。正如我在第二季和全年展望中所說，我們預計在行銷和商品推廣方面的投入將與2022年持平。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

I have two. The first one is on the direct mix of traffic, the percentage of the business that's direct. You've made a lot of progress on that over the last year or so, a couple of years, Glenn. If you break it down by region, where have you made the most progress in increasing the percentage of the business that's direct? And how should we think about how high that is? And which of the regions, do you think, you have the most runway to sort of drive that percentage of the business that's direct up longer?

我有兩個問題。第一個是關於直接流量的組成，也就是直接客流量佔總業務量的百分比。格倫，過去一兩年，你們在這方面取得了很大的進展。如果按地區劃分，你們在哪些地區提升直接客流量佔比方面取得了最大進展？我們該如何看待這個比例？你們認為哪些地區最有潛力進一步提升直接客流量佔比？

And then the second one on your forecasting. You guys have a lot of data, and you're very good at forecasting. It seems like demand really came through better than you thought throughout the quarter. Which regions sort of drove that outsized demand versus your forecasting?

第二個問題是關於你們的預測。你們掌握了大量數據，而且預測能力很強。看起來本季實際需求比你們預期的好得多。哪些地區的需求遠超預期？

So we don't break down the direct mix by region at all. But I can repeat things I've said in the past about how important direct mix is to the long term, increase the value of the franchise because of things we talk about with our connected trip. They're getting people in through the app primarily, having them understand all the different things we'll be able to offer to them, give them a real personalized thing that will make them want to always come back to us. The more we learn about them, the more they come back to us. So it's a flywheel effect happening there.

所以我們根本不按地區細分直銷組合。但我可以重申我過去說過的話，直銷組合對長期發展至關重要，它能提升加盟店的價值，這都得益於我們「互聯之旅」的理念。他們主要透過應用程式吸引顧客，讓他們了解我們能提供的各種服務，並為他們提供真正個人化的體驗，讓他們樂於再次光顧。我們越了解他們，就越會再光顧。這是一個良性循環。

Again, I'm not going to break it down by region, but my goal is to have every region have as many people as possible using the app and coming directly. And that's the first thing. In terms of how we marry it against our forecast, I don't know how much David really wants to get into that.

我不會按地區細分數據，但我的目標是讓每個地區都有盡可能多的人使用這款應用程式並直接訪問網站。這是首要任務。至於如何將其與我們的預測結合，我不知道大衛是否真的想深入探討這個問題。

You can see that -- obviously, we did significantly better on the top line. And I think that's the place to go to -- I'd say it was fairly balanced across all regions. Obviously, the place we saw the booking window expand the most was in U.S. and Europe. So that's where we got a higher share of summer bookings than we expected to get in Q1. But you see also Asia did very well and in general, also exceeded our expectations, but we didn't have the booking window phenomena there. So I wouldn't call out any particular region, but I will call out some of the differences in what we saw across the regions that contributed to the overachievement.

顯而易見，我們的營收表現非常出色。我認為這才是關鍵所在——我認為各地區的業績都相當均衡。顯然，預訂窗口期延長幅度最大的地區是美國和歐洲。因此，我們在第一季獲得的夏季預訂量高於預期。但亞洲地區也表現出色，整體而言也超出了我們的預期，只是沒有出現預訂窗口期延長的情況。所以我不會特別指出哪個地區，但我會重點介紹各地區績效差異中促成超額完成的部分原因。

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

你的下一個問題來自摩根大通的道格安穆斯。

Glenn, I just wanted to revisit on AI. Can you just talk about some of the advantages that booking would have in leveraging generative AI versus what other external or potentially new travel services might provide? And do you feel the need to protect the data on your platform to keep it from being used for training broadly across many large language models?

格倫，我想再聊聊人工智慧。你能談談預訂系統利用生成式人工智慧相比其他外部或潛在的新型旅行服務有哪些優勢嗎？你是否覺得有必要保護平台上的數據，防止它被廣泛用於訓練各種大型語言模型？

Thanks, Doug, and so very interesting questions about then. And I'll break it out into -- you start off with AI, then we went to a specific subset of the generative AI. Let's just talk in general about AI first and how important this is into our business for many, many, many years, more than a decade perhaps, a machine learning model that really helped us do a better job making sure that what we're presenting to a consumer, for example, is really something that they have a higher percentage chance they're going to convert on that. All sorts of ways that we use, very sophisticated machine learning models in many parts of the business that have helped us get us where we are today.

謝謝Doug，你提出的問題都很有趣。我會分步驟來回答——先從人工智慧說起，然後我們深入探討了生成式人工智慧的一個特定子集。我們先來泛泛地談談人工智慧，以及它對我們業務的重要性。多年來，或許超過十年，機器學習模式確實幫助我們更能確保向消費者展示的內容更有可能促成轉換。例如，我們在業務的許多方面都運用了非常複雜的機器學習模型，而正是這些模型幫助我們取得了今天的成就。

Then of course, we come out in the fall something that is somewhat a lot of people were not that aware of, this generative AI, large language models and see what could be done with them. And clearly, anytime there's a major shift in technology, everyone thinks like, well, is this going to be disruptive to the players who are already doing well? Is it not? And I said in my prepared remarks how I feel very confident of where we are in this because of the work we've done in AI in the past, the number of people we've had working on it, the amount of capital we have, our collaborations with universities.

當然，今年秋天我們會推出一些很多人之前不太了解的東西，像是生成式人工智慧和大型語言模型，看看它們能帶來哪些應用。顯然，每當科技領域發生重大變革時，大家都會想：這會不會對那些已經發展良好的企業造成衝擊？不會嗎？我在事先準備好的發言稿中提到，我對我們目前所處的位置非常有信心，這得益於我們過去在人工智慧領域所做的工作、我們投入研發的人員數量、我們擁有的資金以及我們與大學的合作。

I believe that we are going to be benefiting greatly from this new type of technology in many different areas and some we haven't any thought of them yet and some things are going to be simple and easy, perhaps increasing the productivity of our developers, which we believe is hopefully going to achieve some very good results in the hopefully not so distant future, to things that perhaps are further away, but ways that people interact with us in that connected trip vision, a way that you really do are able to recreate that human travel agent into something that's actually an automated player, but that does it so much better than the human being did it in the past.

我相信，我們將從這種新型技術中受益匪淺，它在許多領域都發揮著重要作用。有些領域我們甚至還沒想到，有些領域則簡單易行，例如提高開發人員的生產力。我們相信，這有望在不久的將來取得非常好的成果。而有些領域則可能更遙遠，例如人們在互聯旅行願景中與我們互動的方式。在這種願景中，我們能夠真正地將人類旅行社代理轉變為一個自動化的參與者，而且它的表現比過去人類代理人好得多。

Now in terms of your very important question about the data and how do we protect it and not let it get out and be used by others, that is a very important thing. And everyone from our attorneys to people in our development departments, people who are really working with some of these large language model foundational model people, we are looking very closely. Have they already been using our data and should they be? And I think there's going to be a lot of interesting regulations in this area that nobody knows the answer yet to, but how will people be compensated if their data has been used in the past for training purposes or not? And I think it's a very open question that nobody knows the answer to yet, but we will be very interested in the result.

現在，關於您提出的資料保護問題，以及如何防止資料外洩並被他人使用，這確實非常重要。從我們的律師到開發部門的同事，所有與大型語言模型基礎模型專案合作的人員，我們都在密切關注此事。他們是否已經在使用我們的數據？他們是否應該這樣做？我認為，在這個領域將會出現許多有趣的法規，目前尚無定論。例如，如果使用者的資料過去曾被用於訓練目的，他們該如何獲得補償？我認為這是一個懸而未決的問題，目前還沒有人知道答案，但我們非常關注最終結果。

Your next question comes from the line of Kevin Kopelman from TD Cowen.

你的下一個問題來自 TD Cowen 的 Kevin Kopelman 的一條線。

Yes. First question, I wanted to ask about ADR's big area of interest. With all the strength you're seeing in Q1, could you just -- and quarter to date, can you touch on how ADRs have trended generally compared to what you're seeing as of the last call?

是的。第一個問題，我想問ADR（美國存託憑證）方面的情況。鑑於您在第一季看到的強勁表現，您能否簡要談談ADR的整體趨勢，以及與上次電話會議時的情況相比，ADR的走勢如何？

Yes. So when we gave you some data on the call, I mean, ADRs are still trending positively. They're up on a year-on-year basis, and they're up in -- across all regions on a year-on-year basis. So we're not seeing any slowdown in ADRs. And when we -- we've been looking at some of the things, I'm sure, behind your question, but we're not seeing a reduction in ADRs in any region on a year-on-year basis or on a year-on-full year basis. So we see ADRs continue to hold very strongly.

是的。我們在電話會議上提供了一些數據，我的意思是，平均存託憑證（ADR）仍然呈現上升趨勢。它們同比上漲，而且所有地區的同比均有所增長。所以我們沒有看到ADR增速放緩。當然，我們也一直在關注您問題背後的一些因素，但我們沒有看到任何地區的ADR年比或年比都出現下降。因此，我們看到ADR繼續保持強勁勢頭。

Great. And then one other question. Could you talk about -- a little bit about the dynamics in the U.S. market? What are you seeing in the U.S. that's causing your growth to be a little bit slower there? And how do you feel about your market share in the U.S.?

好的。還有一個問題。能否談談美國市場的動態？您認為美國市場有哪些因素導致您的成長速度略有放緩？您對目前在美國的市佔率有何看法？

We feel that obviously, our U.S. business is still growing very, very strongly compared to 2019. And we have seen that growth relative to 2019 come down a little bit. But we feel that a part of it in -- we still feel it's -- when you look at how our business is vis-a-vis 2019, it's significantly bigger than it was before, and it's still growing at a very healthy rate vis-a-vis 2019. So we don't really worry about that.

顯然，與2019年相比，我們的美國業務仍然保持著非常強勁的成長。雖然我們看到相對於2019年的成長速度略有放緩，但我們認為，從我們與2019年的業務對比來看，它仍然比以前規模大得多，並且保持著非常健康的成長速度。所以我們並不擔心這一點。

And I would just add, my conversations with our partners, some of our biggest partners and with their senior management, the critical thing for me is, are we providing them with what they need? Are we providing incremental business to them that helps them do better in their business? And do you feel that we are being valuable to what you need? And I only heard positive things from all the people that I speak to in regards to where we are today versus where we were in the past. And it's a much more complementary relationship, and I believe that will help us in the future to continue to build on that.

我還要補充一點，我和一些合作夥伴，特別是我們的一些重要夥伴及其高階主管的交流中，最關鍵的問題是：我們是否滿足了他們的需求？我們是否為他們帶來了能夠幫助他們提升業務的增量？你們是否覺得我們為你們提供了有價值的東西？我聽到的所有人對我們目前的合作關係給予了正面的評價，認為它比過去更出色。我們現在的關係更加互補，我相信這將有助於我們在未來繼續深化合作。

Your next question comes from the line of Lee Horowitz from Deutsche Bank.

你的下一個問題來自德意志銀行的李‧霍洛維茲。

Great. Maybe sticking with some of the comments around direct. You guys continue to post impressive direct booking results and app growth. Maybe looking beyond this year, how does this crisis of execution within the direct channel inform the way you see margin progression beyond 2023?

好的。或許可以繼續討論一些關於直銷的評論。你們的直銷預訂業績和應用程式成長一直都很亮眼。展望未來，直銷通路目前面臨的執行危機，又會如何影響你們對2023年後利潤率成長的預期？

And then maybe one on VR. Our charts continue to indicate that you guys seem to be picking up some share in the U.S. vacation rental market, an area where you've been perhaps underrepresented. I guess, what do you owe maybe some of the improvements you're seeing within the U.S. VR industry? And then looking forward, what are the things you think you can -- you need to continue to do in order to really scale up that business in line with some of your competitors?

接下來或許可以聊聊VR。我們的圖表顯示，你們似乎正在美國度假租賃市場搶佔份額，而你們之前在這個領域的份額可能還不夠。我想，你們覺得美國VR產業的進步對你們的業績提升有什麼幫助？展望未來，為了真正擴大業務規模，與一些競爭對手比肩，你們認為需要繼續做些什麼？

So why don't I start -- Lee, if I can start with, as you put it out, VR, vacation rental. I'd like to use alternative accommodation. Neither one is a great customer-friendly term, of course. But let me talk about that. And then I'll let David talk about the direct business and what that may or may not indicate when you go into the share in terms of margins down the road.

那麼，不如我先來談談──李，如果可以的話，我想先從你說的VR，也就是度假租賃開始。我想用「另類住宿」這個詞。當然，這兩個詞對顧客來說都不太友善。不過，讓我先說說這句話。然後，我會讓大衛談談直接業務，以及這可能對未來利潤率的影響。

And I talked a little bit about in my prepared remarks about some of the things we are doing in terms of the alternative accommodations area in the U.S. to build that business, and you were very polite to say that maybe -- that we may have been under index where we did. It's very nice to say because I've continually admitted that in the past, we have not been hitting that as well as we should and that we were far behind where I thought we should be, especially since we do fairly well with that in other parts of the world, particularly in Europe.

我在事先準備好的演講稿中簡要談到了我們在美國為拓展替代住宿業務所做的一些努力，您非常客氣地指出，我們可能在某些方面做得不夠好。這番話讓我很欣慰，因為我一直承認，過去我們在這一領域的表現並不盡如人意，遠遠落後於我的預期，尤其是在世界其他地區，特別是歐洲，我們在這方面做得相當不錯。

And the things that we've been doing are things that I talk about. First of all, is you got to make sure you're providing a good service to the people who own the homes, who own the apartments. Are we doing things like liability insurance? Well, now we have something like that. Damage waiver type stuff, do we have that? Yes, we do. Last time I talked about how we were testing out an ability to request to book because some people have properties. They don't want to have automatic booking. They want to have a request to book system. So we are developing out back.

我們一直在做的事情，也是我之前提到的。首先，你必須確保為房屋和公寓業主提供優質的服務。例如，我們是否購買了責任保險？嗯，現在我們有了。還有，我們是否有損害免責條款之類的東西？是的，我們有。上次我提到過，我們正在測試預訂請求功能，因為有些業主不希望使用自動預訂，他們希望使用預訂請求系統。所以我們正在後台進行開發。

Then once you start getting that in, you have to start saying, well, are people aware of your product? Because as I said, there wasn't a lot of -- people didn't have a lot of knowledge that we had such a product. And I was just to joke that if you went down in New York City and you said something on the street and said, I need a place in the Hamptons, where shall I go, I could almost guarantee you they weren't going to say Booking.com. Well, we need to get that supplies once we have it, then we got to make people aware that we have the supplies. We have to build all that out. So there's nothing miracle about this. This is blocking and tackling business 101.

一旦你開始著手準備，你就得開始思考：人們是否了解你的產品？因為正如我所說，當時很多人並不知道我們有這樣的產品。我開玩笑說，如果你去紐約街頭，隨便問一個人：「我想在漢普頓找個地方住，去哪裡找？」我幾乎可以肯定，他們不會說Booking.com。所以，我們需要先把這些資源落實到位，然後讓人們知道我們有這些資源。我們需要把所有環節都搭建起來。這沒什麼神奇的，這只是商業運作中最基本的步驟。

Get your supply out there, make it attractive and then make sure people know about it, and that's what we've been doing, cranking away at it. And I'm pleased, and I said it's really nice to see us starting to hit it. It can -- come up with our mix in the U.S. at an all-time high in terms of alternative accommodation in part of our total mix, along with having absolute number of alternative accommodation room night bookings. So I am pleased with the progress that we're making and I know that we had to continue that because I know customers like this product, and this is an area where we have growth possibilities.

把我們的產品推向市場，讓它更具吸引力，並確保人們了解它，這就是我們一直在做的，我們一直在努力。我很高興，也很高興看到我們開始取得進展。這使得我們在美國的整體產品組合中，替代住宿的比例達到了歷史新高，同時替代住宿的房間預訂量也達到了歷史新高。所以我對我們所取得的進展感到滿意，我知道我們必須繼續努力，因為我知道客戶喜歡這種產品，而且這是我們擁有成長潛力的領域。

And David, regarding direct only, do you want to...

大衛，就直接溝通而言，你想…

Sure. Lee, direct mix obviously is very tied to our strategy. Our strategy is to build a better product, provide better service for our customers and partners and get those customers to come back to us more frequently and more directly after we've acquired them in the first place to which shall we bring them into the portfolio the first time around. So it really does tie to us executing against our strategy and lots of things that we do, many things we do contribute to that better product. I could talk about alternative accommodation. I can talk about payments. We can talk about adding flights. So all these things just create a better service for our customer, and therefore, we're more likely to get them back directly. So it's very much tied to our strategy.

當然。李，直接行銷顯然與我們的策略息息相關。我們的策略是打造更優質的產品，為客戶和合作夥伴提供更優質的服務，並促使這些客戶在首次被我們納入產品組合後，更頻繁、更直接地再次光顧。因此，這確實與我們策略的執行息息相關，我們所做的許多事情都有助於打造更優質的產品。我可以談談替代住宿方案，可以談談付款方式，還可以談談增加航班。所有這些都旨在為客戶提供更優質的服務，因此，我們更有可能讓他們再次光顧。所以，這與我們的策略緊密相連。

It is also tied to your financial model because we made the comment last quarter or in February that we're obviously not targeting pre-COVID margin level because of the mix shift in the business for some of these new areas that we're now focused in but we do expect to be able to grow our EBITDA margin above the levels we're at in 2023 and the biggest driver, that would be continue to increase our direct mix. We'd also expect to be able to do better from a leverage on our more fixed costs going forward. And those themselves would kind of more than offset the pressure from the mix of lower-margin businesses as they grow within our portfolio.

這與您的財務模型也密切相關，因為我們在上個季度或二月份就曾表示，由於業務組合發生了變化，我們目前專注於一些新的領域，因此我們顯然不會以疫情前的利潤率水平為目標。但我們預計到2023年，我們的EBITDA利潤率將高於目前的水平，而最大的驅動力將是繼續擴大我們的直接業務組合。我們也預計，未來能夠更好地利用固定成本槓桿。隨著我們投資組合中低利潤率業務的成長，這些成長本身將足以抵銷這些業務帶來的壓力。

So continuing to improve our direct mix is very important for both the strategy and the financial model and will be the major sources for us to be able to provide some margin expansion beyond where we are this year.

因此，繼續改進我們的直接產品組合對於策略和財務模型都非常重要，並且將是我們今年能夠實現利潤率進一步提高的主要來源。

Your next question comes from the line of John Colantuoni from Jefferies.

你的下一個問題來自傑富瑞集團的約翰·科蘭圖尼。

Hoping you could update us on your strategy in the U.S. market. You've had a lot of success gaining share in recent years, but I'm curious if you could update us on your learning so far about sort of the return on investments and how that's informing your aspirations to continue pursuing that opportunity as aggressively as you have been.

希望您能向我們介紹一下您在美國市場的策略。近年來，您在市場份額方面取得了巨大成功，但我很好奇您能否分享一下您目前對投資回報率的了解，以及這些了解如何影響您繼續積極把握這一機遇的決心。

And second, you sort of characterized investing ahead of the travel recovery to gain share throughout 2021 and 2022. I'm curious if that's your strategy in the Asia Pacific region as that market recovers and if you have any early reads on returns on that investment.

其次，您似乎將提前投資以期在2021年和2022年旅遊業復甦期間獲得市場份額作為策略。我很好奇，隨著亞太市場復甦，這是否也是您在該地區的策略，以及您是否對該投資的回報有任何初步了解。

Yes. So I'll start off by saying that I'm very pleased with how the strategy has been working out in the U.S. given our gain in share. As David mentioned, we have a bigger business than we did in 2019. It's been growing nicely. I really do think that it's achieving what we've been trying to accomplish, which is to not be the under-indexed player that we were in the past, and we're making good progress there.

是的。首先我想說，鑑於我們在美國市場佔有率的成長，我對目前的策略成效非常滿意。正如大衛所提到的，我們的業務規模比2019年更大，而且成長勢頭良好。我真的認為，我們正在實現我們一直以來努力的目標，那就是不再像過去那樣被市場低估，而且我們在這方面取得了顯著進展。

In terms of the absolute ROIs on these things, we don't break them out by region at all. But I will say that, obviously, we are very conscious of spending money the right way to get the right return. And we are -- I came out of the business, previously, I was in finance. So I know how important is to make sure that you're getting your money's worth and where you're spending it, and we are doing that.

就這些項目的絕對投資報酬率而言，我們根本沒有按地區細分。但我可以肯定地說，我們非常注重合理用錢，以獲得應有的回報。而且──我之前在金融業工作，後來離開了這個產業。所以我深知確保每一分錢都花在刀刃上是多麼重要，而我們也確實做到了這一點。

Now I think it's just, going forward, strategies work and so I see us continuing in the same vein. And in terms of Asia, it was not dissimilar that we want to make sure when people are going to start traveling, we don't want to wait until you're halfway down the track to get out of the gate. That would not be the best move. Get out in front, be there when the traveler wants to start traveling and providing them with what they want. And that, we've been doing. And we just talked a little bit about how we were very pleased with the first quarter for Asia growth. And I think, hopefully, it will continue the same way.

現在我認為，展望未來，有效的策略至關重要，所以我們會繼續沿用同樣的策略。就亞洲市場而言，情況也類似，我們希望確保在人們開始旅行的時候，我們不會等到旅行計畫進行到一半才起步。那樣做並非明智之舉。我們應該搶先一步，在旅行者想要開始旅行的時候就做好準備，並滿足他們的需求。而這正是我們一直在努力的方向。我們剛才也簡單談到了我們對亞洲市場第一季成長的非常滿意。我希望，這種成長勢頭能夠繼續保持下去。

Your next question comes from the line of Deepak Mathivanan from Wolfe Research.

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

Great. This is Zach on for Deepak. Just first on the fixed cost side. Once you -- or I guess, the first half is kind of tracking above the kind of 20% growth that you kind of outlined last quarter. And the 1Q to 2Q is also kind of sequentially stepping up a little bit here. Just curious on your thoughts on how we should think about the fixed cost growth kind of maybe sequentially kind of into the back half of the year and into next year.

好的。我是Zach，替Deepak發言。首先說說固定成本方面。上半年，也就是上個季度，固定成本的成長速度基本上達到了您上個季度提到的20%以上。而且，第一季到第二季的成長速度也略有提升。我想聽聽您對下半年以及明年固定成本成長的看法。

And then second on just the buybacks. I think 1Q came in a bit stronger than we were expecting. Just curious how we should think about kind of the puts and takes in terms of the cadence of buybacks through the rest of the year. Is 1Q kind of a good run rate? Or how should we think of that?

其次，我想談談股票回購。我認為第一季的表現比我們預期的要好一些。我很好奇，我們應該如何看待今年剩餘時間的股票回購節奏，以及相關的買賣操作。第一季的回購速度算正常嗎？或者我們應該如何看待這個問題？

David, you're the owner of the P&L there, looking that you want to take [the sub down] on the cost.

David，你是那裡的損益負責人，看來你想降低（分包商）的成本。

Yes. On the cost side, yes, I mean, we talked about being 25% in the first quarter. We talked about being 25% in the second quarter. Obviously, that's going to put a little bit of pressure on our guidance for the full year. But what I'd say just generally, when you look at anything that's in the kind of full year view, we've not updated our guidance. There are going to be some -- likely going to be some puts and takes for the full year at the line item level but we're not going to update that line item detail today other than just recommit that we'll have a margin expansion by a couple of points versus 2022. Remember, next year, we said that we do expect our fixed cost to grow more slowly next year than we expect them to grow this year, and that continues to be the case.

是的。成本方面，我們之前討論過第一季成本佔25%，第二季也討論過25%。顯然，這會對我們全年的業績預期帶來一些壓力。但總的來說，就全年業績而言，我們並沒有更新預期。全年各項具體項目的預期可能會有一些調整，但我們今天不會更新這些項目的具體細節，只會重申我們的利潤率將比2022年提高幾個百分點。請記住，我們之前說過，我們預計明年的固定成本成長速度將低於今年的預期，而這種情況仍然如此。

And regarding buybacks, I think we laid it out a little bit. You know what our plan is. You know what we're doing. And I'm not sure there's any more color I can give, and we're pleased with where we are.

關於股票回購，我想我們已經解釋得很清楚了。你們知道我們的計畫是什麼，也知道我們正在做什麼。我不太確定還能透露什麼細節，我們對目前的進展感到滿意。

And your next question comes from the line of Jed Kelly from Oppenheimer.

你的下一個問題來自奧本海默的傑德凱利。

This is Josh on for Jed. Just wondering if you can maybe speak to how recent improvements in payments is resonating with U.S. property managers and their opportunity to increase share.

這裡是Josh，替Jed發言。我想請您談談近期支付方式的改善對美國物業管理公司的影響，以及他們如何藉此機會擴大市場份額。

Sure, Josh. Payments is an important part of a business. I've talked in the past about how it's the glue that brings everything together, along with making it easier for both the customer traveler and for the partner. And I think the growth in the amount of our business going through payments is a good indicator that is working and being accepted well. Customers have choice, both the traveler and the partner. Both of them can choose to use the payments or not. The fact that it's going up, to me, would be proof positive that people are finding it useful. And I believe in the long run, it's going to be being very, very helpful as we continue to build out the connected trip further.

當然，喬許。支付是業務的重要組成部分。我之前說過，付款就像黏合劑，把所有環節連接起來，讓客戶、旅客和合作夥伴都更方便。我認為，我們透過支付方式完成的業務量成長，就是一個很好的跡象，表明這項服務運作良好，並且廣受歡迎。客戶（包括旅客和合作夥伴）都有選擇權。他們都可以選擇使用或不使用付款方式。在我看來，支付量的成長就足以證明人們覺得它很有用。而且我相信，從長遠來看，隨著我們不斷完善互聯旅行，支付方式將發揮非常重要的作用。

And your next question comes from the line of Stephen Ju from Credit Suisse.

你的下一個問題來自瑞士信貸的 Stephen Ju。

So Glenn and David, your merchant booking dollars are now at parity with your agency dollars. So just wondering how much of this is due to the ramp in air versus a more proactive choice the consumer may be making and they're lodging product selections, to your point earlier, to alternative accommodations. And I guess, doing more merchant and the rise in deferred merchant bookings there should improve your free cash flow generation. So does this change your capital allocation plans a little bit?

格倫和戴維，你們的商家預訂收入現在和代理商收入持平了。我想知道這其中有多少是由於航空業的復甦，又有多少是由於消費者更積極地選擇住宿產品（正如你們之前提到的，他們轉向了其他住宿選擇）。我想，增加商家預訂量以及商家延期預訂量的上升應該會改善你們的自由現金流。那麼，這會稍微改變你們的資本配置計畫嗎？

On the second question, no, the capital allocation plan that we talked about last quarter, that Glenn summarized earlier, anticipated that we would be continuing to increase our merchant mix. So on that piece, there is no change. In terms of where is that merchant increase coming from. Just to remind us all, it's really coming from a mix shift inside of Booking.com, where we are moving from what used to be almost entirely an agency model now to a much more balanced model. That is the biggest change would be in accommodations. That's still, by far, the biggest part of the business. Although as flights grows, it's having an impact. But what's really driving the changes that you're seeing is the increase in merchant mix across our accommodations business at Booking.com.

關於第二個問題，不，我們上個季度討論過的資本配置計劃（格倫之前也做了總結）預計我們會繼續擴大商戶組合。所以這方面沒有變化。至於商家數量的成長來自哪裡，我再提醒大家一下，這其實源自於Booking.com內部的商家組合調整，我們正在從過去幾乎完全依賴代理模式的模式轉向更平衡的模式。最大的變化體現在住宿業務上。住宿業務仍然是迄今為止最大的業務部門。雖然航班業務的成長也產生了一定的影響，但真正推動您所看到的這些變化的是Booking.com住宿業務商戶組合的增加。

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

你的下一個問題來自瑞穗銀行的 James Lee。

Two here. Can you guys maybe give us an updated outlook on ADRs? I think previously, you talked about expectation being maybe flattish on constant currency for FY '23. And also, David maybe can remind us, talk about some of the puts and takes on take rate for your expectation for 2023.

這裡有兩個問題。你們能否更新一下關於美國存託憑證（ADR）的展望？我記得之前你們提到過，以固定匯率計算，2023財年的預期可能比較平穩。另外，David 能否提醒我們一下，你們對2023年ADR的預期中，有哪些關於成交率的看跌和看漲觀點？

We said that we expect our ADRs for the second quarter just to kind of continue the picture. We expect our ADRs for the second quarter to be up slightly on on-year basis. As I mentioned in one of my earlier answers, we're not kind of -- we're not updating every single line item on our full year guidance. But if they continue to hold at the current level, there may be a little bit of upside compared to what we said on the last call on ADRs. As I said, there'll be some puts and takes up and down our full set of guidance. But we're not specifically updating our guidance or giving you anything beyond what we're talking about for Q2. We'll have to wait and see how that all develops. But I think you can see from where we were in Q1, plus what we're expecting in Q2, things are trending positively.

我們之前說過，預計第二季的美國存託憑證（ADR）將延續目前的趨勢。我們預計第二季的ADR將比去年同期略有成長。正如我在先前的回答中提到的，我們不會更新全年績效指引中的每項指標。但如果各項指標繼續維持在當前水平，那麼與上次電話會議上我們預測的ADR相比，可能會有一些上漲空間。正如我所說，市場對我們全年業績指引的預期會有波動。但我們不會對業績指引進行具體更新，也不會透露任何超出第二季度預期的資訊。我們需要拭目以待。但我認為，從第一季的業績以及我們對第二季的預期來看，整體趨勢是正面的。

And your next question comes from the line of Richard Clarke from Bernstein.

你的下一個問題來自伯恩斯坦的理查克拉克的詩句。

Just the first question was what is the ability for you to continue to get discounts from your hotels? I know the Genius discounts tend to be hotel-funded. And in this travel environment, are they more or less likely to give those? And is that influencing your level of merchandising at all? And could that change if the travel environment altered towards the back half?

第一個問題是，您能否繼續從飯店獲得折扣？我知道 Genius 的折扣通常由酒店提供。在目前的旅遊環境下，飯店提供這些折扣的可能性是更高還是更低？這是否會影響您的促銷力道？若旅遊環境在下半年發生變化，情況是否會改變？

Richard, look, there's no doubt that hotels, when they are doing well, may see less of a need to use all other ways to distribute and get business than just have to come to them direct, right? And one of those things they're always looking at is what's the return. So with us, in Genius, it's really being very targeted with them to make sure they understand how we can get the incremental demand that they wouldn't necessarily be able to get otherwise and then working with them and make sure is this value for them or not.

理查德，你看，毫無疑問，當旅館經營狀況良好時，可能覺得沒必要費盡心思去拓展業務，直接找他們就行了，對吧？他們始終關注的一點就是投資報酬率。所以，我們Genius的做法是，精準地與他們溝通，確保他們明白我們如何能為他們帶來原本可能無法獲得的增量需求，然後與他們合作，確認這是否真的對他們有價值。

And something I actually talked a bit in the past, [I'm not sure] on a call, but our sales people have worked with hoteliers and talk to them sometimes, well, we're working with Genius program -- the Genius program and notice that it's not actually the best use of their money and the best way for them to do business and told them, look, don't think you should use Genius this way, this amount, this time, whatever, other times, et cetera.

我之前其實也稍微提過這件事，（我不確定）是在電話裡，但我們的銷售人員和酒店經營者合作，有時會和他們談，我們正在推廣 Genius 項目——Genius 項目，然後注意到這實際上並不是他們資金的最佳利用方式，也不是他們開展業務的最佳方式，我們會告訴他們，不要認為你應該以這種方式、這個金額、這個時間、其他時間項目等等。

This is an idea long term, having a good partnership. It's just -- it's not just knocking down the door of hotel, give us discounts, give us discounts. That's not how this works. This works with science. This works with data. This is the machine learning stuff I talked about in the past. This is getting together to come up with a way that we can come up with a better way to improve their business.

這是一個長遠的計劃，旨在建立良好的合作關係。這並非簡單地去酒店敲門，要求他們提供折扣。事情不是這樣的。這需要科學的方法，需要數據的支持。這就是我之前提到的機器學習。我們需要攜手合作，共同探索提升他們業務的更佳途徑。

Now no doubt, as travel improves and such, there's going to be less of a need as the hotels will find other ways and perhaps less expensive ways or more efficient ways for them. And so maybe there will be some places. But I am not at all concerned if your point is that this is going to make a drastic difference to how we do our business in the future. I don't see it. I see this as something that's going to get more and more central as we continue to develop more ways to provide value to the traveler customer and be able to work with the customer supplier partner in ways that are complementary, symbiotic for all of us, that we all win in this. The traveler wins, the hotel wins, and we win.

毫無疑問，隨著旅行的改善，飯店會找到其他方法，或許是成本更低或效率更高的方法，因此對這種模式的需求會減少。所以也許有些地方會保留這種模式。但如果你認為這會對我們未來的業務模式產生巨大影響，我一點也不擔心。我不這麼認為。我認為，隨著我們不斷開發更多為旅客創造價值的方式，並與客戶、供應商合作夥伴以互補互利的方式合作，這種模式會變得越來越重要，最終實現共贏。旅行者受益，酒店受益，我們也受益。

Okay. Makes perfect sense. Maybe just a little technical question after. You talked about -- you've got $19 billion of merchant bookings in the quarter. You've talked about longer booking windows, but your deferred merchant booking is only at $4.5 billion. Just trying to square the gap between the $19 billion and the $4.5 billion that we see there.

好的，完全明白了。之後可能還有一個小技術問題。您提到本季商家預訂額為 190 億美元。您也提到了更長的預訂窗口期，但延期商家預訂額只有 45 億美元。我只是想弄清楚這 190 億美元和 45 億美元之間的差距是怎麼回事。

Richard, you're confusing me on this one.

理查德，你在這件事上把我搞糊塗了。

Both of us. Richard, you've stumped us both on that one.

我們倆都答不出來。理查德，這個問題把我們兩個都難住了。

The deferred merchant booking line, which is $4.5 billion on your balance sheet, how does that square with you getting $19 billion of bookings -- merchant bookings in the quarter that you're saying are largely for future quarters?

你們資產負債表上的遞延商家預訂金額為 45 億美元，這與你們本季獲得的 190 億美元預訂額（你們說這些商家預訂額大部分是未來幾季的）如何協調一致？

Richard, why don't we follow up with you offline on that one rather than try and bog this all down just to understand the question, make sure we get you the answer? And if others want, just to give us the answer, we can follow up with them as well. But we'll touch base with you offline. John will call you back.

理查德，與其費盡心思在電話裡跟進這個問題，不如我們私下跟你溝通一下，確保你能得到答案。如果其他人也想告訴我們答案，我們也可以跟進。但我們會私下聯絡你。約翰會回電給你。

And there are no further questions at this time. Mr. Glenn Fogel, I turn the call back over to you.

目前沒有其他問題了。格倫·福格爾先生，現在把電話交還給您。

Thank you. So as always, 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 our company. Thank you, everyone, and good night.

謝謝大家。一如既往，我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，我們將繼續朝著公司的長遠願景邁進。謝謝大家，晚安。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。