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.

歡迎來到 Booking Holdings 2023 年第一季度電話會議。 Booking Holdings 提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。這些前瞻性陳述不是對未來業績的保證，也不受某些難以預測的風險、不確定性和假設。

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陳述中明示、暗示或預測的結果存在重大差異。未來目標或期望的表達以及反映歷史事實以外的事物的類似表達旨在識別前瞻性陳述。有關可能導致 Booking Holdings 的實際結果與前瞻性陳述中描述的結果存在重大差異的因素列表，請參閱 Booking Holdings 收益新聞稿末尾的安全港聲明以及 Booking Holdings 最最近向美國證券交易委員會提交的文件。

Unless required by law, Booking Holdings undertakes no obligation to 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.

除非法律要求，否則 Booking Holdings 不承擔公開承諾任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因。可在 Booking Holdings 網站 www.bookingholdings.com 的投資者部分獲取 Booking Holdings 的收益新聞稿副本以及隨附的財務和統計補充資料。

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

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

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，歡迎來到 Booking Holdings 第一季度電話會議。今天下午，我們的首席財務官戴維·古爾登 (David Goulden) 加入了我的行列。我很高興地報告，在第一季度，我們的客房間夜數達到 2.74 億，總預訂量達到 394 億美元，均創下季度歷史新高，同比增長率分別達到 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.

按固定匯率計算，第一季度總預訂量增長更為強勁，同比增長 52%。由於休閒旅遊需求的持續強勁以及預訂窗口的延長，特別是在歐洲和美國，間夜和總預訂量均超出了我們之前的預期。

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.

房間夜數和總預訂量超出我們的預期，這是由將在未來期間保留的預訂推動的，也就是確認收入的時候。由於這種時間差異，考慮到與未來狀態相關的額外營銷費用，收入大致符合我們的預期，而調整後的 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.

當我們查看與 2019 年相比的間夜增長時，我們發現 4 月份與第一季度相比略有增長。儘管與去年同期相比，自去年 4 月旅行複蘇加速以來增長已經放緩，這使得比較變得更加困難。

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，我們仍然對今年迄今為止旅遊需求的持續強勁和彈性感到鼓舞，這表明消費者對旅遊的強烈渴望。我們目前看到，在第 3 季度的夏季高峰期，收到的旅行預訂量增長非常強勁。儘管我們注意到，這些預訂只佔夏季旅行總預訂量的一小部分，而且這些預訂中的大部分都是可以取消的。

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.

雖然旅行預訂趨勢依然強勁，但我們認識到全球經濟的發展路徑存在不確定性。然而，鑑於我們高度可變的費用結構、穩健的經營業績、充裕的流動性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近期經濟不確定性。這使我們能夠繼續專注於長期重要的事情，這意味著進行必要的投資以加強和發展我們的業務，同時保持成本意識並在整個企業實施舉措以提高成本效率。

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.

我們繼續在我們的關鍵戰略重點上取得進展，包括我們的長期互聯旅行願景。互聯旅行是我們的長期願景，旨在讓旅行預訂和體驗更輕鬆、更個性化、更愉快，同時為我們的旅行者客戶和供應商合作夥伴提供更好的價值。

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.

我們在 Booking.com 的支付平台與我們互聯旅行的願景緊密相連，因為支付有助於為我們的旅行者提供更加無縫和順暢的預訂體驗。雖然今天仍然很小，但我們看到與旅行中另一個預訂旅行部分相關的交易組合有所增加。我們相信，繼續推進這一進展將改善更多客戶的預訂體驗，我們相信這將有助於推動客戶更多地參與我們的平台。

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%.

我們繼續專注於進一步開發我們在 Booking.com 上的航班服務，為消費者提供另一個預訂機票的地方。 Booking.com 的航班服務是我們第一季度 73% 機票同比增長的重要組成部分，比第四季度 61% 的同比增長有所加速。

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

我們將繼續這項重要工作，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.

儘管最近 AI 受到了極大的關注，但我們早在幾年前就開始了對 AI 的投資。我們當時相信，現在仍然相信，如果我們能夠利用 AI 技術提供更加個性化的預訂體驗，我們可以打造更具吸引力和差異化的產品，一種能夠更好地響應預訂者需求並幫助管理的互聯旅行他們旅行的不同方面。

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處於有利地位，因為我們多年來一直在廣泛使用人工智能，以優化與旅行者和合作夥伴客戶的互動。這從個性化交互和推薦到 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，再到為我們的客戶優化價值等等。

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，我們在整個公司建立了一支強大的 AI 專家團隊，並通過 Booking.com 與大學的合作，緊跟最新的 AI 研究。這使我們能夠快速做出反應、適應並了解我們的旅客客戶和供應商合作夥伴如何從該領域的新發展中受益。

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式讓客戶互動更順暢、更豐富，實現我們讓每個人都能更輕鬆地體驗世界並實現互聯旅行願景的雄心。

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.

最近的大部分注意力都集中在大型語言模型或 LLM 上，它們為改進旅行搜索、預訂和體驗的所有領域提供了許多有趣的可能性。兩個有趣的可能性是交互式行程構建和回答旅行者的問題，儘管當前的 LLM 有時會產生不准確的輸出，但目前存在挑戰。儘管如此，我們很高興能夠探索如何利用這些技術來造福我們的客戶。

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.

我們的一些品牌，如 KAYAK 和 OpenTable，正在試驗再生 AI 插件，而其他品牌則正在構建將該技術集成到他們自己的產品中的方法。眾所周知，現在還處於早期階段，但我相信我們公司有能力從這些發展中受益，並鑑於我們在 AI 方面的經驗、與旅遊相關的數據以及我們的人力和財務資本，為我們的客戶改進我們的產品，我們的戰略重點，包括互聯旅行願景和改善客戶體驗並為他們帶來更多價值和利益。

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.

但重要的是要注意，當我們考慮客戶時，我們要考慮兩個同等重要的客戶群體，即我們的供應合作夥伴和我們的旅行者。

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.

對於我們的供應合作夥伴，我們努力成為我們平台上所有住宿類型的重要合作夥伴，從傳統酒店到海灘度假出租屋，再到介於兩者之間的一切。我們相信，我們可以通過提供增量需求和開發產品和功能來幫助支持他們的業務，從而為這些住宿類型的合作夥伴增加價值。

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，第一季度替代住宿間夜量同比增長約 45%，約佔 Booking.com 總間夜量的 33%，即 2比 2022 年第一季度高出幾個百分點。

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，我們的替代住宿間夜組合雖然相對於我們的全球組合仍然較低，但在第一季度顯著增加，達到有史以來的最高水平，也是我們在美國替代住宿中的絕對最高間夜數。

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.

我們看到全球和美國替代住宿的供應增長勢頭持續，到第一季度末全球房源達到約 670 萬套，比 2022 年底高出約 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.

在美國，我們為替代住宿合作夥伴採用增強型支付解決方案後，我們看到了巨大的吸引力。我們相信，推出該解決方案以及去年的其他產品增強功能，包括合作夥伴責任保險和增強型損壞政策，有助於帶來更多專業供應在線到我們的平台。

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，我們看到我們的替代住宿物業遍布我們的主要地區，實現了生產力的提高，我們的新合作夥伴也更早地在我們的平台上收到了他們的第一筆預訂。我們的目標是通過繼續改進向我們的供應合作夥伴和旅行者提供的產品，特別是在美國，以此進步為基礎。

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.

對於我們的旅行者，我們仍然專注於打造更好的體驗，從而隨著時間的推移提高忠誠度、頻率、消費和直接關係。我們在第一季度直接在我們的平台上預訂的客戶組合繼續增加並達到有史以來最高的第一季度水平。我們看到來自移動應用程序的直接預訂量非常高，這是一個重要的平台，因為它讓我們有更多機會直接與旅行者互動。

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% 的間夜是通過我們的應用程序預訂的，比 2022 年第一季度高出幾個百分點。我們將繼續努力提升應用程序體驗，以我們最近在這裡看到的成功為基礎.

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.

我們為旅行者打造更好體驗和創造價值的另一種方式是通過 Booking.com 的 Genius 忠誠度計劃。簡單是 Genius 的核心原則，我們的旅行者可以立即從該計劃中受益。隨著時間的推移，我們增強了這些優勢，包括創建頂級 Genius 級別，並且我們將繼續尋找方法通過該計劃為我們的旅行者提供增量價值。

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 年可持續發展報告，其中提供了我們在實現氣候行動計劃中製定的目標方面取得的最新進展。我們為實現的減排量和為我們的業務設定的雄心勃勃的目標感到自豪。但正如我之前所說，我們相信我們對可持續旅行的最大影響是讓旅行者更容易找到和預訂可持續的選擇。我們正在通過我們的旅遊可持續徽章[和]計劃來抓住這個機會，該計劃現在包括超過 400,000 家可以在 Booking.com 上向客戶強調其可持續實踐的酒店，並且該計劃已擴展到 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.

總而言之，我對今年迄今為止看到的持續強勁的旅行需求以及我們團隊對關鍵戰略重點的執行感到鼓舞。我們仍然專注於為我們的客戶提供更好的產品和體驗，包括我們的供應合作夥伴和我們的旅客。我們對旅遊業的長期增長和我們公司未來的機遇一如既往地充滿信心。我現在將把電話轉給我們的首席財務官 David Goulden。

Thank you, Glenn, and good afternoon. I'll review our results for the 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.

謝謝你，格倫，下午好。我將回顧我們第一季度的業績以及我們對第二季度和今年的想法。除非另有說明，否則 2023 年的所有增長率均為同比增長。我們將參考 2019 年的可比時期，我們認為這些參考有幫助。有關非 GAAP 結果與 GAAP 結果的對賬信息，請參閱我們的收益發布。財報電話會議結束後，我們將在 Booking Holdings 投資者關係網站上發布我們準備好的評論。

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.

在詳細介紹第一季度之前，我想提醒您，我們的業務具有很強的季節性。第一季度通常是一個強勁的預訂季度，我們在第一季度為許多將保留在未來幾個季度的預訂產生營銷費用，也就是確認收入的時候。從歷史上看，第一季度也是我們季節性收入最小的季度和調整後的 EBITDA 季度。這意味著第一季度調整後的 EBITDA 可能對我們在本季度獲得的預訂水平非常敏感。

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 支付組合的增加，由於高預訂量，第一季度也成為一個強勁的現金流季度。所以現在讓我繼續我們第一季度的數字。

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.

我們很高興看到第一季度客房間夜量同比增長 38%，好於我們的預期。第一季度，亞洲增長了 100%。歐洲和世界其他地區均上漲了 30% 以上。我們繼續看到美國的增長，與上一年相比增長了高個位數。

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.

我們的總間夜數與 2019 年相比增長從第四季度的 10% 增加到第一季度的 26%。第一季度，美國上漲超過 30%，所有其他地區與 2019 年相比上漲約 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.

在歐洲和美國的推動下，Booking.com 的預訂窗口較 2019 年首次擴大時期。我注意到其中許多預訂都是可以取消的。

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.

我們的移動應用程序佔第一季度總間夜數的 45% 以上，與 2022 年第四季度相似。我們繼續看到越來越多的總間夜數通過直接渠道來到我們這裡。與 2022 年第一季度相比，第一季度直接渠道占我們間夜量的百分比有所增加。

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.

我們在第一季度的總間夜數的國際組合約為 53%，這是自 2019 年以來最高的季度組合，但仍比 2019 年第一季度低幾個百分點。我們在第一季度的取消率低於 2022 年第一季度和 2019 年第一季度。我們Booking.com的另類住宿方面，我們的Q1間夜同比增長率約為45%，全球混合另類住宿間夜增長率約為33%，高於2022年Q1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.

我們對我們在北美替代住宿方面取得的進展感到滿意，該地區第一季度的增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.

第一季度總預訂量同比增長 44%，按固定匯率計算增長 52%。總預訂量 44% 的增幅比 38% 的間夜增幅高 6 個百分點，原因是住宿固定貨幣 ADR 增加了 9%，而且由於航班預訂量的強勁增長，部分被 8 個百分點抵消外匯變動的負面影響。

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.

由於亞洲間夜量在我們所有地區中增長最快，而美國增長最慢，因此以固定貨幣 ADR 計算的住宿受到區域組合約 5 個百分點的負面影響。排除地區組合因素，由於我們所有地區的利率上漲，固定貨幣 ADR 同比增長約 14 個百分點。儘管第一季度的 ADR 較高，但我們並未發現預訂的酒店星級組合或入住時間發生變化，這可能表明消費者正在消費。我們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.

第一季度預訂的機票同比增長約 73%，這主要得益於 Booking.com 不斷擴大的航班服務範圍。第一季度收入同比增長 40%，按固定匯率計算增長約 47%。儘管從間夜數和總預訂量的角度來看，我們第一季度的業績好於預期，但與我們的預期相比，表現優於預期是由未來幾個季度的預訂量推動的。

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，我們沒有看到這些增量預訂在第一季度帶來收入收益。第一季度低於預期的採用率完全是由時間效應驅動的。我們的基本住宿接受率繼續與 2019 年的水平保持一致。營銷費用是一個高度可變的費用項目，同比增長 32%。營銷費用佔總預訂量的百分比比 2022 年第一季度低約 30 個基點，這是由於我們付費渠道的投資回報率更高以及直接業務組合更高。

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.

第一季度營銷和商品銷售佔總預訂量的百分比比去年低約 20 個基點，好於我們略高的預期。相對於我們的預期，這是由於我們付費渠道的投資回報率更高，以及與收入相關的商品支出的階段性調整。

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.

銷售和其他費用佔總預訂量的百分比與去年相比上升了約 15 個基點，好於我們的預期。第一季度，Booking.com 約 45% 的總預訂量是通過我們的支付平台處理的，高於 2022 年第一季度的約 34%。我們的固定支出總額同比增長 25%，高於我們的預期一些影響人事稅和間接稅的因素。 25% 的同比增長不包括與 G&A 中記錄的間接稅事項的潛在結算相關的 3900 萬美元應計費用。我們繼續非常謹慎地管理更多的固定費用。

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.

本季度調整後的 EBITDA 為 5.86 億美元，同比增長 89%，按固定匯率計算本應增長 111%。調整後的 EBITDA 低於我們的預期，受到未來幾個季度高於預期的總預訂量所產生的營銷費用的影響。 2 月和 3 月的增長預訂量強於我們之前發布指引時的預期。這些額外的預訂也對我們的接受率產生了超出我們預期的季度負面影響。

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.

如果我們將營銷和商品銷售佔第一季度總預訂量的百分比，以消除時間差異，這低於我們的預期，也低於 2022 年第一季度和 2019 年第一季度。

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 淨收入為 4.4 億美元，非 GAAP 每股收益為 11.60 美元，同比增長 197%。我們第一季度的平均股票數量比 2022 年第一季度低 8%，比 2019 年第一季度低 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.

根據 GAAP，本季度我們的淨收入為 2.66 億美元。提醒一下，我們在這些季度收益報告中強調的每一個利潤指標都包括基於股票的補償費用的負面影響，因為我們將 SBC 費用視為開展業務的非常真實的成本。我們繼續非常謹慎地管理 SBC，它在我們的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.

現在談談我們的現金和流動性狀況。我們第一季度末的現金和投資餘額為 153 億美元，略高於第四季度末的 152 億美元。我們本季度的經營現金流為 29 億美元，同比增長 70%。我們的自由現金流為 28 億美元，同比增長 77%。本季度產生的運營現金流和自由現金流受益於 23 億美元的營運資金變化，這是由於我們的遞延商戶預訂餘額增加以及調整後的 EBITDA 為 5.86 億美元。 28 億美元的自由現金流大部分被第一季度約 20 億美元的股票回購和約 5 億美元的 3 月份到期債務支付所抵消。

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.

現在談談我們對 2023 年第二季度的看法。與 2019 年相比，4 月份我們繼續看到強勁的需求，房間夜數增長略高於我們在第一季度看到的 26% 的增長，我們所有的主要地區都在增長以相似的速度。 Booking.com 4 月份的預訂窗口與 2019 年一樣長。與去年同期相比，4 月份的間夜增長率在十幾歲左右，低於第一季度，原因是前期的難度更大年份比較。您會記得，去年第一季度的間夜量比 2019 年低 9%，而 4 月份則增長了 10%。自大流行開始以來，2022 年 4 月是我們與 2019 年相比增長的第一個月。

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.

我們對第二季度的評論假設間夜量同比增長將達到中等個位數。您會記得，去年第一季度受到 Omicron 的影響。在第二季度，我們看到了強勁的複蘇，這導致 2022 年第二季度成為我們與 2019 年相比增長最快的季度，尤其是 5 月和 6 月，這是我們去年增長最快的月份。

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 年的未來間夜增長率將略高於 20%，假設 4 月份第一季度的增長有所放緩，當時我們預計夏季的預訂量會有所增加。我們預計第二季度總預訂量同比增長約 4 個百分點，原因是航班預訂量持續增長和固定貨幣 ADR 略高。

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高出約 120 個基點，原因是時間安排的負面影響較小和支付收入增加，部分被商品銷售投資增加和航班組合增加所抵消。

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.

如果預訂趨勢超出我們的預期，特別是如果這些預訂中有很大一部分 [用於住宿] 在未來幾個季度，我們可能會看到我們的接受率增加較少。這也可能導致本季度的營銷費用高於預期。

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.

由於直接組合的增加，我們預計第二季度營銷費用佔總預訂量的百分比將低於去年。我們預計第二季度營銷和商品銷售佔總預訂量的百分比與去年持平。我們預計第二季度銷售額和其他費用佔總預訂量的百分比將比去年高出約 40 個基點，原因是商戶總預訂量增加和第三方呼叫中心成本增加，包括我們與 Majorelle 合作的影響。

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.

由於人員和相關費用、間接稅和 IT 費用增加，我們預計第二季度的固定費用將同比增長約 25%。考慮到所有這些因素，我們預計未來調整後的 EBITDA 將比去年高出約 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.

就我們今年的展望而言，我們目前不會更新之前的全年評論。我們今年前 4 個月的強勁預訂創造了一些上漲的潛力，但我們希望在考慮任何更新的評論之前先看看接下來幾個月的發展情況。我們繼續預計，與 2022 年相比，我們調整後的 EBITDA 利潤率將擴大幾個百分點。

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，我們對第一季度的業績以及夏季預訂量的強勁增長感到滿意。我們現在進入問答環節，Rob，你能打開電話嗎？

(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 Justin Post。

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?

我猜有兩件事。首先，當您查看營銷渠道的投資回報率時，您對進入夏季有何看法？您是否看到了一些基於競爭對手變化的優勢？

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，考慮到現金的整體使用情況，有什麼理由不能讓回購在未來 5 年發揮作用？在債務方面有什麼我們應該考慮的嗎？

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?

好吧，賈斯汀，為什麼我不接受第二個，然後我會讓大衛具體談談投資回報率和營銷以及對未來的想法？

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?

因此，我認為我們過去已經相當清楚我們如何看待公司以及我們認為應該如何使用我們的自由現金流。我們始終希望看到的第一件事是，我們如何才能將這筆錢適當地投資於公司，以我們能夠以更好的方式與我們的合作夥伴和旅行者客戶合作的方式來構建服務，以幫助建立這個特許經營權.這是第一件事，絕對重要。然後在那之後，我們說，好吧，我們不能有機地構建它。我們認為，公司外部是否有一些東西可以增加價值，讓我們的旅行者客戶和我們的合作夥伴客戶再次變得更好？

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.

最後一件事是，好吧，如果我們沒有看到很好地利用它，那麼我們應該以某種方式將這筆資金返還給我們的股東，這就是我們的計劃。上個季度，我們制定了回購計劃，我們有 400 萬美元（原文如此）[十億美元]，留在上一個授權中，下一個授權中有 200 億美元，總計 240 億美元。然後我們說在接下來的4年裡，我們希望能夠完成完全授權。

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.

我相信我們現在已經給出了一些關於回購的數字。我對我們這樣做的方式感到很興奮。但從長遠來看，5 年，這就是我們的計劃。事情總是會發生變化，但這就是我們設計的方式。我會把它留給大衛，就投資回報率而言，你對這個夏天有什麼不同的看法。我自己沒有，但也許你已經看到了一些東西。

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，我認為很難預測那麼遠的投資回報率會發生什麼。所以我要說的是，你可以看到，與第一季度的預期相比，我們看到了一些令人鼓舞的投資回報率趨勢。這些與我們的預訂資料發生的事情有點相關。因此，正如我們所提到的，我們在第一季度獲得了很多夏季的額外預訂，超出了我們的預期。

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.

付費渠道的投資回報率好於我們的預期，這主要歸功於三件事：更高的 ADR、更低的取消率和比預期更長的平均停留時間。所以我們在出價——所以基本上，這與擴大預訂窗口有關。因此，擴展——預訂窗口與我們在第一季度的良好投資回報率表現方面所看到的非常接近。我只是一直堅持認為這些是競爭激烈的渠道，其中有很多參與者，並且相對於你關於競爭動態的問題，並沒有什麼可談的，這是不同的。

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

您的下一個問題來自 Evercore 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?

我只想問一下亞太旅遊和中國旅遊。您是否已經看到中國出境游的影響？然後在亞太地區，這聽起來像是最強大的地區。是否有任何特定市場對您表現良好？

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，對此感到抱歉。讓我把它分開兩種方式。所以我上次知道，如果我沒記錯的話，我相信你當時也問過中國出境游。

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，中國並不是我們第一季度非常強勁的亞洲增長的重要組成部分。我想明確表示，中國與 2019 年和出境游的情況相去甚遠。就整體市場的回歸而言，它正在回歸，但那裡仍然缺乏提振。與 1 月份相比，情況正在好轉，我認為，從中國出境的可用空運數量為十幾歲。它回來了。

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.

但我可能會誠實地告訴你，我們在亞洲其他地區顯然看到了更多的增長。我們對我們看到的非常強勁的增長感到非常高興。我不相信我們會打破個別國家，但我確實看到這對我們來說是一個增長領域，我對此感到非常高興。

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

你的下一個問題來自瑞銀的 Lloyd Walmsley。

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?

兩個，如果可以的話。首先，回到更高的營銷投資回報率。比如你們有多少是主動管理更高的目標，而不是競爭市場可能在營銷渠道中軟化？你認為這耐用嗎？您是否認為我們應該將此視為一種正常化消費者需求的反映？

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?

然後第二個就是你在消費者的價格意識方面看到的任何東西，要么完全降價，要么縮短旅行以補償更高的 ADR。在你的任何一個大市場中，你有什麼要說的嗎？

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.

讓我拿第二個，因為我確實非常仔細地觀察它，看看市場是否有任何煙霧信號，給我們任何變化的跡象。而且我沒有看到人們想要的星級評分有任何下降，也沒有看到停留時間的減少，其中任何一個都可能增加市場的潛在疲軟，我們還沒有看到。而且我認為我們對預訂窗口的評論已經進一步擴大，表明有信心。我相信這是一個假設 [我想推出]，對未來的信心願意放下你的錢並願意為進一步的預訂。這可以被視為積極的一面。

(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）是人們擔心可用性不足。或者他們可能正在考慮價格將繼續上漲，他們想現在就鎖定它。這是另一種調查方式。這些假設都不會說明任何弱點。關於你的第一個問題，我想我會留給大衛。

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，就勞埃德而言，讓我提醒你，今年我們仍然希望將重點放在營銷和商品推銷上，因為我們相信我們可以在旅遊市場上復甦。而且我認為我們相對於市場的增長率表明我們正在那裡取得進展。如果您還記得的話，我們在年初表示，我們預計我們的營銷和銷售投資佔總預訂量的百分比與 2022 年大致相同。我們仍然希望情況會如此。請記住，我們說過 2022 年是我們期待的一年，我們會在 2019 年進行相對於總預訂量的投資。對我們來說，這個故事並沒有改變。

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，我們希望在今年繼續傾斜，以繼續在復甦的市場中獲得份額。事實上，正如我在回答賈斯汀的問題時提到的那樣，我們在第一季度看到了一些改善，更多的是與我們的預訂資料和預訂窗口的形狀有關，並獲得了更多的夏季預訂從第一季度的混合角度來看，交易價值比我們預期的要高，實際上是投資回報率更好的原因。但我們仍然計劃[傾向於]這個行業。正如我在第二季度和全年所說的那樣，我們仍然預計市場營銷和銷售方面的投資將與 2022 年一樣。

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 Brian Nowak。

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。第一個是關於流量的直接混合，即直接業務的百分比。在過去一年左右的時間裡，你在這方面取得了很大進展，格倫。如果您按地區細分，您在提高直接業務百分比方面取得最大進展的地方是哪裡？我們應該如何考慮它有多高？您認為，在哪個地區，您擁有最多的跑道來推動直接增長的業務比例更長？

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?

然後是關於您的預測的第二個。你們有很多數據，而且非常擅長預測。整個季度的需求似乎比你想像的要好。與您的預測相比，哪些地區推動了超大需求？

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分解直接混合。但我可以重複我過去說過的關於直接混合對長期的重要性，因為我們在連接旅行中談論的事情而增加特許經營權的價值。他們主要通過應用程序吸引人們，讓他們了解我們能夠為他們提供的所有不同的東西，給他們一個真正個性化的東西，讓他們想要總是回到我們身邊。我們對他們了解得越多，他們就會越多地回到我們身邊。所以這是那裡發生的飛輪效應。

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.

同樣，我不會按地區細分，但我的目標是讓每個地區都有盡可能多的人使用該應用程序並直接來訪。這是第一件事。就我們如何將其與我們的預測相結合而言，我不知道大衛到底有多想參與其中。

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.

你可以看到 - 顯然，我們在頂線做得更好。我認為這就是去的地方——我想說它在所有地區都相當平衡。顯然，我們看到預訂窗口擴大最多的地方是美國和歐洲。因此，這就是我們在第一季度獲得的夏季預訂份額高於預期的地方。但你也看到亞洲做得很好，總的來說，也超出了我們的預期，但我們在那裡沒有預訂窗口現象。所以我不會說出任何特定的地區，但我會說出我們在不同地區看到的導致超額成就的一些差異。

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 Doug Anmuth。

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，我只是想重溫一下 AI。你能談談預訂在利用生成人工智能方面與其他外部或潛在的新旅行服務可能提供的優勢相比有哪些優勢嗎？你是否覺得有必要保護你平台上的數據，以防止它被廣泛用於許多大型語言模型的訓練？

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，道格，還有關於那時的非常有趣的問題。我會把它分解成——你從 AI 開始，然後我們進入生成 AI 的一個特定子集。讓我們先籠統地談談人工智能，以及它在我們的業務中有多重要，很多很多年，也許超過十年，機器學習模型確實幫助我們做得更好，確保我們所展示的內容例如，對於消費者來說，他們確實有更高的機會轉化。我們使用的各種方式，在業務的許多部分都使用非常複雜的機器學習模型，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.

然後，當然，我們在秋天推出了很多人都沒有意識到的東西，這種生成式 AI，大型語言模型，看看可以用它們做什麼。很明顯，每當技術發生重大轉變時，每個人都會想，這是否會對已經表現良好的玩家造成破壞？不是嗎？我在準備好的發言中說，由於我們過去在 AI 領域所做的工作、我們從事這方面工作的人數、我們擁有的資金量，我對我們在這方面的進展非常有信心，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.

我相信我們將在許多不同領域從這種新技術中受益匪淺，有些我們還沒有想到，有些事情會變得簡單易行，也許會提高我們開發人員的生產力，我們相信這有望在不太遙遠的未來取得一些非常好的結果，對於可能更遠的事情，但人們在這種互聯旅行願景中與我們互動的方式，你真正能夠做到的方式將那個人類旅行社重新創建成一個實際上是自動播放器的東西，但這比人類過去做的要好得多。

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.

現在就您關於數據的非常重要的問題以及我們如何保護它而不讓它洩露出去並被其他人使用而言，這是一件非常重要的事情。從我們的律師到我們開發部門的每個人，真正與這些大型語言模型基礎模型人員一起工作的人，我們都在密切關注。他們是否已經在使用我們的數據，他們應該使用嗎？而且我認為在這個領域將會有很多有趣的法規，目前還沒有人知道答案，但是如果人們的數據過去是否被用於培訓目的，他們將如何獲得補償？我認為這是一個非常開放的問題，目前還沒有人知道答案，但我們會對結果非常感興趣。

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

您的下一個問題來自 TD Cowen 的 Kevin Kopelman。

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，我想問一下 ADR 的主要興趣領域。憑藉您在第一季度看到的所有優勢，您是否可以 - 以及迄今為止的季度，您能否談談與上次電話會議相比，ADR 的總體趨勢？

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。所以當我們在電話會議上給你一些數據時，我的意思是，ADR 仍然呈積極趨勢。它們同比增長，而且它們在所有地區都同比增長。所以我們沒有看到 ADR 有任何放緩。當我們 - 我們一直在研究某些事情時，我敢肯定，在你的問題背後，但我們沒有看到任何地區的 ADR 同比或同比下降- 按全年計算。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.?

偉大的。然後是另一個問題。你能談一談美國市場的動態嗎？你在美國看到什麼導致你的增長稍微慢一點？您如何看待您在美國的市場份額？

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.

我們明顯感覺到，與 2019 年相比，我們的美國業務仍在非常非常強勁地增長。而且我們已經看到相對於 2019 年的增長略有下降。但我們覺得它的一部分——我們仍然覺得它是——當你看看我們的業務相對於 2019 年的情況時，它比以前大得多，而且它仍然以非常健康的速度增長-a-vis 2019。所以我們真的不擔心這個。

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.

我只想補充一點，我與我們的合作夥伴，我們一些最大的合作夥伴以及他們的高級管理層的談話，對我來說關鍵的是，我們是否為他們提供了他們需要的東西？我們是否為他們提供增量業務以幫助他們在業務中做得更好？您覺得我們對您的需求有價值嗎？我只從所有與我交談過的人那裡聽到了關於我們今天所處的位置與我們過去所處位置的積極評價。這是一種更加互補的關係，我相信這將有助於我們在未來繼續發展。

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 Lee Horowitz。

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?

偉大的。也許堅持直接的一些評論。你們繼續發布令人印象深刻的直接預訂結果和應用增長。也許展望今年之後，直接渠道內的這種執行危機如何影響您對 2023 年以後利潤率增長的看法？

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?

然後也許是關於 VR 的。我們的圖表繼續表明，你們似乎在美國度假租賃市場上獲得了一些份額，而你們在這個領域的代表性可能不足。我想，您認為您在美國 VR 行業中看到的一些改進可能是什麼？然後展望未來，你認為你可以做什麼——你需要繼續做，才能真正擴大業務規模，與你的一些競爭對手保持一致？

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，為什麼我不開始——Lee，如果我可以開始，就像你所說的那樣，VR，假期出租。我想使用替代住宿。當然，這兩個詞都不是對客戶友好的好詞。但是讓我談談這個。然後我將讓大衛談談直接業務，以及當你在未來的利潤率方面進入股票時可能會或可能不會表明什麼。

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.

我在準備好的發言中談到了我們在美國的替代住宿領域為建立該業務所做的一些事情，你很有禮貌地說也許——我們可能一直在在我們所做的索引下。很高興這麼說，因為我一直承認，在過去，我們並沒有達到我們應該達到的水平，而且我們遠遠落後於我認為我們應該達到的水平，特別是因為我們在其他方面做得相當好世界部分地區，尤其是歐洲。

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就是我談論的事情。首先，您是否必須確保為擁有房屋和公寓的人提供良好的服務。我們是否在做責任保險之類的事情？好吧，現在我們有類似的東西。損害豁免類型的東西，我們有嗎？是的，我們有。上次我談到我們如何測試請求預訂的能力，因為有些人擁有房產。他們不想自動預訂。他們想要預訂系統的請求。所以我們正在向後發展。

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.

然後一旦你開始了解它，你就必須開始說，好吧，人們知道你的產品嗎？因為正如我所說，沒有多少人知道我們有這樣的產品。我只是開玩笑說，如果你去了紐約市，你在街上說了些什麼，說，我需要在漢普頓找個地方，我該去哪裡，我幾乎可以向你保證，他們不會說預訂網。好吧，我們需要在獲得供應品後立即獲得供應品，然後我們必須讓人們知道我們有供應品。我們必須建立所有這些。所以這沒有什麼奇蹟。這是阻止和處理業務 101。

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.

把你的貨源拿出來，讓它有吸引力，然後確保人們知道它，這就是我們一直在做的事情，正在努力。我很高興，我說很高興看到我們開始成功。它可以 - 提出我們在美國的組合在我們總組合的一部分中的替代住宿方面處於歷史最高水平，以及替代住宿間夜預訂的絕對數量。所以我對我們正在取得的進展感到滿意，我知道我們必須繼續這樣做，因為我知道客戶喜歡這個產品，這是我們有增長潛力的領域。

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

大衛，僅就直接而言，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。 Lee，直接混合顯然與我們的策略密切相關。我們的戰略是打造更好的產品，為我們的客戶和合作夥伴提供更好的服務，並讓這些客戶在我們首先收購他們之後更頻繁、更直接地回到我們身邊，我們應該將他們納入投資組合第一次。所以它確實與我們執行我們的戰略和我們所做的很多事情有關，我們所做的很多事情都有助於更好的產品。我可以談談替代住宿。我可以談談付款。我們可以談談增加航班。所以所有這些都只是為我們的客戶創造更好的服務，因此，我們更有可能直接讓他們回來。所以這與我們的戰略密切相關。

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.

它還與您的財務模型相關，因為我們在上個季度或 2 月發表評論說，我們顯然沒有針對 COVID 之前的利潤率水平，因為我們現在關注的一些新領域的業務組合發生了變化但我們確實希望能夠將我們的 EBITDA 利潤率提高到 2023 年的水平以上，而最大的驅動力將繼續增加我們的直接組合。我們還希望能夠利用我們未來更多固定成本的槓桿作用做得更好。隨著它們在我們的投資組合中的增長，它們本身會在某種程度上抵消低利潤業務組合帶來的壓力。

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，繼續改善我們的直接組合對於戰略和財務模型都非常重要，並將成為我們能夠提供超出今年水平的利潤率擴張的主要來源。

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

你的下一個問題來自 Jefferies 的 John Colantuoni。

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您在美國市場的最新戰略。近年來，您在獲得市場份額方面取得了很大成功，但我很好奇，您是否可以向我們介紹您迄今為止對投資回報的了解，以及這如何影響您繼續積極尋求機會的願望你去過。

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，您的特點是在旅遊復甦之前進行投資以在整個 2021 年和 2022 年獲得份額。我很好奇這是否是您在亞太地區市場復甦時的策略，以及您是否對該投資的回報有任何早期了解.

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。因此，我首先要說，鑑於我們的份額增加，我對該戰略在美國的實施情況感到非常滿意。正如大衛提到的，我們的業務比 2019 年更大。它一直在很好地增長。我真的認為它正在實現我們一直在努力實現的目標，即不再像過去那樣成為索引不足的玩家，我們正在這方面取得良好進展。

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.

就這些東西的絕對投資回報率而言，我們根本不按地區劃分。但我要說的是，顯然，我們非常清楚以正確的方式花錢以獲得正確的回報。我們是——我是從這個行業出來的，以前我在金融行業。所以我知道確保你的錢物有所值以及你花錢的地方是多麼重要，我們正在這樣做。

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.

現在我認為這只是向前邁進，戰略有效，所以我看到我們繼續以同樣的方式繼續。就亞洲而言，我們想要確保人們什麼時候開始旅行並沒有什麼不同，我們不想等到你走到一半的時候才走出大門。那不是最好的舉動。走在前面，當旅行者想要開始旅行並為他們提供他們想要的東西時就在那裡。而且，我們一直在做。我們剛剛談到了我們對亞洲第一季度增長的滿意程度。我認為，希望它會以同樣的方式繼續下去。

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

您的下一個問題來自 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.

偉大的。這是迪帕克的紮克。首先是固定成本方面。一旦你 - 或者我猜，上半年有點超過你上個季度概述的那種 20% 的增長。而且 1Q 到 2Q 在這裡也有點順序上升。只是好奇你對我們應該如何考慮固定成本增長的想法，這種增長可能會依次進入今年下半年和明年。

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?

然後僅次於回購。我認為第一季度的表現比我們預期的要強一些。只是好奇我們應該如何根據今年剩餘時間的回購節奏來考慮看跌期權和看跌期權的種類。 1Q 是一個很好的運行率嗎？或者我們應該怎麼想？

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

大衛，你是那裡損益表的所有者，看起來你想降低成本。

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。在成本方面，是的，我的意思是，我們在第一季度談到了 25%。我們談到第二季度達到 25%。顯然，這會給我們全年的指導帶來一些壓力。但我一般要說的是，當你看到任何類似全年的觀點時，我們並沒有更新我們的指南。將會有一些 - 可能會在訂單項級別進行全年的一些看跌期權，但我們今天不會更新該訂單項的詳細信息，只是再次承諾我們將擴大利潤率與 2022 年相比提高了幾個百分點。請記住，明年，我們確實預計明年固定成本的增長速度將低於我們預計今年的增長速度，而且情況仍將如此。

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.

關於回購，我認為我們做了一些安排。你知道我們的計劃是什麼。你知道我們在做什麼。而且我不確定我還能提供更多顏色，我們對我們所處的位置感到滿意。

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.

這是 Jed 的 Josh。只是想知道您是否可以談談最近付款的改善如何引起美國房地產經理的共鳴以及他們增加份額的機會。

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，喬希。付款是業務的重要組成部分。我過去曾談到它是如何將所有東西結合在一起的粘合劑，同時讓客戶旅行者和合作夥伴都更容易。而且我認為我們通過支付進行的業務量的增長是一個很好的指標，它正在發揮作用並被很好地接受。客戶可以選擇，無論是旅行者還是合作夥伴。他們都可以選擇是否使用付款。對我來說，它正在上升的事實將證明人們發現它有用。而且我相信從長遠來看，隨著我們繼續進一步構建互聯旅行，這將非常非常有幫助。

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?

所以格倫和大衛，你們的商家預訂收入現在與你們的代理收入持平。所以只是想知道這有多少是由於空氣的增加而不是消費者可能做出的更主動的選擇，並且他們正在提供產品選擇，正如你之前所說的那樣，是為了替代住宿。而且我想，做更多的商家和延期商家預訂的增加應該會改善你的自由現金流產生。那麼這是否會稍微改變您的資本配置計劃？

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，格倫早些時候總結的我們上個季度談到的資本配置計劃預計我們將繼續增加我們的商家組合。所以在那一塊上，沒有變化。就商家增長的來源而言。提醒我們所有人，這實際上來自 Booking.com 內部的混合轉變，我們正在從過去幾乎完全是代理模式的模式轉變為更加平衡的模式。這是住宿方面最大的變化。到目前為止，這仍然是業務中最大的部分。儘管隨著航班的增加，它正在產生影響。但真正推動您所看到的變化的是 Booking.com 住宿業務中商家組合的增加。

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。你們能給我們更新一下 ADR 的展望嗎？我想之前，你談到了對 23 財年固定匯率的預期可能持平。而且，大衛也許可以提醒我們，談談您對 2023 年的預期的一些看跌期權和接受率。

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.

我們說過，我們希望第二季度的 ADR 能夠延續這一局面。我們預計第二季度的 ADR 將同比略有上升。正如我在之前的一個回答中提到的，我們不是——我們不會更新我們全年指導中的每一個項目。但如果它們繼續保持在當前水平，與我們在上次關於 ADR 的電話會議上所說的相比，可能會有一點上行空間。正如我所說，將會有一些看跌期權和接受我們的全套指導。但我們不會專門更新我們的指南，也不會為您提供超出我們所討論的第二季度內容的任何內容。我們將不得不拭目以待，看看這一切將如何發展。但我認為你可以從我們在第一季度的情況以及我們對第二季度的預期中看到，事情呈積極趨勢。

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德克拉克。

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?

第一個問題是您有什麼能力繼續從您的酒店獲得折扣？我知道 Genius 折扣往往由酒店資助。在這種旅行環境中，他們更願意還是更不願意提供這些服務？這是否會影響您的營銷水平？如果旅行環境向後半部分改變，這種情況會改變嗎？

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，毫無疑問，當酒店經營良好時，他們可能會認為不需要使用所有其他方式來分銷和獲得業務，而只需直接與他們聯繫，對吧？他們一直關注的其中一件事就是回報。因此，對於我們來說，在 Genius 中，它確實非常有針對性地與他們確保他們了解我們如何獲得他們不一定能夠獲得的增量需求，然後與他們合作並確保這對他們來說是有價值的或不。

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.

我過去確實談過一些事情，[我不確定] 在電話中，但我們的銷售人員與酒店經營者合作，有時會與他們交談，好吧，我們正在與 Genius 計劃合作 - Genius 計劃並註意到這實際上並不是他們資金的最佳使用方式，也不是他們開展業務的最佳方式，並告訴他們，看，不要認為你應該以這種方式使用 Genius，這個數量，這次，無論如何，其他時間，等等等等。

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.

這是一個長期的想法，擁有良好的合作夥伴關係。這只是 - 它不僅僅是敲開酒店的門，給我們折扣，給我們折扣。這不是它的工作原理。這適用於科學。這適用於數據。這就是我過去講的機器學習的東西。這是聚在一起想出一種方法，我們可以想出一種更好的方法來改善他們的業務。

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.

現在毫無疑問，隨著旅行等方面的改善，酒店會找到其他方式，可能會為他們找到更便宜或更有效的方式，因此需求會減少。所以也許會有一些地方。但如果你的觀點是這將對我們未來開展業務的方式產生巨大影響，我一點也不擔心。我沒看到。我認為這將變得越來越重要，因為我們將繼續開發更多方法來為旅行者客戶提供價值，並能夠以對我們所有人來說都是互補、共生的方式與客戶供應商合作夥伴合作，即我們都贏了。旅行者贏了，酒店贏了，我們也贏了。

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。很有道理。之後可能只是一個小技術問題。你談到 - 本季度你有 190 億美元的商戶預訂。你談到了更長的預訂窗口，但你的延期商戶預訂僅為 45 億美元。只是試圖彌補我們在那裡看到的 190 億美元和 45 億美元之間的差距。

Richard, you're confusing me on this one.

理查德，你在這個問題上讓我感到困惑。

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

我們倆。理查德，你把我們倆都難住了。

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?

在您的資產負債表上，延期的商戶預訂額度為 45 億美元，這與您獲得 190 億美元的預訂量如何相符——您所說的本季度的商戶預訂量主要用於未來幾個季度？

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，為什麼我們不在那個問題上離線跟進你，而不是試圖把這一切都擱置下來，只是為了理解這個問題，確保我們得到你的答案？如果其他人想要，只要給我們答案，我們也可以跟進他們。但我們會離線與您聯繫。約翰會給你回電話。

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。 Glenn Fogel 先生，我把電話轉給你。

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。因此，我要一如既往地感謝我們的合作夥伴、我們的客戶、我們敬業的員工和我們的股東。我們感謝您的支持，因為我們將繼續為公司的長期願景而努力。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。您現在可以斷開連接。