Booking Holdings Inc (BKNG) 2023 Q2 法說會逐字稿

Welcome to Booking Holdings Second Quarter 2023 Conference Call.

歡迎參加 Booking Holdings 2023 年第二季度電話會議。

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 subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from the expressed, implied or forecasted in 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 the Booking Holdings' most recent filings with the Securities and Exchange Commission. Unless required by law, Booking Holdings undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Booking Holdings 謹提醒大家，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》的安全港條款做出的。這些前瞻性陳述不是對未來業績的保證，並受某些難以預測的風險、不確定性和假設。因此，實際結果可能與此類前瞻性陳述中明示、暗示或預測的結果存在重大差異。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聲明中描述的結果存在重大差異的一系列因素，請參閱 Booking Holdings 收益新聞稿末尾的安全港聲明以及 Booking Holdings 的最近向美國證券交易委員會提交的文件。除非法律要求，Booking Holdings 不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因。

A copy of Booking Holdings' earnings press release, together with an accompanying financial and statistical supplement, is available in the Investors section of Booking Holdings' website, www.bookingholdings.com.

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

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

現在我想介紹一下 Booking Holdings 今天下午的發言人 Glenn Fogel；和大衛·古爾登。繼續吧，先生們。

Thank you, and welcome to Booking Holdings' second quarter conference call. I'm joined this afternoon by our CFO, David Goulden.

謝謝，歡迎參加 Booking Holdings 第二季度電話會議。今天下午我們的首席財務官 David Goulden 也加入了我的行列。

I am pleased to report that in the second quarter, we continued to see robust leisure travel demand, which helped drive the strong results we are announcing today. The 268 million room nights booked in the second quarter increased by 9% year-over-year, and gross bookings of $39.7 billion grew 15% year-over-year and was the highest quarterly gross bookings ever. Both room nights and gross bookings came in ahead of our previous expectations as a result of the favorable demand environment.

我很高興地向大家報告，在第二季度，我們繼續看到強勁的休閒旅遊需求，這有助於推動我們今天宣布的強勁業績。第二季度預訂間夜量為 2.68 億，同比增長 9%，總預訂量為 397 億美元，同比增長 15%，是有史以來最高的季度總預訂量。由於有利的需求環境，間夜數和總預訂量都超出了我們之前的預期。

Revenue growth of 27% in Q2 also nicely outperformed our expectations. The strong top line results in the quarter, combined with better-than-expected marketing efficiency, helped drive our Q2 adjusted EBITDA to about $1.8 billion, which is an increase of 64% versus Q2 last year and meaningfully exceeded our prior growth expectations of about 35%.

第二季度收入增長 27% 也很好地超出了我們的預期。本季度強勁的營收業績，加上好於預期的營銷效率，幫助我們第二季度調整後的EBITDA 達到約18 億美元，與去年第二季度相比增長了64%，大大超出了我們之前約20% 的增長預期。 35%。

Looking at the month of July, we have seen an acceleration in year-over-year room night growth relative to the 9% growth we reported for Q2. We estimate July room nights increased by about 20% year-over-year, benefiting from the easier comparison to July 2022.

從 7 月份來看，我們發現間夜量同比增長加速，而我們第二季度報告的增長率為 9%。我們估計 7 月間夜數同比增長約 20%，這得益於與 2022 年 7 月的更容易比較。

Overall, we have been very pleased to see our strong performance in the first half of the year, which has benefited from the continued strength and resiliency of overall travel demand. Our solid start to the year, combined with what we currently believe will be a new all-time high for Q3 summer travel period, results in an improved outlook for the full year, which David will discuss in detail in his comments.

總體而言，我們很高興看到上半年的強勁表現，這得益於整體旅行需求的持續強勁和彈性。我們今年的良好開局，加上我們目前認為第三季度夏季旅行期將創下歷史新高，導致全年前景有所改善，大衛將在他的評論中詳細討論這一點。

While the near-term results and outlook are encouraging, we remain focused on what is important for the business for the long term, which means making the necessary investments to strengthen and grow our enterprise while simultaneously remaining cost conscious. We are seeing progress and momentum across several important initiatives, which will help strengthen our business over the long term. These initiatives include advancing our Connected Trip vision, further integrating AI technology into our offerings, continuing to grow alternative accommodations, and building more direct relationships with our travel bookers.

雖然近期業績和前景令人鼓舞，但我們仍然專注於對業務長期重要的事情，這意味著進行必要的投資來加強和發展我們的企業，同時保持成本意識。我們看到幾項重要舉措取得了進展和勢頭，這將有助於長期加強我們的業務。這些舉措包括推進我們的互聯旅行願景、進一步將人工智能技術融入我們的產品、繼續發展替代住宿以及與我們的旅行預訂者建立更直接的關係。

Starting with the Connected Trip. This 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. To be clear, this is not a discrete product we will introduce at some point in the future, instead, this is a meaningfully enhanced way for a booker to experience and utilize Booking.com.

從互聯旅行開始。我們的長期願景是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。需要明確的是，這不是我們將在未來某個時候推出的獨立產品，相反，這是預訂者體驗和使用 Booking.com 的一種有意義的增強方式。

Over time, you will see incremental improvements and enhancements to our platform that move us another step closer to this long-term vision, and importantly, this approach allows us to realize the benefits while we are building towards that future state. We believe that the current travel experience is much more complicated, fragmented and frustrating travelers than it should be and, eventually, our Connected Trip vision will greatly improve it via technology.

隨著時間的推移，您將看到我們平台的逐步改進和增強，使我們離這一長期願景又近了一步，重要的是，這種方法使我們能夠在朝著未來狀態邁進的同時實現收益。我們相信，當前的旅行體驗比應有的更加複雜、分散和令人沮喪，最終，我們的互聯旅行願景將通過技術極大地改善這種體驗。

Looking at the other side of the travel marketplace, we believe that our supplier partners will also benefit greatly from the Connected Trip as it will provide more opportunities to personalize and merchandise their offerings. We continue to build out our Connected Trip vision and have much more work to do, but we're pleased with the progress we have made so far and expect it to ultimately result in increased customer and supplier engagement with our platform.

看看旅遊市場的另一面，我們相信我們的供應商合作夥伴也將從互聯旅行中受益匪淺，因為它將提供更多機會來個性化和商品化他們的產品。我們繼續構建我們的互聯旅行願景，並且還有很多工作要做，但我們對迄今為止所取得的進展感到滿意，並期望它最終會增加客戶和供應商與我們平台的互動。

We've always envisioned the Connected Trip as having AI technology at its center. Across our company, we have a long history with investing in AI technology and incorporating it into our platforms in order to optimize interactions with both our travelers and partners. This is an area where we believe we are well positioned given we have built strong teams of AI experts and gained valuable experience from using AI extensively for years.

我們一直將互聯旅行設想為以人工智能技術為中心。在我們公司，我們長期以來一直投資人工智能技術並將其納入我們的平台，以優化與旅客和合作夥伴的互動。我們相信在這個領域我們處於有利地位，因為我們已經建立了強大的人工智能專家團隊，並通過多年來廣泛使用人工智能獲得了寶貴的經驗。

In addition to the many current applications for AI on our platforms, we believe that we can build an even more compelling and differentiated offering for our bookers if we leverage AI technology to deliver a more personalized booking experience, a Connected Trip that would be more responsive to our bookers' needs and help manage different aspects of their trips.

除了我們平台上當前的許多人工智能應用之外，我們相信，如果我們利用人工智能技術提供更加個性化的預訂體驗，即響應速度更快的互聯旅行，我們就可以為預訂者打造更具吸引力和差異化的產品。滿足預訂者的需求並幫助管理他們旅行的各個方面。

Generative AI may play an important role in delivering the Connected Trip experience to our bookers, and our teams have been hard at work to integrate this exciting technology into our offerings in innovative ways.

生成式人工智能可能在向我們的預訂者提供互聯旅行體驗方面發揮重要作用，我們的團隊一直在努力以創新的方式將這項令人興奮的技術整合到我們的產品中。

For example, in early July, Priceline unveiled its 2023 Summer Release, which delivered over 40 new booking tools and upgrades, including Penny. Penny is Priceline's generative AI travel assistant. Priceline has currently positioned Penny at the end of the funnel on the checkout page where Penny can answer travel-related questions that a customer may have when they reached the checkout page. Penny is built on Priceline's own proprietary technology and data and also leverages large language model technology to power its conversational capabilities. The combination of these technologies allows for innovations like the ability to make a booking directly in the chat interface. The Priceline team is rapidly gaining insights on booker questions, concerns and behavior as Penny continues to interact with customers. The plan is to further enhance Penny over time by leveraging these valuable learnings.

例如，7 月初，Priceline 推出了 2023 年夏季版本，其中提供了 40 多種新的預訂工具和升級，其中包括 Penny。 Penny 是 Priceline 的生成式人工智能旅行助手。 Priceline 目前將 Penny 定位在結賬頁面渠道的末端，Penny 可以回答客戶在到達結賬頁面時可能遇到的與旅行相關的問題。 Penny 基於 Priceline 自己的專有技術和數據構建，還利用大型語言模型技術來增強其對話功能。這些技術的結合可以實現創新，例如直接在聊天界面中進行預訂的能力。隨著 Penny 繼續與客戶互動，Priceline 團隊正在快速了解預訂者的問題、顧慮和行為。該計劃旨在通過利用這些寶貴的經驗來進一步增強 Penny 的能力。

Around the same time as Priceline Summer Release, Booking.com launched its own AI Trip Planner, which began rolling out on the mobile app in the U.S. to Genius customers. In contrast to Penny, the AI Trip Planner sits towards the top of the funnel where travelers are in the discovery and planning processes for their trips. Built upon the foundation of Booking.com's existing machine learning models that recommend accommodation options to millions of travelers on the platform every day, the AI Trip Planner is also partially powered by large language model technology to create a conversational experience for people to start their trip planning processes. The AI Trip Planner advances trip planning by providing travelers with a rich visual list of destinations and properties, including Booking.com's live pricing information, with deep links to view more details on the options. From the chat interface of the AI Trip Planner, bookers can tap on any recommended accommodation they're interested in and then complete the reservation.

大約在 Priceline 夏季發布的同時，Booking.com 推出了自己的 AI Trip Planner，並開始在美國的移動應用程序上向 Genius 客戶推出。與 Penny 不同的是，AI Trip Planner 位於漏斗的頂部，旅行者在此發現和規劃他們的旅行。 AI Trip Planner 建立在Booking.com 現有機器學習模型的基礎上，該模型每天向平台上數百萬旅行者推薦住宿選擇，AI Trip Planner 還部分由大語言模型技術提供支持，為人們開始旅行創造對話體驗規劃流程。 AI Trip Planner 為旅行者提供豐富的目的地和酒店可視化列表（包括 Booking.com 的實時定價信息）以及可查看選項更多詳細信息的深層鏈接，從而推進旅行規劃。在AI Trip Planner的聊天界面中，預訂者可以點擊他們感興趣的任何推薦住宿，然後完成預訂。

Critical to our approach here is to marry our own proprietary data and machine learning models with the generative AI technology. This allows us to provide a conversational interface with the traveler while leveraging our own recommendation engine to provide accurate, detailed and real-time information on the property recommendations. Like Priceline, the Booking.com team is already gaining valuable insights from the interactions with bookers, even though the Trip Planner is in beta and is still currently in a relatively limited rollout.

我們的方法的關鍵是將我們自己的專有數據和機器學習模型與生成式人工智能技術結合起來。這使我們能夠與旅行者提供對話界面，同時利用我們自己的推薦引擎提供有關酒店推薦的準確、詳細和實時的信息。與 Priceline 一樣，Booking.com 團隊已經從與預訂者的互動中獲得了寶貴的見解，儘管 Trip Planner 仍處於測試階段並且目前的推出仍相對有限。

While we are excited by these new advances at Booking.com and Priceline, it is, of course, still very early days, and we have much more to learn about how customers will ultimately want to interact with this new technology.

雖然我們對 Booking.com 和 Priceline 的這些新進步感到興奮，但當然，現在還處於早期階段，我們還有很多東西需要了解客戶最終希望如何與這項新技術互動。

In addition, we mentioned last quarter that OpenTable and Kayak were experimenting with AI plug-ins and we will continue to examine all areas of our company to ensure we are taking advantage of AI created efficiencies. We are confident in our company's ability to benefit from AI development and improve our products for our customers given our many years' experience in AI, our travel-related data and connections to our supply partners, and our human and financial capital.

此外，我們上季度提到 OpenTable 和 Kayak 正在試驗人工智能插件，我們將繼續檢查我們公司的所有領域，以確保我們利用人工智能創造的效率。鑑於我們在人工智能領域的多年經驗、我們的旅行相關數據和與供應合作夥伴的聯繫以及我們的人力和財務資本，我們對公司有能力從人工智能開發中受益並為客戶改進我們的產品充滿信心。

Across our businesses, we have 2 equally important customers, our travelers and our supply partners, with each representing one side of our marketplace. For our supply partners, we strive to be a trusted and valuable partner for all accommodation types on our platform, and we look to add value for our partners by delivering incremental demand and developing products and features to help support their businesses.

在我們的業務中，我們有兩個同樣重要的客戶，我們的旅行者和我們的供應合作夥伴，每個客戶都代表我們市場的一側。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值得信賴和有價值的合作夥伴，我們希望通過滿足增量需求並開發產品和功能來幫助支持他們的業務，從而為我們的合作夥伴增加價值。

One area of focus for us on the supply side continues to be our alternative accommodations offering at Booking.com. Alternative accommodation room nights grew faster than our traditional hotel category, at about 11% year-over-year for the second quarter, and represented about 34% of Booking.com's total room nights, which is 2 percentage points higher than in Q2 2022. This is a new all-time high mix of our total room nights.

在供應方面，我們關注的一個領域仍然是我們在 Booking.com 上提供的替代住宿服務。另類住宿間夜增長速度快於傳統酒店類別，第二季度同比增長約 11%，約佔 Booking.com 總間夜數的 34%，比 2022 年第二季度高出 2 個百分點。這是我們總間夜數的歷史新高。

We are pleased to see continued momentum in terms of alternative accommodations supply growth both globally and in the U.S., with global listings reaching about 7 million by the end of the second quarter, which is about 8% higher than Q2 last year. We aim to build on this progress by continuing to improve the product for our supply partners and travelers, particularly in the U.S.

我們很高興看到全球和美國的替代住宿供應增長勢頭持續強勁，截至第二季度末，全球房源數量達到約 700 萬套，比去年第二季度增長約 8%。我們的目標是在這一進步的基礎上繼續改進我們的供應合作夥伴和旅行者的產品，特別是在美國。

For our travelers, we remain focused on building a better experience that leads to increased loyalty, frequency, spend and direct relationships over time. In the second quarter, our mix of customers booking directly on our platforms continue to increase year-over-year. We see a very high level of direct bookings in the mobile app, which is an important platform as it allows us more opportunities to engage directly with travelers and, we believe, will result in increased traveler loyalty. About 48% of our room nights were booked through our apps in the second quarter, which is about 6 percentage points higher than in Q2 2022, an acceleration in the mix shift compared to Q1 and an all-time high in terms of mix of bookings coming from our mobile apps. We will continue our efforts to enhance the app experience to build on the recent success we have seen here.

對於我們的旅行者來說，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、支出和直接關係。第二季度，直接在我們平台上預訂的客戶數量繼續同比增加。我們看到移動應用程序中的直接預訂水平非常高，這是一個重要的平台，因為它使我們有更多機會直接與旅行者互動，我們相信這將提高旅行者的忠誠度。第二季度，我們約 48% 的間夜是通過我們的應用程序預訂的，比 2022 年第二季度高出約 6 個百分點，與第一季度相比，混合轉變加速，預訂組合創歷史新高來自我們的移動應用程序。我們將繼續努力增強應用程序體驗，以我們最近在這裡看到的成功為基礎。

In conclusion, I am encouraged by the strength of travel demand so far this year and signs of what we expect to be a record summer travel season. Our teams continue to innovate and execute well against our key strategic priorities, which helps us position our business well for the long term. 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 the opportunities ahead for our company.

總之，今年迄今為止旅行需求的強勁以及我們預計夏季旅行季節將創紀錄的跡象令我感到鼓舞。我們的團隊根據我們的關鍵戰略優先事項不斷創新和執行，這有助於我們長期定位我們的業務。我們仍然致力於為我們的客戶（包括我們的供應合作夥伴和旅客）提供更好的產品和體驗。我們對旅遊業的長期增長和公司未來的機遇一如既往地充滿信心。

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

我現在將把電話轉給我們的首席財務官 David Gold。

Thank you, Glenn, and good afternoon. I'll review our results for the second quarter as well as our thoughts for Q3 and for the full 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 post 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。我將回顧我們第二季度的業績以及我們對第三季度和全年的想法。除非另有說明，2023 年的所有增長率均為同比增長率。我們將參考 2019 年的可比時期，我們認為這些是有幫助的。有關非公認會計原則結果與公認會計原則結果調節的信息可以在我們的收益報告中找到。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準備好的評論。

Now onto our second quarter results. Against a tough year-over-year comparison in the second quarter due to the strong rebound in travel after Omicron in Q2 last year, we were pleased to have delivered 9% room night growth in Q2, which was a few percentage points better than our expectations.

現在我們來看看第二季度的業績。由於去年第二季度 Omicron 之後旅行的強勁反彈，第二季度的同比比較艱難，但我們很高興第二季度的間夜增長了 9%，這比我們的好幾個百分點期望。

Looking at our year-over-year room night growth by region in the second quarter, Asia was up over 40%. Rest of World was up low double digits, Europe was up a couple of points and the U.S. was down slightly. It's helpful to remember that the U.S. was very strong last Q2, and stronger than Q1 and Q3 versus 2019, due to a rebound from Omicron.

從第二季度按地區劃分的間夜量同比增長來看，亞洲增長了 40% 以上。世界其他地區出現低兩位數上漲，歐洲上漲幾個百分點，美國略有下降。值得一提的是，由於 Omicron 的反彈，美國上一季度的表現非常強勁，並且比 2019 年的第一季度和第三季度更加強勁。

Compared to 2019, our Q2 global room night growth was 26%, which was in line with Q1. For the second quarter, all our major regions grew at a similar rate versus 2019.

與 2019 年相比，我們第二季度的全球間夜增長率為 26%，與第一季度持平。第二季度，我們所有主要地區的增長速度與 2019 年相似。

In Q2, the booking window of Booking.com expanded further versus 2019 than it did in Q1. The Q2 booking window of Booking.com also expanded versus 2022.

與 2019 年相比，第二季度 Booking.com 的預訂窗口比第一季度進一步擴大。 Booking.com 第二季度的預訂窗口也較 2022 年有所擴大。

As Glenn mentioned, our mobile apps represented about 48% of our total room nights in the quarter, which was about 6 percentage points higher than the second quarter of 2022.

正如格倫提到的，我們的移動應用程序約佔本季度總間夜數的 48%，比 2022 年第二季度高出約 6 個百分點。

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 second quarter relative to the second quarter of 2022.

我們繼續看到通過直接渠道獲得的總間夜數不斷增加。與 2022 年第二季度相比，第二季度直接渠道占我們客房夜數的百分比有所增加。

For the first time since the onset of the pandemic, in Q2, we saw the international mix of our room nights fully recover to 2019 levels. Our cancellation rates in the second quarter were higher than Q2 2022 as the second quarter of 2022 benefited from the strong recovery in new bookings following the relaxation of travel restrictions in many parts of the world post Omicron. Our cancellation rates in the second quarter continue to be below 2019 levels.

自疫情爆發以來，第二季度我們首次看到我們的國際間夜數完全恢復至 2019 年的水平。我們第二季度的取消率高於 2022 年第二季度，因為 2022 年第二季度受益於 Omicron 後世界許多地區放寬旅行限制後新預訂的強勁復甦。我們第二季度的取消率繼續低於 2019 年的水平。

For our alternative accommodations at Booking.com, our Q2 room night growth was about 11% year-over-year and the global mix of alternative recombination room nights was about 34%, which was higher than about 32% in Q2 2022. Versus 2019, alternative combination room night growth was about 38%.

對於 Booking.com 的另類住宿，我們第二季度的間夜同比增長約為 11%，全球另類重組間夜比例約為 34%，高於 2022 年第二季度的約 32%。與 2019 年相比其中，替代組合間夜數增長約為38%。

Q2 gross bookings increased 15% year-over-year or 16% on a constant currency basis. The 15% increase in gross bookings was 6 percentage points higher than the 9% room night increase due to 5% higher accommodation constant currency ADRs and also due to a couple of points from flight bookings, partially offset by the 1 percentage point of negative impact from FX movements.

第二季度總預訂量同比增長 15%，按固定匯率計算增長 16%。總預訂量增長了15%，比間夜增長9% 高出了6 個百分點，這是由於住宿固定貨幣ADR 上漲了5%，而且航班預訂也增加了幾個百分點，但被1 個百分點的負面影響部分抵消了來自外匯走勢。

Our accommodation constant currency ADRs were negatively impacted by regional mix due to a higher mix of room nights in Asia and a lower mix of room nights from the U.S. Excluding regional mix, constant currency ADRs were up about 9 percentage points year-over-year.

我們的住宿固定貨幣 ADR 受到區域組合的負面影響，因為亞洲的間夜組合較高，而美國的間夜組合較低。不包括區域組合，固定貨幣 ADR 同比增長約 9 個百分點。

Despite the higher ADRs in the second quarter, we have not seen a change in the mix of hotel star-rating levels being booked or changes in length of stay that could indicate that consumers are trading down. We continue to watch these dynamics closely.

儘管第二季度的平均房價有所上升，但我們並沒有看到預訂的酒店星級水平發生變化，也沒有看到可能表明消費者正在降級消費的入住時間的變化。我們將繼續密切關注這些動態。

Airline tickets booked in the second quarter were up about 58% year-over-year driven by the continued expansion of Booking.com's Flight offering.

由於 Booking.com 航班服務的持續擴張，第二季度的機票預訂量同比增長約 58%。

Revenue for the second quarter came in nicely ahead of our expectations, increasing 27% year-over-year or about 28% on a constant currency basis. Q2 revenue as a percentage of gross bookings was about 130 basis points above last year, which was in line with our expectations. Our underlying accommodation take rates continue to be in line with 2019 levels.

第二季度的收入遠遠超出我們的預期，同比增長 27%，按固定匯率計算約增長 28%。第二季度收入佔總預訂量的百分比比去年高出約 130 個基點，這符合我們的預期。我們的基本住宿入住率繼續與 2019 年水平保持一致。

Marketing expense, which is a highly variable expense line, increased 4% year-over-year. Marketing expense as a percentage of gross bookings was about 50 basis points lower than Q2 2022 due to higher ROIs in our paid channels and a higher mix of direct business. Performance marketing ROIs increased year-over-year due in part to our ongoing efforts to improve the efficiency of our marketing spend.

營銷費用是一個高度可變的費用項目，同比增長 4%。由於我們的付費渠道的投資回報率更高以及直接業務組合更高，營銷費用佔總預訂量的百分比比 2022 年第二季度低約 50 個基點。績效營銷投資回報率逐年增加，部分原因是我們不斷努力提高營銷支出的效率。

Marketing and merchandising combined as a percentage of gross bookings in Q2 was about 60 basis points lower than last year, which is better than our expectation. Relative to expectations, this is primarily due to better ROIs in our paid channels as well as lower-than-expected merchandising spend, which was impacted by the booking window being more expanded than we expected in the quarter, which will push merchandising expense into future periods at the time revenue is recognized.

第二季度營銷和銷售合計佔總預訂量的百分比比去年低約 60 個基點，這好於我們的預期。相對於預期，這主要是由於我們的付費渠道的投資回報率更高，以及商品銷售支出低於預期，這是受到本季度預訂窗口比我們預期擴大的影響，這將把商品支出推向未來確認收入時的期間。

Sales and other expenses as a percentage of gross bookings were up about 30 basis points compared to last year, a bit better than our expectation. About 48% of Booking.com's gross bookings were processed through our payments platform in Q2, up from about 38% in Q2 2022.

銷售和其他費用佔總預訂量的百分比比去年上升了約 30 個基點，略好於我們的預期。第二季度，Booking.com 約 48% 的總預訂量是通過我們的支付平台處理的，高於 2022 年第二季度的約 38%。

Our more fixed expenses in aggregate were up 20% year-over-year, which is below our expectations due to lower IT expenses in the quarter, including some impact from phasing of IT spend into later in the year. We continue to manage our more fixed expenses very carefully.

我們的固定支出總計同比增長 20%，低於我們的預期，因為本季度 IT 支出較低，其中包括今年晚些時候 IT 支出分階段實施的一些影響。我們繼續非常謹慎地管理更固定的開支。

Adjusted EBITDA was $1.8 billion in the second quarter, which was up 64% year-over-year, and would have been up 70% on a constant currency basis. Adjusted EBITDA was well above our expectations due to a stronger top line, the efficiencies in marketing and merchandising and lower-than-expected IT expenses. Our adjusted EBITDA margins increased by about 7 percentage points versus Q2 2022.

第二季度調整後 EBITDA 為 18 億美元，同比增長 64%，按固定匯率計算將增長 70%。由於營收增長、營銷和銷售效率提高以及 IT 費用低於預期，調整後 EBITDA 遠高於我們的預期。與 2022 年第二季度相比，我們調整後的 EBITDA 利潤率增加了約 7 個百分點。

Non-GAAP net income of $1.4 billion in the second quarter resulted in non-GAAP earnings per share of $37.62 per share, which was up 97% year-over-year. Our average share count in the second quarter was 9% below Q2 2022 and 15% below Q2 2019.

第二季度非 GAAP 淨利潤為 14 億美元，非 GAAP 每股收益為 37.62 美元，同比增長 97%。我們第二季度的平均股票數量比 2022 年第二季度低 9%，比 2019 年第二季度低 15%。

On a GAAP basis, we had net income of $1.3 billion in the quarter.

按照 GAAP 計算，本季度我們的淨利潤為 13 億美元。

Now on to our cash and liquidity position. Our Q2 ending cash and investments balance of $15.7 billion was up versus our Q1 ending balance of $15.3 billion due to the $1.9 billion of debt issuances in May 2023 and the $1.6 billion of free cash flow generated in the second quarter, offset by the $3.1 billion in share repurchases we completed in the quarter.

現在談談我們的現金和流動性狀況。由於2023 年5 月發行了19 億美元的債務，以及第二季度產生的16 億美元的自由現金流（被31 億美元的自由現金流所抵消），我們第二季度期末現金和投資餘額為157億美元，而第一季度期末餘額為153 億美元。我們在本季度完成了股票回購。

In the first half of the year, we repurchased $5.1 billion of our shares, which represented 5% and of our year-end 2022 share count. The repurchases so far this year take our combined authorization down to $19 billion from the $24 billion we discussed earlier in the year. We remain comfortable with our ability to complete the full $24 billion of share repurchases within 4 years from when we started the program at the beginning of this year, assuming no major downturn in the travel environment.

今年上半年，我們回購了價值 51 億美元的股票，佔 2022 年年底股票總數的 5%。今年迄今為止的回購使我們的合併授權從今年早些時候討論的 240 億美元降至 190 億美元。假設旅遊環境沒有出現重大下滑，我們對自今年年初啟動該計劃後 4 年內完成 240 億美元全部股票回購的能力感到滿意。

Now onto our thoughts for the third quarter of 2023. In July, we saw year-over-year room night growth of about 20%, up from 9% in Q2. Looking across our major regions, in July, we saw Asia up about 45%, Rest of World up over 20%, Europe up mid-teens and the U.S. up mid-single-digits. When comparing versus 2019, July room night growth was in a similar range to the 26% growth in Q2. The U.S. was our most recovered region with growth at over 30% versus 2019.

現在談談我們對 2023 年第三季度的看法。7 月份，我們看到間夜量同比增長約 20%，高於第二季度的 9%。縱觀我們的主要地區，7 月份，亞洲增長了約 45%，世界其他地區增長了 20% 以上，歐洲增長了十幾歲，美國增長了中個位數。與 2019 年相比，7 月份間夜增長率與第二季度 26% 的增長率類似。美國是我們復甦最快的地區，與 2019 年相比增長了 30% 以上。

Our comments for the third quarter made the assumption that room night growth will be up low double digits year-on-year, assuming some moderation in growth from July due in part to the harder prior year comparables in August and September. You'll recall from our commentary on the third quarter of 2022 that room night growth versus 2019 was 4% in July 2022 and 10% in August and September 2022. In addition, we expect that due to expanded booking window in the first half of the year for stays in Q3, that there will be fewer last-minute bookings for stays in the rest of Q3.

我們對第三季度的評論假設間夜增長將同比增長兩位數，假設增長從 7 月開始有所放緩，部分原因是去年 8 月和 9 月的可比數據更加困難。您可能還記得我們對2022 年第三季度的評論，與2019 年相比，2022 年7 月的間夜增長率為4%，2022 年8 月和9 月的間夜增長率為10%。此外，我們預計，由於上半年預訂窗口的擴大，就今年第三季度的住宿而言，第三季度剩餘時間裡最後一刻的住宿預訂將會減少。

We expect Q3 gross bookings to grow about 7 points faster than room nights on a year-on-year basis due to a few points from continued flight bookings growth and a few points of positive impact from FX movements. We expect accommodation constant currency ADRs to be about in line with Q3 2022, including a couple points of pressure from the changes in regional mix.

我們預計，由於航班預訂持續增長幾個百分點以及匯率波動的積極影響，第三季度總預訂量將比上年同期增長約 7 個百分點。我們預計住宿不變貨幣 ADR 將與 2022 年第三季度大致一致，其中包括來自區域結構變化的幾個壓力點。

We expect Q3 revenue as a percentage of gross bookings to be around 19%, slightly above last year due to a more positive impact from timing in part due to the expanded booking window in the first half of this year and from increased revenue from payments. We expect these will be partially offset by a higher mix of flights and increased merchandising spend, some of which is related to bookings we received earlier in the year.

我們預計第三季度收入佔總預訂量的百分比約為 19%，略高於去年，這是由於今年上半年預訂窗口擴大以及支付收入增加所帶來的更積極的影響。我們預計這些費用將被更多的航班組合和增加的商品支出所部分抵消，其中一些與我們今年早些時候收到的預訂有關。

We expect Q3 marketing expense as a percentage of gross bookings to be lower than last year. We expect marketing and merchandising combined as a percentage of gross bookings in Q3 to be slightly lower than last year.

我們預計第三季度營銷費用佔總預訂量的百分比將低於去年。我們預計第三季度營銷和商品銷售合計佔總預訂量的百分比將略低於去年。

We expect Q3 sales and other expenses as a percentage of gross bookings to be about 20 basis points higher last year, primarily due to higher gross bookings mix.

我們預計第三季度銷售和其他費用佔總預訂量的百分比將比去年高出約 20 個基點，這主要是由於總預訂量組合的提高。

We expect our more fixed expenses in Q3 to grow year-over-year about 30% due to higher personnel and related expenses, higher IT expenses, including the impact of phasing from Q2, and higher indirect taxes in G&A. The year-over-year growth in our more fixed expenses includes about 7 percentage points from changes in FX. The difference between the 20% growth in our more fixed expenses in Q2 and the 30% growth in Q3 is driven mainly by FX and Majorel.

我們預計，由於人員和相關費用增加、IT 費用增加（包括從第二季度開始逐步實施的影響）以及一般管理費用中間接稅的增加，第三季度的固定費用將同比增長約 30%。我們的固定支出同比增長約 7 個百分點，其中匯率變化所致。第二季度固定支出增長 20% 與第三季度 30% 增長之間的差異主要是由外彙和 Majorel 推動的。

Taking all this into account, we'd expect Q3 adjusted EBITDA to be around 20% higher than last year.

考慮到所有這些，我們預計第三季度調整後 EBITDA 將比去年高出 20% 左右。

Given the strong level of bookings that we've seen, we are updating our commentary for the full year. We currently expect gross bookings to grow slightly over 20% year-over-year, up from our previous expectations for low-teens growth. We expect full year room night growth in the mid teens and constant currency accommodation ADRs to be up slightly for the year, including a couple points of pressure from changes in regional mix.

鑑於我們所看到的強勁預訂量，我們正在更新全年的評論。目前，我們預計總預訂量將同比增長略高於 20%，高於我們之前對青少年增長率的預期。我們預計全年間夜增長率將達到 15%左右，貨幣不變的住宿 ADR 將小幅上升，其中包括來自區域結構變化的一些壓力。

We currently expect revenue as a percentage of gross bookings to increase year-over-year by about 20 basis points, down from our previous expectation of a 50 basis points increase. The reduction in our full year take rate is driven by less of a benefit from timing due to the higher growth rate than we expected earlier in this year and also due to expanded booking window, also from stronger performance which drove a higher mix of flights than we expected earlier in the year.

我們目前預計收入佔總預訂量的百分比將同比增長約 20 個基點，低於我們之前預期的增長 50 個基點。我們全年接受率的下降是由於時機帶來的好處較少，因為增長率高於我們今年早些時候的預期，同時也由於預訂窗口的擴大，以及強勁的業績推動了比我們今年早些時候預期更高的航班組合。我們預計在今年早些時候。

We currently expect marketing merchandising as a percentage of gross bookings to be slightly below 2022 as compared to our previous expectation for it to be similar to 2022. The improvement in our expectation is driven primarily by higher ROIs in our paid channels.

目前，我們預計營銷商品佔總預訂量的百分比將略低於 2022 年，而我們之前的預期與 2022 年類似。我們預期的改善主要是由於我們付費渠道的投資回報率更高。

We currently expect our more fixed expenses to grow about 25%, up from our previous expectation of around 20% growth. The increase in our expectation is driven primarily by variable components of personnel expense due to outperformance versus expectations at the start of the year as well as higher indirect taxes, which are generally tied to revenues, and some additional FX pressure. We manage our more fixed expenses very carefully and continue to expect our more fixed expenses next year to grow at an appreciably lower rate than this year.

我們目前預計更固定的支出將增長 25% 左右，高於我們之前預計的 20% 左右的增長。我們預期的增長主要是由於年初業績優於預期而導致的人事費用的可變組成部分以及通常與收入掛鉤的間接稅的上升以及一些額外的外匯壓力。我們非常謹慎地管理我們的固定支出，並繼續預計明年的固定支出增長速度將明顯低於今年。

We continue to expect our adjusted EBITDA margin to expand by a couple of percentage points versus 2022.

我們仍然預計調整後的 EBITDA 利潤率將比 2022 年擴大幾個百分點。

In closing, we are pleased with our year-to-date results and the momentum in the business as we move into Q3.

最後，我們對今年迄今為止的業績以及進入第三季度的業務勢頭感到滿意。

We'll now move to Q&A. Adam, can you please open the lines?

我們現在進入問答環節。亞當，你能打開電話嗎？

(Operator Instructions) Your first question comes from the line of Lloyd Walmsley with UBS.

（操作員說明）您的第一個問題來自瑞銀集團 (UBS) 的勞埃德·沃姆斯利 (Lloyd Walmsley)。

Two, if I can. First, thanks for some of the color on the Gen AI Trip Planner you guys have rolled out. Wondering how you guys think about that strategically and balance that with what search engines are doing. Do you think this brings you guys more direct traffic? Or do you think, when you look at what some other players like Google are doing with their new search experience, like how that might change traffic flows in the travel space?

兩個，如果可以的話。首先，感謝你們為 Gen AI Trip Planner 推出的一些色彩。想知道你們如何從戰略上考慮這一點，並將其與搜索引擎正在做的事情進行平衡。您認為這會給你們帶來更多直接流量嗎？或者，當您看到谷歌等其他參與者正在利用其新的搜索體驗所做的事情時，您是否會認為這可能會如何改變旅遊領域的流量？

And then second one, you mentioned marketing ROI improvements and efforts to improve efficiency. Is that a function of just making higher ROI targets or just other changes you're making within marketing? Any commentary you can give there would be great.

第二個問題，您提到了營銷投資回報率的提高和提高效率的努力。這是為了製定更高的投資回報率目標還是只是在營銷方面做出其他改變？你能給出的任何評論都會很棒。

Lloyd, why don't I take the first one about AI, and then I'll let David talk about marketing ROIs. So first, and while it's an easy answer, it's the true answer, which is nobody knows yet how this very new technology generative AI, how that's going to play out in the long run. That's one.

勞埃德，我為什麼不先講關於人工智能的第一個，然後我讓大衛談談營銷投資回報率。首先，雖然這是一個簡單的答案，但這是真正的答案，目前還沒有人知道這種新技術如何生成人工智能，從長遠來看將如何發揮作用。這是一個。

Two, even though we don't know how it's going to come out, we know it's very important that we continue to do everything we can to explore, experiment, see what might be very helpful to our travelers and to our supply partners, too, along with internally, to do things better internally for us. Every company is doing that, including the big search engines like Google, they're coming out with what they can do, and nobody knows.

第二，儘管我們不知道結果如何，但我們知道繼續盡一切努力去探索、試驗、看看什麼可能對我們的旅行者和我們的供應合作夥伴非常有幫助，這一點非常重要以及內部，為我們內部做得更好。每家公司都在這樣做，包括像谷歌這樣的大型搜索引擎，他們推出了自己能做的事情，但沒有人知道。

A couple of things, though, I am fairly certain that history provides a good road map, and that is there will be changes. But companies that are able to adapt quickly, be agile, have great technology experts, will benefit from these kinds of changes. We saw it as things -- for example, like when the mobile for came out. We were able to adapt quickly, adjust. And we got, I think, a very good advantage from that. I think that we will hopefully get the same type of benefits as this new technology generative AI comes out.

不過，有幾件事我相當確定歷史提供了一個很好的路線圖，那就是將會發生變化。但能夠快速適應、敏捷、擁有優秀技術專家的公司將從這些變化中受益。我們將其視為事物——例如，手機問世時。我們能夠快速適應、調整。我認為我們從中獲得了很大的優勢。我認為我們有望獲得與這種新技術生成式人工智能的出現相同的好處。

But one thing I didn't mention in the prepared remarks was -- I mentioned all the companies, but I didn't mention Agoda. So Agoda is doing some very good things in terms of internally, how can we use gen AI to become more efficient with all types of code co-pilot type systems. So there are lots of different things that we're playing with all in one. So I'm really happy the way that we're doing it from different directions, having Priceline doing it at the bottom of the funnel, see how that works. Doing Booking.com's AI Trip Planner at the top, see how that's doing that. The ChatGPT plug-ins from OpenTable and from Kayak.

但我在準備好的發言中沒有提到的一件事是——我提到了所有公司，但沒有提到 Agoda。所以 agoda 在內部方面正在做一些非常好的事情，我們如何利用 gen AI 來使各種類型的代碼副駕駛類型系統變得更加高效。所以我們把很多不同的東西合而為一。所以我真的很高興我們從不同的方向做這件事，讓 Priceline 在漏斗的底部做這件事，看看它是如何運作的。在頂部執行 Booking.com 的 AI Trip Planner，看看它是如何做到的。來自 OpenTable 和 Kayak 的 ChatGPT 插件。

So being able to do all these things from the different brands and being able to learn from each other what works, what doesn't work, where should we put more emphasis, where should we put less emphasis, I think that will help us have an advantage over many other companies that may not have the scale, the experts, basically the capital, to put into what could be a very, very exciting future for us. We'll see how it plays out. And of course, nobody knows how regulations are going to play into this, and that is something that could affect everybody.

因此，能夠從不同品牌做所有這些事情，並能夠互相學習哪些有效，哪些無效，我們應該在哪裡多加強調，在哪裡應該少加強調，我認為這將幫助我們與許多其他公司相比，我們有一個優勢，這些公司可能沒有規模、專家，基本上沒有資本，無法為我們創造一個非常非常令人興奮的未來。我們將看看結果如何。當然，沒有人知道監管將如何發揮作用，而這可能會影響每個人。

And David, I don't know if you want to talk about the marketing ROIs.

大衛，我不知道你是否想談談營銷投資回報率。

Yes. Sure. Thank you, I will. Lloyd, thanks for the question. So first of all, let's clarify that this is not a change in our approach relative to our desire to lean in this year to a recovery in travel market. We're still leaning in through a recovering travel market. And you can see from our top line numbers, we're doing quite well. So that hasn't changed. And the marquee merchandising investment in total will still be higher this year than it was in 2019, and it kind of goes hand-in-hand with that lean-in comment.

是的。當然。謝謝你我會的。勞埃德，謝謝你的提問。首先，我們要澄清的是，相對於我們希望今年實現旅遊市場復甦的願望，這並不是我們方法上的改變。我們仍在努力恢復旅遊市場。從我們的營收數據中可以看出，我們的表現相當不錯。所以這並沒有改變。今年的招牌商品投資總額仍將高於 2019 年，這與這種傾向性的評論是密不可分的。

What I would say and what you're seeing is, within that envelope, as we look for ways to optimize our marketing spend, we've done a little bit more optimization than we expected. Without going into all the components of where that's happening, but we're looking at channels for incrementality, for return to direct, things like that, and consistently testing across a very large marketing spend. You see that during the quarter, we spent about $1.8 billion on marketing. So it's a large amount of money that we're spending across that spectrum. We are always looking at ways to kind of optimize different spend, different channels and different approaches.

我想說的是，您所看到的是，在這個範圍內，當我們尋找優化營銷支出的方法時，我們所做的優化比我們預期的要多一些。我們沒有深入研究發生這種情況的所有組成部分，但我們正在尋找增量渠道，回歸直接，諸如此類的事情，並在非常大的營銷支出中進行持續測試。您會看到，本季度我們在營銷上花費了約 18 億美元。因此，我們在這個領域花費了大量資金。我們一直在尋找優化不同支出、不同渠道和不同方法的方法。

So it's really more to do with our ongoing effort to improve the efficiency of our marketing spend, but again, within the context of we're still leaning in and looking to take share as the market continues to recover from COVID.

因此，這實際上更多地與我們不斷努力提高營銷支出的效率有關，但同樣，在市場繼續從新冠疫情中復甦的背景下，我們仍在努力爭取份額。

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

您的下一個問題來自 Evercore 的 Mark Mahaney。

Okay. Two questions, please. First, Glenn, have you noticed any changes in the type of travel demand? And I mean short versus longer stay, rural suburban versus urban. And then I wanted to ask the CFO question on AI, which is, when you think about the impact that AI has had and gen AI could have on the business, from a financial perspective, do you think that that's -- Dave, do you think that's more likely to be on the monetization side or on the cost efficiency side? And I'm sure you're going to say both. But if you could be a little bit more -- if you have any more specifics on which of those you think could be more and could be more impacted by the application of gen AI over time.

好的。請教兩個問題。首先，格倫，您注意到旅行需求類型有什麼變化嗎？我的意思是短期停留與長期停留、農村郊區與城市。然後我想問首席財務官關於人工智能的問題，也就是說，當你從財務角度考慮人工智能已經產生的影響以及新一代人工智能可能對業務產生的影響時，你是否認為——戴夫，你認為是這樣嗎？您認為這更有可能是在貨幣化方面還是在成本效率方面？我確信你會說兩者。但如果你能再多一點——如果你有更多的細節，你認為隨著時間的推移，哪些可能會更多，並且可能會受到新一代人工智能應用的影響更大。

Mark, I'm smiling because I want to do #2 first and to say both, but I'll do it in the order you gave it. So this is a question that comes up a lot because -- and I mentioned in the last call about how I'm always looking for the smoke signals, of something changing. And some of the key things I always look at, are people trading down in terms of star ratings, or are people going for a lower length of stay, or are people shifting to areas that may be cheaper travel than what previously was more expensive travel, always looking for some sort of early warning signal that something is happening. I do not see that yet. I do not see that in any of those areas. And that's what we're seeing right now.

馬克，我微笑是因為我想先做第二件事，然後說兩件事，但我會按照你給出的順序做。所以這是一個經常出現的問題，因為——我在上次電話會議中提到過，我總是在尋找煙霧信號，以及某些變化的信號。我經常關注的一些關鍵問題是，人們是否會降低星級評級，或者人們會選擇縮短停留時間，還是人們會轉移到旅行成本可能比以前更昂貴的地區，總是尋找某種事情正在發生的預警信號。我還沒有看到這一點。我在這些領域都沒有看到這一點。這就是我們現在所看到的。

In terms of the AI, it's a very interesting question. And of course, if we knew the answer, we have a good sense of where should we be putting most of our investment dollars in our people, put them into the area that's going to give us the best return. But the things I mentioned in the first question, nobody knows the answer to these things. These are all just guesses. So at this stage, it's very important to spread the bets around and see where the return is coming, see where we want to put people to work, put more money to work and see what's going to come back.

就人工智能而言，這是一個非常有趣的問題。當然，如果我們知道答案，我們就會很清楚應該將大部分投資資金投入到員工身上，將他們投入到能給我們帶來最佳回報的領域。但我在第一個問題中提到的事情，沒有人知道這些事情的答案。這些都只是猜測。因此，在這個階段，非常重要的是要分散賭注，看看回報會在哪裡，看看我們想讓人們在哪里工作，投入更多的錢，看看會帶來什麼回報。

The DNA of our company has always been experiment, see what works and keep pushing in what's better, working better than other areas. So we're going to be doing a lot of different experimentation. And I think that's going to go on for some time before we really have a good sense where the best returns are. I think in the long run, of course, all -- both things you mentioned are going to give tremendous benefits to everybody. But you're correct to ask the question, which things first and how much, and that is not known yet.

我們公司的基因始終是實驗，看看什麼有效，並不斷推動什麼更好，比其他領域做得更好。所以我們將做很多不同的實驗。我認為這種情況會持續一段時間，然後我們才能真正清楚哪裡是最好的回報。當然，我認為從長遠來看，你提到的這兩件事都會給每個人帶來巨大的好處。但你問這個問題是正確的，首先哪些事情以及多少，目前還不知道。

Your next question comes from the line of Justin Post with Bank of America.

您的下一個問題來自美國銀行賈斯汀·波斯特的電話。

Obviously, very strong in Asia. Maybe talk a little bit about what you're seeing there? And are you able to take some share from direct bookings at hotels or competitors? And then I thought your marketing ROI comment was very interesting in a very crowded quarter for marketing spend. So can you talk about -- is it the direct traffic that's helping you be more judicious with your marketing spend? Or how are you getting that ROI up?

顯然，在亞洲非常強大。也許可以談談你在那裡看到的東西？您能否從酒店或競爭對手的直接預訂中獲得一些份額？然後我認為您的營銷投資回報率評論在營銷支出非常擁擠的季度非常有趣。那麼您能否談談——直接流量是否可以幫助您更加明智地進行營銷支出？或者你如何提高投資回報率？

So I'll let David speak second about if he wants to give any more color into the marketing question. I'll start with Asia. So yes, very pleased with Asia. Very nice to see the second quarter numbers and even nicer to see July accelerating like that. That's great. And obviously, that's a function of Asia took more time to recover. The restrictions dropped later. We're doing a year-over-year comp, so we're getting some benefit out of that. And by the way, just so everybody -- there's no confusion, China is still not producing significantly. They're far behind in terms of outbound recovery. And we're much more an outbound player there, and I don't expect a recovery in China for us for some time, significant time probably.

因此，我將讓大衛其次談談他是否想為營銷問題提供更多的色彩。我將從亞洲開始。所以，是的，我對亞洲非常滿意。很高興看到第二季度的數據，更高興看到七月的增速如此之快。那太棒了。顯然，這是亞洲需要更多時間才能恢復的原因。後來限制取消了。我們正在進行逐年比較，因此我們從中獲得了一些好處。順便說一句，大家不要混淆，中國仍然沒有大量生產。他們在出境復甦方面遠遠落後。我們在那裡更多地是一個出境玩家，我預計我們在中國一段時間內不會復蘇，可能是很長一段時間。

So overall, it's good. There are a lot of factors happening there. They are very similar to other parts of the world where people wanted to travel. They're going out there. They're doing it. And we have done a very good job, the same way we did in the U.S. and we did in Europe, making sure that when people wanted to travel, we were there for them, and we're seeing the results right there.

所以總體來說，還是不錯的。那裡發生了很多因素。它們與人們想去旅行的世界其他地方非常相似。他們要去那裡。他們正在做。我們做得非常好，就像我們在美國和歐洲所做的那樣，確保當人們想要旅行時，我們就在他們身邊，並且我們正在那裡看到結果。

And David, if you want to give any more color into that marketing question.

大衛，如果你想為這個營銷問題提供更多的色彩。

Yes. Justin, I think I gave a fair amount of color in my first answer, so I'm not going to repeat it. You did ask about where the direct mix plays into this as well. And yes, obviously, as our direct mix is increasing, as we commented it continues to do so, that helps. But we're also getting help from just looking across our total spend on marketing and looking at pockets of efficiency using some of the variables I talked about earlier.

是的。賈斯汀，我想我在第一個答案中給出了相當多的顏色，所以我不會重複。您確實問過直接混音在其中發揮的作用。是的，顯然，隨著我們的直接混合不斷增加，正如我們評論的那樣，它繼續這樣做，這很有幫助。但我們還可以通過查看營銷總支出並使用我之前討論過的一些變量來查看效率部分來獲得幫助。

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

您的下一個問題來自 Kevin Kopelman 和 TD Cowen 的對話。

Great. Could you give us an update on your efforts and progress in the North America vacation rental market, just where you're at on that initiative?

偉大的。您能否向我們介紹一下您在北美度假租賃市場所做的努力和進展，以及您在該計劃上的進展情況？

Kevin, so I'm very pleased that we're continuing to advance while we talked about the overall, we'll call it -- alternative accommodations is the way we define that area. We talk globally about our 11% growth being faster than the 9% for the overall company. The 11% was the Booking.com number. But in terms of North America, specifically, they're less -- reduced to the U.S., which is the area where I think we all are more focused on.

凱文，所以我很高興我們在談論整體時繼續前進，我們稱之為——替代住宿是我們定義該領域的方式。我們在全球範圍內談論我們 11% 的增長速度高於整個公司 9% 的增長速度。 11% 是 Booking.com 的數字。但具體而言，就北美而言，它們減少到了美國，我認為這是我們所有人都更關注的地區。

We have said many, many times, I have said many, many times, that's an area of focus for us. We know we're under-indexed. We know there are areas we had to improve the product. And we talked in the last call, we called for that, too, probably, about the things we're doing to improve it. And that is both on the supply side, making sure we're improving things so that people who own homes, people who manage apartments, people who are in this space, would say, "I'm sorry, but Booking.com, you're not doing certain things that you need to do for me." I'm glad that we are doing those things, and they will then be willing and are willing to list on other properties on our platform. That's great.

我們已經說過很多很多次了，我已經說過很多很多次了，這是我們關注的一個領域。我們知道我們的索引不足。我們知道我們必須改進產品的某些方面。我們在上次電話會議中也談到了我們正在採取的改進措施。這都是在供應方面，確保我們正在改進事情，以便擁有房屋的人、管理公寓的人、在這個領域的人會說，“我很抱歉，但是 Booking.com，你沒有做某些你需要為我做的事情。”我很高興我們正在做這些事情，然後他們就會願意並且願意在我們平台上的其他房產上列出。那太棒了。

Then on the other side, as I talked about last time, is the importance, okay, we got the properties now. We've got to make sure people know about it. And I talked last time again about awareness and where we need to bring that up to. This is not a thing you saw overnight. This is something that you, day by day, step-by-step, grind it out. And that's what we're doing in all different areas, and we're seeing the progress. So are we there yet? No, not even close to there yet. But the good thing is we're making progress, and that's all upside for us down the road. So we're going to keep on plugging away at it, and I think we'll continue to experience good returns as we continue to invest in the area.

另一方面，正如我上次談到的，重要性是，好吧，我們現在得到了屬性。我們必須確保人們知道這一點。上次我再次談到了意識以及我們需要將其提升到什麼程度。這不是一朝一夕就能看到的事情。這是你日復一日、一步一步磨練出來的。這就是我們在各個不同領域所做的事情，並且我們正在看到進展。那麼我們到了嗎？不，還沒有接近那裡。但好消息是我們正在取得進展，這對我們今後的發展來說都是有利的。因此，我們將繼續努力，我認為，隨著我們繼續在該領域投資，我們將繼續獲得良好的回報。

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

您的下一個問題來自摩根大通的 Doug Anmuth。

Can you talk about where you're seeing the biggest impacts of Connected Trip? And how big of an impact do you think that's having in terms of your outsized growth in the quarter? And then just switching to mobile, the 48% of room nights booked through the apps, anything you can share in terms of better frequency and loyalty among those app users?

您能談談您認為互聯旅行的最大影響在哪裡嗎？您認為這對本季度的超額增長有多大影響？然後轉向移動設備，48% 的間夜通過應用程序預訂，您可以分享一下這些應用程序用戶中更好的頻率和忠誠度嗎？

So I'll leave the second, what David wants to actually reveal in that area, some specifics, I'm not sure if he does or doesn't. Regarding the Connected Trip, a couple of things on that. So let's start off right at the start that the Connected Trip is not producing material number increases in our -- what we're doing right now. The good numbers that we're showing right now are not because of the Connected Trip, and it's just too small to show that.

所以我將留下第二個問題，大衛想在該領域實際透露什麼，一些細節，我不確定他是否願意。關於互聯旅行，有幾件事。因此，讓我們從一開始就知道，互聯旅行並沒有給我們現在正在做的事情帶來實質性的數量增加。我們現在顯示的良好數字並不是因為 Connected Trip，而且它太小而無法顯示這一點。

Imagine we're building an arch, until every piece is in place, you're not getting a lot of advantage from this arch. Right now we're building the arch. So you see parts that are showing up, but not the big effect. So for example, really happy about one element, which is you have to have a flight product. And we're doing 58% year-over-year growth in tickets and flights. That's great for -- I mean that's a really good number. It shows that we're producing a good flight product, and we'll get that going.

想像一下，我們正在建造一個拱門，在每個部件都就位之前，您不會從這個拱門中獲得很多優勢。現在我們正在建造拱門。所以你會看到部分內容正在顯現，但看不到大的影響。舉例來說，我對一個要素感到非常高興，那就是你必須擁有一款飛行產品。我們的機票和航班量同比增長 58%。這非常好——我的意思是這是一個非常好的數字。這表明我們正在生產優質的飛行產品，我們將繼續努力。

And then the other areas that we have to build out, things like the attractions, things like the rides part, gets you from the hotel to the airport or from your home to the airport, things like that, building all those things out. And then, of course, the glue, payments. That's very important to make sure the whole thing is working correctly. We're able to give benefits, value, to both the traveler and enable our suppliers to have an opportunity to give types of benefits, so they'll win that deal. These are things we need payments to do, and we're making great progress. I'm really happy to see that number up there, that 48% growth from last year.

然後我們必須建設的其他區域，比如景點，比如游樂設施部分，讓你從酒店到機場，或者從你家到機場，諸如此類，建設所有這些東西。當然，還有粘合劑、付款。這對於確保整個事情正常工作非常重要。我們能夠為旅行者提供好處和價值，並使我們的供應商有機會提供各種好處，這樣他們就會贏得這筆交易。這些都是我們需要付費才能完成的事情，而且我們正在取得巨大進展。我真的很高興看到這個數字比去年增長了 48%。

So all these elements are being worked on, but that is not what's producing the very good returns in Q2. Well, the flip side, that says look at all the potential future we have down the road, that's really encouraging to me. So I'm very happy where we are. I'm glad with the progress we're making, but it should not be misthought that this is the thing that's produced Q2's numbers.

因此，所有這些因素都在研究中，但這並不是在第二季度產生非常好的回報的原因。嗯，另一方面，看看我們未來的所有潛在未來，這對我來說真的很鼓舞人心。所以我對我們所處的位置感到非常高興。我對我們所取得的進展感到高興，但不應誤認為這是產生第二季度數據的原因。

And David, I don't know if you want to talk about mobile app, anything there in terms of repeat?

大衛，我不知道你是否想談談移動應用程序，有什麼關於重複的事​​情嗎？

Yes. Thank you, I will. So go on, Doug, are you going to ask a question?

是的。謝謝你我會的。繼續，道格，你要問問題嗎？

No, go ahead, David.

不，繼續吧，大衛。

Thank you. So in terms of when you think about what's happening with the app, there are 3 ways that people can interact with us directly. They can come through the app. They can come to us directly on a desktop device, they can come to us directly on a mobile device. And out of those 3, not too surprisingly, the app is the stickiest channel in terms of the frequency and loyalty, as you mentioned, which is why, obviously, app is now a very high percentage of direct and has become an increasing percentage of direct, and we think that's a good thing. But relative to differences in frequency and loyalty, we're not in a position to get into those today, but it is definitely our best channel in terms of frequency and loyalty.

謝謝。因此，當您考慮應用程序發生的情況時，人們可以通過 3 種方式直接與我們互動。他們可以通過該應用程序來。他們可以直接在桌面設備上聯繫我們，也可以直接在移動設備上聯繫我們。正如您所提到的，在這3 個渠道中，就頻率和忠誠度而言，應用程序是最有粘性的渠道，這並不奇怪，這就是為什麼應用程序現在的直接比例非常高，並且已經成為越來越多的直接渠道。直接，我們認為這是一件好事。但相對於頻率和忠誠度的差異，我們今天無法進入這些，但就頻率和忠誠度而言，它絕對是我們最好的渠道。

And Doug, one other thing I want to add to this is the importance of the app and the Connected Trip. It's one of the important parts along with the other ones because one of the things that we really believe is important when you're traveling is to get advice, deals, all sorts of things that you want to have your travel agent in your pocket. Well, in your phone, that is the travel agent in the pocket. And then you throw on top of this all the gen AI stuff, all of that. There's some real potential opportunities down the road that when people are traveling, they're going to have a much better experience than they have had in the past, and that's what I'm looking forward down the road.

道格，我想補充的另一件事是應用程序和互聯旅行的重要性。它是與其他部分一樣重要的部分之一，因為我們真正認為在您旅行時最重要的事情之一就是獲得建議、優惠以及您希望旅行社提供的各種東西。好吧，在你的手機裡，那就是口袋裡的旅行社。然後你把所有的人工智能的東西都放在上面。未來存在一些真正的潛在機會，當人們旅行時，他們將獲得比過去更好的體驗，這就是我對未來的期待。

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

你的下一個問題來自德意志銀行的李·霍洛維茨（Lee Horowitz）。

Your direct booking mix improvement remains impressive. I guess, for starters, can you help us unpack what drove the acceleration in mix towards direct in the quarter? Something specific on your end that you guys are doing that drove that improvement quarter-on-quarter? And how should we take that being replicated going forward?

您的直接預訂組合改進仍然令人印象深刻。我想，首先，您能幫助我們解釋是什麼推動了本季度混合加速的直接發展嗎？你們正在做的哪些具體事情推動了季度環比的改善？我們應該如何看待這種被複製的情況？

And then secondly, are we getting to a point where direct mix may fully offset your growth into lower-margin businesses and thus, over time, allow you to actually walk margins back towards 2019 levels? Just any commentary there in terms of direct mix and margins over time would be helpful.

其次，我們是否已經到了這樣一個階段：直接混合可能會完全抵消您向低利潤業務的增長，從而隨著時間的推移，讓您的利潤率真正回到 2019 年的水平？只要對直接組合和利潤隨時間變化的任何評論都會有所幫助。

Lee, I'll let David talk about -- whether or not he wants to talk about where the margins may go with that, but I'll talk just in general why do we continue quarter-after-quarter, it seems to be, improving our direct mix. And I believe the reason is because people like the product. That's the thing that helps. They've used it, and they decided to come back because we're giving the best prices, we have the most selection, the greatest selection. We're making it easier for them to do it. And we're providing great customer service. If something goes wrong, we fix it.

李，我會讓大衛談談——無論他是否想談談利潤率可能會隨之變化，但我會一般性地談談為什麼我們會一個又一個季度地繼續下去，似乎是，改善我們的直接組合。我相信原因是因為人們喜歡這個產品。這就是有幫助的事情。他們已經使用過它，並且決定回來，因為我們提供最優惠的價格，我們有最多的選擇。我們正在讓他們更容易做到這一點。我們正在提供優質的客戶服務。如果出現問題，我們會修復它。

The reason I use, and I'm not going to list some other retail -- online retailers, there are some big ones I use. I use it constantly. I do it because it's better. And in the end, that's what wins, this customer centricity. Come back with a better product, one the people believe and trust. It's the reason people are loyal to a brand. That's what we're building here. And I believe that's why we are slowly, incrementally building out that direct mix. I think that's the biggest thing for me.

我使用的原因，我不會列出其他一些零售 - 在線零售商，我使用了一些大型零售商。我經常使用它。我這樣做是因為它更好。最終，這就是勝利，即以客戶為中心。帶著更好的、人們相信和信任的產品回來。這就是人們對品牌忠誠的原因。這就是我們在這裡建造的。我相信這就是為什麼我們正在緩慢地、逐步地​​建立這種直接混合。我認為這對我來說是最重要的事情。

David, you can add if you want to add anything to that? And also, I'm not sure what you want to talk about in terms of margins where people come direct and what that may do in the long run to our margin profile, EBITDA margin profile.

大衛，如果您想添加任何內容，可以添加嗎？而且，我不確定你想談論人們直接接觸的利潤率，以及從長遠來看這可能對我們的利潤率、EBITDA 利潤率產生什麼影響。

Yes. Lee, we obviously got mix, it's very helpful for the business. And of course, we're talking about here really direct mix, our accommodations business is kind of our core business. And we've mentioned before that we believe that we can continue to improve margins a little bit from where they were in 2023, but we're not trying to walk them all the way back to where they were in 2019. We all have significant businesses that are lower-margin businesses than we had in 2019 when we have a large supplies business, we're moving towards having a large payments business. So direct mix can obviously offset some of the pressure in the business. But don't expect us to walk our margins back to 2019. That's not what we've talked about gaining share, but we do believe it's one of the factors that can lead us to have continued improvement from where we are now.

是的。 Lee，我們顯然進行了混合，這對業務非常有幫助。當然，我們在這裡談論的是真正的直接混合，我們的住宿業務是我們的核心業務。我們之前提到過，我們相信我們可以繼續在 2023 年的基礎上稍微提高利潤率，但我們並不是試圖讓它們一路回到 2019 年的水平。與2019 年相比，我們擁有大型供應業務時利潤率較低的業務，我們正在轉向擁有大型支付業務。所以直接混合顯然可以抵消部分業務壓力。但不要指望我們的利潤率會回到 2019 年。這不是我們所說的獲得市場份額的原因，但我們確實相信這是可以使我們在目前基礎上持續改進的因素之一。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

你的下一個問題來自高盛的埃里克·謝里丹（Eric Sheridan）。

Maybe against your broader long-term goals for growth that you called out earlier in your comments, would love to get any update about how you're feeling about supply growth with respect to shared accommodations and/or local experiences against continuing to diversify supply and build out more elements of the Connected Trip. And how do those factor in as elements of investment beyond 2023, looking out into next year?

也許與您之前在評論中提出的更廣泛的長期增長目標相比，您希望了解您對共享住宿和/或當地體驗方面的供應增長有何看法，反對繼續實現供應多元化和構建更多互聯旅行元素。展望明年，這些因素如何作為 2023 年以後的投資要素納入考慮？

Eric, so the important thing is always priorities. What's the most important thing? And we've mentioned numerous times in terms of our alternative accommodations how important it is to continue to build out the supply there. We have a large number of listings. That's true. I've talked about many times, though, you have to have the right type of listing in the right locations. And we talked in the past, and it's not done yet, in the U.S., getting the right accommodations in the right places so that when we will come, they have something to buy. That's very important. That's a top priority.

埃里克，所以重要的事情永遠是優先事項。最重要的是什麼？我們已經多次提到我們的替代住宿，繼續在那裡增加供應是多麼重要。我們有大量的清單。這是真的。不過，我已經多次談到，您必須在正確的位置擁有正確的列表類型。我們過去談過，而且還沒有完成，在美國，在正確的地方提供正確的住宿，這樣當我們來的時候，他們就有東西可以買。這非常重要。這是當務之急。

When you ship down to something like attractions, not as important right now. It's important, but it's not as high a priority as getting alternative accommodation. That's one of the most critical things is making sure we're spending the time, energy, effort and money in the places that are giving us the best return. We have good attractions from third-party connections. We have the key ones. And someday, it will be important to build out further along that. But for right now, for this year and next year, I want to make sure that we're going to have the bigger bang for the buck, which is making sure we have the right number and the right types of alternative accommodations on our platform.

當你運送到景點之類的地方時，現在就不那麼重要了。這很重要，但並不像獲得替代住宿那麼重要。最關鍵的事情之一是確保我們將時間、精力、精力和金錢花在能給我們帶來最佳回報的地方。我們有來自第三方關係的良好吸引力。我們有關鍵的。有一天，沿著這個方向進一步發展將很重要。但就目前而言，今年和明年，我想確保我們能夠物有所值，確保我們的平台上有正確數量和正確類型的替代住宿。

Your next question comes from the line of Jed Kelly with Oppenheimer.

你的下一個問題來自傑德·凱利和奧本海默的對話。

Great. Just going back to the U.S. business, you highlighted mid-single-digit growth in the U.S. Can you talk about how that's trending relative to your competitors? And that number, does that capture the amount of Americans traveling over to Europe? Or is that included in your European room nights?

偉大的。回到美國業務，您強調了美國的中個位數增長。您能談談相對於競爭對手的趨勢嗎？這個數字是否反映了前往歐洲旅行的美國人的數量？或者這是否包含在您的歐洲房晚中？

David, I'll let you go on both those. I mean, I'm not sure what you want to talk about in terms of us versus competitors or not.

大衛，我會讓你繼續這兩件事。我的意思是，我不確定您是否想談論我們與競爭對手的哪些內容。

Yes. Let me clarify. First of all, when we talk about these regions on a geography basis, we're talking about on a bookings basis. So yes, Jed, it does capture bookings being made by U.S. travelers, including those that are moving overseas, which is one of the reasons why we're getting growth. We mentioned that we're back to a mid-single-digit growth in July in the U.S. after seeing a very, very small decline in growth in Q2. And actually, that was really just April and May. By the time we got to June, we were back to growth as well. And then that April and May comparison related to the really strong rebound we saw, particularly in those months, when the old player was declared in Omicron last year. So we got a little bit of a funky comparison on that. So I think we're doing well in the marketplace.

是的。讓我澄清一下。首先，當我們在地理基礎上談論這些地區時，我們談論的是預訂量。所以，是的，傑德，它確實捕獲了美國旅行者的預訂，包括那些移居海外的旅行者，這是我們實現增長的原因之一。我們提到，在第二季度增長出現非常非常小的下滑之後，美國 7 月份的增長又回到了中個位數增長。事實上，那隻是四月和五月。到了六月，我們也恢復了增長。然後，四月和五月的比較與我們看到的真正強勁的反彈有關，特別是在去年宣布老球員加入 Omicron 的那幾個月。所以我們對此進行了一些有趣的比較。所以我認為我們在市場上做得很好。

It's too early to kind of call how we see us doing any against the market for a single quarter. We like to kind of look at that on a longer-term basis and look at how the year pans out. I would just point out that relative to the market, we mentioned in July, over 30% growth in the U.S. versus 2019, that is significantly well ahead of any market data points. Market is perhaps closer to breakeven, maybe slightly positive compared to 2019. We're up 30%. So we tend to look at it over a longer period of time. And we'll have a better view on exactly how we're doing in the U.S. relative to the market as the year develops and as the year ends. As Glenn mentioned, we're pleased with many of our programs there. We also know there's a lot of upside for us to continue to push more into the U.S. marketplace.

現在判斷我們在一個季度內對市場的表現如何還為時過早。我們喜歡從更長遠的角度來看待這個問題，看看這一年的表現如何。我只想指出，相對於市場，我們在 7 月份提到，美國的增長率與 2019 年相比超過 30%，這遠遠領先於任何市場數據點。與 2019 年相比，市場可能更接近盈虧平衡，可能略有積極。我們上漲了 30%。所以我們傾向於用更長的時間來看待它。隨著時間的推移和年底，我們將更好地了解我們在美國相對於市場的表現。正如格倫提到的，我們對那裡的許多項目感到滿意。我們還知道，繼續加大力度進軍美國市場有很多好處。

Your next question comes from the line of Alex Brignall with Redburn.

你的下一個問題來自 Alex Brignall 和 Redburn 的對話。

I just have one on the full year guidance. Obviously, the big change there is the revenue divided by growth being up only 0.2% year-on-year. So could you just talk a little bit about how that will map out next year? Obviously, pulling forward some bookings brings forward the marketing and also, therefore, it has the impact on EBITDA. But can you talk about the longer-term dynamic? Presumably, that has no impact on 2024 and on the margin trajectory you see going forward.

我只有一個關於全年指導的信息。顯然，最大的變化是收入除以增長率同比僅增長了0.2%。那麼您能簡單談談明年的計劃嗎？顯然，提前一些預訂會帶來營銷提前，因此也會對 EBITDA 產生影響。但您能談談長期動態嗎？據推測，這對 2024 年以及您未來看到的利潤軌跡沒有影響。

Yes, Alex, let me take that. So yes, as we called out in the prepared remarks, there are 2 factors that are causing us to take the guidance of take rates, just call our number down a little bit from where we were before. And actually, both are kind of what I'll call good things happening within the business. So the first is that the business is growing faster and the booking window has elongated compared to where we thought we'd be this year, which means that we're not going to get all the benefit from timing recovery this year, some of that timing recovery will be delayed into next year. So that, we should get back as a positive, that piece of the reduction we'll get back as positive next year.

是的，亞歷克斯，讓我接受。所以，是的，正如我們在準備好的發言中指出的那樣，有兩個因素導致我們採取採用率的指導，只需將我們的數字比之前的水平稍微降低一點即可。事實上，這兩者都是我所說的企業內部發生的好事。因此，第一是業務增長速度更快，預訂窗口比我們今年預期的情況更長，這意味著我們不會從今年的時機復甦中獲得所有好處，其中一些恢復時間將推遲到明年。因此，我們應該以積極的態度恢復，明年我們將恢復積極的那部分削減。

The fact that flight is growing faster than we expect is also putting a little bit of pressure on margin. But as Glenn said, that's a good thing as well because we are building out more capabilities and more opportunities to work with our customers across connected transactions. So those are the 2 main dynamics, one of which we will get back in terms of the timing recovery, which we thought would happen this year will now happen more likely over 2 years.

航班增長速度快於我們的預期這一事實也給利潤率帶來了一些壓力。但正如格倫所說，這也是一件好事，因為我們正在構建更多能力和更多機會，在關聯交易中與客戶合作。這些就是兩個主要動態，其中之一我們將在時間恢復方面得到體現，我們原以為今年會發生，現在更有可能在兩年內發生。

Okay. That's really helpful, David. As a follow-up, One of the things that's obviously changed is that some of your marketing dollars which come below the revenue line have turned into merchandising dollars above the revenue line. And so it seems really like that revenue line is very, very hard to model. If we were to think of things in terms of EBITDA divided by gross bookings, is there any meaningful reason why your core business or the accommodation business outside of payments and flights and all of the sort of businesses that dilute that bigger, should not see a return to pre-COVID profitability, if not improvement, if you increase direct mix? So if I just think accommodation EBITDA divided by gross bookings, is there any reason why that should be less profitable in the future than it was before COVID?

好的。這真的很有幫助，大衛。作為後續行動，明顯變化的一件事是，您的一些低於收入線的營銷資金已轉變為高於收入線的營銷資金。因此，這條收入線似乎真的非常非常難以建模。如果我們用 EBITDA 除以總預訂量來考慮問題，是否有任何有意義的理由說明為什麼您的核心業務或支付和航班之外的住宿業務以及所有稀釋更大規模的業務不應看到如果增加直接組合，即使沒有改善，也能恢復到疫情前的盈利能力嗎？因此，如果我只考慮住宿 EBITDA 除以總預訂量，是否有任何理由說明未來的利潤會比新冠疫情之前更低？

That's obviously a different way of looking at the EBITDA margins than we do. But you're right, obviously, some of the contra revenue because of merchandising impacting the revenue line. The direct mix will obviously help overcome pressures in the accommodation business. Obviously, things like alternatives becoming slightly bigger, seeing Asia becoming slightly bigger. So I think when we've talked about the long-term model for the business, assume that the core accommodations business can get back to in the rough region where it was 2019-ish, and then the impact on EBITDA margins in the overall business will be driven by the mix of some of the newer businesses that will become quite large in terms of particularly payments and flights, neither which were a major factor in 2019.

顯然，這與我們看待 EBITDA 利潤率的方式不同。但你是對的，顯然，由於商品推銷影響了收入線，所以產生了一些對銷收入。直接混合顯然將有助於克服住宿業務的壓力。顯然，像替代品這樣的事情變得稍微更大，看到亞洲變得稍微更大。因此，我認為，當我們討論業務的長期模式時，假設核心住宿業務可以回到 2019 年左右的粗糙地區，然後對整體業務 EBITDA 利潤率的影響一些新業務的混合將推動這些業務的發展，特別是在支付和航班方面，這些業務將變得相當大，而這兩者都不是2019 年的主要因素。

What I would point to, I'm going to step back further and say what we've committed to for our long-term model, which I think is very important, compared to 2019 is we have a business that is larger on the top line and the bottom line and growing faster on the top line and the bottom line than it did in 2019. And that, I think, is the overall commitment that we've made, that we're very committed to stick to, that I think will help drive our thinking about the overall model.

我想說的是，我將退後一步，說說我們對長期模式的承諾，我認為這非常重要，與 2019 年相比，我們的業務規模更大線和利潤，並且收入和利潤的增長速度比2019 年更快。我認為，這是我們做出的總體承諾，我們非常致力於堅持，我think 將有助於推動我們對整體模型的思考。

So I guess it's crucial to think of the additional businesses as incremental to your core business.

因此，我認為將額外業務視為核心業務的增量至關重要。

That's the best way to think about building the model out to look at our future EBITDA, yes.

是的，這是考慮構建模型來了解我們未來 EBITDA 的最佳方式。

Your next question comes from the line of Ron Josey with Citigroup.

你的下一個問題來自花旗集團的 Ron Josey。

Really helpful to hear all the stats and see everything go as well this quarter. Glenn, I wanted to take you back maybe a year ago, we talked about growing bookings share of annual spend per customer. And as we see direct bookings increases, the Connected Trip rise, AI Trip Planner launch, just talk to us about the progress of just gaining share of that annual spend per customer. Any updated goals there?

聽到所有統計數據並看到本季度一切進展順利確實很有幫助。格倫，我想帶你回到一年前，我們討論過增加每位客戶年度支出中的預訂份額。當我們看到直接預訂的增加、互聯旅行的增加、人工智能旅行規劃器的推出時，請與我們談談在每位客戶的年度支出中獲得份額的進展。有更新的目標嗎？

So Ron, let me try and understand the question. You're saying the annual spend per customer, is that right?

那麼羅恩，讓我嘗試理解這個問題。您是說每個客戶的年度支出，對嗎？

So percentage share of travel spend, yes. I think we talked about getting to like 25% a year ago or something.

所以旅行支出的百分比，是的。我想我們一年前就討論過要達到 25% 之類的。

Yes, right. So clearly, part of the issue is that our customers -- and I'm happy about this -- they don't always use us. Sometimes they use a competitor. And we see that. We see that unfortunately more than I'd like. Part of it is not having a product that they want, that's one thing, which we're building out as we talked to a little bit about. And the other thing is possibly things that there's -- when they go, for example, internationally, they'll go for this brand; and by domestic over that one.

是的，沒錯。很明顯，部分問題在於我們的客戶——我對此感到高興——他們並不總是使用我們。有時他們會利用競爭對手。我們看到了這一點。不幸的是，我們看到的比我想要的還要多。部分原因是沒有他們想要的產品，這是一件事，我們在討論時正在構建這一點。另一件事可能是——例如，當他們走向國際時，他們會選擇這個品牌；並通過國內的那個。

The key thing for us is to develop that loyalty that the reason that somebody really thinks that they will come to us for any travel will come to us. So part of it is bring all this together with the Connected Trip, bringing it all together with payments, developing -- the more we learn about the customer, with their permission, of course, and then providing them with what they may want more than anyone else, so that they will always come back to us for all this.

對我們來說，關鍵是培養忠誠度，讓人們真正認為他們會來找我們進行任何旅行的原因就會來到我們這裡。因此，其中一部分是將所有這些與互聯旅行結合在一起，將所有這些與支付結合在一起，開發——當然，在他們的許可下，我們對客戶了解得越多，然後為他們提供他們可能想要的更多東西其他任何人，這樣他們總會因為這一切而回到我們身邊。

What do I believe in the end it could be, do I believe that in the end we could have all customers all the time? Of course not. But I hope that we can continue to improve this substantially in the long run. And we'll see that as we get to finish off some of these areas that we're still building out, things like making sure we have enough of those alternative accommodations, when people say we want it, we already have one, things like making sure that we have the payment product that they want to use, a payment system that -- many things around the world we've talked about, they don't use Visa card. They don't use Mastercard. They don't use American Express. They got other ways they want to pay. Making sure we have that payment for them, so that kind of traveler customer feels comfortable using us. And I can go on and on and on with many other things. That's what we need to do. How high do I think it can be? I'm not going to guess at it. But just know it could be substantially better than we are right now.

我相信最終會是什麼？我相信最終我們可以一直擁有所有客戶嗎？當然不是。但我希望從長遠來看，我們能夠繼續大幅改進這一點。我們會看到，當我們完成一些我們仍在建設的領域時，比如確保我們有足夠的替代住宿，當人們說我們想要它時，我們已經有了一個，比如確保我們擁有他們想要使用的支付產品，一個我們已經討論過的世界各地的支付系統，他們不使用Visa 卡。他們不使用萬事達卡。他們不使用美國運通卡。他們有其他想要的支付方式。確保我們為他們支付這筆費用，以便這類旅行者在使用我們時感到放心。我還可以繼續做很多其他的事情。這就是我們需要做的。我認為可以有多高？我不會猜測它。但要知道它可能比我們現在的情況要好得多。

Your next question comes from the line of Scott Devitt with Wedbush.

你的下一個問題來自斯科特·德維特（Scott Devitt）和韋德布什（Wedbush）的對話。

I had 2, please. The first one, I'm just wondering, Glenn, in terms of -- anything you can speak to in terms of shift in travel trends. There's been a lot of discussion around shoulder month travel, April, May, August, September because of remote work and elevated prices. When I hear you guys talk about the months, I don't necessarily see that in what you're saying, but it may be related to comps. I'd just love to hear your perspective on shoulder month travel first.

我有2個，拜託。第一個，我只是想知道，格倫，就旅遊趨勢的轉變而言，你可以談論的任何事情。由於遠程工作和價格上漲，關於四月、五月、八月、九月的平月旅行有很多討論。當我聽到你們談論月份時，我不一定在你們所說的內容中看到這一點，但它可能與比較有關。我很想先聽聽您對肩月旅行的看法。

And then secondly, now that there's a new loyalty program in the market, I was just wondering on your thoughts on Genius and how you're thinking of the current offering relative to competing programs now in the market?

其次，現在市場上有一個新的忠誠度計劃，我只是想知道您對 Genius 的看法，以及您如何看待當前產品與市場上現有競爭計劃的關係？

Sure. So yes, it used to be easy. There's a shoulder, there was a peak and life was easy to understand, and that's how it used to be, and it's not like that at all. And boy, are things confusing right now when you have Omicron circling the world. In some areas it's hitting, and then a year later, that's the area to comp against. So it gets very, very confusing. As David was pointing out in the numbers how something could look something, but actually it's much more understandable, oh, they had COVID in that area last year or they just opened up last year.

當然。所以是的，這曾經很容易。有肩膀，有高峰，生活很容易理解，過去就是這樣，現在完全不是這樣了。天哪，當 Omicron 環繞世界時，現在的事情是不是很混亂。在某些領域它正在受到衝擊，然後一年後，這就是需要比較的領域。所以它變得非常非常混亂。正如大衛在數字中指出的那樣，有些東西看起來可能有些東西，但實際上更容易理解，哦，他們去年在那個地區出現了新冠病毒，或者他們去年剛剛開業。

Here's the thing, I hope that next year, things have turned back to a more normalized ease of understanding of what the seasonality of travel is. However, there's a new thing that's come in, and that is the idea of people not going to offices as much and then they're also traveling more. So they're using this Monday and Friday where they're traveling more for these longer weekends, et cetera, or perhaps a whole week, et cetera. And I think that's going to make a more -- it gives me more uncertainty see what that is.

事情是這樣的，我希望明年，事情會恢復到更正常化的狀態，更容易理解旅行的季節性。然而，出現了一種新現象，那就是人們不再那麼頻繁地去辦公室，然後他們也更多地出差。因此，他們利用周一和周五的時間進行更多的旅行，以度過較長的周末等，或者可能整整一周等。我認為這會讓我更加不確定到底是什麼。

What they may end up doing is evening out travel throughout the year more where people are able to use time in areas that used to be shoulder season, but now people are using more, which help spread out the travel more. I don't know. But we'll find out. That's why the -- I can't change any of that. So I'm not going to worry about it too much. What we use in the near term is what signals we see in terms of how much we should spend on marketing or not. And in the long run, what we hope is to continue to improve the products because that's the way in the long run to win. That's how we do it.

他們最終可能會做的是全年更多地晚上外出旅行，人們可以在過去是平季的地區利用時間，但現在人們使用更多的時間，這有助於更分散旅行。我不知道。但我們會發現的。這就是為什麼——我無法改變這一切。所以我不會太擔心它。我們近期使用的是我們看到的關於我們應該在營銷上花多少錢的信號。從長遠來看，我們希望繼續改進產品，因為從長遠來看，這是製勝之道。我們就是這樣做的。

I'm sure lots of you are going to have lots of guesses about what the seasonality trends are going to be for the next couple of years globally. I'm not going to try and do that. You had another question, I believe, I forgot it, though.

我相信你們很多人都會對未來幾年全球的季節性趨勢有很多猜測。我不會嘗試這樣做。我相信你還有另一個問題，不過我忘了。

Just Genius and your thoughts on Genius for the competing product now in the market.

只是 Genius 以及您對目前市場上的競爭產品 Genius 的看法。

Yes. So going all the way back to when American Airlines came out with their first loyalty plan. I'm actually old enough to remember. I actually joined it. All the way to now, there are lots of different loyalty plans for all different things and beyond travel, for sure. And that another company comes out with a new one, whatever, that's nice, interesting, but the truth is I love what we're doing on Genius. I think it's a great product, and we're going to do even more with it.

是的。追溯到美國航空推出第一個忠誠度計劃時。其實我已經長大了，還記得。我確實加入了。到目前為止，除了旅行之外，除了旅行之外，還有很多不同的忠誠度計劃。另一家公司推出了一款新產品，無論如何，這很好，很有趣，但事實是我喜歡我們在 Genius 上所做的事情。我認為這是一個很棒的產品，我們將用它做更多的事情。

One of the things that's really wonderful about is that we use it with our partners together in a way to give benefit to both of us, making sure that it is actually incrementally improving what's good for that partner, along with, of course, being also good for our customer traveler. Doing that is the way any type of loyalty program should really work. And that's something that I think we've done a good job with and continue doing.

真正美妙的事情之一是，我們與合作夥伴一起使用它，為我們雙方帶來好處，確保它實際上逐步改善對合作夥伴有利的東西，當然，對我們的旅客有好處。這才是任何類型的忠誠度計劃真正發揮作用的方式。我認為我們在這方面做得很好，並將繼續做下去。

Now what we need to do is gain on more benefits that enables the supplier to give more opportunity to merchandise and give things that will be good for the traveler, so they can win that actual transaction. And that's something we're going to continue to do. We've talked about how we've improved it from where it just started out, and now we're up to 3 tiers. And there are lots of things down the road that we'll add on as we continue to develop the Connected Trip that will give us opportunity to give more benefit -- incremental benefits to both sides.

現在我們需要做的是獲得更多的利益，使供應商能夠提供更多的商品機會，並提供對旅行者有利的東西，這樣他們就可以贏得實際的交易。這就是我們將繼續做的事情。我們已經討論瞭如何從剛開始的地方改進它，現在我們已經達到了 3 層。隨著我們繼續開發互聯旅行，我們將在未來添加很多東西，這將使我們有機會提供更多利益——為雙方帶來增量利益。

I really don't worry too much about what somebody else is doing, I'm more concerned in making sure we're executing right on the things that's important for our customers who are both the travelers and the suppliers.

我真的不太擔心別人在做什麼，我更關心的是確保我們正確執行對我們的客戶（既是旅行者又是供應商）重要的事情。

I will now turn the call back over to Glenn Fogel for closing remarks.

現在，我將把電話轉回給格倫·福格爾（Glenn Fogel）做總結髮言。

Well, I'd like to thank everybody for participating. We are very, very pleased with the results we had. So I want to thank the partners, of course, our customers, our dedicated employees and, of course, our shareholders. We appreciate everybody's support as we continue to build on the long-term vision for our company. Thank you very much, and good night.

嗯，我要感謝大家的參與。我們對所取得的結果非常非常滿意。所以我要感謝合作夥伴，當然還有我們的客戶、我們敬業的員工，當然還有我們的股東。在我們繼續實現公司的長期願景的過程中，我們感謝大家的支持。非常感謝，晚安。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Goodbye.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連接。再見。