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 年第二季財報電話會議。

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特此提醒各位，本次電話會議可能包含前瞻性陳述，這些陳述係根據1995年《私人證券訴訟改革法案》的安全港條款作出。這些前瞻性陳述並非對未來績效的保證，且受制於某些難以預測的風險、不確定性和假設。因此，實際結果可能與此類前瞻性陳述中明示、暗示或預測的內容有重大差異。對未來目標或預期以及反映歷史事實以外的類似表述旨在識別前瞻性陳述。有關可能導致Booking Holdings實際業績與前瞻性陳述中所述業績存在重大差異的因素列表，請參閱Booking Holdings盈利新聞稿末尾的安全港聲明以及Booking Holdings向美國證券交易委員會提交的最新文件。除非法律要求，Booking Holdings不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。

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 的獲利新聞稿及其隨附的財務和統計補充資料可在 Booking Holdings 網站 www.bookingholdings.com 的投資者關係部分查閱。

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

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

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

謝謝各位，歡迎參加Booking Holdings第二季財報電話會議。今天下午與我一同出席的還有我們的財務長大衛古爾登。

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.

我很高興地宣布，第二季休閒旅遊需求持續強勁，這推動了我們今天公佈的亮眼業績。第二季預訂客房夜數達到2.68億間夜，較去年成長9%；總預訂金額達397億美元，較去年同期成長15%，創歷史新高。由於市場需求旺盛，客房夜數和總預訂金額都超出我們先前的預期。

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%.

第二季營收成長27%，遠超預期。強勁的營收表現，加上優於預期的行銷效率，推動第二季調整後EBITDA達到約18億美元，較去年同期成長64%，並顯著高於我們先前約35%的成長預期。

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月的情況來看，與第二季9%的成長率相比，客房夜數較去年同期成長速度加快。我們估計7月份客房夜數年增約20%，這得益於與2022年7月相比更容易進行比較。

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.

整體而言，我們對上半年的強勁業績感到非常滿意，這得益於整體旅遊需求的持續強勁和韌性。年初的穩健開局，加上我們目前預計第三季夏季旅遊旺季將創歷史新高，使我們對全年前景更加樂觀，David 將在發言中詳細闡述這一點。

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.

儘管短期績效和前景令人鼓舞，但我們仍專注於對公司長期發展至關重要的事項，這意味著在保持成本控制的同時，進行必要的投資以增強和發展我們的企業。我們看到幾項重要措施正在取得進展並保持良好勢頭，這將有助於我們長期鞏固業務。這些舉措包括推動我們的「互聯旅行」願景，進一步將人工智慧技術融入我們的產品和服務，持續拓展多元化住宿選擇，以及與旅遊預訂者建立更直接的聯繫。

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.

首先是「互聯旅行」。這是我們的長期願景，旨在讓旅遊預訂和體驗更加便利、個人化和愉悅，同時為我們的旅客客戶和供應商合作夥伴創造更大價值。需要明確的是，這並非未來某個時候推出的獨立產品，而是Booking.com為使用者體驗和使用Booking.com所做的實質改進。

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，這將使我們離長期願景更近一步。更重要的是，這種方法使我們能夠在建構未來願景的同時，也享受各種益處。我們相信，目前的旅行體驗遠比應有的複雜、碎片化且令旅客感到沮喪，而最終，我們的「互聯旅行」願景將透過技術手段極大地改善這一現狀。

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.

從旅遊市場的另一方來看，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，因為它將為他們提供更多個人化和推廣產品的機會。我們正在不斷完善「互聯旅行」的願景，還有很多工作要做，但我們對目前的進展感到滿意，並期望最終能夠提升客戶和供應商對我們平台的參與度。

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.

我們始終將人工智慧技術視為互聯旅行的核心。公司一直致力於投資人工智慧技術，並將其融入我們的平台，以優化與旅客和合作夥伴的互動。我們相信，憑藉我們強大的人工智慧專家團隊以及多年來廣泛應用人工智慧所累積的寶貴經驗，我們在這一領域擁有得天獨厚的優勢。

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.

除了我們平台上目前人工智慧的眾多應用之外，我們相信，如果我們利用人工智慧技術提供更個人化的預訂體驗，打造更能響應預訂者需求並幫助他們管理旅行各個方面的互聯旅行，我們就能為預訂者建立更具吸引力和差異化的產品。

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.

生成式人工智慧可能在為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融入我們的產品和服務中。

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，Priceline在7月初發布了2023夏季版本，其中包含40多項新的預訂工具和升級，包括Penny。 Penny是Priceline的生成式人工智慧旅行助理。目前，Priceline已將Penny置於結帳頁面的末端，以便解答客戶在結帳時可能遇到的旅遊相關問題。 Penny基於Priceline自主研發的技術和數據，並利用大型語言模式技術增強其對話功能。這些技術的結合實現了許多創新，例如可以直接在聊天介面進行預訂。隨著Penny與客戶的持續互動，Priceline團隊正在迅速了解預訂者的問題、擔憂和行為。 Priceline計劃運用這些寶貴的經驗，不斷改進Penny的功能。

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.

在 Priceline 夏季新品發布前後，Booking.com 也推出了自己的 AI 旅行規劃器，並率先在美國面向 Genius 會員的行動應用程式上推出。與 Penny 不同，AI 旅行規劃器位於使用者搜尋和規劃行程流程的前端。它基於 Booking.com 現有的機器學習模型構建，這些模型每天為平台上的數百萬用戶推薦住宿選項。此外，AI 旅行規劃器也部分採用了大型語言模型技術，旨在為使用者打造對話式的旅行規劃體驗。 AI 旅行規劃器透過提供豐富的目的地和房源清單（包括 Booking.com 的即時價格資訊）以及可查看更多詳細資訊的深度鏈接，顯著提升了旅行規劃的便利性。在 AI 旅行規劃器的聊天介面中，使用者可以點擊任何有興趣的推薦住宿，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.

我們方法的關鍵在於將我們自主研發的數據和機器學習模型與生成式人工智慧技術結合。這使我們能夠為旅客提供對話式介面，同時利用我們自主研發的推薦引擎，提供準確、詳細且即時的飯店推薦資訊。與 Priceline 一樣，Booking.com 團隊也已從與預訂者的互動中獲得了寶貴的洞察，儘管行程規劃器目前仍處於測試階段，推廣範圍也相對有限。

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 的這些新進展感到興奮，但當然，現在還處於非常早期的階段，我們還有很多需要了解的地方，才能知道客戶最終會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，我們在上個季度提到OpenTable和Kayak正在試驗人工智慧插件，我們將繼續審視公司各個方面，確保充分利用人工智慧帶來的效率提升。憑藉我們在人工智慧領域多年的經驗、豐富的旅遊相關數據、與供應商的緊密聯繫以及雄厚的人力和財力，我們對公司從人工智慧發展中獲益並改進產品以更好地服務客戶的能力充滿信心。

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.

在我們的各項業務中，我們擁有兩類同等重要的客戶：旅行者和供應商合作夥伴，他們分別代表了我們市場的兩端。對於供應商合作夥伴，我們致力於成為平台上所有住宿類型值得信賴且極具價值的合作夥伴，並透過增加需求、開發產品和功能來提升合作夥伴的價值，從而助力他們的業務發展。

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，我們持續關注Booking.com上的多元化住宿產品。第二季度，多元化住宿客房夜數年增約11%，增幅超過傳統飯店類別，約佔Booking.com總客房夜數的34%，比2022年第二季高出2個百分點。這是我們總客房夜數佔比的歷史新高。

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替代住宿供應量持續成長，截至第二季末，全球房源數量達到約700萬，比去年同期成長約8%。我們將繼續努力，為我們的供應商合作夥伴和旅行者（尤其是在美國）改進產品，以鞏固這一進展。

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.

對於我們的旅客，我們始終致力於打造更優質的體驗，從而提升旅客忠誠度、預訂頻率、消費額以及與旅客的直接聯繫。第二季度，透過我們平台直接預訂的客戶比例持續年增。行動應用程式的直接預訂量非常高，這是一個重要的平台，因為它讓我們有更多機會與旅客直接互動，我們相信這將有助於提升旅客忠誠度。第二季度，約48%的客房預訂量是透過我們的應用程式完成的，比2022年第二季度高出約6個百分點，與第一季度相比，這一比例的轉變速度加快，並且創下了行動應用程式預訂比例的歷史新高。我們將繼續努力提升應用程式體驗，以鞏固我們近期的成功。

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.

總而言之，我對今年迄今為止強勁的旅遊需求以及我們預期將創紀錄的夏季旅遊旺季的種種跡象感到鼓舞。我們的團隊持續創新，並出色地執行各項關鍵策略重點，這有助於我們為業務的長期發展奠定堅實的基礎。我們將繼續致力於為客戶——包括我們的供應商合作夥伴和旅客——提供更優質的產品和服務體驗。我們對旅遊業的長期成長以及公司未來的發展機會充滿信心。

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

現在我將把電話轉交給我們的財務長大衛·戈爾德。

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.

謝謝格倫，下午好。我將回顧我們第二季的業績，並展望第三季和全年的業績。除非另有說明，且所有2023年的成長率均為年比數據。我們會在必要時提及2019年的可比較期間數據。有關非GAAP績效與GAAP績效的調節訊息，請參閱我們的獲利報告。財報電話會議結束後，我們將把準備好的發言稿發佈在Booking Holdings投資者關係網站上。

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.

現在來看我們第二季的業績。由於去年第二季Omicron活動後旅遊業強勁反彈，導致第二季同比基數較高，但我們欣喜地看到第二季客房夜數成長了9%，比預期高出幾個百分點。

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.

從第二季各地區的年比客房夜數成長來看，亞洲成長超過40%。世界其他地區成長略低於兩位數，歐洲成長幾個百分點，而美國略有下降。值得注意的是，由於Omicron專案帶來的反彈，美國去年第二季表現非常強勁，且高於2019年第一季及第三季。

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 年同期相比，我們第二季的全球客房夜數增加了 26%，與第一季持平。第二季度，我們所有主要地區的成長率均與 2019 年同期基本持平。

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 年第一季相比，Booking.com 第二季的預訂窗口期進一步延長。與 2022 年相比，Booking.com 第二季的預訂窗口期也有所延長。

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 Glenn 所提到的，本季我們的行動應用程式佔總客房夜數的約 48%，比 2022 年第二季高出約 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.

我們看到，透過直銷管道預訂的客房夜數佔總客房夜數的比例持續成長。與2022年第二季相比，今年第二季透過直銷管道預訂的客房夜數佔總客房夜數的比例上升。

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，第二季我們的國際客房夜數佔比首次全面恢復至2019年水準。由於2022年第二季受惠於Omicron颶風後全球許多地區旅遊限制的放寬，新預訂量強勁復甦，因此我們第二季的取消率高於2022年第二季。不過，我們第二季的取消率仍低於2019年同期水準。

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%.

Booking.com 的替代住宿方面，第二季客房夜數年增約 11%，全球替代組合客房夜數佔比約 34%，高於 2022 年第二季的約 32%。與 2019 年相比，替代組合客房夜數成長約 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.

第二季總預訂量較去年同期成長15%，以固定匯率計算成長16%。總預訂量15%的增幅比客房夜數9%的增幅高出6個百分點，這主要得益於住宿平均房價（以固定匯率計算）上漲5%，以及機票預訂量增長幾個百分點，但部分被匯率波動帶來的1個百分點的負面影響所抵消。

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.

由於亞洲客房夜數佔比較高，而美國客房夜數佔比較低，我們的住宿固定匯率平均房價受到區域組合的負面影響。若不考慮區域組合，固定匯率平均房價年增約 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.

儘管第二季平均房價有所上漲，但我們並未觀察到飯店星級組成或入住時長發生變化，這表明消費者並未降低入住檔次。我們將繼續密切關注這些動態。

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

受 Booking.com 航班服務持續擴張的推動，第二季機票預訂量年增約 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.

第二季營收遠超預期，年增27%，以固定匯率計算成長約28%。第二季營收佔總預訂量的百分比比去年同期高出約130個基點，與預期相符。我們的住宿預訂率與2019年水準基本持平。

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.

行銷費用是一項波動性較大的支出項目，較去年同期成長4%。由於付費管道的投資報酬率提高以及直接業務佔比增加，行銷費用佔總預訂額的比例較2022年第二季下降約50個基點。效果行銷投資報酬率年增，部分原因是得益於我們持續致力於提高行銷支出的效率。

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.

第二季行銷和商品推廣費用佔總預訂金額的比例比去年同期下降了約60個基點，優於我們的預期。這主要得益於付費管道更高的投資報酬率，以及低於預期的商品推廣支出。商品推廣支出的下降是由於本季預訂窗口期比預期更長，導致部分商品推廣費用在確認收入時計入未來期間。

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.

銷售額及其他費用佔總預訂額的比例較去年同期成長約30個基點，略優於預期。 Booking.com第二季約48%的總預訂金額透過我們的支付平台完成，高於2022年第二季的約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.

我們的固定支出總額年增20%，低於預期，這主要是由於本季IT支出有所下降，其中部分IT支出延至下半年支出所致。我們將繼續謹慎管理固定支出。

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.

第二季調整後 EBITDA 為 18 億美元，年增 64%，以固定匯率計算則增幅達 70%。調整後 EBITDA 遠超預期，主要得益於營收成長強勁、行銷和銷售效率提升以及 IT 支出低於預期。與 2022 年第二季相比，調整後 EBITDA 利潤率提升約 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.

第二季非GAAP淨利為14億美元，非GAAP每股盈餘為37.62美元，較去年同期成長97%。第二季平均流通股數比2022年第二季下降9%，比2019年第二季下降15%。

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

以美國通用會計準則計算，本季我們的淨收入為 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.

接下來談談我們的現金和流動性狀況。由於2023年5月發行了19億美元的債券以及第二季產生的16億美元自由現金流，我們第二季末的現金和投資餘額為157億美元，高於第一季末的153億美元，但被我們本季完成的31億美元股票回購所抵銷。

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，占我們 2022 年底總股本的 5%。截至目前，回購額已從年初討論的 240 億美元降至 190 億美元。我們仍有信心在今年年初啟動該計畫後的四年內完成全部 240 億美元的股票回購目標，前提是旅遊業環境沒有出現重大下滑。

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.

接下來，我們來談談2023年第三季的展望。 7月份，我們的客房夜數年增約20%，高於第二季的9%。從主要地區來看，7月亞洲客房夜數成長約45%，全球其他地區成長超過20%，歐洲成長15%左右，美國成長個位數中段。與2019年同期相比，7月的客房夜數成長率與第二季的26%相近。美國是復甦最顯著的地區，年成長超過30%。

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.

我們對第三季的預測基於以下假設：客房夜數年增率將達到兩位數低段，但考慮到8月和9月去年同期基數較高，增速可能會有所放緩。您可能還記得，我們​​在2022年第三季的預測中指出，2022年7月客房夜數年增4%，8月和9月年增10%。此外，我們預計，由於上半年第三季的預訂窗口期延長，第三季剩餘月份的臨時預訂量將會減少。

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.

我們預計第三季總預訂量將年增率將比客房夜數增長快約7個百分點，這主要得益於航班預訂量的持續增長以及匯率波動帶來的正面影響。我們預計住宿業以固定匯率計算的平均房價將與2022年第三季基本持平，但區域結構變化可能會帶來一些壓力。

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.

我們預計第三季營收佔總預訂額的比例約為19%，略高於去年同期，這主要得益於今年上半年預訂窗口期延長帶來的正面影響，以及付款收入的增加。我們預計航班組合比例的提高和商品銷售支出的增加將部分抵消這些增長，其中部分商品銷售支出與我們年初收到的預訂有關。

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.

我們預計第三季行銷費用佔總預訂額的比例將低於去年同期。我們預計第三季行銷和商品銷售費用合計佔總預訂額的比例將略低於去年同期。

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.

我們預計第三季銷售額和其他費用佔總預訂額的百分比將比去年同期高出約 20 個基點，這主要是由於總預訂額組成更加多元化。

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.

我們預期第三季固定支出將年增約30%，主要原因是人員及相關費用增加、IT支出增加（包括第二季逐步實施的影響）以及一般及行政管理費用中的間接稅增加。固定支出較去年同期成長中包含約7個百分點的匯率變動影響。第二季固定支出20%的成長率與第三季30%的成長率之間的差異主要受匯率和Majorel的影響。

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

綜合考慮以上因素，我們預計第三季調整後 EBITDA 將比去年同期成長約 20%。

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.

鑑於目前強勁的預訂量，我們更新了全年業績預測。我們預計全年總預訂量將年增率略高於20%，高於先前預期的10%左右。我們預計全年客房夜數將成長15%左右，以固定匯率計算的住宿平均房價（ADR）將略有上漲，但部分成長可能受到區域結構變動的影響。

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.

我們目前預期營收佔總預訂量的百分比將年增約20個基點，低於先前預期的50個基點。全年營收佔比下降的主要原因是，由於年初成長率高於預期，以及預訂窗口期延長（同樣得益於強勁的業績表現，導致航班組合高於年初預期），因此時機帶來的收益有所減少。

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.

我們目前預計，行銷商品銷售額佔總預訂額的比例將略低於 2022 年的水平，而此前我們預計該比例將與 2022 年持平。預期上調的主要原因是付費通路的投資報酬率較高。

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.

我們目前預期固定支出將成長約25%，高於先前約20%的預期。預期上調的主要原因是年初人員支出中可變部分的表現超出預期，以及與收入掛鉤的間接稅增加，此外還有一些匯率波動壓力。我們對固定支出進行謹慎管理，並繼續預計明年固定支出成長將顯著低於今年。

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

我們仍然預計，與 2022 年相比，我們的調整後 EBITDA 利潤率將成長幾個百分點。

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

最後，我們對今年迄今的業績以及進入第三季以來的業務發展勢頭感到滿意。

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

接下來進入問答環節。亞當，請你開電話線好嗎？

(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的勞埃德·沃姆斯利。

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?

如果可以的話，我想問兩個問題。首先，感謝你們詳細介紹了你們推出的 Gen AI 旅行規劃器。我想了解你們是如何從策略角度考慮這個問題，以及如何平衡它與搜尋引擎的互動。你們認為這會為你們帶來更多直接流量嗎？或者，考慮到像谷歌這樣的其他公司正在推出的新搜尋體驗，你們認為這可能會如何改變旅遊領域的流量格局？

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.

其次，您提到了行銷投資報酬率的提升以及提高效率的舉措。這只是因為設定了更高的投資報酬率目標，還是因為您在行銷方面進行了其他一些調整？如果您能就此發表一些看法，那就太好了。

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，不如我先回答第一個關於人工智慧的問題，然後讓大衛談談行銷投資報酬率。首先，雖然答案很簡單，但這才是真相：目前沒有人知道這項名為生成式人工智慧的新技術在長期發展中會如何演變。這是第一點。

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，雖然我們不知道最終結果會如何，但我們知道，繼續竭盡所能地探索、試驗，看看哪些方法可能對我們的旅客和供應商合作夥伴，以及我們內部，都大有裨益，這一點至關重要。每家公司都在這樣做，包括像谷歌這樣的大型搜尋引擎，它們都在展示自己的能力，但最終結果如何，無人知曉。

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，有幾點我相當肯定，歷史可以提供很好的借鑒，那就是未來必然會改變。但那些能夠快速適應、靈活敏捷、擁有優秀技術專家的公司，將會從這些變化中受益。例如，當行動互聯網出現時，我們就迅速做出了調整和適應，並從中獲得了巨大的優勢。我相信，隨著人工智慧這種新技術的出現，我們也能從中獲得同樣的益處。

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.

但我在準備的發言稿中漏掉了一點——我提到了所有公司，唯獨沒有提到Agoda。 Agoda在內部運作方面做得非常出色，例如如何利用人工智慧來提高各種程式碼輔助系統的效率。我們正在嘗試很多不同的方法。我很高興看到我們從不同角度入手，例如Priceline在客戶轉換漏斗底部進行測試，看看效果如何；Booking.com的AI旅行規劃器在客戶轉換漏斗頂部發揮作用；還有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，能夠借鏡不同品牌的經驗，互相學習哪些方法有效，哪些無效，以及我們應該在哪些方面投入更多精力，在哪些方面減少投入，我認為這將幫助我們比許多其他公司更具優勢。這些公司可能缺乏規模、專家和資金，無法投入我們未來可能非常令人興奮的發展。讓我們拭目以待。當然，沒有人知道監管政策將如何影響這一切，而這可能會影響到所有人。

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行銷投資報酬率。

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，我會的。勞埃德，謝謝你的提問。首先，我們要澄清一點，這並非改變我們今年積極掌握旅遊市場復甦機會的策略。我們仍在積極掌握旅遊市場的復甦機會。從我們的營收數據可以看出，我們做得相當不錯。所以這一點沒有改變。而且，今年的旗艦商品總投資額仍將高於2019年，這與我們先前提到的積極把握機會的策略不謀而合。

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，正如您所看到的，在現有預算範圍內，我們一直在尋找優化行銷支出的方法，而我們所做的優化工作比預期要多一些。這裡就不贅述具體細節了，但我們正在關注各個管道的增量效益、直接行銷的回報率等等，並在龐大的行銷支出範圍內持續進行測試。您可以看到，本季我們在行銷方面投入了約18億美元。這是一筆巨款，涵蓋了各個方面。我們一直在探索如何優化不同支出、不同管道和不同策略。

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.

所以，這其實更與我們不斷努力提高行銷支出效率有關，但同樣，在我們繼續從新冠疫情中復甦的背景下，我們仍在努力爭取市場份額。

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

你的下一個問題來自 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。請問兩個問題。首先，格倫，你有沒有註意到旅行需求類型方面有什麼變化？我是指短途旅行和長途旅行，以及鄉村郊區和城市地區的旅行需求。然後我想問一下財務長關於人工智慧的問題，也就是，從財務角度來看，當你考慮人工智慧已經產生的影響以及下一代人工智慧可能對業務產生的影響時，你認為——戴夫，你認為這種影響更有可能體現在獲利方面還是成本效益？我相信你會說兩者兼具。但如果你能更具體地說明一下，你認為隨著下一代人工智慧的應用，哪一方面的影響會更大，那就太好了。

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，我笑是因為我想先說第二個問題，也想把兩個問題都說出來，但我會照你說的順序來。這個問題經常被問到，因為——我在上次通話中提到過，我一直在尋找蛛絲馬跡，尋找變化的跡象。我關注的一些關鍵點包括：人們是否降低了住宿星級，或者縮短了入住時間，又或者轉向了旅行成本更低的地區，我總是在尋找某種預警信號，預示著即將發生什麼。目前我還沒有看到這些跡象。在這些方面我都沒有看到。這就是我們目前所看到的。

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.

就人工智慧而言，這的確是一個非常有趣的問題。當然，如果我們知道答案，就能更好地掌握應該把大部分投資投入哪些領域，也就是那些能帶來最大回報的領域。但我在第一個問題中提到的那些問題，沒有人知道答案。這些都只是猜測。所以在現階段，分散投資、觀察回報方向、確定應該把人力投入哪些領域、把更多資金投入哪些領域，並觀察最終的成果，就顯得尤為重要。

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.

我們公司的基因一直是不斷嘗試，探索哪些方法有效，並持續改進那些比其他領域更有效的方法。因此，我們將進行大量的實驗。我認為，在我們真正了解哪些方面能帶來最佳回報之前，這個過程還會持續一段時間。當然，我認為從長遠來看，您提到的所有方法——您提到的這兩點——都將為所有人帶來巨大的好處。但您提出的問題是正確的，即應該先做哪些事情，以及投入多少，這些問題目前尚不清楚。

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

你的下一個問題來自美國銀行的賈斯汀·波斯特。

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，你們在亞洲市場表現非常強勁。能否談談你們在亞洲的觀察？你們能否從飯店或競爭對手那裡搶佔一些市場份額？另外，我認為你們關於行銷投資報酬率的評論很有意思，尤其是在這個行銷支出競爭非常激烈的季度。能否談談－是直接流量讓你們能夠更明智地分配行銷支出嗎？或者你們是如何提高投資報酬率的？

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.

那麼，接下來就讓David來談談他是否想更詳細地闡述一下行銷方面的問題。我先從亞洲說起。是的，我對亞洲市場的表現非常滿意。第二季的業績數據令人欣喜，7月的成長動能更是強勁。這很棒。顯然，這與亞洲市場復甦所需時間較長有關。限制措施的解除也較晚。我們採用的是年比計算，所以這方面我們確實受益。順便說一下，為了避免大家產生誤解，中國目前的生產能力仍然很弱。他們的出口復甦遠遠落後於其他國家。而我們在中國市場主要依賴出口，我預期中國市場在一段時間內，甚至可能相當長一段時間內，都難以實現復甦。

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.

總的來說，情況不錯。那裡有很多因素在起作用。這些因素與其他地區的情況非常相似，人們都想去旅行。他們正在前往那裡，並且正在實現旅行。我們做得非常好，就像我們在美國和歐洲所做的那樣，確保當人們想旅行時，我們能夠滿足他們的需求，而且我們已經看到了成效。

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

大衛，如果你想就這個行銷問題再補充一些細節的話。

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，我覺得我在第一次回答中已經說得很清楚了，所以就不重複了。你也問到了直接行銷組合在其中扮演的角色。是的，很顯然，正如我們之前提到的，隨著直接行銷組合的增加，這肯定會有幫助。但我們也從審視整體行銷支出，並利用我之前提到的一些變數來尋找提高效率的途徑中獲益。

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

你的下一個問題來自 Kevin Kopelman 和 TD Cowen 的連線。

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?

太好了。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取得的進展，以及這項計劃目前的進展？

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，我很高興我們持續取得進展。我們之前討論過整體業務，我們稱之為——“另類住宿”，這是我們對這個領域的定義。我們全球都提到，我們的成長率達到了11%，高於公司整體9%的成長率。 11%指的是Booking.com的成長率。但具體到北美地區，尤其是美國，成長率較低，而美國正是我們目前更關注的地區。

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.

我們已經多次強調，我也多次強調，這是我們關注的重點領域。我們知道我們的排名偏低。我們也知道產品還有一些需要改進的地方。在上次電話會議上，我們也討論過，或許也強調過，我們正在採取哪些措施來改進產品。這包括供應端，確保我們不斷改進，讓房主、公寓管理者以及這個領域的從業者能夠說：「抱歉，Booking.com，你們沒有為我做某些你們應該做的事情。」我很高興我們正在做這些事情，這樣他們就更願意在我們的平台上發布房源。這真是太好了。

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，正如我上次提到的，重要的是，我們現在有了這些房產，接下來要確保人們了解它們。我上次也強調了提高公眾意識的重要性，以及我們需要在哪些方面提升公眾意識。這不是一蹴可幾的事情，而是需要日復一日、一步一腳印地努力才能實現的。我們正在各個領域努力，並且看到了進展。那麼，我們成功了嗎？還沒有，離目標還很遠。但好消息是我們正在取得進展，這對我們未來的發展大有裨益。所以我們會繼續努力，我相信隨著我們繼續在這個領域投資，我們會持續獲得豐厚的回報。

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

你的下一個問題來自摩根大通的道格安穆斯。

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?

您能否談談「互聯旅行」在哪些方面產生了最大的影響？您認為它對本季的顯著成長有多大影響？另外，關於行動端，48% 的客房預訂都是透過應用程式完成的，您在提高應用程式用戶的預訂頻率和忠誠度方面有什麼可以分享的嗎？

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，關於第二個問題，也就是大衛究竟想在這個領域透露些什麼，一些具體細節，我不太確定他是否會透露。關於“互聯旅行”，有幾點需要說明。首先，我們先來談談「互聯旅行」目前並沒有為我們帶來實質的客流量成長。我們現在展示的那些亮眼數據並非「互聯旅行」帶來的，而且它的規模太小，不足以證明這一點。

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，我們正在建造一座拱門，在所有零件都安裝到位之前，這座拱門的效果並不明顯。現在我們正在建造拱門，所以你可以看到一些零件已經初具規模，但整體效果還不明顯。例如，我們非常高興地看到一個關鍵因素，那就是我們必須擁有航班產品。我們的機票和航班數量年增了58%。這非常棒——我的意思是，這是一個非常好的數字。這顯示我們正在打造一款優秀的航班產品，我們會繼續保持下去。

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，我們還需要完善其他方面，例如景點、遊樂設施、飯店到機場或家到機場的交通連接等等。當然，還有連結各個環節的關鍵──支付系統。這對於確保整個系統正常運作至關重要。我們能夠為旅客提供便利和價值，同時也能讓供應商有機會提供各種優惠，從而贏得訂單。這些都是我們需要支付系統來實現的，而且我們在這方面取得了顯著進展。我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.

所以所有這些方面都在努力，但這並非第二季業績優異的原因。另一方面，展望未來，這確實令人鼓舞。因此，我對我們目前的狀況非常滿意，也對我們所取得的進展感到欣慰，但這並不意味著第二季的業績完全歸功於此。

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行動應用，這方面有什麼重複購買的情況嗎？

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

是的，謝謝，我會的。那麼，道格，你有什麼問題想問嗎？

No, go ahead, David.

不，你繼續，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。說到應用程式的使用情況，使用者可以透過三種方式直接與我們互動：透過應用程式、透過電腦或透過行動裝置。正如您所說，在這三種方式中，應用程式在使用者存取頻率和忠誠度方面無疑是最有效的管道。因此，應用在直接存取中所佔的比例非常高，而且還在不斷增長，我們認為這是一個好現象。至於訪問頻率和忠誠度方面的差異，我們今天不便深入探討，但應用程式無疑是我們目前在訪問頻率和忠誠度方面表現最佳的管道。

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，我還想補充一點，那就是應用程式和互聯旅行的重要性。它和其他功能一樣重要，因為我們深信，旅行時最重要的是獲取建議、優惠信息以及各種實用信息，就像把旅行社裝進口袋一樣。沒錯，你的手機裡就裝著你的旅行社。再加上人工智慧等各種技術，未來將會出現許多真正的機會，人們的旅行體驗將會比以往好得多，這也是我未來所期待的。

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‧霍洛維茲。

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?

你們的直接預訂比例提升依然令人印象深刻。首先，能否請你們分析一下本季直接預訂比例加速成長的驅動因素？你們採取了哪些具體措施促成了本季環比成長？我們又該如何將這種模式複製到未來？

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，我們是否正處於這樣一個階段：直接產品組合的調整能夠完全抵消您在低利潤業務領域的成長，從而隨著時間的推移，使您的利潤率最終能夠恢復到 2019 年的水平？任何關於直接產品組合和利潤率長期變化的評論都將不勝感激。

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，關於利潤率走向，就讓大衛來談吧。我先簡單說說，為什麼我們似乎每季持續改進直銷產品組合。我認為原因在於人們喜歡我們的產品。這才是關鍵。他們用過我們的產品，並決定再次光顧，因為我們提供最優惠的價格、最豐富的選擇，種類齊全。我們讓購買變得更方便。而且，我們也提供優質的客戶服務。如果出現任何問題，我們都會及時解決。

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.

我之所以選擇它，是因為——我不會列舉其他零售商——一些大型的在線零售商我也會使用——我一直都在使用。我這麼做是因為它更好。最終，以客戶為中心才是致勝之道。要不斷推出更好的產品，讓人們相信並信賴。這才是人們對品牌忠誠的原因。這正是我們正在努力打造的。我相信，這也是我們逐步擴展直銷管道的原因。我認為這對我來說至關重要。

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，你還有什麼要補充的嗎？另外，我不確定你想討論的是直接購買的利潤率，以及這會對我們的長期利潤率和 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，我們顯然實現了多元化經營，這對業務非常有幫助。當然，我們這裡指的是直接多角化經營，我們的住宿業務可以說是我們的核心業務。我們之前提到過，我們相信可以繼續略微提高利潤率，使其高於2023年的水平，但我們並不試圖將其完全恢復到2019年的水平。我們有一些利潤率低於2019年的業務，例如我們龐大的物資供應業務，以及我們正在轉型為龐大的支付業務。因此，直接多角化經營顯然可以緩解業務中的一些壓力。但不要指望我們的利潤率能回到2019年的水準。這並非我們之前討論的提升市場份額的目標，但我們確實相信，這是能夠幫助我們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艾瑞克·謝裡丹。

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?

或許與您之前在評論中提到的更廣泛的長期增長目標相悖，我很想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，以及您是否考慮繼續實現供應多元化並構建更多“互聯旅行”元素。展望2023年後，這些因素將如何納入明年的投資計畫？

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.

艾瑞克，所以最重要的是分清輕重緩急。什麼才是最重要的？我們已經多次提到，在替代住宿方面，持續增加供應至關重要。我們確實有很多房源。沒錯。但我之前也說過很多次，你必須在合適的地點提供合適的房源。我們過去也討論過，在美國，這個問題還沒有解決，我們需要在合適的地點提供合適的住宿，這樣當我們來的時候，他們才有地方可買。這非常重要，也是我們的首要任務。

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.

目前來說，像景點這類住宿選擇並不那麼重要。當然，它們也很重要，但優先順序不如提供替代住宿那麼高。最關鍵的是確保我們把時間、精力、努力和金錢投入能帶來最大回報的地方。我們透過第三方管道獲得了一些不錯的景點資源，也掌握了一些關鍵的景點。將來，進一步拓展這些資源將會很重要。但就目前而言，今年和明年，我希望確保我們能獲得最大的投資回報，也就是確保我們的平台上有足夠數量和類型的替代住宿。

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

你的下一個問題來自傑德·凱利和奧本海默的那條線。

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?

好的。回到美國業務的話題，您剛才提到美國市場實現了個位數中段的成長。您能談談這個成長趨勢與競爭對手相比如何嗎？這個數字是指前往歐洲旅遊的美國人數量嗎？還是也包含了您在歐洲的飯店客房入住晚數？

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，這兩個問題我就不打擾你了。我的意思是，我不確定你想談論的是我們和競爭對手之間的關係，還是其他方面。

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，讓我解釋一下。首先，當我們從地理位置的角度談論這些地區時，我們指的是預訂量。所以，傑德，是的，它確實包含了美國旅客的預訂，包括那些移居海外的旅客，這也是我們實現成長的原因之一。我們提到，在第二季成長略有下滑之後，7月美國市場的成長又恢復到了個位數中段。實際上，那隻是指4月和5月的情況。到了6月份，我們也恢復了成長。 4月和5月的比較數據與我們去年在Omicron大會上宣布老牌勁旅時看到的強勁反彈有關。所以，那段時間的比較數據有點特別。我認為我們在市場上的表現不錯。

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.

現在就斷言我們單季業績與市場相比如何還為時過早。我們更傾向於從長遠角度看待問題，並觀察全年的發展。我想指出的是，正如我們在7月提到的，我們在美國的業務成長超過30%，遠超市場平均水準。市場整體可能接近損益平衡，甚至略高於2019年。而我們實現了30%的成長。因此，我們更傾向於從長遠角度來看待這個問題。隨著時間的推移和年底的臨近，我們將更清楚地了解我們在美國的業務相對於市場的具體表現。正如格倫所提到的，我們對在美國的許多項目都感到滿意。我們也知道，繼續加大對美國市場的投入，我們還有很大的發展空間。

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

你的下一個問題來自 Alex Brignall 與 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業績指引的問題。顯然，最大的變化是營收除以成長率僅年增0.2%。您能否談談這將如何影響明年的業績？顯然，提前交付部分訂單會提前進行市場推廣，因此也會對EBITDA產生影響。但您能否談談更長期的動態？想必這不會對2024年以及您預測的未來利潤率走勢產生影響。

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，Alex，讓我來回答。正如我們在準備好的發言稿中提到的，有兩個因素導致我們下調了先前的成交率預期。實際上，這兩個因素都算是公司內部的利多消息。首先，業務成長速度更快，預訂窗口期也比我們預期的要長，這意味著我們今年無法完全受益於市場復甦，部分復甦成果將延後到明年。因此，這部分調整帶來的效益應該會在明年轉化為正收益。

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.

航空業成長速度超乎預期，也給利潤率帶來了一些壓力。但正如格倫所說，這也是件好事，因為我們正在建立更多能力，創造更多機會，透過互聯交易與客戶合作。以上是兩大主要動態，其中之一——時間上的復甦——我們原本預計今年就能實現，但現在看來可能需要兩年時間。

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，David，這真的很有幫助。作為後續問題，很明顯，其中一個變化是，你們一些原本計入營收的行銷預算已經變成了計入營收的商品銷售預算。因此，營收這條線似乎真的很難建模。如果我們用 EBITDA 除以總預訂量來考慮，那麼，如果你們增加直接預訂的比例，你們的核心業務，也就是住宿業務（不包括支付、航班以及所有會稀釋利潤的業務），是否有任何合理的理由認為它不能恢復到疫情前的盈利水平，甚至有所提高？也就是說，如果我只考慮住宿業務的 EBITDA 除以總預訂量，那麼未來它的盈利能力是否有任何理由低於疫情前的水平？

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。但您說得對，商品銷售帶來的部分抵銷收入確實會影響總收入。直接業務組合顯然有助於緩解住宿業務的壓力。此外，其他業務的成長，例如亞洲市場的成長，也會帶來正面影響。因此，我認為，在我們討論公司長期發展模式時，假設核心住宿業務能夠恢復到 2019 年左右的水平，那麼整體業務 EBITDA 利潤率將主要受一些新興業務組合的影響，這些新興業務在支付和航班方面將會發展壯大，而這兩項業務在 2019 年都不是主要因素。

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.

我想指出的是，我會進一步回顧過去，談談我們對長期發展模式的承諾，我認為這非常重要。與2019年相比，我們現在的業務規模更大，營收和利潤都更高，而且營收和利潤的成長速度也比2019年更快。我認為，這是我們所做的整體承諾，我們將堅定不移地堅持下去，我相信這將有助於我們思考整體發展模式。

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

所以我覺得，把新增業務看成是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，這是建立模型來展望我們未來 EBITDA 的最佳思路。

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?

很高興聽到這些統計數據，也很高興看到本季一切進展順利。格倫，我想和你回顧一下大約一年前，我們討論過如何提高預訂量在每位客戶年度消費中的佔比。隨著直接預訂量的成長、互聯旅行的興起以及人工智慧旅行規劃器的推出，請你談談在提高每位客戶年度消費佔比方面取得的進展。這方面有什麼新的目標嗎？

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

羅恩，讓我試著理解你的問題。你是說每位客戶的年度消費額，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，是的，旅行支出佔比很高。我想我們一年前就討論過要達到25%左右。

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。很顯然，部分問題在於我們的客戶——我很高興看到這一點——他們並不總是選擇我們。有時他們會選擇競爭對手。我們注意到了這一點。不幸的是，這種情況比我希望的要多。部分原因是我們沒有他們想要的產品，這是一方面，正如我們剛才提到的，我們正在努力改進。另一方面，也可能是因為某些因素──例如，當他們在國際市場上購買產品時，他們會選擇這個品牌；而在國內市場，他們會選擇那個品牌。

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，關鍵在於培養客戶忠誠度，讓客戶真正因為選擇我們而選擇我們。因此，我們需要將所有這些要素整合到「互聯旅行」中，整合支付功能，不斷改進——當然，在徵得客戶同意的前提下，我們越了解客戶，就越能滿足他們的需求，從而讓他們始終選擇我們。

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.

我最終認為情況會如何？我是否相信我們最終能夠始終滿足所有客戶的需求？當然不是。但我希望從長遠來看，我們能夠持續大幅改進。隨著我們逐步完善一些仍在建設中的領域，例如確保我們提供足夠的替代住宿選擇，當客戶提出需求時，我們能夠立即提供；以及確保我們提供他們想要使用的支付產品，例如支付系統——正如我們之前討論過的，世界各地許多人不使用Visa卡、萬事達卡或美國運通卡，他們有其他的支付方式。我們需要確保提供這些支付方式，讓這類旅客客戶在使用我們的服務時感到安心。我還可以繼續列舉很多其他方面。這就是我們需要做的。我認為最終能達到多高？我不會妄加猜測。但請相信，情況會比現在好很多。

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

你的下一個問題來自 Wedbush 公司的 Scott Devitt。

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.

我有兩個問題。第一個問題是，格倫，我想問你對旅遊趨勢變化有什麼看法。最近大家都在討論淡季出行，像是四月、五月、八月和九月，因為遠距辦公和價格上漲。我聽你們說起這些月份，感覺好像沒有提到這一點，但可能跟優惠活動有關。我想先聽聽你對淡季出遊的看法。

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，既然市場上出現了新的會員忠誠度計劃，我想知道您對 Genius 的看法，以及您如何看待它目前提供的服務與市場上其他競爭計劃相比如何？

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。沒錯，以前確實很簡單。經濟曲線有肩峰，有個高峰，生活很容易理解，以前就是這樣，但現在完全不一樣了。哎，現在奧密克戎颶風席捲全球，情況真是太複雜了。有些地區剛遭受颶風襲擊，一年後，這些地區的情況又成了對比數據。所以，情況變得非常非常混亂。就像大衛在分析數據時指出的那樣，有些事情看起來是這樣的，但實際上卻很容易理解，比如，哦，他們去年那裡有新冠疫情，或者他們去年才剛剛開放。

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.

我希望明年情況能恢復正常，大家對旅行季節性的理解會更加清晰。然而，現在出現了一種新的現象，那就是人們去辦公室的次數減少了，但旅行的次數卻增加了。他們利用周一和周五的空閒時間，利用更長的周末，甚至可能一整週都在旅行。我認為這會讓我更難以預測未來。

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.

他們最終可能採取的措施是，讓全年的旅行更加均衡，人們可以在以前是淡季的地方多花時間旅行，這樣就能更好地分散旅行高峰。我不知道。但我們會知道的。這就是為什麼——我無法改變任何事情。所以我不會太擔心。短期內，我們會根據市場訊號來決定是否應該在行銷上投入多少資金。而從長遠來看，我們希望能夠不斷改進產品，因為這才是最終取勝之道。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.

我相信很多人都會對未來幾年全球的季節性趨勢做出各種猜測。我不打算做預測。對了，你好像還有另一個問題，但我忘了。

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

Just Genius，以及您對 Genius 與目前市場上競爭產品的看法。

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。這要追溯到美國航空推出第一個常旅客計畫的時候。我年紀夠大，還記得當時的情景。我還加入了呢。一直到現在，各種各樣的常旅客計畫層出不窮，涵蓋了方方面面，當然也不僅限於旅行。其他公司推出新的常旅客計畫固然不錯，也很有趣，但說實話，我非常喜歡我們在 Genius 上所做的一切。我認為它是一款很棒的產品，我們還會繼續深入挖掘它的價值。

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.

最棒的一點在於，我們與合作夥伴共同運用這項計劃，實現雙方共贏，確保它能逐步提升合作夥伴的利益，當然，也惠及我們的客戶旅客。這才是任何類型的忠誠度計劃都應該有的運作方式。我認為我們在這方面做得很好，並將繼續努力。

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.

現在我們要做的是爭取更多權益，讓供應商有更多機會推銷商品，提供對旅客有益的服務，從而促成​​交易。我們會繼續努力。我們已經討論過如何改進，從最初的模式發展到現在的三級模式。未來，隨著我們不斷完善互聯旅行，還會增加更多功能，為雙方帶來更多好處。

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.

我不太關心別人在做什麼，我更關心的是確保我們把對我們的客戶（包括旅行者和供應商）重要的事情做好。

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，請他作總結發言。

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.

好的，我要感謝大家的參與。我們對所取得的成果非常滿意。當然，我還要感謝我們的合作夥伴、客戶、敬業的員工以及股東們。感謝大家的支持，我們將繼續朝著公司的長遠願景邁進。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。感謝各位的參與。現在可以掛斷電話了。再見。