(BKNG) 2023 Q3 法說會逐字稿

Welcome to Booking Holdings Third Quarter 2023 Conference Call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.

歡迎參加 Booking Holdings 2023 年第三季電話會議。 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。

Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements. Expressions of future goals or expectations and similar expressions reflecting something other than historical facts are intended to identify forward-looking statements. For a list of factors that could cause Booking Holdings' actual results to differ materially from those described in the forward-looking statements, please refer to the safe harbor statements at the end of Booking Holdings' earnings press release, as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果有重大差異。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。

Unless required by law, Booking Holdings undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. A copy of Booking Holdings' earnings press release together with an accompanying financial and statistical supplement, is available in the for Investors Section of Booking Holdings' website, www.bookingholdings.com. And now I'd like to introduce Booking Holdings speaker for this afternoon, Glenn Fogel and David Goulden. Go ahead, gentlemen.

除非法律要求，Booking Holdings 不承擔公開更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。 Booking Holdings 的收益新聞稿以及隨附的財務和統計補充資料可在 Booking Holdings 網站 www.bookingholdings.com 的投資者部分取得。現在我想介紹一下今天下午的 Booking Holdings 發言人 Glenn Fogel 和 David Goulden。繼續吧，先生們。

Thank you, and welcome to Booking Holdings' Third Quarter Conference Call. I'm joined this afternoon by our CFO, David Goulden. I am encouraged by the strong results we are reporting today and by the strong leisure travel demand environment that we continue to see.

謝謝，歡迎參加 Booking Holdings 第三季電話會議。今天下午我們的財務長 David Goulden 也加入了我的行列。我對我們今天報告的強勁業績以及我們繼續看到的強勁休閒旅遊需求環境感到鼓舞。

In the third quarter, our traveler customers booked 276 million or more than 0.25 billion room nights. Which was an increase of 15% year-over-year and we had gross bookings of $40 billion, which was an increase of 24% year-over-year. Room night growth versus 2019 was 24% in Q3. Both room nights and gross bookings were record quarterly amounts for the company and both came in ahead of our previous expectations.

第三季度，我們的旅客客戶預訂了 2.76 億人次，超過 2.5 億間夜。年增 15%，總預訂量達到 400 億美元，年增 24%。第三季的間夜量與 2019 年相比成長了 24%。該公司的間夜數和總預訂量均創下了季度記錄，並且都超出了我們先前的預期。

Third quarter revenue of $7.3 billion grew 21% and adjusted EBITDA of $3.3 million increased 24%, both versus Q3 last year and both exceeded our prior expectations. Finally, our non-GAAP earnings per share in the quarter grew 36% year-over-year and was nearly 60 that's 6-0, 60% higher than in the third quarter of 2019. Our earnings per share growth benefited from our improved profit levels, as well as our strong capital return program, which reduced our end-of-quarter share count by 10% versus the third quarter 2022.

第三季營收為 73 億美元，成長 21%，調整後 EBITDA 為 330 萬美元，成長 24%，與去年第三季相比，均超出我們先前的預期。最後，我們本季的非 GAAP 每股盈餘年增 36%，接近 60，即 6-0，比 2019 年第三季高出 60%。我們的每股盈餘成長得益於我們利潤的提高水平，以及我們強大的資本回報計劃，這使我們的季度末股票數量比2022 年第三季減少了10%。

Now turning to October. We estimate that room night growth was about 8% year-over-year and about 20% versus 2019. Excluding Israel, we estimate these growth rates would have been about 9% and 22%, respectively. We saw a significant negative impact on our business in Israel, and there was some impact on travel trends outside of Israel. Nevertheless, we were encouraged to see global room night growth improve towards the end of the month, and David will explain more about October in his remarks. Overall, we continue to see resiliency in global leisure travel demand. And as we take a very early look ahead to 2024, we see strong growth on the books for travel that will take place in the first quarter of next year. Though a high percentage of these bookings are cancelable.

現在轉向十月。我們估計間夜量年增約 8%，與 2019 年相比成長約 20%。如果不包括以色列，我們估計這些成長率將分別約為 9% 和 22%。我們看到我們在以色列的業務受到了重大負面影響，並且對以色列以外的旅遊趨勢也產生了一些影響。儘管如此，我們還是很高興地看到全球間夜成長在本月底有所改善，David 將在演講中詳細解釋 10 月的情況。總體而言，我們持續看到全球休閒旅遊需求的彈性。當我們對 2024 年進行早期展望時，我們看到明年第一季的旅行預訂將出現強勁增長。儘管這些預訂中有很大一部分是可以取消的。

Given current trends, we expect customers and consumers will continue to prioritize travel over other discretionary spend in 2024. I firmly believe we are well positioned to continue our work attracting customers and partners to our platform, while making progress on several important initiatives, which will help strengthen our business over the long term.

鑑於當前趨勢，我們預計2024 年客戶和消費者將繼續優先考慮旅行而不是其他可自由支配支出。我堅信，我們有能力繼續吸引客戶和合作夥伴使用我們的平台，同時在幾項重要舉措上取得進展，這將幫助我們長期加強業務。

These initiatives include: one, advancing our Connected Trip vision; two, further integrating AI technology into our offerings; three, continuing to grow alternative accommodations and four, building more direct relationships with our traveler customers.

這些舉措包括：一是推動我們的互聯旅行願景；二是進一步將人工智慧技術融入我們的產品中；第三，繼續增加替代住宿，第四，與旅行者客戶建立更直接的關係。

Starting with the Connected Trip. This is our long-term vision to make booking and experiencing travel easier, more personal and more enjoyable, while delivering better value to our traveler customers and supplier partners. In the third quarter, we saw an increase in the percentage of transactions, which we count as connected trips, meaning 2 or more travel components within a trip. But still a small percentage of our total transactions today, it is encouraging to see an increasing number of our travelers booking more elements of their travel with us.

從互聯旅行開始。我們的長期願景是讓預訂和體驗旅行變得更輕鬆、更個人化和更​​愉快，同時為我們的旅客客戶和供應商合作夥伴提供更好的價值。在第三季度，我們看到交易百分比增加，我們將其視為關聯旅行，這意味著一次旅行中有 2 個或更多旅行組成部分。但在我們今天的總交易量中仍然只佔一小部分，令人鼓舞的是看到越來越多的旅客透過我們預訂更多旅行內容。

Outside of accommodations, one of the most important elements of travel is Flex, and we continue to focus on further developing our flight offering on Booking.com. In the third quarter, air tickets booked increased 57% year-over-year, driven by the growth of Booking.com's flight offering. To provide some context on how this has developed over the last few years, the 9 million tickets booked on our platforms during the third quarter, were more than 5x the number of air tickets booked through us in Q3 2019. This significant growth of our flight offering at Booking.com over the last 4 years was achieved through our successful partnership with Etraveli.

除了住宿之外，旅行中最重要的元素之一是 Flex，我們將繼續專注於進一步開發 Booking.com 上的航班服務。第三季度，受 Booking.com 航班服務成長的推動，機票預訂量年增 57%。為了說明過去幾年的發展情況，第三季在我們的平台上預訂的 900 萬張機票是 2019 年第三季透過我們預訂的機票數量的 5 倍以上。我們的航班數量顯著增長過去4 年在Booking.com 上提供的服務是透過我們與Etraveli 的成功合作而實現的。

As previously announced, our proposed acquisition of Etraveli was blocked by the European Commission in September, a decision we will appeal. While we strongly disagree with the EC's decision to block the deal, our commitment to building the flight vertical at Booking.com has not changed. In fact, we have extended our partnership agreement with Etraveli through at least the end of 2028. Which means we anticipate continuing to work with them on improving Booking.com's flight offering over the coming years.

正如先前宣布的，我們對 Etraveli 的收購提議於 9 月被歐盟委員會阻止，我們將對這一決定提出上訴。雖然我們強烈反對歐盟委員會阻止交易的決定，但我們在 Booking.com 上打造垂直航班的承諾並未改變。事實上，我們已將與 Etraveli 的合作協議至少延長至 2028 年底。這意味著我們預計在未來幾年將繼續與他們合作，改善 Booking.com 的航班服務。

We believe offering a compelling flight product alongside our accommodation, ground transportation and attraction offering, helps to create a better, easier and more comprehensive travel booking experience for our travelers and more opportunities for our partners. We will continue to build out our Connected Trip vision, which we believe will ultimately result in increased customer and supplier engagement with our platform.

我們相信，提供引人注目的航班產品以及住宿、地面交通和景點服務，有助於為我們的旅客創造更好、更輕鬆、更全面的旅遊預訂體驗，並為我們的合作夥伴創造更多機會。我們將繼續建立我們的互聯旅行願景，我們相信這最終將提高客戶和供應商與我們平台的互動。

As we discussed last quarter, we have always envisioned AI technology at the center of the Connected Trip. We have a long history of investing in AI technology and incorporating it in our platforms across our company. I previously spoke about the hard work, our team has been doing to integrate Generative AI into our offerings in innovative ways, including Priceline Generative AI travel assistant, named Penny and Booking.com's AI Tripplanner. It is still very early days.

正如我們上季度討論的那樣，我們一直設想人工智慧技術是互聯旅行的核心。我們在投資人工智慧技術並將其納入我們公司的平台方面有著悠久的歷史。我之前談到我們的團隊一直在努力以創新的方式將生成式人工智慧整合到我們的產品中，包括名為 Penny 的 Priceline 生成式人工智慧旅行助理和 Booking.com 的人工智慧 Tripplanner。現在還為時過早。

But both teams are gaining valuable insights on booker questions, concerns and behavior, as the tools continue to interact with customers. At Priceline, we're seeing some encouraging signs of lower customer service contact rates. And we're exploring other areas across our business, where we believe we can use Generative AI tools to increase productivity. For example, our brands are running projects using Generative AI to enhance the productivity of our software developers with encouraging results so far. And we look forward to using these tools more widely in the future.

但隨著這些工具繼續與客戶互動，兩個團隊都獲得了有關預訂者問題、擔憂和行為的寶貴見解。在 Priceline，我們看到了一些令人鼓舞的跡象，客戶服務接觸率有所下降。我們正在探索我們業務的其他領域，我們相信我們可以在這些領域使用生成式人工智慧工具來提高生產力。例如，我們的品牌正在使用生成式人工智慧來運行項目，以提高軟體開發人員的生產力，迄今為止取得了令人鼓舞的成果。我們期待未來更廣泛地使用這些工具。

I remain confident in our company's ability to benefit from AI developments by improving our products for our customers and operating more efficiently over time. Turning to our supply partners. We strive to be a trusted and valuable partner for all accommodation types on our platform. We look to add value for our partners by delivering incremental demand and developing products and features to help support their businesses.

我仍然相信，我們公司有能力透過為客戶改進我們的產品並隨著時間的推移提高營運效率，從人工智慧的發展中受益。轉向我們的供應夥伴。我們致力於成為平台上所有住宿類型值得信賴且有價值的合作夥伴。我們希望透過滿足增量需求並開發產品和功能來幫助支援他們的業務，從而為合作夥伴增加價值。

During the quarter, some of our partners at Booking.com experienced delayed payments due to a planned upgrade to our finance and payment platforms in early July. We've now cleared the backlog of outstanding payment issues related to the system upgrade. We plan to provide compensation to partners who experienced an extended delay, and we recorded this in our Q3 results. We plan to communicate to all partners who were impacted by these payment delays within the next few days.

本季度，由於 7 月初計劃升級我們的財務和支付平台，Booking.com 的一些合作夥伴出現了付款延遲的情況。我們現已解決了與系統升級相關的積壓未付款問題。我們計劃向經歷了長時間延遲的合作夥伴提供補償，並將其記錄在第三季的業績中。我們計劃在接下來的幾天內與所有受到這些付款延遲影響的合作夥伴進行溝通。

We continue to focus on strengthening our alternative accommodation offering at Booking.com by increasing supply and raising awareness among travelers. In the third quarter, alternative accomodation room nights grew at about 24% year-over-year, which was faster than our traditional hotel category. Alternative accommodations represented about 33% of Booking.com's total likes, which is about 3 percentage points higher than Q3 2022.

我們繼續致力於透過增加供應和提高旅客的意識來加強 Booking.com 上的替代住宿服務。第三季度，另類住宿夜年增約 24%，高於我們的傳統飯店類別。另類住宿約佔 Booking.com 總點讚數的 33%，比 2022 年第三季高出約 3 個百分點。

We are seeing continued momentum in terms of alternative accommodation, supply growth, both globally and in the U.S. with global listings reaching about 7.2 million by the end of the third quarter. Which is about 9% higher than Q3 last year. We aim to build on this progress by continuing to improve the product for our supply partners and travelers, particularly in the United States. For our travelers, we remain focused on building a better experience that leads to increasing loyalty, frequency, spend and direct relationships over time.

我們看到全球和美國的替代住宿和供應成長勢頭持續強勁，截至第三季末，全球房源數量達到約 720 萬套。比去年第三季成長約 9%。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。對於我們的旅客來說，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。

In the third 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. For the first time ever for our company, over 50% of our room nights were booked through or [absent] the third quarter, which is about 6 percentage points higher than in Q3 2022. This is a remarkable achievement considering the mix of our mobile app room nights in the third quarter of 2019, was about 18 percentage points lower than it was in the third quarter of this year.

第三季度，直接在我們平台上預訂的客戶數量繼續同比增加。我們在行動應用程式中看到了非常高水準的直接預訂，這是一個重要的平台，因為它讓我們有更多機會直接與旅行者互動。對於我們公司來說，有史以來第一次，超過50% 的間夜是透過第三季或[缺席]預訂的，比2022 年第三季高出約6 個百分點。考慮到我們的行動端組合，這是一項了不起的成就2019 年第三季的應用間夜數比今年第三季下降了約 18 個百分點。

We will continue our efforts to enhance the app experience to build on the recent success, we have seen here. In conclusion, I am encouraged by the strong third quarter results and the continued resilience of leisure travel demand. Our teams continue to execute well against our key strategic priorities, which helps position our business well for the long term. We continue our work to deliver a better offering and experience for our supply partners and our travelers. We are confident. I am confident in the long-term growth of travel and in the opportunities ahead for our company. I will now turn the call over to our CFO, David Goulden.

我們將繼續努力增強應用程式體驗，以我們在這裡看到的最近成功為基礎。總之，第三季的強勁業績和休閒旅遊需求的持續彈性令我感到鼓舞。我們的團隊繼續出色地執行我們的關鍵策略優先事項，這有助於我們的業務長期處於有利地位。我們將繼續努力為我們的供應合作夥伴和旅客提供更好的服務和體驗。我們有信心。我對旅遊業的長期成長和我們公司未來的機會充滿信心。我現在將把電話轉給我們的財務長 David Goulden。

Thank you, Glenn, and good afternoon. I'll review our results for the third quarter, as well as our thoughts for Q4 and the full year. All growth rates for 2023 are on a year-on-year basis, unless otherwise indicated. We'll 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。我將回顧我們第三季的業績，以及我們對第四季和全年的想法。除非另有說明，2023 年的所有成長率均以年比計算。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資訊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 on to our third quarter results. We are pleased to report 15% room night growth in Q3, which was a few percentage points better than our expectation. Looking at our year-on-year room night growth by region in the third quarter, Asia was up about 35%, rest of world was up mid-teens. Europe was up low double digits, and the U.S. was up low single digits.

現在我們來看看第三季的業績。我們很高興地報告第三季間夜成長 15%，比我們的預期好幾個百分點。從第三季按地區劃分的間夜量年增來看，亞洲成長了約 35%，世界其他地區則成長了 15%。歐洲上漲了兩位數，美國上漲了個位數。

Compared to 2019, our Q3 global room night growth was 24%. The average booking window of Booking.com expanded in Q3 versus the same period, in both 2022 and 2019. And was a bit more expanded versus the prior period than it was in Q2. In Q3, our mobile apps represented over half of our total room nights for the first time ever. The Q3 mobile app mix of about 51% was 6 percentage points higher than the third quarter of 2022.

與 2019 年相比，我們第三季的全球間夜成長率為 24%。 Booking.com 的平均預訂窗口在第三季比 2022 年和 2019 年同期有所擴大。並且與上一期相比，比第二季度擴大了一些。在第三季度，我們的行動應用程式首次占到總間夜數的一半以上。第三季行動應用程式佔比約 51%，比 2022 年第三季高出 6 個百分點。

We continue to see an increasing mix of total room nights coming to us through the direct channel. Direct channel increased as a percentage of our room nights in the third quarter relative to the third quarter of 2022. The Q3 international mix of our room nights was over 50%, up from about 45% in the third quarter of 2022. The Q3 international mix was in line with 2019 levels, similar to the second quarter. Our cancellation rates in the third quarter were slightly higher than Q3 2022. But slightly below Q3 2019. Cancellation rates were the same as in Q2.

我們繼續看到透過直接管道獲得的總間夜數不斷增加。與2022 年第三季相比，第三季直接通路占我們間夜數的百分比增加。第三季國際間夜數佔比超過50%，高於2022 年第三季的約45%。第三季國際間夜數佔比增加結構與 2019 年水準一致，與第二季類似。我們第三季的取消率略高於 2022 年第三季。但略低於 2019 年第三季。取消率與第二季相同。

For our alternative accommodations at Booking.com, our Q3 room night growth was about 24% year-over-year and the global net alternative accomodations was about 33%, which are 2 points higher than Q3 2022. Q3 gross bookings increased 24% year-over-year or 21% on a constant currency basis. The 24% increase in gross bookings was 9 percentage points higher than the 15% room night increase, due to about 4% higher accomodation constant currency ADRs plus about 3 percentage points of positive impact from FX movements and also due to about 2 percentage points from flight bookings.

對於Booking.com 的另類住宿，我們第三季的間夜年增約24%，全球另類住宿淨成長率約為33%，比2022 年第三季高2 個百分點。第三季總預訂量年成長24% -以固定匯率計算，年增 21%。總預訂量成長24%，比間夜增幅15% 高出9 個百分點，這是由於住宿固定貨幣ADR 上漲約4%，加上外匯波動帶來的約3 個百分點的正面影響，以及2 個百分點的增長。航班預訂。

Our year-over-year ADR growth was negatively impacted by regional mix, due to a higher mix of room nights from Asia and a lower mix of room nights in the U.S. Excluding regional mix, constant currency ADRs were up about 7 percentage points year-on-year. Despite the higher ADRs in the third quarter, we have not seen a change in the mix of hotel star ratings being booked or changes in length of stay that could indicate that consumers are trading down. We continue to watch these dynamics closely.

我們的 ADR 年成長受到區域組合的負面影響，因為來自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 7 個百分點同年。儘管第三季的平均房價有所上升，但我們並沒有看到預訂的飯店星級組合發生變化，也沒有看到可能表明消費者正在降低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 third quarter were up about 57% year-on-year, driven by the continued expansion of Booking.com's flight offering. Revenue for the third quarter exceeded our expectations, increasing 21% year-over-year or about 18% on a constant currency basis. Although we had stronger-than-expected Q3 from a room night and gross bookings point of view, the outperformance versus our expectations was driven mainly by bookings that offer travel in future quarters. As a result, we do not see all of the revenue benefit in Q3 in these incremental bookings.

受Booking.com航班服務持續擴張的推動，第三季機票預訂量年增約57%。第三季的營收超出了我們的預期，年增 21%，以固定匯率計算約成長 18%。儘管從間夜和總預訂量的角度來看，我們第三季的業績好於預期，但超出預期的表現主要是由未來幾季提供旅行的預訂所推動的。因此，我們並沒有看到第三季所有增量預訂帶來的營收收益。

Revenue as a percentage of gross bookings in Q3 was 18.4%, which was lower than expected due to this timing effect. Our underlying accommodation take rates continue to be in line with 2019 levels. Marketing expense, which is a highly variable expense line, increased 13% year-over-year. Marketing expense as a percentage of gross bookings was about 50 basis points lower than Q3 2022, due to higher ROIs in our paid channels and a higher mix of direct business.

第三季營收佔總預訂量的百分比為 18.4%，由於時間效應，低於預期。我們的基本住宿入住率持續與 2019 年水準保持一致。行銷費用是一個高度可變的費用項目，年增 13%。由於我們的付費管道的投資報酬率更高以及直接業務組合更高，行銷費用佔總預訂量的百分比比 2022 年第三季低約 50 個基點。

Performance marketing ROIs increased year-over-year helped by our ongoing efforts to improve the efficiency of our marketing spend. Marketing and Merchandising combined as a percentage of gross bookings in Q3 was about 30 basis points lower than last year, which was a little better than our expectations, driven by the improved performance marketing ROIs. Q3 sales and other expenses as a percentage of gross bookings were up about 10 basis points compared with last year, a bit better than our expectations.

在我們持續努力提升行銷支出效率的幫助下，績效行銷投資報酬率逐年增加。第三季行銷和商品銷售合計佔總預訂量的百分比比去年下降了約 30 個基點，比我們的預期要好一些，這得益於績效行銷投資回報率的提高。第三季銷售和其他費用佔總預訂量的百分比較去年上升約 10 個基點，略優於我們的預期。

About 51% of Booking.com's gross bookings were processed through our Payments platform in Q3, up from about 40% in Q3 2022. For the total company, 56% of gross bookings were merchant up from about 45% in Q3 2022. Our more fixed expenses in the aggregate were up 24% year-over-year, which was below our expectation, due to lower personnel and personnel-related expenses.

第三季度，Booking.com 約51% 的總預訂量是透過我們的支付平台處理的，高於2022 年第三季的約40%。對於整個公司而言，商家總預訂量的56% 高於2022 年第三季的約45%。我們的更多由於人事和人事相關費用減少，固定費用總額年增 24%，低於我們的預期。

We continue to manage our more fixed cost expenses very carefully. On a GAAP basis, our more fixed expenses were up 33% year-over-year, including a $90 million accrual in G&A expense for the termination fee, related to the acquisition agreement for Etraveli. This accrual was excluded from our non-GAAP results.

我們繼續非常謹慎地管理更固定的成本支出。以 GAAP 計算，我們的固定費用年增 33%，其中包括與 Etraveli 收購協議相關的終止費，應計 9,000 萬美元的一般管理費用。此應計費用不包括在我們的非公認會計準則績效中。

Adjusted EBITDA was $3.3 billion in the quarter, which was up 24% year-over-year and would have been up 22% on a constant currency basis. This was also ahead of our expectations. Non-GAAP net income of $2.6 billion in the third quarter resulted in non-GAAP earnings per share of $ 72.32 per share, which was up 36% year-over-year. Our average share count in the third quarter was 9% below Q3 2022 and 16% below Q3 2019. On a GAAP basis, we had net income of $2.5 billion in the quarter.

本季調整後 EBITDA 為 33 億美元，年增 24%，以固定匯率計算將成長 22%。這也超出了我們的預期。第三季非 GAAP 淨利為 26 億美元，非 GAAP 每股盈餘為 72.32 美元，較去年同期成長 36%。我們第三季的平均股數比 2022 年第三季低 9%，比 2019 年第三季低 16%。以 GAAP 計算，本季淨利為 25 億美元。

Now on to our cash and liquidity position. Our Q3 ending cash investment balance of $14.3 billion, was down versus our Q2 ending balance of $15.7 million, due to $2.6 billion of share repurchases to be completed in the quarter. Partially offset by the $1.3 billion of free cash flow generated in the third quarter. We repurchased $7.7 billion of our shares through the first 3 quarters, which represents 8% of our year-end 2022 share count. The repurchases so far this year take our combined authorization down to $16 million from a total of $24 billion, we discussed earlier in the year.

現在談談我們的現金和流動性狀況。由於本季將完成 26 億美元的股票回購，我們第三季期末現金投資餘額為 143 億美元，低於第二季期末現金投資餘額 1,570 萬美元。部分被第三季產生的 13 億美元自由現金流所抵銷。前三個季度我們回購了價值 77 億美元的股票，佔 2022 年底股票數量的 8%。正如我們在今年稍早討論的那樣，今年迄今的回購使我們的授權總額從 240 億美元減少到 1,600 萬美元。

Our buyback program takes into account -- takes our share price into account, and at current share price levels, we expect to spend more on buybacks in Q4 than we did in Q3. 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.

我們的回購計劃考慮到了我們的股價，按照目前的股價水平，我們預計第四季度的回購支出將比第三季更多。假設旅遊環境沒有出現重大衰退，我們對自今年年初啟動該計劃起的 4 年內完成 240 億美元的全部股票回購的能力感到滿意。

Now on to the fourth quarter of 2023. In October, we estimate year-over-year room night growth was about 8% and down from 15% in Q3, due in part to a tougher year-on-year compare, as well as the war in the Middle East. When comparing versus 2019, October room night growth was about 20%. Excluding Israel, October room nights grew about 9% versus 2022 at about 22% versus 2019. The 22% growth versus October 2019, excluding Israel, is a little lower than the 24% growth we saw in Q3 versus 2019.

現在進入 2023 年第四季。10 月份，我們預期間夜成長率約為 8%，低於第三季的 15%，部分原因是同比比較更加嚴峻，以及中東戰爭。與 2019 年相比，10 月間夜成長率約為 20%。不包括以色列，10 月間夜數較2022 年成長約9%，較2019 年成長約22%。較2019 年10 月（不包括以色列）成長22%，略低於我們第三季與2019 年相較的24% 成長。

Looking across our major regions, in October, we saw Asia year-on-year growth of room nights about 15%. Europe up about 10%, and the U.S. and rest of world were down slightly. The impact of the Israeli-Hamas war is seen most in the rest of world growth numbers. Israel on a Booker plus inbound travel basis is about 1% of our global room nights. The Middle East, including Turkey and Egypt, on a booker basis is about 4% of our global room nights.

縱觀我們的主要地區，10 月份，亞洲的間夜量年增約 15%。歐洲上漲約 10%，美國和世界其他地區略有下降。以色列與哈馬斯戰爭的影響在世界其他地區的成長數據中最為明顯。以 Booker plus 入境旅行計算，以色列約占我們全球間夜數的 1%。以預訂量計算，包括土耳其和埃及在內的中東地區約占我們全球間夜數的 4%。

Globally, we saw a slowdown starting the second week of October due to cancellations and a drop in new bookings after the start of the war in the Middle East. The cancellations we saw -- the cancellations we saw started in the second week of October were concentrated in Israel, but we also saw some impact on travel trends outside the country as people absorb the news. We are pleased to see room night growth recover towards the end of the month.

在全球範圍內，由於中東戰爭爆發後取消訂單和新預訂量下降，我們從 10 月第二週開始放緩。我們看到的航班取消——從 10 月第二週開始的航班取消主要集中在以色列，但隨著人們吸收這一消息，我們也看到了對國外旅行趨勢的一些影響。我們很高興看到間夜增長在本月底恢復。

Our comments for the fourth quarter make the assumption the room night growth will be up about 9% year-on-year. When comparing versus 2019, this means we expect Q4 room night growth to be about 20%, This outlook assumes there's no further expansion of the war in the Middle East. We expect Q4 gross bookings to grow about 5 percentage points, about 5 points faster than room nights on a year-on-year basis, used a couple of points from higher correlation constant currency ADRs including some pressure from change in regional mix. As well as a couple of points from continued flight bookings growth.

我們對第四季的評論假設間夜成長將年增約 9%。與 2019 年相比，這意味著我們預計第四季度間夜成長率約為 20%，這一前景假設中東戰爭沒有進一步擴大。我們預計第四季度總預訂量將增長約5 個百分點，比上年同期間夜數增長約5 個百分點，其中使用了相關性較高的固定貨幣ADR 中的幾個點，包括區域結構變化帶來的一些壓力。航班預訂量的持續成長也帶來了一些好處。

We expect Q4 revenue as a percentage of gross bookings to be about 15%, which would be higher than Q4 last year due to benefits from timing. We expect Q4 marketing expenses as a percentage of bookings -- gross bookings to be slightly lower than last year. We expect marketing and merchandising combined as a percentage of gross bookings in Q4 to be slightly higher than last year, as we continue to look for opportunities to lean in.

我們預計第四季度營收佔總預訂量的比例約為 15%，由於時機優勢，該數字將高於去年第四季。我們預計第四季度行銷費用佔預訂量（總預訂量）的百分比將略低於去年。隨著我們繼續尋找機會，我們預計第四季度行銷和商品銷售合計佔總預訂量的百分比將略高於去年。

We expect Q4 sales and other expenses as a percentage of gross bookings to be about in line with last year, as the higher merchant gross booking mix is offset by efficiencies in payment costs. We expect our more fixed expenses in Q4 to grow a couple of points faster year-over-year than it did in the third quarter. Taking all this into account, we expect Q4 adjusted EBITDA to be just over $1.4 billion.

我們預計第四季度的銷售和其他費用佔總預訂量的百分比將與去年基本持平，因為較高的商家總預訂量被支付成本效率所抵銷。我們預計第四季的固定支出將比第三季年增幾個百分點。考慮到所有這些，我們預計第四季度調整後 EBITDA 將略高於 14 億美元。

Our year-to-date results plus our fourth quarter commentary means that for the full year, we expect room night growth to grow in the mid- to high teens year-over-year. We currently expect full year gross bookings growth of over 20% year-on-year. We currently expect revenue, as a percentage of gross bookings increased year-on-year by about 10 basis points, down from our previous expectation for a 20 basis points increase, due to higher bookings growth and a longer booking window. Which will reduce the expected benefit from timing.

我們今年迄今的業績加上我們第四季的評論意味著，我們預計全年的間夜成長率將年增至十幾歲。我們目前預計全年總預訂量將年增超過 20%。我們目前預期營收佔總預訂量的百分比將年增約 10 個基點，低於我們先前預期的 20 個基點成長，原因是預訂量成長較高且預訂窗口較長。這將減少時機的預期收益。

We continue to expect full year marketing merchandising, as a percentage of gross bookings to be slightly below 2022 and for our more fixed expenses to grow around 25% year-over-year. We manage our more fixed -- our more fixed cost very carefully and continue to expect our more fixed expenses next year to grow at an appreciably lower rate than this year. We continue to expect that our adjusted EBITDA margin will expand by a couple of percentage points versus 2022.

我們仍預期全年行銷商品佔總預訂量的百分比將略低於 2022 年，而我們更固定的支出將年增 25% 左右。我們非常謹慎地管理我們的固定成本，並繼續預計明年我們的固定支出將以明顯低於今年的速度成長。我們仍預期調整後的 EBITDA 利潤率將比 2022 年擴大幾個百分點。

In closing, we are pleased with our Q3 results, the trends we're seeing into Q4 and with the bookings we've already received for early 2024. We'll now move to Q&A. So [Bailey], can you please open the lines.

最後，我們對第三季的業績、第四季的趨勢以及我們已收到的 2024 年初的預訂感到滿意。現在我們將進入問答階段。 [Bailey]，你能打開線路嗎？

(Operator Instructions) Your first question comes from the line of Mark Mahaney with Evercore.

（操作員說明）您的第一個問題來自 Evercore 的 Mark Mahaney。

I'll ask 2 questions, please. Glenn, I think just at the very beginning, you mentioned something about March quarter -- visibility into the March quarter. Is there anything in particular that you were trying to hint at or point to there? Is it that the -- because the bookings win is a little longer that you get -- do you have more visibility into the March quarter than you typically do?

我會問2個問題。格倫，我想在一開始，您提到了有關三月季度的一些內容——三月季度的可見性。有什麼特別想要暗示或指出的事情嗎？是不是——因為預訂成功的時間比你獲得的時間要長一些——你對三月季度的了解是否比平常有更多的了解？

And then secondly, the David, the room night growth, upside this quarter that came in a little bit faster than your guidance. what would you attribute that to? Was it in a particular region that contributed to that? Or was that the alternative accommodations that came in a little bit stronger than you thought, just the sources of room night growth upside in the quarter?

其次，大衛，本季的間夜成長比您的指導要快一些。你認為這歸因於什麼？是某個特定地區造成了這種情況嗎？還是其他住宿的表現比您想像的要強一些，這只是本季間夜成長的來源？

I was not saying that I see more than I normally do. I'm just saying, I was very pleased to see this resiliency in global leisure travel demand and saying that we're looking at 2024, and we're seeing strong growth on the books for travel, and that's going to happen in the first quarter. So it's just reinforcing my belief that travel is healthy, and we're looking forward to continue healthy travel.

我並不是說我看到的比平常多。 I'm just saying, I was very pleased to see this resiliency in global leisure travel demand and saying that we're looking at 2024, and we're seeing strong growth on the books for travel, and that's going to happen in the first四分之一.所以這只是強化了我的信念：旅行是健康的，我們期待著繼續健康的旅行。

Yes, Mark, to answer your question, it relates a little bit to what Glenn just said. Our upside in the quarter on room night growth was driven by travel by stronger travel demand across the peak season and a longer booking window. If you remember, we said that coming into Q3, we have seen -- we see the booking -- lengthening of the booking window in Q1, Q2. And therefore, we expected fewer last-minute bookings in Q3.

是的，馬克，回答你的問題，它與格倫剛才所說的有一點關係。本季間夜成長的成長得益於旺季旅遊需求的強勁和預訂窗口的延長。如果你還記得的話，我們說過進入第三季度，我們已經看到——我們看到了預訂——第一季、第二季的預訂窗口延長了。因此，我們預計第三季最後一刻的預訂量將會減少。

Well, the last night bookings in Q3 were a little lower than we would have expected in the year, where we didn't have that long booking window. But what we got were more bookings for longer periods of time out there. So it wouldn't be actually expanded in Q3. And that created the situation that Glenn talked about, where we now are looking into the first quarter of next year, because of the strong demand we saw for bookings, a lot of which are outside the quarter plus the window means that our Q1 on the book situation is much stronger than it has been prior to the current situation.

嗯，第三季最後一晚的預訂量比我們今年的預期要低一些，因為我們沒有那麼長的預訂窗口。但我們得到的是更多的預訂時間更長。因此，它實際上不會在第三季度擴展。這就造成了格倫談到的情況，我們現在正在研究明年第一季度，因為我們看到預訂需求強勁，其中許多都在季度之外，加上窗口意味著我們的第一季度目前的情況比之前的情況強得多。

I would also just comment that the overperformance we saw versus our expectation was, I think, across all different regions. I wouldn't call 1 region out. We actually did that and we expected in all regions when compared to our guidance, looking at the actuals for the quarter for room night growth.

我還想評論的是，我認為所有不同地區的表現都超出了我們的預期。我不會把 1 個地區叫出來。我們實際上做到了這一點，與我們的指導相比，我們預計所有地區都會這樣做，並查看本季度間夜增長的實際情況。

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。

Maybe one for Glenn and one for David. Glenn, you've been working on Connected Trip for a long time. Obviously, a lot of progress with air and other areas. If this vision really works out, what does it mean for Bookings financials? And do you think you're accelerating the pace of progress there? And then for David, we see the U.S., which reopened first at kind of low single-digit growth. How are you thinking about Europe comps next year? And can you just remind us of your kind of relative exposure by geography?

也許一份給格倫，一份給大衛。 Glenn，您長期以來一直致力於 Connected Trip。顯然，空氣和其他領域取得了很大進展。如果這個願景真的實現，這對 Bookings 的財務狀況意味著什麼？您認為您正在加快那裡的進展嗎？然後對大衛來說，我們看到美國首先以較低的個位數成長重新開放。您如何看待明年的歐洲比賽？您能否提醒我們一下您在地理位置上的相對曝光度？

So Justin, and I have been talking about the [indiscernible] for a while because I do believe that really is a differentiator in the long run. And why someone will come to us and continue to come to us, rather another way to do their travel. So in the long run, of course, is somebody is coming direct because they really enjoy the way we do it versus an alternative that, of course, is lower the marketing cost. You wouldn't have to reacquire that customer.

所以賈斯汀和我已經談論[音頻不清晰]有一段時間了，因為我確實相信從長遠來看這確實是一個差異化因素。為什麼有人會來找我們並繼續來找我們，而不是另一種旅行方式。因此，從長遠來看，當然有人會直接來，因為他們真的很喜歡我們的做法，而不是行銷成本更低的替代方案。您不必重新獲得該客戶。

It's interesting because we look at small -- small data, but we do see people who book more than 1 element with us currently, we do see some benefits of the person coming back more frequently and a higher direct. So I like that. And I think we can do a lot more with them. Now one of the things that we're not the only person doing this, of course, and this competition because I think a lot of people see this.

這很有趣，因為我們關注的是小數據，但我們確實看到目前向我們預訂超過 1 個元素的人，我們確實看到了更頻繁地回來和更高直接率的人的一些好處。所以我喜歡這樣。我認為我們可以利用它們做更多事情。當然，我們並不是唯一一個這樣做的人，而且這次比賽也是因為我認為很多人都看到了這一點。

And now, on top of this, the whole benefits of Generative AI along with all the AI work we've been doing for a long time. And we see the potential to create a much better experience in discovery, planning and executing your travel. In a way that if we do this right, we may be able to greatly accelerate the growth of the company because it really is transformationally different versus just incrementally different.

現在，最重要的是，生成式人工智慧的全部好處以及我們長期以來所做的所有人工智慧工作。我們看到了在探索、規劃和執行旅行方面創造更好體驗的潛力。在某種程度上，如果我們做得正確，我們也許能夠大大加速公司的發展，因為它確實是變革性的不同，而不是漸進式的不同。

And that's what we're striving for. Now that's not going to happen tomorrow. You know that. I know that. It's not going to happen next week, next quarter. So It isn't gonna happen next year. It's going to take time to get all this built out. But what I'm really pleased about is seeing historically, we said, what we're going to do and we've been doing it, and we're showing markers along the way, hitting milestones, hitting a slight growth rate still, 57% of those air ticket booking I talked about, talking about that's 5x greater than 2019, we said we're going to do it, and we did it and we're going forward in so many of these other areas where I believe that people are frustrated in the way they travel now.

這就是我們正在努力的目標。現在，明天就不會發生這種情況了。你懂的。我知道。這不會發生在下週、下個季度。所以明年不會發生這種情況。完成這一切需要時間。但我真正感到高興的是，我們說，從歷史上看，我們將要做什麼，我們一直在做，我們一路上展示了標記，達到了里程碑，仍然達到了輕微的增長率，我談到的機票預訂量中有57% 是2019 年的5 倍，我們說我們要做，我們做到了，我們正在許多其他領域取得進展，我相信人們現在的出行方式感到沮喪。

If we can do it better, we'll achieve great things both for the traveler, of course. We're going to achieve great opportunities for our partners to give them more opportunities to get more business working with us. And then, of course, together, those things will end up with a great derivative, which is more value for the shareholders. That's what we're trying to do, and I'm really pleased with where we are.

當然，如果我們能做得更好，我們將為旅行者帶來偉大的成就。我們將為我們的合作夥伴創造巨大的機會，讓他們有更多機會與我們合作更多業務。當然，這些東西加在一起最終會產生巨大的衍生品，這對股東來說更有價值。這就是我們正在努力做的事情，我對我們目前的處境感到非常滿意。

Yes. Thank you, Glenn. And then Justin, relates to your question, yes, we're pleased to see room night growth year-over-year in the U.S. market. Don't forget that in the U.S., our room nights are over 30% higher than they were in 2019. So we have made significant strides in terms of advancing our overall position in the U.S. If you compare that with market growth rates that are probably more like recovered versus 2019, not up by 30%.

是的。謝謝你，格倫。然後賈斯汀回答你的問題，是的，我們很高興看到美國市場的間夜數逐年增長。不要忘記，在美國，我們的間夜數比 2019 年增加了 30% 以上。因此，我們在提升我們在美國的整體地位方面取得了重大進展。如果您將其與可能的市場成長率進行比較與2019 年相比，更像是恢復了，沒有成長30%。

When we think about next year, I don't want to get into too much detail, but I would give you a couple of things to think about. I'd say that when you look across all the regions, if you look at where travel as a percentage of GDP is going to wind up in 2023, compared to where it was in 2019, it still has some recovery, before it fully gets back to the percentage of GDP used to be in 2019. So I think that provides upside.

當我們考慮明年時，我不想透露太多細節，但我會給你們一些需要思考的事情。我想說的是，當你縱觀所有地區時，如果你看看 2023 年旅遊業佔 GDP 的百分比與 2019 年相比，在完全恢復之前，它仍然有一些復甦。回到2019 年佔GDP 的百分比。所以我認為這有上升的空間。

I'd also say that, as Glenn said in his comments and as we see, we do see consumers continue to preference travel over other discretionary expense items. We don't see any reason why that should change based upon current trends. And then also just relative to our own view of the business. We're still committed to our milestones we gave you is that we will continue to grow faster post-COVID than we were before, on the top line and bottom line on a constant currency basis. That was 8% bookings on revenue, sorry, 8% on bookings, 8% of revenue, 15% earnings per share or constant currency growth rates in 2019. And whilst we're not talking about Asian Pacific around 2024, we are still sticking to those overall guidelines and outlook.

我還想說，正如格倫在評論中所說，正如我們所看到的，我們確實看到消費者繼續偏愛旅行而不是其他可自由支配的開支項目。我們看不出有任何理由應該根據當前趨勢改變這種情況。然後也只是相對於我們自己對業務的看法。我們仍然致力於實現我們給您的里程碑，那就是我們將在新冠疫情之後繼續以比以前更快的速度成長，在固定匯率的基礎上實現營收和利潤。那是8% 的預訂收入，抱歉，8% 的預訂收入，8% 的收入，15% 的每股收益或2019 年的恆定貨幣增長率。雖然我們不是在談論2024 年左右的亞太地區，但我們仍然堅持這些總體指導方針和前景。

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。

Could you comment on the outsized growth in alternative accommodations that you saw in Q3? I think in Q2, the growth was closer to the overall growth. So what were the drivers there? Any regions? And then I have a follow-up.

您能否對第三季度看到的替代住宿的大幅增長發表評論？我認為第二季的成長更接近整體成長。那麼那裡的司機是什麼？有什麼地區嗎？然後我有一個後續行動。

So Kevin, why don't I start and David can add on anything, I fail to add in. Obviously, very, very pleased with that number. That's a really good growth rate. And when we compare to some other people in the space, I'm very impressed by what we've been able to accomplish. And well a shout out to the whole team that works on alternative combinations.

所以凱文，為什麼我不開始，大衛可以添加任何東西，我沒有添加。顯然，我對這個數字非常非常滿意。這是一個非常好的成長率。當我們與該領域的其他人進行比較時，我對我們所取得的成就印象深刻。並向致力於替代組合的整個團隊致敬。

But this time, again, I've been talking about for some time about we need to improve the product. We need to make people aware of it. And by doing that, we'll get more business. And that's what we've been doing. Now I can move all the things I've talked about them in the past, and we continue to do things to make it a better priority and there's still a lot of things that need to be done to make it even better. And that's what we're going to keep on doing.

但這一次，我已經談論了一段時間我們需要改進產品。我們需要讓人們意識到這一點。透過這樣做，我們將獲得更多業務。這就是我們一直在做的事情。現在我可以轉移我過去談論過的所有事情，我們將繼續做一些事情以使其成為更好的優先事項，並且仍然需要做很多事情才能使其變得更好。這就是我們將繼續做的事情。

There's no magic bullet, no silver bullet [that tell] here's how it came about. It comes through a lot of hard work in a lot of different ways of just grinding away, cranking out making it better, talking with the suppliers who have these properties, making sure we're marketing appropriately when people want that property, they can find it and they see it. All those things together, what enabled us to achieve what I think was a very, very good growth rate there.

沒有靈丹妙藥，也沒有靈丹妙藥可以告訴我們它是如何發生的。它需要通過許多不同的方式進行大量艱苦的工作，不斷打磨，努力使其變得更好，與擁有這些房產的供應商交談，確保我們在人們想要該房產時進行適當的營銷，他們可以找到他們看到了它。所有這些因素加在一起，使我們能夠實現我認為非常非常好的成長率。

But I'll tell you, we're not there yet. And I mean, look, I want to increase the supply a lot more. Look, it's great, 9% increase. So I mentioned in my prepared remarks, an increase up to 7.2 billion listings, that's great. That's good. But I know there are a lot of areas. We need to add even more, particularly in the United States because that's a place that I want to use our product, as I look for the thing, and I don't see it. Well, to me, that's upside, though.

但我告訴你，我們還沒到那一步。我的意思是，看，我想更多地增加供應。你看，太棒了，成長了9%。所以我在準備好的發言中提到，增加到72億的上市量，這很好。那挺好的。但我知道有很多領域。我們需要添加更多，特別是在美國，因為那是我想使用我們產品的地方，當我尋找這個東西時，我沒有看到它。嗯，對我來說，這有好處。

We're doing great right now, and I still see so much opportunity ahead because, for example, we don't have enough properties in certain areas and the other product features that we need to improve upon. Altogether, I look at this a great opportunity. We're going well, and we'll do even better in the future, I hope. And David, anything specific to add to that? Okay.

我們現在做得很好，我仍然看到了很多機會，因為，例如，我們在某些​​領域沒有足夠的屬性，而其他產品功能需要我們改進。總而言之，我認為這是一個很好的機會。我們進展順利，我希望未來我們會做得更好。大衛，有什麼具體要補充的嗎？好的。

No, no. Thank you, that was great.

不，不。謝謝，那太好了。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克（Brian Nowak）。

The first one, let me just ask about the U.S. a little bit. You've made some really good progress in the U.S. post COVID, but it has decelerated quite a bit, and now it sounds even down in the most recent months. So Glenn, I guess the question is, as you look into 2024, what are the keys to sort of reaccelerating that U.S. growth from here to sort of contribute to your goal of growing faster post-COVID than you were pre-COVID. So what drives U.S. growth from here? And then secondly, any quantifiable metrics or factors you can share with us on progress on Genius and the Loyalty program over the course of the summer and the fall?

第一個問題，我想問美國的狀況。新冠疫情之後，美國取得了一些非常好的進展，但進展速度已經放緩了很多，而且現在聽起來最近幾個月甚至有所下降。所以格倫，我想問題是，當你展望 2024 年時，從現在開始重新加速美國經濟成長的關鍵是什麼，以有助於實現你在新冠疫情后比新冠疫情前更快增長的目標。那麼，是什麼推動了美國的成長呢？其次，您可以與我們分享夏季和秋季期間 Genius 和忠誠度計劃進度的任何可量化指標或因素嗎？

Yes, sure. Thank you, Brian. So, the U.S. is not that much different than any other geography. In terms of the elements that create growth are providing a better product, enabling people to be able to find the properties they want, at the right price, maybe easier for them to do and anything goes wrong, giving great customer service. That's the playbook. And yes, some of the numbers look a little funky and of course, COVID is really create all sorts of things, different geographies come out faster than others, so you're comparing year-over-year and maybe it looks like a deceleration and then there's domestic and international. I think a good way to look at this is like you compare back to 2019.

是的，當然。謝謝你，布萊恩。因此，美國與其他地區並沒有太大不同。就創造成長的要素而言，提供更好的產品，使人們能夠以合適的價格找到他們想要的房產，也許對他們來說更容易做任何事情，並提供優質的客戶服務。這就是劇本。是的，有些數字看起來有點奇怪，當然，新冠病毒確實創造了各種各樣的東西，不同的地區比其他地區出現得更快，所以你逐年進行比較，也許看起來像是減速，然後是國內和國際。我認為看待這個問題的一個好方法就是與 2019 年進行比較。

And the fact is we've achieved -- we've accomplished some great things in terms of increasing our share in the U.S. And we keep on doing what we have been doing and that we'll continue to increase that share. And I just mentioned in the previous question about our alternative accommodations, which is an important part of growing out of the U.S. And another thing is also you mentioned Genius. So I'll switch over to there. And that is continue to develop the Genius program in a way that continues to provide not only great value to the traveler, which of course, is an obvious one, but it's providing opportunity for our partners to be able to get incremental demand when they need it, where they need and how they need it.

事實上，我們已經取得了成就——我們在增加我們在美國的份額方面取得了一些偉大的成就，我們將繼續做我們一直在做的事情，我們將繼續增加這一份額。我剛剛在上一個問題中提到了我們的替代住宿，這是在美國成長的重要組成部分，另一件事也是你提到的天才。所以我會切換到那裡。這就是繼續開發 Genius 計劃，不僅繼續為旅行者提供巨大的價值（這當然是顯而易見的），而且為我們的合作夥伴提供了機會，讓他們能夠在需要時獲得增量需求以及他們需要的地點和方式。

Working that together is a way for us to provide a better opportunity for both sides of this marketplace to achieve greater value for both sides. And I think that we have that great thing, layer on all those other things we talk about with the whole idea of the Connected Trip. Bring in more of the Generative AI stuff. And altogether, I think this is a good playbook to try and continue to grow our share in the U.S. And again, we've been doing it for some time now. So I'm really pleased with where we stand.

共同努力是我們為市場雙方提供更好機會、實現更大價值的一種方式。我認為我們擁有一件偉大的事情，將我們談論的所有其他事情與互聯旅行的整個理念結合在一起。引入更多生成式人工智慧的東西。總而言之，我認為這是一個很好的策略，可以嘗試並繼續增加我們在美國的份額。而且，我們已經這樣做了一段時間了。所以我對我們的現狀非常滿意。

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

您的下一個問題來自瑞銀集團 (UBS) 的勞埃德‧沃姆斯利 (Lloyd Walmsley)。

I had a couple, if I can. First, it sounds like you're still talking about holding this lean in posture on marketing with the leverage on, I think, marketing plus merchandising in 4Q as growth slows, should we expect to see you all moderate that posture and get more leverage? And I guess, looking at markets like the U.S. growing low single digits, are you still holding that posture there? Or are you kind of bifurcating the strategy differently as different markets are perhaps more recovered? Anything you could share there would be great. And then the second one would just be sort of related, but as more than half of room nights are now booked through the mobile app, should that also be an increasing driver of marketing leverage? Or do you think just escalating pricing in performance channels offsets that? So it's kind of balance of that? How should we think about that?

如果可以的話，我有一對。首先，聽起來您仍在談論在營銷上保持這種傾斜的姿態，我認為，隨著增長放緩，第四季度的營銷加銷售，我們是否應該期望看到您都緩和這種姿態並獲得更多的槓桿？我想，看看美國等市場的低個位數成長，您是否仍然保持這種姿勢？或者，隨著不同市場的復甦程度可能有所不同，您是否會採取不同的策略？你能在那裡分享的任何東西都會很棒。然後第二個可能有點相關，但由於現在超過一半的間夜是透過行動應用程式預訂的，這是否也應該成為行銷槓桿不斷增長的驅動力？或者您認為僅提高績效管道的定價就能抵銷這項影響？那麼這是一種平衡嗎？我們該如何思考這個問題？

So Lloyd, let me talk a little bit about this and all we do and add other facts that he wants to add in here. And I want to be very careful here. Obviously, the one thing I don't want to do is give away or [of and all the] things we're going to play with our competitors listening in on this. So you'll understand it, while it'll be a little bit general in this. But one of the things I continue to try and talked to the team about is we need to be nimble. We need to be agile, and we need to be able to be smart and move into markets, where we see opportunities and pull back in other places where we think we're not going to get the right ROIs.

勞埃德，讓我談談這個以及我們所做的一切，並添加他想在這裡添加的其他事實。我想在這裡非常小心。顯然，我不想做的一件事就是放棄我們將要與競爭對手一起玩的所有東西。所以你會理解它，雖然這會有點籠統。但我繼續嘗試並與團隊討論的一件事是我們需要保持靈活性。我們需要敏捷，我們需要能夠聰明地進入我們看到機會的市場，並在我們認為無法獲得正確投資回報率的其他地方撤退。

Whether that be a geography, whether it be a channel, would that be developing a entire product, whatever it is, I don't look at any of these in a different way. I look at all together holistically. What we're trying to do is achieve growth at the right type of profitability levels. And we're going to continue to do that. Right now, as David just said, we have a lean-in position because we see opportunity here. Time -- these things can change depending on the time. And certainly, the idea is to say I'm going to do this for a long-term period is it's a nice thing to say, but who knows what the world is going to be like, and as we all see, unfortunately, the world can change very, very rapidly.

無論是地理位置、通路或開發整個產品，無論它是什麼，我都不會以不同的方式看待這些。我從整體上看待所有事情。我們正在努力做的是在適當的獲利水準上實現成長。我們將繼續這樣做。現在，正如大衛剛才所說，我們有一個傾斜的立場，因為我們在這裡看到了機會。時間－這些事情會隨著時間而改變。當然，我的想法是說我將長期這樣做，這是一件好事，但誰知道世界會是什麼樣子，不幸的是，正如我們所見，世界可以非常非常快地變化。

So we'll continue to do this, and this is our profile right now the way David explained those numbers for what we are going to disclose right now. But you should always recognize that we have an overall view of how to do things, but we will be willing to change, depending on circumstances. Regarding the mobile app, I talked about, Dave, why don't you just take in terms of how that will apply to our numbers going forward.

因此，我們將繼續這樣做，這就是我們現在的簡介，大衛解釋了我們現在要披露的這些數字。但你應該始終認識到，我們對如何做事有一個總體看法，但我們願意根據情況進行改變。關於行動應用程序，我談到，戴夫，你為什麼不考慮它將如何應用於我們未來的數字。

Yes. Lloyd, I'd add a couple of comments. So first of all, just to kind of pick up on a Glenn let off on leading in. We are leading into a recovering marketplace. I said there's still on one of my other answers, I saw some recovery of travel as a percentage of GDP post COVID to happen in 2024. We haven't seen it fully recover yet.

是的。勞埃德，我想補充一些評論。首先，我想回顧一下格倫在領導方面的表現。我們正在進入一個正在復甦的市場。我說過我的另一個答案仍然是，我看到疫情後旅行佔 GDP 的百分比將在 2024 年有所恢復。我們還沒有看到它完全恢復。

So there are still opportunities to do that. You'll know though that we are -- even though we're spending more on marketing merchandising in '23 than we did in 2019. We are getting leverage relative to what we spent in 2022. As a couple of things happen. One, as our direct mix increases. And of course, mobile is highly correlated to direct mix. The majority, the vast majority of all of our mobile -- of all our mobile app bookings are in fact, direct bookings. So that helps as well.

所以仍然有機會這樣做。你會知道，儘管我們 23 年在行銷商品方面的支出比 2019 年還要多。相對於 2022 年的支出，我們正在獲得槓桿作用。發生了一些事情。第一，隨著我們的直接組合的增加。當然，行動裝置與直接混合高度相關。事實上，我們所有的行動應用預訂中的絕大多數、絕大多數都是直接預訂。所以這也有幫助。

So -- and then you did make a reference, I would just say to Q4. And I wouldn't read too much into Q4. Here's how I would explain why we expect to get some deleverage in marketing in Q4, relative to the other quarters where we've shown leverage. It's really quite simple. We're having a strong year, and we decided to invest in some additional programs in Q4 that will help us finish the year well. And to build on our momentum going into 2024. So that was us. It's very conscious.

所以——然後你確實提到了，我只想說第四個問題。我不會對第四季進行太多解讀。以下是我將如何解釋為什麼我們預計第四季度的行銷將得到一定程度的去槓桿化，相對於我們已經表現出槓桿作用的其他季度而言。這真的很簡單。我們度過了強勁的一年，我們決定在第四季度投資一些額外的計劃，這將幫助我們順利完成這一年。並鞏固我們進入 2024 年的勢頭。這就是我們。這是非常有意識的。

Again, we're not going to go into the playbook in terms of what they are or where they are, but we recognize that we're doing well this year financially, delivering great EBITDA and results. So we are leaning a little bit in Q4 to position us well, the first year and going to 2024 strong. Again, that's what we are doing. Not driven by any dynamics in the marketplace or our conscious decision. Of course, we'll still create leverage on marketing merchandising for the full year.

再說一次，我們不會詳細討論它們是什麼或它們在哪裡，但我們認識到我們今年的財務狀況良好，實現了出色的 EBITDA 和業績。因此，我們在第四季度做出了一些調整，以便在第一年和 2024 年保持良好的定位。再說一遍，這就是我們正在做的事情。不受市場任何動態或我們有意識的決定的驅動。當然，我們仍然會在全年的營銷推廣上創造槓桿。

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。

Glenn, you talked about expecting a strong 2024. Just curious if you have any more color on how you're thinking about the outlook for ADRs next year? I think you said it was 4% increase in 3Q. Any more thoughts there would be helpful.

Glenn，您談到預計 2024 年會表現強勁。只是好奇您對明年 ADR 的前景有何更多看法？我想你說過第三季成長了 4%。任何更多的想法都會有幫助。

I'll let David talk about what he wants to talk about and I don't think we talked about 2024. I think we talked first quarter. I'll let David clarify whatever we want to clarify.

我會讓 David 談談他想談論的內容，我認為我們沒有談論 2024 年。我認為我們談論了第一季。我會讓大衛澄清我們想要澄清的一切。

Yes, Doug, I mean the 2024 conversation, we're going to have that when we get into February next year. I really don't want to have -- how that now. We've told you a little bit about the strength of the on the books in the first quarter given the strength of bookings in the booking window. And we talked a little bit about our framework for growth post COVID hasn't changed. So I want to keep anything beyond that until we get to see a little bit more. We're talking to you next time, of course, we'll give you much more insight at that point in time. But it's too early to talk about the specifics of [line] items in the income statement in 2024.

是的，道格，我的意思是 2024 年的對話，我們將在明年 2 月進行。我真的不想——現在怎麼樣了。鑑於預訂窗口中的預訂量，我們已經向您介紹了第一季預訂量的一些情況。我們也討論了新冠疫情後我們的成長框架沒有改變。所以我想保留除此之外的任何內容，直到我們看到更多內容為止。當然，我們下次會與您交談，屆時我們將為您提供更多見解。但現在談 2024 年損益表中[行]項目的具體細節還為時過早。

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（Lee Horowitz）。

Maybe following up on some of the comments around sort of the vacation rental industry. Can we talk a bit more about sort of the U.S. vacation rental business. Glenn, you talked about growing supply and building product functionality, in order to grow that you think about the phasing of getting these incremental products rolled out and getting supply to the place, where you're competitive relative to some others in the market. So how do we think of sort of the time line and maybe even the investment dollars needed to get that business to the place where you want to get it to?

也許會跟進有關度假租賃行業的一些評論。我們可以多談談美國的度假租賃業務嗎？格倫，您談到了增加供應和構建產品功能，為了成長，您考慮分階段推出這些增量產品並將供應供應到相對於市場上其他一些人具有競爭力的地方。那麼，我們如何考慮使該業務達到您想要的目標所需的時間線，甚至可能是所需的投資資金？

Lee, you won't be surprised. I'm not actually going to give out the details exactly how and what level and what amount of money we're going to put to work at it and what the message are. I will say that the best way to look at this is look at what we've done historically and where the numbers have been going and how the growth has been going. That's the best indication for you in terms of thinking forward how -- what we're going to end up and the result is going to be.

李，你不會感到驚訝。實際上，我不會詳細說明我們將投入多少資金、如何投入、投入多少資金以及要傳達的訊息。我想說，看待這個問題的最好方法是看看我們歷史上所做的事情、數字的走向以及成長的情況。這對你來說是最好的指示，讓你思考我們將如何結束以及結果將是什麼。

I will say that it's fairly obvious to me looking at our site and tries to find homes in certain properties and in certain parts of the U.S., you can see perhaps you don't have enough of them in those areas. So it would not be illogical to think that's where we'll start going to. As we talked in the past, we think that there is a lower hanging fruit for us in properties that are controlled or managed by larger groups of properties, makes it easier for us to get that. So I'm not giving anything away here. When I say, well, we'll let us go there first, and let's be sure we're doing that.

我想說的是，這對我來說是相當明顯的，查看我們的網站並試圖在美國的某些地區和某些房產中尋找房屋，您可能會發現在這些地區您可能沒有足夠的房屋。因此，認為這就是我們要開始的地方並不是不合邏輯的。正如我們過去所說，我們認為，由更大的房地產集團控製或管理的房地產對我們來說是一個容易實現的目標，這讓我們更容易實現這一點。所以我不會在這裡放棄任何東西。當我說，好吧，我們先去那裡，讓我們確保我們正在這樣做。

And for example, you may have noticed that recently started doing the request on demand type thing, where a person does it automatically be able to book instantly. And that's a product improvement because some people in, let's say, higher quality or higher value properties. Perhaps the owner or the manager did not want to have an instant booking and want to have a chance to do it on request basis. So that's an improvement thing.

例如，您可能已經注意到，最近開始做按需請求類型的事情，一個人可以自動立即預訂。這是一種產品改進，因為有些人擁有更高品質或更高價值的房產。也許業主或經理不想即時預訂，並希望有機會根據要求進行預訂。所以這是一個改進的事情。

So we'll continue to roll out all these different things that we think will make our property -- our product as good as anybody else's, and applies the money to the appropriate marketing to make sure people are aware of it, and that will enable us to continue the growth that we've seen so far, I hope.

因此，我們將繼續推出所有這些不同的東西，我們認為這些東西將使我們的產品——我們的產品與其他人的產品一樣好，並將資金用於適當的營銷，以確保人們意識到這一點，這將使我希望我們能夠繼續迄今為止所看到的成長。

Helpful. And then maybe one follow-up on perhaps another air of the low-hanging fruit. Can you comment at all on anything you're seeing in terms of APAC outbound travel patterns and how much room there may be in this travel quarter sort of cover back to pre-COVID levels. Should we be thinking -- thinking of this travel pattern as a source of premium growth in the medium term?

有幫助。然後也許是對唾手可得的果實的另一種態度的後續行動。您能否對您在亞太地區出境旅遊模式方面看到的任何情況發表評論，以及本旅遊季度可能有多少空間可以恢復到新冠疫情之前的水平。我們是否應該思考－將這種旅行模式視為中期保費成長的來源？

I'm not sure the term premium growth. I'll just say what we talked a little bit about, look, we talked some time about different geographies coming back, faster in other areas. Asia was certainly the one who was last. And of course, it looks good when you're starting to see the, nice growth rate those regions as the other ones start getting more normalized. It's a nice thing to say. It's certainly outbound for example, outbound China still significantly behind, when you look at any of the industry reports, and think how much lift do they have going out bond, et cetera. .

我不確定保費增長這個詞。我只想說我們談論的一些內容，看，我們討論過一些時間關於不同地區的回歸，在其他領域更快。亞洲無疑是最後一個。當然，當你開始看到這些地區的成長率不錯，而其他地區開始變得更加正常化時，情況看起來不錯。這是一件好事。例如，當你查看任何行業報告並思考他們的債券等方面有多少提升時，當然是出境遊，中國的出境遊仍然明顯落後。 。

Although that's a small part of our business, not going to make a huge difference even when it starts to come back. So overall, look, we love to see that Asia is going to get back to where all the other parts of the world were -- and I really do and I understand the term premium that you mentioned, maybe explain that I could give a better explanation.

儘管這只是我們業務的一小部分，但即使它開始恢復，也不會產生巨大的影響。所以總的來說，我們很高興看到亞洲將回到世界其他地區的水平——我確實這樣做，我理解你提到的術語溢價，也許可以解釋我可以給出更好的結果解釋。

I guess just faster growth relative to the core.

我想只是相對於核心而言更快的成長。

Faster. Okay. Thought maybe you're talking about more expensive travel or something.

快點。好的。我想也許你正在談論更昂貴的旅行之類的。

No, no, no.

不不不。

Okay. Got it, sorry.

好的。明白了，抱歉。

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（Eric Sheridan）。

Maybe come back to the topic of Air, where I understood on the comments about appealing Etraveli decision from the European Commission. If we go beyond that appeal and think about how you plan on building scale in a the supply side. I would love to know how are you thinking about some of the investments that are key to build that as opposed to possibly going down the acquisition route in Air. And where you've already deployed Air, especially markets like North America, can you remind us of what Air has done in terms of growing overall checkout baskets and return on trip side?

也許回到Air的話題，我對關於對歐盟委員會Etraveli決定提出上訴的評論的理解。如果我們超越這種吸引力，並考慮您計劃如何在供應方面建立規模。我很想知道您如何看待一些對於建立這一目標至關重要的投資，而不是可能沿著 Air 的收購路線。在您已經部署 Air 的地方，尤其是像北美這樣的市場，您能否提醒我們 Air 在增加整體結帳籃和旅行回報方面做了哪些工作？

I'll let David handle that last part. In terms of the appeal, the appeal will take some time. This type of court action is not going to happen overnight. I can't tell you exactly how long it will take, but it's not going to happen anytime soon. So I would not put anything in terms of what that will mean for our Airbus aim in the relative future.

我會讓大衛處理最後一部分。在上訴方面，上訴需要一些時間。這種類型的法庭訴訟不會在一夜之間發生。我無法確切地告訴你這需要多長時間，但它不會很快發生。因此，我不會就這對我們空中巴士在相對未來的目標意味著什麼發表任何言論。

However, we do like the fact that we do have this new agreement with Etraveli, going out to 2028. That's really great. Also, as you know, it's not just booked [in any travel line]. That's one area of our air business. We have Priceline. Of course, that's that company started Priceline or as an Air product. That was the first product. We have lots of good relationships with air travel there.

然而，我們確實很高興我們與 Etraveli 達成了這項新協議，該協議有效期至 2028 年。這真是太棒了。此外，如您所知，這不僅僅是[在任何旅行線路]預訂的。這是我們航空業務的一個領域。我們有 Priceline。當然，這就是那家公司創辦的 Priceline 或作為 Air 產品。那是第一個產品。我們與那裡的航空旅行有很多良好的關係。

I obviously am very disappointed by the European Commissions blocking what I believe would have been an extremely beneficial transaction for the travelers, good for them, would have been good for the partners, good for them. And together, this will create value, which, of course, would have come back to all the people involved in the company, whether they be for higher value for our shareholders, or higher value for our employees working on , et cetera. Very disappointing decision, we moved on. We'll continue to develop this product. And by the way, it's been growing very nicely even though we didn't actually have possession of Etraveli, and yet, we still were able to reduce 57% increase in air tickets. David, I'll let you if you want to talk anything about basket size and [things around] if you do.

顯然，我對歐盟委員會阻止這項交易感到非常失望，我認為這對旅行者來說是一項極其有利的交易，對他們有利，對合作夥伴有利，對他們有利。在一起，這將創造價值，當然，這些價值會回饋給公司所有相關人員，無論是為我們的股東帶來更高的價值，還是為我們工作的員工帶來更高的價值，等等。非常令人失望的決定，我們繼續前進。我們將繼續開發該產品。順便說一句，儘管我們實際上並沒有擁有 Etraveli，但它的增長非常好，但我們仍然能夠減少 57% 的機票增量。大衛，如果你想談論有關籃子大小和[周圍的事情]的任何事情，我都會告訴你。

I can talk about where we are with some of the customer-oriented dynamics around there, Eric, I think it will be helpful. So we said this is about Booking.com, which is of course where Air is still relatively new and growing very rapidly. We said previously that over 20% of Air customers are brand new to us. We've never seen them before, that continues to be the case, as the business grows, which is very, very healthy.

我可以談談我們在周圍的一些以客戶為導向的動態方面的進展，埃里克，我認為這會有所幫助。所以我們說這是關於 Booking.com 的，當然 Air 還相對較新，而且成長非常迅速。我們之前說過，超過 20% 的 Air 客戶對我們來說是全新的。我們以前從未見過它們，隨著業務的成長，情況仍然如此，這是非常非常健康的。

We also see that those new customers who are booking Air (inaudible) who've never booked anything prior to that -- with us, are doing a healthy attachment rate from into accommodation because these are brand-new customers. So you wouldn't expect that attachment ratio to be all that high, but it's quite healthy. Not quite as high as examples of what we're doing with Priceline where we've been doing that for many years. But it's certainly an encouraging attachment rate.

我們也發現，那些預訂航空（聽不清楚）的新客戶在此之前從未在我們這裡預訂過任何東西，他們對住宿的依戀率很高，因為這些都是全新的客戶。所以你不會期望依戀比率會那麼高，但它是相當健康的。不如我們在 Priceline 上所做的事情那麼高，我們已經這樣做了很多年了。但這無疑是一個令人鼓舞的依戀率。

What I would tell you, though, on the other side, of course, by definition, most of the air that we're selling is to existing customers, which you would expect. And there is a very good attach rate on those air tickets to accommodation because these customers know us from an a combination background in the first place. What I would also say is that we still have good data that says that customers who buy multiple things from us, whether they be the new customers or the existing customers buying air and the combination. We have good data that says that, that will drive better frequency, loyalty, future basket size, getting them kind of up that loyalty and frequency curve that we talked about to the higher-value customers. So the dynamics around air are still healthy and they haven't changed. We're encouraged about them. And as you can see, they're helping us in multiple different ways.

不過，我要告訴你的是，另一方面，當然，根據定義，我們銷售的大部分空氣都是賣給現有客戶的，這是你所期望的。這些機票和住宿的附加率非常高，因為這些客戶一開始就從複合背景認識我們。我還想說的是，我們仍然有良好的數據表明，從我們這裡購買多種商品的客戶，無論是新客戶還是購買空氣及其組合的現有客戶。我們有充分的數據表明，這將推動更好的頻率、忠誠度、未來的購物籃規模，讓他們提高我們與高價值客戶討論的忠誠度和頻率曲線。因此，空氣周圍的動態仍然是健康的，並且沒有改變。我們為他們感到鼓舞。正如您所看到的，他們正在以多種不同的方式幫助我們。

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

你的下一個問題來自花旗集團的 Ron Josey。

Glenn, I wanted to ask a little bit more about AI and just -- you talked about a little bit in your script just consumer adoption with the booking tools, a trip planner. Wondering if this adoption is trending as you would have expected. I think we're still relatively early days. And you also mentioned the comment around lower customer care costs because of AI. So any insights there would be helpful.

格倫，我想多問一些關於人工智慧的問題，你在腳本中談到了消費者採用預訂工具、旅行規劃器的情況。想知道這種採用趨勢是否如您所預期的那樣。我認為我們還處於相對早期的階段。您也提到了有關人工智慧降低客戶服務成本的評論。因此，任何見解都會有所幫助。

And David, we don't hear too much about just the milestones coming out of COVID. I know they're there. We've talked about it, but just remind us a little bit more about the underlying assumptions of maybe the bookings and revenue growth.

大衛，我們沒有聽到太多關於新冠肺炎疫情的里程碑事件。我知道他們在那裡。我們已經討論過這個問題，但只是提醒我們多一點關於預訂和收入成長的基本假設。

Okay. AI. We only have so much time because I could go on for a long time on this, so I'll try and concise my thoughts on this. So as in all new technologies, the hype is always great, very beginning or, we see this as the greatest thing is going to be the greatest thing some slice bread, but then it takes longer than it takes to toast a slice to actually [kind of need it]. That's the thing about what we're seeing is that it's really exciting. I absolutely believe it's going to be transformative, but it's going to take a long time.

好的。人工智慧.我們只有這麼多時間，因為我可以在這個問題上持續很長時間，所以我會嘗試簡潔地表達我的想法。因此，就像所有新技術一樣，炒作總是很棒，從一開始就是如此，或者，我們認為最偉大的事情將是某些切片麵包中最偉大的事情，但隨後它需要比烤一片麵包實際需要的時間更長[有點需要它]。這就是我們所看到的，這確實令人興奮。我絕對相信這將帶來變革，但這需要很長時間。

And when I said in my prepared remarks about this is very early, it is very, very early. Now some of the stuff that we are seeing and that we have done enough so we see some data to see there are going to be some good benefits. So the example of the customer service example is, for example, you have a customer service agent, who actually is able to use a copilot, let's call it, with AI agent that helps enable that customers or agent answer the question or taking action much faster than they would have been able to do previously. Particularly in terms of a number of years, the person has been a CS agent and maybe a CS agent has been there forever. They're instant how do everything perfectly is great and all that.

當我在準備好的發言中說這還很早時，現在非常非常早。現在我們看到的一些東西並且我們已經做了足夠多的事情，所以我們看到了一些數據來看到將會有一些好的好處。因此，客戶服務的例子是，例如，您有一個客戶服務代理，他實際上能夠使用副駕駛，我們稱之為副駕駛，人工智慧代理可以幫助客戶或代理回答問題或採取更多行動比他們以前能夠做的更快。特別是從多年來看，該人已經擔任CS特工，並且可能CS特工一直在那裡。他們很快就知道如何將一切做到完美，這一切都是如此。

But if you're a relatively new CS agent, this is going to be extremely helpful for that person. As you know, the turnover of CS agents is very great. There's a good efficiency productivity game there. Then everybody, I'm sure, has read lots about how coding can be greatly increased in terms of speed and efficiency, using some of these copilots in terms of coding. So there's another area, again, early stages, just seeing it, but we do believe that is going to do something like that.

但如果您是相對較新的 CS 特工，這將對該人非常有幫助。大家知道，CS代理商的營業額是非常大的。那裡有一個很好的效率生產力遊戲。然後，我確信，每個人都讀過很多關於如何使用這些副駕駛來編碼，從而大大提高編碼速度和效率的內容。所以還有另一個領域，同樣是早期階段，只是看到它，但我們確實相信這會起到類似的作用。

And then you go on into the things that we have for the customer. And the things like Priceline and their Penny product. Where a customer when they're about to buy something, there's a chatbot where they can put in a question because [they get] not sure they want to buy or not. And instead of having to go all the way back up the funnel to find the information they say, do they want to buy or not, using that chatbot, they can be instantly given an answer that will help convert that person into a buy much faster and actually not losing as much. And questions will be everything as One of the things that I've noticed is coming a lot is, can I bring my dog to the hotel. And actually, it can become quite a conversational type thing where, yes, you can bring your dog and so, but my dog is a very big dog. How big is your dog and if you go back [indiscernible]. And that's using our information that we have. That's all our current end using an LLM in combination to indiscernible this type of chat relationship. That's really good.

然後你繼續了解我們為客戶提供的東西。還有 Priceline 和他們的 Penny 產品之類的東西。當顧客要買東西時，他們可以透過聊天機器人提出問題，因為他們不確定自己是否想買。使用聊天機器人，他們不必一路返回渠道來查找他們所說的信息，即他們是否想購買，他們可以立即得到答案，這將有助於將該人更快地轉變為購買者而且實際上損失並沒有那麼多。問題將是一切，因為我注意到經常出現的一件事是，我可以帶我的狗去酒店嗎？實際上，它可以成為一種對話式的事情，是的，你可以帶你的狗等等，但我的狗是一隻非常大的狗。你的狗有多大，如果你回去的話[音頻不清晰]。這就是使用我們所擁有的資訊。這就是我們目前使用法學碩士結合來識別這種類型的聊天關係的全部內容。這非常好。

And then you can go to the other things, we're in the Booking.com AI product, which is really trying to create an itinerary, the discovery from the very top and going down. And then when it offers hotels, it integrates with our hotel condos, you can book right there so that's also very good. Now both those things relatively small usage of any of these things compared to the overall size of the amount of inquiries we get a number of bookings, we do in terms of the overall size of the company. But it's very encouraging that this stuff really does matter, and it's going to make a difference.

然後你可以去做其他事情，我們在 Booking.com 的人工智慧產品中，它實際上是在嘗試創建一個行程，從上到下的發現。然後當它提供酒店時，它與我們的酒店公寓整合在一起，你可以在那裡預訂，所以這也非常好。現在，與我們獲得的預訂數量的查詢量的總體規模相比，這些東西的使用量相對較小，我們就公司的整體規模而言。但令人鼓舞的是，這些東西確實很重要，而且會帶來改變。

Now the question would be how long until we get sort of that hit that inflection point, where people start saying, "oh, this is so much better. I don't know that yet. But we're going to keep on experimenting on all these things, increasing the efficiencies. So we can do things faster with a lower cost and at the same time, increasing things for the travelers to make sure they want to come and use our products and our services versus anybody else's. That's the plan right now, and I like it. And David, I'm not sure what the second question was.

現在的問題是我們需要多長時間才能達到拐點，人們開始說，「哦，這好多了。我還不知道。但我們將繼續進行實驗所有這些，都提高了效率。因此，我們可以以更低的成本更快地完成工作，同時為旅行者提供更多服務，以確保他們願意來使用我們的產品和服務，而不是其他任何人的產品和服務。這就是計劃現在，我喜歡它。大衛，我不確定第二個問題是什麼。

I'll talk a little bit about a framework for post-COVID recovery because I think that's important. So we've committed that when the dust settles and the market goes back to normal growth rates, whenever that is, we'll be a larger and faster-growing business. Delivering more EPS and faster-growing EPS than we did before. So larger and faster growing on the top line and the bottom line.

我將談談新冠疫情後復甦的框架，因為我認為這很重要。因此，我們承諾，當塵埃落定、市場恢復正常成長率時，無論何時，我們都將成為規模更大、成長更快的企業。與以前相比，我們實現了更多的每股盈餘和更快的成長。因此，營收和利潤成長得更大、更快。

So why do we think that is the case? Well, we will have made a ton of progress. So the comparison point is 2019. If 2024 is the year that we get to normalized growth rates, it will be 5 years later. If it's 2025, it will be 6 years later. But the business is so fundamentally different than the business we had in 2019. I think we need just to step back and remind you of that. So, what we've done since 2019 and mainly around Booking.com, but other parts of the business have also contributed as well.

那我們為什麼認為是這樣呢？好吧，我們將會取得很大的進步。因此，比較點是 2019 年。如果 2024 年是我們達到正常化成長率的一年，那將是 5 年後的事。如果是2025年，那就是6年後了。但現在的業務與我們 2019 年的業務有根本的不同。我認為我們需要退後一步提醒您這一點。所以，我們自 2019 年以來所做的工作主要圍繞在 Booking.com，但其他業務部門也做出了貢獻。

Back then, we were mainly, an accommodation mainly hotel, mainly agency business. So since then, we have added a significant alternative accommodation business, which is now very sizable and now we're trying to be [for] growing quickly. We have -- back then, we did very little in payments. Now over half of our business is transacted through Payment. So we built out our payments platform, which is enabling better service for customers and partners.

當時我們主要是，以住宿為主的飯店，以代理業務為主。因此，從那時起，我們增加了一項重要的替代住宿業務，現在規模非常大，現在我們正在努力快速成長。那時，我們在支付方面做得很少。現在我們一半以上的業務都是透過支付進行的。因此，我們建立了支付平台，為客戶和合作夥伴提供更好的服務。

We have built out air taxi and car capability, we didn't have back in 2019. Back in 2019, we were great at performance marketing. We didn't do much around merchandising. We've now developed a big merchandising arm and capability, but also we've refined our performance marketing tools to the level where we really think we can lean into recurring marketplaces and gain share more aggressively than we did back then.

我們已經建立了空中計程車和汽車的能力，這是 2019 年我們沒有的。早在 2019 年，我們就在效果行銷方面表現出色。我們在行銷方面沒有做太多事情。我們現在已經發展了一個龐大的銷售部門和能力，而且我們還改進了我們的績效行銷工具，達到了我們真正認為我們可以比以前更積極地進入經常性市場並獲得份額的水平。

And then, of course, we've added our Genius program and enhanced it significantly. So we believe that we have made huge strides since 2019, which is our comparison point when we grew at 8% on the top line, constant currency bookings and revenue. And of course, this year, we're going to be a lot bigger than we were in 2019. But you add all those capabilities together, and we believe we have a fundamentally different and more competitive business that's providing more value to our customers and partners and is much, much for towards the vision of the Connected Trip than we had back then. And that's why we're confident that we can grow faster and have a bigger business that grows faster on the top line and the bottom line than we had in 2019. That is the framework.

當然，我們還添加了 Genius 計劃並對其進行了顯著增強。因此，我們相信自 2019 年以來我們已經取得了巨大進步，這是我們的比較點，當時我們的營收、固定貨幣預訂和收入增長了 8%。當然，今年我們的規模將比 2019 年大得多。但將所有這些能力加在一起，我們相信我們擁有一個根本不同且更具競爭力的業務，可以為我們的客戶提供更多價值，與我們合作夥伴相比，我們對互聯旅行的願景有了更多的了解。這就是為什麼我們有信心能夠實現更快的成長，並擁有比 2019 年更快的營收和利潤成長的更大業務。這就是框架。

Your next question comes from the line of John Cantone with Jefferies.

你的下一個問題來自約翰·坎通（John Cantone）和傑弗里斯（Jefferies）的對話。

A couple for me. So as more bookings come through the app, I'm curious how repeat rates have trended among more recent cohorts on the app or whether you're seeing any diminishing returns and stickiness as you move beyond early adopters into the longer tail? And second, are you seeing any patterns in behavior like demand strength in higher-priced hotels that's giving you confidence in consumers' continued continuation of prioritizing travel spend over other forms of discretionary spend next year?

給我一對。因此，隨著越來越多的預訂透過該應用程式進行，我很好奇最近使用該應用程式的人群的重複率趨勢如何，或者當您從早期採用者轉向長尾時，您是否會看到回報和黏性遞減？其次，您是否看到任何行為模式（例如高價酒店的需求強度）使您相信消費者明年將繼續優先考慮旅行支出而不是其他形式的可自由支配支出？

Let me just take that last one, and then I'll let Dave. I'm not sure what we disclose and what we don't disclose about your first question. Obviously, it's an important one. So we say -- and we've said this several times, several quarters since the same question keeps coming up in different forms of -- do we see any softening? Do we see anything decline? Do we see a decrease in star rating? Do you see a decrease in length of stay and things like that.

讓我拿最後一個，然後我就讓戴夫來。我不確定關於你的第一個問題我們披露了什麼以及我們沒有披露什麼。顯然，這是一件重要的事情。所以我們說——我們已經說過好幾次了，幾個季度以來，同一個問題不斷以不同的形式出現——我們是否看到任何軟化？我們看到有什麼下降嗎？我們是否看到星級下降？是否看到停留時間縮短之類的情況？

We say no. And that's what we'll be -- no and no. In terms of why we believe that discretionary spending will continue to travel versus other things. That's obviously a lot of the survey. So I can maybe a whole bunch of things that are independent, third-party actual people are saying they're going to do etcetera. Here's something more important though. And I really try and stress this is how important the long is in terms of how we think about the business and increasing value.

我們說不。這就是我們將要做的事——不，不。為什麼我們相信可自由支配支出將繼續用於旅行而不是其他支出。這顯然是調查的大部分內容。所以我可能可以做一大堆獨立的事情，第三方的實際人說他們會做等等。不過，還有更重要的事。我確實試圖強調，就我們如何看待業務和增加價值而言，長期是多麼重要。

So if we agree that over time, GDP for the world will continue to increase and per capita GDP will continue to increase. It's fairly logical that as people get wealthier, they're going to spend more of their money on things that are services or experiences than they are things. Once you go rich enough to have, let's say an apartment, you have 1 apartment in generally or you have 1 sofa. You're not going to buy a sofa each year. What you're going to do is you need to get more money is you will travel either more frequently or in a higher level of style travel or you'll do both. And we see that over and over again, when you look at countries and you see what the amount of the -- ease to look at his international travel, which is a higher I think you know that's going to be a higher level for some people. And you see, as the GDP for a person there goes up. You see the amount of going outbound travel increases, too.

因此，如果我們同意隨著時間的推移，世界GDP將繼續成長，人均GDP將繼續成長。這是相當合乎邏輯的，隨著人們變得更加富有，他們會花更多的錢在服務或體驗上，而不是在物品本身上。一旦你變得足夠富有，可以擁有一套公寓，那麼你通常擁有一套公寓或一張沙發。你不會每年都買一張沙發。你要做的就是你需要賺更多的錢，你要么更頻繁地旅行，要么進行更高水平的旅行，或者兩者都做。我們一次又一次地看到這一點，當你觀察國家時，你會看到他的國際旅行的輕鬆程度，這是一個更高的水平，我想你知道這對某些人來說將是一個更高的水平。你看，隨著一個人的 GDP 上升。您會發現出境遊的數量也在增加。

So that's why I believe that this is in the long run. We have a great tailwind. The travel will continue to be one of the things that people always are going to want or there's a lot more of it. And thus, provide a great service, our job is get a safer share, a bigger piece of that pie that is going to continue to grow. And you grow a little bit faster than global GDP. That's why I believe we have a great future here. And David, I don't know what we talked or do not disclose regarding his question regarding apps.

這就是為什麼我相信這是從長遠來看的。我們有很大的順風。旅行將繼續成為人們一直想要的事情之一，或者更多。因此，提供優質的服務，我們的工作就是獲得更安全的份額，更大的一塊將繼續增長的蛋糕。而且你的成長速度比全球 GDP 快一點。這就是為什麼我相信我們在這裡擁有美好的未來。大衛，我不知道我們談論了什麼或沒有透露關於他有關應用程式的問題。

I'll be really quick because we got over time. But there are multiple ways you can book on our property on our platforms directly. You can book directly through the app, you can book directly on the mobile web and book directly on a desktop or a laptop. The app is by far the stickiest of those in terms of repeat rates return rates. And of course, the app is where we're kind of designing to optimize the experience around the Connected Trip, because not only do we want you to be able to book all elements through the app, but also goes with you on the trip, that doesn't usually happen when you book and print something on one of the other platforms.

我會很快，因為我​​們已經超時了。但您可以透過多種方式直接在我們的平台上預訂我們的飯店。您可以直接透過應用程式預訂，可以直接在行動網路上預訂，也可以直接在桌上型電腦或筆記型電腦上預訂。就重複率和退貨率而言，該應用程式是迄今為止黏性最高的應用程式。當然，我們設計該應用程式是為了優化互聯旅行的體驗，因為我們不僅希望您能夠透過該應用程式預訂所有內容，而且還可以在旅途中陪伴您，當您在其他平台之一預訂並列印某些內容時，通常不會發生這種情況。

So it's very important for us. It's a big effort. It's where the Connected Trip is moving towards. And then what I would just leave you with as a final thought of course, not all customers are created equally and the higher-value customers who do more business, where spend more of their total spend with are higher usage of both app and direct by an appreciable amount, compared to the average customer. So the app is very much at the center of that thinking.

所以這對我們來說非常重要。這是一個很大的努力。這就是互聯旅行的發展方向。當然，我要留給您的最後一個想法是，並非所有客戶都是平等創建的，業務量越大、總支出中花費更多的高價值客戶對應用程序和直接服務的使用率越高。與普通顧客相比，這是一個可觀的數字。因此，該應用程式是這種想法的核心。

And with that, I will hand the call back over to Glenn Fogel for closing remarks.

在此之後，我將把電話轉回格倫·福格爾（Glenn Fogel）進行總結發言。

Thank you. I want to thank our partners, our customers, our dedicated employees and our shareholders. We appreciate your support as we continue to build on the long-term vision for our company. Thank you, and good night.

謝謝。我要感謝我們的合作夥伴、客戶、敬業的員工和股東。我們感謝您的支持，讓我們繼續實現公司的長期願景。謝謝，晚安。

This does conclude the conference call. You may now disconnect.

電話會議到此結束。您現在可以斷開連線。