Booking Holdings Inc (BKNG) 2024 Q1 法說會逐字稿

Welcome to the Booking Holdings First Quarter 2024 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. Therefore, actual results may differ materially from those expressed, implied and forecasted in any such forward-looking statements. Expressions of future goals or expectations and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements.

歡迎參加 Booking Holdings 2024 年第一季業績電話會議。 Booking Holdings 特此提醒各位，本次電話會議可能包含前瞻性陳述，這些陳述均符合 1995 年《私人證券訴訟改革法案》的安全港條款。這些前瞻性陳述並非對未來績效的保證，且受制於某些難以預測的風險、不確定性和假設。因此，實際結果可能與任何此類前瞻性陳述中明示、暗示和預測的結果有重大差異。凡提及未來目標或預期，或類似表述反映的並非歷史事實，均旨在識別前瞻性陳述。

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 the Booking Holdings' earnings press release as well as 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. 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.

有關可能導致Booking Holdings實際業績與前瞻性聲明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。除非法律另有規定，Booking Holdings不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。 Booking Holdings獲利新聞稿及其隨附的財務和統計補充文件可在Booking Holdings網站www.bookingholdings.com的「投資者關係」欄位查閱。

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

現在我來介紹今天下午Booking Holdings的演講嘉賓，格倫·福格爾和埃沃特·斯滕伯根。請兩位開始演講。

Thank you, and welcome to Booking Holdings' First Quarter Conference Call. I'm joined this afternoon by our CFO, Ewout Steenbergen. I am pleased to report a strong start to 2024. Our travelers booked nearly 300 million room nights across our platforms in the first quarter, which exceeded our expectations and grew 9% year-over-year. First quarter revenue of $4.4 billion grew 17% year-over-year, and adjusted EBITDA of about $900 million increased 53% year-over-year. Both revenue and adjusted EBITDA were ahead of our first quarter expectations. Finally, adjusted earnings per share in the first quarter grew 76% year-over-year, helped by improved profit levels as well as our strong capital return program, which reduced our average share count by 9% versus the first quarter last year.

謝謝各位，歡迎參加Booking Holdings第一季財報電話會議。今天下午，我們的財務長Ewout Steenbergen先生也出席了會議。我很高興地宣布，2024年開局強勁。第一季度，我們的旅客透過旗下平台預訂了近3億間夜，超出預期，年增9%。第一季營收達44億美元，年增17%；調整後EBITDA約9億美元，年增53%。營收和調整後EBITDA均超出我們第一季的預期。此外，第一季調整後每股盈餘年增76%，這得益於利潤水準的提升以及我們強有力的資本回報計劃，該計劃使我們的平均流通股數量較去年同期減少了9%。

We continue to see resiliency in global leisure travel demand, including healthy growth for travel on the books that's scheduled to take place during our peak summer travel season, although a high percentage of these bookings are cancelable, and what is on the books today represents a modest percentage of the expected total summer bookings.

我們持續看到全球休閒旅遊需求的韌性，包括已預訂的夏季旅遊旺季期間的旅行量健康增長，儘管這些預訂中有很大一部分是可以取消的，而且目前已預訂的旅行量僅佔預期夏季總預訂量的一小部分。

As we look ahead to the second quarter, room night growth compared to last year will benefit from the shift in Easter timing. However, we expect that this will be offset by a less expansion of the booking window and an increased impact from the geopolitical situation in the Middle East. We believe this will result in some deceleration in room night growth versus Q1. Ewout will provide further details on our first quarter results and our thoughts about the second quarter.

展望第二季度，與去年同期相比，客房夜數成長將受益於復活節假期時間的調整。然而，我們預計預訂窗口期的縮短以及中東地緣政治局勢的影響將抵消這一利好。我們認為這將導致客房夜數成長速度較第一季放緩。 Ewout 將提供更多關於第一季業績以及我們對第二季展望的詳情。

Over the last few years, we have talked quite a bit about our key strategic priorities, which include building towards our connected trip vision, expanding our merchant offering at Booking.com, developing our AI capabilities and enhancing our genius loyalty program. These initiatives may seem to be distinct efforts, but I'd like to emphasize, they actually all fit together in our ongoing effort to deliver a much better planning, booking and traveling experience for our travelers while also benefiting our supplier partners.

過去幾年，我們多次談到關鍵策略重點，包括建立互聯旅行願景、拓展Booking.com的商家服務、提升人工智慧能力以及優化Genius會員忠誠度計畫。這些舉措看似各自獨立，但我想強調的是，它們實際上都緊密相連，共同致力於為旅客提供更優質的旅行計劃、預訂和出行體驗，同時也惠及我們的供應商合作夥伴。

By creating a much better experience for our travelers and solving more of the challenges they face when planning, booking and experiencing a trip, we believe travelers will choose to book directly and more frequently with us, resulting in increased loyalty over time. We see encouraging early proof points at Booking.com as we have grown the number of total active travelers while experiencing higher growth in repeat travelers, which speaks to the progress we are making in encouraging customers to book again with us. In addition, we are seeing increases in the average number of trips booked per traveler as well as an increasing mix of our room nights that are booked directly with us.

透過為旅客打造更優質的體驗，並解決他們在計劃、預訂和旅行過程中遇到的更多挑戰，我們相信旅客會更頻繁地選擇直接透過我們預訂，從而提升客戶忠誠度。 Booking.com 已取得令人鼓舞的初步成果：活躍旅客總數成長，回頭客數量成長更為顯著，這表明我們在鼓勵客戶再次預訂方面取得了顯著進展。此外，我們還看到每位旅客的平均預訂次數有所增加，直接透過我們預訂的客房晚數佔比也在不斷提高。

On direct mix, we are pleased to see the direct booking channel continues to grow faster than room nights acquired through paid marketing channels. While we see paid marketing channels becoming a gradually smaller proportion of our business over time, we think it's important for us to remain proactive in these channels in order to bring new travelers to our platforms, so long as we're able to do so at attractive ROIs.

在直接預訂管道方面，我們很高興地看到，直接預訂管道的成長速度持續超過透過付費行銷管道獲得的客房夜數。儘管我們預期付費行銷管道在我們業務中所佔的比例會隨著時間的推移而逐漸下降，但我們認為，只要能夠獲得可觀的投資回報率，積極拓展這些管道，為我們的平台吸引新旅客，就至關重要。

We believe continuing to improve the experience for our travelers by advancing towards our connected trip vision will help to further drive these positive proof points around loyalty, frequency and direct booking behavior. I'm encouraged to see strong growth in transactions that are connected to another booking from a different travel vertical in a trip. These connected transactions increased by just over 50% year-over-year in the first quarter, though it's important to note that this growth is off of last year's small base.

我們相信，透過持續推動連網旅行願景，持續提升旅客體驗，將有助於進一步鞏固和提升旅客忠誠度、旅行頻率和直接預訂行為等方面的正面成果。令人欣喜的是，與同一行程中其他旅遊垂直領域的預訂相關的交易量實現了強勁增長。第一季度，此類關聯交易年增超過 50%，但需要注意的是，這一增長是在去年較低的基數基礎上實現的。

Connected transactions represented a high single-digit percentage of Booking.com's total transactions in Q1. It's great to see more of our travelers choosing to book connected transactions. And we believe by providing more value and a better overall experience to those travelers, they may choose to book more trips with us and have a higher likelihood of booking directly with us in the future.

第一季度，關聯交易佔Booking.com總交易量的百分比達到了個位數。我們很高興看到越來越多的旅客選擇透過關聯交易進行預訂。我們相信，透過為這些旅客提供更多價值和更優質的整體體驗，他們可能會選擇透過我們預訂更多行程，並且未來更有可能直接透過我們預訂。

Flights is the most frequently booked vertical in a connected transaction outside of accommodations. And it is an important component of many of the trips our travelers are booking. In the first quarter, air tickets booked on our platforms increased 33% year-over-year, driven primarily by the growth of Booking.com's flight offering. We continue to see a healthy number of new customers to Booking.com through the flight vertical and are encouraged by the rate that these customers and returning customers see the value of the other services on our platform.

在除住宿以外的關聯交易中，機票預訂量最高。它也是許多旅客預訂行程的重要組成部分。第一季度，透過我們平台預訂的機票數量年增 33%，這主要得益於 Booking.com 機票業務的成長。我們持續看到大量新客戶透過機票業務加入 Booking.com，而這些新客戶和回頭客對我們平台上其他服務的價值認可度很高，這令我們倍感鼓舞。

Winning a traveler's business is never easy because of the high level of competition in our industry. But we are pleased to see that by providing a better way to do it, less friction, better value, a broader selection and great customer service, we are building a customer base that is more likely to choose us.

由於業界競爭激烈，贏得旅客的青睞絕非易事。但我們很高興地看到，透過提供更便利的服務、更少的摩擦、更高的性價比、更豐富的選擇和優質的客戶服務，我們正在建立起一個更傾向於選擇我們的客戶群。

Outside of flights and accommodations, we are seeing strong growth from rental cars and attraction bookings that are part of a connected transaction. We believe continuing to enhance and expand the attractions vertical has the ability to increase traveler engagement with the app while travelers are in destination and looking for something to do. And we believe that over time, travelers who experience the value we provide for in-destination services like attractions will choose to use us more in the future.

除了機票和住宿之外，租車和景點預訂等關聯交易也呈現強勁成長。我們相信，持續提升和拓展景點預訂業務，能夠提高旅客在目的地尋找活動時使用我們應用程式的積極性。我們也相信，隨著時間的推移，體驗過我們提供的目的地服務（例如景點預訂）價值的旅客，未來會更傾向於使用我們的服務。

Bringing all of these elements of travel together in a seamless booking experience and unlocking the ability of merchandise across verticals is a capability we have been building at Booking.com over the last several years. In addition to being a foundational element to our connected trip vision, our merchant offering brings many other benefits to our travelers and partners. For travelers, we provide the ability to pay in many different methods. And we can offer discounts, incentives and other merchandising opportunities. For our supplier partners, our merchant offering enables us to take fraud liability from our partners as part of the services we provide, reduces cancellation rates versus the agency model. And over time, we believe we can help to lower payment costs for our partners.

將旅行的各個要素整合到無縫的預訂體驗中，並釋放跨垂直領域的商品銷售潛力，是Booking.com過去幾年一直在建立的能力。除了是我們互聯旅行願景的基礎要素之外，我們的商家服務還為旅客和合作夥伴帶來許多其他好處。對於旅客而言，我們提供多種支付方式，並提供折扣、獎勵和其他商品銷售機會。對於供應商合作夥伴而言，我們的商家服務使我們能夠承擔合作夥伴的詐欺責任，從而降低取消率（與代理模式相比）。我們相信，隨著時間的推移，我們也能幫助合作夥伴降低支付成本。

In order to achieve the easier and more personalized experience with the connected trip, we have always envisioned AI technology playing a central role. We believe we are well positioned to leverage this technology given we have built strong teams of AI experts and gained valuable experience from using AI extensively for many years. In addition, we have proprietary data that can be used to train specific use case models or fine-tune large AI models and have the resources and scale required to help build AI-powered offerings.

為了打造更便利、更個人化的連網旅行體驗，我們始終將人工智慧技術視為核心。我們擁有強大的人工智慧專家團隊，並在多年人工智慧應用實踐中累積了寶貴經驗，因此我們相信自身俱備充分的優勢來運用這項技術。此外，我們還擁有可用於訓練特定用例模型或優化大型人工智慧模型的專有數據，並具備建立人工智慧驅動型產品和服務所需的資源和規模。

As we have discussed before, our teams continue to work hard to integrate generative AI into our offerings in innovative ways, including Booking.com's AI Trip Planner, Priceline's generative AI travel assistant named Penny and Kayak's recent release of generative AI-powered features and tools. We will continue to learn from traveler interactions with these tools and enhance our offerings over time.

正如我們之前討論過的，我們的團隊正持續努力，以創新方式將生成式人工智慧融入到我們的產品和服務中，包括Booking.com的AI旅行規劃器、Priceline的生成式人工智慧旅行助手Penny，以及Kayak近期發布的基於生成式人工智慧的功能和工具。我們將繼續從旅行者與這些工具的互動中學習，並隨著時間的推移不斷改進我們的產品和服務。

In addition, customer service, which is a critical function that we provide to both our travelers and partners, is an area we believe will be meaningfully enhanced by AI advancements. At each of our OTA brands, our teams are actively exploring ways to leverage generative AI technology to improve self-service tools, which we believe will reduce live agent contact rates and enable us to answer traveler questions faster. When customers still need to speak with a live agent, we believe that this technology will improve our live agent efficiency by making it easier to access information and document the conversations. In sum, we believe gen AI will lower our customer service cost per transaction over time and improve the customer experience.

此外，客戶服務是我們為旅客和合作夥伴提供的關鍵職能，我們相信人工智慧的進步將顯著提升客戶服務水準。在我們旗下的每個線上旅行社品牌中，我們的團隊都在積極探索如何利用生成式人工智慧技術來改進自助服務工具，我們相信這將降低人工客服的聯繫頻率，並使我們能夠更快地解答旅客的疑問。當客戶仍需要與人工客服溝通時，我們相信這項技術將透過簡化資訊取得和對話記錄流程來提高人工客服的效率。總而言之，我們相信生成式人工智慧將隨著時間的推移降低我們每次交易的客戶服務成本，並改善客戶體驗。

Our Genius loyalty program at Booking.com also plays an increasingly important role in the multiple elements of travel that we offer as we expect our travelers will be able to experience the benefits of Genius in each of our travel verticals over time. In addition, bookings in travel verticals outside of accommodations will contribute to a traveler's Genius level tier. We have seen an encouraging number of our rental car supplier partners choosing to adopt the Genius program, and we have just begun to test the program in flights and attractions.

Booking.com 的 Genius 會員忠誠計畫在我們提供的多種旅遊服務中扮演著日益重要的角色，我們預計隨著時間的推移，旅客將在我們各個旅行領域體驗到 Genius 會員計畫帶來的諸多益處。此外，在住宿以外的旅行領域進行預訂也將計入旅客的 Genius 會員等級。我們很高興地看到，越來越多的租車供應商合作夥伴選擇加入 G​​enius 會員計劃，我們已開始在航班和景點預訂方面進行試點。

We are seeing success in moving more of our travelers into the higher Genius tiers of Level 2 and Level 3, which require 5 and 15 bookings in a 2-year period, respectively. We see encouraging behavior from our Genius Level 2 and 3 travelers, including higher frequency and a higher rate of direct booking than what we see for our overall business. We will continue to explore opportunities to enhance our Genius loyalty program and deliver more benefits to our travelers with more of our supplier partners electing to participate.

我們看到，越來越多的旅客成功晉升至更高等級的 Genius 會員（二級和三級），分別需要在兩年內完成 5 次和 15 次預訂。二級和三級 Genius 會員的積極表現令人鼓舞，他們的預訂頻率和直接預訂率均高於我們整體業務水平。我們將繼續探索各種機會，完善 Genius 會員計劃，並邀請更多供應商合作夥伴加入，為旅客提供更多權益。

While we have mostly been discussing about our traveler customers, we operate a 2-sided marketplace, and our supplier partners are equally important to us. The success of our business is built on a mutually beneficial and balanced partnership with our millions of hotels, alternative accommodations and other supplier partners around the world.

雖然我們主要討論的是旅客客戶，但我們經營的是一個雙邊市場，供應商合作夥伴對我們同樣重要。我們業務的成功建立在與全球數百萬家酒店、其他住宿選擇及其他供應商合作夥伴互惠互利、平衡的合作關係之上。

We strive to be a trusted and valuable partner for all accommodation types on our platform, the majority of which are small independent businesses. We believe that improving the competitiveness and profitability of our smaller partners contributes to the long-term economic health of our sector. And we continue to onboard more small independent businesses through our alternative accommodation offering at Booking.com, and we are benefiting from having more listings available on our platform for travelers to choose from.

我們致力於成為平台上所有類型住宿（其中絕大多數是小型獨立企業）值得信賴且極具價值的合作夥伴。我們相信，提升小型合作夥伴的競爭力和獲利能力有助於整個產業的長期經濟發展。我們正透過Booking.com的多元化住宿選擇，持續吸收更多小型獨立企業入駐，並為旅客提供更多選擇，從而受益匪淺。

At the end of Q1, our global alternative accommodation listings were about 7.4 million, which is about 11% higher than Q1 last year. We are focused on continuing to build on this progress by further improving the product for our supply partners and travelers, particularly in the U.S.

第一季末，我們的全球替代住宿房源數量約為740萬，比去年同期成長約11%。我們將繼續致力於鞏固這一進展，進一步改進產品，以更好地服務我們的供應商合作夥伴和旅行者，尤其是在美國市場。

In conclusion, I am encouraged by the strong first quarter results and the continued long-term resilience of leisure travel demand. We continue our work to deliver a better offering and experience for our supply partners and our travelers. We remain confident in our long-term outlook for the travel industry. We are positive about our future, and we believe we are well positioned to deliver attractive growth across our key metrics in the coming years.

總之，我對第一季強勁的業績以及休閒旅遊需求的長期韌性感到鼓舞。我們將繼續努力，為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前景充滿信心。我們對未來充滿信心，並相信我們已做好充分準備，在未來幾年內實現各項關鍵指標的顯著成長。

I will now turn the call over to our CFO, Ewout Steenbergen.

現在我將把電話轉交給我們的財務長埃沃特·斯滕伯根。

Thank you, Glenn, and good afternoon. I'm very excited to join the Booking Holdings team. I look forward to continuing to work with you and David in his new role and the rest of the leadership team to help drive continued future success for our investors, employees, traveler customers and supplier partners.

謝謝格倫，下午好。我非常高興加入Booking Holdings團隊。我期待繼續與您、戴維（他將擔任新職務）以及其他領導團隊成員合作，共同推動公司未來持續取得成功，造福我們的投資者、員工、旅客客戶和供應商合作夥伴。

I will now review our results for the first quarter and provide our thoughts for the second quarter. All growth rates are on a year-over-year basis. Information regarding reconciliation of non-GAAP results to GAAP results can be found on our earnings release. We'll post our prepared remarks to the Booking Holdings Investor Relations website after the conclusion of the earnings call.

接下來，我將回顧第一季的業績，並展望第二季。所有成長率均為年比數據。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 let's move to the first quarter results. Our room nights in the first quarter grew 9%, which exceeded the high end of our guidance by about 3 percentage points. The higher-than-expected room night growth was driven by a continued expansion of the booking window as well as healthy underlying demand with better-than-expected performance in Europe and less of a negative impact from the war in the Middle East than expected.

現在我們來看第一季業績。第一季客房夜數增加了9%，比我們先前預期的上限高出約3個百分點。客房夜數成長高於預期主要得益於預訂窗口的持續擴大，以及強勁的潛在需求，其中歐洲市場的表現優於預期，且中東戰爭帶來的負面影響小於預期。

Looking at our room night growth by region. In the first quarter, Asia was up mid-teens. Europe and the rest of the world were up high single digits. And U.S. was up low single digits.

我們按地區查看了客房夜數增長情況。第一季度，亞洲成長了15%左右，歐洲和世界其他地區成長了接近兩位數，而美國則成長了接近兩位數。

We are encouraged by the continued progress we are making in strengthening the direct relationships with our travelers. Over the last 4 quarters, the mix of our total room nights coming to us through the direct channel was in the mid-50% range, and when we exclude our B2B business, was in the low 60% range. We have seen both these mixes increase year-over-year in each of those 4 quarters.

我們對在加強與旅客的直接關係方面取得的持續進展感到鼓舞。過去四個季度，我們透過直接管道預訂的客房夜數佔總客房夜數的比例約為50%左右，若剔除B2B業務，則約為60%左右。這兩個比例在過去四個季度均實現了同比增長。

We're focused on continuing to increase our direct mix going forward, which we believe will benefit from our efforts to improve the experience for our travelers, including building towards our connected trip vision. Increasing our direct mix benefits our P&L by driving higher efficiency of our marketing spend as a percentage of gross bookings while reducing the mix of bookings we source through paid marketing channels.

我們將繼續致力於提升直銷比例，相信這將得益於我們為改善旅客體驗所做的努力，包括建立互聯旅行願景。提升直銷比例有助於提高行銷支出在總預訂量中的效率，進而改善我們的損益，同時降低付費行銷管道的預訂佔比。

In our mobile apps, the significant majority of bookings we receive are direct. And we continue to see favorable repeat direct booking behavior from consumers in our mobile apps when compared to direct bookings on desktop or mobile web. The mobile apps also allow us more opportunities to engage directly with consumers. In the first quarter, mobile app mix of about 51% was 5 percentage points higher than the first quarter of 2023.

在我們的行動應用程式中，絕大多數預訂都是直接預訂。與桌面端或行動網頁端的直接預訂相比，我們發現消費者在行動應用中的重複預訂行為依然十分活躍。行動應用也為我們提供了更多與消費者直接互動的機會。今年第一季度，行動應用預訂佔比約 51%，比 2023 年第一季高出 5 個百分點。

We continue to offer our travelers a broad selection of places to stay and are seeing an increasing mix of our room nights being booked in alternative accommodation properties. For our alternative accommodations at Booking.com, our first quarter room night growth was 13%. And the global mix of alternative accommodation room nights was 36%, which was up versus 33% in the first quarter of 2023.

我們持續為旅客提供豐富的住宿選擇，並發現越來越多的旅客選擇入住其他類型的住宿。 Booking.com 平台上的其他類型住宿，第一季客房預訂量增加了 13%。全球其他類型住宿客房預訂量佔比達 36%，高於 2023 年第一季的 33%。

Outside of accommodations, we saw airline tickets booked on our platforms in the first quarter increased 33%, driven by the continued growth of Booking.com's flight offering. First quarter gross bookings increased 10%, which exceeded our expectations. The 10% increase in gross bookings was approximately 2 percentage points higher than the 9% room night growth on an unrounded basis due to about a 1% higher accommodation ADRs plus about 1 point of positive impact from flight bookings. There was an immaterial impact from changes in FX on our gross bookings growth rate.

除住宿外，受Booking.com航班業務持續成長的推動，我們平台上的機票預訂量在第一季成長了33%。第一季總預訂量成長了10%，超出預期。由於住宿平均房價上漲約1%，加上航班預訂帶來的約1個百分點的正面影響，總預訂量10%的增幅比客房夜數9%的增幅高出約2個百分點（未四捨五入）。匯率波動對總預訂量成長率的影響微乎其微。

Our ADR growth was negatively impacted by regional mix due to a higher mix of room nights from Asia. Excluding regional mix, ADRs were up about 2 percentage points. Similar to comments we have made in the past, we have not seen a change in the mix of hotel star rating levels being booked or changes in the length of stay that could indicate that consumers are trading down. We continue to watch these dynamics closely.

由於亞洲房晚佔比較高，區域組成對我們的平均房價成長產生了負面影響。若剔除區域構成因素，平均房價則上漲了約2個百分點。與我們先前的觀點一致，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。

Revenue for the first quarter of $4.4 billion also exceeded our expectations, increasing 17% year-over-year. Revenue as a percentage of gross bookings was 10.1% and improved versus the first quarter of 2023 due mostly to the Easter timing shift as well as the easier year-on-year take rate compare due to changes in the booking window last year, as mentioned on our first quarter 2023 earnings call.

第一季營收達44億美元，也超出預期，年增17%。營收佔總預訂量的10.1%，較2023年第一季有所改善，這主要得益於復活節假期時間調整，以及去年預訂窗口調整導致同比成交率降低，正如我們在2023年第一季財報電話會議上提到的那樣。

Marketing expense, which is a highly variable expense line, increased 6% year-over-year. Marketing expense as a percentage of gross bookings was 3.7%, about 15 basis points lower than the first quarter of 2023 due to higher ROIs in our paid channels and a higher mix of direct business. Performance marketing ROIs increased year-over-year, helped by our ongoing efforts to improve the efficiency of our marketing spend.

行銷費用（一項波動性較大的費用）較去年同期成長 6%。行銷費用佔總預訂額的 3.7%，較 2023 年第一季下降約 15 個基點，主要得益於付費通路投資報酬率的提高以及直接業務佔比的提升。效果行銷投資報酬率年增，這得益於我們持續致力於提升行銷支出效率。

First quarter sales and other expenses as a percentage of gross bookings was 1.6%, about 20 basis points higher than last year due in large part to a higher merchant mix. Our more fixed expenses on an adjusted basis were up 11%, which was below our expectation due primarily to lower G&A expense. We recognize that this fixed expense growth is elevated as we invest in the business but are fully focused on driving operating leverage from our more fixed expenses and targeting a much lower OpEx growth level in 2025.

第一季銷售額及其他費用佔總預訂額的1.6%，較去年同期成長約20個基點，主要原因是商家組合更加多元化。經調整後的固定支出成長11%，低於預期，主要原因是管理費用下降。我們意識到，由於業務投入，固定支出成長較高，但我們正全力以赴提高固定支出的營運槓桿，並力爭在2025年實現更低的營運支出成長水準。

Adjusted EBITDA of approximately $900 million was above our expectations, largely driven by stronger-than-expected bookings as well as better-than-expected marketing efficiency. Adjusted EBITDA was up 53%, including about 20 percentage points of benefit from the shift in Easter timing. Note that we expect the first quarter will be our seasonally lowest EBITDA quarter for the year.

調整後的 EBITDA 約為 9 億美元，超出預期，主要得益於超出預期的預訂量以及優於預期的行銷效率。經過調整後的 EBITDA 增加了 53%，其中包括復活節假期時間調整帶來的約 20 個百分點的收益。需要注意的是，我們預計第一季將是全年 EBITDA 最低的季度。

Adjusted net income of over $700 million resulted in adjusted EPS of $20.39 per share, which was up 76%. Our average share count in the first quarter was 9% below the first quarter of 2023. On a GAAP basis, we had net income of $776 million in the quarter.

經調整後的淨利超過7億美元，經調整後的每股盈餘為20.39美元，較去年同期成長76%。第一季平均流通股數量比2023年第一季下降了9%。以美國通用會計準則（GAAP）計算，本季淨利為7.76億美元。

Now on to our cash and liquidity position. Our first quarter ending cash and investments balance of $16.4 billion was up versus our fourth quarter ending balance of $13.1 billion due to the $3 billion debt issuance in the first quarter and $2.6 billion in free cash flow generated in the first quarter. This was partially offset by the $1.9 billion in capital return, including share repurchases and the dividend we initiated in the quarter as well as $315 million in additional share repurchases to satisfy employee withholding tax obligations.

接下來談談我們的現金和流動性狀況。由於第一季發行了30億美元的債券以及產生了26億美元的自由現金流，我們第一季末的現金和投資餘額為164億美元，高於第四季末的131億美元。但部分成長被19億美元的資本回報所抵消，其中包括股票回購和我們在本季度開始派發的股息，以及為履行員工預扣稅義務而額外回購的3.15億美元股票。

Now on to our thoughts for the second quarter. We expect second quarter room night growth to be between 4% and 6%, a deceleration from the first quarter as the first quarter benefited more from the year-over-year expansion of the booking window. We expect the booking window to be closer to the prior year in the second quarter. Additionally, the impact from the ongoing war in the Middle East was less negative than we expected in the first quarter. However, we expect a more negative impact in the second quarter given the geopolitical situation in April.

接下來談談我們對第二季的展望。我們預計第二季度客房夜數成長將在4%至6%之間，較第一季有所放緩，因為第一季主要受益於預訂窗口期同比延長。我們預計第二季的預訂窗口期將更接近去年同期水準。此外，持續的中東戰爭對第一季的影響小於預期。然而，鑑於4月的地緣政治局勢，我們預計第二季將面臨更大的負面影響。

April room night growth rate was above the high end of that range and benefited by a couple of points from Easter being in March this year versus April last year. Adjusting for Easter, April room night growth was about in line with the high end of that range.

四月份客房入住率成長率高於預期範圍的上限，這得益於今年復活節在三月而非去年四月。剔除復活節因素後，四月份客房入住率成長率與預期範圍的上限大致持平。

We expect second quarter gross bookings growth to be between 3% and 5%, slightly below room night growth due to about 3 points of negative impact from changes in FX, offset by about 1% higher constant currency accommodation ADRs plus about 1 point of positive impact from flight bookings.

我們預計第二季總預訂量成長將在 3% 至 5% 之間，略低於客房夜數增長，原因是匯率變動帶來約 3 個百分點的負面影響，但會被按固定匯率計算的住宿平均房價上漲約 1% 以及航班預訂帶來的約 1 個百分點的正面影響所抵消。

We expect second quarter revenue growth to be between 4% and 6% and for revenue growth to be impacted by about 2 points of negative impact from changes in FX. Adjusted for the changes in FX, we expect second quarter revenue growth to be in line with second quarter gross bookings growth as the negative impact from the shift in Easter timing is offset by increasing revenues associated with payments.

我們預期第二季營收成長將在4%至6%之間，匯率變動將對營收成長產生約2個百分點的負面影響。在經匯率調整後，我們預計第二季營收成長將與第二季總預訂量成長保持一致，因為復活節假期時間調整帶來的負面影響將被支付相關收入的成長所抵銷。

We expect marketing to be a source of slight deleverage in the quarter. But if you adjust for Easter timing, we expect marketing as a percentage of revenue to be neutral year-over-year. We expect our sales and other expenses to grow faster than revenue in the second quarter, driven by a higher merchant mix. We expect our more fixed OpEx to grow faster than revenue in the second quarter due primarily to faster IT expense growth as we have been investing in new tech platforms and in line with the full year guidance we provided last quarter.

我們預計本季行銷支出將略微降低槓桿率。但若考慮復活節假期的影響，我們預期行銷支出佔收入的比例將與去年同期持平。我們預計第二季銷售額和其他費用將成長超過收入成長，主要原因是商家組合更加多元化。我們預計第二季固定營運支出成長將超過營收成長，這主要是由於我們一直在投資新的科技平台，導致IT支出成長加快，並且與我們上季提供的全年指引一致。

We expect second quarter adjusted EBITDA to be between about $1.7 billion and $1.75 billion, down low single digits year-over-year due to about 7 points of pressure from the shift in Easter timing and about 2 points of negative impact on growth from changes in FX. Normalizing for Easter timing and changes in FX, our expectation for second quarter adjusted EBITDA would be for mid- to high single-digit growth.

我們預計第二季調整後 EBITDA 將在 17 億美元至 17.5 億美元之間，年減個位數百分比，主要原因是復活節日期調整帶來的約 7 個百分點的壓力以及匯率變動對成長造成的約 2 個百分點的負面影響。在剔除復活節日期調整和匯率變動的影響後，我們預計第二季調整後 EBITDA 將實現中高個位數成長。

In closing, we are pleased with our first quarter results and the healthy leisure demand environment we are seeing. In terms of our outlook for the full year, we're not updating our previous full year commentary at this time. We want to see how the next few months develop before considering any updated commentary. We continue to expect 2024 to be a strong year for the company.

最後，我們對第一季的業績以及目前良好的休閒市場需求環境感到滿意。至於全年展望，我們目前暫不更新先前的全年預測。我們希望觀察未來幾個月的發展情況，然後再考慮更新預測。我們仍預期2024年將是公司業績強勁的一年。

Lastly, I would like to thank all my new colleagues across the company for their hard work and dedication to make these strong first quarter results possible. And thank you for your continued commitment towards our shared vision of making it easier for everyone to experience the world.

最後，我要感謝公司所有新同事的辛勤付出和敬業精神，正是他們的努力才成就了第一季如此強勁的業績。同時，我也感謝你們一直以來對我們共同願景的堅持，那就是讓每個人都能更輕鬆地體驗世界。

We'll now move to Q&A. And Kathleen, will you please open the lines?

現在進入問答環節。凱瑟琳，請你接通電話好嗎？

(Operator Instructions) Your first question comes from the line of Kevin Kopelman of TD Cowen.

（操作說明）您的第一個問題來自 TD Cowen 的 Kevin Kopelman。

So a quick one on the guidance. Can you talk about what changed in terms of the shape of the year that you're seeing versus what you expected on the February call? And walk us through this kind of changing booking window trends that you're seeing. And then if you could comment on whether it's giving you any concern about the back half or you see it as more of a neutral change.

那麼，關於業績指引，我們來快速探討一下。您能否談談您目前觀察到的今年業績走勢與您在二月份電話會議上的預期相比有哪些變化？能否詳細解釋一下您觀察到的預訂窗口趨勢的變化？另外，您能否就此發表一下看法，說明這種變化是否讓您對下半年的業績感到擔憂，或者您認為它對業績的影響比較中性？

Kevin, this is Ewout. If you think about the second quarter guidance that we have provided to you, I think a couple of elements that you have to take in consideration. One is we are expecting a less expanded booking window in the second quarter than we have seen in the first quarter. So there has been a little bit of a pull forward of room nights from the second quarter into our first quarter results. We are expecting more of an impact from the Middle East from what we have seen so far. But in the opposite direction is that Easter is a slight benefit for the second quarter.

凱文，我是埃沃特。如果你仔細考慮我們之前提供的第二季業績指引，我認為你需要考慮以下幾個因素。首先，我們預期第二季的預訂窗口期不會像第一季那樣寬裕。因此，第二季的部分客房預訂量被提前計入了第一季的業績。根據目前的情況來看，我們預期中東市場的影響會更大。但另一方面，復活節假期對第二季業績會有輕微的提振作用。

There is a little bit of noise, so to say, in the results quarter-by-quarter, particularly from Easter and the booking window. But if you look at the combined first half year results that we are expecting, so the actuals in the first quarter and the guidance for the second quarter, we believe that the results are really strong and very consistent to full year guidance that we have provided.

可以說，各季度業績存在一些波動，尤其是在復活節和預訂旺季期間。但如果您看一下我們預期的上半年綜合業績，即第一季的實際業績和第二季的預期業績，我們相信業績非常強勁，並且與我們提供的全年預期非常吻合。

In terms of the comps that you are referring, actually, first quarter and second quarter comps are a bit tougher for us. And the second half of the year, the comps will become easier. So that is actually going to be a benefit during the course of 2024.

關於您提到的比較數據，實際上，第一季和第二季的比較對我們來說確實比較困難。而下半年的比較情況會好轉一些。因此，這在2024年將是一個優勢。

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

你的下一個問題來自 Evercore 樂團的 Mark Mahaney。

Can I try 2 questions, please? First, why do you think the ROI is higher in paid marketing channels? Is that just efficiencies you found or you find that overall performance marketing channels, platforms that are out there are just providing a better return on ad spend to their customers in general? And then secondly, could you quantify at all what percentage of total transactions now are connected?

我可以問兩個問題嗎？首先，您認為付費行銷管道的投資報酬率較高的原因是什麼？只是因為您發現付費管道效率更高，還是您認為目前所有效果行銷管道和平台都能為客戶帶來更高的廣告支出回報？其次，您能否量化一下目前有多少交易是透過付費管道完成的？

So why don't I say the first part, Mark, and I'll let Ewout talk a little bit about -- I think we gave away that -- a very generic term. I'll let him repeat it. So look, we are pleased with what we're doing with our marketing programs all around everything. And you know, Mark, we've talked about this for many, many years. We view this all holistically. And we're always looking for what is the best use of the money, what's the best way to put it to work. And when we find things that work, we put more into it. When we find things that actually are not incremental and are actually duplicative, we pull it out and say, well, let's not spend the money there.

那不如我先說第一部分，馬克，然後讓尤特簡單說說——我覺得我們剛才已經說漏嘴了——一個很籠統的術語。我讓他重複一遍。總之，我們對目前所有行銷項目都進展順利，非常滿意。馬克，你知道，我們討論這個問題很多年了。我們始終從整體角度看待這個問題。我們一直在尋找資金的最佳用途，如何才能最有效地利用資金。一旦發現有效的方法，我們就會加大投入。而一旦發現某些項目實際上並沒有帶來任何實質的改進，反而是重複勞動，我們就會停止投入，不再在這方面浪費資金。

And that's really what we've been doing. And I'm not going to get into specific things because, obviously, it's competitively -- a competitive advantage to have these things are better. But I definitely, definitely love the fact that we are producing some very nice ROIs on our marketing programs. It's really a lot of hard work by a lot of people. So I'm going to going to shout out to them because I know they've done some really good work. And Ewout, do you want to give a -- repeat what we've already said once? But go ahead.

而這正是我們一直在做的事。我不會贅述具體細節，因為很顯然，擁有這些優勢會帶來競爭優勢。但我確實非常高興我們的行銷項目取得了非常可觀的投資報酬率。這背後凝聚了許多人的辛勤付出。所以我要特別感謝他們，因為我知道他們真的做得非常好。 Ewout，你想再重複一次我們剛才說過的話嗎？請繼續。

Sure. Mark, so the percentage of connected trip as a mix of total transactions at this moment is high single digits, and that is growing very rapidly. I think the way we look at it is really in combination with multiple other elements. We're seeing that we're delivering more value for our customers. Therefore, we see higher loyalty customers moving up to higher levels of Genius, more repeat customers coming to us. We can provide them more benefits over time. They're buying more from multiple verticals, and therefore, the connected trip is growing as well.

當然。馬克，目前連網行程在總交易量中所佔的比例是接近10%，而且成長非常迅速。我認為我們看待這個問題的方式是將其與其他多種因素結合起來考慮的。我們看到，我們正在為客戶提供更多價值。因此，我們看到忠誠度更高的客戶會升級到更高的Genius會員級別，回頭客也越來越多。隨著時間的推移，我們可以為他們提供更多優惠。他們從多個垂直領域購買更多產品，因此，連網行程也在成長。

So this is really a flying wheel that we're having here. And we're seeing all of these metrics moving in the right direction, and they are all interrelated. So we're actually really encouraged by the total pattern of what we're seeing in terms of the added value we deliver to the customer and how it is being recognized by those travelers.

所以，我們現在看到的確實是一個良性循環。我們看到所有這些指標都在朝著正確的方向發展，而且它們之間相互關聯。因此，我們對目前所看到的整體趨勢感到非常鼓舞，這體現在我們為客戶提供的附加價值以及旅客對這些附加價值的認可。

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

你的下一個問題來自美國銀行的賈斯汀·波斯特。

I was wondering if you can give us the update of your regional mix. We get that question all the time and just how it's changed, any regions growing faster than others at this point and how it's changed maybe since pre-pandemic. And then second, the Digital Service Act in Europe has taken hold. And just wondering if you're seeing any changes in performance marketing channels around that or any disruptions or any opportunities.

我想請您提供一下貴公司區域市場構成的最新情況。我們常被問到這個問題，想了解區域市場組成發生了哪些變化，目前哪些地區的成長速度快於其他地區，以及與疫情前相比發生了哪些變化。其次，歐洲的《數位服務法案》已經生效。我想了解一下，您是否觀察到該法案對效果行銷管道造成了任何影響，例如是否存在任何干擾或機會。

Thanks, Justin. I kind of missed the second part. Let me start with the first part, and then let Ewout pick it up on the other. So regional mix. And one of the things that we've been talking about for some years because of the pandemic. The issue has been depending on when the pandemic was in its worst parts and then people coming out of it, definitely impacted how we're doing different regional ways. So as we talked in the last year's calls -- calls last year, we talked about how Asia had been behind in coming out, but of course, we're getting a good comp because they were farther behind. And now we're still benefiting from some of that. The U.S., if you recall, came out first. So of course, we had a harder comp, so to speak, when we're looking last year.

謝謝賈斯汀。我錯過了第二部分。我先說第一部分，然後讓埃沃特接著說第二部分。關於區域組合，我們因為疫情已經討論好幾年了。問題在於，疫情最嚴重的時候以及人們走出疫情的時間，無疑會影響我們針對不同區域的策略。就像我們在去年的電話會議上討論的那樣，亞洲復甦較慢，但當然，由於亞洲復甦較晚，我們今年的基數比較低。現在我們仍然受益於此。如果你還記得的話，美國是第一個復甦的。所以，當我們回顧去年的數據時，基數當然比較高。

But one of the things I've said, though, in terms of regional mix and one of the things, as you know, we are very strong in Europe. You also know that I have prioritized that we should be better in the U.S. And that is something we have been spending money, time, energy. And I'm really pleased, I've mentioned a couple of times in our previous calls, how well we have performed in the U.S. going back to pre-pandemic numbers. And it's just wonderful to see that the effort that we've put to work is actually producing results. We are going to continue to put priority in the U.S. I said that.

但正如我之前所說，就區域組合而言，我們在歐洲實力非常強勁。您也知道，我一直將提升美國市場作為優先事項。為此，我們投入了資金、時間和精力。我很高興，我在之前的幾次電話會議中也提到過，我們在美國的表現非常出色，已經恢復到疫情前的水平。看到我們付出的努力確實取得了成效，真是太好了。我們將繼續把美國市場作為優先事項。我之前已經說過這​​一點。

And one of the areas where I think we've done extremely well, in our alternative accommodations. As you know, we have a very strong alternative accommodation on a global basis, but I've also talked in the past about us being a little bit further behind in the U.S. in alternative accommodations, particularly in types of properties that I think will be helpful in the U.S. And we are making good progress, and we're improving the product. And it's giving you the reason that people have supply, the people who own the homes are willing to come now and put them onto our platform, too.

我認為我們在替代住宿方面做得非常出色。如您所知，我們在全球範圍內擁有非常強大的替代住宿資源，但我之前也提到過，我們在美國替代住宿方面稍顯落後，尤其是在我認為對美國很有幫助的房源類型方面。我們正在取得良好進展，並不斷改進產品。這為您提供了一個理由：房源充足，屋主也願意將他們的房源放到我們的平台上。

And you've seen some of our marketing, where we've been mentioning more about the alternative accommodations. All those things together are things the reason I believe we have a great opportunity to continue to increase our share in the U.S. and so I'm looking forward to. Ewout, I'll let you pick the rest because I didn't catch the second part.

您也看到了我們的一些行銷宣傳，其中我們更多地提到了替代住宿方案。所有這些因素加在一起，讓我相信我們有很好的機會繼續擴大在美國的市場份額，所以我很期待。 Ewout，剩下的部分我沒聽清，就交給你回答吧。

Yes. And quickly to give a couple of numbers around the regional mix. Europe, high single-digit growth in the first quarter, that was above our expectations. Very important that we see even Europe continue to do better than our own internal expectations. Asia, mid-teens growth, particularly very strong, China, Japan, Korea, India and Indonesia. And then U.S. at low single-digit growth, as Glenn already mentioned, but we believe that we have done better than the market in the first quarter with our U.S. growth and are on great trajectory and have many additional opportunities to grow faster in the future in the U.S.

是的。我再簡單介紹一下各地區的業績。歐洲第一季實現了接近兩位數的成長，超出了我們的預期。尤其值得一提的是，歐洲市場的表現也持續優於我們內部的預期。亞洲市場實現了兩位數中段的成長，其中中國、日本、韓國、印度和印尼的成長尤為強勁。至於美國市場，正如格倫剛才提到的，我們實現了接近兩位數的成長，但我們相信，第一季我們在美國市場的成長表現優於市場平均水平，並且正處於良好的發展勢頭，未來在美國市場還有許多更快增長的機會。

With respect to your second question regarding the DMA changes, actually, if we look at the higher ROIs for our paid channels and the marketing leverage that we're seeing in the first quarter, that is all coming from our own actions, from the improvements we're making, the continuous optimization of our paid marketing approach as well as the growth of direct channels. We don't see really an impact from the Google DMA changes. And I would say that is more neutral for us as a total effect.

關於您提出的第二個問題，即DMA（直接行銷區域劃分）的變更，實際上，如果我們看一下付費管道更高的投資回報率以及我們在第一季度看到的營銷槓桿效應，這些都源於我們自身的行動，源於我們所做的改進、對付費營銷策略的持續優化以及直接渠道的增長。我們並沒有看到谷歌DMA變更的真正影響。我認為，就整體而言，這對我們的影響是中性的。

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

你的下一個問題來自摩根大通的道格安穆斯。

Glenn, just hoping you could perhaps quantify anything on Genius frequency or bookings versus nonmembers? And maybe you can just help us understand what you see in the path of customers as they move into upper Genius loyalty tiers. And then Ewout, just a follow-up on your U.S. comments from a few minutes ago, the low single-digit room night growth above market. Is there anything to point to in that region in particular relative to the faster growth you've seen elsewhere?

Glenn，我希望你能能量化 Genius 會員的入住頻率或預訂量與非會員的預訂量對比情況。另外，你能否幫我們了解一下，當顧客升級到更高的 Genius 會員等級時，他們的消費路徑會發生哪些變化？ Ewout，關於你幾分鐘前提到的美國市場，你提到客房夜數增長僅比市場平均高出個位數，我想就此問題再補充一下。與你在其他地方看到的更快成長相比，美國市場有什麼特別之處嗎？

Doug, we don't give away numbers in our Genius membership. We don't talk about how many are in different tiers. I can say, though, how pleased I am and how the whole program continues to grow. And that's why we're continuing to expand, as I mentioned in my prepared remarks about we are now testing additional verticals, flights, attractions. The idea is that to give more value to the traveler, but it also provides a great opportunity for our supplier partners to get incremental demand when they need it. It's really a symbiotic relationship here. We're working together with our partners to both increase the value of our business but also increase the value of their business.

道格，我們不會透露Genius會員的具體人數，也不會討論不同級別的會員數量。不過，我可以告訴你，我對整個專案的持續發展感到非常滿意。正因如此，我們才不斷拓展業務，正如我在先前的演講稿中提到的，我們正在測試更多垂直領域、航班和景點。這樣做的目的是為了給旅行者創造更多價值，同時也為我們的供應商合作夥伴提供絕佳的機會，讓他們在需要時獲得額外的需求。這是一種互惠互利的關係。我們與合作夥伴攜手合作，既提升了我們自身的業務價值，也提升了他們自身的業務價值。

Genius is not something somebody has to do. A partner decides to participate and decides how they want to participate because they believe they are actually getting true value out of that. And we're going to continue to experiment with it in terms of different ways, and sometimes we'll even put value in ourselves to make sure that we are providing the best alternative for any traveler. They should come to us and then they start to come back.

天才並非與生俱來。合作夥伴之所以選擇參與，並決定如何參與，是因為他們相信自己能從中獲得真正的價值。我們將繼續嘗試不同的方式，有時甚至會提升自身價值，以確保為每位旅客提供最佳選擇。他們主動聯絡我們，然後就會成為回頭客。

And we talked about that in my prepared remarks about -- Ewout just mentioned it, too. As people get more value, as they get a benefit, they see the reason to come back. And then they come back not only again and again more frequently, but it's the coming back to rep. And that's the great thing. And I see this as another reason. I love Ewout using the term. I think he said flywheeling. I use flywheel. It's the same thing. It's the idea that giving more value will get people to come back more often, and that is something I see great opportunity for us. And I'll let Ewout talk a little bit about the low single digit for the U.S., any more comments he wanted to make on that.

我在準備的演講稿裡也談到了這一點——Ewout剛才也提到了。當人們獲得更多價值，獲得更多好處時，他們就會明白再次光顧的理由。然後，他們不僅會一次又一次地光顧，而且會更頻繁地回來，這才是關鍵所在。我認為這是另一個原因。我很喜歡Ewout用的這個字。我想他說的是「飛輪效應」。我用的是“飛輪”，意思是一樣的。它的理念是，提供更多價值會讓人們更頻繁地光顧，我認為這對我們來說是一個巨大的機會。關於美國低個位數的成長率，我請Ewout再談談他還有什麼想說的。

Yes, Doug, a couple of additional insights around the U.S. So what we like particularly is the sequential improvement from the fourth quarter in terms of our growth. Particularly within the growth, we saw the highest growth for alternative accommodations, which is really encouraging. If you look at U.S. bookers, more international growth than domestic growth. And then again, we really very much believe that U.S. is for us a growth market opportunity. It's fantastic with the scale that we have already today, with all the strategic expansions we're doing in multiple verticals and going more direct to connected trip, generative AI and many of the other strategic initiatives that we're having that we're actually having an opportunity to expand our position over the next few years in the U.S.

是的，Doug，關於美國市場還有一些補充資訊。我們尤其欣喜的是，與第四季相比，我們的成長實現了環比提升。尤其是在成長方面，我們看到另類住宿的成長最為顯著，這令人鼓舞。從美國預訂用戶來看，國際用戶的成長超過了國內用戶。此外，我們堅信美國市場對我們來說是一個充滿成長機會的市場。憑藉我們目前在美國市場已擁有的規模，以及我們在多個垂直領域進行的戰略擴張，包括更直接地開展互聯旅行、生成式人工智慧等戰略舉措，我們有機會在未來幾年內進一步擴大我們在美國市場的地位。

Your next question comes from the line of James Lee from Mizuho Securities. Sorry, your next question comes from the line of Brian Nowak from Morgan Stanley.

你的下一個問題來自瑞穗證券的詹姆斯李。抱歉，你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

Maybe to come back to the last discussion you are having about the U.S. Over the last sort of 10 years or so, you've had a lot of strategies in the U.S. between branded spending, paid search spending, the merchant product and now AI. I guess maybe for either of you, as you sort of think about the next couple of years, what do you sort of think the largest unlock will be to differentiate yourself to drive continued outsized growth within the online travel category in the U.S.?

或許可以回到你們剛才討論的美國市場。過去十年左右，你們在美國採取了許多策略，包括品牌推廣、付費搜尋、商家產品以及現在的AI。我想，對你們兩位來說，展望未來幾年，你們認為最大的突破是什麼，才能讓你們在美國線上旅遊領域脫穎而出，持續實現超高速成長？

Brian, a couple of interesting things about that question. And it's interesting when you said online, you kind of limited to online. I just had the benefit of looking at a research report by -- an industry report that talked about how much business there is that's not online yet and seeing that, saying, wow, this is still a tremendous opportunity for us. I'm speaking specifically about U.S.

布萊恩，關於這個問題，有幾點很有趣。你剛才提到“線上”，似乎只局限於線上，這一點很有趣。我剛剛看了一份產業研究報告，報告指出還有很多企業尚未實現線上營運。看到這一點，我不禁感嘆，這對我們來說仍然是一個巨大的機會。我指的是美國市場。

But directly to your question, so you're right. We've been doing a lot of things, and I would say they all have worked out fairly well given the numbers, the share that we have increased over the time, again, going to pre-pandemic. And I love the way we're doing, the way it keeps going. And we're going to continue to grind it out. And I've talked about it. I've used that word a number of types in previous calls, about we're grinding it out, just doing incremental changes that are getting us a little bit more. And it continues to grow on itself.

但直接回答你的問題，你說得對。我們做了很多事情，考慮到數據，考慮到我們這段時間以來（與疫情前相比）市場份額的增長，我認為這些措施都取得了相當不錯的成效。我很喜歡我們現在的進展方式，以及它持續發展的狀態。我們會繼續努力。我之前也多次提到這一點，在之前的電話會議中，我多次用到「努力」這個詞，指的是我們正在穩步前進，透過一些漸進式的改變，讓我們取得一點進步。而這種進步是持續的。

But I think your question more is, is there going to be something down the road that is going to be transformational instead of just incremental? And I believe that is possible. I believe the things that we are doing with AI, the things that we can do with technology, the way we can do it, so it really is different. And I think I hear your question a little bit of is there enough differentiation between us and our competitors. And I believe over time, we will be doing that. And I believe the things that we can build will make it different. And I talk about how -- the frustration that travelers have nowadays.

但我認為你的問題更多的是，未來是否會出現一些變革性的而非只是漸進式的進步？我相信這是有可能的。我相信我們在人工智慧領域所做的一切，以及我們利用科技所能做的事情，以及我們實現這些事情的方式，都與以往截然不同。我想我也聽到了你的疑問，那就是我們與競爭對手之間是否有足夠的差異化。我相信隨著時間的推移，我們會做到這一點。我相信我們能夠創造出的東西將會帶來真正的差異。我常談到──如今旅客們所面臨的種種困境。

So even though it's become so much better than it used to be, it's still not good enough. And I believe the use of AI, particularly gen AI, and what I'm seeing through, I'm seeing testing and things that are being done, I believe that over the next few years, it will become much better because of these technological advancements. Our job is to make sure we get it out fast, and we are able to provide it to both sides of the marketplace, to our supplier partners and our travelers, such that they see the value and they continue to come back. And then we begin. I love it. I'm going to be using flywheeling from now on.

所以，儘管它比以前好得多，但仍然不夠好。我相信人工智慧，特別是下一代人工智慧的應用，以及我所看到的測試和正在進行的工作，我相信在未來幾年裡，由於這些技術進步，情況會變得更好。我們的工作是確保我們能夠快速推出產品，並將其提供給市場的雙方——我們的供應商合作夥伴和旅客，讓他們看到價值並持續使用。然後我們就開始了。我喜歡它。從現在開始，我將採用飛輪效應。

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

你的下一個問題來自瑞穗證券的 James Lee。

Two over here. Can you guys comment about ADR by region and kind of what you're seeing among different markets that you're operating? And also, can you update us on ADR expectations for 2024? Maybe any changes from your prior expectation. I guess lastly, any trends that you see in terms of summer travel season, I guess, especially in Europe? How does that compare to last year?

我們這邊有兩個人。你們能否談談按地區劃分的平均房價（ADR），以及你們在不同市場運作時觀察到的情況？另外，能否更新一下你們對2024年平均房價的預期？與之前的預期相比是否有任何變化？最後，我想問一下，你們觀察到夏季旅遊旺季，特別是歐洲的旅遊旺季，有哪些趨勢？與去年相比如何？

ADR by regions, James, in the first quarter, what we have seen is ADRs were up in Europe and were flat in North America and in Asia. So therefore, on a constant currency basis, 1% overall growth in ADRs as we have reported today.

詹姆斯，按地區劃分，第一季我們看到歐洲的ADR價格上漲，而北美和亞洲的ADR價格則持平。因此，以固定匯率計算，ADR整體成長了1%，正如我們今天所報告的。

And in terms of summer, as I said earlier, I said that we have a healthy growth for travel on the books that's scheduled to take place during the peak summer. And that's where we're feeling that -- why I'm feeling pleased about the summer. I'm not going to quantify it though.

至於夏季旅遊，正如我之前所說，我們已安排了不少計劃在夏季旅遊旺季實施的行程，預計夏季旅遊市場將保持健康成長。這就是我感到樂觀的原因——也是我對夏季旅遊前景感到滿意的原因。不過，我不會對此進行量化分析。

Your next question comes from the line of Stephen Ju of UBS.

你的下一個問題來自瑞銀集團的 Stephen Ju。

So I was wondering if there is anything you can share about how the folks who have access to Trip Planner might be behaving. It seems like there's a lot of potential application here because if they're doing research, then there's top-of-funnel implications. And then you could theoretically recommend other pieces of the trip as well. So this could theoretically drive greater connected trip activity. So just wondering. This has been out for a little less than a year. So I'm just wondering what you guys are seeing so far.

所以我想問您能否分享一下，那些能使用行程規劃功能的使用者的行為。感覺這個功能很有應用潛力，因為如果他們在做研究，那就牽涉到購買流程的前端環節。理論上，您也可以推薦行程中的其他項目。這樣一來，理論上可以促進更多關聯行程的發展。我只是好奇而已。這個功能推出不到一年，所以想了解你們目前觀察到的情況。

Yes. So it's low numbers of people who are using in such, and we're continuing to develop and learn all the time the interactions to see how people are using it. So it's a very small number of people compared to the number of people who use our services, but we are continuing to advance it.

是的。目前使用這項功能的使用者數量很少，我們也不斷發展和學習，觀察使用者互動狀況，了解他們的使用方式。所以，與我們服務的用戶總數相比，使用這項功能的用戶數量非常少，但我們會繼續推進它的改進。

And I agree with you. This has tremendous potential down the road. And I think a lot of people believe that, too. In fact, it's very hard to read any article about generative AI and not have in the first paragraph the use case of travel. It's always right there because we all see how complex the number of permutations, trying to understand what is the best way to do it. And using gen AI to simplify it, it's really something that I believe will make a huge difference, albeit it's going to take time. You're not going to see tremendous changes over the next couple of quarters.

我同意你的看法。這項技術未來潛力大。而且我認為很多人都這麼認為。事實上，幾乎所有關於生成式人工智慧的文章，第一段都會提到旅行領域的應用案例。因為我們都看到了旅行規劃中各種方案的複雜性，想要找到最佳方案更是難上加難。而利用生成式人工智慧來簡化這個過程，我相信將會帶來巨大的改變，儘管這需要時間。未來幾季內，你不會看到翻天覆地的變化。

But I do believe, over time, this will create a much better way for people to do their planning, their booking, executing and helping them when they are in destination, which is a really important thing because nobody goes on travel so they can sit it in the hotel. They want to do stuff. And we want to be able to provide that, too, and bring, as I said, about all the elements we've talked about, all the initiatives into one holistic system that enable it to be a better experience for our traveler customers. I believe that just has tremendous opportunity for us.

但我相信，隨著時間的推移，這將為人們提供更便捷的旅行規劃、預訂和執行方式，並在他們抵達目的地後提供幫助。這一點至關重要，因為沒有人旅行只是為了待在酒店裡。他們想要體驗各種活動。我們也希望能夠滿足他們的需求，並將我們討論過的所有要素和舉措整合到一個整體系統中，從而為我們的旅行者客戶帶來更優質的體驗。我相信這對我們來說蘊藏著巨大的機會。

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

你的下一個問題來自德意志銀行的李‧霍洛維茲。

Great. Two if I could. Ewout, there remains sort of a robust debate on sort of what the structural growth algorithm is for online travel at this point. I guess in your early experience of booking, what strikes you as perhaps the most compelling area that you could put $1 of investment to work in order to drive faster revenue growth for longer that maybe comes in above the investor expectations? And then maybe one on fixed OpEx. Obviously, your fixed OpEx base is up materially relative to '19, particularly when you compare it to bookings growth relative to '19. So I guess maybe what has shifted in the business that is perhaps maybe a bit more capital intensive at this point or necessitating sort of greater headcount to sort of accomplish the goals that you guys want?

好的。如果可以的話，我想問兩個問題。 Ewout，目前關於線上旅遊的結構性成長演算法仍存在激烈的爭論。我想，根據您早期的預訂經驗，您認為最值得投入1美元來推動收入更快、更持久成長，甚至超越投資人預期的領域是什麼？另外，關於固定營運支出（OpEx），您也想問一個問題。顯然，與2019年相比，您的固定營運支出基數大幅上升，尤其是在與2019年預訂量成長相比時。所以，我想問的是，目前業務中哪些方面發生了變化，導致需要更多資金投入，或者需要更多的人手才能實現你們的目標？

Yes. Thanks, Lee. So first, your question about structural growth. So I am really super positive about the outlook for the company. Why? This is, of course, a phenomenal company, super high quality, very successful. And I very much believe that we will be able to grow in the future faster than GDP. Shift of offline to online bookings. I think overall, also consumers that will spend more on experiences than on material goods.

是的，謝謝，李。首先，回答你關於結構性成長的問題。我對公司的前景非常樂觀。為什麼呢？因為這是一家非常優秀的公司，品質極高，非常成功。我堅信，未來我們的成長速度將超過GDP成長速度。線下預訂向線上預訂的轉變，以及我認為消費者總體上會更多地在體驗而非物質商品上花錢，都是推動增長的因素。

And then a number of areas that I believe actually, in my view, now being 6 weeks here in the position that are really underestimated for the company. So first, let me talk about direct. I think this is a company now that is -- completely has a complete game changer with respect to the share of direct. We're not only dependent on pay channels anymore. And that is now in the low 60% range for the B2C business. It's really important, and we are keeping those customers with us, and we have talked about it now before previous questions of really adding more value and more of those travelers coming back to the app, booking direct to us and the benefit we are having with that.

然後，我認為，在我擔任這個職位六週以來，公司在一些領域的重要性被嚴重低估了。首先，我想談談直銷。我認為，就直銷份額而言，公司現在已經徹底改變了遊戲規則。我們不再只依賴付費管道。目前，B2C業務的直銷份額已經達到60%左右。這非常重要，我們正在努力留住這些客戶。之前我們也討論過，如何真正增加價值，讓更多旅客回到我們的應用程序，直接預訂，以及我們從中獲得的收益。

The other is the opportunity we have with respect to alternative accommodations. I think, again, this is completely not well understood and underestimated. We are actually, in terms of size, 2/3 of the largest player in this space, and we are growing faster in most of the last 8 quarters. And we still have a lot of opportunity to further develop our offering. But the fact that we are combining traditional accommodations and alternative accommodations on a platform and having travelers really being able to go from one to the other -- sometimes they go in and want to book one type of accommodation, and they end up booking a completely different type of accommodation.

另一個機會在於我們提供的另類住宿選擇。我認為，這一點同樣被嚴重低估和忽視了。實際上，就規模而言，我們佔據了該領域最大企業的三分之二，而且在過去八個季度的大部分時間裡，我們的成長速度都更快。我們仍然有很大的機會進一步擴展我們的產品和服務。我們之所以能夠提供如此豐富的選擇，是因為我們正在一個平台上整合傳統住宿和另類住宿，讓旅行者能夠真正地在兩者之間自由切換——有時他們原本想預訂一種類型的住宿，但最終卻預訂了完全不同的另一種。

And the last is gen AI. Glenn was just commenting on this. I have to say, I think the strategic benefit we have in terms of our capital investments we can make as well as the quality of the data because in generative AI, it's not so much about the language models. The data that go into the language models is strategically probably the biggest differentiator. And we have really advantage with respect to the data because of all the different ways that we touch travelers and partners and other stakeholders in the travel industry. So therefore, I'm really very positive and optimistic about the structural growth opportunities for the company over the next couple of years.

最後一點是生成式人工智慧。格倫剛才也談到了這一點。我必須說，我認為我們在資本投資方面以及數據品質方面都擁有戰略優勢，因為在生成式人工智慧中，語言模型本身並不那麼重要。輸入語言模型的資料在策略上可能是最大的差異化因素。由於我們與旅客、合作夥伴以及旅遊業其他利害關係人的互動方式多種多樣，我們在數據方面確實擁有優勢。因此，我對公司未來幾年的結構性成長機會非常樂觀。

Quickly about fixed OpEx. I think that has to do with a couple of strategic expansions that the company has done, multiple verticals, moving in payments. But that is actually linked to your previous question. That will help drive future growth for the company. So that's actually a good thing. But as we have said, we are targeting to lower the growth of fixed OpEx from 2025 onwards. And you will see more operating leverage from that over the next few years. So this year, we'll still have some end finalization of some of the investments, for example, about some of the tech platforms. But then for next year, you will see more operating leverage coming in from all of those investments we have been making.

關於固定營運支出，我簡單說一下。我認為這與公司進行的幾項策略擴張有關，包括進軍多個垂直領域以及支付業務。但這實際上與您之前的問題相關。這些擴張將有助於推動公司未來的成長，所以這實際上是一件好事。但正如我們所說，我們的目標是從2025年起降低固定營運支出的成長。未來幾年，您將會看到由此帶來的更多營運槓桿效應。今年，我們仍在完成一些投資的最終敲定工作，例如一些技術平台。但明年，您將會看到所有這些投資帶來的更多營運槓桿效應。

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

你的下一個問題來自傑富瑞集團的約翰·科蘭圖尼。

Just wanted to ask about underlying room night trends. just talk about in the first quarter, the size of some of the transitory impacts that you called out like Easter shift, geopolitical disruption and the booking window and sort of how that shakes out to how you think about underlying trends in the business.

我想問一下客房夜數的潛在趨勢。請談談第一季度，您提到的一些暫時性影響因素，例如復活節假期、地緣政治動盪和預訂窗口期，這些因素對您的業務潛在趨勢有何影響，以及您對此有何看法。

And second, on the attractions offering, can you talk about the investments that you've made so far and how your supply is today versus where you need it to be over time to sort of open up the full potential of that opportunity? And our understanding is that attractions are often booked closer to the trip date, which requires getting the traveler back to the app. Talk about how you're sort of looking to drive a solution to that dynamic and how the connected trip offering could help drive that behavior over time.

其次，關於景點產品，您能否談談您迄今為止的投資，以及您目前的供應情況與未來需要達到的水平之間的差距，以便充分挖掘這一領域的潛力？我們了解到，景點門票通常在接近出行日期時才被預訂，這需要引導遊客再次使用應用程式。請談談您如何尋求解決方案來應對這一問題，以及互聯旅行產品如何能夠隨著時間的推移幫助引導這種行為。

With respect to your first question, room nights dynamics in the first quarter. So positives here compared to our original guidance for the first quarter were the fact that the booking window was expanding and that we're able to pull some room night bookings from the second quarter into the first quarter, healthy demand in Europe, and Europe was stronger than we anticipated, as we mentioned before, and less of an impact from the Middle East. And you saw excluding the Middle East impact, actually, the result was exactly the same. So there was no material impact from the Middle East. Easter was a negative, a small negative. But that was, of course, anticipated in the guidance that we provided before.

關於您的第一個問題，即第一季的客房夜數動態。與我們最初的第一季預期相比，積極的方麵包括：預訂窗口期延長，我們能夠將部分第二季度的客房夜數預訂提前至第一季度；歐洲市場需求旺盛，而且正如我們之前提到的，歐洲市場的需求強於預期；中東市場的影響較小。事實上，即使排除中東市場的影響，結果也完全相同。因此，中東市場並未造成實質影響。復活節假期帶來了一些負面影響，但影響較小。當然，這在我們之前的預期中已經有所預料。

So on attractions -- and it's a good question to ask because we haven't talked about it a lot in the past. Attractions is mostly supplied through third parties. So we have arrangements with companies like Viator, or a Klook or Musement. And we get the supply that way. In addition -- and we don't talk about this much at all either. We also have FareHarbor, which if you may recall, we acquired that. Think of it as the OpenTable for small- and medium-sized attractions because it's a good loop into those attractions.

關於景點——這確實是個好問題，因為我們過去很少談到這一點。景點資源主要透過第三方提供。我們與Viator、Klook或Musement等公司有合作關係，透過這種方式取得資源。此外——這一點我們也很少提及——我們還有FareHarbor，您可能還記得，我們​​收購了它。您可以把它想像成中小型景點的OpenTable，因為它能很好地幫助這些景點吸引遊客。

We have priorities though. We can be anything, but we can't be everything, and we definitely can't be everything all at once. So the priorities have been to get the flight stuff up, get that one. It's the biggest thing, get that going well first. And then we have making sure that we have the ground transportation to make sure all that stuff is -- now our people have attraction. They also want to have a lot of emphasis, too, and they are doing a great job building that, and we've talked a little bit about that.

不過我們也有優先事項。我們可以做任何事，但我們不可能面面俱到，更不可能同時做到所有事。所以，我們的首要任務是先把航班開通，把這件事做好。這是最重要的事，必須先把它做好。然後，我們要確保地面交通暢通，這樣才能確保所有的一切——現在我們的員工很有吸引力。他們也希望在這方面投入大量精力，而且他們在這方面做得非常出色，我們也稍微討論過這個問題。

And that's going to come in as part of the overall connected trip because as you point out, people don't generally book their attractions far, far in advance. In fact, a lot of them want to book it when they're actually in destination, and that's why I love the fact of the increased amount of use of our app because that's like having your travel agent in your pocket and be able to -- we're able to send them great offers, great ideas where they go right to it, checks on the app and can they get something better.

這將成為整體互聯旅行的一部分，因為正如您所指出的，人們通常不會提前很久預訂景點門票。事實上，很多人希望在到達目的地後再預訂，所以我很高興看到我們的應用程式使用率不斷提高，因為它就像把旅行社裝進口袋一樣，我們可以向他們推送優惠信息和旅行建議，讓他們直接通過應用程序查看是否有更優惠的選擇。

And that's why we're bringing that into our Genius program for people to have an attraction business and want to get that incremental demand. We can push something to a customer who's in destination and give us on -- bring them to that particular supplier. All over, it's a tremendous opportunity down the road. We have yet to even really scratch the possibilities with that, and that's just another reason why I see just tremendous opportunity for us as we continue to roll on.

這就是為什麼我們要把這項技術引入我們的「天才計畫」中，幫助那些擁有旅遊景點並希望提升客流量的企業。我們可以向目的地客戶推送產品或服務，並引導他們找到特定的供應商。總而言之，這在未來蘊藏著巨大的商機。我們甚至還沒有真正挖掘出這項技術的潛力，而這正是我認為我們未來發展前景廣闊的另一個原因。

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

你的下一個問題來自花旗銀行的 Ron Josey。

I want to ask maybe a follow-up on alternative accommodations here just given how much faster overall room nights are growing. And Ewout, you talked a little bit about this as well as Glenn, but I wanted to hear more about the supply side, the 7.4 million properties on the site. Are these higher quality than maybe what you've seen in the past? Are they differentiated from other platforms given -- that are available out there? And Ewout, you made a good mention earlier just that with Booking offering both alternative accommodations and traditional, that's an advantage. I'd love to hear your thoughts on what you're seeing from a consumer perspective, those that book both and then the mix between that going forward between those 2 bookings.

我想就另類住宿方面再問一個問題，因為整體客房預訂量增長如此迅速。 Ewout，你和Glenn都稍微談到了這一點，但我更想了解一下供應方面的情況，例如網站上的740萬套房來源。這些房源的品質是否比你之前看到的更高？它們與其他平台上的房源相比有何不同？ Ewout，你之前提到過，Booking同時提供另類住宿和傳統住宿，這是一個優點。我很想聽聽你從消費者角度的看法，特別是那些同時預訂這兩種住宿方式的消費者，以及未來這兩種預訂方式的比例。

So let me first take the second part of the question in terms of alternative and traditional accommodations. We're actually not so much separating in our thinking one versus the other because we believe that our unique proposition is that we're putting both in the same way on our platforms because it is an artificial separation as we are seeing many consumers are looking for both. They want to alternate -- look at different alternatives. They want to compare. And often, if they start to look for a traditional hotel, they maybe end up with an apartment they want to rent as an alternative accommodation or the other way around. So actually, the way we look at it is we think it's actually really strong to bring all of these propositions together and have a really a combined offering to our traveler customers.

首先，讓我回答問題的第二部分，即關於替代住宿和傳統住宿的問題。實際上，我們並沒有刻意將兩者區分開來，因為我們認為我們獨特的優勢在於，我們將兩者以相同的方式呈現在我們的平台上。這種人為的區分是存在的，因為我們發現很多消費者都在尋找這兩種住宿方式。他們希望嘗試不同的選擇，進行比較。通常情況下，如果他們一開始搜尋的是傳統飯店，最終可能會選擇租公寓作為替代住宿，反之亦然。所以，我們認為將所有這些住宿方式整合起來，為我們的旅客客戶提供真正全面的服務，才是真正強大的優勢所在。

In terms of quality -- and I'd like to think that the inventory we have is high quality, obviously comes at different price points. It's a complete range. And you may not be surprised that lower-priced things may not be as luxurious the higher-priced things. And I think we cover the gamut, but we don't have enough of certain types in certain areas. And I've talked about this before. We're entering close to the summer, and I look at -- I live in the New York metropolitan area. And I'm looking, do we have enough of these high-end homes in the Hamptons? And I don't think we do. If I look at some of our competitors, I see more.

就品質而言——我認為我們現有的庫存品質很高，當然價格也各不相同。產品種類齊全。價格較低的產品可能不如價格較高的產品那麼奢華，這一點您或許不會感到驚訝。我認為我們涵蓋了所有類型，但在某些地區，某些類型的產品數量不足。我之前也談過這一點。現在接近夏季，我住在紐約都會區，我在想，漢普頓地區的高端住宅是否足夠？我認為不夠。如果我看看我們的一些競爭對手，就會發現他們在這方面做得更多。

I look at that as opportunity for us, though, because we're doing so well. Yes, we don't have all the different types of accommodations and the quantity that I want to have in that. It's great that we are as big as we are, but I absolutely see no reason we shouldn't be significantly bigger throughout every geographical area. Look, our base was Europe. So we are very, very competitive. We have great inventory, all types there. But I've talked about the U.S., and that's an area we continue to do more work. And I mentioned earlier, I see us making great progress there.

不過，我認為這對我們來說是個機會，因為我們目前發展勢頭良好。沒錯，我們的住宿類型和數量還沒有達到我理想的水平。我們目前的規模固然可喜，但我完全看不出我們有任何理由不能在所有地區進一步擴大規模。要知道，我們的根基在歐洲，所以我們的競爭力非常強。我們在歐洲擁有豐富的房源，各種類型的房源應有盡有。但我之前也提到美國市場，這是我們需要持續努力拓展的領域。正如我之前所說，我認為我們在那裡正在取得顯著進展。

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

你的下一個問題來自奧本海默公司的傑德凱利。

Great. Just following up on that last point, Glenn. How do you think about getting more of that single unit inventory? Is it connecting more with property managers, the PMS systems? And then my second question is, just how should we view the big events in Europe this year, this summer in travel, particularly around the Olympics impacting demand or how people would travel?

好的。格倫，我再問一下關於最後一點的問題。您認為如何才能獲得更多單間公寓房源？是否應該加強與物業管理公司和物業管理系統（PMS）的對接？我的第二個問題是，我們應該如何看待今年夏天歐洲的重大活動，特別是奧運期間的旅遊活動，這些活動會對需求或人們的出行方式產生怎樣的影響？

Sure. So yes, and we definitely have -- you're not surprised of the fact that it's easier to get more inventory when you go to some of the managers who have significant number of the inventory you're looking for. And those multi-property managers are the place where we definitely assume more business. And we have not, until very recently, really spent a lot of time trying to do it in the low -- trying to go for individuals and trying to bring them in, too.

當然。沒錯，我們確實——你肯定不會驚訝，當你去找那些擁有大量你所需房源的物業經理時，更容易獲得更多房源。我們肯定認為，這些擁有多家物業的物業經理是我們業務的主要來源。直到最近，我們才開始真正投入大量精力去拓展業務，去爭取那些個人業主，並把他們也納入我們的業務範圍。

There's no doubt, though, over time, we have to make sure to make an effort to everybody. And that means being sure that we are providing a platform that a supplier really likes to use. And I saw something recent. Just to give you an example, turns out that until fairly recently, it was hard for some of our big managers to be able to reconcile the payments with individual properties. And we improved that significantly recently. And that's the reason, it was, okay, now I'll do that. And I can go through a whole bunch of different individual things that, well, by themselves may not be so big. As a whole, they end up saying, yes, I will now be more than happy to get incremental demand from Booking.com because I find it easy and helpful.

毫無疑問，隨著時間的推移，我們必須確保對每個人都盡心盡力。這意味著確保我們提供的平台是供應商真正樂於使用的。我最近就看到了這樣一個例子。舉個例子，直到不久前，我們的一些大型管理人員都很難將付款與各個房源進行核對。而我們最近在這方面有了顯著的改進。正因如此，他們才會說：「好吧，現在我可以這麼做了。」我可以處理很多不同的細節，這些細節單獨來看可能並不重要。但綜合起來，他們最終會說：“是的，我現在非常樂意從 Booking.com 獲得額外的訂單，因為我發現它既方便又實用。”

If somebody is going to make business to make money, you definitely never want to have your property empty. That's 0 revenue. You're never going to get back. That inventory expires. So that's why people are always looking to try and get more demand. As long as we provide them with demand and we provide them with a platform that they find easy and helpful, they will come to us.

如果有人想做生意賺錢，肯定不希望自己的房產空置。那樣就等於零收入，而且永遠收不回來。庫存會過期失效。所以人們總是想辦法增加需求。只要我們能為他們提供需求，並提供一個他們覺得方便易用的平台，他們就會來找我們。

In regards to the summer and things like Paris and the Olympics, stuff like that, it's always a mystery what's going to happen with the Olympics. So I've been here now 24 years. So I've been through a whole bunch of Olympics and thought it was going to be -- this is what's going to happen and then something else happens. Here's the big point. Let's not concentrate too much on one individual event to last for a couple of weeks.

說到夏天，還有像巴黎奧運之類的賽事，奧運的走向總是充滿變數。我在這裡已經24年了，經歷過很多屆奧運會，每次都以為會這樣，結果又出乎意料。所以，重點是：我們不要把太多注意力放在某個持續幾週的單一賽事上。

I continue to say the important way to view value in this company in the long run. What have we done? What have we done over the last 24 years here? Continue to increase the value, bring in more customers and more suppliers and continue to produce more cash flow for our investors. That's the way we've done in the past and what we did in the past. And as far as how the Paris Olympics go, I really -- I can guess, but my guess is as good as yours. And I don't think that's something that I'd spend a lot of time worrying about.

我始終認為，從長遠來看，看待這家公司的價值的關鍵在於：我們做了什麼？過去24年裡，我們做了什麼？我們一直在提升公司價值，吸引更多客戶和供應商，並持續為投資者創造更多現金流。這就是我們過去的做法。至於巴黎奧運的結果，我只能猜測，但我的猜測和你的一樣，都只是猜測而已。而且我認為，我沒必要為此花太多時間。

Your next question comes from the line of Tom White from D.A. Davidson.

你的下一個問題來自 D.A. Davidson 的 Tom White 的一句話。

Just one. I wanted to follow up on some of the prior questions on the U.S. market. I was hoping you could kind of comment on maybe the relative unit economics of your U.S. accommodations business today versus in Europe. Obviously, the Booking.com brand here is well known but less well known than in Europe. And so maybe there's like a heavier kind of marketing load per room night here. But the ADRs here are nice and high. But then again, maybe the take rates are lower. So I'm just kind of curious directionally how accommodation kind of unit economics in the U.S. stack up versus Europe at the moment and maybe where you kind of see that going over the next few years.

就一個問題。我想就之前關於美國市場的一些問題做個後續探討。我希望您能談談目前美國住宿業務的單位經濟效益與歐洲相比有何不同。顯然，Booking.com在美國的品牌知名度很高，但不如在歐洲那麼高。因此，美國每間客房每晚的行銷成本可能更高。不過，美國的平均房價（ADR）確實很高。但話又說回來，佣金率可能也更低。所以我想了解一下，目前美國住宿業務的單位經濟效益與歐洲相比如何，以及您認為未來幾年會如何發展。

We don't disclose much more and giving you these regional growth rates. We don't go any further than that in terms of detail. And I don't think we'll be starting that right now. I understand your reason for asking, but for reason of competitiveness and such, we're not going to break this down any further than that.

我們不會透露更多信息，只提供這些區域增長率。在細節方面，我們不會做更深入的探討。而且我認為我們現在也不會開始這樣做。我理解您提出這個問題的原因，但出於競爭等方面的考慮，我們不會再做更詳細的分析。

That concludes our Q&A session. I will now turn the conference back over to Glenn Fogel for closing remarks.

問答環節到此結束。現在我將把會議交還給格倫·福格爾，請他作閉幕致詞。

Thank you. I want to thank our partners, our customers, our dedicated employees, our shareholders, and I especially want to thank Ewout for joining the team. Ewout, thank you very much. We greatly appreciate everyone's support as we continue to build on the long-term vision for our company. Thank you, and good night.

謝謝大家。我要感謝我們的合作夥伴、客戶、敬業的員工、股東，尤其要感謝Ewout加入團隊。 Ewout，非常感謝你。我們衷心感謝大家的支持，我們將繼續朝著公司的長遠願景邁進。謝謝大家，晚安。

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。