(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。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。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。

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 的實際結果與前瞻性聲明中描述的結果存在重大差異的一系列因素，請參閱 Booking Holdings 收益新聞稿末尾的安全港聲明以及 Booking Holdings 的最近向美國證券交易委員會提交的文件。除非法律要求，Booking Holdings 不承擔公開更新任何前瞻性聲明的義務，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 的投資者專區取得。

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

現在我想介紹一下今天下午 Booking Holdings 的發言人 Glenn Fogel 和 Ewout Steenbergen。繼續吧，先生們。

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，歡迎參加 Booking Holdings 第一季電話會議。今天下午我們的財務長 Ewout Steenbergen 也加入了我的行列。我很高興地向大家報告 2024 年的強勁開局。第一季營收為 44 億美元，年增 17%，調整後 EBITDA 約為 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。最後，由於利潤水準的提高以及我們強大的資本回報計劃，第一季調整後每股收益同比增長 76%，該計劃使我們的平均股票數量比去年第一季減少了 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.

我們繼續看到全球休閒旅行需求的彈性，包括計劃在夏季旅遊旺季期間進行的預訂旅行的健康增長，儘管這些預訂中有很大一部分可以取消，而今天的預訂量代表了佔夏季預期總預訂量的比例不大。

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，與去年相比，間夜成長將受益於復活節時間的變化。然而，我們預計這將被預訂窗口擴大的減少和中東地緣政治局勢影響的增加所抵消。我們認為，這將導致間夜量成長較第一季放緩。 Ewout 將提供有關我們第一季業績的更多詳細資訊以及我們對第二季的看法。

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.

在過去的幾年裡，我們對我們的關鍵策略重點進行了許多討論，其中包括實現我們的互聯旅行願景、擴大我們在Booking.com上的商家服務、開發我們的人工智慧能力以及增強我們的天才忠誠度計劃。這些舉措似乎是不同的努力，但我想強調的是，它們實際上都在我們不斷努力的過程中結合在一起，為我們的旅行者提供更好的規劃、預訂和旅行體驗，同時也使我們的供應商夥伴受益。

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.

透過為旅客創造更好的體驗並解決他們在計劃、預訂和體驗旅行時面臨的更多挑戰，我們相信旅客會選擇直接且更頻繁地向我們預訂，從而隨著時間的推移提高忠誠度。我們在 Booking.com 上看到了令人鼓舞的早期證據，因為我們的活躍旅客總數有所增加，同時回頭客的成長也有所加快，這說明我們在鼓勵客戶再次透過我們預訂方面取得了進展。此外，我們發現每位旅客平均預訂的行程數量有所增加，而且直接透過我們預訂的間夜數量也有所增加。

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.

在直接混合方面，我們很高興看到直接預訂管道的成長速度繼續快於透過付費行銷管道獲得的間夜數。雖然我們看到付費行銷管道隨著時間的推移在我們業務中所佔的比例逐漸變小，但我們認為，只要我們能夠在這些管道上保持積極主動，以便將新的旅行者帶到我們的平台上，這一點很重要。

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，透過推進我們的互聯旅行願景，繼續改善旅行者的體驗，將有助於進一步推動忠誠度、頻率和直接預訂行為方面的積極證據。我很高興看到與旅行中不同旅行垂直領域的另一次預訂相關的交易的強勁增長。第一季這些關聯交易年增率略高於 50%，但值得注意的是，這一增長是在去年的小基數基礎上實現的。

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 總交易的比例很高。很高興看到越來越多的旅客選擇預訂關聯交易。我們相信，透過為這些旅客提供更多價值和更好的整體體驗，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.

機票是除住宿之外的關聯交易中最常預訂的垂直領域。它是我們的旅行者預訂的許多旅行的重要組成部分。第一季度，我們平台上的機票預訂量年增 33%，這主要是由於 Booking.com 航班服務的成長。我們透過航班垂直領域不斷看到 Booking.com 新增大量新客戶，這些客戶和回頭客看到我們平台上其他服務的價值的比率令人鼓舞。

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.

由於我們行業的競爭非常激烈，贏得旅行者的業務絕非易事。但我們很高興看到，透過提供更好的方式、更少的摩擦、更好的價值、更廣泛的選擇和優質的客戶服務，我們正在建立一個更有可能選擇我們的客戶群。

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.

除了航班和住宿之外，作為關聯交易一部分的汽車租賃和景點預訂也出現了強勁增長。我們相信，繼續增強和擴展垂直景點能夠提高旅客在目的地尋找活動時與應用程式的互動。我們相信，隨著時間的推移，體驗過我們為景點等目的地服務提供的價值的旅行者將來會更多地選擇使用我們。

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.

Booking.com 過去幾年一直致力於將旅行的所有這些元素結合在一起，打造無縫預訂體驗，並釋放跨垂直領域的商品能力。除了成為我們互聯旅行願景的基本要素之外，我們的商家產品還為我們的旅客和合作夥伴帶來了許多其他好處。對於旅行者，我們提供多種不同的支付方式。我們可以提供折扣、獎勵和其他推銷機會。對於我們的供應商合作夥伴來說，我們的商家產品使我們能夠承擔合作夥伴的詐欺責任，作為我們提供的服務的一部分，與代理模式相比，降低了取消率。隨著時間的推移，我們相信我們可以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.

為了實現更輕鬆、更個人化的互聯出行體驗，我們一直設想人工智慧技術將發揮核心作用。我們相信，我們已經做好充分利用這項技術的準備，因為我們已經建立了強大的人工智慧專家團隊，並透過多年來廣泛使用人工智慧獲得了寶貴的經驗。此外，我們擁有專有數據，可用於訓練特定用例模型或微調大型人工智慧模型，並擁有幫助建立人工智慧驅動的產品所需的資源和規模。

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.

正如我們之前所討論的，我們的團隊繼續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Booking.com 的人工智慧旅行規劃器、Priceline 的生成式人工智慧旅行助手Penny 以及Kayak最近發布的生成式人工智慧功能和工具。我們將繼續從旅行者與這些工具的互動中學習，並隨著時間的推移增強我們的產品。

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行者和合作夥伴提供的關鍵功能，我們相信人工智慧的進步將顯著增強這一領域。在我們的每個OTA 品牌中，我們的團隊都在積極探索利用生成式人工智慧技術來改善自助服務工具的方法，我們相信這將降低現場客服人員的聯繫率，並使我們能夠更快地回答旅行者的問題。當客戶仍然需要與現場客服人員交談時，我們相信這項技術將透過更輕鬆地存取資訊和記錄對話來提高我們的現場客服人員的效率。總而言之，我們相信隨著時間的推移，人工智慧將降低我們每筆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 忠誠度計劃在我們提供的多種旅行元素中也發揮著越來越重要的作用，因為我們希望旅行者能夠隨著時間的推移在我們的每個旅行垂直領域體驗到Genius 的優勢。此外，住宿以外的旅遊垂直領域的預訂也將有助於提升旅客的天才等級。我們看到越來越多的租車供應商合作夥伴選擇採用 Genius 計劃，我們剛開始在航班和景點測試該計劃。

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.

我們看到我們成功地將更多旅客轉移到更高的 Genius 等級（2 級和 3 級），這分別需要在 2 年內進行 5 次預訂和 15 次預訂。我們看到天才 2 級和 3 級旅客的行為令人鼓舞，包括比我們整體業務更高的頻率和更高的直接預訂率。我們將繼續探索機會來增強我們的 Genius 忠誠度計劃，並讓更多供應商合作夥伴選擇參與，為我們的旅客提供更多福利。

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我們的旅行者客戶，但我們經營著一個雙向市場，我們的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世界各地數百萬家酒店、替代住宿和其他供應商合作夥伴的互利和平衡的合作夥伴關係之上。

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.

我們努力成為平台上所有住宿類型值得信賴且有價值的合作夥伴，其中大多數是小型獨立企業。我們相信，提高小型合作夥伴的競爭力和獲利能力有助於我們行業的長期經濟健康發展。我們繼續透過 Booking.com 上的替代住宿服務吸引更多小型獨立企業，並且我們的平台上有更多房源供旅客選擇，我們也從中受益。

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.

截至第一季末，我們的全球另類住宿房源數量約為 740 萬套，比去年一季成長約 11%。我們致力於透過進一步改進為我們的供應合作夥伴和旅行者（尤其是美國的供應合作夥伴和旅行者）提供的產品，繼續鞏固這一進步。

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，第一季強勁的業績和休閒旅遊需求的持續長期彈性令我感到鼓舞。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。我們對旅遊業的長期前景仍然充滿信心。我們對未來充滿信心，相信我們有能力在未來幾年的關鍵指標上實現有吸引力的成長。

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

我現在將把電話轉給我們的財務長 Ewout Steenbergen。

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.

謝謝你，格倫，下午好。我很高興加入 Booking Holdings 團隊。我期待在新職位上繼續與您和 David 以及領導團隊的其他成員合作，幫助推動我們的投資者、員工、旅行者客戶和供應商合作夥伴在未來取得持續成功。

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.

我現在將回顧我們第一季的業績，並提供我們對第二季的想法。所有成長率均按年計算。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 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.

現在讓我們來看第一季的業績。我們第一季的間夜數增加了 9%，超出了我們指導上限約 3 個百分點。間夜成長高於預期的原因是預訂窗口的持續擴大以及健康的潛在需求，歐洲的表現優於預期，而中東戰爭的負面影響也小於預期。

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.

看看我們按地區劃分的客房夜數增長。第一季度，亞洲股市上漲了十幾歲。歐洲和世界其他地區均出現高個位數成長。美國的漲幅較低，個位數。

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.

我們在加強與旅客的直接關係方面不斷取得進展，這讓我們深受鼓舞。在過去 4 個季度中，透過直接管道獲得的總間夜數比例處於 50% 左右的範圍內，而當我們排除 B2B 業務時，則處於 60% 左右的範圍內。我們看到這兩個組合在這 4 個季度中都逐年增加。

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.

我們未來的重點是繼續增加直接組合，我們相信這將受益於我們改善旅客體驗的努力，包括實現我們的互聯旅行願景。增加我們的直接組合有利於我們的損益，因為可以提高我們的行銷支出佔總預訂量的百分比的效率，同時減少我們透過付費行銷管道所獲得的預訂組合。

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，我們收到的絕大多數預訂都是直接預訂。與桌面或行動網路上的直接預訂相比，我們繼續看到消費者在我們的行動應用程式中進行了有利的重複直接預訂行為。行動應用程式也讓我們有更多機會直接與消費者互動。第一季度，行動應用佔比約為 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.

我們繼續為旅客提供廣泛的住宿選擇，我們發現越來越多的客房被預訂在其他住宿飯店。對於 Booking.com 的其他住宿，我們第一季的間夜成長率為 13%。全球另類住宿夜比例為 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.

除了住宿之外，在 Booking.com 航班服務持續成長的推動下，第一季我們平台上的機票預訂量增加了 33%。第一季總預訂量成長 10%，超出了我們的預期。由於住宿平均房價上漲約 1%，加上航班預訂帶來約 1 個百分點的正面影響，總預訂量增長 10%，比未經四捨五入計算的間夜增長 9% 高出約 2 個百分點。匯率變動對我們的總預訂成長率產生了無關緊要的影響。

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.

由於亞洲的間夜混合比例較高，我們的平均日均房價成長受到區域組合的負面影響。不包括區域組合，ADR 上漲約 2 個百分點。與我們過去發表的評論類似，我們沒有看到預訂的酒店星級等級組合發生變化，也沒有看到可能表明消費者正在降低價格的入住時間的變化。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 44 億美元也超出了我們的預期，年增 17%。收入佔總預訂量的百分比為10.1%，與2023 年第一季相比有所改善，這主要是由於復活節時間的變化以及由於去年預訂窗口的變化而導致的同比接受率比較容易，如上所述在我們的 2023 年第一季財報電話會議上。

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.

行銷費用是一個高度可變的費用項目，年增 6%。由於我們的付費管道投資回報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為 3.7%，比 2023 年第一季低約 15 個基點。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。

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.

第一季銷售和其他費用佔總預訂量的百分比為 1.6%，比去年高出約 20 個基點，這在很大程度上是由於商家組合的增加。經過調整後，我們的固定支出增加了 11%，低於我們的預期，主要是由於一般管理費用較低。我們認識到，隨著我們對業務的投資，固定費用的增長會有所提高，但我們將完全專注於透過更多的固定費用來提高營運槓桿，並目標是在2025 年大幅降低營運支出成長水平。

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 EBITDA 約為 9 億美元，高於我們的預期，這主要是由於預訂量強於預期以及行銷效率優於預期。調整後 EBITDA 增加了 53%，其中復活節時間的變化帶來了約 20 個百分點的收益。請注意，我們預計第一季將是今年季節性 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.

調整後淨利超過 7 億美元，調整後每股收益為 20.39 美元，成長 76%。我們第一季的平均股票數量比 2023 年第一季低 9%。

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.

現在談談我們的現金和流動性狀況。由於第一季發行了 30 億美元的債務以及第一季產生了 26 億美元的自由現金流，我們第一季期末現金和投資餘額為 164 億美元，而第四季期末餘額為 131 億美元。這被 19 億美元的資本回報部分抵消，包括我們在本季發起的股票回購和股息，以及為履行員工預扣稅義務而額外回購的 3.15 億美元。

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.

現在談談我們對第二季的想法。我們預計第二季間夜成長率將在 4% 至 6% 之間，較第一季有所放緩，因為第一季從預訂窗口的同比擴大中受益更多。我們預計第二季的預訂窗口將接近去年同期。此外，中東持續戰爭的影響沒有我們第一季的預期那麼負面。然而，鑑於 4 月的地緣政治局勢，我們預計第二季將受到更多負面影響。

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.

4 月的間夜成長率高於該範圍的上限，並且受益於今年 3 月的復活節（與去年 4 月相比）幾個百分點。經復活節調整後，四月間夜增長與該範圍的上限基本一致。

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，略低於間夜成長，原因是匯率變動帶來約3 個百分點的負面影響，但被固定貨幣住宿ADR 上漲約1%加上約1 個百分點的正面影響所抵銷航班預訂的影響。

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.

我們預計第二季營收成長將在 4% 至 6% 之間，且營收成長將受到匯率變動約 2 個百分點的負面影響。在根據外匯變化進行調整後，我們預計第二季度營收成長將與第二季總預訂量成長保持一致，因為復活節時間變化的負面影響被支付相關收入的增加所抵消。

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.

我們預期行銷將成為本季輕微去槓桿化的一個原因。但如果根據復活節時間進行調整，我們預期行銷佔收入的百分比將比去年同期保持中性。我們預計，在更高的商家組合的推動下，第二季的銷售和其他費用成長速度將快於收入。我們預計第二季固定營運支出的成長速度將快於收入，這主要是由於 IT 費用成長更快，因為我​​們一直在投資新科技平台，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，原因是復活節時間的變化帶來約7 個百分點的壓力，以及因復活節時間變化對成長產生約2 個百分點的負面影響。隨著復活節時間和外匯變化的正常化，我們對第二季調整後 EBITDA 的預期將是中高個位數成長。

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和我們所看到的健康的休閒需求環境感到滿意。就我們對全年的展望而言，我們目前不會更新先前的全年評論。在考慮任何更新的評論之前，我們希望了解未來幾個月的發展。我們仍然預計 2024 年對該公司來說將是強勁的一年。

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工作和奉獻精神，使第一季的強勁業績成為可能。感謝您對我們共同願景的持續承諾，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?

我們現在進入問答環節。凱瑟琳，請您打開電話好嗎？

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

（操作員說明）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.

快速介紹一下指導。您能談談您所看到的這一年的情況與您在二月份電話會議上的預期相比發生了什麼變化嗎？請向我們介紹一下您所看到的這種不斷變化的預訂窗口趨勢。然後你是否可以評論一下它是否讓你對後半部分感到擔憂，或者你認為它更像是一個中性的變化。

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，這是埃沃特。如果您考慮我們向您提供的第二季指導，我認為您必須考慮幾個因素。其中之一是，我們預計第二季的預訂窗口範圍將小於第一季。因此，從第二季到第一季的業績，間夜數有所提前。從迄今為止所看到的情況來看，我們預計中東會產生更大的影響。但相反的是，復活節對第二季略有利好。

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，每個季度的業績都存在一些噪音，特別是來自復活節和預訂窗口的噪音。但如果你看看我們預期的上半年綜合業績，即第一季的實際情況和第二季度的指導，我們相信結果非常強勁，並且與我們提供的全年指導非常一致。

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.

就您所指的比較而言，實際上，第一季和第二季的比較對我們來說有點困難。下半年，比賽將會變得更容易。因此，這實際上將在 2024 年期間帶來好處。

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

你的下一個問題來自 Evercore 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?

請問我可以嘗試 2 個問題嗎？首先，為什麼您認為付費行銷管道的投資報酬率更高？這只是您發現的效率，還是您發現整體績效行銷管道、平台只是為他們的客戶提供了更好的廣告支出回報？其次，您能否量化現在關聯交易佔總交易的百分比？

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.

那麼，馬克，我為什麼不說第一部分，我會讓 Ewout 談談——我想我們已經放棄了——一個非常通用的術語。我會讓他重複一遍。所以看，我們對我們在各個方面的行銷計劃所做的事情感到滿意。你知道，馬克，我們已經討論這個問題很多很多年了。我們從整體上看待這一切。我們一直在尋找資金的最佳用途，以及使其發揮作用的最佳方式。當我們發現有效的事情時，我們就會投入更多。當我們發現實際上不是增量的並且實際上是重複的東西時，我們會把它拿出來並說，好吧，我們不要在那裡花錢。

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.

這確實是我們一直在做的事情。我不會討論具體的事情，因為顯然，擁有這些更好的東西具有競爭優勢。但我絕對非常喜歡這樣一個事實：我們的行銷計劃產生了一些非常好的投資報酬率。這確實需要很多人的努力。所以我要向他們大聲喊叫，因為我知道他們做了一些非常好的工作。 Ewout，你想重複我們已經說過的話嗎？但繼續吧。

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，目前連網旅行佔總交易量的百分比是高個位數，而且成長非常迅速。我認為我們看待它的方式實際上是與多個其他元素相結合。我們看到我們正在為客戶提供更多價值。因此，我們看到更高忠誠度的客戶升級到更高的 Genius 級別，更多的回頭客來到我們這裡。隨著時間的推移，我們可以為他們提供更多的好處。他們從多個垂直領域購買更多產品，因此互聯旅行也在成長。

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.

所以這確實是我們這裡的一個飛輪。我們看到所有這些指標都在朝著正確的方向發展，而且它們都是相互關聯的。因此，我們實際上對我們為客戶提供的附加價值以及這些旅行者如何認可這些附加價值的整體模式感到非常鼓舞。

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

您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.

我想知道您能否向我們提供您的區域組合的最新資訊。我們一直被問到這個問題，以及它是如何變化的，目前任何地區的成長速度都比其他地區快，以及自大流行前以來它是如何變化的。其次，歐洲的《數位服務法案》已經生效。只是想知道您是否看到圍繞此的績效行銷管道有任何變化或任何中斷或任何機會。

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。我有點錯過了第二部分。讓我從第一部分開始，然後讓 Ewout 繼續講另一部分。所以區域混合。由於大流行，這是我們多年來一直在談論的事情之一。這個問題取決於疫情何時最嚴重，以及人們走出疫情的時間，這肯定會影響我們在不同地區採取不同方式的做法。因此，正如我們在去年的電話會議中談到的那樣，去年的電話會議中，我們談到了亞洲在出局方面如何落後，但當然，我們得到了很好的補償，因為他們落後得更多。現在我們仍然受益於其中的一些。如果你還記得的話，美國是第一個出現的。當然，可以這麼說，當我們回顧去年時，我們的比賽比較困難。

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.

但我說過的一件事是，就區域組合而言，正如你所知，我們在歐洲非常強大。你也知道，我優先考慮的是我們應該在美國做得更好，這是我們一直在花費金錢、時間和精力的事情。我真的很高興，我在之前的電話中多次提到，我們在美國的表現如何回到大流行前的數字。很高興看到我們所做的努力實際上正在產生結果。我說過，我們將繼續優先考慮美國。

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.

我認為我們做得非常好的領域之一是我們的替代住宿。如您所知，我們在全球範圍內擁有非常強大的替代住宿，但我過去也談到過，我們在美國的替代住宿方面稍微落後一些，特別是在我認為將是的房產類型方面。很有幫助，我們正在取得良好進展，我們正在改進產品。這讓你有理由相信人們有供應，擁有房屋的人現在也願意來並將它們放到我們的平台上。

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.

您已經看到了我們的一些行銷活動，其中我們更多地提到了其他住宿。所有這些因素加在一起，讓我相信我們有很好的機會繼續增加我們在美國的份額，所以我對此充滿期待。 Ewout，我會讓你選剩下的，因為我沒有聽清楚第二部分。

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。並快速給出一些有關區域組合的數字。歐洲第一季實現高個位數成長，超出了我們的預期。非常重要的是，我們看到甚至歐洲的表現也繼續好於我們自己的內部預期。亞洲的成長尤其強勁，包括中國、日本、韓國、印度和印尼。然後，正如格倫已經提到的，美國的成長率為低個位數，但我們相信，第一季我們在美國的成長表現優於市場，並且正處於良好的軌道上，未來還有許多其他更快成長的機會在美國。

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.

關於你關於DMA 變化的第二個問題，實際上，如果我們看看我們的付費管道的更高投資回報率和我們在第一季度看到的營銷槓桿，這一切都來自我們自己的行動，來自改善我們正在不斷優化我們的付費行銷方式以及直接管道的成長。我們並沒有看到 Google DMA 變化產生真正的影響。我想說，從整體效果來看，這對我們來說更為中性。

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

您的下一個問題來自摩根大通的道格安穆斯 (Doug Anmuth)。

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?

格倫，只是希望你能量化 Genius 頻率或預訂量與非會員的情況？也許您可以幫助我們了解您在客戶進入更高 Genius 忠誠度等級時所看到的情況。然後是 Ewout，這是您幾分鐘前對美國的評論的​​後續，即高於市場水平的低個位數間夜增長。與您在其他地方看到的較快增長相比，該地區有什麼特別值得指出的嗎？

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，我們不會洩露我們的天才會員資格。我們不談論不同級別有多少人。不過，我可以說，我有多高興，以及整個計劃如何繼續發展。這就是我們繼續擴張的原因，正如我在準備好的評論中提到的，我們現在正在測試更多的垂直領域、航班和景點。我們的想法是為旅行者提供更多價值，但它也為我們的供應商合作夥伴提供了一個絕佳的機會，可以在需要時獲得增量需求。這裡確實是一種共生關係。我們與合作夥伴共同努力，既增加我們的業務價值，也增加他們的業務價值。

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.

天才不是某個人必須要做的事情。合作夥伴決定參與並決定如何參與，因為他們相信自己實際上從中獲得了真正的價值。我們將繼續以不同的方式進行試驗，有時我們甚至會自我評估，以確保我們為任何旅客提供最佳的選擇。他們應該來找我們，然後開始回來。

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.

我們在我準備好的發言中談到了這一點——埃沃特也剛剛提到了這一點。當人們獲得更多價值、獲得利益時，他們就會看到回歸的理由。然後他們不僅一次又一次更頻繁地回來，而且是回歸代表。這就是偉大的事。我認為這是另一個原因。我喜歡 Ewout 使用這個詞。我想他說的是飛輪。我用飛輪。這是同一件事。提供更多價值會讓人們更頻繁地回來，我認為這對我們來說是一個巨大的機會。我會讓埃沃特談談美國的低個位數，以及他想對此發表的任何更多評論。

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，道格，關於美國的一些額外見解。 所以我們特別喜歡的是我們的成長自第四季以來的連續改善。特別是在成長中，我們看到替代住宿的成長最快，這確實令人鼓舞。如果你看看美國的預訂者，你會發現國際成長多於國內成長。再說一次，我們真的非常相信美國對我們來說是一個成長的市場機會。我們今天已經擁有的規模，我們在多個垂直領域進行的所有戰略擴張，以及更直接的互聯旅行、生成式人工智能以及我們實際上正在實施的許多其他戰略舉措，這真是太棒了未來幾年有機會擴大我們在美國的地位

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.

您的下一個問題來自瑞穗證券的 James Lee。抱歉，您的下一個問題來自摩根士丹利的 Brian Nowak。

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.?

也許回到上一次關於美國的討論。我想也許對你們中的任何一個人來說，當你們思考未來幾年時，你們認為最大的解鎖是什麼將是使自己與眾不同，以推動美國在線旅遊類別的持續大幅增長？

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，關於這個問題有一些有趣的事情。有趣的是，當你說在線時，你有點局限於線上。我只是受益於查看了一份行業報告，其中談到了還有多少業務尚未在線，我發現，哇，這對我們來說仍然是一個巨大的機會。我具體說的是美國

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，所以你是對的。我們一直在做很多事情，我想說，考慮到數據，我們在一段時間內增加的份額，再次到大流行前，這些事情都取得了相當好的效果。我喜歡我們正在做的事情，以及它持續發展的方式。我們將繼續努力解決它。我已經談過了。我在之前的電話會議中多次使用過這個詞，我們正在努力解決這個問題，只是做一些漸進的改變，讓我們得到更多的幫助。而且它還在繼續自我成長。

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.

但我認為你更多的問題是，未來是否會出現一些變革性的東西，而不僅僅是漸進式的東西？我相信這是可能的。我相信我們用人工智慧做的事情，我們可以用科技做的事情，我們做事的方式，所以它確實是不同的。我想我聽到了你的問題，我們和我們的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，我們將會這樣做。我相信我們能夠打造的東西會讓一切變得不同。我談到了當今旅行者的挫敗感。

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.

因此，儘管它比以前好多了，但仍然不夠好。我相信人工智慧的使用，特別是一代人工智慧，以及我所看到的，我看到的測試和正在做的事情，我相信在接下來的幾年裡，由於這些技術，它會變得更好進步。我們的工作是確保我們能夠快速將其提供給市場雙方、我們的供應商合作夥伴和我們的旅行者，以便他們可以看到價值並繼續回來。然後我們開始。我喜歡它。從現在開始我將使用飛輪。

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詹姆斯李。

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?

兩個在這裡。你們能否按地區對 ADR 進行評論，以及你們在所經營的不同市場中看到的情況？另外，您能否向我們介紹 2024 年 ADR 預期的最新情況？也許與您先前的期望有任何改變。我想最後，您認為夏季旅遊季節有什麼趨勢，特別是在歐洲？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.

按地區劃分的 ADR，詹姆斯，在第一季度，我們看到歐洲的 ADR 上升，而北美和亞洲則持平。因此，以固定匯率計算，美國存託憑證整體成長 1%，正如我們今天所報導的。

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.

就夏季而言，正如我之前所說，我們計劃在夏季高峰期間進行的旅行將健康增長。這就是我們的感受——為什麼我對這個夏天感到高興。但我不會量化它。

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.

所以我想知道您是否可以分享一些關於有權訪問 Trip Planner 的人們的行為方式。這裡似乎有很多潛在的應用，因為如果他們正在進行研究，那麼就會產生漏斗頂部的影響。然後理論上你也可以推薦旅行的其他部分。因此，理論上這可以推動更多的互聯旅行活動。所以只是想知道。這本書問世還不到一年。所以我只是想知道你們到目前為止看到了什麼。

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。因此，使用這種方式的人很少，我們一直在繼續開發和學習交互，以了解人們如何使用它。因此，與使用我們服務的人數相比，這個數字非常小，但我們正在繼續這一點。

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.

我同意你的觀點。這在未來具有巨大的潛力。我想很多人也相信這一點。事實上，閱讀任何有關生成式人工智慧的文章，第一段都會提到旅行的用例，這是非常困難的。它總是在那裡，因為我們都看到排列的數量有多複雜，試圖理解什麼是最好的方法。使用 gen AI 來簡化它，我相信這確實會帶來巨大的改變，儘管這需要時間。在接下來的幾個季度你不會看到巨大的變化。

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.

但我確實相信，隨著時間的推移，這將為人們在到達目的地時進行計劃、預訂、執行和幫助提供更好的方式，這是一件非常重要的事情，因為沒有人去旅行，所以他們可以坐下來就在酒店裡。他們想做點什麼。我們也希望能夠提供這一點，並將正如我所說的，將我們討論過的所有元素、所有舉措整合到一個整體系統中，從而為我們的旅行者客戶提供更好的體驗。我相信這對我們來說有巨大的機會。

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（Lee Horowitz）。

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?

偉大的。如果可以的話，兩個。無論如何，目前對於線上旅遊的結構增長演算法是什麼仍然存在激烈的爭論。我想，在您早期的預訂經驗中，您認為最引人注目的領域是什麼？預期？然後也許是固定營運支出。顯然，您的固定營運支出基礎相對於 19 年大幅上升，特別是當您將其與相對於 19 年的預訂成長進行比較時。所以我想也許業務發生了什麼變化，目前可能資本密集程度更高，或者需要更多的員工來實現你們想要的目標？

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，你關於結構性成長的問題。所以我對公司的前景非常樂觀。為什麼？當然，這是一家非凡的公司，品質超高，非常成功。我非常相信，未來我們的成長速度將超過GDP。線下預訂轉向線上預訂。我認為整體而言，消費者也會在體驗上花費更多，而不是在物質商品上。

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，我認為實際上在我看來，現在在該職位上待了 6 週的一些領域對公司來說確實被低估了。首先，讓我談談直接。我認為這家公司現在在直接份額方面完全改變了遊戲規則。我們不再只依賴付費管道。對於 B2C 業務來說，這一比例目前處於 60% 的低水平。這非常重要，我們正在留住這些客戶，在之前的問題之前我們已經討論過這一點，即真正增加更多價值，讓更多的旅行者回到應用程序，直接向我們預訂，以及我們所獲得的好處那。

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.

另一個是我們在替代住宿方面擁有的機會。我再次認為，這完全沒有被充分理解和低估。實際上，就規模而言，我們是該領域最大參與者的 2/3，而且在過去 8 個季度的大部分時間裡，我們的成長速度更快。我們仍然有很多機會進一步開發我們的產品。但事實是，我們在一個平台上將傳統住宿和另類住宿結合起來，讓旅行者真正能夠從一種住宿轉到另一種住宿——有時他們進去想預訂一種住宿，但最終卻預訂了完全不同的住宿。

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.

最後是人工智慧時代。格倫只是對此發表評論。我必須說，我認為我們在資本投資以及數據品質方面擁有的戰略利益，因為在生成人工智慧中，語言模型並不重要。從策略上講，進入語言模型的資料可能是最大的差異化因素。由於我們接觸旅行者、合作夥伴以及旅遊業其他利害關係人的各種不同方式，我們在數據方面確實具有優勢。因此，我對公司未來幾年的結構性成長機會非常積極和樂觀。

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.

快速了解固定營運支出。我認為這與該公司已經完成的幾項策略擴張有關，包括多個垂直領域、支付領域。但這實際上與您之前的問題有關。這將有助於推動公司未來的成長。所以這其實是一件好事。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。在接下來的幾年裡，您將看到更多的營運槓桿。因此，今年，我們仍將最終確定一些投資，例如一些技術平台的投資。但明年，你會看到我們一直在進行的所有投資帶來了更多的營運槓桿。

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

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

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.

只是想詢問一下潛在的客房過夜趨勢。只是談談第一季度，您提到的一些暫時性影響的規模，例如復活節轉變、地緣政治幹擾和預訂窗口，以及這些影響如何影響您對業務基本趨勢的看法。

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，關於景點的提供，您能否談談您迄今為止所做的投資以及您目前的供應狀況以及隨著時間的推移您需要的供應情況，以充分發揮該機會的潛力？我們的理解是，景點通常是在接近旅行日期時預訂的，這需要讓旅行者返回應用程式。談談您希望如何推動這種動態的解決方案，以及互聯旅行產品如何隨著時間的推移幫助推動這種行為。

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.

關於你的第一個問題，第一季的間夜動態。因此，與我們對第一季度的最初指導相比，這裡的積極因素是預訂窗口正在擴大，我們能夠將一些間夜預訂從第二季度拉到第一季度，歐洲的需求健康，歐洲的需求也很強勁。你看到，排除中東的影響，實際上，結果是完全一樣的。因此，中東並沒有產生實質影響。復活節是一個負面影響，一個小小的負面影響。但這當然是我們之前提供的指導中所預期的。

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——這是一個很好的問題，因為我們過去沒有太多談論它。景點主要是透過第三方提供的。因此，我們與 Viator、Klook 或 Musement 等公司有安排。我們就是透過這種方式獲得供應的。另外——我們也根本不談論這件事。我們還有 FareHarbor，如果您還記得的話，我們收購了它。您可以將其視為中小型景點的 OpenTable，因為它是進入這些景點的良好循環。

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.

但我們有優先事項。我們可以成為任何人，但我們不能成為一切，而且我們絕對不可能同時成為一切。所以當務之急是把航班的東西搞好，搞定那個。這是最重要的事情，首先要順利進行。然後我們要確保我們有地面交通來確保所有這些東西 - 現在我們的人民具有吸引力。他們也希望得到更多的重視，他們在這方面做得很好，我們已經對此進行了一些討論。

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.

這將作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很久預訂景點。事實上，他們中的許多人都想在實際到達目的地時進行預訂，這就是為什麼我喜歡我們的應用程式使用量增加的原因，因為這就像將旅行社放在口袋裡一樣，並且能夠 - -我們能夠向他們發送很棒的優惠、很棒的想法，讓他們直接去做，檢查應用程序，看看他們是否能得到更好的東西。

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.

這就是為什麼我們將其納入我們的 Genius 計劃中，讓人們擁有景點業務並希望獲得增量需求。我們可以將一些東西推送給目的地的客戶，然後交給我們——將它們帶到特定的供應商。總而言之，這是一個巨大的機會。我們還沒有真正抓住這種可能性，這也是我在繼續前進的過程中看到我們巨大機會的另一個原因。

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

您的下一個問題來自花旗集團的 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.

鑑於整體間夜成長速度有多快，我想詢問是否可以對這裡的替代住宿進行後續跟進。 Ewout，你和 Glenn 都談到了這個問題，但我想聽聽更多關於供應方面的信息，即網站上的 740 萬個房產。這些品質比您過去看到的品質更高嗎？它們與現有的其他平台有什麼不同嗎？ Ewout，您之前提到過，Booking 提供替代住宿和傳統住宿，這是一個優勢。我很想聽聽您對從消費者的角度所看到的情況的想法，那些預訂了這兩項預訂的人，以及這兩次預訂之間的未來組合。

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.

因此，讓我先談談問題的第二部分，即替代住宿和傳統住宿。事實上，我們在思維上並沒有太多的分離，因為我們相信我們獨特的主張是以相同的方式將兩者放在我們的平台上，因為這是一種人為的分離，因為我們看到許多消費者正在尋找對彼此而言。他們想要替代方案——尋找不同的替代方案。他們想要比較。通常，如果他們開始尋找傳統酒店，他們最終可能會租一套公寓作為替代住宿，反之亦然。因此，實際上，我們認為將所有這些主張結合在一起並為我們的旅行者客戶提供真正的組合產品實際上非常強大。

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，我認為我們擁有的庫存品質很高，顯然價格不同。這是一個完整的系列。您可能不會感到驚訝的是，低價商品可能不如高價商品那麼奢華。我認為我們涵蓋了所有領域，但在某些領域我們沒有足夠的某些類型。我之前已經談過這一點。我們即將進入夏天，我看看——我住在紐約大都會區。我在想，漢普頓的這些高端住宅是否足夠？我認為我們不會。如果我看看我們的一些競爭對手，我會看到更多。

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一個機會，因為我們做得很好。是的，我們沒有提供我想要的所有不同類型的住宿和數量。我們的規模如此之大真是太好了，但我絕對認為我們沒有理由不在每個地理區域都顯著擴大規模。看，我們的基地是歐洲。所以我們非常非常有競爭力。我們有大量庫存，所有類型都有。但我已經談到了美國，這是我們繼續做更多工作的一個領域。我之前提到過，我看到我們在這方面取得了巨大進展。

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?

偉大的。只是跟進最後一點，格倫。您如何看待獲得更多的單一庫存？它是否與物業經理、PMS 系統有更多聯繫？然後我的第二個問題是，我們應該如何看待今年歐洲、今年夏天的旅行重大事件，特別是圍繞奧運會影響需求或人們將如何旅行？

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。所以，是的，我們確實有——當你去找一些擁有大量你正在尋找的庫存的經理時，你會更容易獲得更多庫存，你對此並不感到驚訝。而那些多物業管理公司肯定是我們承擔更多業務的地方。直到最近，我們才真正花了很多時間嘗試在低端做這件事——嘗試尋找個人並嘗試將他們也納入其中。

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.

但毫無疑問，隨著時間的推移，我們必須確保為每個人做出努力。這意味著確保我們提供的平台是供應商真正喜歡使用的。我最近看到了一些東西。舉個例子，事實證明，直到最近，我們的一些大經理很難將付款與個人財產進行核對。我們最近顯著改進了這一點。這就是原因，好吧，現在我就這麼做。我可以經歷一大堆不同的個人事情，這些事情本身可能沒有那麼大。總的來說，他們最終會說，是的，我現在非常樂意從 Booking.com 獲得增量需求，因為我發現這很簡單而且很有幫助。

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.

如果有人要做生意賺錢，你絕對不想讓你的財產空著。那就是0收入。你永遠不會回來了。該庫存過期了。這就是為什麼人們總是尋求嘗試並獲得更多需求。只要我們提供他們需求，提供他們一個他們覺得簡單、有幫助的平台，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.

關於夏天以及巴黎和奧運會之類的事情，奧運會發生什麼始終是個謎。我在這裡已經 24 年了。所以我經歷了一大堆奧運會，我認為這將會發生——這就是將要發生的事情，然後又發生了其他事情。這是重點。我們不要過於專注於一個持續幾週的單獨事件。

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.

我繼續說從長遠來看看待這家公司價值的重要方法。我們做了什麼？過去24年我們在這裡做了什麼？繼續增加價值，引入更多的客戶和更多的供應商，並繼續為我們的投資者產生更多的現金流。這就是我們過去所做的方式和所做的事情。至於巴黎奧運的進展情況，我真的——我可以猜測，但我的猜測和你的一樣好。我不認為這是我會花很多時間擔心的事情。

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. 的 Tom White。戴維森。

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.

只有一個。我想跟進一些之前關於美國市場的問題。我希望您能評論一下您今天的美國住宿業務與歐洲的相對單位經濟效益。顯然，Booking.com品牌在這裡是眾所周知的，但不如歐洲那麼出名。因此，也許這裡每晚的行銷負擔都比較重。但這裡的 ADR 不錯而且很高。但話又說回來，也許接受率較低。所以我只是好奇目前美國的住宿單位經濟與歐洲相比如何，也許你會看到未來幾年的發展。

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，也不會向您提供這些地區增長率。就細節而言，我們不會再進一步討論。我認為我們現在不會開始這樣做。我理解您提出這個問題的原因，但出於競爭力等原因，我們不會對此進行進一步細分。

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

我們的問答環節到此結束。現在我將把會議轉回格倫·福格爾致閉幕詞。

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。我要感謝我們的合作夥伴、我們的客戶、我們敬業的員工、我們的股東，我特別要感謝 Ewout 加入團隊。埃沃特，非常感謝你。在我們繼續實現公司的長期願景的過程中，我們非常感謝大家的支持。謝謝，晚安。

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

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