Booking Holdings Inc (BKNG) 2024 Q2 法說會逐字稿

Welcome to Bookings Holdings' second quarter 2024 conference call.

歡迎參加 Bookings Holdings 2024 年第二季電話會議。

Booking Holdings would like to remind everyone that this call may contain forward-looking statements which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

Booking Holdings 謹提醒大家，本次電話會議可能包含根據 1995 年《私人證券訴訟改革法案》安全港條款做出的前瞻性聲明。

These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.

這些前瞻性陳述並非對未來績效的保證，並且受到某些難以預測的風險、不確定性和假設的影響。

Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements.

因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果有重大差異。

Expressions of future goals or expectations and similar expressions reflecting something other than historical facts are intended to identify forward-looking statements.

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 Booking Holdings' earnings press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

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 的最最近向美國證券交易委員會提交的文件。

Unless required by law, Booking Holdings undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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。

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.

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」部分取得。

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

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

Go ahead, gentlemen.

繼續吧，先生們。

Thank you and welcome to Booking Holdings' second quarter conference call.

感謝並歡迎您參加 Booking Holdings 第二季度電話會議。

I'm joined this afternoon by our CFO, Ewout Steenbergen.

今天下午我們的財務長 Ewout Steenbergen 也加入了我的行列。

I am proud to report second quarter results that exceeded the high end of our expectations for room nights and revenue.

我很自豪地報告第二季的業績，超出了我們對間夜數和收入的預期上限。

The upside on revenue, combined with lower-than-expected fixed OpEx growth, helped drive adjusted EBITDA above the high end of our prior guidance range.

收入的上升，加上低於預期的固定營運支出成長，幫助推動調整後的 EBITDA 高於我們先前指導範圍的上限。

As expected, the travel market has continued to normalize and we are pleased with the strength of our underlying business.

正如預期的那樣，旅遊市場繼續正常化，我們對基礎業務的實力感到滿意。

Moving to our key metrics in the second quarter.

轉向我們第二季的關鍵指標。

Our travelers booked 287 million room nights across our platforms, an increase of 7% year-over-year.

我們的旅客透過我們的平台預訂了 2.87 億間夜，年增 7%。

Revenue of $5.9 billion and adjusted EBITDA of $1.9 billion, both increased 7% year-over-year.

營收為 59 億美元，調整後 EBITDA 為 19 億美元，均較去年同期成長 7%。

Finally, adjusted earnings per share grew 11% year-over-year, helped by our strong capital return program which reduced our average share count by 7% year-over-year.

最後，在我們強大的資本回報計劃的幫助下，調整後每股收益同比增長了 11%，該計劃使我們的平均股數比去年同期減少了 7%。

In line with our expectations, we saw that the booking window expanded less in the second quarter relative to the first quarter which negatively impacted room night growth compared to Q1.

與我們的預期一致，我們發現第二季度的預訂窗口規模較第一季有所縮小，這對間夜成長較第一季產生了負面影響。

From a regional perspective, we observed a mild moderation of travel market growth in Europe.

從區域角度來看，我們觀察到歐洲旅遊市場成長溫和放緩。

However, we believe we're continuing to perform well relative to the market in Europe.

然而，我們相信相對於歐洲市場，我們的表現將持續良好。

Looking at our other regions, we continue to see high growth levels in Asia and a slight improvement in growth in the US.

看看我們的其他地區，我們繼續看到亞洲的高成長水平和美國的成長略有改善。

As we look ahead to the third quarter, we believe room night growth will be impacted by a booking window that expands less than it did in Q2 as well as by the more moderate market growth we have seen in Europe, where our growth has remained stable from May through July.

展望第三季度，我們認為間夜成長將受到預訂窗口擴張幅度小於第二季度的影響，以及我們在歐洲看到的較溫和的市場成長的影響，我們的成長在歐洲保持穩定從五月到七月。

We expect that this will result in some deceleration in room night growth compared to Q2.

我們預計，與第二季度相比，這將導致間夜成長放緩。

Ewout will provide further details on our second quarter results and our thoughts about the third quarter.

Ewout 將提供有關我們第二季業績的更多詳細資訊以及我們對第三季的看法。

I remain confident in the attractive long-term growth profile of the travel industry, our competitive position over the long term and our long-term growth and earnings model.

我對旅遊業有吸引力的長期成長前景、我們的長期競爭地位以及我們的長期成長和獲利模式仍然充滿信心。

We remain focused on what is important for the business for the long term which means continuing to execute against our strategic initiatives while simultaneously taking actions to drive more cost efficiency in the business.

我們仍然專注於對業務長期重要的事情，這意味著繼續執行我們的策略計劃，同時採取行動提高業務成本效率。

We continue to see progress across several important initiatives which include advancing our connected trip addition, expanding our merchant offering at Booking.com, continuing to develop our AI capabilities, growing alternative accommodations and enhancing our Genius loyalty program.

我們繼續看到幾項重要舉措取得進展，包括推進互聯旅行的增加、擴大 Booking.com 的商家產品、繼續開發我們的人工智慧功能、增加替代住宿以及增強我們的 Genius 忠誠度計劃。

These initiatives all fit together in our ongoing effort to deliver a better planning, booking and travel experience for our travelers while also benefiting our supplier partners.

這些舉措與我們持續不斷的努力相結合，為旅客提供更好的規劃、預訂和旅遊體驗，同時也使我們的供應商合作夥伴受益。

We believe that continuing to drive benefits to our supplier partners is critical to successfully operating a growing two-sided marketplace.

我們相信，繼續為我們的供應商合作夥伴帶來利益對於成功營運不斷增長的雙邊市場至關重要。

We are encouraged to see healthy second quarter year-over-year growth in a number of supply partners working with us at Booking.com. We are focused on being a trusted and valuable partner by delivering incremental travel demand and developing products and features to help support these accommodation properties, the majority of which are small and independent businesses.

看到 Booking.com 與我們合作的眾多供應合作夥伴在第二季度實現健康的同比增長，我們深受鼓舞。我們致力於透過滿足增量旅行需求並開發產品和功能來幫助支持這些住宿酒店（其中大多數是小型獨立企業），成為值得信賴且有價值的合作夥伴。

We believe that improving the competitiveness and profitability of our smaller partners and supporting those partners across macroeconomic cycles contributes to the long-term economic health of our sector.

我們相信，提高小型合作夥伴的競爭力和盈利能力，並在整個宏觀經濟週期中為這些合作夥伴提供支持，有助於我們行業的長期經濟健康發展。

Our alternative accommodation offering at Booking.com continues to benefit from having more listings available for travelers to choose from.

我們在 Booking.com 上提供的另類住宿服務繼續受益於提供更多房源供旅客選擇。

At the end of Q2, our global alternative accommodation listings were about 7.8 million which is about 11% higher than Q2 last year.

截至第二季末，我們的全球另類住宿房源數量約為 780 萬套，比去年第二季成長約 11%。

We believe this greater selection of listings is contributing to the increasing mix of alternative accommodation room nights booked on our platform.

我們相信，更多的房源選擇有助於增加在我們平台上預訂的替代住宿夜的組合。

We continue to make incremental enhancements to our alternative accommodation offering for both our travelers and supply partners.

我們繼續逐步增強為旅客和供應合作夥伴提供的替代住宿服務。

For our travelers, we are focused on successfully delivering a better planning, booking and travel experience over time which we believe will lead travelers to choose to book directly and more frequently with us.

對於我們的旅客來說，我們致力於隨著時間的推移成功地提供更好的規劃、預訂和旅行體驗，我們相信這將促使旅客選擇直接並更頻繁地透過我們預訂。

At Booking.com, we are continuing to grow the number of total active travelers with repeat travelers growing at an even faster rate.

在Booking.com，我們的活躍旅客總數持續成長，而回頭客的成長速度甚至更快。

In terms of direct booking behavior, we are pleased to see that the direct booking channel continues to grow faster than room nights acquired through paid marketing channels.

在直接預訂行為方面，我們很高興地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。

As I've stated before, we think it's important for us to remain proactive in paid marketing channels in order to bring new travelers to our platforms so long as we're able to do this at attractive ROIs.

正如我之前所說，我們認為，只要我們能夠以有吸引力的投資回報率做到這一點，我們就必須在付費行銷管道中保持積極主動，以便將新旅行者引入我們的平台。

In addition, I'm encouraged by the work our team at Booking.com is doing to increase our spend on social media in a disciplined manner which is an effort that helps to further diversify the channels we utilize while reaching our travelers on platforms they are actively using.

此外，我對Booking.com團隊正在以嚴格的方式增加我們在社群媒體上的支出所做的工作感到鼓舞，這項努力有助於進一步多樣化我們使用的管道，同時在他們所使用的平台上接觸我們的旅行者積極使用。

Our Genius loyalty program at Booking.com plays an important role in helping to drive more travelers to choose to book directly with us over time.

Booking.com 的 Genius 忠誠度計劃在幫助推動更多旅客選擇直接透過我們預訂方面發揮著重要作用。

We see a meaningfully higher direct booking mix for Genius users versus other users.

我們發現 Genius 用戶的直接預訂比例明顯高於其他用戶。

And that direct mix percentage steps up at each higher level of Genius status.

隨著天才地位的提高，直接混合百分比也會增加。

So we are encouraged to see continued success and more of our travelers moving into the higher Genius tiers of levels 2 and 3 which now represent nearly 30% of our active travelers.

因此，我們很高興看到持續的成功，更多的旅行者進入了更高的 Genius 級別（2 級和 3 級），目前占我們活躍旅行者的近 30%。

In addition to a higher direct booking rate, we also see higher booking frequency from our Genius Level 2 and 3 travelers when compared to our overall business.

除了更高的直接預訂率之外，與我們的整體業務相比，我們還發現天才 2 級和 3 級旅客的預訂頻率更高。

In Q2, we drove more Genius benefits to our travelers with a 15% year-over-year increase in benefits.

第二季度，我們為旅客提供了更多 Genius 福利，福利年增 15%。

This is primarily driven by accommodation bookings.

這主要是由住宿預訂推動的。

However, we are seeing growth in benefits and the other elements of travel as well with triple-digit growth in Genius discounts for car rental off of a small base last year and continued testing of Genius benefits for flights.

然而，我們看到福利和旅行的其他要素有所增長，去年汽車租賃的 Genius 折扣在小規模基礎上實現了三位數的增長，並且繼續測試航班的 Genius 福利。

In addition to these benefits, bookings in travel verticals outside of combinations contribute to a traveler's Genius level tier.

除了這些好處之外，組合之外的旅行垂直領域的預訂也有助於旅行者獲得 Genius 等級。

We will continue to explore opportunities to enhance our Genius loyalty program and deliver more benefits to our travelers.

我們將繼續探索機會來增強我們的 Genius 忠誠度計劃，並為我們的旅客提供更多優惠。

And we know that Genius is a win-win with our supplier partners, enabling them to get incremental demand when they want it which is one reason more of our supplier partners are electing to participate.

我們知道，Genius 與我們的供應商合作夥伴是雙贏的，使他們能夠在需要時獲得增量需求，這也是我們更多供應商合作夥伴選擇參與的原因之一。

On the connected trip, we continue to take steps towards our long-term vision to make the planning, booking and travel experience easier, more personal and more enjoyable, while delivering better value to our travelers and supplier partners.

在互聯旅行方面，我們繼續採取措施實現我們的長期願景，使規劃、預訂和旅行體驗更輕鬆、更個性化和更愉快，同時為我們的旅行者和供應商合作夥伴提供更好的價值。

In order to achieve the easier, more personalized experience of the connected trip, we have always envisioned AI technology at the center of this vision.

為了實現更輕鬆、更個人化的互聯旅行體驗，我們一直將人工智慧技術視為這個願景的核心。

Our teams of AI experts continue to draw on their valuable experience from using AI extensively for many years as they work to further incorporate this technology into our platforms.

我們的人工智慧專家團隊持續汲取多年來廣泛使用人工智慧的寶貴經驗，並努力進一步將該技術融入我們的平台。

We believe our proprietary data, along with our resource and scale, position us well to build compelling AI-powered offerings over time.

我們相信，隨著時間的推移，我們的專有數據以及我們的資源和規模將使我們能夠建立引人注目的人工智慧產品。

Another foundational element of the connected trip is the merchant offering that we continue to expand at Booking.com. Merchant capabilities will help bring different elements of travel together in a seamless booking experience while also unlocking the ability to merchandise across verticals.

互聯旅行的另一個基本要素是我們在 Booking.com 上不斷擴展的商家服務。商家功能將有助於將旅行的不同元素融合在一起，提供無縫的預訂體驗，同時也釋放跨垂直領域的商品銷售能力。

The mix of merchant gross bookings reached 58% of total gross bookings at Booking.com in the second quarter which is an increase of 10 percentage points year-over-year and is higher than our prior expectations.

第二季度，商家總預訂量佔 Booking.com 總預訂量的 58%，年增 10 個百分點，高於我們先前的預期。

We are pleased to see that processing transaction through Booking.com's merchant offering generated incremental contribution margin dollars in the quarter, though this was still a small percentage of our total adjusted EBITDA.

我們很高興看到透過 Booking.com 的商家產品處理交易在本季產生了增量貢獻利潤，儘管這仍然只占我們調整後 EBITDA 總額的一小部分。

We continue to see growth in transactions that are connected to another booking from a different vertical in a trip.

我們繼續看到與旅行中不同垂直領域的另一次預訂相關的交易量的增長。

These connected transactions increased by about 45% year-over-year in the second quarter and can change or represent a high single-digit percentage of Booking.com's total transactions.

第二季度這些關聯交易年增約45%，可能會改變或占Booking.com總交易量的較高個位數百分比。

We believe by providing a better overall booking experience, travelers may choose to book more trips with us with a higher likelihood of booking directly in the future.

我們相信，透過提供更好的整體預訂體驗，旅客可能會選擇透過我們預訂更多行程，並且未來直接預訂的可能性更高。

Flights are an important component for many of the connected trips that our travelers are booking.

航班是旅客預訂的許多聯程旅行的重要組成部分。

In the second quarter, air tickets booked on our platform increased 28% year-over-year, driven primarily by the growth of Booking.com's flight offering as well as strong growth in Agoda's flight business.

第二季度，我們平台上的機票預訂量年增 28%，這主要得益於 Booking.com 航班服務的成長以及 Agoda 航班業務的強勁成長。

We continue to see a healthy number of new customers coming 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 offered on our platform.

我們持續看到大量新客戶透過航班垂直領域來到Booking.com，這些客戶和回頭客看到我們平台上提供的其他服務的價值的比率令人鼓舞。

In conclusion, we continue our work to deliver a better offering experience for our supply partners and our travelers.

總而言之，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體驗。

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.

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，我們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.

謝謝你，格倫，下午好。

I will now review our results for the second quarter and provide our thoughts for the third quarter and the full year.

我現在將回顧我們第二季的業績，並提供我們對第三季和全年的想法。

All growth rates are on a year-over-year basis.

所有成長率均按年計算。

Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release.

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。

Now let's move to our second quarter results.

現在讓我們來看看第二季的業績。

Our room nights in the second quarter grew 7% which exceeded the high end of our guidance by 1 percentage point.

我們第二季的間夜數成長了 7%，超出了我們指導的上限 1 個百分點。

As expected, we saw room nights growth moderate from the first quarter as we saw less year-over-year expansion of the booking window in the second quarter.

正如預期的那樣，我們看到間夜量成長較第一季放緩，因為第二季預訂窗口的同比擴張有所減少。

Looking at our room night growth by region, in the second quarter, Europe was up mid-single digits.

從各地區的間夜成長來看，第二季度，歐洲成長了中個位數。

Asia was up mid-teens, rest of world was up high single digits and the US was up mid-single digits.

亞洲上漲了十幾位數，世界其他地區上漲了高個位數，美國上漲了中個位數。

We continue to grow our alternative accommodations business faster than our overall business.

我們的另類住宿業務的成長速度持續快於我們的整體業務。

For our alternative accommodations at Booking.com, our second quarter room night growth was 12% and the global mix of room nights was 36% which was up 2 percentage points from the second quarter of 2023.

對於 Booking.com 的另類住宿，我們第二季的間夜成長率為 12%，全球間夜組合為 36%，比 2023 年第二季成長了 2 個百分點。

We continue to see encouraging progress in strengthening direct relationships with our travelers and increasing loyalty on our platforms.

我們在加強與旅客的直接關係和提高平台忠誠度方面繼續取得令人鼓舞的進展。

Over the last four 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.

在過去的四個季度中，透過直接管道獲得的總間夜數比例在 50% 左右，而當我們排除 B2B 業務時，這一比例在 60% 左右。

We've seen both of these mixes continue to increase year-over-year.

我們已經看到這兩種組合都在逐年增加。

Mobile ad mix of our total room night was about 53% which was up 6 percentage points from the second quarter of 2023.

行動廣告組合占我們總間夜數的比例約為 53%，比 2023 年第二季增加了 6 個百分點。

We continue to see that the significant majority of bookings received from our mobile apps come through the direct channel.

我們繼續看到，從我們的行動應用程式收到的絕大多數預訂都是透過直接管道進行的。

For our Genius loyalty program at Booking.com, we continue to see a year-over-year increase in the mix of room nights booked by travelers in the higher Genius tiers of levels 2 and 3.

對於 Booking.com 的 Genius 忠誠度計劃，我們發現較高 Genius 級別（2 級和 3 級）的旅行者預訂的間夜數量繼續逐年增加。

These members booked more than half of the room nights over the past 4 quarters.

這些會員在過去 4 個季度預訂了一半以上的間夜。

Outside of accommodations, we saw airline tickets booked on our platforms in the second quarter increased 28%, about in line with our expectations, driven by the continued growth of flight offerings of Booking.com and Agoda.

除了住宿之外，在 Booking.com 和 Agoda 航班服務持續成長的推動下，第二季度我們平台上預訂的機票增加了 28%，基本上符合我們的預期。

Second quarter growth in bookings increased 4% which was approximately 3 percentage points lower than the 7% room night growth due to about 2 percentage points of negative impact from changes in FX and about 1% lower constant currency accommodation ADRs.

第二季預訂量成長 4%，比間夜成長 7% 低約 3 個百分點，原因是匯率變動帶來約 2 個百分點的負面影響，以及固定貨幣住宿 ADR 下降約 1%。

The year-over-year ADR decline was negatively impacted by a higher mix of room nights from Asia.

ADR 年比下降受到亞洲間夜組合增加的負面影響。

Excluding regional mix, constant currency ADRs were about flat versus 2023.

不包括區域組合，固定匯率的 ADR 與 2023 年基本持平。

While room night growth was above the high end of our guidance range, gross bookings growth came in at the midpoint of our range due to about 2% lower constant currency accommodation ADRs versus our expectation.

雖然間夜成長高於我們指導範圍的上限，但總預訂量成長處於我們指導範圍的中點，因為固定貨幣住宿 ADR 比我們的預期低約 2%。

In addition, our gross bookings were negatively impacted by lower flight ticket prices in line with the recent trends we have heard from many airlines.

此外，我們的總預訂量受到機票價格下降的負面影響，這與我們從許多航空公司聽到的最新趨勢一致。

Second quarter revenue of $5.9 billion grew 7% year-over-year which exceeded the high end of our guidance by 1 percentage point.

第二季營收為 59 億美元，年增 7%，超出我們指導上限 1 個百分點。

Revenue growth was negatively impacted by about 2 percentage points from the change in Easter timing and 2 percentage points from changes in FX.

復活節時間變化對收入成長產生了約 2 個百分點的負面影響，外匯變化對收入成長產生了 2 個百分點的負面影響。

Adjusting for these two items, revenue would have grown about 11%.

調整這兩項後，營收將成長約 11%。

Revenue as a percentage of gross bookings was 14.1% which was slightly higher than expected due to a timing benefit as we saw gross bookings growth decelerate in the quarter and a less expanded booking window than expected.

營收佔總預訂量的百分比為 14.1%，略高於預期，這是由於時機優勢，因為我們看到本季總預訂量成長放緩，且預訂窗口擴大幅度小於預期。

Additionally, revenue associated with payments was higher than expected.

此外，與付款相關的收入高於預期。

Marketing expense which is a highly variable expense line increased 8% year-over-year.

行銷費用是一項高度變動的費用項目，較去年同期成長 8%。

Marketing expense as a percentage of gross bookings was 4.7%, about 15 basis points higher than the second quarter of 2023, due primarily to the timing of brand marketing spend as well as increased spend in social media channels.

行銷費用佔總預訂量的百分比為 4.7%，比 2023 年第二季高出約 15 個基點，這主要是由於品牌行銷支出的時機以及社群媒體管道支出的增加。

Second quarter adjusted sales and other expenses as a percentage of gross bookings was 1.9%, about 15 basis points higher than last year due to a higher merchant mix and higher transaction taxes.

第二季調整後的銷售和其他費用佔總預訂量的百分比為 1.9%，比去年高出約 15 個基點，原因是商家組合增加和交易稅增加。

Our more fixed expenses on an adjusted basis were up 5% and were below our expectation across all three line items: personnel, G&A and IT.

經過調整後，我們的固定支出增加了 5%，並且所有三個項目（人事、一般管理費用和 IT）都低於我們的預期。

We're very focused on carefully managing the growth of our more fixed expenses and are taking actions to help improve our operating leverage in future quarters.

我們非常注重謹慎管理固定費用的成長，並採取行動幫助提高未來幾季的營運槓桿。

Adjusted EBITDA of $1.9 billion was above our expectations, largely driven by higher revenue and lower-than-expected fixed expenses.

調整後 EBITDA 為 19 億美元，高於我們的預期，這主要是因為收入增加和固定費用低於預期。

Adjusted EBITDA grew 7%, despite approximately 5 percentage points of pressure from Easter timing and 2 percentage points from changes in FX.

儘管復活節時間帶來約 5 個百分點的壓力，匯率變動帶來約 2 個百分點的壓力，但調整後 EBITDA 仍成長 7%。

Adjusting for these two items, adjusted EBITDA would have grown about 14%.

對這兩項進行調整後，調整後的 EBITDA 將成長約 14%。

When looking at our adjusted EBITDA margins, for the first half of 2024 which neutralizes the impact of the Easter timing shift, we're pleased to see 160 basis points of margin expansion versus the first half of 2023.

在考慮我們調整後的 EBITDA 利潤率時，2024 年上半年抵消了復活節時間變化的影響，我們很高興看到利潤率比 2023 年上半年擴大了 160 個基點。

Adjusted net income of over $1.4 billion was up 3%, slower than the growth in adjusted EBITDA, due primarily to higher income tax expenses which was impacted by some discrete items.

調整後淨利潤超過 14 億美元，成長 3%，低於調整後 EBITDA 的成長，主要是由於一些離散項目影響所得稅費用增加。

Adjusted EPS of $41.90 per share was up 11% and benefited from a 7% lower average share count than the second quarter of 2023.

調整後每股收益 41.90 美元，成長 11%，受益於平均股數比 2023 年第二季減少 7%。

On a GAAP basis, net income was over $1.5 billion in the second quarter.

以 GAAP 計算，第二季淨利超過 15 億美元。

Now on to our cash and liquidity position.

現在談談我們的現金和流動性狀況。

Our second quarter ending cash and investments balance of $16.8 billion was up versus our first quarter ending balance of $16.4 billion due to about $2.4 billion of free cash flow generated in the quarter, partially offset by about $1.9 billion of capital return, including share repurchases and dividends.

我們第二季期末現金和投資餘額為168 億美元，較第一季期末餘額164 億美元有所增加，原因是本季產生約24 億美元的自由現金流，部分被約19 億美元的資本回報所抵消，其中包括股票回購和股息。

Moving to our thoughts for the third quarter.

談談我們對第三季的想法。

We expect third quarter room night growth to be between 3% and 5%, a sequential deceleration as we expect the third quarter to benefit less from a year-over-year expansion of the booking window than we saw in the second quarter.

我們預計第三季間夜成長率將在 3% 至 5% 之間，環比放緩，因為我們預計第三季從預訂窗口同比擴大中獲得的收益將少於第二季。

For the third quarter, we expect the booking window to be more similar to last year.

對於第三季度，我們預計預訂窗口將與去年更加相似。

Additionally, we have seen a mild moderation in the market growth in Europe over the last couple of months, though our growth in Europe has remained stable from May through July and we believe we continue to perform well relative to the market.

此外，過去幾個月我們看到歐洲市場成長溫和放緩，儘管我們在歐洲的成長從 5 月到 7 月保持穩定，我們相信我們相對於市場繼續表現良好。

We expect third quarter gross bookings growth to be between 2% and 4%, slightly below room night growth due to about 1 percentage point of negative impact from changes in FX.

我們預計第三季總預訂量成長率將在 2% 至 4% 之間，略低於間夜成長率，原因是匯率變動帶來約 1 個百分點的負面影響。

We expect constant currency ADRs to be down slightly year-over-year and for this to be offset by a slight benefit on flight bookings growth.

我們預期以固定匯率計算的美國存託憑證將年比小幅下降，而這一下降將被航班預訂成長的小幅收益所抵銷。

While we continue to expect growth in flight bookings, we believe this will be less than previously expected due to lower flight ticket prices.

雖然我們繼續預期航班預訂量將會成長，但由於機票價格下降，我們認為這一數字將低於先前的預期。

We expect third quarter revenue growth to be between 2% and 4%.

我們預計第三季營收成長將在 2% 至 4% 之間。

We expect third quarter adjusted EBITDA to be between about $3.25 billion and $3.35 billion, about flat year-over-year at the midpoint of the range.

我們預計第三季調整後 EBITDA 約為 32.5 億美元至 33.5 億美元，與去年同期持平，處於該範圍的中點。

We expect adjusted EBITDA to grow slower than revenues due to deleverage from sales and other expenses and from growth in IT expenses related to higher software license fees and increased cloud cost.

我們預計，由於銷售和其他費用的去槓桿化，以及與軟體授權費上漲和雲端成本增加相關的 IT 費用成長，調整後 EBITDA 的成長速度將慢於營收的成長。

We expect third quarter revenue and adjusted EBITDA growth to also be negatively impacted by 1 percentage point from changes in FX.

我們預計第三季營收和調整後 EBITDA 成長也將受到外匯變動 1 個百分點的負面影響。

In terms of our outlook for the full year, we're adjusting our gross bookings growth expectation to faster than 6% which is a bit lower than our prior expectation due to less growth in flight growth bookings as a result of the lower flight ticket prices I previously mentioned.

就全年前景而言，我們將總預訂量成長預期調整至 6% 以上，略低於我們先前的預期，因為機票價格下降導致航班預訂量成長放緩我之前提到過。

While flight prices have come down, we still expect strong growth in flight tickets for the year as we continue to expand the flight offerings at Booking.com and Agoda.

儘管機票價格有所下降，但隨著我們繼續擴大 Booking.com 和 Agoda 的航班服務，我們仍預計今年的機票將強勁增長。

We expect accommodation ADRs will be about flat to down slightly on a constant currency basis.

我們預計，以固定匯率計算，住宿 ADR 將持平或略有下降。

For revenue, we now expect revenue growth of more than 7% which is a bit higher than our prior guidance, based on the outperformance in the first half of the year and our expectation for higher revenue associated with payments.

就收入而言，基於今年上半年的優異表現以及我們對支付相關收入增加的預期，我們目前預計收入成長將超過 7%，略高於我們先前的指導。

Revenue is impacted to a much lesser extent than gross bookings from the decline in flight ticket prices.

機票價格下降對收入的影響遠小於總預訂量的影響。

We continue to expect about 1 percentage point of negative impact from changes in FX on our topline growth rates while reducing our fixed OpEx growth expectation to low double digits as we continue to focus on bringing this growth rate down over time.

我們仍然預期匯率變動會對我們的營收成長率產生約1 個百分點的負面影響，同時將我們的固定營運支出成長預期降低至較低的兩位數，因為我們將繼續致力於隨著時間的推移降低這一成長率。

We expect adjusted EBITDA to grow in the high single digits which is slightly faster growth than our prior expectation, given our outlook for increased revenue growth and lower fixed OpEx growth.

鑑於我們對收入成長增加和固定營運支出成長較低的預期，我們預計調整後 EBITDA 將以高個位數成長，這比我們之前的預期略快。

We continue to expect adjusted EBITDA margins to expand year-over-year by a bit less than 8 percentage point.

我們仍預期調整後 EBITDA 利潤率將年增率略低於 8 個百分點。

Finally, we're increasing our adjusted EPS growth expectation to above 15%.

最後，我們將調整後每股盈餘成長預期提高至 15% 以上。

In conclusion, we continue to expect 2024 to be a strong year for the company.

總之，我們繼續預期 2024 年對該公司來說將是強勁的一年。

We remain focused on executing against our strategic initiatives while taking actions to drive greater operating leverage.

我們仍然專注於執行我們的策略性舉措，同時採取行動提高營運槓桿。

We're excited about our long-term vision for the connected trip and enhancing our offering through technology innovation like generative AI.

我們對互聯旅行的長期願景感到興奮，並透過產生人工智慧等技術創新來增強我們的產品。

And with that, we will now take your questions.

現在我們將回答你們的問題。

Operator, will you please open the lines?

接線員，請開通線路好嗎？

(Operator Instructions) Mark Mahaney, Evercore.

（操作員說明）Mark Mahaney，Evercore。

Okay, thanks.

好的謝謝。

I was just asking about the European travel conditions, Glenn and Ewout.

我只是問一下歐洲旅行的情況，格倫和埃沃特。

It sounded like that market may be slowing a little bit but if I'm capturing it right, your performance there seems to have been pretty steady, that indicates market share shifts, market share gains.

聽起來市場可能會放緩一點，但如果我理解正確的話，你們的表現似乎相當穩定，這表明市場份額發生了變化，市場份額增加。

Any more color on that?

還有更多顏色嗎？

Why you would be -- why your performance would be relatively unchanged, I guess, in a slowing European travel market environment?

我想，在歐洲旅遊市場放緩的環境下，為什麼你的表現會相對不變？

Mark, it's Glenn.

馬克，這是格倫。

I agree with what you say.

我同意你的說法。

I'm very pleased with where we're sitting right now.

我對我們現在所處的位置非常滿意。

We've talked in the past about normalization and we're happy with the numbers that we're seeing so far.

我們過去曾討論過正常化，我們對迄今為止所看到的數字感到滿意。

Your question sort of assumed a softening of the travel business overall.

你的問題有點假設旅遊業整體疲軟。

Let's talk about how much and to what extent.

我們來談談有多少以及到什麼程度。

Our goal always is to gain share.

我們的目標始終是獲得份額。

Whether the market goes up or the market goes down, I can't control demand.

無論市場上漲或下跌，我都無法控制需求。

I can't control economies.

我無法控制經濟。

What I can control is how well we can provide value to the travelers and to the suppliers.

我能控制的是我們如何為旅行者和供應商提供價值。

And as long as we continue to do that, as long as we continue to provide a reason that people should come to us as a traveler or use us as a way to distribute somebody's travel suppliers, we'll continue to gain.

只要我們繼續這樣做，只要我們繼續提供一個理由，讓人們作為旅行者來找我們，或者利用我們來分銷某人的旅行供應商，我們就會繼續獲益。

And we've seen this in the long run here and I expect to continue to see it in the long run going forward.

從長遠來看，我們已經看到了這一點，我希望從長遠來看繼續看到這一點。

I can't really give more than that right now.

我現在無法給予更多。

And Mark, if I may quickly build on the answer that Glenn just gave, it's also important to point out that actually our growth in Europe has been quite steady and stable in the period from May through July.

馬克，如果我可以快速建立格倫剛才給出的答案，那麼同樣重要的是要指出，實際上我們在歐洲的成長在 5 月到 7 月期間一直相當穩定。

So yes, we are seeing some mild moderation but it has been relatively stable over the last couple of months.

所以，是的，我們看到了一些溫和的放緩，但在過去幾個月裡一直相對穩定。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼，TD·考恩。

Great.

偉大的。

Could you maybe give a little bit more color on some of the moderation you're seeing, like other indicators, like length of stay or any trading down activity that you might be seeing?

您能否對您所看到的一些適度情況提供更多的信息，例如其他指標，例如停留時間或您可能看到的任何降價活動？

And given that things have started to slow, how do you gain confidence that they're not going to continue to slow both in room nights and rates?

鑑於情況已經開始放緩，您如何確信間夜數和房價不會繼續放緩？

Kevin, if you look at the overall conditions of the market, we're not really seeing a trade down on a global basis.

凱文，如果你看看市場的整體狀況，我們並沒有真正看到全球範圍內的貿易下滑。

So both in terms of the star ratings as well as in the length of stay, it's relatively stable to what we have seen in previous periods.

所以無論是星級還是停留時間，都比我們之前看到的比較穩定。

Maybe with one exception is a really mild indication of some trade down in the US but otherwise, globally, we see a very steady picture.

也許除了一個例外，美國貿易出現一些下滑的跡象非常溫和，但除此之外，我們在全球範圍內看到了非常穩定的情況。

And a quick follow-up on ad spend dynamics with the deleveraging expected in the third quarter.

以及對廣告支出動態和第三季預期去槓桿化的快速跟進。

Is that more of the same in terms of brand and social spend?

就品牌和社交支出而言，這是否更加相似？

If you look at deleverage in the third quarter, that mostly relates to SNO and fixed OpEx.

如果你看看第三季的去槓桿化，你會發現這主要與 SNO 和固定營運支出有關。

Marketing, actually, we expect leverage -- to see leverage in the second half of this year and also from a longer-term perspective because we expect to continue to see some benefit from the expansion in the direct mix.

實際上，行銷方面，我們預計今年下半年會出現槓桿作用，而且從更長期的角度來看，因為我們預計將繼續從直接組合的擴張中看到一些好處。

I also would like to point out and we think it's a really positive message for this call, that we are spending more on social media channels.

我還想指出，我們認為這次電話會議傳達了一個非常積極的訊息，即我們在社群媒體管道上投入了更多資金。

That's a very attractive channel for us where we are expanding now and where we're investing more and we can do that at very attractive incremental ROI.

這對我們來說是一個非常有吸引力的管道，我們現在正在擴張，我們正在加大投資，我們可以以非常有吸引力的增量投資回報率來做到這一點。

So really an important point to really highlight with respect to our marketing leverage and the success we're gaining there.

因此，對於我們的行銷槓桿和我們在那裡的成功來說，確實是一個值得強調的重要點。

Justin Post, Bank of America.

賈斯汀·波斯特，美國銀行。

Great.

偉大的。

Glenn, I'd love to hear your perspective on the travel market, bookings growing 3% to 5%.

格倫，我很想聽聽您對旅遊市場的看法，預訂量增加了 3% 到 5%。

We know Europe has a really tough comp against reopening last year.

我們知道，去年歐洲在重新開放方面面臨非常艱難的考驗。

Is that kind of how you're thinking about longer-term market growth?

您是這樣看待長期市場成長的嗎？

Or do you think it's kind of depressed right now on really difficult comps?

或者你認為現在在非常困難的比賽中有點沮喪嗎？

And then love to hear about alternative accommodations, really, really strong growth there, an increasing percentage.

然後喜歡聽到替代住宿，那裡的成長真的非常強勁，百分比不斷增加。

Are you featuring that more on your website?

您在網站上有更多的特色嗎？

And do you really like the economics of accommodations?

您真的喜歡住宿的經濟性嗎？

How do you feel about those economics versus hotel?

您對經濟與飯店的看法如何？

Justin, so two separate questions.

賈斯汀，這是兩個不同的問題。

One, just going back to the general sense of the travel market.

第一，回到旅遊市場的一般意義上。

And we talk about this a lot over many, many, many calls about how much we believe that the travel market is best influenced by GDP and that in the long run, GDP goes up, more people travel, more people couldn't travel, get wealthy enough that they can travel, that's a tailwind for us.

我們在許多很多次電話中討論了這個問題，我們相信旅遊市場在多大程度上受 GDP 影響最大，從長遠來看，GDP 上升，更多的人旅行，更多的人無法旅行，變得足夠富有，可以旅行，這對我們來說是一個順風車。

And we talk about other things.

我們也談論其他事情。

You mentioned the 3% to 5%.

你提到了3%到5%。

I mean, lots of people can come up with whatever way you want in terms of global, what's global GDP?

我的意思是，很多人可以想出任何你想要的關於全球的方式，全球GDP是多少？

What's it going to do to travel?

去旅行要做什麼？

Numbers aren't that different or some are probably in that neighborhood, then how much additional can we get out of increasing share because we provide a good service.

數字並沒有那麼不同，或者有些可能在那個附近，那麼我們可以從增加份額中獲得多少額外的收益，因為我們提供了良好的服務。

And then, of course, there are the other tailwinds of the off-line to the online, another one that's a point in our favor.

當然，還有線下對線上的其他推動力，這也是對我們有利的一點。

All these things together blew the -- the growth algorithm that we've talked about in the past is totally intact.

所有這些事情加在一起，我們過去討論過的成長演算法完全完好無損。

There's going to be volatility, there's going to be variations, there's going to be events are going to happen globally, macro events that happen that can influence a quarter or a week or a day.

將會出現波動，將會出現變化，全球將會發生一些事件，發生的宏觀事件可能會影響一個季度、一週或一天。

But in the long run, we just continue to build what we've been trying to build for a long time which is a better service and that's how we do it.

但從長遠來看，我們只是繼續打造我們長期以來一直在努力打造的東西，即提供更好的服務，這就是我們的做法。

And one of the things we've been building and we've been working hard on and I've talked about it for a number of years, how important it is for us to build an alternative accommodations business that will rival anybody's.

我們一直在努力建立的事情之一，我已經談論了很多年，建立一個可以與任何人競爭的替代住宿業務對我們來說是多麼重要。

And we admitted that it was taking us time to build it.

我們承認建造它需要時間。

We started from behind.

我們從後面開始。

Another company may have had a bigger head start on us and building it bigger.

另一家公司可能比我們有更大的領先優勢，並將其建造得更大。

We think we've done a really good job of catching up.

我們認為我們在迎頭趕上方面做得非常好。

I love the last call we did a few months ago when we came out and we talked about it, our homes business, our homes business, more than two-thirds of the biggest player in the industry.

我喜歡幾個月前我們進行的最後一次電話會議，當時我們出來討論了我們的家庭業務，我們的家庭業務，超過三分之二的行業最大參與者。

In that last quarter, we said how we had grown faster, 11 of the last 12 quarters.

在最後一個季度，我們談到了我們如何實現更快的成長，過去 12 個季度中有 11 個季度是這樣的。

Now, I don't know if our 12% is going to win or not this time, I don't know.

現在，我不知道我們12%的人這次會不會贏，我不知道。

I'm pleased with that growth rate, given the size of the business.

考慮到業務規模，我對這樣的成長率感到滿意。

And how are we doing it?

我們是如何做到的？

We're doing it by doing what we do with all things is provide a reason, I said this just to Mark earlier, is that continue to build out a product that gives a person a reason to come and use it.

我們所做的一切都是為了提供一個理由，我之前對馬克說過，就是繼續開發一款產品，讓人們有理由來使用它。

Now I don't really care whether the customer uses a home, or a hotel, or a villa or an igloo.

現在我並不真正關心顧客是否使用住宅、飯店、別墅或冰屋。

I don't care.

我不在乎。

I care they get what they want.

我關心他們得到他們想要的。

That's the important thing.

這才是重要的事。

And then come back.

然後回來。

In terms of the profitability of one versus the other, we can go into that and talk about it but it's not really relevant.

就一種與另一種的盈利能力而言，我們可以深入討論它，但它並不真正相關。

Because what's relevant is making sure that they use what they want.

因為重要的是確保他們使用他們想要的東西。

We don't try and steer them.

我們不會嘗試引導他們。

We're trying to just make sure they have the best tools to choose what they need in the long run.

我們正在努力確保他們擁有最好的工具來選擇他們長期需要的東西。

That's the way we'll win and create a great business.

這就是我們獲勝並創造偉大企業的方式。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Thanks for taking the questions.

感謝您提出問題。

Glenn, just curious, first, how you're interpreting the relative tightening of the booking window and what does that tell you about the state of the traveler into the back half?

格倫，我只是好奇，首先，您如何解釋預訂窗口的相對收緊以及這對您後半部分旅客的狀態有什麼影響？

And then just curious, in your outlook, how much are you contemplating?

然後只是好奇，在你的觀點中，你在考慮多少？

Any impact from the tech issues that we've seen over the last couple of weeks and their impact to airlines as well?

過去幾週我們看到的技術問題有什麼影響及其對航空公司的影響嗎？

Right.

正確的。

Sure.

當然。

So the booking window is an interesting thing and we saw it expanding, expanding, expanding and at some point it has to stop, right?

所以預訂窗口是一件有趣的事情，我們看到它不斷擴大、擴大、擴大，但到了某個時候它必須停止，對嗎？

I mean, eventually, you can't keep getting bigger and bigger.

我的意思是，最終，你不能繼續變得越來越大。

One of the things I was wondering was why.

我想知道的一件事是為什麼。

Why was it expanding?

為什麼它會擴大？

Was it expanding because of inflation and people trying to book early to get that price locked up, afraid that was going to be more expensive down the road.

是否因為通貨膨脹而擴大，人們試圖提前預訂以鎖定價格，擔心以後會更貴。

And then now maybe they're thinking well, maybe rates aren't going to keep on increasing, so I can wait.

現在也許他們想得很好，也許利率不會繼續增加，所以我可以等待。

Maybe I'll get a lower price later.

也許以後我會得到更低的價格。

I don't know and I haven't done any data to analyze and come up with what the reason is.

我不知道，也沒有做任何數據來分析並找出原因是什麼。

The fact is, window gets bigger and the window gets smaller.

事實是，視窗變大，視窗變小。

That, of course, influences any particular quarter but in the long run, it all averages out.

當然，這會影響任何特定的季度，但從長遠來看，一切都會趨於平均。

So I'm not going to worry too much about that.

所以我不會對此太擔心。

What we do make sure though is make sure that we're spending the right amount of marketing money to try and get the right conversion, do it the right ROI and that's what we continue to do and we're very careful with that.

不過，我們所做的是確保我們花費正確數量的行銷資金來嘗試獲得正確的轉化，獲得正確的投資回報率，這就是我們繼續做的事情，我們對此非常謹慎。

But again, another thing, just like the economies, I can't control what people are going to decide when they want to book.

但同樣，另一件事，就像經濟一樣，我無法控制人們在想要預訂時會做出什麼決定。

In regard to the tech thing, the tech issues, if you assume you're talking about the horrific events that disrupted travel throughout the world but particularly hit some of our supplier partners significantly.

關於技術問題，如果您假設您正在談論擾亂世界各地旅行的可怕事件，特別是對我們的一些供應商合作夥伴造成的嚴重影響，那麼技術問題。

Delta, horrific event and I saw the CEO's interview on Squawk Box and read about what they're planning to do.

達美航空，這是一個可怕的事件，我在 Squawk Box 上看到了執行長的採訪，並了解了他們計劃做什麼。

It's a problem when you have critical infrastructure breaks down and then disrupts millions and millions of people's lives.

當關鍵基礎設施發生故障並擾亂數百萬人的生活時，這就是一個問題。

That's really unfortunate.

這實在是太不幸了。

And hopefully, it won't happen again.

希望這種情況不會再發生。

Hopefully, people test their products before they put them out into the market.

希望人們在將產品投入市場之前對其進行測試。

And hopefully, there are backups.

希望有備份。

Things happen but in travel, we know happens a lot.

事情會發生，但在旅行中，我們知道會發生很多事情。

Certainly, weather happens an awful lot.

當然，天氣變化非常頻繁。

This is something though that wasn't weather which you can't control, this was making sure that your infrastructure works and will be interesting how that lawsuit turns out.

雖然這不是你無法控制的天氣，但這是為了確保你的基礎設施正常運行，並且訴訟的結果將會很有趣。

I will point out, it didn't affect us very much though.

我要指出的是，這並沒有對我們造成太大影響。

So we're very pleased about that.

所以我們對此感到非常高興。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Maybe two questions, if I could.

如果可以的話，也許有兩個問題。

First, following up on sort of the demand environment.

首先，跟進需求環境。

When you think about the shift from goods to services that has played out in the economy more broadly in the last couple of years, do you think elements of stability or maybe re-acceleration in terms of demand, it might be down to price?

當您考慮過去幾年在經濟中更廣泛地發生的從商品到服務的轉變時，您認為需求方面的穩定或重新加速的因素是否可能取決於價格？

Or do you think it's just time and duration that might have to sort of find a new footing for demand and maybe elements of a potential to return to growth?

或者您認為只是時間和持續時間可能需要為需求找到新的基礎，也許是恢復成長潛力的要素？

So will this come down to suppliers and pricing or elements of a new normal and finding a new level.

因此，這將歸結為供應商和定價或新常態的要素並找到新的水平。

I'm just curious for your perspective there, Glenn.

我只是好奇你的觀點，格倫。

And then in terms of the broader marketing messages, you've been on this journey to sort of rejigger the way you're approaching marketing funnel and driving more direct traffic.

然後，就更廣泛的行銷訊息而言，您一直在調整您接近行銷管道和推動更直接流量的方式。

What do you see as the key investment priorities built on some of the learnings in the last 12 months that you want to share in terms of how the marketing focus for the company might continue to evolve beyond just 2024?

您認為基於過去 12 個月的一些經驗教訓的關鍵投資優先事項是什麼？

So the first more generic question about goods versus services and I think your question, I'm trying to narrow it down to, I think what we're really talking about is we saw a change in people's behavior where they seem to value services significantly more than good which, of course, helps someone like us.

因此，關於商品與服務的第一個更通用的問題，我認為你的問題，我試圖將其範圍縮小到，我認為我們真正討論的是我們看到人們的行為發生了變化，他們似乎非常重視服務當然，這對像我們這樣的人有幫助，這不僅僅是好事。

And I think the question is, is this a permanent change or appears to go back to a balance that they had a few years ago, maybe pre-pandemic.

我認為問題是，這是永久性的變化還是似乎回到了幾年前（也許是大流行前）的平衡。

And I think that in the end, again, this is one of those things that I believe but I don't have proof of is that as people get wealthier, you end up spending more money on services.

我認為最後，我相信但我沒有證據證明的事情之一是，隨著人們變得更富有，你最終會在服務上花更多的錢。

And it ends up a lot because people generally have one home, you got one couch.

最終結果會很多，因為人們通常只有一個家，你只有一張沙發。

You don't keep buying more and more but as your wealth increases, you want to do things, you want to enjoy things.

你不會不斷地購買越來越多的東西，但隨著你的財富增加，你想做一些事情，你想要享受一些事情。

And we see that happening.

我們看到這種情況正在發生。

There's also -- there could be something of the Instagram effect where -- and this is a human nature that you want to show off to your friend, to your friends, all the great things you're doing, I think that definitely has some impact because we certainly -- certain parts of the world that people never used to travel to, now they are being overrun and I think that is the Instagram effect there.

還有——可能有一些Instagram效應——這是一種人性，你想向你的朋友炫耀，向你的朋友們展示你正在做的所有偉大的事情，我認為這肯定有一些影響是因為我們確實——世界上某些人們以前從未去過的地方，現在它們正在被淹沒，我認為這就是Instagram 的影響。

So that's all good for our business.

所以這對我們的業務來說都是好事。

I don't know how much further it will go, though, because you need to buy homes and you need to buy couches, et cetera.

不過，我不知道它會走多遠，因為你需要買房子，你需要買沙發等等。

And I don't see that as a big swing but I'm not concerned that it's going to flip back and we're going to end up with lower; that's one.

我不認為這是一個大的波動，但我不擔心它會反轉，我們最終會下降；那是一個。

In terms of the marketing, let's talk a couple of these.

在行銷方面，我們來談談其中的一些。

I just want to repeat this point I made earlier about.

我只是想重複我之前提到的這一點。

One of the things that we -- I'm happy to see is seeing us making some progress in using social.

我很高興看到的一件事是看到我們在使用社交媒體方面取得了一些進展。

We have a long problem getting that to work for us for many, many years, just didn't seem to work.

多年來，我們一直面臨著讓它為我們服務的問題，但似乎並沒有奏效。

But now we're seeing, okay, starting to work, getting some good ROIs.

但現在我們看到，好的，開始工作，獲得了一些不錯的投資報酬率。

Putting more money into it like that and I think they will continue doing that.

像這樣投入更多的錢，我認為他們會繼續這樣做。

Another thing we saw that we don't talk a lot about it, I won't get too specific but we saw ourselves using money that we thought was producing a good ROI and we turned out, it really wasn't.

我們看到的另一件事是，我們沒有過多談論它，我不會說得太具體，但我們看到自己使用了我們認為能產生良好投資回報率的資金，但事實證明，事實並非如此。

And we shut some of these things down.

我們關閉了其中一些東西。

I won't go into exactly what they were.

我不會詳細討論它們是什麼。

And we said, that's really not hurting us.

我們說，這確實沒有傷害我們。

We said, -- well, that's great.

我們說，——好吧，那太好了。

And that's something that over last year or so that we saw some of the benefit in terms of our marketing leverage is coming from that.

在去年左右的時間裡，我們看到了行銷槓桿的一些好處來自於此。

So two good things and I'll let Ewout anything else to say about marketing there.

這是兩件好事，關於那裡的營銷，我會讓 Ewout 說點別的。

Yes, Eric, maybe to give you another perspective.

是的，艾瑞克，也許可以給你另一個視角。

So I'm now 4.5 months with the company.

我現在在公司工作了 4.5 個月。

A lot of joy, a lot of pleasure to be here and a great honor.

很高興來到這裡，非常榮幸。

But I'm also, of course, looking at some of the perceptions of the company.

但當然，我也在關注公司的一些看法。

I think it's still very much an outdated perception out there that we are largely dependent in terms of sales in our business on the paid channels.

我認為，我們的業務銷售很大程度上依賴付費管道，這仍然是一種過時的觀念。

Actually, we're emphasizing a lot as you have heard in our calls around the direct mix and being now in the low 60% level for B2C which is really a game changer from my perspective for the company.

事實上，正如您在我們的電話中聽到的那樣，我們強調了很多有關直接混合的內容，並且現在B2C 的比例處於60% 的低水平，從我對公司的角度來看，這確實是一個遊戲規則改變者。

Also we're very much diversifying our paid channels which is very important because this is a very dynamic world.

此外，我們的付費管道非常多樣化，這非常重要，因為這是一個非常動態的世界。

The paid channels are changing all the time.

付費管道一直在變化。

They are changing their algorithms.

他們正在改變他們的演算法。

But I'm really impressed about the science that the company has behind its paid channels, the algorithms that we are adjusting to optimizing all the time, the way how we spend our paid marketing dollars and how we're investing that.

但我對公司付費管道背後的科學、我們一直在調整優化的演算法、我們如何花費付費行銷資金以及我們如何投資的方式印象深刻。

And so it's -- there is not a silver bullet.

所以，沒有什麼靈丹妙藥。

It's all the time really the details about the optimization, how to get to the highest number of new customers coming to us through the paid channels in the most optimal way with the most attractive ROIs and super impressed how the company is doing that.

一直以來，真正重要的是關於優化的細節，如何以最優化的方式透過付費管道吸引最多數量的新客戶，並獲得最具吸引力的投資回報率，並且對公司的做法印象深刻。

And I think that gives us really an edge in terms of how we can deal with paid channels also in the future.

我認為這給了我們在未來如何處理付費頻道方面真正的優勢。

Operator, I think you are ready for the next question.

接線員，我想您已經準備好回答下一個問題了。

James Lee, Mizuho.

詹姆斯李，瑞穗。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Two here.

這裡有兩個。

First, on loyalty program.

首先，關於忠誠度計劃。

It seems like one of your major peers is having mixed success with their loyalty program.

您的一位主要同行似乎在其忠誠度計劃方面取得了不同程度的成功。

And maybe, Glenn, you can once again talk about how your program is differentiated and that would allow you to have very high rate of repeat bookings?

格倫，也許您可以再次談談您的計劃如何與眾不同，以及如何讓您擁有非常高的重複預訂率？

And secondly, on advertising, I noticed that your ad revenue seem to be under monetized at only 0.7% of gross booking.

其次，在廣告方面，我注意到你們的廣告收入似乎貨幣化不足，只佔預訂總額的 0.7%。

Is that a source of opportunity as you're looking to give -- to take advantage of scale or your reach?

這是否是您希望提供的機會來源—利用規模或影響力？

And if so, maybe help us understand what areas are you looking to expand?

如果是這樣，也許可以幫助我們了解您希望擴展哪些領域？

Yes.

是的。

Sorry about that.

對於那個很抱歉。

Thinking of the answer.

想著答案。

I'm going to let Ewout handle the ad opportunity.

我將讓 Ewout 處理廣告機會。

I'll talk about our loyalty program, Genius which is the Booking.com program which we talked a little bit about in our prepared remarks.

我將談論我們的忠誠度計劃 Genius，即 Booking.com 計劃，我們在準備好的演講中對此進行了一些討論。

We really haven't talked about it much in terms of numbers in the past but I was just really pleased to be able to talk about our Level 2 and Level 3 players. 30% of our active users -- active travelers are Level 2 or Level 3.

過去我們確實沒有過多談論過數字，但我很高興能夠談論我們的 2 級和 3 級玩家。我們 30% 的活躍用戶（活躍旅行者）處於 2 級或 3 級。

And we talked about that gives us more than half of the Booking.com business which is really great.

我們談到這為我們帶來了 Booking.com 一半以上的業務，這真的很棒。

That -- and we talk about how they come back more frequently and they come back more direct.

那 - 我們討論他們如何更頻繁地回來以及如何更直接地回來。

That's the point that it works.

這就是它起作用的一點。

And one of the great things about it is, for the most part, we're not paying for it.

最棒的事情之一是，在大多數情況下，我們不需要為此付費。

Our partners are supplying almost all the benefit right now but we talk about we are also putting some benefits at a time.

我們的合作夥伴現在正在提供幾乎所有的福利，但我們談到我們也一次提供一些福利。

We're going to experiment putting more in ourselves.

我們將嘗試在自己身上投入更多。

But it's a great thing.

但這是一件很棒的事。

You think why do the suppliers do it?

您認為供應商為什麼要這麼做？

They do it because it gets them incremental demand.

他們這樣做是因為這會為他們帶來增量需求。

It gets them demand when they need it, when they want it.

當他們需要的時候，當他們想要的時候，它就會滿足他們的需求。

It's very flexible.

它非常靈活。

We work together with them, with these partners, so they can get the demand and the reason they get the demand is because our high Genius level people, our high-spending people and they are going to come and they're going to use those services.

我們與他們、這些合作夥伴一起工作，這樣他們就能得到需求，他們得到需求的原因是因為我們的高天才水平的人、我們的高消費人群，他們會來，他們會使用這些服務。

It's really a win-win-win.

這確實是三贏。

Win for our travelers, win for our partners and win for us.

為我們的旅行者贏得勝利，為我們的合作夥伴贏得勝利，為我們贏得勝利。

There aren't a lot of people who are doing a program like that.

做這樣的程序的人並不多。

So we think it does differentiate.

所以我們認為它確實有區別。

And I'm really happy to see car rental now doing a lot more of it and we're experimenting with flights.

我真的很高興看到汽車租賃現在做了更多的事情，我們正在嘗試航班。

And part of the whole vision of the connected trip the Genius program fitting right into that comes with all different types of permutations of ways to provide better benefits to travelers and use it in a way, a scientific way, a data-driven way.

Genius 計劃是互聯旅行整體願景的一部分，它恰好融入了各種不同類型的方式組合，為旅行者提供更好的利益，並以科學的方式、數據驅動的方式使用它。

A way using all of our AI capabilities, all the data we have so that we can come up with the best solutions for both sides of the marketplace.

一種利用我們所有人工智慧功能、我們擁有的所有數據的方式，以便我們能夠為市場雙方提出最佳解決方案。

That is where -- that's what we're driving to.

那就是我們要去的地方。

And I see it happening now in some of the numbers we said, I think gives a little indication.

我認為現在我們所說的一些數字正在發生這種情況，我認為這給了一些跡象。

And then, of course, there will be the other thing which is really advertising opportunities are great.

當然，還有另一件事，那就是廣告機會確實很大。

And I'll let Ewout talk a little bit about that.

我會讓 Ewout 談談這個問題。

James, thank you for pointing out the advertising revenues because it is indeed a very attractive potential line that gives us an opportunity in terms of growing our revenues in the future.

詹姆斯，感謝您指出廣告收入，因為這確實是一個非常有吸引力的潛在產品線，為我們提供了未來增加收入的機會。

Today, this line is mostly coming from KAYAK and OpenTable but there are opportunities, of course, to think about more advertising income from particularly the apps and the active app use that we're having mostly with Agoda and Booking.com.

今天，這條線主要來自 KAYAK 和 OpenTable，但當然，我們有機會考慮更多的廣告收入，特別是我們主要透過 Agoda 和 Booking.com 獲得的應用程式和活躍應用程式使用。

But as everyone knows, this is a very fine line because if you get too many advertisement as a traveler on an app, where you're interested in something else that can ultimately also become quite annoying.

但眾所周知，這是一個非常微妙的界限，因為如果你作為旅行者在應用程式上收到太多廣告，而你對其他東西感興趣，最終也會變得非常煩人。

So finding there the optimal point is really important.

因此找到最佳點非常重要。

But overall, you're right, that is an opportunity to help to drive further growth with the company in the future, next to many other opportunities we have because I think that's actually -- the exciting part for us as a business, are not just growing with the market.

但總的來說，你是對的，這是一個幫助推動公司未來進一步發展的機會，僅次於我們擁有的許多其他機會，因為我認為這實際上是我們作為一個企業令人興奮的部分，而不是只是與市場一起成長。

We have so many opportunities to grow faster if it is alternative accommodations we discussed or the multiple verticals around the connected trip we discussed or growing geographically in Asia, in the US around payments, around generative AI and many other opportunities.

如果是我們討論的替代住宿，或者我們討論的互聯旅行的多個垂直領域，或者在亞洲、美國圍繞支付、圍繞生成人工智能和許多其他機會在地理上發展，我們有很多更快增長的機會。

So definitely, I would put this on the same list as well.

所以當然，我也會把它放在同一個清單上。

Stephen Ju, UBS.

史蒂芬居，瑞銀集團。

All right.

好的。

Great.

偉大的。

So Glenn, I think I heard you talk in the prepared remarks about connected trips bookings up, I think it was 45% and accounting for a high single-digit percentage of the mix.

格倫，我想我聽到你在準備好的評論中談到了互聯旅行預訂的增加，我認為這是 45%，並且佔混合旅行中很高的個位數百分比。

At this point, is there anything you can share about how the basket size of a particular trip could be moving around and presumably it's up a lot because people are attaching more things.

在這一點上，您是否可以分享一下特定旅行的購物籃大小如何變化，大概是因為人們附加了更多的東西而增加了很多。

And I guess what the impact to your customer acquisition strategy may be as a result as customer lifetime values go up?

我猜隨著客戶生命週期價值的上升，可能會對您的客戶獲取策略產生什麼影響？

Sure.

當然。

Well, I won't give specifics but I'll confirm what you say is true, is that somebody buys two things.

好吧，我不會提供具體細節，但我會確認你所說的是真的，有人買了兩件東西。

It's definitely going to be bigger than one thing.

它肯定會比一件事更大。

And also because they bought more things, as we use the science, as we use our data, as we use all the capabilities we have to come up with, what is the value for that customer?

而且因為他們購買了更多的東西，當我們使用科學，當我們使用我們的數據，當我們使用我們必須想出的所有功能時，該客戶的價值是什麼？

Well, how much should we spend to attract that person is going to change, obviously.

顯然，我們應該花多少錢來吸引那個人將會改變。

And it's also the question is in terms of loyalty.

這也是忠誠度方面的問題。

We found and it does make sense, a more satisfied customer is going to come back more often.

我們發現，這確實有道理，更滿意的客戶會更頻繁地回來。

And people in the connected trip, people who use the connected trip, we do see a higher repeat rate for a connected trip person.

對於參與互聯旅行的人，使用互聯旅行的人，我們確實看到互聯旅行的人的重複率更高。

And we see them coming direct.

我們看到他們直接來了。

And the great thing about the connected trip too is that in the past, with just one vertical which was the hotel business, we were missing on customers who wanted to start with flights and now with flights, people are starting at flights and they come and they buy something else too.

互聯旅行的一大好處是，在過去，只有酒店業務這一垂直領域，我們缺少想要從航班開始的客戶，而現在有了航班，人們從航班開始，他們來了他們也買別的東西。

And also, it's the convenience factor and that goes into the whole reason why the connected trip.

而且，這也是便利因素，也是連網旅行的全部原因。

I've heard from people say, well, what makes you different?

我聽人們說，那麼，是什麼讓你與眾不同？

And the truth is right now, we're semi-different because we don't have the full connected trip done yet, the way I want it to be.

事實上，現在我們的情況有些不同，因為我們還沒有完成我想要的完全互聯的旅行。

But at the end of the day, we all know how frustrating travel is.

但歸根結底，我們都知道旅行是多麼令人沮喪。

And we know how much easy it would be if there was just one place, one person who would handle everything for you, put it all together in the way that was the optimal way with all the different things you have to decide upon.

我們知道，如果只有一個地方、一個人可以為您處理所有事情，並以最佳方式將所有事情放在一起，以應對您必須決定的所有不同事情，那麼事情會多麼容易。

And then if anything went wrong, that it would all get fixed.

如果出現任何問題，一切都會解決。

And now with the benefits of GenAI coming out and the progress I see being made with it, I talked to our people in customer service and what we're putting together there, I believe we will create something that truly is differentiating and that will create a reason that people will want to come to us.

現在，隨著 GenAI 的優勢和我所看到的進展，我與我們的客戶服務人員以及我們在那裡所做的事情進行了交談，我相信我們將創造出真正與眾不同的東西，並將創造這是人們想要來找我們的原因。

The more people who come to us, more opportunities we have to work with our partners to provide them opportunities to help build their businesses.

來找我們的人越多，我們與合作夥伴合作的機會就越多，為他們提供幫助他們建立業務的機會。

Again, I'll get to use it again, I could say win-win-win again, because that's really what we're trying to achieve here.

再次，我將再次使用它，我可以再次說雙贏，因為這確實是我們在這裡想要實現的目標。

Lee Horowitz.

李·霍洛維茨。

Deutsche Bank

德意志銀行

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

So the modestly softer travel environment that the industry seems to be expecting in the second half of the year seems to be working through models by way of pricing pressures.

因此，業界預計下半年旅行環境將適度疲軟，這似乎正在透過定價壓力的方式發揮作用。

I guess, Ewout, can you comment some on how you think about flexing your cost structure going forward to the extent that, say, hotel ADR has become a bigger headwind for the industry and by extension, your adjusted EBITDA margins?

我想，Ewout，您能否評論一下您如何看待未來調整成本結構，例如，酒店 ADR 已成為行業的更大阻力，進而影響您調整後的 EBITDA 利潤率？

Lee, thank you so much for asking the question because we are, at this point in time, really putting much more emphasis on this particular area and looking for more operating leverage for the company in the future.

Lee，非常感謝您提出這個問題，因為目前我們確實更加重視這一特定領域，並為公司未來尋找更多的營運槓桿。

And we should particularly be well positioned to do that because we have the scale.

我們應該特別有能力做到這一點，因為我們有規模。

So we should be able to run much more volume over the same fixed infrastructure that we have as a company in the future and take advantage of that.

因此，我們未來應該能夠在與公司相同的固定基礎設施上運行更多的容量，並利用這一點。

And take advantage of that in the way that we can reinvest in new growth initiatives as well as, of course, also benefiting EBITDA margins and return of capital to our shareholders.

我們可以利用這一點，對新的成長計畫進行再投資，當然，也有利於 EBITDA 利潤率和股東資本回報。

So let me give you a couple of examples what we are doing at this moment.

讓我舉幾個我們目前正在做的事情的例子。

We have already done a couple of reorganizations in some of our businesses.

我們已經對一些業務進行了幾次重組。

We have been looking very carefully at head count, in some places, put a head count pause in place.

我們一直在非常仔細地統計人數，在某些地方，暫停了人數統計。

We are looking at some expense benchmarking in some other brands and businesses, looking at procurement in real estate and many other areas.

我們正在研究其他一些品牌和企業的一些費用基準，研究房地產和許多其他領域的採購。

So more to come on that over the next couple of quarters that I can give you more details.

因此，在接下來的幾個季度中還會有更多內容，我可以向您提供更多詳細資訊。

But definitely, this has become a really big focus area.

但毫無疑問，這已經成為一個非常重要的焦點領域。

And we are pleased that, therefore, we can also say to you that for the full year guidance, we are now reducing the outlook with respect to fixed OpEx from low to mid-teens to now low double digits.

因此，我們很高興地告訴您，對於全年指導，我們現在將固定營運支出的前景從低至十幾位數降低到現在的低兩位數。

As well as we continue to focus on growing our fixed OpEx at a lower level than the topline growth in 2025.

我們也將繼續專注於以低於 2025 年營收成長的水平成長固定營運支出。

Really helpful.

真的很有幫助。

And then, Glenn, maybe on alternative accommodations, you continue to deliver very healthy supply growth here.

然後，格倫，也許在替代住宿方面，您將繼續在這裡實現非常健康的供應增長。

Do you feel like you are reaching a point of supply parity relative to your peers in the US specifically, where you can perhaps lean in more aggressively investing against marketing and discounting within this vertical to sort of accelerate share gains?

您是否覺得您正在達到與美國同行相比的供應平價點，您也許可以在這一垂直領域內更積極地投資於營銷和折扣，以加速份額增長？

I have to admit, I don't believe we are at that level at all right now.

我必須承認，我不相信我們現在已經達到那個水準了。

But that, to me, is an incredible opportunity.

但對我來說，這是一個難以置信的機會。

The fact that we are performing as well as we are in terms of our overall number but we still do not have anywhere near the number or the type of home accommodations in the US to be fully competitive is, well, it's a disappointment to me that is not done yet.

事實上，就我們的總數而言，我們的表現很好，但我們在美國的家庭住宿數量或類型上仍然沒有完全具有競爭力，這讓我感到失望還沒有完成。

It's an opportunity where we have all this upside still to come.

這是一個機會，我們還有很多優勢。

And we won't be spending huge amounts of money on a subpar product.

我們不會在劣質產品上花費大量資金。

So not to fear.

所以不用害怕。

We're not going to do that.

我們不會那樣做。

What we're going to do instead to spend the money that we're spending now to make sure we get the properties we need, get the things up and running the way we want the product, the way we want it to be.

相反，我們要做的就是花我們現在花的錢來確保我們獲得我們需要的屬性，讓這些東西按照我們想要的產品、我們想要的方式運作。

So nobody ever comes to our site and feels disappointed because it wasn't as good as X. That's what we're working on right now.

因此，沒有人會在訪問我們的網站時感到失望，因為它不如 X。

Clearly, the numbers show that we're doing a good job in many parts of the world but the US is, to me, something that is great opportunity.

顯然，數字表明我們在世界許多地方都做得很好，但對我來說，美國是一個很好的機會。

And for people who live in the New York area, you know if you were looking for -- I use this example all the time because I live in the New York area.

對於住在紐約地區的人來說，你知道你是否在尋找——我一直使用這個例子，因為我住在紐約地區。

If you are looking for a rental, you wanted a home in the Hamptons this summer, you came to our site.

如果您正在尋找出租房屋，並且想要今年夏天在漢普頓擁有一套房子，那麼您就來到了我們的網站。

You probably said, Jesus, there's not a lot here compared to some other people.

你可能會說，天哪，與其他人相比，這裡沒有太多東西。

I don't want that to be.

我不希望這樣。

I want us to have as many, if not more and I want it to be easier for them to come.

我希望我們有盡可能多的人，甚至更多，而且我希望他們能更容易來。

I want the trust that coming to Booking is a better way to get that summer rental.

我希望相信，來到 Booking 是獲得夏季租金的更好方式。

And we're going to work on that and that's good for us, an opportunity for us.

我們將為此努力，這對我們有好處，對我們來說是一個機會。

But your answer is correct.

但你的答案是正確的。

We're not there yet.

我們還沒到那兒。

John Colantuoni, Jefferies

約翰·科蘭托尼，杰弗里斯

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

You mentioned direct bookings were mid-50% of total and low 60%, excluding B2B which I think implies your B2B mix decreased from last year, if I'm doing the math correctly.

您提到直接預訂佔總數的 50% 左右，60% 左右，不包括 B2B，我認為這意味著如果我計算正確的話，您的 B2B 組合比去年有所下降。

In general -- but in general, B2B is a smaller offering relative to your biggest competitor.

一般來說，但總的來說，相對於最大的競爭對手，B2B 的產品規模較小。

And I imagine this was a strategic decision but I'm curious why you're less excited about the opportunity in the B2B relative to some of the other players in the space?

我認為這是一個策略決策，但我很好奇為什麼相對於該領域的其他參與者，您對 B2B 的機會不那麼興奮？

John, we are not really recognizing that math.

約翰，我們並沒有真正認識到數學。

And actually, we are really encouraged by the growth of our B2B business as well.

事實上，我們的 B2B 業務的成長也讓我們深受鼓舞。

You're right that overall, it's a smaller business than some other players in our industry but we have a couple of propositions that are really strong and all of our brands are actually active in the space.

你是對的，總的來說，它的業務比我們行業中的其他一些參與者要小，但我們有一些非常強大的主張，而且我們所有的品牌實際上都活躍在這個領域。

Booking.com is active in this space.

Booking.com 在這領域很活躍。

Priceline with Getaroom, Agoda with Rocket Travel and many other propositions that we have in the market.

Priceline 與 Getaroom、Agoda 與 Rocket Travel 以及我們在市場上擁有的許多其他建議。

So it is an important part of our commercial strategy but it is definitely something that is a bit smaller than other players.

所以它是我們商業策略的重要組成部分，但它肯定比其他參與者小一些。

Great.

偉大的。

And maybe a second one on alternative accommodations.

也許還有關於替代住宿的第二個。

I think just broadly speaking, marketing intensity in the alternative space appears to have escalated a bit year-to-date.

我認為，從廣義上講，今年迄今為止，另類領域的行銷強度似乎有所升級。

Talk about Booking's offering and positioning in the vertical and how that positions you to sort of continue delivering impressive growth if the competitive environment continues to ramp over time?

談談 Booking 在垂直領域的產品和定位，以及如果競爭環境隨著時間的推移繼續加劇，您將如何繼續實現令人印象深刻的成長？

John, I think actually, our proposition is unique with respect to alternative accommodations because we are putting both traditional and alternative accommodations on our same platform.

約翰，我認為實際上，我們的主張在替代住宿方面是獨一無二的，因為我們將傳統住宿和替代住宿放在同一個平台上。

So we have the benefit of all our brand marketing spend, all our paid market spend coming together on the same platform and giving the traveler an opportunity to pick and select their best option.

因此，我們可以從我們所有的品牌行銷支出、所有付費市場支出集中在同一個平台上受益，並為旅客提供選擇最佳選擇的機會。

Maybe they're coming in and looking for 2 hotel rooms for their family and ending up by booking an apartment with 2 bedrooms and they're very happy with that outcome.

也許他們進來為家人尋找兩間飯店房間，最後預訂了一間有兩間臥室的公寓，他們對此結果非常滿意。

As Glenn said earlier, we are actually agnostic about which direction this is taking customers because it is important that they are finding the best option for them, ultimately, how to travel.

正如格倫之前所說，我們實際上不知道這會將客戶帶向哪個方向，因為重要的是他們最終要找到最適合自己的旅行選擇。

We're agnostic from an economics perspective about this.

從經濟學的角度來看，我們對此持不可知論。

And it is all about making sure we have the most attractive proposition in the market.

這一切都是為了確保我們擁有市場上最具吸引力的主張。

But this is, from our perspective, a differentiator because we are able to bring all of those supply opportunities together on our platforms as a company.

但從我們的角度來看，這是一個差異化因素，因為我們能夠作為一家公司將所有這些供應機會整合到我們的平台上。

Naved Khan, B. Riley Securities

Naved Khan，B. 萊利證券

Hi, thanks a lot.

你好，非常感謝。

Maybe just on this commentary on booking window kind of not expanding as much.

也許只是關於預訂窗口的評論沒有擴大那麼多。

Can you maybe just talk about if you're seeing any mix in your cross-border versus domestic bookings and if that might have anything to do with it.

您能否談談您是否發現跨境預訂與國內預訂有混合情況，以及這是否與此有關。

And the second question I have is on the US online growth.

我的第二個問題是關於美國的線上成長。

It seems like it picked up a little bit versus the last quarter.

與上季相比，似乎有所回升。

I'm wondering if it was driven by alternative lodging or if that is not the case?

我想知道這是由替代住宿驅動的還是事實並非如此？

Ewout, why don't you take that first one and then I'll talk a little bit about the US and the increase we saw in the second quarter versus the first quarter.

Ewout，為什麼不選擇第一個，然後我會談談美國以及我們在第二季與第一季相比的成長。

Naved, the way how we look at booking window is, as Glenn actually commented on a couple of minutes ago, to some extent, it doesn't matter for us.

Naved，我們如何看待預訂窗口的方式，正如格倫幾分鐘前評論的那樣，在某種程度上，這對我們來說並不重要。

It doesn't matter when a traveler actually books because they will travel at a certain point in time.

旅行者何時實際預訂並不重要，因為他們會在某個時間點旅行。

When they travel, they have the experience.

當他們旅行時，他們有經驗。

And at that point, we will recognize the revenues and the economics to the company.

到那時，我們將認識到公司的收入和經濟效益。

So if you look at the performance of the business over multiple quarters, this is averaging out.

因此，如果您查看多個季度的業務表現，您會發現這是平均值。

If bookers booked earlier or later, ultimately for the same trip and that can really depend on many factors.

如果預訂者提前或推遲預訂，最終預訂同一次旅行，這實際上取決於許多因素。

It can depend on assumptions what will pricing do over time or locking in certain flights or locking in certain accommodations or other factors why bookers might come to us earlier or later for the same trip.

這可能取決於定價隨著時間的推移而變化的假設，或鎖定某些航班或鎖定某些住宿，或預訂者可能提前或推遲同一行程來找我們的其他因素。

But it is important if any investor looks at us from a medium- and long-term perspective, it doesn't matter because over time, it's averaging out and we will deliver the same results for our shareholders and continue to build our business over time with all the opportunities we have.

但重要的是，如果任何投資者從中長期角度看待我們，那並不重要，因為隨著時間的推移，它會趨於平均，我們將為股東提供相同的結果，並隨著時間的推移繼續發展我們的業務我們擁有所有的機會。

In regards to the US and trying to distinguish, is it because we did better in homes or we did better hotels or -- I really try and stay away from that a little bit.

就美國而言，並試圖區分，是因為我們在家庭方面做得更好，還是因為我們在酒店方面做得更好，或者——我真的試著遠離這一點。

We're trying to provide a traveler with what they need and provide all the different opportunities, whenever.

我們致力於為旅行者提供他們所需的東西，並隨時提供所有不同的機會。

But I'm very happy in the second quarter, accelerated versus the first quarter for our US business.

但我對第二季感到非常高興，我們的美國業務比第一季有所加速。

That's very good, I'm pleased by doing better over the long run.

這非常好，從長遠來看我很高興做得更好。

But I'm not going to say it's because we did X, Y or Z.

但我不會說這是因為我們做了 X、Y 或 Z。

In the end, we have to do well in every single part of this business.

最後，我們要把這個業務的每個環節都做好。

That means we've got to provide the homes.

這意味著我們必須提供住房。

Absolutely, I talked about that.

當然，我談到過這一點。

We got to be a good partner to the hotels and provide them with the incremental demand they need, when they need it.

我們必須成為酒店的良好合作夥伴，並在他們需要時為他們提供所需的增量需求。

In addition, the connected trip, we got to make sure we're getting all the inventory we can in terms of flights, to making sure we have that ground transportation.

此外，在聯程旅行中，我們必須確保我們擁有盡可能多的航班庫存，以確保我們擁有地面交通。

And as I always say, nobody goes on a holiday to hang out in the accommodation.

正如我常說的，沒有人去度假是為了在宿舍裡閒晃。

They want to do stuff.

他們想做點什麼。

So we got to make sure we get our attraction things working well and that we're putting up the right offers to the person that they want, when they want at the right time.

因此，我們必須確保我們的吸引力工作順利進行，並確保我們在合適的時間向他們想要的人提供合適的優惠。

And of course, there's all the other things, provide the insurance and tying it all together in our merchant platform which we put in our prepared remarks some of the numbers, very pleased about the increase in that.

當然，還有其他所有事情，提供保險並將其全部整合到我們的商家平台中，我們在準備好的評論中放入了一些數字，對此感到非常高興。

Glad to see it continuing to go up.

很高興看到它繼續上漲。

Glad because it provides a great convenience.

很高興，因為它提供了很大的便利。

It makes it easier to do a lot of things in the connected trip.

它使得在互聯旅行中做很多事情變得更加容易。

All working together to provide the ultimate thing which is having a better experience for the traveler and providing more opportunities for our supplier partners.

所有人員共同努力，為旅客提供更好的體驗，並為我們的供應商合作夥伴提供更多機會。

Glad that we're seeing that we did better in America, I'd like to do even better in the long run.

很高興我們看到我們在美國做得更好，從長遠來看我希望做得更好。

I think America, the US is a great opportunity.

我認為美國，美國是一個很好的機會。

We continue to under index there which means for me, that's a place that we can do better.

我們繼續在那裡索引，這對我來說意味著我們可以做得更好。

This concludes the Q&A session.

問答環節到此結束。

Yes, That was our last question.

是的，這是我們的最後一個問題。

Thank you so much.

太感謝了。

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

接下來，福格爾先生，我將把電話轉回給您，讓您致閉幕詞。

Thank you.

謝謝。

So I want to thank our partners, our customers, our dedicated employees, our shareholders.

所以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。

We greatly appreciate everyone's support as we continue to build on the long-term vision for our company.

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。

Thank you very much and good night.

非常感謝，晚安。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。