Booking Holdings Inc (BKNG) 2024 Q3 法說會逐字稿

Welcome to Booking Holdings' third-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 1,995.

歡迎參加 Booking Holdings 2024 年第三季電話會議。 Booking Holdings 在此提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述是根據 1,995 年《私人證券訴訟改革法案》的安全港條款做出的。

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, or forecasted in any such forward-looking statements.

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。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 fact are intended to identify forward-looking statements. For a list of factors that could cause Booking Holdings' actual results to differ materially from those described in the forward-looking statements, please refer to the Safe Harbor statements at the end of Booking Holdings' earnings press release as well as Booking Holdings’ filings with the Securities and Exchange Commission.

未來目標或期望的表達以及反映歷史事實以外的事物的類似表達旨在識別前瞻性陳述。有關可能導致 Booking Holdings 的實際結果與前瞻性聲明中所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。

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, bookingholdings.com.

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 的獲利新聞稿以及隨附的財務和統計補充資料可在 Booking Holdings 網站 bookingholdings.com 的投資者專區取得。

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

現在我想介紹今天下午的預約發言人 Glenn Fogel 和 Ewout Steenbergen。繼續吧，先生們。

Thank you, and welcome to Booking Holdings' third-quarter conference call. I am joined this afternoon by our CFO, Ewout Steenbergen.

謝謝，歡迎參加 Booking Holdings 第三季電話會議。今天下午我們的財務長 Ewout Steenbergen 也加入了我的行列。

I am pleased to report an improvement in topline trends in the third quarter, particularly in Europe, that resulted in room nights, gross bookings, and revenue, all exceeding the high end of our prior expectations. The revenue outperformance combined with disciplined marketing spend and lower than expected fixed OpEx growth helped drive adjusted EBITDA that was 9% above the high end of our prior guidance range. We continue to be encouraged by the strength of our underlying business, the health of the travel industry, and the attractiveness of our products.

我很高興地報告第三季的營收趨勢有所改善，尤其是在歐洲，這導致間夜數、總預訂量和收入都超出了我們之前預期的上限。營收表現優異，加上嚴格的行銷支出和低於預期的固定營運支出成長，幫助推動調整後的 EBITDA 比我們先前指導範圍的上限高出 9%。我們的基礎業務實力、旅遊業的健康狀況以及我們產品的吸引力繼續令我們感到鼓舞。

In the third quarter, our travelers booked just under 300 million room nights across our platforms, an increase of 8% year over year. Revenue of $8 billion grew 9% year over year, and adjusted EBITDA of $3.7 billion increased 12% year over year. Finally, adjusted earnings per share grew 16% year over year, helped by our strong capital return program, which reduced our average share count by 6% year over year.

第三季度，我們的旅客在我們的平台上預訂了近 3 億間夜，年增 8%。營收為 80 億美元，年增 9%，調整後 EBITDA 為 37 億美元，年增 12%。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 16%，該計劃使我們的平均股票數量同比減少了 6%。

From a regional perspective, we observed an improvement in our room night growth in Europe in the third quarter, which was the primary driver of the sequential increase in our global room night growth. In Asia, we continue to perform well with another quarter of double-digit growth, and we remain optimistic in our outlook for this region, which I’ll discuss in more detail later on the call. In the US, we see relatively stable levels of growth in our business so far this year, which we think continues to outpace the broader US accommodation industry.

從區域角度來看，我們觀察到第三季歐洲的間夜成長有所改善，這是我們全球間夜成長季比成長的主要驅動力。在亞洲，我們繼續表現良好，又實現了兩位數的成長，我們對該地區的前景保持樂觀，我將在稍後的電話會議上更詳細地討論這一點。在美國，今年到目前為止，我們的業務成長水平相對穩定，我們認為該成長持續超過美國整體住宿產業。

As we look ahead to the fourth quarter, we expect to continue to see healthy levels of room night growth as demand for travel remains resilient. Ewout will provide further details on our third-quarter results and our thoughts about the fourth quarter.

展望第四季度，由於旅行需求保持彈性，我們預期間夜數將繼續保持健康水準的成長。 Ewout 將提供有關我們第三季業績的更多詳細資訊以及我們對第四季度的看法。

I remain confident in the attractive growth profile of the travel industry, our competitive position, and our long-term growth and earnings model. We continue to see progress across several important initiatives, which include growing alternative accommodations, advancing our connected trip vision, continuing to develop our AI capabilities, and continuing our progress in Asia. These initiatives contribute to our ongoing effort to deliver a better planning, booking, and travel experience for our travelers while also benefiting our supplier partners.

我對旅遊業有吸引力的成長前景、我們的競爭地位以及我們的長期成長和獲利模式仍然充滿信心。我們繼續看到幾項重要舉措取得進展，其中包括增加替代住宿、推進我們的互聯旅行願景、繼續開發我們的人工智慧能力以及繼續我們在亞洲的進步。這些措施有助於我們持續努力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 remain focused on being a trusted and valuable partner to all of the accommodation properties on our platforms by delivering incremental travel demand and developing products and features to help support these businesses, the majority of which are small independents. For alternative accommodations at Booking.com, we continue to see more properties connecting to our platform with listings at the end of Q3 reaching 7.9 million, up about 10% from last year. The growing number of listings provide more accommodation choices for our travelers, which we believe contributed to strong alternative accommodations room night growth of 14% in Q3.

我們仍然致力於成為我們平台上所有住宿酒店值得信賴和有價值的合作夥伴，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企業（其中大多數是小型獨立企業）。對於 Booking.com 的其他住宿，我們繼續看到更多的住宿連接到我們的平台，第三季末的房源數量達到 790 萬套，比去年增長約 10%。越來越多的房源為我們的旅客提供了更多的住宿選擇，我們相信這有助於第三季替代住宿夜成長 14%。

We believe that we have a differentiated offering because we make all property types, hotels and alternative accommodations, available on our Booking.com platform. We see benefits to this approach. For example, our data shows that a portion of our bookers landing on our platform with an interest in a hotel will instead end up booking an alternative accommodation and vice-versa. We believe that this shows in many cases travelers are open to comparing hotel and alternative accommodation options when determining the best place to stay for their trip. Our objective is to make sure we continue to provide great choices for our travelers across all property types.

我們相信我們擁有差異化的產品，因為我們在 Booking.com 平台上提供所有類型的住宿、飯店和替代住宿。我們看到了這種方法的好處。例如，我們的數據顯示，部分對酒店感興趣而登陸我們平台的預訂者最終會預訂替代住宿，反之亦然。我們相信，這表明在許多情況下，旅行者在確定旅行的最佳住宿地點時願意比較酒店和其他住宿選擇。我們的目標是確保我們繼續為所有類型的酒店的旅客提供絕佳的選擇。

On the connected trip, we continue to take steps toward 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. We believe the connected trip is strengthened by our growing merchant capabilities, which help bring the different elements of travel together in a more seamless booking experience. In addition, our Genius loyalty program at Booking.com has been expanding outside of accommodations and into our other travel verticals, which helps to deliver more value to our travelers as they book more components of their trips with us and to our partners as they receive incremental bookings.

在互聯旅行方面，我們繼續朝著我們的長期願景邁進，讓規劃、預訂和旅行體驗變得更輕鬆、更個性化、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。我們相信，我們不斷增長的商家能力將加強互聯旅行，這有助於將旅行的不同元素融合在一起，提供更無縫的預訂體驗。此外，Booking.com 的Genius 忠誠度計劃已從住宿領域擴展到其他旅行垂直領域，這有助於為我們的旅客提供更多價值，因為他們透過我們預訂了更多的旅遊內容，也為我們的合作夥伴提供了更多價值增量預訂。

We continue to see growth in connected trip transactions, which means a trip that includes booking more than one travel vertical. These connected transactions increased by over 40% year over year in the third quarter and represented a high-single-digit percentage of Booking.com’s total transactions. We believe by making it easier to plan and book multiple elements of a trip on our platform, we are providing a better overall booking experience for our travelers, and we have seen in past experiments that customers who choose to book a connected trip, book more frequently with us and have a higher likelihood of booking directly with us in the future.

我們繼續看到互聯旅行交易的成長，這意味著一次旅行包括預訂多個旅行垂直領域。第三季這些關聯交易年增超過 40%，在 Booking.com 總交易中所佔比例高達個位數。我們相信，透過在我們的平台上更輕鬆地規劃和預訂旅行的多個要素，我們可以為旅客提供更好的整體預訂體驗，而且我們在過去的實驗中發現，選擇預訂互聯旅行的客戶會預訂更多經常與我們聯繫，並且將來更有可能直接向我們預訂。

Turning to flights, they are an important component for many of the connected trips that our travelers are booking. In the third quarter, air tickets booked on our platforms increased 39% year over year, which was an acceleration from Q2 growth of 28% and was driven primarily by the growth of Booking.com’s flight offering, but we also benefited from strong growth in Agoda’s flights business. We continue to see a healthy number of new customers coming to Booking.com through the flight vertical and are encouraged by the number of these customers and returning customers that also see the value of the other services we offer on our platform.

說到航班，它們是旅客預訂的許多聯程旅行的重要組成部分。第三季度，我們平台上預訂的機票年增 39%，較第二季度 28% 的增長有所加快，主要是由 Booking.com 航班服務的增長推動的，但我們也受益於Agoda 的航班業務強勁增長。我們持續看到大量新客戶透過航班垂直領域來到 Booking.com，這些客戶和回頭客的數量也讓我們感到鼓舞，他們也看到了我們在平台上提供的其他服務的價值。

To achieve the easier and more personalized experience of the connected trip, we have always intended for AI technology to be at the center of this vision. At each of our brands, our teams of AI experts continue to draw on their valuable experience as they incorporate AI technology into our platforms. We believe that our proprietary data, along with our resources and scale, position us well to build compelling and personalized AI-powered offerings for our travelers and partners. This technology will also enable us to drive further efficiency in our own operations. We have significant activity in this area across the company, and I’ll briefly discuss just a few of the encouraging efforts that are underway across our brands.

為了實現更輕鬆、更個人化的互聯旅行體驗，我們一直希望人工智慧技術成為這個願景的核心。在我們的每個品牌中，我們的人工智慧專家團隊在將人工智慧技術融入我們的平台時不斷利用他們的寶貴經驗。我們相信，我們的專有數據以及我們的資源和規模使我們能夠為旅行者和合作夥伴打造引人注目的個人化人工智慧產品。這項技術還將使我們能夠進一步提高我們自己的營運效率。我們整個公司在這一領域開展了大量活動，我將簡要討論我們各品牌正在進行的一些令人鼓舞的努力。

Last summer, Booking.com launched its AI trip planner, and since the launch, Booking.com has gained valuable insights from its millions of interactions with bookers as well as from the use of the GenAI technology alongside our existing machine learning models. The learnings from the AI trip planner are leading to new applications of GenAI technology including a recent launch of a smart filter, which makes over 200 potential search filters findable through a free text interface.

去年夏天，Booking.com 推出了人工智慧旅行規劃器，自推出以來，Booking.com 從與預訂者的數百萬次互動以及將GenAI 技術與我們現有的機器學習模型結合使用中獲得了寶貴的見解。 AI 旅行規劃器的學習成果正在催生 GenAI 技術的新應用，包括最近推出的智慧過濾器，該過濾器可以透過免費文字介面找到 200 多個潛在的搜尋過濾器。

These innovations also extend to the partner facing side of the business at Booking.com. GenAI is being leveraged to help properties write responses to traveler queries, and this tool has led to an increase in response rates to traveler messages. This improves the experience for our travelers and partners.Booking.com is also testing a GenAI-powered partner chat bot to help with questions during the onboarding process and accelerate sign ups, starting with a focus on alternative accommodation properties.

這些創新也延伸到了 Booking.com 面向合作夥伴的業務領域。 GenAI 被用來幫助酒店編寫對旅行者查詢的回复，並且該工具提高了對旅行者訊息的響應率。這改善了我們的旅客和合作夥伴的體驗。

Booking.com is also working to incorporate GenAI into its customer service function to drive increased efficiency and a better experience for travelers. Initial testing shows meaningful improvements in topic detection in Booking.com’s customer help center as well as customer service agent case summarization. Booking.com is still early in this journey and sees meaningful opportunities in improving customer service and driving greater efficiency by leveraging AI in the future.

Booking.com 也致力於將 GenAI 納入其客戶服務功能中，以提高效率並為旅客提供更好的體驗。初步測試顯示，Booking.com 客戶幫助中心的主題檢測以及客戶服務代理案例總結方面均取得了有意義的改進。 Booking.com 仍處於這段旅程的早期階段，並看到了未來利用人工智慧改善客戶服務和提高效率的有意義的機會。

At Priceline, travelers have now had over 3 million interactions with its generative AI travel assistant called Penny. This was launched last summer. While Penny was originally positioned at the end of the funnel on the checkout page, it is now available across the full booking experience and can address many types of traveler questions including destination discovery, hotel search, and trip support.

在 Priceline，旅行者與其名為 Penny 的生成式人工智慧旅行助理進行了超過 300 萬次互動。這是去年夏天推出的。雖然 Penny 最初位於結帳頁面頻道的末端，但現在它可以在整個預訂體驗中使用，並且可以解決多種類型的旅客問題，包括目的地發現、飯店搜尋和旅遊支援。

In October, Priceline launched Penny Voice, which enables Penny to engage in verbal conversations with travelers and to assist them with planning trips, searching for hotels, and servicing bookings. As Priceline continues to enhance this offering, we envision that Penny will be able to anticipate needs based on preferences and past interaction and then respond in a real-time voice.

10 月，Priceline 推出了 Penny Voice，使 Penny 能夠與旅客進行口頭對話，並協助他們規劃旅行、搜尋飯店和提供預訂服務。隨著 Priceline 不斷增強這款產品，我們預計 Penny 將能夠根據偏好和過去的互動來預測需求，然後以即時語音回應。

While there has been great progress in the development of Penny over the last year, Priceline is focused on further enhancing Penny over time by leveraging their valuable learnings so far.

儘管去年 Penny 的開發取得了巨大進展，但 Priceline 仍致力於利用迄今為止的寶貴經驗，進一步增強 Penny 的表現。

At Agoda, over 120 use cases for GenAI have been implemented across customer service, software development, content generation, product, finance, and HR. Agoda is highly focused on leveraging GenAI to automate product development using both externally and internally developed tools. This is leading to an increase in the share of code written by AI as well as measurable improvements in productivity per developer and development time.

在 Agoda，GenAI 已在客戶服務、軟體開發、內容生成、產品、財務和人力資源領域實施了 120 多個用例。 Agoda 高度重視利用 GenAI 使用外部和內部開發的工具來實現產品開發自動化。這導致人工智慧編寫的程式碼份額增加，以及每個開發人員的生產力和開發時間顯著提高。

In March, KAYAK launched its Ask KAYAK travel planning tool, which improves and personalizes the search experience by allowing travelers to use free form text entries to search and refine their results. At the same time, KAYAK also launched PriceCheck, a price comparison tool that allows travelers to upload a screenshot of a flight itinerary, which KAYAK can then check against many different sites in order to determine if there is a better price available for the traveler.

3 月，KAYAK 推出了 Ask KAYAK 旅行規劃工具，該工具允許旅客使用自由格式的文字條目來搜尋和優化結果，從而改善和個人化搜尋體驗。同時，KAYAK也推出了PriceCheck，這是一種價格比較工具，允許旅客上傳航班行程的螢幕截圖，然後KAYAK可以將其與許多不同的網站進行檢查，以確定是否有更適合旅客的價格。

At OpenTable, an AI voice bot, has been recently integrated into its offering to help participating restaurants answer their phones. Diners can call these restaurants and perform tasks like making a reservation, altering their reservation, asking questions, and noting dietary restrictions, which are then automatically updated into OpenTable’s software.

在 OpenTable，人工智慧語音機器人最近已整合到其產品中，以幫助參與的餐廳接聽電話。食客可以致電這些餐廳並執行預訂、更改預訂、提出問題和注意飲食限制等任務，然後這些任務會自動更新到 OpenTable 的軟體中。

OpenTable has also partnered with Salesforce’s Agentforce platform to help its customer service agents better serve its restaurants and diners. This platform is now handling restaurant web queries, which is helping agents focus on delivering great service in more complex situations.

OpenTable 也與 Salesforce 的 Agentforce 平台合作，幫助其客戶服務代理商更好地為餐廳和食客提供服務。該平台現在正在處理餐廳網路查詢，這有助於代理商專注於在更複雜的情況下提供優質服務。

It is exciting to see the work happening across our company to integrate GenAI into our platforms and the knowledge sharing that is ongoing between all of our brands. We know we are still in the very early days of GenAI, and we have much more to learn about how consumers will ultimately want to interact with this new technology. But I remain confident in our company’s ability to benefit from AI developments and to improve our products for our customers, given our many years of experience in AI, our travel-related data, connections to our supply partners, and our human and financial capital.

很高興看到我們公司正在進行將 GenAI 整合到我們的平台中的工作以及我們所有品牌之間正在進行的知識共享。我們知道我們仍處於 GenAI 的早期階段，關於消費者最終希望如何與這項新技術互動，我們還有很多東西需要了解。但鑑於我們在人工智慧領域的多年經驗、我們的旅行相關數據、與供應合作夥伴的聯繫以及我們的人力和財務資本。

Over time, as we further incorporate this technology, we expect to see benefits in traveler and partner acquisition, retention, and satisfaction. In addition, we expect it to improve operational efficiency, which would contribute to a deceleration of our fixed expense growth in the future.

隨著時間的推移，隨著我們進一步整合這項技術，我們預計將在旅客和合作夥伴的取得、保留和滿意度方面帶來好處。此外，我們預計它將提高營運效率，這將有助於我們未來固定費用成長的放緩。

Finally, as I mentioned at the start of the call, we continue to be optimistic about our long-term outlook for Asia. We see Asia as strategically important due to its size, growth potential, and our positioning in the region. We estimate that the travel industry growth in Asia will be in the high-single digits over the next five years, which is the highest market growth rate of our major regions. Our ambition is to continue to grow faster than the overall travel industry in Asia, as we have done through the pandemic recovery.

最後，正如我在電話會議開始時提到的，我們仍然對亞洲的長期前景持樂觀態度。由於亞洲的規模、成長潛力以及我們在該地區的定位，我們認為亞洲具有重要的戰略意義。我們預計未來五年亞洲旅遊業將保持高個位數成長，是我們主要地區中成長率最高的市場。我們的目標是繼續比亞洲旅遊業整體成長更快，就像我們在疫情復甦期間所做的那樣。

Over the last 12 months, about 24% of our global room nights were booked by bookers in the Asia region, which is a slightly higher mix than it was prior to the pandemic. Our business in Asia is diversified across the countries in the region with no single country representing more than a low-single-digit percentage of our global room nights.

在過去 12 個月中，我們全球約 24% 的間夜由亞洲地區的預訂者預訂，這一比例略高於大流行之前。我們在亞洲的業務在該地區的各個國家實現多元化，沒有任何一個國家在我們全球間夜數中所佔比例超過個位數。

The success we have seen in Asia and our solid positioning in the region has been driven by operating two complementary brands, Agoda and Booking.com. Our approach is to utilize both of these brands across the region with an eye on profitable growth for Booking Holdings over the long run.

我們在亞洲的成功以及我們在該地區的穩固地位得益於經營兩個互補的品牌：Agoda 和 Booking.com。我們的方法是在整個地區利用這兩個品牌，並著眼於 Booking Holdings 的長期獲利成長。

In conclusion, I am encouraged by our strong third-quarter results and the continued resilience of leisure travel demand. Our teams continue to execute well against our key strategic priorities, which helps position our business well for the long term. We remain confident in the long-term growth of travel and in the many opportunities ahead for our company.

總之，我對我們強勁的第三季業績和休閒旅遊需求的持續彈性感到鼓舞。我們的團隊繼續出色地執行我們的關鍵策略優先事項，這有助於我們的業務長期處於有利地位。我們對旅遊業的長期成長以及我們公司未來的眾多機會仍然充滿信心。

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 third quarter and provide our thoughts for the fourth quarter and the full year. All growth rates are on a year-over-year basis. Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release. We will be posting a summary earnings presentation as well as our prepared remarks to the Booking Holdings Investor Relations website after the conclusion of the earnings call. Now let’s move to our third quarter results.

我現在將回顧我們第三季的業績，並提供我們對第四季和全年的想法。所有成長率均按年計算。有關非 GAAP 業績與 GAAP 業績調節的資訊可以在我們的收益報告中找到。收益電話會議結束後，我們將在 Booking Holdings 投資者關係網站上發布收益報告摘要以及我們準備好的評論。現在讓我們來看看第三季的業績。

Our room nights in the third quarter grew 8%, which exceeded the high end of our guidance by 3 percentage points. The stronger-than-expected room night growth was driven by an improvement in trends in Europe starting in August and benefited from the booking window expanding year over year in the third quarter versus our expectation for it to be more similar to 2023.

第三季的間夜量增加了 8%，超出了我們指導上限 3 個百分點。強於預期的間夜成長是由 8 月開始的歐洲趨勢改善所推動的，並受益於第三季預訂窗口逐年擴大，而我們的預期與 2023 年更為相似。

Looking at our room night growth by region in the third quarter, Europe was up high-single digits, Asia was up low-double digits, rest of world was up mid-single digits, and the US was up low-single digits. As Glenn noted, we continue to make progress against our strategic priorities, including growing alternative accommodations, increasing the mix of our bookings to the direct channel and our mobile apps, enhancing our Genius offering, and driving growth in our other travel verticals as part of our connected trip vision.

從第三季按地區劃分的間夜成長來看，歐洲實現高個位數成長，亞洲實現低兩位數成長，世界其他地區實現中個位數成長，美國實現低個位數成長。正如格倫所指出的那樣，我們繼續在策略重點方面取得進展，包括增加替代住宿、增加直接管道和行動應用程式的預訂組合、增強我們的 Genius 產品以及推動我們其他旅行垂直領域的成長，作為我們的互聯旅行願景。

For our alternative accommodations at Booking.com, our third-quarter room night growth was 14%, which continued to outpace the overall business. The global mix of alternative accommodation room nights at Booking.com was 35%, which was up 2 percentage points from the third quarter of 2023.

對於 Booking.com 的另類住宿，我們第三季的間夜成長率為 14%，持續超過整體業務。 Booking.com 的全球另類住宿夜比例為 35%，較 2023 年第三季上升 2 個百分點。

We continue to strengthen our direct relationships with our travelers and increase loyalty on our platforms. 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. We have seen both of these mixes continue to increase year over year.

我們繼續加強與旅行者的直接關係，並提高我們平台上的忠誠度。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，則在 60% 左右。我們看到這兩種組合都在逐年增加。

Mobile app mix of our total third quarter room nights was in the mid-50% range, which was up from the low-50% range in 2023. We continue to see that the significant majority of bookings received from our mobile apps come through the direct channel.

我們第三季總間夜數的行動應用程式組合處於 50% 左右的範圍內，高於 2023 年 50% 左右的範圍。直接通路。

For our Genius loyalty program, the mix of Booking.com room nights booked by travelers in the higher Genius tiers of Levels 2 and 3 was in the mid-50% range over the last four quarters and this mix continued to increase year over year. In our other travel verticals, we saw airline tickets booked on our platforms in the third quarter increase 39%, driven by the continued growth of flight offerings by Booking.com and Agoda. We also saw rental car days booked on our platforms increase 16% in the third quarter, driven by strong growth at Booking.com. The growth rates for airline tickets and rental car days were both better than our expectation and both accelerated from the second quarter.

對於我們的 Genius 忠誠度計劃，過去四個季度中，Genius 2 級和 3 級較高 Genius 等級的旅客預訂的 Booking.com 間夜比例在 50% 左右，並且這一比例逐年持續增加。在我們的其他旅遊垂直領域，受 Booking.com 和 Agoda 航班服務持續成長的推動，第三季在我們平台上預訂的機票增加了 39%。在 Booking.com 強勁成長的推動下，第三季我們平台上的租車預訂天數增加了 16%。機票和租車天數的成長率均優於我們的預期，且均較第二季加速。

Third-quarter gross bookings increased 9%, which was approximately 1 percentage point higher than the 8% room night growth due to about 2 percentage points from higher flight bookings growth, partially offset by a decrease in constant currency accommodation ADRs of less than 1%. The year-over-year ADR decline was negatively impacted by a higher mix of room nights from Asia. Excluding regional mix, constant currency ADRs were up less than 1% versus 2023.

第三季總預訂量成長 9%，比間夜成長 8% 高出約 1 個百分點，原因是航班預訂量成長約 2 個百分點，但部分被固定貨幣住宿 ADR 下降不到 1% 所抵銷。 ADR 年比下降受到亞洲間夜組合增加的負面影響。不包括區域組合，以固定匯率計算的 ADR 較 2023 年上漲不到 1%。

The increase in gross bookings exceeded the high end of our guidance by 5 percentage points due to stronger room night growth, plus less pressure from changes in FX and stronger flight ticket growth.

由於間夜成長強勁，加上匯率變化帶來的壓力較小以及機票成長強勁，總預訂量的增幅超出了我們指導的上限 5 個百分點。

Third-quarter revenue of $8 billion grew 9% year over year, which also exceeded the high end of our guidance by 5 percentage points. Revenue as a percentage of gross bookings was in line with our expectations at 18.4%, and was also in line with the prior year as increased revenues associated with payments were offset by a higher mix of flight bookings. The increased revenues from payments were driven by an increase in our merchant mix which reached 65% of our total gross bookings, up from 56% in the third quarter of 2023.

第三季營收為 80 億美元，年增 9%，也超出了我們指引的上限 5 個百分點。收入佔總預訂量的百分比符合我們的預期（18.4%），也與上一年一致，因為與支付相關的收入增​​加被航班預訂組合的增加所抵消。支付收入的增加是由於我們的商家組合增加所致，商家組合佔總預訂量的 65%，高於 2023 年第三季的 56%。

Marketing expense, which is a highly variable expense line, increased 6% year over year. Marketing expense as a percentage of gross bookings was 5.0%, about 15 basis points lower than the third quarter of 2023 due to a higher direct mix and higher performance marketing ROIs, partially offset by increased spend in social media channels.

行銷費用是一項高度變動的費用項目，較去年同期成長 6%。由於更高的直接組合和更高的績效行銷投資回報率，行銷費用佔總預訂量的百分比為5.0%，比2023 年第三季低約15 個基點，但部分被社群媒體管道支出的增加所抵消。

Third-quarter sales and other expenses as a percentage of gross bookings was 2.0% in line with last year. Our fixed expenses on an adjusted basis were up 7% year over year and were below our expectation due primarily to lower IT expenses, some of which we expect to shift into the fourth quarter as well as lower G&A expenses.

第三季銷售和其他費用佔總預訂量的百分比為 2.0%，與去年持平。調整後的固定費用年增 7%，低於我們的預期，主要是由於 IT 費用減少（我們預計其中一些費用將轉移到第四季度）以及一般及行政費用減少。

We continue to be very focused on carefully managing the growth of our fixed expenses. We believe it is important to drive greater operating leverage in our fixed expenses as this creates capacity for disciplined investment across our strategic initiatives, which we believe will help drive stronger topline and earnings growth in the future.

我們繼續非常注重謹慎管理固定費用的成長。我們認為，提高固定費用的營運槓桿非常重要，因為這可以為我們的策略計畫進行嚴格的投資創造能力，我們相信這將有助於推動未來更強勁的營收和獲利成長。

Adjusted EBITDA of $3.7 billion grew 12% year over year and was above our expectation, largely driven by the higher revenue and also by the lower-than-expected fixed expenses. Adjusted EBITDA margin of 45.8% in the third quarter was up versus last year by a bit more than 1 percentage point due to marketing and fixed expense leverage.

調整後 EBITDA 為 37 億美元，年成長 12%，超出我們的預期，這主要是由於收入增加以及固定費用低於預期。由於行銷和固定費用槓桿，第三季調整後 EBITDA 利潤率為 45.8%，比去年同期成長略多於 1 個百分點。

Adjusted net income of over $2.8 billion was up 9%. Adjusted EPS of $83.89 per share was up 16% and benefited from a 6% lower average share count than the third quarter of 2023.

調整後淨利超過 28 億美元，成長 9%。調整後每股收益為 83.89 美元，成長 16%，受益於平均股數比 2023 年第三季減少 6%。

On a GAAP basis, net income was $2.5 billion in the third quarter and was negatively impacted by a $365 million accrual in G&A expenses related to a potential settlement of certain Italian indirect tax matters, partially offset by a $250 million reduction to our US repatriation tax liability which lowered income tax expense.

以公認會計原則計算，第三季淨利為25 億美元，受到與某些義大利間接稅問題可能達成和解相關的3.65 億美元應計管理費用的負面影響，部分被美國匯回稅減少2.5 億美元所抵銷負債降低了所得稅費用。

Now on to our cash and liquidity position, our third-quarter ending cash and investments balance of $16.3 billion was down versus our second quarter ending balance of $16.8 billion due to about $2 billion of capital return including share repurchases and dividends and a pay down of about $1.1 billion for debt that matured in September, partially offset by about $2.3 billion in free cash flow generated in the quarter.

現在就我們的現金和流動性狀況而言，我們第三季期末現金和投資餘額為163 億美元，而第二季期末餘額為168 億美元，這是由於約20 億美元的資本回報（包括股票回購和股息）以及支付的首付款9 月份到期的債務約為 11 億美元，部分被本季度產生的約 23 億美元的自由現金流所抵消。

Moving to our thoughts for the fourth quarter, we expect fourth-quarter room night growth to be between 6% and 8%, continuing our positive trend from the third quarter. We expect fourth-quarter gross bookings to grow between 7% and 9%, a point ahead of room night growth due to expected higher flight ticket growth. We expect constant currency accommodation ADRs to be approximately flat year over year. We expect fourth quarter revenue growth to be between 7% and 9%.

轉向我們對第四季的看法，我們預計第四季間夜成長率將在 6% 至 8% 之間，延續第三季的正面趨勢。我們預計第四季總預訂量將成長 7% 至 9%，由於預期機票成長較高，因此比間夜成長領先一個百分點。我們預計固定匯率住宿 ADR 將與去年同期大致持平。我們預計第四季營收成長將在 7% 至 9% 之間。

We expect fourth quarter adjusted EBITDA to be between about $1.6 billion and $1.65 billion, representing growth between 9% and 13%. We expect adjusted EBITDA to grow faster than revenue due primarily to marketing leverage as a result of increasing direct mix.

我們預計第四季度調整後 EBITDA 約為 16 億美元至 16.5 億美元，成長 9% 至 13%。我們預計調整後的 EBITDA 將快於營收的成長，這主要是由於直接組合增加所帶來的行銷槓桿。

We are increasing our outlook for the full year driven primarily by the stronger-than-expected third quarter, which is our seasonally largest revenue and profit quarter. We expect full year gross bookings to increase about 8%, an improvement from our prior expectation of faster than 6%. We expect full year revenue growth of just below 10%, which is better than our prior expectation of faster than 7%.

我們上調全年預期主要是由於第三季強於預期，這是我們季節性收入和利潤最大的季度。我們預計全年總預訂量將成長約 8%，高於我們先前預期的 6% 以上。我們預計全年營收成長略低於 10%，優於我們先前超過 7% 的預期。

We expect a slightly negative impact from changes in FX on our full-year topline growth rates, which compares to our prior expectation for about 1 percentage point of negative impact. We expect fixed OpEx on an adjusted basis to grow around 10%, lower than our prior expectation. We expect adjusted EBITDA to grow between 13% and 14%, which is better than our prior expectation due to the increased revenue growth and lower fixed OpEx growth.

我們預期匯率變動會對我們的全年營收成長率產生輕微的負面影響，而我們先前的預期約為 1 個百分點的負面影響。我們預計調整後的固定營運支出將成長 10% 左右，低於我們先前的預期。我們預計調整後的 EBITDA 將成長 13% 至 14%，這優於我們先前的預期，因為收入成長增加而固定營運支出成長較低。

We expect adjusted EBITDA margins to expand year over year by a bit more than 1 percentage point. And finally, we expect our full year adjusted EPS to grow in the high-teens.

我們預計調整後的 EBITDA 利潤率將年增率略高於 1 個百分點。最後，我們預計全年調整後每股盈餘將實現高位成長。

In conclusion, we are pleased with our third-quarter results and our outlook for the fourth quarter and the full year. Thank you to all of my colleagues across the company for their hard work, determination, innovation, and teamwork.

總之，我們對第三季的業績以及第四季和全年的前景感到滿意。感謝公司所有同事的辛勤工作、決心、創新和團隊合作。

With that we will now take your questions. Operator, will you please open the lines?

現在我們將回答您的問題。接線員，請開通線路好嗎？

(Operator Instructions) Justin Post, Bank of America.

（操作員指示）Justin Post，美國銀行。

Thanks. I guess, since you talked a lot about AI in your prepared remarks, maybe you could talk about how you expect that to translate to financials. Do you think AI could bring more direct traffic because of all your tools, better attach rates when people come to your site, maybe lower expenses? Just how do we see that translate to financials?

謝謝。我想，既然你在準備好的演講中談論了很多關於人工智慧的內容，也許你可以談談你期望如何將其轉化為財務方面的內容。您是否認為人工智慧可以因為您的所有工具而帶來更多直接流量，當人們造訪您的網站時獲得更好的附加率，或降低費用？我們如何看待這轉化為財務狀況？

And then when went on bookings, it looks like -- can you talk about some of the factors in Q4 that could affect bookings, either the hurricanes or maybe the Middle East comps? How you're thinking about some of the 4Q factors? Thank you.

然後，當預訂時，看起來 - 你能談談第四季度可能影響預訂的一些因素，無論是颶風還是中東比賽？您如何看待第四季度的一些因素？謝謝。

Hi, Justin. It's Glenn speaking. I'll take the first question about AI and then I'll let Ewout talk a little bit about your question regarding fourth quarter. So we did give a number of examples about some of the things we're working out of the company on AI because I know there's a lot of curiosity about where are we, what's happening. And it is one of the most exciting times at this company ever. And it's something I've talked about before.

嗨，賈斯汀。說話的是格倫。我將回答關於人工智慧的第一個問題，然後我將讓 Ewout 談談您關於第四季度的問題。所以我們確實舉了很多例子來說明我們公司在人工智慧方面所做的一些事情，因為我知道人們對我們在哪裡、正在發生什麼感到好奇。這是這家公司有史以來最令人興奮的時刻之一。這是我之前談過的事情。

Maybe you've heard me talk in some conferences, et cetera, that this type of technology is really transformational. And it's going to make it so much better for all people in the travel industry, particularly for the traveler. It's also going to enable us to be able to provide a better service to our partners, enabling them to get more incremental, more targeted customers, help their business better. You -- of course, you'd like to know how does that translate to dollars and cents? That is difficult at this time. It's still very, very early. We see some of the efficiencies already coming in some places and we've mentioned -- I mentioned in the prepared remarks about some of the numbers, in terms of number of people using it, which is actually a relatively small number compared to the total number of interactions we have with customers. Sounds like a big number, 3 million, that's a big number, but it's small compared to the size of this company.

也許您在一些會議等場合聽我說過，這種技巧確實具有變革性。這將使旅遊業的所有人，尤其是旅行者的生活變得更加美好。它還將使我們能夠為我們的合作夥伴提供更好的服務，使他們能夠獲得更多增量、更有針對性的客戶，更好地幫助他們的業務。你——當然，你想知道這如何轉化為美元和美分？目前這很困難。現在還非常非常早。我們看到一些地方已經提高了效率，我們已經提到過——我在準備好的評論中提到了一些數字，就使用它的人數而言，與總數相比，這實際上是一個相對較小的數字我們與客戶的互動次數。聽起來是一個很大的數字，300萬，這是一個很大的數字，但是相對於這個公司的規模來說還是很小的。

So I know what you'd like to know, but we're not going to project those kind of numbers right now. But what I will say is it's incredibly important. The companies that are successful in AI are going to be the long-term winners because it is going to, as I say, be transformational. I'm very pleased that we've made progress so far and we have some certain advantages. We've got capital. We've got people who have been working with AI now for many, many years.

所以我知道你想知道什麼，但我們現在不打算預測這些數字。但我要說的是，這非常重要。在人工智慧領域取得成功的公司將成為長期贏家，因為正如我所說，它將帶來變革。我很高興我們迄今為止取得了進展，並且擁有一些一定的優勢。我們有資本。我們有些人已經從事人工智慧工作很多很多年了。

Sure. It wasn't GenAI. They're working on machine learning models but we got a lot of people are very, very skilled in the areas of technology. In addition, having more data, which is so important to be able to combine with other people's large language models, other people's systems, and come up with really unique ways to provide a better service. It's something that I'm just so thrilled to see what we're doing, what we're building. And I urge any anybody who's curious about this, test out some of the things we have out there. It's out in the market. It's live. It's real. See what you think of it.

當然。這不是 GenAI。他們正在研究機器學習模型，但我們有很多人在技術領域非常非常熟練。此外，擁有更多的數據對於能夠與其他人的大型語言模型、其他人的系統相結合併提出真正獨特的方法來提供更好的服務非常重要。看到我們正在做的事情、正在建造的東西，我感到非常興奮。我敦促任何對此感到好奇的人測試我們現有的一些東西。市場上已經出來了。這是直播。這是真的。看看你對此有何看法。

I've done it a lot myself. And sometimes I'm really pleased. Sometimes a little disappointed. But I know we're making great progress. And in the in the future, we'll be able to better quantify for you what you'd like to know.

我自己也做過很多次。有時我真的很高興。有時候有點失望。但我知道我們正在取得巨大進展。將來，我們將能夠更好地為您量化您想知道的內容。

Ewout, I'll let you go on the fourth quarter.

Ewout，第四節我會讓你離開。

Justin, with respect to the outlook for bookings in the fourth quarter, I think the headline is we're looking at the fourth quarter as a very robust and positive quarter where we see a continuation of the trends we have seen over the last few months. But let me dive a little bit deeper into that.

賈斯汀，關於第四季度的預訂前景，我認為標題是我們將第四季度視為一個非常強勁和積極的季度，我們看到過去幾個月的趨勢將繼續下去。但讓我更深入地探討一下。

First, the comps get a little easier in the fourth quarter because we're lapping the period last year where we had an impact particularly with respect to the start of the conflict in the Middle East. The second point is you are referring to events; events from our perspective, doesn't really impact our results. It might have a really short term impact, but in the end, it always will average out. So you will never hear us really pointing to events as an impact on our outlook or actual performance.

首先，第四季的比較變得容易一些，因為我們正在經歷去年我們產生影響的時期，特別是在中東衝突爆發方面。第二點是你指的是事件；從我們的角度來看，事件並沒有真正影響我們的結果。它可能會產生非常短期的影響，但最終，它總是會平均下來。因此，您永遠不會聽到我們真正指出事件對我們的前景或實際績效的影響。

The third is -- what we have seen so far is continuation of the strength of August and September, also in October. The fourth is, I think, it's important to take into consideration that we expect the booking window to be less expanded in the fourth quarter than we have seen in the third quarter. In other words, there might have been some pull forward of bookings that otherwise would have been in the fourth quarter into the third quarter.

第三是－到目前為止，我們看到的是8月和9月以及10月的強勢動能的延續。我認為第四點是，重要的是要考慮到我們預計第四季度的預訂窗口擴張幅度將小於第三季。換句話說，本應在第四季進行的預訂量可能會提前到第三季。

And the last is we absolutely also have reflected uncertainties and risks with respect to the global geopolitical environment. We all know there are a lot of things out there that are happening. And we also have taken that into consideration -- in our consideration with respect to our-fourth quarter outlook and guidance.

最後，我們當然也反映了全球地緣政治環境的不確定性和風險。我們都知道外面正在發生很多事情。我們在考慮第四季度的前景和指導時也考慮到了這一點。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Two questions, please. On the Asia callout, Glenn, was the first time that Asia as, I think, a percentage of your mix was higher than it was pre-COVID? I assume so. That's why you called it out. But anything in particular in the region that you've done or is that just the region finally recovering back to full outbound travel mode? So how much of that success for you was what you did versus just the market there finally recovering?

請教兩個問題。在亞洲的標註中，格倫，我認為亞洲在你們的組合中所佔的百分比高於新冠疫情之前的水平，這是第一次嗎？我想是這樣。這就是你叫出來的原因。但您在該地區做了什麼特別的事情，或者只是該地區最終恢復到完全出境旅行模式？那麼，您的成功有多少是您所做的，而不是最終復甦的市場？

And then AA in the mix, this I think 35% number. The question I have for you is -- I'm trying to figure out where that mix is long term. In markets where you have full sufficient inventory, both traditional and AA, is the usual mix in those markets around that average of 35% or is it materially higher? Therefore, we could expect the overall mix to go up because you still have a lot of regions where you don't have enough AA inventory. Thanks a lot.

然後 AA 混合在一起，我認為這個數字是 35%。我要問你的問題是——我正在嘗試找出這種組合的長期效果。在您擁有充足庫存的市場（無論是傳統庫存還是 AA）中，這些市場中的通常混合比例是在 35% 左右還是明顯更高？因此，我們預計整體組合將會上升，因為仍有許多地區沒有足夠的 AA 庫存。多謝。

Hi, Mark. I'm not sure if you're right actually on that thing about calling out Asia. I think we have some things where Asia has done better. But regardless of that, let's just talk a little bit about how pleased we are with the growth we're seeing in Asia. And yes, we're obviously getting a bit of a benefit because Asia, overall, as a market is growing fast. There were certain areas of Asia that were a little slower coming out of a pandemic and such. But this is an opportunity for me to really put out a thanks to our Agoda team. That team has been just doing really well in coming up with ways to provide a better service to the Asia customers. It's a little bit different than some parts.

嗨，馬克。我不確定你提到亞洲的說法是否正確。我認為我們在一些事情上亞洲做得更好。但不管怎樣，我們還是簡單談談我們對亞洲的成長有多滿意。是的，我們顯然獲得了一些好處，因為總體而言，亞洲市場正在快速成長。亞洲某些地區擺脫疫情等影響的速度則慢一些。但這是我向我們的 Agoda 團隊表示真正感謝的機會。該團隊在想辦法為亞洲客戶提供更好的服務方面做得非常好。與某些部分略有不同。

Now, I say Asia, obviously, Asia is a very big place, a lot of different countries, a lot of different ways people buy what people are looking for. And the Agoda team has done a good job of localization of coming up with the ways that the customer in different parts of Asia, the way they want to buy, matching up with different types of payment methods, for example, to be able -- the local person who wants to pay in a certain way can use our service and be feel comfortable doing that. And this is making sure we're getting great inventory.

現在，我說亞洲，顯然，亞洲是一個非常大的地方，有很多不同的國家，人們購買想要的東西有很多不同的方式。而且 Agoda 團隊在本地化方面做得很好，想出了亞洲不同地區的客戶想要的購買方式，匹配不同類型的支付方式，例如能夠——想要以某種方式付款的當地人可以使用我們的服務，並且可以放心地這樣做。這確保了我們獲得充足的庫存。

Again, can be a little different in Asia than other parts where there's a lot of small independence or different ways to get great pricing. Make sure it's showing up on our site. So great team effort by everybody there in Agoda and that's helped a great deal of booking also doing Asia efforts.

同樣，亞洲的情況可能與其他地區略有不同，那裡有很多小的獨立性或獲得優惠價格的不同方式。確保它出現在我們的網站上。 Agoda 的每個人都付出了巨大的團隊努力，這為亞洲地區的預訂帶來了巨大幫助。

So overall, we're really, really pleased with what's happening. Now, your second question about alternative accommodations. We are pleased again with the growth rate there, 14%, like it. Increasing the listings to 7.9 million 10% increase, like that one too.

總的來說，我們對所發生的事情非常非常滿意。現在，你的第二個問題是關於替代住宿的。我們再次對那裡的成長率感到高興，14%，喜歡。將掛牌量增加到 790 萬件，增加 10%，就像那個一樣。

Last time in the call I said how we had beaten our biggest homes competitor in 11 of the last 12 times and we came out of that time ahead of them in terms of the earnings announcement. I didn't know if we're going to beat them again and we did. So I'm wondering this time when we do it again, maybe 13 quarters out of 14. And it's not a small business. It's a big business because as we mentioned a couple of times, the total amount of room nights for alternative accommodation is running roughly a little bit, two-thirds of the biggest homes player in this marketplace. So it's a big [business].

上次在電話會議中，我談到了我們如何在過去 12 次中的 11 次中擊敗了我們最大的房地產競爭對手，並且在盈利公告方面我們領先於他們。我不知道我們是否會再次擊敗他們，但我們做到了。所以我想知道這次我們什麼時候再做一次，也許是 14 個季度中的 13 個。這是一門大生意，因為正如我們多次提到的，替代住宿的總間夜量大約在這個市場上最大的住宅玩家的三分之二左右。所以這是一個很大的[生意]。

So it's great to be able to grow at this size and it's great to be doing -- in leading in terms of growth. Your question is at what stage do we end up and feel sort of the max or so. I don't know. Because one of the key things to our business is making sure that we just get as much of the inventory that the customer wants on the site and they choose.

因此，能夠以這樣的規模成長真是太好了，而且在成長方面處於領先地位也很棒。你的問題是我們最終會處於哪個階段並感覺達到了最大值左右。我不知道。因為我們業務的關鍵之一是確保我們在網站上獲得客戶想要的和他們選擇的盡可能多的庫存。

And I mentioned it in the remarks about how customers come to our site. And from what they've chosen to start with, we know what they were thinking of and then they go and they buy something else. So a key thing to our business is making sure we provide whatever the customer wants and not trying to steer them. So I don't know what the ultimate share is going to be. I do know though what's important is to continue to work on getting great inventory.

我在關於客戶如何訪問我們網站的評論中提到了這一點。從他們選擇的開始，我們知道他們在想什麼，然後他們就去買別的東西。因此，我們業務的關鍵是確保我們提供客戶想要的一切，而不是試圖引導他們。所以我不知道最終的份額會是多少。我確實知道，重要的是繼續努力獲得大量庫存。

And as long as we're talking about it, we're nowhere near in certain regions in terms of getting it. It's a lot of ramp left in front of us. US, in particular, I keep repeating myself quarter after quarter, sure, we're growing that business nicely in the US. But there's so much more to be done. And I was just looking today -- literally today because seeing what was available for us in the Hamptons. I'm a New Yorker. I look in the summer, it's like no inventory there yet.

只要我們還在談論它，我們在某些​​地區離實現它還很遠。我們面前還剩下很多坡道。尤其是在美國，我每季都不斷重複自己的話，當然，我們在美國的業務發展得很好。但還有很多事情要做。我今天只是在尋找——確切地說是今天，因為看看漢普頓有什麼可以為我們提供。我是紐約人。我看夏天的時候，好像還沒有庫存。

So some people can say that's a negative. I say that's, you know, an opportunity for us. I'm really looking forward to continue to build that business.

所以有些人可能會說這是負面的。我說這對我們來說是一個機會。我真的很期待繼續發展這項業務。

Doug Anmuth, JP Morgan.

道格·安姆斯，摩根大通。

Okay. Hey, this is [Say] on for Doug. Thanks for taking the questions. I have two. So the first one, could you double click on what you're seeing in Europe? Last quarter, you talked about mild moderation growth in Europe, but the region drove our performance this quarter. So what changed there in the summer and fall? And do you have any macro reviews to share around the US as a region?

好的。嘿，這是道格的[Say]。感謝您提出問題。我有兩個。那麼第一個，你能雙擊你在歐洲看到的東西嗎？上個季度，您談到了歐洲的溫和溫和成長，但該地區推動了我們本季的業績。那麼夏季和秋季發生了什麼變化呢？您對美國這個地區有什麼宏觀評論可以分享嗎？

First, with respect to Europe, we have clearly seen a re-acceleration of growth starting in August. We believe that perhaps in July, there was a bit of impact of some of the events. But again, we always look at that as purely timing and that is averaging out. But then, we also believe there's a general underlying improvement, what we are seeing in Europe in terms of the general demand for our products and services. It's partly market, but it's partly also our proposition.

首先，就歐洲而言，我們清楚地看到從八月開始經濟成長再次加速。我們認為，也許在7月份，一些事件會產生一些影響。但同樣，我們總是將其視為純粹的時機，而這是平均的。但我們也相信，我們在歐洲看到的對我們產品和服務的整體需求存在普遍的潛在改善。這部分是市場的原因，但部分也是我們的主張。

Of course, as Glenn already explained, having such a great platform with so many options, so many verticals, where you can purchase in so many different ways. And in Europe, many people use us on the app and it's really a very much a mainstream app that people are using if they want to travel. Very easy. You have your credit card there. Easy to book. Easy to adjust.

當然，正如格倫已經解釋的那樣，擁有如此出色的平台，有如此多的選擇，如此多的垂直領域，您可以透過多種不同的方式進行購買。在歐洲，許多人在我們的應用程式上使用我們的應用程序，這確實是人們想要旅行時使用的主流應用程式。很容易。你在那裡有你的信用卡。預訂方便。易於調整。

So that is definitely, in Europe, a big winner. And therefore, we have been so much really the standard in Europe with respect to our proposition. I also need to point at the expansion of the booking window that happened in the third quarter. So that definitely also helped with the acceleration of growth at the same time.

所以，在歐洲，這絕對是個大贏家。因此，就我們的主張而言，我們確實是歐洲的標準。我還需要指出第三季預訂窗口的擴大。因此，這同時也肯定有助於加速成長。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼，TD·考恩。

Great. Thanks so much. I had a question on marketing. Could you give us an update on what you're seeing? You mentioned higher ROIs in the third quarter. How much of that is underlying improvement in ROIs versus Europe being stronger? And can you update us on how you expect the full year now to look in terms of marketing and merchandizing as percentage of GBP? Thanks.

偉大的。非常感謝。我有一個關於行銷的問題。能為我們介紹一下您所看到的最新情況嗎？您提到第三季的投資報酬率更高。其中有多少是投資報酬率的根本改善（相對於歐洲的實力更強）？您能否向我們介紹一下您對全年行銷和商品銷售佔英鎊百分比的預期？謝謝。

Yeah, Kevin. Overall, how you should look at marketing and higher ROIs, I think, this is really where the company has such a specialized expertise, has such great algorithms that are continuously optimizing our incremental spend to make sure that the incremental ROIs are really the highest that are possible. And doing that across all the different options we have, how to allocate our dollars.

是的，凱文。總的來說，我認為，你應該如何看待行銷和更高的投資報酬率，這確實是公司擁有如此專業知識的地方，擁有如此出色的演算法，不斷優化我們的增量支出，以確保增量投資報酬率確實是最高的是可能的。並在我們擁有的所有不同選擇中做到這一點，以及如何分配我們的資金。

So this could be the different forms of performance marketing channels. It could be with respect to merchandizing. But it could also be with the social media channels, where we are expanding our marketing spend as well. So clearly, the opportunity was there through our continuous optimization to ultimately achieve higher growth with higher ROIs at the same time.

所以這可能是不同形式的效果行銷管道。這可能與商品銷售有關。但也可能是透過社群媒體管道，我們也在擴大行銷支出。很明顯，透過我們的持續優化，我們有機會最終實現更高的成長和更高的投資報酬率。

With respect to your question on the outlook, merchandizing as a percentage of growth bookings, we expect it to be more or less flat compared to last year for each of the quarters of 2024 and for the full year. With respect to marketing, we expect marketing leverage to continue in the fourth quarter as a result of the continued growth of our direct channels.

關於您關於前景的問題，商品銷售佔成長預訂量的百分比，我們預計 2024 年每季和全年與去年相比將大致持平。在行銷方面，由於我們的直接管道持續成長，我們預計第四季度行銷槓桿將持續。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the question. I want to come back to the theme on fixed investments. First looking backwards, maybe highlight some of where you've made investments around fixed costs and what you're most proud of in turning a return profile on those fixed investments that you're seeing an impact the business today. And not about 2025 but just longer term, how do you think about coming out of that fixed investment cycle and think about the return profile or incremental margin that could be produced in the business as fixed investments start to grow slower than revenue over the longer term? Thank you.

非常感謝您提出問題。我想回到固定投資的主題。首先回顧過去，也許可以強調一下您圍繞固定成本進行的一些投資，以及您在改變您所看到的對當今業務產生影響的固定投資的回報方面最自豪的部分。不是關於 2025 年，而是更長期，您如何看待走出固定投資週期，並考慮隨著固定投資開始比長期收入增長慢，企業可能產生的回報率或增量利潤率？謝謝。

Yeah, Eric. I really love that question. Because it's something I'm extremely personally passionate about. The way we look at this is actually in two different ways. One is where do we see opportunities for efficiencies and achieving operating leverage, and then, a completely separate decision mechanism around where can we reinvest those dollars in the most optimal way that we will achieve the highest growth potential and attractive business case returns in the future.

是的，埃里克。我真的很喜歡這個問題。因為這是我個人非常熱衷的事。我們看待這個問題的方式其實有兩種不同的方式。一是我們在哪裡看到提高效率和實現營運槓桿的機會，然後是一個完全獨立的決策機制，圍繞著我們如何以最優化的方式將這些資金進行再投資，以便我們在未來實現最高的成長潛力和有吸引力的商業案例回報。

So let me start with the first part. In terms of operating leverage, we believe there are many opportunities we have as a company because we have been building up scale in the organization. And now, we should have an opportunity to run much more volume over the existing scale over the next period.

讓我從第一部分開始。就營運槓桿而言，我們相信作為一家公司，我們擁有很多機會，因為我們一直在擴大組織規模。現在，我們應該有機會在下一個時期在現有規模上運行更多的交易量。

So let me point you to a couple of areas. First, we have tremendously slowed down hiring. So if you look now, our year-over-year head count is up approximately 3%. If you go back a year ago, in the third quarter of 2023, head count was up 13%. So clearly, we are being more efficient and we are very careful with hiring.

因此，讓我向您指出幾個領域。首先，我們大大放慢了招募速度。因此，如果您現在看，我們的員工人數比去年同期成長了約 3%。如果回到一年前，即 2023 年第三季度，員工數量增加了 13%。很明顯，我們的效率正在提高，而且我們在招募方面非常謹慎。

We already touched on AI artificial intelligence as a clear opportunity to find efficiencies in the future across many different areas. In the interest of time, I will not elaborate on that. But that's a clear opportunity. We're also looking at procurement of real estate, operating model optimizations, looking at expense layers to really make the organization more agile and many of those areas. And we believe we really have an opportunity to expand on that in the future.

我們已經談到了 AI 人工智慧，這是一個在未來許多不同領域提高效率的明顯機會。由於時間關係，我就不詳細說了。但這是一個明顯的機會。我們也正在考慮房地產採購、營運模式最佳化、費用層，以真正使組織更加敏捷，等等。我們相信我們未來確實有機會擴展這一點。

But then I think your question is also, what are we proud about in terms of investments. Well, if you think about the number of new areas where we're growing as a company, it's super impressive from my perspective. A few years ago, we were not really in flight. Look at the growth we are reporting, 39%. Look at all the other protocols. Looking at what we're doing with respect to payments and fintech. Looking at what we're doing from a geographical perspective.

但我認為你的問題也是，我們在投資方面感到自豪的是什麼。好吧，如果你考慮我們作為一家公司正在發展的新領域的數量，從我的角度來看，這是非常令人印象深刻的。幾年前，我們並沒有真正在飛行。看看我們報告的成長率，39%。查看所有其他協定。看看我們在支付和金融科技方面所做的事情。從地理角度來看我們正在做的事情。

Glenn was touching on the very impressive growth in Asia, the investments we're making in the US, and we believe we are growing faster than the market in the US. And we'll continue to aim to do that in the future as well and many other areas. So we are very much focused on -- in a very disciplined way, looking at our scarce resources, making sure that we're using that in the most optimal way, and in the end, invest in the most attractive growth opportunities for the company over the next period.

格倫談到了亞洲令人印象深刻的成長以及我們在美國的投資，我們相信我們的成長速度快於美國市場。我們將繼續致力於在未來以及許多其他領域做到這一點。因此，我們非常注重——以一種非常嚴格的方式，審視我們的稀缺資源，確保我們以最優化的方式利用這些資源，並最終投資於對公司最具吸引力的增長機會在接下來的一段時間內。

And I'll just add, I think what Ewout said really hit a lot of the key things that have made us successful. And looking back, there have been a lot of times that people question what are we investing on and why are we spending the money there, et cetera. And we're now finally beginning to see a little bit of a benefit to this.

我想補充一點，我認為埃沃特所說的確實擊中了許多使我們成功的關鍵因素。回顧過去，很多時候人們質疑我們在投資什麼，為什麼要把錢花在那裡，等等。我們現在終於開始看到這樣做的一點好處。

So there is a point where, as you know, Booking.com was totally an agency business, totally an agency business, no payments at all. Now we talk about our merchant mix is now 65%. And we talk about how important it was to have that as a foundational pillar for our connected trip, which is another area where people question why are you getting out of hotels, why are you getting into these other verticals. The end of the day is long term -- the long-term success of a company is being able to make change, to make things different. As the world changes, you have to change with it.

所以，正如你所知，在某種程度上，Booking.com 完全是一家代理業務，完全是一家代理業務，根本不付款。現在我們談論我們的商家組合現在是 65%。我們討論了將其作為我們互聯旅行的基礎支柱是多麼重要，這是人們質疑你為什麼離開酒店、為什麼進入其他垂直領域的另一個領域。歸根究底是長期的——公司的長期成功在於能夠做出改變，讓事情變得不同。隨著世界的變化，你也必須隨之改變。

If we had just stayed as an agency-only hotel and not had invested in other areas, we would not be where we are today. Now going forward, we can't stop. We continue to have to do that. So as Ewout said, we've got to be very careful, where are we spending our money. We've got not put money into things that are not going to be productive and move resources into place that is -- and if something is no longer necessary, we just have to have the will to stop that and do something else.

如果我們只是作為一家代理酒店入住，而不在其他領域進行投資，我們就不會取得今天的成就。現在，繼續前進，我們不能停下來。我們仍然必須這樣做。因此，正如埃沃特所說，我們必須非常小心，我們把錢花在哪裡。我們不能把錢投入到那些不會產生生產力的事情上，而是把資源轉移到有生產力的地方——如果某件事不再需要，我們只需要有意願停止它並做其他事情。

So I'm really proud that we've been able to do. I've been here now almost 25 years. It'll be 25 years in February. And throughout this, we have changed tremendously. But the one thing that we are really concentrate on is making sure we are careful with our shareholders money.

所以我對我們能夠做到這一點感到非常自豪。我在這裡已經快25年了。到了二月，就滿25週年了。在這整個過程中，我們發生了巨大的變化。但我們真正關注的一件事是確保我們謹慎對待股東的資金。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Great. Thanks. Maybe Glenn another one on alternative accommodations. You give a lot of color on the booking challenges you're seeing on the platform as relates to cross shopping hotels in alternative accommodations. But can you comment at all what you're seeing in terms of incrementality of this volume? Do you think your growing presence here is bringing in new cohorts of travelers who are coming to booking for this vertical specifically? Or is a large piece of this volume coming from consumers that you would have likely booked a hotel on your platform otherwise?

偉大的。謝謝。也許格倫是另一位關於替代住宿的人。您對在平台上看到的與替代住宿中的交叉購物酒店相關的預訂挑戰給出了很多色彩。但您能否評論一下您所看到的這本書的增量？您認為您在這裡不斷增長的影響力是否會帶來專門針對這一垂直領域進行預訂的新旅客群體？或者這個數量的很大一部分來自消費者，否則您可能會在您的平台上預訂酒店？

That's a very interesting question because I haven't noticed any survey or trying to understand. Obviously, we can see -- if we look at it, a customer who has come who we've never seen before, who started with an alternative accommodation because they knew that we had alternate accommodations and that would be completely incremental because we have alternate locations -- accommodations. I don't have the data on that. But I can say I believe -- without actual data proof, I believe that we have brought in people who would not have come otherwise, would have gone to another site but came to us because we did offer them alternative accommodations. And I would say, specifically, in Europe, I'm almost certain of that.

這是一個非常有趣的問題，因為我沒有註意到任何調查或試圖理解。顯然，我們可以看到 - 如果我們觀察一下，我們以前從未見過一位顧客，他們從替代住宿開始，因為他們知道我們有替代住宿，這將是完全增量的，因為我們有替代住宿地點——住宿。我沒有這方面的數據。但我可以說我相信——沒有實際的數據證據，我相信我們引進了那些原本不會來的人，他們本來會去另一個網站，但來到我們這裡，因為我們確實為他們提供了替代住宿。我想說，特別是在歐洲，我幾乎可以肯定這一點。

Because the awareness of our alternative accommodations business in Europe is very high unlike in other parts of the world. So when somebody thinks that I want to have a nice villa in Nice in France, they will think Booking.com and that is the incrementality that you're asking about.

因為與世界其他地區不同，我們在歐洲的另類住宿業務的知名度非常高。因此，當有人認為我想在法國尼斯擁有一棟漂亮的別墅時，他們會想到 Booking.com，這就是您所要求的增量。

But again, what's more important is to offer all aspects of travel. That goes back to the whole connected trip mission. Because if somebody does get that Nice villa, they have to get there somehow. So if they're going to fly, it's good to be able to combine that and then they'll have to get from the airport to the villa. So it's nice to have the ground transportation. Maybe they need insurance.

但同樣，更重要的是提供旅行的各個方面。這可以追溯到整個互聯旅行任務。因為如果有人確實得到了那棟漂亮的別墅，他們就必須以某種方式到達那裡。因此，如果他們要坐飛機，最好能夠將兩者結合起來，然後他們就必須從機場前往別墅。所以有地面交通真是太好了。也許他們需要保險。

And as I always say, nobody goes on a holiday so they can sit in the room, whether it be a villa, if it's a really nice one or a hotel room. They want to do stuff. And that's why attractions is important. I can go on and on and on. And tying it all together in that connected trip vision, using science, using data, using our GenAI capabilities, make sure we're offering the optimal things for that traveler, in addition, given the opportunities for our suppliers to offer up different types of service at different price points so that they too can enjoy the benefits of this connected trip vision in terms of more customers, more profitability. That's the thing we're building. That's the real true incrementality. And that is getting people whoever they're traveling right now some other way that they come to us because we offer them a better service.

正如我常說的，沒有人去度假是為了可以坐在房間裡，無論是別墅，如果它是一個非常好的房間，還是飯店房間。他們想做點什麼。這就是為什麼景點很重要。我可以繼續說下去。並將所有這些結合在互聯旅行願景中，利用科學、數據和我們的 GenAI 功能，確保我們為旅行者提供最佳的東西，此外，考慮到我們的供應商有機會提供不同類型的服務不同價位的服務，讓他們也能享受這種互聯旅行願景帶來的好處，即吸引更多客戶、提高獲利能力。這就是我們正在建構的東西。這才是真正的增量。這讓現在正在旅行的人們透過其他方式來找我們，因為我們為他們提供了更好的服務。

Great. Thanks. And then maybe, Ewout, one follow-up on fixed OpEx. So given a lot of conversation around your passion for driving fixed OpEx, going forward, I guess, given where you guys are in your investment cycle, your motivation to free up resources to invest in a lot of your growth drivers, and a lot of the conversation on the potential for GenAI to help the P&L, do you think that the business is in a place where it can drive fix OpEx leverage, not just next year, but for many years out into the future and it should be part of the way we think about you guys going forward?

偉大的。謝謝。然後也許，Ewout，固定營運支出的後續行動之一。因此，鑑於你們對推動固定營運支出的熱情進行了很多討論，我想，考慮到你們在投資週期中的位置，你們釋放資源來投資大量增長動力的動機，以及很多關於GenAI 幫助損益的潛力的對話，您認為該業務是否處於可以推動修復營運支出槓桿的位置，不僅是明年，而且是未來許多年，它應該成為我們對你們的未來有何看法？

I would say, absolutely, there is a big opportunity to do that. But there's always the flip side of how much opportunity do we have to reinvest in the business. So again, coming to the two sides of the coin that I was talking about before, do we have opportunities to find more opportunities for operating leverage not only in 2025 but also in 2026? Absolutely.

我想說，絕對有很大的機會做到這一點。但另一方面，我們還有多少機會對業務進行再投資。那麼，回到我之前談到的硬幣的兩個方面，我們是否有機會不僅在 2025 年而且在 2026 年找到更多的經營槓桿機會？絕對地。

And of course, some of the initiatives that are being worked on or in the development or have been recently implemented, the run rate effects, you will see that coming in then over time in the future. But as I said as well is I think this company -- the uniqueness of this company is it's doing well, it's growing fast, it's delivering very strong results. We have a lot of free cash flow generation, but we also can reinvest in so many initiatives in order to grow even faster in all those different areas.

當然，一些正在實施、正在開發或最近實施的舉措，以及運行率的影響，你會看到隨著時間的推移，未來會出現這種情況。但正如我所說，我認為這家公司的獨特之處在於它做得很好，它成長很快，它帶來了非常強勁的業績。我們擁有大量的自由現金流，但我們也可以對許多措施進行再投資，以便在所有這些不同領域中實現更快的成長。

So how that on a net basis will play out? That's a little bit hard to say. But on the growth basis, in the sense of how much can we really find in terms of efficiencies, I think there's still a long way to go.

那麼，從淨值來看，這將如何發揮作用？這有點難說。但在成長的基礎上，從我們真正能提高效率的角度來看，我認為還有很長的路要走。

Tom White, DA Davidson.

湯姆懷特，地方檢察官戴維森。

Great. Thanks for taking my question. Just one if I could on social. Seems like in recent months, we've heard you guys mention having better success accessing travel demand and social media channels, which I guess for a long time didn't really seem to be the case. There's obviously a ton of engagement there. But it didn't seem like it was necessarily efficient demand source for you.

偉大的。感謝您提出我的問題。如果可以的話，就在社群媒體上發一張吧。似乎近幾個月來，我們聽到你們提到在訪問旅行需求和社交媒體管道方面取得了更好的成功，但我想很長一段時間以來情況似乎並非如此。顯然那裡有大量的參與。但對您來說，這似乎不一定是有效的需求來源。

Can you maybe talk a bit about why that's changing or it seems to be changing? And curious like how big a vector of growth social maybe could be for you guys over the next several years. And how do you think about the incrementality, I guess, of that channel? Thanks.

您能否談談為什麼這種情況正在改變或似乎正在改變？好奇的是，在接下來的幾年裡，社交可能對你們來說有多大的成長載體。我想，您如何看待該管道的增量？謝謝。

So it's Glenn speaking. I'll let Ewout talk a little bit if he wants about anything that I don't mention. But we are pleased that we are seeing good results from putting money to work in social platforms. And as you know, over many years, we had mentioned that we were experimenting, but it wasn't really working for us yet. And now finally, we are beginning to see it work.

說話的是格倫。如果埃沃特想了解我沒有提到的任何事情，我會讓他談談。但我們很高興看到在社群平台上投入資金所取得的良好成果。如您所知，多年來，我們曾提到我們正在進行試驗，但它尚未真正對我們起作用。現在，我們終於開始看到它發揮作用了。

That being said, it's a relatively small amount of money compared to our overall marketing expenses. But we're glad. And the thing is it always comes down to we're agnostic. As long as we get the right ROI, that's what we really -- our goal is. That's what we care about. And it's working now more than in the past because I think cooperation with people in the social platform areas that we're working with people, they're coming up with creative ways together to achieve our mutual goals. And we want to continue to do that and we'll continue to invest in so as long as we keep getting the ROIs that we want. That's as simple as it is.

話雖這麼說，與我們的整體行銷費用相比，這是一個相對較小的金額。但我們很高興。問題是，這總是歸結於我們的不可知論。只要我們獲得正確的投資報酬率，這就是我們真正的目標。這就是我們關心的。現在它比過去更有效，因為我認為與我們正在與人們合作的社交平台領域的人們合作，他們正在共同想出創造性的方法來實現我們的共同目標。我們希望繼續這樣做，只要我們繼續獲得我們想要的投資報酬率，我們就會繼續投資。就是這麼簡單。

How big could it be? I don't know. It really will depend on how much further ahead we keep the ROIs. In the past, we've seen some interesting things that work a little bit. But then when you try to scale it, the ROIs fell off. Now we're not really seeing that in the things we're trying now. But I can't promise that. As we grow bigger and bigger and you start getting into large numbers, real large numbers, like you know what our number, our total amount we spend on marketing, who knows? But I am encouraged by the progress we have made so far. And I am really glad to be able to diversify that pay performance type spend.

它能有多大？我不知道。這實際上取決於我們將投資回報率保持在多少水平。過去，我們見過一些有趣的東西，而且有點作用。但當你嘗試擴大規模時，投資報酬率就會下降。現在我們並沒有真正在我們正在嘗試的事情中看到這一點。但我不能保證這一點。隨著我們變得越來越大，你開始進入大量，真正的大量，就像你知道我們的數字，我們在行銷上花費的總額，誰知道呢？但我對我們迄今為止所取得的進展感到鼓舞。我真的很高興能夠讓薪酬績效類型支出多樣化。

And Ewout, you want to want to say anything on that?

Ewout，您對此有什麼想說的嗎？

Maybe two quick things to add. First, coming back to AI, actually, AI is an important tool to help with the additional advertisement effectiveness so that the targeting is better and therefore we can achieve those higher incremental ROIs. And maybe one other point with respect to the financials, Glenn is right, in absolute terms, the spend on the social media marketing channels is still relatively small. But I'm actually encouraged because if you look at the marketing increased spend year over year, actually, meaningful part of the delta increase is actually going to those social channels.

也許可以快速添加兩件事。首先，回到人工智慧，實際上，人工智慧是一個重要的工具，可以幫助提高廣告效果，從而更好地定位目標，從而實現更高的增量投資回報率。也許就財務而言，格倫是對的，從絕對值來看，社群媒體行銷管道的支出仍然相對較小。但我其實很受鼓舞，因為如果你看看行銷支出逐年增加，實際上，增量成長的有意義的部分實際上流向了這些社群管道。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey, great. Thanks for taking my question. Just going back to the US, you're getting some nice branding here with the baseball playoffs having record ratings. You called out room night maybe growing low single digits. So can you talk about where you think your brand is in the US?

嘿，太棒了。感謝您提出我的問題。回到美國，你會在這裡獲得一些不錯的品牌，棒球季後賽的收視率創歷史新高。你說房間過夜可能會變成低個位數。那麼您能談談您認為您的品牌在美國的定位嗎？

And then just on the single units in the US, talking to some property managers, they still think you're a little more complex to work with versus some of the other platforms. Can you talk about where you are in terms of maybe simplifying it for them? Thank you.

然後就美國的單一單位而言，與一些物業經理交談時，他們仍然認為與其他一些平台相比，您的工作要複雜一些。能談談您在為他們簡化方面的進展嗎？謝謝。

So you're right on your second point about it's not as easy yet as some of our competitors. I know that's true. And that's one of the things we're working on. I'll be sure to say that's opportunity for us. That's great. We're doing so well right now and we still haven't perfected that. So that's all upside for us.

所以你的第二點是對的，它並不像我們的一些競爭對手那麼容易。我知道這是真的。這就是我們正在努力的事情之一。我肯定會說這對我們來說是機會。那太棒了。我們現在做得很好，但還沒有完善。所以這對我們來說都是有利的。

In terms of awareness, we're still not where we'd like to be but we continue to improve. I continue to see those numbers going up. When I look at the reports, marketing comes back -- market report comes back to me -- reports, our marketing department comes back to me. I am pleased with the progress we're making. But again, that's more opportunity for us.

在意識方面，我們仍然沒有達到我們想要的水平，但我們正在不斷改進。我繼續看到這些數字正在上升。當我看報告時，行銷又回來了——市場報告又回到了我的身邊——報告，我們的行銷部門又回到了我的身邊。我對我們所取得的進展感到高興。但同樣，這對我們來說是更多的機會。

Ewout, anything specific there?

Ewout，有什麼具體的嗎？

Yeah, just a small technicality just to point out is it looks like where we said quarter, we're growing in the US mid-single digits and now it's low-single digits. I would still characterize this more as stable growth over these periods because we're really at the cusp in both quarters in terms of which of those buckets it's falling. So I wouldn't read too much in it as an investor. But overall, I would call this more stable growth over the last two quarters in the US.

是的，只是要指出一個小技術問題，看起來像我們所說的季度，我們在美國的中個位數成長，現在是低個位數。我仍然將其描述為這些時期的穩定增長，因為我們在這兩個季度都處於下降的風口浪尖。因此，作為投資者，我不會在其中讀太多內容。但總體而言，我認為美國過去兩季的成長更為穩定。

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Yeah. Hi. Thanks a lot. Couple of questions. Glenn, it's great to hear the updates on GenAI. Maybe give us thoughts on if you think Gen AI can drive more shift in bookings that can happen through online marketplaces like Booking.com versus those that happen directly on a hotel website. And then, with respect to connected trip, I remember you guys had a partnership with some super apps in Asia like Grab, which is the ride-hailing app. Any updates you can share on those partnerships would be great. Thanks.

是的。你好。多謝。有幾個問題。 Glenn，很高興聽到 GenAI 的最新消息。也許請告訴我們您是否認為 Gen AI 可以推動透過 Booking.com 等線上​​市場進行的預訂（與直接在飯店網站上進行的預訂相比）的更多轉變。然後，關於互聯旅行，我記得你們與亞洲的一些超級應用程式建立了合作夥伴關係，例如 Grab，這是一款叫車應用程式。如果您能分享有關這些合作夥伴關係的任何更新，那就太好了。謝謝。

So, two separate questions. Let me talk first a little bit about AI in general and the ability of us versus others. This stuff's not easy. It's complicated. GenAI is hard stuff and it's really good to be in a position where your resources, people, capital, data to be able to drive forward experiments to see what works, what doesn't work, see how well, how quickly it works. And there's no doubt this is an event. So if you're a hotel, even an extremely large hotel, you don't have -- you do not have the resources that we have, I believe.

所以，兩個不同的問題。首先讓我談談人工智慧的一般情況以及我們與其他人的能力。這東西並不容易。情況很複雜。 GenAI 是一件很難的事情，能夠利用你的資源、人力、資本和數據來推動實驗，看看什麼有效、什麼無效，看看它的效果如何、速度如何，這真的很好。毫無疑問，這是一個事件。因此，如果您是一家酒店，即使是一家非常大的酒店，我相信您也沒有我們擁有的資源。

Now, of course, you can partner with others. In fact, we're doing that ourselves. For example, we have a -- go to OpenTable example. They're not building so much, so they're partnering. So they have a good agreement with Salesforce to work with their new AI service. That's great there. But I believe it's really important to be able to combine your own data in the hotels accommodations area and come up with things that are truly differentiating and personalization.

當然，現在您可以與其他人合作。事實上，我們自己也在這樣做。例如，我們有一個 --go to OpenTable 範例。他們沒有建造那麼多，所以他們正在合作。因此，他們與 Salesforce 達成了良好協議，將使用他們的新人工智慧服務。那太好了。但我相信能夠在酒店住宿領域結合您自己的數據並提出真正差異化和個性化的東西非常重要。

So I am confident that we have, I'd say, the pole position in the growth of this area and I'm very excited about it. The other thing you mentioned about our partnerships in Asia with some other players, a very small amount of this. Look, we're pleased with where our relationships are with them, et cetera. But that is not something that is should be seen as anything that was influencing our Asia numbers at all.

因此，我相信我們在這一領域的發展中處於領先地位，對此我感到非常興奮。您提到的另一件事是我們在亞洲與其他一些參與者的合作關係，其中的一小部分。看，我們對與他們的關係等感到滿意。但這根本不應該被視為影響我們亞洲數據的任何事情。

John Colantuoni, Jefferies.

約翰·科蘭托尼，杰弗里斯。

Great. Thanks for taking my questions. A quick one on booking window. Maybe you could just help us size the benefit of the third quarter in terms of room night from both relative to your expectations and on a year-on-year growth rate perspective.

偉大的。感謝您回答我的問題。在預訂視窗快速查看。也許您可以幫助我們從相對於您的預期和年成長率的角度來衡量第三季在間夜方面的收益。

And then, second on North America, your business there seems to be maybe the one region that's tracking more consistent with the broader market. Talk about what investments and capabilities you're making to start driving market share gains once again in North America. Thanks.

其次，在北美，您的業務似乎可能是與更廣泛的市場更一致的地區。談談您正在進行哪些投資和能力來開始再次推動北美市場份額的成長。謝謝。

Hye, John. I will take the first question. We're not really breaking out how much the booking window has an impact on accelerated growth in the third quarter. It is a bit of benefit but I wouldn't overestimate the impact period over period. So I would say slight benefit in the third quarter. But we're not really quantifying that.

嘿，約翰。我將回答第一個問題。我們並沒有真正透露預訂窗口對第三季加速成長的影響有多大。這是有一點好處，但我不會高估一段時期內的影響。所以我想說第三季略有好處。但我們並沒有真正量化這一點。

In terms of your second question, we are doing in North America relative to the market, based on external data sources that we are looking at, we believe in the third quarter, actually, we were growing a bit faster than the market overall. And that's, of course, the result of a lot of investments we are making. Glenn has touched on many of those already, the number of listings, the focus on alternative accommodations, the investments in the brand we're making, for example, with respect to the World series and the baseball playoffs in general, what we're doing in terms of becoming more -- creating more familiarity with the brand in the US, and many other features and product enhancements we're making to really further improve our market position in the US.

關於你的第二個問題，我們在北美相對於市場所做的事情，根據我們正在研究的外部資料來源，我們相信在第三季度，實際上，我們的成長速度比整體市場要快一些。當然，這是我們大量投資的結果。格倫已經談到了其中的許多問題，房源數量、對替代住宿的關注、我們正在對品牌進行的投資，例如，關於世界大賽和棒球季後賽的總體投資，我們正在做什麼我們正在做更多的事情——讓美國品牌更加熟悉，以及我們正在做的許多其他功能和產品增強，以真正進一步提高我們在美國的市場地位。

We're challenging in this market. And actually, we think that's a good position to be in because it is an opportunity to grow, and ultimately, be able to get to our natural position in terms of overall market impact in the US.

我們在這個市場上充滿挑戰。事實上，我們認為這是一個很好的位置，因為這是一個成長的機會，並最終能夠達到我們在美國整體市場影響力方面的自然地位。

And everyone, that does conclude our question-and-answer session. I'd like to hand the call back to Mr. Glenn Fogel for any additional or closing remarks.

各位，我們的問答環節到此結束。我想將電話轉給 Glenn Fogel 先生，請他發表補充或結束語。

Thank you. I want to thank our partners, our customers, our dedicated employees, and our stockholders. 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、客戶、敬業的員工和股東。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。謝謝你，晚安。

Once again, everyone that does conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.

再次，大家結束我們今天的會議。我們衷心感謝大家的參與。您現在可以斷開連線。