Booking Holdings Inc (BKNG) 2025 Q1 法說會逐字稿

Welcome to Booking Holdings first quarter 2025 conference call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guaranteed 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.

歡迎參加 Booking Holdings 2025 年第一季電話會議。Booking Holdings 謹提醒大家，本次電話會議可能包含依據 1995 年《私人證券訴訟改革法案》安全港條款所作的前瞻性聲明。這些前瞻性陳述並不能保證未來的表現，並且受制於某些難以預測的風險、不確定性和假設。因此，實際結果可能與此類前瞻性陳述中表達、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. 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 in Booking Holdings' earnings press release as well as Booking Holding's most recent filings with the Security and exchange Commission.

未來目標或期望的表達以及反映非歷史事實的類似表達旨在識別前瞻性陳述。有關可能導致 Booking Holdings 實際結果與前瞻性聲明中描述的結果存在重大差異的因素列表，請參閱 Booking Holdings 收益新聞稿中的安全港聲明以及 Booking Holding 向美國證券交易委員會提交的最新文件。

Unless required by law, Booking Holdings undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. A copy of Booking Holdings earnings press release is available in the For Investors section of Booking Holdings website www.bookingholdings.com.

除非法律要求，否則 Booking Holdings 不承擔公開更新任何前瞻性聲明的義務，無論其是由於新資訊、未來事件或其他原因。Booking Holdings 收益新聞稿的副本可在 Booking Holdings 網站 www.bookingholdings.com 的「投資者」部分找到。

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

現在我想介紹 Booking Holdings 今天下午的演講者 Glenn Fogel 和 Ewout Steenbergen。請繼續，先生們。

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

謝謝您，歡迎參加 Booking Holdings 第一季電話會議。今天下午，我們的財務長 Ewout Steenbergen 也加入了我。

I am pleased to report a good start to 2025. We saw a healthy growth in room nights and gross bookings as we benefited from our geographical diversification. When travelers choose to alter their destination preferences, our global network of partner suppliers is a valuable asset. Our solid top line results combined with our continued focus on driving disciplined management of our fixed expenses helped us deliver strong bottom line outperformance in the quarter.

我很高興地報告2025年有一個好的開始。由於受益於地理多元化，我們的客房晚數和總預訂量實現了健康成長。當旅客選擇改變他們的目的地偏好時，我們的全球合作夥伴供應商網路是一筆寶貴的資產。我們穩健的營收業績，加上我們持續專注於嚴格管理固定費用，幫助我們在本季實現了強勁的獲利表現。

Aside from our near-term financial results, I'm excited about our team's continued progress in advancing our strategic priorities. I'm also excited about our continued work to incorporate AI technology in multiple ways across our platforms which will continue to position us well for the long term. Our first quarter room nights of 319 million, the first quarter we have ever exceeded 300 million room nights in a single quarter, slightly exceeded the high end of our prior expectations and grew a bit over 7% year over year.

除了我們近期的財務表現之外，我對我們團隊在推進策略重點方面取得的持續進展感到興奮。我也很高興我們能夠繼續以多種方式在我們的平台上融入人工智慧技術，這將使我們在長期內繼續處於有利地位。我們第一季的客房間夜量為 3.19 億，這是我們單季客房間夜量首次超過 3 億，略高於我們之前預期的高端，同比增長略高於 7%。

First quarter revenue of $4.8 billion grew 8% year over year, and adjusted EBITDA of about $1.1 billion increased 21% year over year. Both revenue and adjusted EBITDA exceeded the high end of our prior guidance ranges. Finally, adjusted earnings per share in the quarter grew 22% year over year.

第一季營收 48 億美元，年增 8%，調整後 EBITDA 約 11 億美元，年增 21%。收入和調整後的 EBITDA 都超出了我們先前預期範圍的高端。最後，本季調整後的每股盈餘較去年同期成長22%。

At the start of the second quarter, we are currently seeing stable levels of global leisure travel demand despite rising geopolitical and macroeconomic concerns. Ewout will provide further details on our first quarter results and our thoughts on the second quarter and full year.

第二季初，儘管地緣政治和宏觀經濟問題日益加劇，但全球休閒旅遊需求仍維持穩定水準。Ewout 將提供有關我們第一季業績的更多詳細資訊以及我們對第二季和全年的看法。

While we're encouraged by our first quarter results and the relative stability of trends we have seen so far in the second quarter, we fully recognize the current geopolitical and macroeconomic uncertainty and concerns about the strength of consumer demand. However, we believe our global diversification, substantial liquidity, strong free cash flow, and historical record of executing effectively position us well to navigate potential changes in the environment.

雖然我們對第一季的業績以及第二季迄今為止所看到的相對穩定的趨勢感到鼓舞，但我們充分認識到當前的地緣政治和宏觀經濟的不確定性以及對消費者需求強度的擔憂。然而，我們相信，我們的全球多元化、充足的流動性、強勁的自由現金流以及有效執行的歷史記錄使我們能夠很好地應對環境中的潛在變化。

Regardless of potential changes in the near term, I remain confident in the long-term outlook for the travel industry, given the importance of travel to consumers, and as we witnessed as we exited the pandemic, people's deep desires to experience the world.

無論短期內可能出現什麼變化，考慮到旅行對消費者的重要性，以及我們在走出疫情時所見證的人們體驗世界的強烈渴望，我仍然對旅遊業的長期前景充滿信心。

We will continue to drive our business for the long-term while we're remaining focused on what we can control today to deliver value to our travelers and supplier partners, value from advancing our strategic initiatives such as increasing the alternative accommodations available to our travelers, enhancing our Genius offering, building towards our connected trip vision, and further innovating our AI capabilities. And we will do this while managing our operations with the effective and disciplined approach we have demonstrated throughout our history.

我們將繼續長期推動我們的業務，同時我們將繼續專注於我們今天可以控制的事情，為我們的旅行者和供應商合作夥伴提供價值，透過推進我們的戰略舉措來實現價值，例如增加可供旅行者選擇的住宿選擇，增強我們的 Genius 產品，構建我們的互聯旅行願景，並進一步創新我們的人工智能能力。我們將在實現這一目標的同時，以我們在整個歷史中展現出的有效和嚴謹的方式管理我們的營運。

Focusing on our supplier partners, we remain committed to being a trusted and valuable partner to all of the accommodation properties on our platforms. We do so by delivering incremental travel demand and developing products and features designed to support the success of these businesses, many of which are small independents.

我們專注於我們的供應商合作夥伴，始終致力於成為我們平台上所有住宿物業值得信賴和有價值的合作夥伴。我們透過提供增量旅行需求和開發旨在支援這些企業（其中許多是小型獨立企業）成功的產品和功能來實現這一目標。

In times of economic uncertainty, we believe the incremental demand that we can deliver to our partners is even more valuable, and this presents an opportunity to work closely with our partners to make sure they are well positioned on our platform. For example, we can share booking pattern data with a property partner and suggest options that may help that property better capture demand.

在經濟不確定時期，我們相信我們能夠為合作夥伴提供的增量需求更有價值，這為我們與合作夥伴密切合作提供了機會，以確保他們在我們的平台上佔據有利地位。例如，我們可以與飯店合作夥伴分享預訂模式數據，並提出可能有助於該飯店更好地滿足需求的選項。

We are also leveraging AI technology to better help our partners whether it's using Gen AI at Booking.com to provide suggestive responses to traveler questions that come into a property or through the development of an AI partner assistant to help a new partner navigate the onboarding process. We'll continue to build around opportunities where we can utilize this technology to provide additional value to our partners. We believe these efforts can be particularly helpful for those small and independent businesses with which we are partnering who can now more easily access the data and AI tools that we are providing.

我們也利用人工智慧技術來更好地幫助我們的合作夥伴，無論是在 Booking.com 上使用 Gen AI 為進入酒店的旅行者問題提供建議性答复，還是透過開發人工智慧合作夥伴助理來幫助新合作夥伴完成入職流程。我們將繼續尋找機會利用這項技術為我們的合作夥伴提供額外的價值。我們相信，這些努力對於我們合作的小型獨立企業特別有幫助，他們現在可以更輕鬆地存取我們提供的資料和人工智慧工具。

One of the results of our continued focus on driving value to our partners is the increasing number of partners making their accommodation supply available on Booking.com. With growth across both traditional hotels and alternative accommodations, Booking.com's total accommodation listings reached about 31 million by the end of Q1. For alternative accommodations at Booking.com, listings at the end of the first quarter were about 8.1 million and increased 9% year over year with growth in every major region. We believe the increase in accommodation choices for our travelers helped contribute to solid alternative accommodations room night growth of 12% in the first quarter.

我們持續致力於為合作夥伴創造價值，其中的一個成果就是越來越多的合作夥伴在 Booking.com 上提供住宿。隨著傳統飯店和非標住宿業務的成長，截至第一季末，Booking.com 的住宿房源總數已達約 3,100 萬。Booking.com 的非標住宿方面，第一季末房源數量約 810 萬，年增 9%，各主要地區均有成長。我們相信，旅客住宿選擇的增加有助於推動第一季非標住宿間夜量穩定成長 12%。

Turning to our travelers, the breadth of the supply choices I just mentioned help us to better deliver a comprehensive planning and booking experience and are one of the important benefits we offer to our travelers. We are laser focused on driving value to our travelers just as we do for our supplier partners, and I am pleased to see this focus helping Booking.com achieve growth in new travelers as well as repeat travelers in the first quarter.

對於我們的旅客來說，我剛才提到的廣泛的供應選擇有助於我們更好地提供全面的規劃和預訂體驗，這是我們為旅客提供的重要好處之一。正如我們為供應商合作夥伴所做的那樣，我們專注於為我們的旅行者創造價值，我很高興看到這種專注幫助 Booking.com 在第一季實現了新旅行者和回頭客的成長。

In addition to the growth in travelers, I'm encouraged to see that more travelers are choosing to come to our platforms through the direct booking channel, which grew faster than room nights acquired through paid marketing channels in the first quarter. Another important way that we can deliver benefits to our travelers is through Booking.com's Genius loyalty program, which provides discounted pricing and other mostly supplier provided benefits to our travelers.

除了旅客數量的成長之外，我很高興地看到，越來越多的旅客選擇透過直接預訂管道造訪我們的平台，而這管道在第一季的成長速度比透過付費行銷管道獲得的間夜量更快。我們為旅客提供福利的另一個重要方式是透過 Booking.com 的 Genius 忠誠度計劃，該計劃為我們的旅客提供折扣價格和其他主要由供應商提供的福利。

This program also helps to connect more elements of travel as we have extended this program beyond accommodations into other travel verticals. We are encouraged to see more of our travelers continuing to move into our higher Genius tiers of levels two and three, which represent over 30% of our active travelers. These Genius level two and three travelers have a meaningful higher direct booking rate and a higher booking frequency than the rest of our travelers.

該計劃還有助於連接更多的旅行元素，因為我們已將該計劃從住宿領域擴展到其他旅行垂直領域。我們很高興看到越來越多的旅行者繼續進入 Genius 的更高級別（二級和三級），這占我們活躍旅行者的 30% 以上。這些 Genius 二級和三級旅客的直接預訂率和預訂頻率明顯高於其他旅客。

We believe AI technology will also play an important role in improving the traveler experience. For example, at Booking.com, we are continue to learn from testing AI powered features, including smart filters that help travelers find relevant results faster; Property Q&A that answers specific questions that wouldn't be addressed in a static listing; and AI review summaries that allow travelers to more easily sort through thousands of reviews. These are just a few recent examples, but we plan to continue integrating AI across additional consumer facing use cases over time.

我們相信人工智慧技術也將在改善旅行者體驗方面發揮重要作用。例如，在 Booking.com，我們不斷透過測試人工智慧功能來學習，包括幫助旅行者更快找到相關結果的智慧過濾器；房產問答，解答靜態清單中無法解決的具體問題；以及人工智慧評論摘要，讓旅行者能夠更輕鬆地篩選數千條評論。這些只是最近的幾個例子，但我們計劃隨著時間的推移繼續將人工智慧融入更多面向消費者的用例中。

AI plays a central role in our connected trip vision as we aim to simplify the planning, booking, and travel experience, making it all more personalized, seamless, and enjoyable. As we build towards our connected vision, we believe we are delivering better value to our travelers as well as our supplier partners. We saw connected trip transaction growth of 35% year over year in the first quarter, and these connected transactions continue to represent a high single digit percentage of Booking.com's total transactions.

人工智慧在我們的互聯旅行願景中發揮著核心作用，因為我們的目標是簡化規劃、預訂和旅行體驗，使一切更加個性化、無縫和愉快。隨著我們朝著互聯願景邁進，我們相信我們將為旅行者和供應商合作夥伴提供更好的價值。我們看到第一季關聯旅行交易量年增 35%，而這些關聯交易繼續佔 Booking.com 總交易量的高個位數百分比。

Much of the work in recent years in building towards the connected trip vision has been standing up the other travel verticals outside of accommodations like flights, for example. With air ticket growth of 45% in the first quarter, we continue to see strong growth from our flight platform, which is an important component in many of our travelers' connected trips. Outside of flights, we are pleased to have seen strong growth in our attractions vertical in the quarter, with attraction tickets increasing 92% year by year from Lamont space.

近年來，為了實現互聯旅行願景，我們所做的大部分工作都是在支持住宿以外的其他旅遊垂直領域，例如航班。第一季機票成長了 45%，我們的航班平台持續保持強勁成長，這是我們許多旅客聯程旅行的重要組成部分。除了航班之外，我們很高興看到本季景點垂直業務的強勁增長，拉蒙特地區的景點門票同比增長了 92%。

While the direct financial impact is minimal today, we believe continuing to enhance the attractions vertical allows us to offer our travelers compelling in-destination experiences. Finally, in dining, I'm excited by the progress the Open table team is continuing to make, including the recent establishment of a strategic partnership with Uber that will include developing integrations of their apps to offer dining reservations, access, and transportation options.

雖然目前直接的財務影響很小，但我們相信，繼續加強景點垂直業務使我們能夠為旅行者提供引人入勝的目的地體驗。最後，在餐飲方面，我對 Open table 團隊不斷取得的進展感到興奮，包括最近與 Uber 建立的策略合作夥伴關係，其中包括開發其應用程式的集成，以提供餐飲預訂、訪問和交通選擇。

When we think about an even more seamless and personalized connected trip experience, we believe that compelling AI power offerings like a travel vertical specific agent, will play a central role. We are highly focused on the many opportunities with AI and will continue sophisticated work already happening across our company to integrate generative AI into our offerings, some of which I mentioned earlier when describing their capabilities for our partners and travelers. We are seeing some of our AI offerings driving faster search, improvements in conversion, and fewer customer support contacts.

當我們考慮更無縫和個性化的互聯旅行體驗時，我們相信，像旅遊垂直特定代理這樣的引人注目的人工智慧強大產品將發揮核心作用。我們高度關注人工智慧帶來的眾多機遇，並將繼續在公司範圍內進行複雜的工作，將生成性人工智慧融入我們的產品中，其中一些我在之前描述其為我們的合作夥伴和旅行者提供的功能時提到過。我們發現，我們的一些人工智慧產品能夠加快搜尋速度、提高轉換率並減少客戶支援聯繫。

At KAYAK, the team just launched KAYAK.AI, which is its test lab for AI first features with the aim to improve KAYAK's product to be even more personalized and conversational over time. Across the company, our teams are testing, learning, and innovating around how AI can be better incorporated into our offerings with more to come.

在 KAYAK，團隊剛剛推出了 KAYAK.AI，這是其 AI 首批功能的測試實驗室，旨在隨著時間的推移改進 KAYAK 的產品，使其更加個人化和對話化。在整個公司，我們的團隊正在測試、學習和創新如何將人工智慧更好地融入我們的產品中，並在未來實現更多。

In addition to our own offerings, we're working with leading generative AI organizations on their agentic developments. We were excited for several of our brands to be named as partners for OpenAI's operator agent, Microsoft's co-pilot Actions tool, and Amazon's Alexa Plus. While we are still in the very early days, we believe these collaborations reflect our ambition of being at the forefront of this rapidly developing field and are consistent with our long-standing approach to work with different potential sources of new customer traffic.

除了我們自己的產品外，我們還與領先的生成人工智慧組織合作進行代理開發。我們很高興我們的多個品牌被指定為 OpenAI 的操作員代理、微軟的副駕駛 Actions 工具和亞馬遜的 Alexa Plus 的合作夥伴。雖然我們還處於起步階段，但我們相信這些合作反映了我們站在這個快速發展領域前沿的雄心，並符合我們長期以來與不同潛在新客戶流量來源合作的做法。

We will continue to learn how travelers and partners prefer to engage with generative AI across different touch points, and I remain confident in our position and am energized by the positive impact this technology is already having. In conclusion, I am pleased with a good start to the year and our team's efforts as they continue to advance our strategic initiatives, including our connected trip vision.

我們將繼續了解旅行者和合作夥伴如何在不同的接觸點與生成性人工智慧互動，我對我們的地位充滿信心，並對這項技術已經產生的積極影響感到振奮。總而言之，我對今年的良好開局和我們團隊的努力感到滿意，他們繼續推進我們的策略舉措，包括我們的互聯旅行願景。

While there is uncertainty around the near-term geopolitical and macroeconomic environment, we are confident in the long-term growth of travel and in the opportunities ahead for our company as we deploy generative AI technology and aim to deliver an even better offering for our travelers and partners.

儘管近期地緣政治和宏觀經濟環境存在不確定性，但我們對旅遊業的長期成長以及公司未來的機會充滿信心，因為我們部署了生成性人工智慧技術，並致力於為我們的旅行者和合作夥伴提供更好的服務。

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

現在我將電話轉給我們的財務長 Ewout Steenbergen。

Thank you, Glenn, and good afternoon. I will now review our results for the first quarter and provide our current thinking for the second quarter and 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 first quarter results.

謝謝你，格倫，下午好。我現在將回顧我們第一季的業績，並提供我們對第二季和全年的當前想法。所有成長率均為年成長率。有關非 GAAP 結果與 GAAP 結果的調整資訊可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摘要以及我們準備好的評論。現在讓我們來看看第一季的業績。

Our room nights in the first quarter grew a bit above 7%, which was slightly above the high end of our guidance. Looking at our room night growth by region in the first quarter, Europe and Asia were up high single digits, the rest of the world was up low double digits, and the US was up low single digits.

我們第一季的客房間夜量增加了 7% 以上，略高於我們預期的高端。從第一季各地區的客房夜數成長來看，歐洲和亞洲均實現了高個位數成長，世界其他地區實現了低兩位數成長，美國也實現了低個位數成長。

In the quarter, we observed notable changes in certain travel patterns. For example, we saw a moderation in trends for inbound travel into the US, particularly from bookers in Canada and to a lesser extent from bookers in Europe. However, we also saw an improvement in trends in other travel corridors, for example, from Canada to Mexico, resulting in stable growth overall. These results demonstrate how our globally diversified business can help to mitigate country specific dynamics while capturing growth opportunities elsewhere.

在本季度，我們觀察到某些旅行模式發生了顯著變化。例如，我們發現美國入境旅遊趨勢有所放緩，尤其是來自加拿大的預訂者，而歐洲的預訂者則有所放緩。然而，我們也看到其他旅遊走廊的趨勢有所改善，例如從加拿大到墨西哥，整體上實現了穩定成長。這些結果表明，我們的全球多元化業務如何幫助緩解特定國家/地區的動態，同時抓住其他地區的成長機會。

Well, we saw a year-over-year increase in length of stay on a global basis, we saw a decrease in length of stay in the US, which could indicate that US consumers are becoming more careful with their spending. We also saw some evidence of a bifurcated economy in the US as higher star rating hotels appear to be more resilient than lower star rating hotels. We have not seen either of these dynamics in Europe.

嗯，我們看到全球範圍內的停留時間同比增長，而美國的停留時間卻減少了，這可能表明美國消費者在消費方面變得更加謹慎。我們也看到了美國經濟分化的一些證據，因為高星級飯店似乎比低星級飯店更具彈性。我們在歐洲還沒有看到這兩種動態。

On our key strategic initiatives, we continue to see encouraging progress in driving alternative accommodation growth, increasing the direct and mobile ethics of our bookings, expanding our Genius loyalty program, and growing our other travel verticals.

在我們的關鍵策略舉措方面，我們繼續看到在推動替代住宿成長、提高預訂的直接和行動道德、擴大我們的 Genius 忠誠度計劃以及發展其他旅遊垂直領域方面取得的令人鼓舞的進展。

We continue to expand our alternative accommodation business faster than the overall business. For our alternative accommodations at Booking.com, our first quarter room night growth was 12%, and the global mix of alternative accommodation room nights was 37%, which was up 1% point from the first quarter of 2024.

我們的非標住宿業務繼續以高於整體業務的速度擴張。對於 Booking.com 的替代住宿，第一季我們的替代住宿夜量增加了 12%，全球替代住宿間夜量佔 37%，比 2024 年第一季增加了 1%。

We continue to strengthen our direct relationships with our travelers and increase loyalty on our platforms through our efforts to deliver value to consumers. Over the last four quarters, our B2C direct mix was in the mid 60% range, an increase from the low 60% range one year ago. The mobile ethics of our total first quarter room nights was in the mid 50% range, which was up from the low 50% range in 2024. We continue to see that the significant majority of bookings received from our mobile apps come through the direct channel.

我們將繼續加強與旅行者的直接關係，並透過努力為消費者提供價值來提高我們平台的忠誠度。在過去四個季度中，我們的 B2C 直銷組合處於 60% 左右，比一年前 60% 的低點有所上升。我們第一季總間夜量的行動道德水準處於 50% 左右，高於 2024 年的 50% 左右。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來自直接管道。

For our Genius loyalty program, the mix of Booking.com room nights booked by travelers in the higher genius tiers of levels two and three was in the mid 50% range over the last four quarters, and this mix continued to increase year over year. These genius level two and three travelers have a meaningfully higher direct booking rate than our other travelers.

對於我們的 Genius 忠誠度計劃，過去四個季度中，第二級和第三級較高 Genius 等級的旅行者在 Booking.com 預訂的客房晚數佔比處於 50% 左右，並且這一比例逐年增加。這些二級和三級天才旅行者的直接預訂率明顯高於我們的其他旅客。

I'm also pleased to share that we delivered another strong quarter of solid growth across our other travel verticals. Over 16 million airline tickets were booked across our platforms in the first quarter, an increase of 45% year over year, driven by the continued growth of our flight offerings at Booking.com and Agoda. We also saw strong growth in attractions with tickets booked up 92% year over year off a modest base.

我也很高興地告訴大家，我們在其他旅遊垂直領域又實現了強勁成長。第一季度，我們平台上的機票預訂量超過 1,600 萬張，年增 45%，這得益於 Booking.com 和 Agoda 上航班產品的持續成長。我們也看到景點數量強勁增長，門票預訂量在適度基礎上同比增長 92%。

First quarter growth bookings increased 7% year over year or about 10% on a constant currency basis. The constant currency growth rate was approximately 3% points higher than room night growth due to about 2% points from higher flight bookings growth as well as an increase in constant currency accommodation ADRs of about 1%. The year-over-year ADR increase was impacted by a higher mix of room nights from Asia. Excluding regional mix, constant currency ADRs were up about 2% versus the first quarter of 2024.

第一季成長訂單量較去年同期成長 7%，以固定匯率計算成長約 10%。由於航班預訂量成長約 2%，以及固定匯率住宿 ADR 成長約 1%，因此固定匯率成長率比客房晚數成長率高出約 3%。平均房價年增率受到亞洲客房間夜數增加的影響。不計區域組合，以固定匯率計算的 ADR 較 2024 年第一季上漲約 2%。

The increase in gross bookings slightly exceeded the high end of our guidance, driven by less than 1% point of benefits from changes in effects relative to our expectations. Constant currency accommodation ADRs like flight ticket growth were about in line with our expectations.

總預訂量的增幅略高於我們預期的高端，這是由於相對於我們的預期，效果變化帶來的收益不到 1%。機票成長等固定匯率住宿 ADR 基本上符合我們的預期。

First quarter revenue of $4.8 billion grew 8% year over year, which exceeded the high end of our guidance by 4% points due to higher revenues from facilitating payments as well as less than 1% points of benefit from changes in effects relative to our expectations. Revenue as a percentage of gross bookings of 10.2% was slightly higher than expected due to the higher revenues from payments. Constant currency revenue growth was about 10%. When normalizing for the year-over-year impacts of Easter timing and the leap year, constant currency revenue growth was about 15% in the first quarter.

第一季營收為 48 億美元，年增 8%，超出我們預期的高端 4 個百分點，原因是來自便利支付的收入增加，以及相對於我們預期的效果變化帶來的收益不到 1%。由於支付收入增加，收入佔總預訂量的百分比為 10.2%，略高於預期。以固定貨幣計算，收入成長率約為 10%。當將復活節時間和閏年的年影響標準化後，第一季的固定貨幣收入成長率約為 15%。

Marketing expense which is a highly variable expense line, increased 10% year over year. Marketing expense as a percentage of gross bookings was 3.8% and was about in line with our expectations. Marketing expense as a percentage of gross bookings was slightly higher than the first quarter of 2024. Social media channel spend continues to scale at attractive incremental ROIs, while successful experimentation has led to improved performance in some of our traditional marketing channels. Those improved marketing channels help drive increased booker volumes at comparable ROIs.

行銷費用是一項高度可變的支出項目，年增了 10%。行銷費用佔總預訂量的百分比為 3.8%，大致符合我們的預期。行銷費用佔總預訂額的百分比略高於 2024 年第一季。社群媒體管道支出持續以有吸引力的增量投資回報率擴大，而成功的實驗也提高了我們一些傳統行銷管道的表現。這些改進的行銷管道有助於在可比較的投資報酬率下增加預訂量。

First quarter sales and other expenses as a percentage of gross bookings was 1.5%, slightly lower than last year, despite a higher merchant mix as higher payment expenses were offset by lower bad debt provisions and increased efficiencies in customer service.

第一季銷售額和其他費用佔總預訂量的百分比為 1.5%，略低於去年，儘管商家組合增加，但支付費用增加被壞帳準備金減少和客戶服務效率提高所抵消。

Adjusted fixed operating expenses decreased 3% year over year, which was better than our prior expectation, primarily due to lower G&A expenses that benefited from a $17 million reduction of an accrual for certain transaction taxes. Personnel expenses came in slightly below our expectations for the quarter due to a $36 million reduction of a pension accrual. We continue to take a disciplined approach to managing our fixed expenses.

調整後的固定營運費用年減 3%，優於我們先前的預期，主要由於一般及行政費用降低，這得益於某些交易稅應計費用減少了 1700 萬美元。由於退休金應計費用減少了 3,600 萬美元，本季人事費用略低於我們的預期。我們繼續採取嚴謹的方法來管理我們的固定支出。

Adjusted EBITDA of approximately $1.1 billion grew 21% year over year and exceeded the high end of our guidance range by 28%, largely due to the higher revenue as well as the better-than-expected adjusted fixed operating expenses. Adjusted EPS of $24.81 per share was up 22% year over year similar to the growth in adjusted EBITDA as the benefit of a 5% lower average share count was offset by an increase in interest expense.

調整後的 EBITDA 約為 11 億美元，年成長 21%，超出我們預期範圍的高端 28%，這主要歸功於更高的收入以及好於預期的調整後固定營運費用。調整後每股收益為 24.81 美元，年增 22%，與調整後 EBITDA 的成長相似，因為平均股數下降 5% 的好處被利息支出的增加所抵消。

On the GAAP basis, net income was $333 million in the first quarter and was impacted by a mark to market adjustment to the conversion option premium of our convertible note due May 2025 and remeasurement loss on our euro bonds partially offset by a reduction in the accruals related to the Netherlands pension fund matter for 2023 and earlier years. All of these items were excluded from our adjusted results.

根據 GAAP 計算，第一季淨收入為 3.33 億美元，受到 2025 年 5 月到期的可轉換票據轉換選擇權溢價的市價調整以及歐元債券的重估損失的影響，但 2023 年及之前年度與荷蘭養老基金事項相關的應計費用減少部分抵銷。所有這些項目均被排除在我們的調整結果之外。

For the first quarter, we realized a very small amount of in quarter savings from the transformation program. However, we have already taken actions that we expect will enable approximately $300 million in annual run rate savings, of which about $150 million is forecasted to be realized this year consistent with our prior expectations. In the first quarter, we incurred $32 million in transformation costs which were excluded from our adjusted results. We continue to estimate the aggregate transformation costs will be about $400 million to $450 million which is similar to the run rate savings we ultimately expect to achieve from the program.

就第一季而言，我們透過轉型計畫實現了非常少量的季度節省。然而，我們已經採取了一些行動，預計這些行動將實現每年約 3 億美元的運行率節省，其中預計今年將實現約 1.5 億美元，與我們先前的預期一致。第一季度，我們發生了 3,200 萬美元的轉型成本，該成本未計入我們的調整後業績。我們繼續估計總轉型成本將約為 4 億至 4.5 億美元，這與我們最終預計從該計劃中實現的運行率節省相似。

Now on to our cash and liquidity position. Our first quarter ending cash and investments balance of $16.1 billion was down versus our fourth quarter ending balance of $16.7 billion, due to about $2.1 billion of capital return, including share purchases and dividends, a pay down of about $1.5 billion for debt that matured in March, as well as about $500 million in additional share repurchases to satisfy employee withholding tax obligations, partially offset by about $3.2 billion in free cash flow generated in the quarter.

現在談談我們的現金和流動性狀況。我們第一季末的現金和投資餘額為 161 億美元，低於第四季末的 167 億美元，原因是約 21 億美元的資本回報（包括股票購買和股息）、3 月份到期的約 15 億美元債務償還，以及約 5 億美元的額外股票回購以滿足員工預扣稅義務，部分被本季度產生的現金流量所抵消。

Free cash flow in the first quarter benefited by about $1.9 billion from changes in working capital driven primarily by the seasonal increase in our deferred merchant bookings balance. Moving to our thoughts for the second quarter, we have continued to see stable travel demand trends in our business so far in the second quarter, and our guidance for the quarter assumes a continuation of those trends.

第一季的自由現金流受益於營運資本變動約 19 億美元，這主要由於我們的遞延商家預訂餘額的季節性增加所致。談到我們對第二季度的想法，到目前為止，我們在第二季度的業務中繼續看到穩定的旅遊需求趨勢，並且我們對本季的指導假設這些趨勢將持續下去。

However, we recognize the possibility that these trends could be impacted by the increased uncertainty in the geopolitical and macroeconomic environment, and the subsequent potential effect on consumer spending and behavior, travel patterns, or our partners. We'll continue to closely monitor the travel environment for any changes. Our guidance also assumes recent FX rates, including the euro-US dollar at 1.14 for the remainder of the quarter. We estimate changes in FX will positively impact our second quarter reported growth rates by about 4% points.

然而，我們認識到這些趨勢可能會受到地緣政治和宏觀經濟環境不確定性增加的影響，並隨後對消費者支出和行為、旅行模式或我們的合作夥伴產生潛在影響。我們將繼續密切關注旅行環境的任何變化。我們的指引也假設最近的外匯匯率，包括本季剩餘時間內歐元兌美元匯率為 1.14。我們估計外匯變化將對我們第二季報告的成長率產生約 4% 的正面影響。

We currently expect second quarter room night growth to be between 4% and 6%, which includes a slight headwind from the calendar shift of Easter into April. We currently expect second quarter growth bookings to increase between 10% and 12%, including a couple of percentage points of positive impact from higher flight ticket growth partially offset by a slight impact from the calendar shift of Easter. We expect constant currency accommodation ADRs will be about flat year over year.

我們目前預計第二季度客房夜數成長率將在 4% 至 6% 之間，其中包括由於復活節推遲到 4 月而產生的輕微阻力。我們目前預計第二季的預訂量將增加 10% 至 12%，其中包括機票成長帶來的幾個百分點的正面影響，但部分抵消了復活節日曆變化帶來的輕微影響。我們預計，固定匯率貸款 ADR 將與去年同期基本持平。

We currently expect the second quarter revenue growth to be between 10% and 12%, including a benefit of about 3% points from the calendar shift of Easter into April. We currently expect second quarter adjusted EBITDA to be between about $2.15 billion and $2.2 billion growing 16% year over year at the high end, which includes about 7% points of year-over-year benefit from the Easter shift.

我們目前預計第二季的營收成長率將在 10% 至 12% 之間，其中包括因復活節推遲到 4 月而帶來的約 3% 的收益。我們目前預計第二季調整後的 EBITDA 將在 21.5 億美元至 22 億美元之間，最高年增 16%，其中包括復活節假期帶來的約 7% 的年成長。

Turning to the full year of 2025, although we continue to see stable trends globally so far in the second quarter, we recognize that our business could be impacted by the increased uncertainty in the geopolitical and macroeconomic environment. Therefore, we are widening the range of our full year expectations for constant currency growth.

展望 2025 年全年，儘管第二季迄今為止我們繼續看到全球穩定趨勢，但我們認識到我們的業務可能會受到地緣政治和宏觀經濟環境不確定性增加的影響。因此，我們擴大了全年固定貨幣成長預期的範圍。

At this time, we expect constant currency growth of mid to high single digits for gross bookings and revenue and low to mid teams for adjusted EPS. The high end of each of these ranges remains in line with our prior expectations and our long-term growth ambition. We continue to expect leverage in our marketing expenses and adjusted fixed operating expenses due to our disciplined management approach. Additionally, we also continue to expect to make targeted reinvestments across the organization of about $170 million in 2025.

目前，我們預期總預訂量和收入將維持中高個位數的固定貨幣成長，調整後每股盈餘將維持中低個位數的成長。每個範圍的高端仍然符合我們先前的預期和長期成長目標。由於我們採取了嚴格的管理方法，我們預期行銷費用和調整後的固定營運費用將繼續發揮槓桿作用。此外，我們也將繼續預計在 2025 年對整個組織進行約 1.7 億美元的定向再投資。

At this time, we expect constant currency growth for adjusted EBITDA of high single digits to low double digits, and we expect our adjusted EBITDA margins to expand between 50 basis points and 100 basis points year over year. Assuming recent FX rates for the remainder of the year, we estimate changes in effects will positively impact our full year reported growth rates by about 2% points, first is the constant currency growth rates I just mentioned.

目前，我們預計調整後的 EBITDA 將以恆定的貨幣成長速度從高個位數成長到低兩位數，並且我們預期調整後的 EBITDA 利潤率將比去年同期成長 50 個基點至 100 個基點。假設今年剩餘時間的近期外匯匯率，我們估計影響的變化將對我們全年報告的成長率產生約 2% 的正面影響，首先是我剛才提到的固定貨幣成長率。

In conclusion, we are pleased with our first quarter results and our team's continued execution toward our strategic initiatives. We remain confident in our ability to successfully navigate through the current environment and take advantage of new opportunities based on our low capital intensity, global diversification, and strong financial profile of the company. I would like to recognize the success of all our colleagues who are contributing to building a stronger offering for our travelers and partners that will position as well for the long term.

總之，我們對第一季的業績以及我們團隊對策略計畫的持續執行感到滿意。我們仍然有信心，我們有能力成功應對當前環境，並憑藉我們低資本密集度、全球多元化和強大的公司財務狀況來利用新機會。我想對我們所有同事的成功表示認可，他們為我們的旅客和合作夥伴提供更強大的服務做出了貢獻，並為我們長期發展奠定了基礎。

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

現在我們來回答你們的問題。接線生，請您接通線路好嗎？

(Operator Instructions)

（操作員指示）

Doug Anmuth, JP Morgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Great, thanks for taking the questions; one for Glenn, one for Ewout.

太好了，感謝您回答這些問題；一個給格倫，一個給尤特。

Glenn, just on AI, can you talk about what drives your confidence that travel vertical specific agents will prove to be valuable over time and just how they'll compare to agents on broader based platforms? And then Ewout, you mentioned the shift in travel patterns that you're seeing. Can you talk more about how booking is benefiting from the geographic diversification and whether you're seeing any shift toward lower cost alternatives or shorter booking windows into the summer travel season? Thanks.

格倫，僅就人工智慧而言，您能否談談是什麼讓您有信心，相信旅遊垂直特定代理商隨著時間的推移將被證明是有價值的，以及他們與更廣泛平台上的代理商相比如何？然後，Ewout，您提到了您所看到的旅行模式的轉變。您能否進一步談談預訂如何受益於地理多樣化，以及您是否看到夏季旅遊季節轉向低成本替代方案或更短的預訂窗口？謝謝。

Hi, Doug. Thanks. That's a good question. It's something I think a lot of people are wondering about how will this new world of AI play out, with hyperscales with very broad capabilities and narrow players in different domains and being more specific, and is that going to be better or not? And I think it's not an either or, I think there are actually places for both areas where we will do well.

你好，道格。謝謝。這是個好問題。我認為很多人都在想，這個人工智慧新世界將如何發展，超大規模具有非常廣泛的能力，而參與者則集中在不同領域，而且更加具體，這會更好嗎？我認為這不是非此即彼的問題，我認為實際上我們在這兩個領域都有可以做得很好的地方。

So let's take for example a very large player. Let's take OpenAI who, as you know, we got a deal with them. We're one of the founding partners in their operator system and of course we also set one up now, as I mentioned in the earlier remarks about Microsoft and Alexa Plus, and I'd like to -- I think, I'm comfortable saying we're having discussions with others.

讓我們以一個非常大的玩家為例。以 OpenAI 為例，如你所知，我們與他們達成了協議。我們是其運營商系統的創始合作夥伴之一，當然我們現在也建立了一個，正如我在之前關於微軟和 Alexa Plus 的評論中提到的那樣，我想 - 我想，我可以放心地說我們正在與其他人進行討論。

And that is one way that we will help together do what is best, that we both do best. They do a great job in creating these very large language models and having a very broad ability to bring in answers to some of these questions. Well, we in and now will be able to actually create the booking, do what is necessary to actually execute what the person wants to get done.

這是我們共同努力做到最好的、雙方都做到最好的一種方式。他們在創建這些非常大的語言模型方面做得非常出色，並且具有非常廣泛的能力來回答其中一些問題。好吧，我們現在可以真正地創建預訂，做必要的事情來真正執行這個人想要做的事情。

Now on the flip side, something that I'm really excited about is what we're working on our own. And that is being able to have a narrower generative AI system that enables people to accomplish the same thing, but we think using all of our resources, the data we have, the personalization we have, the incredible abilities of a very smart technology people to create something that really is incredibly well.

另一方面，令我真正興奮的是我們正在自己做的工作。那就是能夠擁有一個更窄的生成人工智慧系統，使人們能夠完成同樣的事情，但我們認為利用我們所有的資源、我們擁有的數據、我們擁有的個性化、以及非常聰明的技術人員的驚人能力來創造出真正令人難以置信的好東西。

I know some people are going to go to the Hyper scale they're just going to get used to it and they're going to say, that's where I want to go, same way people right now go to Google, even though I know they would save some status by coming directly to us, which we are seeing -- and I think Ewout mentioned about how the direct is moving up, how we're now mid-60s when you take out the B2B stuff, and that's an improvement over the last year, which was low 60%. This is really good stuff for us in terms of people coming directly, but I know some people aren't.

我知道有些人會採用 Hyper 規模，他們只是要習慣它，他們會說，那就是我想要去的地方，就像現在人們去 Google 一樣，儘管我知道他們通過直接聯繫我們可以保留一些地位，我們看到了這一點 - 而且我認為 Ewout 提到了直接銷售如何上升，如果去掉 B2B 部分，我們現在的銷售額是 60% 左右，這比去年銷售額的 60% 以下為 60% 以下為 60% 以下為 60% 以下為 60% 以下的銷售額。對於直接前來的人來說，這確實是件好事，但我知道有些人不會。

But I do believe if we provide more value, if we make it easier for people to execute what they want, in the long run, this will continue to build all the things we've been talking about is creating that seamless, frictionless, connected trip, which I know so many people want to. I know travel is still a frustrating experience, I know we can do it so much better. I think we are doing it already. I think that's part of the reason why we are doing so well.

但我確實相信，如果我們提供更多的價值，如果我們讓人們更容易實現他們想要的東西，從長遠來看，這將繼續建立我們一直在談論的所有東西，創造無縫、無摩擦、互聯的旅程，我知道很多人都想要。我知道旅行仍然是一個令人沮喪的經歷，但我知道我們可以做得更好。我認為我們已經在這麼做了。我認為這是我們做得如此出色的部分原因。

Ewout, I'll let you answer the second question.

Ewout，我請你回答第二個問題。

Good afternoon, Doug. I think your question was around the shift in travel patterns and what we're seeing from a geographical perspective. So I think the headline answer there is we see stable demands globally. So from January until today in April, we've seen very stable demand and don't see any impact from the general economic environment in our business. So that's really a positive.

下午好，道格。我認為您的問題是關於旅行模式的轉變以及我們從地理角度看到的情況。所以我認為主要的答案是我們看到全球需求穩定。因此，從一月到四月的今天，我們的需求非常穩定，並且沒有看到整體經濟環境對我們的業務產生任何影響。這確實是一件正面的事情。

If I dive a little bit deeper, yes, we're seeing some underlying changes in travel preferences in some of the corridors, as we have pointed out. So Europeans are traveling less to the US. They might travel now more to Canada, to Asia, and intra-Europe. What we are seeing, I pointed already out that Canadians are traveling less to the US, but we see them more traveling to Mexico at this moment.

如果我深入一點，是的，正如我們所指出的，我們看到一些走廊的旅行偏好發生了一些潛在的變化。因此歐洲人前往美國的次數減少了。他們現在可能會更多地前往加拿大、亞洲和歐洲內部。我已經指出，我們看到加拿大人前往美國的次數減少了，但目前他們前往墨西哥的次數增加了。

For us it, doesn't matter. We are agnostic to where they are traveling because usually they're spending the same amount just at another destination. And the fact that we are globally, so well diversified just want to pull out what we have said in the past. A little bit over 50% of our business is in Europe, about 25% is in Asia, low double digits in terms of room nights in the US. So we're very well diversified to help travelers to go to other destinations, and economically, we're completely fine and neutral with that.

對我們來說這並不重要。我們不知道他們去哪裡旅行，因為通常他們只是在另一個目的地花費相同的金額。事實上，我們的業務遍布全球，多元化程度很高，我們只是想重申我們過去說過的話。我們的業務有 50% 多一點在歐洲，約 25% 在亞洲，美國的間夜量則為兩位數。因此，我們的業務非常多元化，可以幫助遊客前往其他目的地，從經濟角度來看，我們對此完全滿意且持中立態度。

We're seeing globally the length of stay being stable. Except for the US, as we called out in our prepared remarks, the booking window is still expanding. And if I look at the metric that we call on the books, so how many bookings do we already have in the future over the next few months, including the summer period, we see a healthy increase year over year.

我們看到全球範圍內的住院時間是穩定的。除了美國以外，正如我們在準備好的演講中提到的那樣，預訂窗口仍在擴大。如果我看一下我們帳面上的指標，那麼未來幾個月（包括夏季）我們已經有多少預訂，我們會看到同比增長。

So generally, I would say the underlying trends are positive with a slight weakness in the US. But overall, our The position is really good. Moreover, in a situation like this, we can add additional value for our supply partners. They need even more help to really fill their seats, fill their rooms. So this is the moment to really step up and deliver that additional value for our supply partners. And usually coming out of situations like this, we are looking much better and we're much stronger in terms of the partnerships.

因此，總體而言，我認為潛在趨勢是積極的，但美國略有疲軟。但總體來說，我們的位置確實很好。此外，在這種情況下，我們可以為我們的供應合作夥伴增加額外的價值。他們需要更多的幫助才能真正填滿他們的座位和房間。因此，現在是我們真正加大力度並為供應合作夥伴提供額外價值的時候了。通常，擺脫這種情況後，我們的狀況會變得更好，合作也會變得更強大。

Thank you, both. I Appreciate it.

謝謝你們兩位。我很感激。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Okay, I want to ask two questions. First, on attractions, I think across the industry there's probably going to be a little bit of a greater focus on that this year. Glenn, is there anything in particular that's new about the strategy for you? I know you've got this high growth, but it's on a modest space. Is there something that's caused the opportunity to become more attractive than at other points in the past?

好的，我想問兩個問題。首先，關於景點，我認為整個行業今年可能會更加關注這一點。格倫，對你來說，這個策略有什麼特別新穎的地方嗎？我知道你們實現瞭如此高的成長，但成長空間仍然有限。有什麼因素使得這個機會比過去任何時候都更具吸引力？

And then just on the agentic tools that you have on your own sites, the Priceline, Penny, etc. You want to just talk a little bit about the product path? It seems like there's some really interesting functionality in there based on our testing, but it's still kind of beta-esque, or I think it actually literally still is in beta. When do you think that'll come out and and the average person coming to to priceline and the booking will actually be able to use the tool and it will be prominently displayed? Thank you.

然後就您在自己的網站上擁有的代理工具，Priceline、Penny 等。您想稍微談談產品路徑嗎？根據我們的測試，它似乎有一些非常有趣的功能，但它仍然有點測試風格，或者我認為它實際上仍然處於測試階段。您認為什麼時候會推出這個功能？一般人甚麼時候才能透過 Priceline 預訂並真正使用這個工具？而這個功能會以醒目的方式顯示出來嗎？謝謝。

Hi, Mark. Two good questions. I like the fact you said to them about attractions because it give me an opportunity to talk about that 92% growth rate, which I really like to say. So here's the thing though, and we haven't talked a lot about attraction in the past, but it certainly it is within that connected trip vision.

你好，馬克。兩個好問題。我喜歡你跟他們談論景點的事實，因為它給了我一個機會來談論92％的成長率，我真的很喜歡這麼說。但事情是這樣的，我們過去並沒有談論太多關於吸引力的問題，但它肯定是在互聯旅行願景之內。

And if you recall, and I leave this out many years ago, even a little bit before the pandemic, of course, the pandemic, created a little bit of a slowdown for us. I'd do a couple other things in that time. But the idea is the long term vision of the connected trip required us to go basically almost from scratch. The only thing we had at Booking.com was an agency hotel business, and that cannot possibly be a foundation for a connected trip to create that better experience.

如果你還記得的話，我很多年前就提到過這一點，甚至在疫情爆發之前不久，當然，疫情給我們帶來了一點經濟放緩。那時我還會做其他一些事情。但這個想法是，連網旅行的長期願景要求我們基本上是從零開始。Booking.com 唯一的業務就是代理酒店業務，這不可能成為打造更佳體驗的互聯旅行的基礎。

So we had to first start doing, okay, we need payments. So we start building payments so we can have a merchant for the hotels, which is the foundation. And what's the biggest thing after that? Well, flights, we got to build flights. Of course, you saw that one, 45% growth rate on that one for the quarter like that and the tickets. And then we say, well, we got to do other things too, the ground transportation. Sure, we had a car rental business, we had to build up the other stuff too, and of course, attractions.

所以我們必須先開始做，好的，我們需要付款。因此，我們開始建立支付機制，以便為飯店提供商家，這是基礎。那之後最大的事情是什麼？好吧，航班，我們必須建造航班。當然，您看到了，該季度的成長率為 45%，還有門票。然後我們說，好吧，我們還要做其他事情，地面交通。當然，我們有租車業務，我們也必須建立其他業務，當然還有景點。

Now you can't do everything at once. And you got to be, think about what do we need first and how much money put into it, how many people and where should we put it, etc. Now we have all of these verticals up and running and scaling, which is great. And we did something last year, a little more than a year ago, we did a rearrange it of the people at booking.com. We created a new place called marketplace to help bring this all together.

現在你不能同時做所有的事情。你必須思考我們首先需要什麼，投入多少資金，需要多少人力，應該把他們安排在哪裡，等等。現在，我們已經啟動、運行和擴展了所有這些垂直領域，這很好。去年，也就是一年多前，我們做了一些事情，對 booking.com 的人員進行了重新安排。我們創建了一個名為「市場」的新地方來幫助整合這一切。

And now we're using all of our technology, we're starting to use all of our data, the machine learning models and other things and now Gen AI to come up to put it together. So it's starting to get a little bit of launch here, a little bit of lift. But, we say, look, the 92% great, still a relatively smaller number than some of the big players in attractions who are solely doing just attractions. I'll tell you, it ain't tiny, and it is going to continue to grow.

現在我們正在使用我們所有的技術，我們開始使用我們所有的資料、機器學習模型和其他東西，現在 Gen AI 將它們整合在一起。所以它在這裡開始有了一點啟動，有了一點升力。但是，我們說，看，92% 的成績都很好，但與一些只做景點的大型景點公司相比，這個數字仍然相對較小。我告訴你，它並不小，而且還會繼續成長。

I am Very excited because that is something that people really will see as a difference. When you are in destination, I've talked about this, your phone in your pocket, that's like having a travel agent in your pocket who's giving you a great deal, a great opportunity, a great suggestion or something to do, and being there telling you all like an attraction. I've given a lot of examples. I won't use up the time now because you, you've heard them before, but that's going to be really important providing that value. And it is great to be pretty far along in having set it up, and now we're get more inventory and continue to develop the ways to do it. So I'm really excited about that.

我非常興奮，因為人們確實會看到這種差異。當你到達目的地時，我已經談到了這一點，你的手機在你的口袋裡，就像你的口袋裡有一個旅行社，他給你提供了很多優惠、絕佳的機會、很棒的建議或一些可以做的事情，並在那裡告訴你所有的事情，就像一個景點一樣。我已經給了很多例子。我現在不會浪費時間，因為你們以前已經聽說過，但提供這種價值確實非常重要。很高興我們已經取得了很大進展，現在我們獲得了更多的庫存，並繼續開發實現這一目標的方法。所以我對此感到非常興奮。

Now the second thing is you're talking about this into this idea of this aggentic AI and the different things we have like Penny at Priceline or like the AI trip planner at booking. And now, we just came out KAYAK, I don't know if you've seen it or not, KAYAK came out with the KAYAK.AI, another thing coming out. All these things are different approaches to the same thing, just trying to come up with an easier way for people to be able to accomplish what they want in travel.

現在第二件事是，您正在談論這種遺傳人工智慧的想法，以及我們所擁有的不同的東西，例如 Priceline 的 Penny 或 Booking 的人工智慧旅行計劃器。現在，我們剛剛推出了 KAYAK，我不知道您是否看過，KAYAK 推出了 KAYAK.AI，又推出了一款產品。所有這些都是針對同一件事的不同方法，只是試圖為人們提供一種更簡單的方法，使他們能夠在旅行中實現自己的目標。

And you're right, beta is a good way to say it. It's early and I use it. And sometimes I'm like, scratch my head like, whoa, well, that doesn't look right. That's not right. And I understand, but these things do take time. By the way, just to everybody who uses any of the hypers skills too, you get some kind of information that you scratch your head about. It's going to take time. You want to know when is it going to be a great perfect thing.

你說得對，beta 是個很好的說法。時間還早，我就用它。有時我會搔搔頭，覺得『哇，這看起來不對勁。 ’那是不對的。我明白，但這些事情確實需要時間。順便說一句，對於使用任何超級技能的人來說，你會得到一些讓你摸不著頭腦的資訊。這需要時間。你想知道什麼時候它會成為一件偉大的完美的事。

And I'll tell you something, it's going to take a little bit of time. And I like each day it gets a little bit better. And I also like the fact the way we're working with other big players to really help perfect this stuff. So I'm just -- this is one of these times this new technology, I almost feel like it's back when I first started this company in 2000. so many new exciting things coming down the road, they're going to make it so much better. I wish I could give you a date, Mark. I can't, but I can tell you it's coming.

我要告訴你，這需要一點時間。我喜歡每天都進步一點點。我也喜歡我們與其他大公司合作的方式，真正幫助完善這些東西。所以我只是——這是這項新技術的時代之一，我幾乎感覺它就像是我在 2000 年第一次創辦這家公司時一樣。未來會有這麼多令人興奮的新事物出現，它們會讓公司變得更好。我希望能給你一個約會，馬克。我不能，但我可以告訴你它即將到來。

Thank you, Glenn.

謝謝你，格倫。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the questions. Maybe too if I could, following up on the SKUs and the shifts you're seeing around the edges in travel behavior, are you yourself changing any focus competitively about where you're aiming some of your incremental growth investments to capitalize on shifts in the broader environment or are you seeing any competitive intensity changes broader across the industry as result of some of those shifts?

非常感謝您回答這些問題。如果可以的話，也許我可以跟進 SKU 和您在旅行行為邊緣看到的轉變，您自己是否在競爭中改變了重點，將一些增量增長投資瞄準哪裡，以利用更廣泛環境的變化，或者您是否看到由於這些轉變而導致整個行業的競爭強度發生更廣泛的變化？

Second question, I think I got this right, but on the prepared remarks, I think you made a comment that there's been some successful experimentation in traditional marketing channels that had improved performance. And I just want to know if we can get a little more granularity in what you meant by that in terms of what kind of experiments or what kind of rate of change you might be seeing in terms of approved returns. Thanks so much.

第二個問題，我想我回答對了，但在準備好的評論中，我認為您評論說在傳統行銷管道中已經進行了一些成功的實驗，從而提高了績效。我只是想知道我們是否可以更詳細地了解您所說的內容，即在什麼樣的實驗方面，或者在批准回報方面您可能會看到什麼樣的變化率。非常感謝。

Good afternoon, Eric. Let me take both questions. First, in terms of shifts, in terms of our investments, given what we're seeing across the world, we're not so much making changes at this moment. We very much believe, as you know, in the long-term nature of our business, creating value from a medium and long term perspective.

下午好，埃里克。讓我來回答這兩個問題。首先，就轉變而言，就我們的投資而言，鑑於我們在世界各地看到的情況，我們目前不會做出太多改變。如您所知，我們非常相信我們的業務具有長期性，並且能夠從中長期角度創造價值。

For our shareholders and not really changing our short-term situation too much for opportunistic reasons. So we are continuing with our transformation program. We're continuing with our reinvestments. Glenn already talked about attractions, which is a part of the reinvestment program, but also advertised, gen AI, and several other areas that we're building out fintech as well, so we will continue with that. We will continue with alternative accommodations with flights, with the connected trip build out our direct channels, so all of that will continue. So not so much of a shift.

對我們的股東來說，並不會因為機會主義的原因而過度改變我們的短期狀況。因此，我們將繼續我們的轉型計劃。我們將繼續進行再投資。格倫已經談到了景點，這是再投資計劃的一部分，但也宣傳了人工智慧以及我們正在建立金融科技的其他幾個領域，所以我們將繼續這樣做。我們將繼續提供航班替代住宿，並透過聯程旅行建立我們的直銷管道，所有這些都將繼續下去。所以轉變並不大。

We are not seeing any changes in terms of trends. So we said it's very stable in case the uncertainty is playing out. And again, we are not seeing that today, but in case this will happen later this year, there might be opportunities to shift. Some of our investments because in fact, at that point in time, there could be opportunities for us to really take advantage of such a situation based on the financial strength we are having as a company, But that's not really the case at this at this moment.

我們沒有看到趨勢方面有任何變化。因此我們說，如果出現不確定性，它就會非常穩定。再說一次，我們今天沒有看到這種情況，但如果今年晚些時候發生這種情況，可能會有轉變的機會。我們的一些投資是因為事實上，在那個時間點，我們可能有機會根據我們作為一家公司的財務實力真正利用這種情況，但目前情況並非如此。

In terms of the performance marketing and the traditional performance marketing and what is happening there, what we are seeing is higher performance marketing spend as a percentage of growth bookings, but that was planned for this quarter, so that's not really a surprise for us.

就績效行銷和傳統績效行銷以及那裡正在發生的事情而言，我們看到的是績效行銷支出佔成長預訂量的百分比更高，但這是本季度的計劃，所以這對我們來說並不意外。

We are continuously optimizing for efficient spend in our performance marketing channels and always doing experiments to find ways to further improve that spend. What we have seen is that we find opportunities with lower ROIs than our average ROIs, but still positive ROIs and ROIs that are above our ROI floor. So economically, a good outcome. But mathematically, it is bringing the average ROI slightly down. So it's purely based on traffic mix changes but not so much on anything else. So from our perspective this is a positive story. Excluding mix, we are improving performance, we're growing faster and we're taking their share in most of our markets.

我們不斷優化績效行銷管道的高效支出，並始終進行實驗以尋找進一步改善支出的方法。我們看到的是，我們發現投資報酬率低於平均投資報酬率的機會，但投資報酬率仍然為正，並且高於我們的投資報酬率下限。從經濟角度來看，這是一個好的結果。但從數學上來說，它會使平均投資報酬率略微下降。因此，它純粹基於交通組合變化，而不是其他因素。所以從我們的角度來看這是一個正面的故事。除組合外，我們正在提高業績，我們正在加快成長，我們正在在大多數市場中佔據份額。

Great, thank you.

太好了，謝謝。

I want to emphasize on the Ewout said, which I think is an important thing to keep in mind. And that is, as he pointed out, if it's a big if because we're not seeing it, but if things were to turn a little bit sideways or downwards or such, we have always in the past used those opportunities to gain share. When you look at our company over the many years that we've been operating here, we have been able to be nimble and agile and taking advantage.

我想強調一下 Ewout 所說的話，我認為這是一件需要牢記的重要事情。正如他所指出的，如果這是一個很大的“如果”，因為我們沒有看到它，但如果事情稍微轉向側面或向下或諸如此類，我們過去總是利用這些機會來獲得份額。回顧我們公司多年來的經營歷程，我們一直能夠靈活、敏捷並充分利用優勢。

When there is opportunity to gain share, we have used that opportunity and have come out of those situations better off than we went into them. And I think that's unver just to keep in mind because I hear some of the noise and I feel concerned about, what the future is and for ourselves we've done well when things have not done so well for everyone else.

當有機會獲得份額時，我們就會利用這個機會，並且比開始時做得更好。我認為這是不值得記住的，因為我聽到了一些噪音，我感到擔心，未來會怎樣，我們自己做得很好，而其他人的情況卻不那麼好。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Great, thanks for taking my questions. I have two, maybe the first one is on the new annual guidance and sort of the widening, I hear a lot of sort of things are stable. There's not a lot of changes going on in the business. Maybe to sort of walk us through the reasoning for the widening of the range just to sort of, in case or just being more pragmatic, or is there anything you're seeing in the business that is sort of informing your decision to widen the range versus what you thought 90 days ago?

太好了，感謝您回答我的問題。我有兩個，也許第一個是關於新的年度指導和擴大範圍，我聽說很多事情都很穩定。業務上沒有發生太多變化。也許可以向我們解釋一下擴大範圍的理由，只是為了以防萬一，或者只是為了更務實，或者你在業務中看到的任何東西是否有助於你做出擴大範圍的決定，而不是你 90 天前的想法？

And then the second one, just to go back to that last answer about the lower ROIs driving growth, is that -- is it a geographic phenomenon or are there certain channels that are sort of like lower ROI or sort of -- Please help us understand a little more again by what's going on with the lower ROI incremental acquisition that you have? Thanks.

然後第二個問題，回到關於較低投資報酬率推動成長的最後一個答案，這是一種地理現象嗎？還是存在某些管道的投資報酬率較低？或者某種程度上，請幫助我們再多了解一下，你們的較低投資報酬率增量收購是怎麼回事？謝謝。

Sure, Brian, good afternoon. So when we are looking at our full year guidance, what we have said is on a constant currency basis because as we know, FX is moving around a lot. So we thought it's cleaner and simpler and better and easier to understand to guide constant currency, and then provides you the effect sensitivities around that. On the constant currency basis at the high end of the range, we're still at high single digit growth on the constant currency basis for growth bookings and revenues and still at mid teens for EPS.

當然，布萊恩，下午好。因此，當我們審視全年指引時，我們所說的是基於固定匯率，因為我們知道，外匯波動很大。因此，我們認為它更清晰、更簡單、更好、更容易理解，可以指導恆定貨幣，然後為您提供圍繞它的效果敏感性。以固定匯率計算，在該範圍的高端，我們的增長預訂量和收入仍按固定匯率計算保持高個位數增長，每股收益仍保持十幾歲左右的增長。

Based on the trends we are seeing today, we see the market is very stable. We see demand stable. But we also know there's a lot of uncertainty out there in the world. We don't know, particularly in the second half of this year, what is going to happen, how things are going to play out. No one knows if there's going to be at some point an impact on consumer confidence and will that impact in the end as consumer spending in all retail categories including travel.

根據我們今天看到的趨勢，我們認為市場非常穩定。我們看到需求穩定。但我們也知道世界上存在著許多不確定性。我們不知道，特別是在今年下半年，會發生什麼，事情會如何發展。沒有人知道這是否會在某個時候對消費者信心產生影響，以及最終是否會影響包括旅遊在內的所有零售類別的消費者支出。

It's very uncertain and unknown. So we think it's reasonable to say the possibilities in terms of outcomes has become much wider than 90 days ago. And therefore, it would make sense to widen the ranges and now say on constant currency basis to go from mid to high single digits for growth bookings and revenues and low to mid teams for EPS. But the high end is still the same because if those uncertainties not play out, then we will be exactly where we said we would be 90 days ago when we did our fourth quarter poll.

這是非常不確定和未知的。因此，我們認為，可以合理地說，結果的可能性比 90 天前要廣泛得多。因此，擴大範圍是有意義的，現在假設在固定匯率基礎上，成長預訂量和收入從中位數到高個位數，每股收益從低到中個位數。但高端仍然是一樣的，因為如果這些不確定性沒有發揮作用，那麼我們將處於我們 90 天前進行第四季度民意調查時所說的狀態。

In terms of the performance marketing ROIs, so let me give you an example there, Brian. So if you think about the social media channels, we started really to scale up those channels during the second quarter of last year. Those are really attractive. The ROIs are above 1, so it's economically a positive outcome for. For the company, but the average ROIs are higher than some of those.

就績效行銷投資報酬率而言，布萊恩，讓我舉個例子給你聽。因此，如果您考慮社交媒體管道，我們在去年第二季就開始真正擴大這些管道的規模。這些確實很吸引人。ROI 高於 1，因此從經濟角度來看這是一個正面的結果。對於公司來說，但平均投資回報率高於其中一些。

We're also experimenting in some of our traditional performance marketing channels. For competitive reasons, I can't give you more details of what we are exactly doing there and what is happening. But as long as the ROIs are attractive and economically we create value for our shareholders, it would be foolish not to lean in in those on an incremental ROI basis, even though it might be slightly lower than our average ROIs.

我們也在一些傳統的績效行銷管道中進行實驗。出於競爭原因，我無法向您提供有關我們在那裡具體做什麼以及發生了什麼的更多細節。但只要投資回報率具有吸引力，並且從經濟角度而言我們能為股東創造價值，那麼不以增量投資回報率為基礎進行投資就是愚蠢的，儘管它可能略低於我們的平均投資回報率。

I would say don't look too much into this because yes this is happening during the first quarter. But for example, on the social media channels, we're lapping that during the second quarter so that the impacts won't show up so much anymore. Moreover, we will continue to see our direct channel expanding. That's our expectation for the rest of the year. So we're still forecasting marketing leverage for the second quarter and for the full year 2025 as well.

我想說不要太在意這個問題，因為是的，這是在第一季發生的。但是，例如在社群媒體管道上，我們將在第二季度進行改進，這樣影響就不會再那麼明顯了。此外，我們的直接管道將繼續擴大。這是我們對今年剩餘時間的預期。因此，我們仍在預測第二季以及 2025 年全年的行銷槓桿。

Great, thank you very much.

太好了，非常感謝。

Lee Horowitz, Deutsche Bank.

德意志銀行的李·霍洛維茲。

Alright, thanks, two quick ones if I could. Yeah, I think, Glenn, you talked about, if things were to perhaps go sideways, you guys have often used those opportunities to sort of lean in and take share, and I think we have certainly seen that in the past. But it does seem like there. Is perhaps some concerning about things flattening or going sideways in the US. Are you guys seeing that as a market that that maybe you lean in even more and you planned previously, just given that this could be an opportunity to gain share in a key strategic market?

好的，謝謝，如果可以的話，我快速問兩個問題。是的，格倫，我想，您剛才談到，如果事情可能出現問題，你們經常會利用這些機會來介入並分擔份額，我想我們在過去肯定看到過這種情況。但它看起來確實存在。或許有人擔心美國的情況會趨於平穩或出現橫向變化。你們是否認為這是一個你們可能更傾向於並且之前就已規劃好的市場，因為這可能是一個在關鍵策略市場中獲得份額的機會？

And then maybe just one on direct mix. We've obviously seen that number continue just to creep up over time. I wonder how you guys think about sort of what the high-end bar may look like over a longer period of time. You're building the connected chip, so presumably still higher from here. But where do you potentially see high water marks for direct mix over time?

然後也許只進行一次直接混合。我們顯然已經看到這個數字隨著時間的推移而持續上升。我想知道你們如何看待高端酒吧在較長一段時間內會變成什麼樣子。您正在建立連接的晶片，因此大概從現在開始還會更高。但是，隨著時間的推移，您可能會在哪裡看到直接混合的高水位線？

And how does generative AI perhaps impact that? Do Generative AI tools that you build perhaps help you build more direct mix over time or vice versa or partners who are building Gen AI tools perhaps take increased pay mix over time, if their tools turn out to be legitimate sources for travel demand?

那么生成式人工智慧會對此產生什麼影響呢？您建立的生成式人工智慧工具是否可以幫助您隨著時間的推移建立更直接的組合，反之亦然，或者，如果他們的工具成為旅行需求的合法來源，那麼建立生成式人工智慧工具的合作夥伴是否會隨著時間的推移獲得更高的薪酬組合？

Thank you, both.

謝謝你們兩位。

Thank you, Lee. So on the first one about opportunities and use the US as an example, things get worse. We get a bigger opportunity to lean even further and take more share. Obviously it's -- I'm not going to speak any specifics, but anytime that we see an opportunity that we believe in investment will give us long term value, we're going to take advantage of that as we have in the past.

謝謝你，李。因此，關於第一個機會，以美國為例，情況變得更糟。我們獲得了更大的機會，可以進一步傾斜並獲得更多份額。顯然，我不會談論任何具體細節，但只要我們看到一個機會，我們相信投資會為我們帶來長期價值，我們就會像過去一樣利用它。

One of the things, for example, so let's take our alternative accommodations here, which is, it's been going very well. I mean, I like that 12% growth rate, I've had the fun of talking about each quarter. Well, we do better than the biggest player in the space and. Will be this time, last time we spoke it was 14 or 15 quarters. So this is now the 16th quarter, so it'll be four years. And I'm hoping that I'll be able to say that in the four years, we were faster than the biggest player in every single quarter except one.

例如，其中一件事，讓我們來談談這裡的替代住宿，情況一直很順利。我的意思是，我喜歡 12% 的成長率，我很高興每個季度都談論這個數字。嗯，我們比這個領域最大的參與者做得更好。這次會是，上次我們談話時是 14 或 15 個季度。現在是第 16 季度，也就是四年。我希望能夠說，在這四年裡，除了一個季度之外，我們在每個季度都比最大的參與者更快。

And it's something that it's good because we've been leaning into that even in good times. Now things start getting a little bit skittish and such and you end up with people who have properties and they're not able to film as easily because there are as much demand. We have the tools, we have the ways, we got the data, and we have proven this in the past during the worst, the worst of travel since World War II, the pandemic.

這是一件好事，因為即使在順境中我們也一直傾向於這樣做。現在事情開始變得有點緊張，最終導致那些擁有房產的人無法輕易拍攝，因為需求太大了。我們有工具，有方法，有數據，我們在二戰以來最糟糕的旅行經歷，也就是疫情期間已經證明了這一點。

In that first year. We have a positive EBITDA of $900 million. That shows our ability to be adaptable, be able to vary what we're doing, and to come to partners with ways for them to get whatever demand was there. So yes, wait, if there is an opportunity, we are going to take it now.

在第一年。我們的息稅折舊攤提前利潤 (EBITDA) 為 9 億美元。這體現了我們的適應能力，能夠改變我們正在做的事情，並為合作夥伴提供滿足他們任何需求的方法。所以是的，等待，如果有機會，我們現在就會抓住它。

And turn to your second one, the direct, yeah, we like it keeps going up. But I'll tell you it's never going to be 100%, I'll bet, because there's always going to be somebody new comes in goes some other way. We want to get that customer too. It's funny once and this is a long time ago, somebody said, hey, we can have 100% that we just stopped advertising and stop bringing people from other channels, which obviously wouldn't be very good for the business.

然後轉到你的第二個問題，直接，是的，我們喜歡它不斷上升。但我敢說，這永遠不會達到 100%，因為總會有新人以其他方式出現。我們也想得到那個客戶。有一次很有趣，這是很久以前的事了，有人說，嘿，我們可以 100% 停止廣告，不再從其他管道引進人，但這顯然對業務不太好。

So I don't know what the optimal amount is. I know we look at ROIs, we look at what's the cost, what it cost to get a new customer from which channel. And your point about some of these new other agentic. Who knows? Maybe that'll be a great opportunity. Maybe what will happen is we'll end up with a whole bunch of them, which is going to be a lot more supply for new customers who are coming, which will lower the cost.

所以我不知道最佳數量是多少。我知道我們專注於投資報酬率，關注成本是多少，關注從哪個管道獲得一個新客戶需要花費多少錢。還有您關於這些新代理商的觀點。誰知道呢？也許這會是一個很好的機會。也許最終我們會擁有一大批這樣的產品，這將為即將到來的新客戶提供更多的供應，從而降低成本。

For us to acquire them, that could be wonderful for us. We'll see how it plays out. As it is right now, I like it the way we're playing it right now. I like the ROIs we've been using, and I like the growth and the direct the way it is. So knock on wood and, there's no wood near me, but knock on wood, things seem to be going pretty darn good.

對我們來說，收購他們是一件非常棒的事。我們將拭目以待。就目前而言，我喜歡我們現在的比賽方式。我喜歡我們一直在使用的投資報酬率 (ROI)，也喜歡它的成長和直接性。所以敲敲木頭，雖然我附近沒有木頭，但是敲敲木頭，事情似乎進展得相當順利。

Ken Gawrelski, Wells Fargo.

富國銀行的肯‧加夫雷爾斯基 (Ken Gawrelski)。

Thank you for the question, two if I may please. First, I want to address again in past periods of some macro weakness, the OTAs in general and booking in particular has had the opportunity to take share, and also has seen partners kind of lean into the OTA channel, meaning the big chains, etc. So I'm curious as if you're seeing anything, especially in the US where you're seeing some incremental weakness, if you're seeing that behavior already, and you expect that throughout the year?

感謝您的提問，如果可以的話，請問您兩個問題。首先，我想再談談過去宏觀經濟疲軟時期的情況，當時 OTA 總體上，尤其是在預訂方面，有機會搶佔市場份額，同時合作夥伴也傾向於 OTA 渠道，也就是大型連鎖酒店等。所以我很好奇您是否看到了什麼，特別是在美國，您看到了一些漸進式的疲軟，您是否已經看到了這種行為，並且您預計這種情況會持續全年？

And then the second one is really -- I'd love your thoughts on alternative accommodations versus hotels. If you think about the ADR potential ADR performance throughout the year on a constant FX basis, would you expect to see maybe more volatility or more variability in ADRs on alternative accommodations relative to hotels? Thank you very much.

然後第二個問題是——我很想聽聽您對替代住宿和酒店的看法。如果您以恆定匯率為基礎來考慮全年的 ADR 潛在表現，您是否預期非標住宿的 ADR 相對於飯店的波動性或可變性會更大？非常感謝。

Ken, let me take both questions. So first, on the opportunities we see in a macro environment where there is some weakness. So opportunities there could be, and some of that is already playing out, that there are some suppliers in the US. This could be our lines, this could be hotels that need additional help to fill seats, to fill rooms, and where we are building partnerships and find opportunities in certain programs in order to help to create additional demand. So that is actually already happening as we speak.

肯，讓我來回答這兩個問題。首先，我們在宏觀環境中看到了一些弱點，也看到了機會。因此，可能存在機會，而且其中一些機會已經顯現，美國也有一些供應商。這可能是我們的線路，這可能是需要額外幫助來填補座位、填補房間的酒店，我們正在建立合作夥伴關係並在某些計劃中尋找機會，以幫助創造額外的需求。所以實際上，就在我們說話的時候，這已經發生了。

Other opportunities could be, as Glenn mentioned, to really help alternative accommodation owners, villa owners, apartment owners that see that our bookings are not really developing as they have seen in the past, where we can put them on our platform and take advantage that our listings in alternative accommodations will go up.

正如格倫所提到的，其他機會可能是真正幫助替代住宿業主、別墅業主、公寓業主，他們發現我們的預訂量並沒有像過去那樣真正發展，我們可以將他們放在我們的平台上，並利用我們在替代住宿中的房源數量增加的優勢。

It might also be that at some point certain players will get in our industry more into financial difficulties. And given the financial strength we have as a company, we can lean in more in performance marketing channels based on our Possibility to really invest in those channels and to attractive ROIs and therefore really expand the level of activity that we can ultimately get to us in those auctions. So those are a number of examples that are happening.

也有可能在某個時候，我們行業中的某些參與者會陷入更大的財務困境。鑑於我們公司的財務實力，我們可以更依賴績效行銷管道，因為我們有可能真正投資於這些管道並獲得有吸引力的投資回報率，從而真正擴大我們最終可以在這些拍賣中獲得的活動水平。這些都是正在發生的一些例子。

In terms of your question, your second question, the economics of alternative accommodations versus hotels, actually there's not a large economic difference, and the best proof point is what you can see in our results over the last multiple quarters because we have been growing alternative accommodations for the last multiple quarters faster than. Traditional accommodations in all regions in the world. But you haven't seen an impact on ADRs, you haven't seen an impact on margins. You haven't seen an impact on any of our other metrics. On the contrary, we have continued to really build out all of those metrics in a very healthy way.

關於您的問題，您的第二個問題，即替代住宿與酒店的經濟效益，實際上並沒有很大的經濟差異，最好的證明點就是您在我們過去幾個季度的業績中看到的，因為過去幾個季度，我們替代住宿的增長速度一直比酒店快。世界各地傳統的住宿。但您還沒有看到對 ADR 的影響，也沒有看到對利潤率的影響。您還沒有看到對我們的任何其他指標的影響。相反，我們一直在以非常健康的方式真正建立所有這些指標。

The other thing just to point out is if you look at the post stock-based compensation basis compared to the largest player in alternative accommodations, we are growing faster with EBITDA margins again on the post SPC basis. It's really important to make that correction and not take numbers as they are being reported. Our EBITDA margins are approximately 50% higher and we are growing faster. So that's another example of that we are really not having any negative impacts from that shift.

另外要指出的是，如果你將股票薪酬後的基數與替代住宿領域最大的參與者進行比較，你會發現在股票薪酬後，我們的 EBITDA 利潤率在 SPC 基礎上增長得更快。進行這項修正並且不要採納報告的數字確實非常重要。我們的 EBITDA 利潤率提高了約 50%，而且我們的成長速度更快。這是另一個例子，說明我們實際上並沒有受到這種轉變的任何負面影響。

Thank you very much.

非常感謝。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼（Kevin Kopelman），TD Cowen。

Thanks a lot. Can you talk about how broadly and in what ways your suppliers are engaging with the Genius program, particularly with the tier 2 and tier 3 geniuses that are growing? And to what extent is Genius coming into play beyond traditional accommodations and alternative connected trip verticals, and just as a follow up to the last question when you are seeing some early signs of pressure like you know in the US, might you also see some pick up in supplier engagement with Genius. Thanks.

多謝。您能否談談您的供應商參與 Genius 計劃的廣泛程度和方式，特別是正在成長的二級和三級天才？Genius 在傳統住宿和替代連網旅行垂直領域之外發揮的作用有多大？作為上一個問題的後續，當您看到一些早期壓力跡象（例如在美國）時，您是否也會看到供應商與 Genius 的合作增加。謝謝。

Hi Kevin, yes, is the answer. That's one of the wonderful things about Genius. I mean, it's win-win for everybody. It's a win obviously for the consumer who gets a better deal. It's a win for the supplier because they're able to get an incremental customer into their, whether it be a hotel or be a car rental or whatever it is, gets them in without impacting, without having a channel conflict because they want to have a public price somewhere else.

嗨，凱文，是的，答案是這樣的。這就是天才的奇妙之處之一。我的意思是，這對每個人來說都是雙贏的。對於獲得更好優惠的消費者來說，這顯然是一場勝利。這對供應商來說是一種勝利，因為他們能夠吸引越來越多的客戶，無論是飯店、汽車租賃還是其他什麼，都不會對客戶造成影響，也不會發生管道衝突，因為他們希望在其他地方公開價格。

And of course, we do well because we get more bookings that way. And yes, when things get softer, people look for different ways to try and get. That incremental demand without hurting, without cannibalizing, without destroying whatever pricing strategies they have. And by the way, it's not just genius, and I'm glad you pointed out genius because I love the fact that we've got the level 2, Level 3, and now, well, over 30%, and they're producing great volume.

當然，我們做得很好，因為這樣我們獲得了更多的預訂。是的，當事情變得更加溫和時，人們會尋找不同的方式來嘗試。這種增量需求不會損害、不會蠶食、不會破壞他們的任何定價策略。順便說一句，這不僅僅是天才，我很高興你指出了天才，因為我喜歡這樣一個事實：我們已經擁有 2 級、3 級，現在，超過 30%，而且它們產量很大。

But we offer a tremendous number of different ways for a supplier to get that incremental demand, whether it be mobile rate, whether it be geography. Rates we have all different ways to bring opportunities to a supplier in a scientific way, not just throwing out a sale, not just coming out with a placard saying all come it's a lower price. We are doing it targeted selectively that's part of the beauty of our company with the incredible amount of data that we have that helps with all the science and all this machine learning to come out.

但是，我們為供應商提供了大量不同的方式來獲取增量需求，無論是行動費率還是地理位置。我們有各種不同的方式以科學的方式為供應商帶來機會，而不僅僅是拋出一個促銷廣告，也不只是舉著一個標語牌說「一切都來得及，這是一個較低的價格」。我們有針對性地進行選擇，這是我們公司的優勢之一，我們擁有大量數據，有助於所有科學和機器學習的發展。

What should be priced where, how and working together, together with the partner, having an account manager who can go and talk to that hotelier, here's the product I think you need to do here because of this, and getting them that demand. That is the partnership that we do. I think unfortunately a lot of people see this is just the place you put a price up and it's so easy. I think there's ag lot of science that goes into this, and that is part of the reason we have been forming so well over the last 25 years.

應該在哪裡定價、如何定價以及如何與合作夥伴共同努力，讓客戶經理去與酒店經營者交談，這就是我認為你需要在這裡做的產品，並讓他們滿足需求。這就是我們所建立的合作關係。我認為不幸的是，很多人認為這只是一個定價的地方，而且這很容易。我認為這裡面涉及很多科學，這也是我們在過去 25 年裡發展得如此順利的原因之一。

Thank you, Glen.

謝謝你，格倫。

And that's all the time we had for questions today, and I will now turn the call back over to Glenn for closing comments.

今天我們回答問題的時間就到這裡了，現在我將把電話轉回給格倫，請他發表最後評論。

Thank you. I want to thank our partners, our travelers, our dedicated employees, and our stockholders. We are truly grateful for everyone's support as we work towards realizing our company's long-term vision. Thank you and good night.

謝謝。我要感謝我們的合作夥伴、我們的旅客、我們敬業的員工以及我們的股東。我們真誠感謝大家的支持，我們致力於實現公司的長期願景。謝謝，晚安。

And this does conclude today's conference call. Thank you for your participation and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。