Booking Holdings Inc (BKNG) 2025 Q2 法說會逐字稿

Welcome to Booking Holdings second 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 guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict.

歡迎參加 Booking Holdings 2025 年第二季電話會議。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。這些前瞻性陳述並非對未來績效的保證，受制於某些難以預測的風險、不確定性和假設。

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

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。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。

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

有關可能導致 Booking Holdings 實際結果與前瞻性陳述中描述的結果存在重大差異的因素列表，請參閱 Booking Holding 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 Holding's 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 Holding 收益新聞稿的副本可在 Booking Holdings 網站 www.bookingholdings.com 的投資者專區查閱。

And now I'd like to introduce Booking Holding speakers for this afternoon, Glenn Fogle, and Ewout Steenbergen. Please go ahead, gentlemen.

現在我想介紹今天下午的 Booking Holding 演講者 Glenn Fogle 和 Ewout Steenbergen。先生們，請繼續。

Thank you, and welcome to Booking Holdings' second quarter conference call. I'm joined this afternoon by our CFO, Ewout Steenbergen. I am pleased to report a strong quarter that demonstrates the resilience of our business and the enduring appeal of global leisure travel.

謝謝，歡迎參加 Booking Holdings 第二季電話會議。今天下午，我們的財務長 Ewout Steenbergen 也加入了我。我很高興地報告本季業績強勁，展現了我們業務的韌性和全球休閒旅遊的持久吸引力。

Our top line trends saw solid improvement with room nights, gross bookings and revenue, all exceeding our prior expectations. This revenue outperformance combined with our continued disciplined expense management, increased adjusted EBITDA 28% year-over-year.

我們的營收趨勢呈現穩定改善，客房晚數、總預訂量和收入都超出了我們先前的預期。這項優異的營收表現加上我們持續嚴格的費用管理，使調整後的 EBITDA 年比成長 28%。

Even more than these financial achievements, I'm proud of our team's progress in accelerating our strategic priorities. This year continues to underscore the exciting intersection of technology and travel.

比起這些財務上的成就，我更為我們團隊在加速策略重點方面所取得的進展感到自豪。今年繼續凸顯了科技與旅遊令人興奮的交會。

Our legacy of innovation and our scale and proprietary data position us well to continue to drive meaningful value for our travelers and partners. I'll share specific examples from the quarter shortly. But first, let's briefly cover our second quarter financial highlights.

我們的創新傳統、規模和專有數據使我們能夠繼續為旅行者和合作夥伴創造有意義的價值。我很快就會分享本季的具體例子。但首先，讓我們先簡單介紹一下第二季的財務亮點。

During the quarter, we delivered strong results that exceeded our expectations, reflecting robust demand across our globally diversified business. Room nights reached $309 million an 8% year-over-year increase exceeding the high end of our prior expectations driven by strong performance across Europe and Asia. Asia, in particular, saw a healthy growth up low double digits, and we remain optimistic about our long-term outlook for the region.

本季度，我們取得了超乎預期的強勁業績，反映了我們全球多元化業務的強勁需求。客房夜數達到 3.09 億美元，年增 8%，超過了我們之前預期的高端，這得益於歐洲和亞洲的強勁表現。尤其是亞洲，其經濟實現了健康的兩位數低成長，我們對該地區的長期前景仍然持樂觀態度。

The US continues to be our slowest-growing region, but growth in the second quarter improved slightly from the first quarter and likely outpaced the broader US accommodation industry. The stronger-than-expected global room night growth helped drive second quarter gross bookings up 13% and revenue up 16%, both were above the high end of our prior guidance ranges. It's important to note that FX favorably impacted our growth rates by approximately 4-percentage-points, consistent with our expectations.

美國仍然是我們成長最慢的地區，但第二季的成長較第一季略有改善，並且可能超過了美國住宿業的整體成長速度。全球客房夜數成長強於預期，推動第二季總預訂量成長 13%，營收成長 16%，均高於我們先前預測範圍的高端。值得注意的是，外匯對我們的成長率產生了約 4 個百分點的正面影響，這與我們的預期一致。

And finally, adjusted earnings per share in the quarter grew 32% year-over-year. Ewout will provide more detailed financial insights shortly, including our outlook for the third quarter and full year.

最後，本季調整後每股盈餘較去年同期成長 32%。Ewout 很快就會提供更詳細的財務見解，包括我們對第三季和全年的展望。

Beyond the headline numbers, I am energized by the significant strides we are making across several key initiatives. We continue to expand alternative accommodations, enhance the Genius loyalty program, and grow our presence in Asia. We are also pushing forward our Connected Trip vision and continue to develop our AI capabilities.

除了整體數字之外，我們在幾項關鍵舉措上取得的重大進展也讓我感到振奮。我們將繼續擴大替代住宿選擇、增強 Genius 忠誠度計劃並擴大我們在亞洲的業務。我們也在推動我們的互聯旅行願景，並繼續發展我們的人工智慧能力。

All these initiatives and others contribute interactively synergistically allowing us to deliver a better planning and booking experience for our travelers and bring incremental demand to our partners.

所有這些舉措以及其他舉措都相互促進，使我們能夠為旅客提供更好的規劃和預訂體驗，並為我們的合作夥伴帶來增量需求。

Let's start with alternative accommodations. Strong relationships with our partners and our broad selection for travelers are fundamental to providing a comprehensive planning and booking offering. And we're constantly working to meet the alternative combination experience even better for both sides of the marketplace.

讓我們從替代住宿開始。與合作夥伴建立牢固的關係以及為旅客提供廣泛的選擇對於提供全面的規劃和預訂服務至關重要。我們一直在努力為市場雙方提供更好的替代組合體驗。

We strengthened our payment capabilities to deliver our partners a faster, simpler and more efficient experience. Also, we are further rolling out request to book functionality with prebooking messaging through an API, providing access to a segment of the alternative combination of supply that relies on this model.

我們加強了支付能力，為合作夥伴提供更快捷、更簡單、更有效率的體驗。此外，我們正在進一步推出透過 API 發送預訂訊息的預訂請求功能，從而提供對依賴此模型的替代供應組合部分的存取。

For travelers, we continue to broaden supply. With Booking.com's alternative accommodation listings reaching $8.4 million, an increase of 8% year-over-year. This growth provides even more choices for our travelers and contributed to a 10% year-over-year growth in alternative accommodation room nights for the quarter, outpacing our core hotel business.

對於旅行者，我們繼續擴大供應。Booking.com 的替代住宿房源價值達到 840 萬美元，年增 8%。這一增長為我們的旅客提供了更多的選擇，並促使本季替代住宿夜量同比增長 10%，超過了我們的核心酒店業務。

Another core way we deliver benefits to our travelers is through Booking.com's loyalty program called Genius. This program offers discounted pricing and other, mostly supplier provided benefits to our travelers. We continue to extend our Genius program beyond accommodations into other travel verticals, bring these benefits to more elements of travel.

我們為旅客提供福利的另一個核心方式是透過 Booking.com 的忠誠度計畫 Genius。該計劃為我們的旅行者提供折扣價格和其他主要由供應商提供的福利。我們將繼續把 Genius 計劃從住宿領域擴展到其他旅遊垂直領域，將這些優勢帶入旅遊的更多元素。

We've also been experimenting on how we can continue to reward and provide a differentiated offering to our most loyal customers with additional features like dedicated customer support agents.

我們也一直在嘗試如何透過專門的客戶支援代理等附加功能繼續獎勵我們最忠實的客戶提供差異化服務。

We're encouraged to see more of our travelers continue to move into our higher level 2 and 3 Genius tiers, which now represent over 30% of our active travelers and book a mid-50% of Booking.com's total Romax. These Genius travelers exhibit meaningfully higher direct booking rates and a higher booking frequency than our other travelers.

我們很高興看到越來越多的旅行者繼續進入我們更高的 2 級和 3 級 Genius 等級，目前這些旅行者占我們活躍旅行者的 30% 以上，並預訂了 Booking.com 全部 Romax 的 50% 左右。這些 Genius 旅客的直接預訂率和預訂頻率明顯高於我們的其他旅客。

From a regional perspective, Asia remains central to our long-term strategy. Its size and economic momentum make it an attractive travel market. and our strong position there allows us to benefit from that growth.

從區域角度來看，亞洲仍然是我們長期策略的核心。它的規模和經濟發展勢頭使其成為一個有吸引力的旅遊市場。我們在那裡的強勢地位使我們能夠從這種增長中受益。

We expect industry growth in the region to be in the high single digits over the medium term, the fastest among our major markets. And our ambition is to keep outpacing the broader industry as we have for several years.

我們預計該地區的行業成長在中期內將達到高個位數，是我們主要市場中最快的。我們的目標是像過去幾年一樣繼續領先整個行業。

As mentioned earlier in the call, in the second quarter, we delivered low double-digit room night growth in Asia, reflecting the strength of our two brand approach with Agoda and Booking.com. This success comes from localizing the user experience, expanding flights and attractions, tailoring payment methods and ensuring travelers can engage with us in their own language, all supported by thousands of our dedicated employees across the region.

如同先前電話會議中所提到的，第二季度，我們在亞洲實現了低兩位數的間夜量成長，這反映了我們Agoda和Booking.com雙品牌策略的優勢。這項成功源於我們在地化的用戶體驗、豐富的航班和景點選擇、個人化的支付方式以及確保旅客能夠使用其母語與我們互動，所有這些都得到了我們遍布該地區數千名敬業員工的支持。

Now onto the Connected Trip. We continue to make progress there towards our long-term vision. It's all about making the plan booking an overall travel experience easier and more personalized, providing more value for the traveler, along with a data-driven process to enable partners opportunities to obtain incremental business.

現在開始互聯旅程。我們將繼續朝著我們的長遠願景不斷前進。這一切都是為了讓計劃預訂的整體旅行體驗更加輕鬆和個性化，為旅行者提供更多價值，同時透過數據驅動的過程為合作夥伴提供獲得增量業務的機會。

Travelers who book Connected Trip directly with us meaning a trip that includes booking more than one travel vertical, more frequently choose to book directly again with us in the future. To put it bluntly, we see greater loyalty in our customers who have purchased a Connected Trip.

直接透過我們預訂 Connected Trip（即包含預訂多個垂直旅遊項目的旅行）的旅行者，更經常地選擇在將來再次直接透過我們預訂。坦白說，我們發現購買了 Connected Trip 的客戶的忠誠度更高。

A lot of our foundational work in recent years has been about growing verticals outside of accommodations, with a view to facilitate a more comprehensive travel experience, and our efforts are showing results. Connected Trip transactions grew over 30% year-over-year in the second quarter and now represent a low double-digit percentage of Booking.com's total transactions.

近年來，我們的許多基礎工作都是在發展住宿以外的垂直領域，以期提供更全面的旅行體驗，我們的努力正在取得成果。第二季度，Connected Trip 交易量年增超過 30%，目前佔 Booking.com 總交易量的低兩位數百分比。

Our non-accommodation verticals continue to show strong growth, with flight tickets up 44%. And attraction ticket growth more than doubled year-over-year, although from a modest base. While the direct financial impact from attractions is minimal today, we believe this vertical allows us to offer our travelers compelling in-destination experiences.

我們的非住宿垂直產業持續呈現強勁成長，機票價格上漲了 44%。儘管基數不大，但景點門票價格比去年同期增長了一倍多。雖然目前景點帶來的直接財務影響很小，但我們相信這種垂直發展使我們能夠為旅客提供引人入勝的目的地體驗。

These data points indicate that more travelers are choosing to book multiple elements of their trips on our platforms, reflecting the increasing value and convenience we offer to travelers and enabling our flights attractions and ground transportation partners, many of whom are small and medium-sized enterprises to obtain incremental business. We always know that the Connected Trip needs exceptional technology at its core.

這些數據點表明，越來越多的旅客選擇在我們的平台上預訂行程的多個部分，這反映出我們為旅客提供的日益增長的價值和便利，並使我們的航班、景點和地面交通合作夥伴（其中許多是中小型企業）獲得了增量業務。我們始終知道，互聯旅行的核心需要卓越的技術。

AI in general and not particularly GenAI, is propelling us closer to this vision. We are actively investing in advanced AI capabilities, accelerating our ability to meet the evolving needs of travelers and partners. During the quarter, we continue to see developments that are allowing us to better inform travelers by creating more personalized and responsive experiences.

總體而言，人工智慧（而非具體的 GenAI）正在推動我們更接近這個願景。我們正在積極投資先進的人工智慧能力，加速滿足旅行者和合作夥伴不斷變化的需求的能力。在本季度，我們繼續看到發展，使我們能夠透過創造更個人化和響應更快的體驗來更好地為旅行者提供資訊。

For example, price lines, AI assistant Penny saw multiple enhancements, including expanded voice capabilities, leading to increasing engagement rates and improved conversion metrics. At KAYAK, the teams kayak.ai, which is its tax lab for AI-first features, continues to improve its product to be more personalized and conversational.

例如，價格線、人工智慧助理 Penny 獲得了多項增強，包括擴展的語音功能，從而提高了參與率並改善了轉換指標。在 KAYAK，其 AI 優先功能的稅務實驗室 kayak.ai 團隊不斷改進其產品，使其更加個人化和對話化。

Another example is OpenTable's AI concierge, which launched earlier this month, embedded directly on restaurant profiles, Concierge draws from OpenTable's extensive restaurant data, including menus, reviews and descriptions to offer more tailored recommendations.

另一個例子是 OpenTable 本月稍早推出的 AI 禮賓服務，它直接嵌入餐廳簡介中，利用 OpenTable 豐富的餐廳資料（包括菜單、評論和描述）提供更有針對性的推薦。

On the customer service side, GenAI has notably reduced live agent contact rates across our brands. It allows us to answer customer questions faster and more conveniently. At Agoda, agent and enablement tools such as [oil] summarization of cases and guided workflows have resulted in more customized and seamless engagement.

在客戶服務方面，GenAI 顯著降低了我們各個品牌的現場客服聯繫率。它使我們能夠更快、更方便地回答客戶的問題。在 Agoda，代理商和支援工具（例如案例摘要和引導式工作流程）實現了更客製化和無縫的參與。

At Booking.com, voice-enabled GenAI agents and customer service have improved resolution times and increased customer satisfaction scores continuing to advance these capabilities will yield an easier, more responsive and better served travel experience.

在 Booking.com，支援語音的 GenAI 代理商和客戶服務縮短了解決時間並提高了客戶滿意度分數，繼續推進這些功能將帶來更輕鬆、更靈敏和更好的旅行體驗。

In addition to our organic efforts, we continue to collaborate with leading AI companies such as OpenAI, Microsoft, Amazon and others on their genetic developments, this enables us to stay at the forefront of this rapidly developing field and we believe will expand our potential sources of new customers in the future.

除了我們的有機努力之外，我們還繼續與 OpenAI、微軟、亞馬遜等領先的人工智慧公司合作進行基因開發，這使我們能夠始終處於這個快速發展的領域的前沿，我們相信這將在未來擴大我們的潛在新客戶來源。

Of course, as we've mentioned in the past, we also continue to engage with social media platforms at traveler search patterns and travel discovery methods evolve, particularly at the inspiration state of the travel funnel.

當然，正如我們過去提到的，我們也將繼續與社群媒體平台合作，以了解旅行者的搜尋模式和旅行發現方法的演變，特別是在旅行管道的靈感階段。

On the topic of partnerships, I am thrilled by the traction the OpenTable team continues to gain. They've done tremendous work, creating genuine value for both our restaurant partners and diners. This quarter, we announced our partnership with Chase Sapphire Reserve, giving eligible Chase card members exclusive access to selected comment restaurants on OpenTable.

在合作關係方面，我對 OpenTable 團隊持續獲得的發展勢頭感到非常興奮。他們做出了巨大的努力，為我們的餐廳合作夥伴和食客創造了真正的價值。本季度，我們宣布與 Chase Sapphire Reserve 建立合作夥伴關係，讓符合條件的大通卡會員可以獨家享用 OpenTable 上精選的評論餐廳。

It builds on the great momentum from our recent Uber and Visa announcements. Looking forward, while we acknowledge that navigating geopolitical and macroeconomic uncertainties is simply the norm for a business as global as ours. History as repeatedly shown us the enduring resilience of travel, and we remain confident in the long-term outlook for the travel industry and in our ability to adapt and innovate to continue to position us well to deliver attractive growth. I am incredibly excited about what's ahead.

它建立在我們最近宣布的 Uber 和 Visa 的強勁勢頭之上。展望未來，我們承認，對於我們這樣的全球性企業來說，應對地緣政治和宏觀經濟的不確定性只是常態。歷史一再向我們展示了旅遊業持久的韌性，我們對旅遊業的長期前景以及我們的適應和創新能力充滿信心，將繼續為我們實現可觀的成長做好準備。我對未來感到無比興奮。

Our commitment is to strategically drive our business for the long term. Focusing on what we can control to seek to deliver unparalleled value to both our travelers and our partners.

我們的承諾是長期策略性地推動我們的業務。專注於我們能夠控制的事情，力求為我們的旅行者和合作夥伴提供無與倫比的價值。

Thank you. I will now turn the call over to Ewout for a more detailed financial review and our guidance.

謝謝。現在我將把電話轉給 Ewout，以便進行更詳細的財務審查和指導。

Thank you, Glenn, and good afternoon, everyone. I want to start by thanking all the teams across the company. Their great work is what allows us to share these positive updates today. I will now review our results for the second quarter and provide our current thoughts for the third quarter and full year. All growth rates on a year-over-year basis.

謝謝你，格倫，大家下午好。首先我要感謝公司的所有團隊。正是他們的出色工作才使得我們今天能夠分享這些正面的更新。我現在將回顧我們第二季的業績，並提供我們對第三季和全年的當前想法。所有成長率均以年增率計算。

Information regarding reconciliation of non-GAAP to GAAP financials can be found in our earnings release. Now let's move to our second quarter results. Our room nights in the second quarter grew 8%, which exceeded the high end of our guidance by about 2-percentage-points.

關於非公認會計準則與公認會計準則財務報表的對帳資訊可在我們的收益報告中找到。現在讓我們來看看第二季的業績。我們第二季的客房間夜量增加了 8%，超出了我們預期的高端約 2 個百分點。

The higher-than-expected room night growth was driven by stronger-than-expected performance in Europe, Asia and the US. We observed an impact in our Rest of World region in June from the events in the Middle East, which we estimate impacted global growth by about 1% in June and one-third of a percentage point overall in the second quarter.

客房夜數成長高於預期是由於歐洲、亞洲和美國的表現強於預期。我們觀察到 6 月中東事件對世界其他地區產生了影響，我們估計該事件對 6 月全球經濟成長產生了約 1% 的影響，對第二季整體經濟成長產生了三分之一個百分點的影響。

Looking at our room night growth by region in the quarter, Europe was up high single digits. Asia was up low double digits. Rest of World was up high single digits and the US was up low single digits.

從本季各地區的房間夜數成長來看，歐洲地區實現了高個位數的成長。亞洲的漲幅低於兩位數。世界其他地區漲幅較高，美國則為較低。

The US continues to be our lowest growing region, but growth in the second quarter was slightly higher than the first quarter, and we believe it outpaces the broader US accommodations industry. However, in the US, we observed lower ADRs as well as a shorter length of stay and booking window.

美國仍然是我們成長最低的地區，但第二季度的成長略高於第一季度，我們認為其成長速度超過了整個美國住宿業。然而，在美國，我們發現平均每日房價 (ADR) 較低，且停留時間和預訂窗口較短。

This may suggest that US consumers are being more careful with spending in the current economic environment. At a global level, constant currency ADRs were flat, excluding changes in regional mix, the global efforts length of stay was similar to last year and the global booking window expanded year-over-year.

這可能表明，在當前的經濟環境下，美國消費者在支出方面更加謹慎。在全球範圍內，以固定貨幣計算的 ADR 持平（不包括區域結構變化），全球入住時間與去年相似，全球預訂窗口同比擴大。

We saw consistent trends in certain travel corridors that were noted on our previous call. Inbound travel to the US was down year-over-year in the second quarter, particularly from bookers in Canada and to a lesser extent from bookers in Europe.

我們發現某些旅行路線呈現出與我們上次電話會議中提到的一致的趨勢。第二季度，赴美旅遊人數較去年同期下降，尤其是來自加拿大的預訂人數，歐洲的預訂人數下降幅度較小。

That said, we also saw strong growth in other travel corridors including Canada to Mexico and Europe to Asia contributing to accelerating room night growth overall. These results once again highlight our global diversification as a core strength of our business.

話雖如此，我們也看到其他旅遊通道（包括加拿大至墨西哥和歐洲至亞洲）的強勁成長，加速了整體客房夜數的成長。這些結果再次凸顯了我們的全球多元化是我們業務的核心優勢。

We remain focused on executing on our key strategic initiatives to strengthen our long-term earnings potential, and we're seeing continued momentum across several areas, including alternative accommodations growth, increasing the direct and mobile ad mix of our bookings, expanding our Genius loyalty program and further growing our other travel verticals.

我們將繼續專注於執行關鍵策略舉措，以增強我們的長期盈利潛力，並且我們看到多個領域持續增長的勢頭，包括替代住宿的增長、增加預訂的直接和移動廣告組合、擴大我們的 Genius 忠誠度計劃以及進一步發展我們的其他旅遊垂直領域。

For our alternative accommodations at Booking.com, our second quarter room night growth was 10%, which continues to outpace the growth of our overall business. The global mix of alternative accommodation room nights was 37%, which was up 1-percentage-point from the second quarter of 2024.

對於 Booking.com 的替代住宿業務，第二季客房間夜量成長了 10%，持續超過我們整體業務的成長速度。全球替代住宿夜量佔比為 37%，比 2024 年第二季上升了 1 個百分點。

We also see tangible progress in our efforts to strengthen our direct relationships with our travelers and increase loyalty on our platforms. Over the last four quarters, our B2C direct mix was in the mid-60% range, which was up from the low 60% range one year ago.

我們在加強與旅行者的直接關係和提高平台忠誠度方面的努力也取得了切實的進展。在過去四個季度中，我們的 B2C 直銷組合處於 60% 左右，高於一年前的 60% 左右。

The mobile app mix of our room nights was in the mid-50% range over the last four quarters, which was up from the low 50% range one year ago. We find that the significant majority of bookings received from our mobile apps come through the direct channel.

過去四個季度，我們客房間夜量的行動應用程式組合處於 50% 左右的範圍內，高於一年前的 50% 的低點。我們發現，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。

We continue to provide compelling benefits and value to both our travelers and our partners through 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.

我們將繼續透過 Genius 忠誠度計劃為我們的旅客和合作夥伴提供極具吸引力的福利和價值。在過去四個季度中，透過 Booking.com 預訂的 Genius 較高等級（2 級和 3 級）的旅客的客房晚數佔比處於 50% 左右。而這種組合還在逐年增加。

These Genius Level 2 and 3 travelers have a meaningfully higher direct booking rate than our other travelers. We achieved another quarter of healthy growth across our other travel verticals, as Glenn mentioned.

這些 Genius 2 級和 3 級旅客的直接預訂率明顯高於我們的其他旅客。正如格倫所提到的，我們在其他旅遊垂直領域又實現了一個季度的健康成長。

During the second quarter, over 16 million airline tickets were booked across our platforms, representing an increase of 44% year-over-year. driven by the continued growth of our flight offerings at Booking.com and Agoda.

第二季度，我們平台上的機票預訂量超過 1,600 萬張，年增 44%，這得益於 Booking.com 和 Agoda 上航班產品的持續成長。

Our attractions vertical is scaling nicely with tickets booked on our platforms more than doubling year-over-year of a modest pace. We're actively investing in driving further growth in these verticals that help strengthen our offering and underpin our long-term Connected Trip vision.

我們的景點垂直業務正在穩步擴張，透過我們平台預訂的門票數量比去年同期增長了一倍以上。我們正在積極投資推動這些垂直領域的進一步成長，以幫助增強我們的產品服務並鞏固我們長期的互聯旅行願景。

Second quarter gross bookings increased 13% year-over-year or about 9% on a constant currency basis. The constant currency growth rate was approximately 1-percentage-point higher than room night growth due to about 2-percentage-points from higher flight booking growth, partially offset by a decrease in constant currency accommodation ADRs of about 1%.

第二季總預訂量年增 13%，以固定匯率計算成長約 9%。由於航班預訂量成長約 2 個百分點，以固定匯率計算的成長率比客房夜數成長率高出約 1 個百分點，但以固定匯率計算的住宿 ADR 下降約 1 個百分點，部分抵銷了這一影響。

The decrease in ADRs was impacted by a higher mix of room nights from Asia and a lower mix from the US. As I noted before, excluding regional mix, constant currency ADRs were about in line with the second quarter of 2024.

平均房價的下降是受到來自亞洲的間夜數較多和來自美國的間夜數較少的影響。正如我之前提到的，排除區域組合後，固定貨幣 ADR 與 2024 年第二季大致持平。

The increase in gross bookings exceeded the high end of our guidance by 1-percentage-point, driven by about 2-percentage-points of benefit from higher room nights, partially offset by lower accommodation ADRs versus our expectations. The impact from changes in FX was about in line with our expectations.

總預訂量的成長超出了我們預期的高端 1 個百分點，其中約 2 個百分點的收益來自更高的客房晚數，但部分被低於我們預期的住宿平均房價所抵消。外匯變化的影響與我們的預期一致。

Second quarter revenue of $6.8 billion grew 16% year-over-year, which exceeded the high end of our guidance by 4-percentage-points. The outperformance was greater than growth bookings, primarily due to higher revenues from facilitating payments and lower merchandising spend. The lower merchandising spend is driven by timing, which we anticipate will impact revenue in the third quarter.

第二季營收為 68 億美元，年增 16%，超出我們預期的高端 4 個百分點。業績表現優於成長預訂量，主要由於便利支付帶來的收入增加和商品銷售支出減少。商品銷售支出的減少是由於時間因素，我們預計這將影響第三季的收入。

Revenue as a percentage of gross bookings of 14.5% was up about 40 basis points year-over-year due to the timing impact from the Easter calendar shift and higher revenue from payments partially offset by an increased mix of flight bookings.

收入佔總預訂量的 14.5%，年增約 40 個基點，原因是復活節日曆變化的時間影響以及支付收入的增加，但部分被航班預訂組合的增加所抵消。

Constant currency revenue growth was about 12% when normalizing for the year-over-year impact of the Easter calendar shift, constant currency revenue growth was about 10% in the second quarter. Marketing expense, which is a highly variable expense line increased 10% year-over-year.

當考慮到復活節日曆轉換的同比影響後，固定貨幣收入成長率約為 12%，第二季固定貨幣收入成長率約為 10%。行銷費用是一項高度可變的支出項目，年增了 10%。

Marketing expense as a percentage of gross bookings was a source of leverage compared to the second quarter of 2024, driven by lower brent marketing expenses as well as higher direct mix partially offset by increased spend in social media channels at attractive incremental ROIs.

與 2024 年第二季相比，行銷費用佔總預訂量的百分比是一個槓桿來源，這得益於布倫特行銷費用的降低以及直接組合的增加，但社群媒體管道支出的增加以及有吸引力的增量投資回報率部分抵消了這一影響。

Second quarter sales and other expenses as a percentage of gross bookings was about in line with last year despite an increasing merchant mix as higher payment expenses were offset by increased efficiencies in customer service as well as lower transaction taxes and bad debt provisions.

儘管商家組合有所增加，但第二季銷售額和其他費用佔總預訂量的百分比與去年同期基本持平，因為更高的支付費用被客戶服務效率的提高以及交易稅和壞帳準備金的降低所抵消。

Adjusted fixed operating expenses increased 11% year-over-year or about 7% on a constant currency basis. and was a source of leverage in the quarter as we continue to be highly focused on managing our fixed expenses.

調整後的固定營運費用年增 11%，以固定匯率計算成長約 7%。並且成為本季的槓桿來源，因為我們繼續高度重視管理我們的固定費用。

The year-over-year increase was impacted by higher performance-based compensation accruals, increased cloud cost and a legal settlement in the second quarter. Adjusted EBITDA of approximately $2.4 billion grew 28% year-over-year, which was 12-percentage-points faster than the high end of our guidance due primarily to stronger revenue growth.

年比成長受到第二季度基於績效的薪酬應計金額增加、雲端運算成本增加以及法律和解的影響。調整後的 EBITDA 約為 24 億美元，年增 28%，比我們預期的高端水準高出 12 個百分點，這主要歸因於更強勁的營收成長。

Adjusted EPS of $55.40 per share, was up 32% year-over-year, faster than the growth in adjusted EBITDA and held by the benefit of 5% lower average share count.

調整後每股收益為 55.40 美元，年增 32%，高於調整後 EBITDA 的成長速度，且受益於平均股數下降 5%。

During the second quarter, we realized approximately $45 million of in-quarter savings from the transformation program primarily in the sales and other expenses line. We expect the actions we have taken so far will enable approximately $350 million in annual run rate savings of which about $150 million is forecast to be realized this year, consistent with our prior expectations.

在第二季度，我們透過轉型計畫實現了約 4,500 萬美元的季度節餘，主要體現在銷售和其他費用方面。我們預計，迄今為止採取的行動將實現每年約 3.5 億美元的運行率節省，其中預計今年將實現約 1.5 億美元的節省，這與我們先前的預期一致。

In the second quarter, we incurred $38 million in transformation costs, which were almost entirely excluded from our adjusted results. We continue to estimate the aggregate transformation cost will be about $400 million to $450 million, which is similar to onetime the run rate savings we anticipate from executing the program.

在第二季度，我們發生了 3,800 萬美元的轉型成本，這筆成本幾乎完全被排除在我們的調整後結果之外。我們繼續估計總轉型成本將約為 4 億至 4.5 億美元，這與我們預期執行該計劃所節省的運行成本相似。

Now on to our cash and liquidity position. Our second quarter ending cash and investments balance of $18.2 billion was up versus our first quarter ending balance of $16.1 billion. This was driven by about $3.1 billion of free cash flow generated in the quarter and approximately $700 million from the impact of changes in FX on our cash balance, partially offset by capital return activities, including $1.3 billion in share repurchases and $300 million in dividends.

現在談談我們的現金和流動性狀況。我們第二季末的現金和投資餘額為 182 億美元，高於第一季末的 161 億美元。這是由本季產生的約 31 億美元自由現金流和外匯變化對現金餘額的影響約 7 億美元推動的，部分被資本回報活動所抵消，包括 13 億美元的股票回購和 3 億美元的股息。

In the second quarter, we issued about $2 billion in debt, which was mostly offset by about $2 billion in payments related to the maturity of debt, including the conversion premium on the convertible notes. Since we avoided the issuance of new shares by settling the note in cash and will realize the benefit in the year-over-year reduction in diluted share count, the cash payment of $1.1 billion to settle the conversion has an effect similar and incremental to the regular share repurchases of $1.3 billion just mentioned.

在第二季度，我們發行了約 20 億美元的債務，其中大部分被與債務到期相關的約 20 億美元付款所抵消，其中包括可轉換票據的轉換溢價。由於我們透過現金結算票據避免了發行新股，並將實現稀釋股數同比減少帶來的好處，因此支付 11 億美元現金結算轉換的效果與剛才提到的 13 億美元定期股票回購類似且具有增量效應。

Free cash flow in the second quarter benefited by over $800 million from changes in working capital, driven primarily by the seasonal increase in our deferred merchant bookings balance.

第二季的自由現金流受益於營運資本變動而增加了 8 億多美元，這主要得益於我們遞延商家預訂餘額的季節性增加。

Moving to our thoughts for the third quarter. At the global level, we have seen steady travel demand trends in our business so far in the third quarter. However, we recognize that comparables with the prior year will be higher in August and September.

轉向我們對第三季的想法。從全球層面來看，截至第三季度，我們的業務的旅遊需求趨勢保持穩定。然而，我們認識到，8月份和9月份與去年同期相比的可比價格將會更高。

Additionally, we remain mindful that the geopolitical dynamics and uncertainty in the broader macroeconomic environment could potentially impact consumer behavior as we have seen in the Middle East most recently.

此外，我們仍然注意到，地緣政治動態和更廣泛的宏觀經濟環境中的不確定性可能會影響消費者行為，正如我們最近在中東所看到的。

We continue to closely monitor the travel environment for any changes. Our guidance for the third quarter assumes recent FX rates for the remainder of the quarter, including the euro-US dollar at 1.17. We estimate changes in FX will positively impact our third quarter US dollar reported growth rates by about 4-percentage-points.

我們將繼續密切關注旅行環境的任何變化。我們對第三季的預期是基於本季剩餘時間的近期匯率，包括歐元兌美元匯率為1.17。我們估計，外匯匯率的變動將對我們第三季美元報告成長率產生約4個百分點的正面影響。

We currently expect third quarter room night growth to be between 3.5% and 5.5%. We expect growth to moderate from the second quarter, as the third quarter has a tougher prior year growth comparison. We currently expect third quarter gross bookings to increase between 8% and 10%, including 2-percentage-points of positive impact from higher flight ticket growth.

我們目前預計第三季客房夜數成長率將在 3.5% 至 5.5% 之間。我們預計從第二季開始成長將會放緩，因為第三季的成長與去年同期相比更加艱難。我們目前預計第三季總預訂量將成長 8% 至 10%，其中包括機票成長增加帶來的 2 個百分點的正面影響。

We expect constant currency accommodation ADRs will be down slightly year-over-year. We currently expect third quarter revenue growth to be between 7% and 9% lower than the increase in gross bookings due to a higher mix of flight bookings as well as increased merchandise and contract revenue, some of which is related to bookings made in prior quarters.

我們預計，以固定匯率計算的住宿平均房價 (ADR) 將比去年同期略有下降。我們目前預計第三季營收成長將比總預訂量成長低 7% 至 9%，原因是航班預訂組合增加以及商品和合約收入增加，其中一些與前幾季的預訂有關。

We currently expect third quarter adjusted EBITDA to be between $3.9 billion and $4 billion growing 9% year-over-year at the high end. We currently expect third quarter adjusted EBITDA margins to be similar to last year. This is primarily due to marketing leverage being offset by the timing of merchandising spend and increased sales and other expenses, some of which relate to the timing of payment costs.

我們目前預計第三季調整後的 EBITDA 將在 39 億美元至 40 億美元之間，最高年增 9%。我們目前預計第三季調整後的 EBITDA 利潤率將與去年同期相似。這主要是因為行銷槓桿被商品支出的時間安排以及銷售額和其他費用的增加所抵消，其中一些與支付成本的時間表有關。

Turning to the full year 2025. While we recognize there is still elevated uncertainty in the macroeconomic and geopolitical environment, we are pleased to see that global travel demand trends continue to be steady so far in the third quarter.

展望2025年全年。儘管我們認識到宏觀經濟和地緣政治環境仍然存在較大的不確定性，但我們很高興地看到，第三季迄今為止全球旅遊需求趨勢持續保持穩定。

Given these trends and with improved visibility for the third quarter, which historically has been our largest revenue and profit quarter, we are increasing our full year guidance ranges at the midpoint. Assuming recent FX rates for the remainder of the year, we estimate changes in FX will positively impact our full year reported growth rates by about 3-percentage-points.

鑑於這些趨勢，並且第三季（歷史上我們收入和利潤最高的季度）的可見度有所提高，我們將在中期提高全年指導範圍。假設今年剩餘時間的近期外匯匯率保持不變，我們估計外匯變化將對我們全年報告的成長率產生約 3 個百分點的正面影響。

On a constant currency basis, our current expectations continue to be aligned with our long-term growth ambition of at least 8% gross bookings and revenue growth and 15% adjusted EPS growth.

以固定匯率計算，我們目前的預期仍與我們的長期成長目標保持一致，即總預訂量和營收成長至少 8%，調整後每股盈餘成長 15%。

On a reported basis, for the full year, we currently expect gross bookings and revenue to be up low double digits, adjusted EBITDA to be up mid-teens, adjusted EBITDA margins to expand year-over-year by about 125 basis points higher than our prior expectation of 50 basis points to 100 basis points.

根據報告，就全年而言，我們目前預計總預訂量和收入將增長低兩位數，調整後的 EBITDA 將增長中位數，調整後的 EBITDA 利潤率將同比增長約 125 個基點，高於我們之前預期的 50 個基點至 100 個基點。

Revenue will grow faster than both marketing and adjusted fixed operating expenses, sales and other expenses to grow similar to revenue and adjusted EPS to be up high teens.

收入的成長速度將快於行銷和調整後的固定營運費用，銷售額和其他費用的成長速度與收入的成長速度相似，調整後的每股盈餘將達到十幾歲的高點。

In conclusion, we are pleased with our second quarter results and our outlook for the remainder of the year. We remain focused on executing towards our strategic vision of a generative AI-powered Connected Trip while taking actions to drive greater operating leverage.

總而言之，我們對第二季的業績和今年剩餘時間的展望感到滿意。我們將繼續專注於實現由人工智慧驅動的互聯旅行的策略願景，同時採取行動來提高營運槓桿。

Thank you to all of my colleagues across the company for their amazing work and dedication toward delivering value for our travelers, partners and shareholders.

感謝公司全體同事的出色工作和奉獻精神，為我們的旅行者、合作夥伴和股東創造價值。

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

現在我們將回答大家的提問。接線生，請您接通線路好嗎？

(Operator Instructions)

（操作員指示）

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Okay, Can I throw two questions by, please. First, on Asia, you gave, Glenn, a couple of product details or vertical details, but would you also give us a little bit of color on some of the many different markets in Asia and are there particular ones that are performing well for you?

好的，我可以問兩個問題嗎？首先，關於亞洲，格倫，您提供了一些產品細節或垂直細節，但您是否也可以向我們介紹一下亞洲許多不同市場的情況，以及哪些市場表現良好？

And then Ewout, I think at the conference -- investor conference at the end of May, you asked about the potential impact of LOMs and you posited that it's potential that they actually can help the business and that they could be -- create a diversification of traffic sources.

然後，Ewout，我想在 5 月底的投資者會議上，您詢問了 LOM 的潛在影響，並且您認為它們實際上有可能幫助企業，並且可以創造多樣化的流量來源。

And I just want you to follow up on that. Is there anything that you're already seeing in that that suggest that? Or is it just a reasonable hypothesis for the long term? Thank you very much.

我只是希望你能跟進這一點。您是否已經看到任何跡象表明這一點？或者這只是一個長期合理的假設？非常感謝。

Hi, Mark, nice to hear you. As you know, we don't break out individual countries within regions. We are pleased with what's going on in Asia in general. And I will get one (inaudible) We have talked about how we don't really think much of China as an area we're going to be able to compete well domestically at all.

嗨，馬克，很高興聽到你的消息。如您所知，我們不會按地區劃分單一國家。我們對亞洲的整體情況感到滿意。我會得到一個（聽不清楚）我們已經討論過，我們並不真的認為中國是我們能夠在國內進行良好競爭的一個地區。

It's also somewhat more problematic than we'd hoped, say, a decade ago where we had higher hopes to us being able to be a major, major player there for outbound business. We are no longer in that kind of thinking. Of course, we still enjoy a benefit of inbound to China because we have many Europeans or other parts of the world who want to travel to China.

這也比我們十年前所希望的要困難得多，當時我們寄予厚望，希望能成為中國出境業務的主要參與者。我們不再有那樣的想法了。當然，我們仍然享有入境中國旅遊的優勢，因為有許多歐洲人或世界其他地區的遊客想去中國旅遊。

We have a nice business there. That's probably the only specific thing I'll point out in terms of the individual country in Asia, but I will just reemphasize it is the area that we think long term is going to have the highest growth rate -- and therefore, that's the reason we're very pleased to have two great brands there.

我們在那裡的生意很好。就亞洲某個國家而言，這或許是我要指出的唯一具體的事情，但我只想再次強調，我們認為從長遠來看，這個地區將擁有最高的成長率——因此，我們很高興在那裡擁有兩個偉大的品牌。

We have Agoda, which is based there, and we have thousands of employees throughout the region, which is one of the really important things in our business is being able to actually have that person-to-person relationship with the suppliers and also really understanding what's going on in that market and Agoda understands that. That's why they're able to do things like localization that's very powerful.

我們的 Agoda 總部就設在那裡，我們在整個地區有數千名員工，我們業務中真正重要的事情之一就是能夠與供應商建立人與人之間的關係，並真正了解該市場的情況，Agoda 了解這一點。這就是為什麼他們能夠做到在地化等非常強大的事情。

At the same time, we have our global player, Booking.com. That's obviously is a global playbook, and they too are doing well. So overall, I think we have a great playbook in general there. We like what we're doing. It was our fastest-growing region for the previous quarter, which we reported.

同時，我們還有全球合作夥伴 Booking.com。這顯然是一個全球化的策略，而且他們也做得很好。所以總的來說，我認為我們有一個很棒的劇本。我們喜歡我們正在做的事情。據我們報告，這是我們上一季成長最快的地區。

So all in all good things there. And I'm going to take a little bit of (inaudible) on the LOMs. They don't let them follow-up because I find it's such an exciting thing that we're doing. And we obviously are talking with all the major players there and some of the minor players to come with different ways that we can work together.

總的來說，那裡一切都很好。我將對 LOM 進行一些（聽不清楚）討論。他們不讓他們跟進，因為我發現我們正在做的事情太令人興奮了。顯然，我們正在與那裡的所有主要參與者以及一些次要參與者進行討論，以找到我們可以合作的不同方法。

Look, this is a very, very early technology that even though we all see so many great things coming from it right now, we know the things that are going to come down the road that we haven't thought of yet, but I see it's a great opportunity for us to be able to do even better service for both our travelers who obviously are enjoying the benefits of these large [damage] models and be able to do discovery and all sorts of inspirational things they want to do, but also with our partners, and we used to be able to do better things for them.

你看，這是一項非常非常早期的技術，儘管我們現在都看到了它帶來的許多偉大的事情，但我們知道未來會發生什麼，而我們還沒有想到，但我認為這對我們來說是一個很好的機會，能夠為我們的旅行者提供更好的服務，他們顯然正在享受這些大型[損害]模型帶來的好處，能夠進行探索和他們想做的各種事情，同時也能為他們做的事情，也能

I just think it's the greatest thing and then throw on the benefit, of course, and it's not your question, Mark, but in terms of improving efficiency for our business. So we have so many great things coming out of it. And it's great that we have the scale to be able to take advantage of this, having the people, having the capital, having the AI engineers. This is one of the benefits of being a global giant that you can really be able to take advantage of these new things that come down and that's why I'm just so excited.

我只是認為這是最偉大的事情，當然還有好處，馬克，這不是你的問題，而是關於提高我們業務效率的問題。因此，我們從中得到了許多偉大的成果。我們很高興我們有足夠的規模來利用這一點，擁有人才、資本和人工智慧工程師。身為全球巨頭的好處之一就是你可以真正利用這些新事物，這就是我如此興奮的原因。

But Ewout, I'll let you follow up on what you've ever said Mark, back in San Francisco.

但是 Ewout，我會讓你跟進你在舊金山說過的話，馬克。

Yes, good afternoon, Mark. Yeah, Mark. So overall, I think the high-level answer to your question is, it's a little bit too early, a little bit too premature to give you a precise answer how much LLM will help with the diversification of channels towards us in terms of leads that come to us from those models.

是的，下午好，馬克。是的，馬克。所以總的來說，我認為對你的問題的高層回答是，現在給你一個精確的答案還為時過早，有點為時過早，就從這些模型中獲得的線索而言，法學碩士將在多大程度上幫助我們實現渠道多樣化。

So let me expand a little bit on that. First of all, I would like to point out that if you look at our direct channel, that continues to grow. That's, of course, super important for us as a company. It's now in the mid-60% level from a B2C basis from the low 60% level last year.

因此，請容許我稍微詳細闡述這一點。首先，我想指出的是，如果你看看我們的直接管道，它還在持續成長。當然，這對我們公司來說非常重要。從 B2C 基礎來看，目前已從去年的 60% 低點上升至 60% 左右。

So that continues to expand. And of course, the more travel has come directly to us more with us, more across multiple verticals, That's, of course, the best traffic we can have. That is also the traffic with the highest ROIs.

因此，這一規模仍在不斷擴大。當然，直接來到我們這裡的旅行越多，與我們一起旅行的旅行就越多，跨越多個垂直領域的旅行就越多，這當然是我們所能擁有的最佳流量。這也是投資報酬率最高的流量。

But then next to that, if you look at the performance marketing channels, it's actually, to some extent, interesting that the Google clicks continue to hold up quite well. Actually, they're still growing for accommodations, slightly still period-over-period. So we don't see yet a decline in that. But we would like to, of course, really diversify our performance marketing channels to other channels like we are doing with social media.

但除此之外，如果你看一下績效行銷管道，實際上，在某種程度上，有趣的是，Google點擊量繼續保持良好。實際上，住宿業仍在成長，且年增率略有放緩。所以我們還沒有看到這種情況的下降。但我們當然希望將我們的績效行銷管道真正多樣化到其他管道，就像我們在社群媒體上所做的那樣。

Just to give you another data point there, actually, the spend in social media channels was up this quarter, 25% compared to the second quarter of last year. So also there, we're continuing to learn and experiment finding new modern channels that travelers are using to get inspired for travel and finding ways to ultimately book and then also, as you know, we are very actively working together with all the hyperscalers and what they are doing with respect to their agent development.

再給你一個數據點，實際上，本季社群媒體管道的支出與去年第二季相比成長了 25%。因此，我們也在繼續學習和嘗試尋找旅行者用來獲得旅行靈感的新的現代管道，並找到最終預訂的方式，然後，正如你所知，我們正在非常積極地與所有超大規模企業合作，並研究他們在代理商開發方面所做的工作。

So for example, we're very proud that we were mentioned as one of the key partners for ChatGPT agent mode and Booking.com was clearly highlighted in the demos that they showed a couple of days ago. So a little bit overall, still too early to say. But what you should take away, I think, main point is we are really trying to expand to learn and the more channels we can use, the better it is for the company in the future.

例如，我們非常自豪地被提及為 ChatGPT 代理模式的主要合作夥伴之一，並且 Booking.com 在幾天前展示的演示中得到了明顯的突出。所以整體來說，現在說這個還太早。但我認為，你應該記住的重點是，我們確實在努力擴大學習範圍，我們可以使用的管道越多，對公司的未來就越有利。

Thanks for all the extra color, Glenn and Ewout.

感謝 Glenn 和 Ewout 提供的所有額外色彩。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩·諾瓦克。

Thanks for taking.

謝謝收看。

My questions. I have two. The first one is on the US. Maybe can you just talk to us about some of the growth initiatives you have internally to really sort of catapult the growth in the US to be durably faster going forward.

我的問題。我有兩個。第一個是關於美國的。也許您能否與我們談談您內部採取的一些成長舉措，以真正推動美國經濟在未來實現更持久、更快速的成長。

Then the second thing, Glenn, I know we've talked a lot about GenAI and GenAI assistance over the last few years. Walk us through sort of in your mind, the biggest one or two technological hurdles and have to be cleared in order to make sort of scalable GenAI assistance that can be deployed to hundreds of millions of people in (inaudible)

那麼第二件事，格倫，我知道過去幾年我們已經討論了很多關於 GenAI 和 GenAI 援助的問題。你能告訴我們，為了實現可擴展的 GenAI 援助，並使其能夠部署到世界上數億人身上，你認為需要克服的最大一兩個技術障礙是什麼嗎？（聽不清楚）

Brian, first, on the US. I think our strategy and approach with respect to the US is a lot of small initiatives that ultimately add up to us every period, gaining a little bit of market share. And then over time, I think our position gets larger and larger. So to give you a little bit more color on that, we are investing in product -- we're investing in supply, we're investing in marketing, we're investing in brands, we are investing in many different initiatives, for example, of course, also alternative accommodations to really improve our position.

首先，布萊恩，談談美國。我認為，我們針對美國的策略和方法是採取許多小舉措，這些舉措最終會累積起來，讓我們在每個時期都獲得一點市場份額。隨著時間的推移，我認為我們的地位會越來越大。為了讓您對此有更深入的了解，我們正在投資產品——我們正在投資供應，我們正在投資行銷，我們正在投資品牌，我們正在投資許多不同的舉措，例如，當然還有替代住宿，以真正提高我們的地位。

If we look at the growth, as we said in our prepared remarks, second quarter growth was slightly above our first quarter growth. So we definitely see some early signs of strengthening of the US market. But there are also signals that are a bit mixed because if we, for example, look at ADRs, they were slightly down. There was a shorter booking window, shorter length of stay, domestic travel was up but was up less than international travel, international travel is definitely stronger.

如果我們看一下成長情況，正如我們在準備好的發言中所說的那樣，第二季的成長略高於第一季的成長。因此，我們確實看到了美國市場走強的一些早期跡象。但也有一些訊號有點混亂，因為如果我們看一下 ADR，它們會略微下降。預訂窗口期縮短，停留時間縮短，國內旅遊增加，但增幅低於國際旅遊，國際旅遊肯定更強勁。

So there's a lot of those signals that we're seeing at the same time. But if we bring it all together, we believe that based on third-party data sources, we have been able to grow faster again in the second quarter than the market in general.

所以我們同時看到了很多這樣的訊號。但如果把所有因素綜合起來，我們相信，基於第三方資料來源，我們在第二季的成長速度將再次超過整個市場。

So in other words, another quarter where we have gained a little bit of market share in the US. The other positive thing I would like to say is, of course, our global diversification. So we're such a large global business. We're not overly dependent on the US. So if we see differences in travel behavior differences in travel corridors wherever people want to go, we're picking up that traffic. And therefore, I think the global diversification is clearly a sign of strength for Booking Holdings.

換句話說，我們又一個季度在美國獲得了一點市場份額。我想說的另一件正面的事情當然是我們的全球多元化。所以我們是一家大型的全球性企業。我們並沒有過度依賴美國。因此，如果我們發現人們想要去的旅行路線上的旅行行為有差異，我們就會關注這種交通。因此，我認為全球多元化顯然是 Booking Holdings 實力的體現。

Hi Brian, so your question is one that we think about an awful lot. Because -- and the ultimate goal is to provide the greatest, greatest service to both our travelers and our partners. And I think you were seeing more on the traveler side, the demand side.

你好，布萊恩，你的問題是我們經常思考的問題。因為－最終目標是為我們的旅客和合作夥伴提供最優質的服務。我認為你看到的更多是旅行者方面和需求方面的情況。

We know there are hundreds of millions of people are using different LLMs right now do all sorts of research as questions. So one of the ones that people are looking at a lot is information for travel or how to do their travel better or where should they go and all sorts of questions like that.

我們知道現在有數億人正在使用不同的法學碩士學位進行各種研究。因此，人們經常關注的問題之一就是旅行訊息，或者如何更好地旅行，或者應該去哪裡，以及諸如此類的問題。

When you look at our customer base, and Ewout, I think, mentioned it. So in our business to consumer -- right now, we're getting a mid-60% of the people are coming to us right now directly. And our mission, what we have to do is continue not only to keep that mid-60% want to keep coming to us instead of going over to any of the other ways they could start doing their travel, but even increase that.

當你查看我們的客戶群時，我認為 Ewout 提到了這一點。因此，在我們的企業對消費者業務中——目前，有 60% 左右的人直接與我們聯繫。我們的使命是，我們不僅要繼續留住那 60% 左右的人，讓他們繼續選擇我們，而不是透過其他方式出行，而且要增加這一比例。

How are we going to do that? What you got to do better recent -- you got to get better service. You got to do this. And how will these large language models, how will this GenAI because it may not be a large anymore, it may be a very specific travel model that we are creating on our own, such that they really feel that they are achieving what they want, which is getting the best service, the greatest value making it efficient, easy and got former anything is wrong, but everything gets fixed right away or even in our case, what we really want to do is fix it before they even know something is going wrong.

我們該怎麼做呢？您最近要做得更好的是—您必須獲得更好的服務。你必須這麼做。那麼這些大型語言模式、GenAI 會如何呢？因為它可能不再龐大，它可能是我們自己創建的非常具體的旅行模型，這樣他們才能真正感覺到他們正在實現他們想要的東西，那就是獲得最好的服務、最大的價值，使其變得高效、簡單，並且在出現任何問題之前，一切都會立即得到解決，或者甚至在我們的情況下，我們真正想要做的是在他們意識到問題之前，一切都會立即得到解決，或者甚至在我們的情況下，我們真正想要做的是在他們意識到問題之前修復它。

That's what we're building right now. Now you may be asked, well, how long it's going to take? When is that going to happen? The truth is, though, this will not be one of those things that a year from now or two years from is not here it is, if this is happening incrementally. And you're already seeing little things here in there coming in, so for example, maybe you've already tried at Booking.com being able to search using natural language.

這就是我們現在正在建構的。現在你可能會問，這需要多長時間？那什麼時候會發生？但事實是，如果這種情況逐步發生，那麼一年或兩年後就不會發生這種情況了。您已經看到這裡的一些小東西，例如，也許您已經嘗試過在 Booking.com 上使用自然語言進行搜尋。

You said, I go through a whole bunch of filters you want, you just typing in I need a villa on the beach on the Jersey Shore course Village, New Jersey (inaudible) match up well. But even the natural language thing, we figure that went out and give what you want. That's one example where we already have that going out and things like that, and it will be building on and on.

你說，我要通過一大堆你想要的過濾器，你只需輸入「我需要一棟位於新澤西州澤西海岸村的海灘別墅」（聽不清楚）就匹配得很好。但即使是自然語言，我們也能理解並給出你想要的東西。這就是我們已經開展的此類工作的一個例子，並且它將繼續繼續發展。

In addition, we're looking at other things a little bit more technical, a little more physical. I don't want to give away the entire play, but we are looking further ahead for a more technical thing, it would be something that would be definitely better for the consumer.

此外，我們也正在研究其他一些更技術性、更物理性的東西。我不想透露整個劇情，但我們正在展望更具技術性的東西，這對消費者來說絕對是一件更好的事情。

I get where you're saying, that's what we want to do. And I believe in the long run, this is going to happen. Our job is to get there faster.

我明白你的意思，這就是我們想要做的。我相信從長遠來看，這將會發生。我們的任務是更快到達那裡。

Great, thank you, both. Thanks for calling the chat.

太好了，謝謝你們兩位。感謝您撥打聊天電話。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Thanks for taking the questions, Glenn, Ewout about two. Just for sounds like you're more encouraged certainly on the backdrop and you mentioned the tougher August and September comps and some tougher macro and geopolitical headwinds. Are there any other factors that we should be thinking about for 3Q that might be keeping the outlook in check there?

感謝 Glenn、Ewout 回答問題。聽起來你肯定在背景下受到了更大的鼓舞，你提到了更艱難的八月和九月的競爭以及一些更嚴峻的宏觀和地緣政治逆風。對於第三季度，我們還需要考慮其他哪些因素來控制前景？

And then just on alternative accommodations, room growth, looks like a little bit of diesel. Do you feel like that's a broader industry trend? Or is there something else more specific going on? Thanks.

然後，就替代住宿而言，房間增長看起來就像是柴油一樣。您覺得這是一個更廣泛的產業趨勢嗎？還是有其他更具體的事情發生？謝謝。

Doug, first of all, if you look at the third quarter guidance that we have provided, the backdrop is the following, very steady results we have seen so far this year across the board, all the regions up to and including the month of July.

道格，首先，如果你看一下我們提供的第三季度指引，你會發現背景如下：截至 7 月份，今年迄今為止，所有地區都取得了非常穩定的業績。

So very steady results we have seen so far. Having said that, if you look back to 2024, the market started to accelerate in August and September. So we're facing some very high comps for those two months, and we have taken that into consideration with respect to our third quarter guidance.

到目前為止，我們看到的結果非常穩定。話雖如此，如果回顧 2024 年，市場在 8 月和 9 月開始加速。因此，這兩個月我們面臨的比較高，我們在製定第三季指引時已經考慮到了這一點。

But overall, what I would like to recommend is don't look too much on a quarter-to-quarter basis. That is also not how we manage the company. There can be fluctuations on a quarter-to-quarter basis, there can be timing of certain items, as we called out during our prepared remarks, but the most important thing is the full year guidance.

但總體而言，我建議不要以季度為單位進行過多的觀察。這也不是我們管理公司的方式。正如我們在準備好的發言中提到的那樣，每個季度之間可能會有波動，某些項目可能會有時間安排，但最重要的是全年指導。

And if you look at the full year guidance, we really believe it's very strong. We've actually increased our guidance at the midpoint for both top line metrics and bottom line metrics. So overall, we feel very good about the year, how the year is progressing and also the outlook in terms of the guidance for the full year 2025.

如果你看一下全年業績指引，我們確實相信它非常強勁。實際上，我們已經提高了頂線指標和底線指標的中點指導。因此，總體而言，我們對今年的進展以及 2025 年全年的前景感到非常滿意。

Glenn, do you take alternative accommodations?

格倫，你接受其他住宿嗎？

You can take it.

你可以拿去。

So alternative accommodations. I think overall, we are quite pleased, Doug, with where we are in the growth in the second quarter. It's still outpaces traditional accommodations in every region in the world. And from our perspective, it continues to have quite a large potential also over the next period.

所以有替代住宿。道格，我認為總體而言，我們對第二季的成長感到非常滿意。它仍然超越世界各地的傳統住宿。從我們的角度來看，它在未來一段時間內仍具有相當大的潛力。

I do need to point out it is reaching a level of maturity now for us as a company. We have today 8.4 million listings, and that is up 8% year-over-year. And we're now approximately 75% of the largest player in this space with respect to room nights.

我確實需要指出，對於我們公司來說，它現在已經達到了一定的成熟度。我們目前有 840 萬個房源，比去年同期成長了 8%。就客房間夜量而言，我們目前佔據該領域最大飯店的 75% 左右。

Obviously, we don't know exactly where that is because we are not including experiences in our number, but we say approximately 75%. Maybe one more thought on this as well as we are looking more at overall growth and not so much in subcategories because it's, in the end, the preferences of our traveler customers that we're trying to serve.

顯然，我們不知道確切的數字，因為我們沒有將經驗包括在內，但我們說大約是 75%。也許對此還有一個想法，我們更關注的是整體成長，而不是子類別的成長，因為最終，我們試圖服務的是旅行者客戶的偏好。

And sometimes they like to go to a hotel, sometimes to a resort, sometimes to a home or an apartment. So for us, in the end, the overall growth and how well we are serving and delivering value for our travelers is the most important. But I would say, great growth in alternative accommodations and it continues to be, from our perspective, an important driver of future growth as well.

有時他們喜歡去酒店，有時去度假村，有時去家裡或公寓。因此，對我們來說，最終最重要的是整體成長以及我們如何為旅客提供優質的服務和價值。但我想說的是，替代住宿業務成長迅猛，從我們的角度來看，它仍然是未來成長的重要驅動力。

And when you think about this in the longer term, and you tie back to that question about GenAI, trying to come up with some that people really feel that it's a better way to do it. So right now, we have a customer that comes to us and they're not sure what they want, but they're fortunately come to us because we offer both homes and hotels.

當你從長遠角度考慮這個問題時，你會回想起有關 GenAI 的問題，試著想出一些人們真正認為更好的方法。所以現在，我們有一位客戶來找我們，他們不確定自己想要什麼，但他們很幸運地來到我們這裡，因為我們同時提供住宅和酒店。

And they can go in, they can use (inaudible) or something now. We have for Booking.com, we have that natural language search. And that's a good start. But what we really want to be able to do is tie everything together, the personalization, what we know about that customer, when they come to us because they're logged in, we know about them, what kind of family had, what kind of trip is this and they're typing and you're having a conversation back just like you used to do with an all-time human travel agent and being able to come up with what really is the best potential ways they can accomplish their goal of going on this holiday, this vacation, the strip, maybe with a family, maybe with children all the elements of all the knowledge and all the data that we have proprietary data that we have reviews everything we have come back with that better solution -- that's how we win in the long run.

現在他們就可以進去，可以使用（聽不清楚）或其他東西。對於 Booking.com，我們有自然語言搜尋。這是一個好的開始。但我們真正想要做的是將所有東西結合在一起，個性化，我們對客戶的了解，當他們登錄並來到我們這裡時，我們了解他們，有什麼樣的家庭，這是什麼樣的旅行，他們正在打字，你正在與他們交談，就像你以前與一位全能的旅行社代理人交談一樣，並且能夠想出真正最好的潛在方式，讓他們實現這個假期、這個假期、地帶的目標，也許是和家人一起，也許是和孩子一起，所有知識和所有數據的要素，我們擁有的專有數據，我們審查了所有的東西，我們得到了更好的解決方案- 這就是我們長期獲勝的方式。

And that's why we don't think too much about or is it accommodations, alternate combination of hotels we want to offer what the customer needs and putting it all together in a holistic synergistic improvement upon what has been done in the past.

這就是為什麼我們不會過多考慮住宿，我們想提供客戶需要的酒店替代組合，並將所有這些結合起來，在過去的基礎上進行整體協同改進。

We're getting there, we're definitely going to get there. And I think at that point, we'll have a question before about when we have that big increase in people really saying, Oh, this is better. And that's what's really exciting.

我們正在到達那裡，我們一定會到達那裡。我認為在那時，我們會有一個問題，那就是當我們真正說「哦，這更好」的人大幅增加時。這才是真正令人興奮的事。

Great. Thank you both.

偉大的。謝謝你們兩位。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the question. I appreciate the stats on Connected Trip and how that continues to scale. Can you talk a little bit about what some of the key investments are that are still left to sort of building scale on the inventory side behind Connected Trip.

非常感謝您回答這個問題。我很欣賞 Connected Trip 的統計數據以及它如何持續擴大規模。您能否簡單談談 Connected Trip 庫存方面還有哪些關鍵投資可以擴大規模？

And give us a little bit of color on how broadly that is marketed in terms of owning more of the overall basket size of travel and how that go-to-market approach might evolve over the long term. Thanks so much.

請向我們稍微介紹一下這種行銷方式在佔據旅遊整體購物籃更大份額方面的廣泛程度，以及這種市場進入方式在長期內將如何發展。非常感謝。

So I'll talk a little bit about it, Eric. I'll let Ewout talk about later of basket size in terms of financing at or feel anything in that area. Look, it's interesting you asked about what we need more in supply in that area. And the important thing is, remember, Connected Trip is everything. It's all things travel. And we always want to make sure we have the greatest selection for the customer.

所以我會稍微談論一下這個，艾瑞克。我會讓 Ewout 稍後談論融資方面的籃子規模或該領域的任何感受。瞧，你問到我們在該地區需要更多什麼供應，這很有趣。重要的是，請記住，互聯旅行就是一切。一切都與旅行有關。我們始終希望確保為客戶提供最豐富的選擇。

So we talk in general about some of the individual verticals, and I think every single time we've done this call, I've mentioned about how we want to more alternative accommodations and I talked to it in the past, I talked about in the US or types, et cetera, et cetera, and not has changed. We still want to get more of that, et cetera.

因此，我們總體上討論了一些單獨的垂直領域，我想每次我們進行這個通話時，我都會提到我們希望提供更多替代住宿，我過去也談過這個問題，我在美國或類型等等方面也談過，但這些都沒有改變。我們仍然希望獲得更多這樣的資訊等等。

Flights, of course, we want to make sure we have all the flights throughout the world that people want and attraction, same thing. We're always doing that. So there's no particular area we need more of this -- and that would make a that would make a huge difference. We always want to get more of everything because we want every customer to have the opportunity to get whatever they want.

當然是航班，我們希望確保我們擁有全世界所有人們想要的航班和景點，這都是一樣的。我們一直都是這麼做的。因此，我們不需要特定領域中更多這樣的領域——這將帶來巨大的變化。我們總是想獲得更多的東西，因為我們希望每個顧客都有機會得到他們想要的東西。

The critical thing is putting it together in a way, in a way, using the data we have using what we know, again, going back to my previous answer about personalization, bringing it all together using science to be able to present it in the right way at the right time.

關鍵在於以某種方式將它們整合在一起，利用我們擁有的數據，利用我們所知道的知識，再次回到我之前關於個性化的回答，利用科學將它們整合在一起，以便能夠在正確的時間以正確的方式呈現它。

So that customer is being shown what they are most likely going to want that is most likely to achieve the -- and by the way the great thing is the other side of the marketplace, and we don't talk enough about this. The Connected Trip gives us incredible opportunity for us to give our partners, and I said it in our prepared remarks about so many of them are small and medium-sized enterprises.

這樣，我們就向客戶展示了他們最可能想要什麼，最有可能實現什麼——順便說一下，最棒的是市場的另一面，我們對此討論得還不夠。互聯旅行為我們提供了難以置信的機會，讓我們能夠與合作夥伴合作，我在準備好的演講中已經說過，其中許多都是中小型企業。

These are small businesses. They don't have the technology. They don't have the knowledge, they don't have the data. They don't have the scientists. They don't know we do for them to be able to give them more incremental business and putting it up when that person is going to want to buy this small business person's offering and doing it in a way that it combines for both sides, that's what we're building.

這些都是小企業。他們沒有這項技術。他們沒有知識，也沒有數據。他們沒有科學家。他們不知道我們為他們做了什麼，以便能夠為他們帶來更多的增量業務，並在那個人想要購買這個小企業主的產品時將其展示出來，並以一種對雙方都有利的方式進行，這就是我們正在構建的。

And we're using technology and using science data, and that's what's so great right now is we are finally achieving that level where we're being to see how this comes together. Breaking through that double-digit number for the percentage of transactions that are being done in the connected, that was said great.

我們正在使用技術和科學數據，現在最棒的是，我們終於達到了那個水平，我們正在觀察它們是如何結合在一起的。網路交易量佔比突破兩位數，真是太棒了。

That is so good. Yeah, a long way to go still because eventually, we'd like to everybody anybody who does anything as to be a Connected Trip because well get everybody. Somebody's going to take a drive trip to get a hotel, it's going to be their car. But we want to get as much as we can and I believe this is the start, seeing that increase year-over-year that Ewout mentioned -- over 30% increase in Connected Trip year-over-year, that's showing results.

那太好了。是的，還有很長的路要走，因為最終，我們希望每個人做任何事情都可以成為一趟互聯的旅行，因為我們會讓每個人都參與其中。有人會開車去飯店，那是他們的車。但我們希望獲得盡可能多的收益，我相信這是一個開始，看到 Ewout 提到的同比增長——互聯旅行同比增長超過 30%，這顯示出了成果。

And that brings back loyalty. That brings back more frequency -- it's a flywheel that continues to accelerate, and that's why things are so exciting right now.

這就能恢復忠誠度。這會帶來更高的頻率——這是一個持續加速的飛輪，這就是為什麼現在的事情如此令人興奮的原因。

Let me add to two other points more from a value creation perspective to Glenn's answer. One is payments as a strategic underpinning of our Connected Trip because payments gives us an opportunity to create value for partners, for travelers, gives us an opportunity to have competitive pricing in the market.

讓我從價值創造的角度對格倫的回答補充另外兩點。一是支付是我們互聯旅行的策略基礎，因為支付讓我們有機會為合作夥伴、為旅行者創造價值，也讓我們有機會在市場上獲得有競爭力的價格。

And it is great for our shareholders because it's an added benefit to the P&L overall. So payments really important as an underpinning for Connected Trip as well. And the second point is about the economics because besides the convenience, the peace of mind, having all these pieces of a Connected Trip together and logically linked to each other, generative AI-powered behind that for a traveler, I think for us, the benefit is that usually, if we see travelers booking across multiple verticals that we only have to incur the acquisition cost once.

這對我們的股東來說是一件好事，因為它為整體損益帶來了額外的好處。因此，支付作為 Connected Trip 的基礎也非常重要。第二點是關於經濟的，因為除了便利性和安心性之外，將互聯旅行的所有這些部分整合在一起並在邏輯上相互關聯，為旅行者提供生成人工智能，我認為對我們來說，好處是，通常情況下，如果我們看到旅行者在多個垂直領域進行預訂，我們只需要承擔一次收購成本。

And that, overall, bringing that all together actually increases the economics for us as a company. Moreover, if we see people looking more often with us, more across multiple verticals they tend to come back more often. They tend to come more back directly to us in the future.

總體而言，將所有這些結合起來實際上會增加我們公司的經濟效益。此外，如果我們發現人們更頻繁地瀏覽我們的網站，瀏覽更多垂直領域的內容，他們就會更頻繁地回來。他們將來往往會更直接地回到我們身邊。

So also that is clearly a benefit for us ultimately from an economic perspective. So I think in the end, everyone is a winner with this outcome of Connected Trip growing very rapidly.

因此，從經濟角度來看，這顯然最終對我們來說是有利的。因此我認為，最終每個人都是贏家，因為 Connected Trip 的成果會迅速發展。

And when you add on -- and you mentioned the glue about of the Connected Trip. We throw on another piece of blue is all of our incredible Genius offerings, which now is going across all the verticals. And again, using the data coming up with what Genius offering should be added perhaps at that specific time to that specific customer and that contribution many times is going to come from the supply or not from us.

當您添加時——您提到了有關 Connected Trip 的黏合劑。我們推出的另一款藍色產品是我們所有令人難以置信的 Genius 產品，現在已涵蓋所有垂直領域。再一次，使用數據來決定應該在特定時間為特定客戶添加什麼 Genius 產品，而這種貢獻很多時候是來自供應商還是不是來自我們。

The supplier wants to offer a Genius benefit to get that sale. The traveler wants to get that benefit, of course, because of the benefit to them. And we're happy to be the in between the two providing that incredible knowledge that this is the right time, the right place, the right offering to get that sales done it all comes together.

供應商希望提供 Genius 優惠來獲得這筆銷售。旅行者當然希望獲得這種好處，因為這對他們有好處。我們很高興能夠成為兩者之間的橋樑，提供令人難以置信的知識，這是正確的時間、正確的地點、正確的產品來完成銷售，一切都結合在一起。

And I'll tell you, it's just so exciting right now.

我告訴你，現在真是太令人興奮了。

Thank you.

謝謝。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼（Kevin Kopelman），TD Cowen。

Great. Thanks so much. Looking at the US, you noted some softening of metrics like booking window length of stay. Can you comment on any trends you've seen in US behavior, if any, as you move further away from what seem like peak macro concerns in April?

偉大的。非常感謝。看看美國，你會發現預訂窗口停留時間等指標減弱。隨著您逐漸遠離四月份宏觀經濟擔憂的頂峰，您能否評論一下您所看到的美國行為趨勢（如果有的話）？

And then could you also comment on what you're seeing in those kinds of macro sensitive metrics from our Europe and APAC customers? Thanks.

然後，您能否評論一下您從我們的歐洲和亞太地區的客戶那裡看到的那些宏觀敏感指標？謝謝。

Kevin, just a few additional data points on what we said in the prepared remarks, we see generally top end of the US consumer market will be a little stronger, spending more in the 5-star hotel category spending more on international travel, including Europe, you would say, Europe is much more expensive now with the exchange rate of euro dollar, but still at the high end, people are traveling to Europe and our spending.

凱文，我們再補充幾個數據，就我們在準備好的發言中所說的內容而言，我們總體上看到美國消費市場的高端會稍微強勁一些，在五星級酒店類別上的支出會更多，在國際旅行上的支出也會更多，包括歐洲，你會說，現在以歐元兌美元的匯率來看，歐洲的價格要高得多，但仍然處於高端

We see at the lower end, more careful behavior of US consumer. That is more where we see the pressure on the domestic travel the lower-star hotel rate rating on the lower star rate of hotels. So there is definitely a little bit more of the negative behavior that we see in terms of impact to the US consumer.

我們看到，美國消費者的低端行為更加謹慎。這更體現在我們看到國內旅遊對低星級飯店價格的壓力。因此，就對美國消費者的影響而言，我們看到的負面行為肯定更多。

If you look at other parts of the world, actually, Europe is holding up quite well. We see Europeans booking earlier they are booking at higher prices than a year ago and Europeans clearly continue to prioritize travel as a part of their discretionary spend over other categories. So that is, I think, clearly positive.

事實上，如果你看看世界其他地區，歐洲的表現相當不錯。我們發現歐洲人預訂的時間更早，而且預訂價格也比一年前更高，而且歐洲人顯然繼續將旅行作為可自由支配支出的一部分，優先於其他類別。所以我認為這顯然是積極的。

And then in Asia, here, if you look at the second quarter over the first quarter, we see an incremental growth quarter-over-quarter sequentially. That is mostly coming from some of the impact we saw in the first quarter around some of the events, the political aviation and earthquake events in the first quarter, but the markets do very well. The demand is doing very well, and we are very well positioned in Asia, as Glenn already mentioned, with Agoda, which is really the Asian champion outside of Mainland China and Booking.com also has a strong position in several markets.

在亞洲，如果你看第二季與第一季相比，我們會看到季度環比成長。這主要是由於我們在第一季看到的一些事件的影響，第一季的政治航空和地震事件，但市場表現非常好。需求表現非常好，而且正如 Glenn 所提到的那樣，我們在亞洲佔據著非常有利的地位，Agoda 是中國大陸以外真正的亞洲冠軍，而 Booking.com 在多個市場也佔據著強勢地位。

So overall, again, I think the fact that we are such a global business and that we can service consumers across the board in many different parts of the world and I think is overall clearly a positive from a profile perspective for the company.

所以總的來說，我認為我們是一家全球性企業，我們可以為世界各地的消費者提供服務，從公司形象的角度來看，這顯然是一個積極的方面。

Thanks, Ewout.

謝謝，Ewout。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

Great. Just would like to think a little bit about Q4 and what's implied in your guidance. But can you just remind us of what happened last year, why it was so strong? And how you're thinking about forward holiday bookings at this point? And then I know advertising was one of your initiatives for growth this year. Just maybe give us an update on how that's going and how you think about the advertising opportunity from here. Thank you.

偉大的。只是想稍微思考一下第四季以及您的指導中暗示的內容。但是您能否提醒我們去年發生了什麼，為什麼它如此強大？您現在對提前預訂假期有什麼想法？我知道廣告是你們今年的成長舉措之一。請向我們介紹一下事情的進展以及您對目前的廣告機會有何看法。謝謝。

Justin, with respect to the fourth quarter of last year, what we saw was basically two main effects. One is we saw growth continuing. I was already mentioning that growth started to accelerate from August and September onwards. So that continued in the fourth quarter.

賈斯汀，就去年第四季而言，我們看到的基本上是兩個主要影響。一是我們看到成長持續。我之前已經提到過，從八月和九月開始成長開始加速。這種情況在第四季繼續延續。

But the second effect that we saw as well was that, of course, compared to the fourth quarter of 2023, we had relatively [low-comps] and so that helps also optically with the growth in the fourth quarter. So obviously, the first impact is something that is real and we are facing in the fourth quarter of this year.

但我們也看到的第二個影響是，與 2023 年第四季相比，我們的銷售額相對較低，因此這也有助於第四季的成長。顯然，第一個影響是真實存在的，我們將在今年第四季面臨它。

The second factor is not so real because that was more a comparison of '24 over '23. So that is not something that we are taking into account in terms of our forward expectations for the fourth quarter.

第二個因素並不是那麼真實，因為這更多的是 24 年與 23 年的比較。因此，就我們對第四季的預期而言，我們不會考慮到這一點。

Maybe to add to that is, we're not so much now guiding implicitly for the fourth quarter. We're really looking at the full year guidance. And again, if you look at the full year guidance, we have raised our expectations at the midpoint. You see that the top line metrics look better. The bottom line metrics look better, the EBITDA margin outlook has improved. So that is, I think, overall, what we believe will happen for the year as a whole.

也許需要補充的是，我們現在對第四季的預測並不那麼含蓄。我們確實在關注全年的指導。再說一次，如果你看一下全年指引，你會發現我們在中期提高了預期。您會發現頂線指標看起來更好了。底線指標看起來更好，EBITDA 利潤率前景有所改善。所以，我認為，總體而言，這就是我們認為全年將會發生的情況。

With respect to advertising and as a new channel of growth, you see advertising revenues going up 11% compared to the second quarter of 2024. In that category is KAYAK. So KAYAK is, of course, technically, purely an advertising business. but you see also the growth of some of our strategic investments in advertising because it's one of the elements of our $170 million investment program this year and that is scaling up nicely as well.

就廣告而言，作為新的成長管道，您會看到廣告收入與 2024 年第二季相比成長 11%。KAYAK 就屬於這一類。當然，從技術上講，KAYAK 純粹是一家廣告公司。但你也會看到我們在廣告方面的一些策略性投資有所成長，因為這是我們今年 1.7 億美元投資計畫的一部分，而且也穩定成長。

So therefore, 11% growth on that line item, which I'm quite happy with in terms of results for the second quarter.

因此，該專案成長了 11%，我對第二季的業績感到非常滿意。

Great, thank you.

太好了，謝謝。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Great, thanks for sneaking me in here. I just -- two, one is a follow-up, Glenn, you mentioned with natural language now live on booking. Talk to us a little bit more just about conversion rates that you're seeing from this new tool? Are you seeing better conversion rates, repeat usage and things along those lines?

太好了，謝謝你讓我偷偷來到這裡。我只是 - 兩個，一個是後續，格倫，你提到現在可以使用自然語言進行預訂。您可以跟我們再多談談您從這個新工具中看到的轉換率嗎？您是否看到了更好的轉換率、重複使用率以及類似情況？

And then Ewout, maybe a quick follow-up to Justin's comment on investments but just on the OpEx side, given the rise in direct bookings, Genius adoption and usage and mobile, just longer term, talk to us how you see the P&L evolving just given direct is a larger part and you could see some leverage continued leverage in sales and marketing. Thank you.

然後，Ewout，也許可以快速跟進 Justin 對投資的評論，但僅在運營支出方面，考慮到直接預訂、Genius 的採用和使用以及移動的增加，從長遠來看，請告訴我們，鑑於直接預訂佔了更大的比重，您如何看待損益表的演變，您可能會看到銷售和營銷中的一些槓桿作用持續發揮作用。謝謝。

So regarding just the one small use of GenAI, natural language, I'm not going to give a specific, but as you know, we do a lot of testing. Something's not working, we take it off. Every single pixel is very, very valuable on our business. And we will -- if anything is not working, we don't have it anymore. So it's still there, it means that it's doing something positive for us.

因此，關於 GenAI 的一個小用途，即自然語言，我不會給出具體說明，但如你所知，我們做了很多測試。有些東西不起作用，我們就把它拿掉。每一個像素對於我們的業務都非常非常有價值。我們會的——如果任何東西不起作用，我們就不再擁有它了。所以它仍然存在，這意味著它正在為我們做一些積極的事情。

That's just one element. And there's so many other areas where we're doing other things, and we talked about the other businesses in our group that are doing this like OpenTable with their concierge system now and going back and use all the data they have to present in a way that is better for the diner or we mentioned things like Priceline and the things that they're doing when we've made a number of improvements to the what they call Penny, which is their GenAI way to help their travelers figure out what they want to do and then actually buy all these different things, each one individually, increasing benefits to the whole company.

這只是一個因素。我們在許多其他領域也在做其他事情，我們談到了集團內正在這樣做的其他企業，比如 OpenTable 的禮賓系統，他們回過頭來使用所有數據，以一種對用餐者更有利的方式呈現數據，或者我們提到了 Priceline 和他們在做的事情，我們對他們所謂的 Penny 做了一些改進，Penny 是他們的 GenAI 方法，可以幫助單獨的這些東西，然後他們

And the great thing is then sharing that now among all of our different brands know what's working best and then be able to support that over and do in those other places too. (inaudible) the benefit of a very, very large-scale business with the opportunity, so many different things in an area that's going so rapidly were a person that doesn't have that kind of scale because I have that many people working on it, taking one shot (inaudible) and that's the one that's going to work.

最棒的事情是，現在我們所有的不同品牌之間都可以分享這一點，知道什麼最有效，然後能夠在其他地方提供支持和幫助。 （聽不清楚）一個非常非常大規模的企業的好處是有機會，在一個發展如此迅速的領域，有這麼多不同的事情，如果我沒有這種規模，因為我有那麼多人在做這件事，只需一次嘗試（聽不清楚），那就是可行的。

Whereas we were like, imagine you're in a casino and you're able to put bets in some many parts of the table. That's the benefit that we really have. And that's one of the reasons I'm really enthusiastic about where our future is going.

而我們則想，想像你在賭場，你可以在賭桌的許多地方下注。這才是我們真正擁有的好處。這就是我對我們的未來充滿熱情的原因之一。

Ewout, I'll let you finish ourself here.

呃，我讓你在這裡結束我們自己。

Yeah, Ron, I love your question about investments because I'm really super passionate about that topic. And the way how we look at this from a management philosophy perspective, I call it the double discipline. So we are, on the one hand, very disciplined in going after operating leverage, efficiencies, opportunities really to take the scale that we have as a business as an advantage.

是的，羅恩，我喜歡你關於投資的問題，因為我對這個主題非常感興趣。我們從管理哲學的角度來看這個問題，我稱之為雙重紀律。因此，一方面，我們非常自律地追求經營槓桿、效率和機會，真正將我們作為企業所擁有的規模轉化為優勢。

We can run much higher volumes over the scale of the company that we have today and, therefore, really achieve those efficiencies and that will help longer term from a P&L perspective. But then the other side of where we have the discipline is -- we have so many opportunities to reinvest in our business.

我們可以在現有公司規模上實現更高的產量，從而真正實現效率，從損益角度來看，這將帶來長期幫助。但另一方面，我們有紀律——我們有很多機會對我們的業務進行再投資。

And we have mentioned several of those during this call but there are so many others where we can grow this company so much faster in the future by really making investments in those verticals, in generative AI in (inaudible) in many other areas.

我們在這次電話會議中提到了其中的幾個，但還有許多其他領域，透過在這些垂直領域、在生成人工智慧（聽不清楚）和許多其他領域進行真正的投資，我們可以在未來更快地發展這家公司。

But obviously, we are very disciplined around reinvesting in those initiatives because we have to make sure that ultimately they end up in a place of driving higher top line growth for the company in the future. It's very different mechanisms, but we have them both in place. This year, we are, for the first year, really working through that by taking $150 million out of our transformation program in her savings and reinvesting EUR170 million. But I think over time, there's so much more we can do on both sides.

但顯然，我們在對這些計劃進行再投資時非常謹慎，因為我們必須確保它們最終能夠推動公司未來更高的營收成長。雖然這是非常不同的機制，但我們都已經將其實施。今年，我們首次真正致力於實現這一目標，從她的儲蓄轉型計畫中拿出 1.5 億美元，再投資 1.7 億歐元。但我認為隨著時間的推移，雙方可以做的事情還有很多。

And the outcome for shareholders, of course, that we can drive the top line faster, grow this company even faster than we otherwise would have been able to accomplish. So it's really exciting what is possible in the future with the company and ultimately, that of course, shows up in the P&L as well.

當然，對股東而言，結果是我們可以更快地提高營業額，使公司比我們原本能夠實現的速度更快發展。因此，公司未來的可能性確實令人興奮，當然，最終也會反映在損益表中。

Thank you, Glenn. Thank you, Ewout.

謝謝你，格倫。謝謝你，Ewout。

And that concludes our question-and-answer session. I will now turn the call back over to Glenn Fogel for some final closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給格倫·福格爾 (Glenn Fogel)，請他做最後的總結發言。

Thank you. And 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。我還要感謝我們的合作夥伴、客戶、敬業的員工和股東。我們非常感謝大家的支持，我們將繼續建立公司的長遠願景。謝謝，晚安。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。