Booking Holdings Inc (BKNG) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Booking Holdings Third Quarter 2021 Conference Call.

歡迎參加 Booking Holdings 2021 年第三季度電話會議。

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

Booking Holdings 想提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

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

這些前瞻性陳述不能保證未來的表現，並受到某些難以預測的風險、不確定性和假設的影響。

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

因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果存在重大差異。

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

未來目標或期望的表達以及反映歷史事實以外的類似表達旨在識別前瞻性陳述。

For a list of factors that could cause Booking Holdings' actual results to differ materially from those described in the forward-looking statements, please refer to the safe harbor statements at the end of Booking Holdings' earnings press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

有關可能導致 Booking Holdings 的實際結果與前瞻性聲明中描述的結果存在重大差異的因素列表，請參閱 Booking Holdings 收益新聞稿末尾的安全港聲明以及 Booking Holdings 最最近向美國證券交易委員會提交的文件。

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

除非法律要求，否則 Booking Holdings 不承擔因新信息、未來事件或其他原因而公開更新任何前瞻性陳述的義務。

A copy of Booking Holdings' earnings press release, together with accompanying financial and statistical supplement, is available in the For Investors section of Booking Holdings' website at www.bookingholdings.com.

Booking Holdings 的收益新聞稿副本以及隨附的財務和統計補充資料可在 Booking Holdings 網站 www.bookingholdings.com 的投資者部分獲取。

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

現在我想介紹一下 Booking Holdings 今天下午的發言人 Glenn Fogel 和 David Goulden。

And I'll turn the call over to Glenn Fogel, CEO.

我會將電話轉給首席執行官 Glenn Fogel。

Please go ahead, sir.

請繼續，先生。

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

謝謝，歡迎來到 Booking Holdings 第三季度電話會議。

I'm joined this afternoon by our CFO, David Goulden.

今天下午，我們的首席財務官 David Goulden 加入了我的行列。

I am pleased to be reporting strong results today for our peak travel season.

我很高興今天報告我們旅遊旺季的強勁業績。

Compared with 2019, Q3 room nights were down 18%, which was an improvement from the 22% decline we previously reported for the month of July and the 26% decline in Q2.

與 2019 年相比，第三季度的房晚下降了 18%，這比我們之前報告的 7 月份下降 22% 和第二季度下降 26% 有所改善。

The improvement since July was primarily driven by stronger room night trends in Europe.

自 7 月以來的改善主要是受歐洲更強勁的房晚趨勢推動。

In the United States, room night growth in Q3 was strong but lower than Q2.

在美國，第三季度的房晚增長強勁，但低於第二季度。

These room night declines in Q3 were about in line with Q2 and remained down significantly versus 2019.

第三季度的這些房間夜數下降與第二季度大致一致，並且與 2019 年相比仍顯著下降。

International travel, which is important to our business, drove the overall sequential improvement in room night trends from Q2 to Q3.

對我們的業務很重要的國際旅行推動了從第二季度到第三季度房間夜趨勢的整體環比改善。

Nevertheless, our international room night remains significantly depressed versus 2019.

儘管如此，與 2019 年相比，我們的國際房晚仍顯著下降。

Q3 consolidated revenue of $4.7 billion was more than double the amount of revenue in Q2.

第三季度合併收入為 47 億美元，是第二季度收入的兩倍多。

The third quarter was also our most profitable quarter since Q3 2019, with $2.1 billion of adjusted EBITDA and a 45% adjusted EBITDA margin.

第三季度也是我們自 2019 年第三季度以來利潤最高的季度，調整後 EBITDA 為 21 億美元，調整後 EBITDA 利潤率為 45%。

Moving into the fourth quarter.

進入第四季度。

We have seen a further improvement in our room night trends in October, including early signs of a pickup in room night trends in Asia.

我們看到 10 月份的客房夜數趨勢進一步改善，包括亞洲客房夜數趨勢回升的早期跡象。

However, recently rising COVID case counts in many countries, including several important European countries, adds to the uncertainty around how November and December trends will progress.

然而，最近許多國家（包括幾個重要的歐洲國家）的 COVID 病例數上升，增加了 11 月和 12 月趨勢將如何發展的不確定性。

David will provide additional details on our third quarter results and what we are seeing so far in the fourth quarter in his remarks.

大衛將在他的講話中提供有關我們第三季度業績的更多細節以及我們在第四季度迄今為止所看到的情況。

The improvement in trends we saw in the third quarter and so far in the fourth quarter following the negative -- following a negative impact from the Delta variant in July and August once again demonstrates the resilience of leisure travelers who are looking to travel when it is safe to do so and restrictions are lifted.

在 7 月和 8 月 Delta 變體的負面影響之後，我們在第三季度和迄今為止的第四季度看到了趨勢的改善，這再次證明了希望在適當的時候旅行的休閒旅行者的韌性這樣做是安全的，並且限制被解除。

We are confident that we are on the path to the eventual strong recovery in travel demand globally.

我們有信心，我們正走在全球旅行需求最終強勁復甦的道路上。

As the global recovery continues, we are making progress strengthening our core accommodation business to support its long-term growth.

隨著全球復甦的繼續，我們正在加強我們的核心住宿業務以支持其長期增長。

As I said before, the strength of our core business comes from driving benefits to our traveler customers and our supply partners alike.

正如我之前所說，我們核心業務的優勢來自於為我們的旅行者客戶和我們的供應合作夥伴帶來利益。

For our customers, we are aiming to create a superior booking experience and build stronger relationships, which we believe is accomplished by addressing our customers' critical needs of value, choice and ease of use.

對於我們的客戶，我們的目標是創造卓越的預訂體驗並建立更牢固的關係，我們相信這是通過滿足客戶對價值、選擇和易用性的關鍵需求來實現的。

We continue to see Booking.com's pre-pandemic customers coming back and booking with us while we're also attracting new customers.

我們繼續看到 Booking.com 大流行前的客戶回來並與我們預訂，同時我們也在吸引新客戶。

Importantly, we see our top customers from before the pandemic returning to us at a meaningfully higher frequency than other customers.

重要的是，我們看到大流行之前的頂級客戶以比其他客戶高得多的頻率返回給我們。

Providing attractive prices on accommodations is a key component of offering value for our customers.

提供有吸引力的住宿價格是為我們的客戶提供價值的關鍵組成部分。

We work closely with our supply partners to increase participation in our targeted rate programs to ensure that compelling prices are available to our customers.

我們與我們的供應合作夥伴密切合作，以增加我們對目標價格計劃的參與，以確保我們的客戶可以獲得具有吸引力的價格。

Our Genius loyalty program at Booking.com is a great example of a program where hundreds of thousands of our property partners are participating to offer lower rates and other benefits such as complementary practice, room upgrades and discounted airport taxis to our large customer base.

我們在 Booking.com 的 Genius 忠誠度計劃就是一個很好的例子，我們的數十萬酒店合作夥伴參與其中，為我們的龐大客戶群提供更低的價格和其他福利，例如補充實踐、房間升級和打折的機場出租車。

In addition to offering lower rates on accommodations, we have recently extended lower rates on rental cars to our Genius customers.

除了提供較低的住宿價格外，我們最近還向 Genius 客戶提供了較低的租車價格。

This is just one example of the way we continue to innovate and add value for our Genius members.

這只是我們不斷創新並為 Genius 會員增加價值的方式之一。

With about 2/3 of our room nights booked on mobile devices and the majority of those booked through the app, it's critical that we provide our customers with a positive bookings experience on our app.

我們約有 2/3 的房晚是在移動設備上預訂的，其中大部分是通過應用程序預訂的，因此我們必須在我們的應用程序上為客戶提供積極的預訂體驗。

The app is an important platform as it allows us more opportunities to engage directly with travelers.

該應用程序是一個重要的平台，因為它讓我們有更多機會直接與旅行者互動。

And ultimately, we see it as the center of our connected trip experience.

最終，我們將其視為互聯旅行體驗的中心。

In the third quarter, Booking.com was once again the #1 downloaded OTA app globally according to a third-party research firm.

根據第三方研究公司的數據，第三季度，Booking.com 再次成為全球下載量排名第一的 OTA 應用程序。

Also in the third quarter, we surpassed 100 million monthly active app users for the first time.

同樣在第三季度，我們的每月活躍應用用戶首次超過 1 億。

The recent growth of Booking.com's app is encouraging, and we are working hard to continue to build on this success.

Booking.com 應用程序最近的增長令人鼓舞，我們正在努力繼續在這一成功的基礎上再接再厲。

In the third quarter, we saw a higher mix of our customers booking directly with us than in the third quarter of 2019.

與 2019 年第三季度相比，第三季度直接向我們預訂的客戶比例更高。

Our direct mix improved even as we leaned into performance marketing channels during our peak travel season.

即使我們在旅遊旺季轉向績效營銷渠道，我們的直接組合也得到了改善。

While we will continue to invest in performance marketing, we will also look to expand the diversity of our marketing and customer acquisition channels as we aim to drive incremental traffic to our platform and increase consumer awareness of our brands.

雖然我們將繼續投資於績效營銷，但我們也將尋求擴大我們的營銷和客戶獲取渠道的多樣性，因為我們的目標是增加我們平台的流量並提高消費者對我們品牌的認識。

For example, with our ambition to acquire more customers in the medium intent space, we've made progress in strengthening our foundations for digital marketing, including in social channels, though our spend so far has been small.

例如，我們的目標是在中等意圖領域獲得更多客戶，我們在加強數字營銷基礎方面取得了進展，包括在社交渠道方面，儘管到目前為止我們的支出很少。

However, we're increasingly confident in the potential for these channels.

然而，我們對這些渠道的潛力越來越有信心。

And as we see positive results, we expect to raise our level of participation there.

當我們看到積極的結果時，我們希望提高我們在那裡的參與水平。

Remaining active and investing effectively across marketing channels is made even more important by the opportunity to acquire bookers who are new to online booking channels.

通過獲得在線預訂渠道新手的機會，保持活躍並在營銷渠道中進行有效投資變得更加重要。

Travel, like many industries during pandemic, has seen a meaningful shift from offline to online according to third-party data, and this has increased our addressable market.

根據第三方數據，與大流行期間的許多行業一樣，旅遊業已經從線下轉向線上，這增加了我們的潛在市場。

For our supply partners, we are focused on bringing incremental demand to their properties from the broad audience of potentianl customers on our platform.

對於我們的供應合作夥伴，我們專注於從我們平台上的廣大潛在客戶中為他們的物業帶來增量需求。

In a survey of 600 small and medium hoteliers in Europe conducted earlier this year, 85% of response agreed that online platforms are a cost-efficient way to increase the reach of their hotel and source more diverse guests.

在今年早些時候對歐洲 600 家中小型酒店經營者進行的一項調查中，85% 的受訪者認為在線平台是一種經濟高效的方式，可以擴大酒店的覆蓋面並吸引更多不同的客人。

We agree with this statement and believe it applies more broadly.

我們同意這一說法，並相信它適用於更廣泛的領域。

Whether we are working with a small and medium hotel in Europe for an alternative accommodation or a large global hotel chain, we strive to be a valuable partner to all accommodation types on our platform.

無論我們是與歐洲的中小型酒店合作尋找替代住宿，還是與大型全球連鎖酒店合作，我們都努力成為我們平台上所有住宿類型的有價值的合作夥伴。

With our chain hotel partners, we are continuing to see increased engagement relative to 2019 levels, which shows up in higher levels of participation in our programs that enable them to differentiate and promote themselves on our platform.

與我們的連鎖酒店合作夥伴一起，我們繼續看到與 2019 年水平相比的參與度有所提高，這體現在我們的計劃參與度更高，使他們能夠在我們的平台上脫穎而出並推廣自己。

For our alternative accommodations, the global mix of room nights in Q3 of about 30% was up slightly from Q3 2019.

對於我們的替代住宿，第三季度的全球房晚組合約為 30%，比 2019 年第三季度略有上升。

This increase in alternative combination share of our business in the quarter was less than it was in Q2 as we saw a greater sequential improvement in demand for hotel room nights in Europe from Q2 to Q3.

本季度我們業務的替代組合份額的增長低於第二季度，因為我們看到從第二季度到第三季度歐洲酒店間夜需求的連續改善更大。

Our property count of about 2.4 million and reported listings of over 28 million on Booking.com remained stable relative to the prior quarter.

與上一季度相比，我們大約 240 萬處的房產數量和超過 2800 萬處的待售房源保持穩定。

Let me talk more about some of our key strategic priorities, payments and the connected trip, both of which we believe will further enhance the strength of our core accommodations business and support its continued growth.

讓我更多地談談我們的一些關鍵戰略重點、支付和互聯旅行，我們相信這兩者都將進一步增強我們核心住宿業務的實力並支持其持續增長。

Turning to payments at Booking.com.

轉向 Booking.com 的付款。

Last quarter, we spoke about the organization of all of our payments initiatives and efforts within a new fintech unit at Booking.com.

上個季度，我們在 Booking.com 的一個新金融科技部門談到了我們所有支付計劃和努力的組織。

The recently established fintech unit enables Booking.com to have a dedicated focus on enhancing payments in our core business for both customers and partners as well as monetizing our overall transaction flows via new payments-related products and services.

最近成立的金融科技部門使 Booking.com 能夠專注於為客戶和合作夥伴加強核心業務的支付，並通過新的支付相關產品和服務將我們的整體交易流貨幣化。

Adoption of our payment solutions by our supply partners in both the U.S. and Europe continues to grow.

我們在美國和歐洲的供應合作夥伴對我們的支付解決方案的採用繼續增長。

Adoption in the U.S. has seen significant increases recently, driven by the additions of some major hotel chains in the second and third quarters, which we will look to build on in the fourth quarter.

由於第二和第三季度一些主要連鎖酒店的增加，我們將在第四季度進一步發展，這推動了美國的採用率最近顯著增加。

In Europe, more customers are choosing to pay using Booking.com's payment platform when finalizing their booking as attractive and localized options are provided.

在歐洲，越來越多的客戶在完成預訂時選擇使用 Booking.com 的支付平台進行支付，因為它提供了有吸引力的本地化選項。

This is a result in nearly 1/3 of Booking.com's total gross bookings in Q3 being processed through our payment platform, which is up from about 22% for the full year 2020.

這是因為 Booking.com 在第三季度的總預訂量中有近 1/3 是通過我們的支付平台處理的，高於 2020 年全年的約 22%。

The fintech unit is also driving continued payments innovation to ensure that growth is sustained into the future.

金融科技部門還在推動持續的支付創新，以確保未來持續增長。

This includes offering low-cost payout choices to our suppliers as well as partnering with third parties to provide payment solutions to our bookers, such as Buy Now, Pay Later.

這包括向我們的供應商提供低成本的支付選擇，以及與第三方合作為我們的預訂者提供支付解決方案，例如立即購買、稍後支付。

We believe these efforts help position Booking.com as an attractive and trusted payment intermediary for all parties on our platform.

我們相信這些努力有助於將 Booking.com 定位為我們平台上所有各方的有吸引力且值得信賴的支付中介。

On our connected trip vision, we have been focused this year on enabling travelers to book the major elements of their trip in one place on Booking.com.

在我們的互聯旅行願景中，我們今年一直專注於讓旅行者能夠在 Booking.com 的一個地方預訂他們旅行的主要元素。

We continue to work on scaling up a robust flight platform on Booking.com, which will give us the ability to engage with flight bookers early in their travel journey and allow us an opportunity to cross-sell our accommodation and other services to these bookers.

我們將繼續努力在 Booking.com 上擴展強大的航班平台，這將使我們能夠在航班預訂者的旅行早期與他們互動，並讓我們有機會向這些預訂者交叉銷售我們的住宿和其他服務。

Booking.com's product is now live in 27 countries.

Booking.com 的產品現已在 27 個國家/地區上線。

Total company air tickets in the third quarter was up 131% versus Q3 2019, primarily driven by strength at Priceline, but also helped by Booking.com's life offering, which continues to meaningfully exceed our expectations.

第三季度公司機票總額與 2019 年第三季度相比增長了 131%，這主要得益於 Priceline 的實力，但也得益於 Booking.com 的壽險產品，該產品繼續顯著超出我們的預期。

While it remains early days for Booking's flight product, we are seeing that over 25% of Booking's flight bookers are entirely new customers.

雖然 Booking 的航班產品仍處於早期階段，但我們看到 Booking 超過 25% 的航班預訂者是全新客戶。

With these new customers, we are seeing an encouraging attach rate of accommodation bookings.

對於這些新客戶，我們看到了令人鼓舞的住宿預訂附加率。

However, there is more work to be done to further optimize the cross-sell opportunity.

但是，要進一步優化交叉銷售機會，還有更多工作要做。

The early signals help demonstrate though that a flight offering can drive incremental new customers to the platform to which we can cross-sell our accommodation product.

早期的信號有助於證明，航班產品可以將更多的新客戶吸引到我們可以交叉銷售我們的住宿產品的平台。

We are beginning to test initiatives targeting these new flight customers, including, for example, encouraging account creation to activate Genius status and in some cases, offering additional incentives for them to book accommodations.

我們開始測試針對這些新航班客戶的舉措，例如，鼓勵創建帳戶以激活 Genius 會員身份，並在某些情況下為他們預訂住宿提供額外獎勵。

We remain focused on continuing to test and innovate in order to build on the early successes we are seeing with flights at Booking.com.

我們仍然專注於繼續測試和創新，以鞏固我們在 Booking.com 上看到的航班的早期成功。

We're also continuing to run tests using offerings from our verticals like rental cars and taxis.

我們還將繼續使用來自我們垂直行業的產品（如租車和出租車）進行測試。

Now before closing, I do want to note that as world leaders assembled this week in Glasgow for the COP26 Summit, discussing the urgency of tackling the global climate crisis, I cannot overstate the importance for our industry to come together to work for the goal of carbon neutrality by 2050.

現在在結束之前，我確實想指出，當世界領導人本周齊聚格拉斯哥參加 COP26 峰會，討論解決全球氣候危機的緊迫性時，我不能誇大我們行業團結一致為實現以下目標而努力的重要性。到 2050 年實現碳中和。

Decarbonization is a major challenge for the entire industry and solving this challenge requires the commitment of all stakeholders.

脫碳是整個行業面臨的一項重大挑戰，解決這一挑戰需要所有利益相關者的承諾。

I am proud to say that our company, Booking Holdings, is committed to addressing this challenge.

我很自豪地說，我們的公司 Booking Holdings 致力於應對這一挑戰。

We recently released a report that we commissioned with EY Parthenon that looks into what will it take to get the accommodations industry specifically to a carbon-neutral future.

我們最近發布了一份我們委託安永帕台農神廟 (EY Parthenon) 委託的報告，該報告探討瞭如何才能讓住宿業特別地走向碳中和的未來。

While a big task, data shows it is achievable.

雖然是一項艱鉅的任務，但數據表明它是可以實現的。

At Booking.com, we are working on making it easier for travelers to find and choose sustainable accommodation options when booking their travel.

在 Booking.com，我們正在努力讓旅行者在預訂旅行時更容易找到和選擇可持續的住宿選擇。

In addition, we're working with our accommodation supply partners by sharing guidance, insights and best practices to enhance sustainability initiatives at the property level.

此外，我們正在與我們的住宿供應合作夥伴合作，分享指導、見解和最佳實踐，以加強酒店層面的可持續發展舉措。

Of course, there is much more that must be done.

當然，還有很多事情要做。

But we believe that we are taking important steps to contribute to a more sustainable future for our industry.

但我們相信，我們正在採取重要步驟，為我們的行業創造一個更可持續的未來做出貢獻。

And finally, we plan on publishing a Booking Holdings climate transition plan in early 2022, which we'll speak more about at that time.

最後，我們計劃在 2022 年初發布 Booking Holdings 氣候過渡計劃，屆時我們將對此進行更多討論。

In conclusion, we executed well and produced strong results in our peak travel season, which is a credit to the hard work and support provided by the many teams across our company.

總而言之，我們在旅遊旺季表現出色並取得了驕人的成績，這要歸功於我們公司眾多團隊的辛勤工作和支持。

I'm encouraged by the signs of recovery we are seeing in many parts of the world, and I'm confident that we are on the path to an eventual strong recovery in travel demand globally.

我們在世界許多地方看到的複蘇跡象令我感到鼓舞，我相信我們正走在全球旅行需求最終強勁復甦的道路上。

We continue with our important work to strengthen our company's position and execute against our strategic priorities.

我們繼續我們的重要工作，以加強我們公司的地位並執行我們的戰略重點。

As I've said before, we were thinking about our business beyond just getting back to 2019 levels of demand and we are focused on building a larger and faster-growing business that generates more earnings after the full recovery and for the long run.

正如我之前所說，我們正在考慮我們的業務，而不僅僅是回到 2019 年的需求水平，我們專注於建立一個更大、增長更快的業務，在全面復甦後和長期產生更多收益。

I'll now turn the call over to our CFO, David Goulden.

我現在將把電話轉給我們的首席財務官 David Goulden。

David?

大衛？

David, is dialing back in, I think.

大衛，我想正在撥回。

Yes, I'm back in, Glenn.

是的，我回來了，格倫。

Sorry, have you just finished?

對不起，你剛做完嗎？

Yes, I just finished.

是的，我剛剛完成。

All right.

好的。

Perfect timing.

時間恰好。

Thank you, I was cut off and I'm back in again.

謝謝，我被切斷了，我又回來了。

So thank you, Glenn, and good afternoon.

所以謝謝你，格倫，下午好。

I'll review our results for the third quarter to provide some color on the trends we've seen so far in the fourth quarter.

我將回顧我們第三季度的業績，為我們在第四季度迄今為止看到的趨勢提供一些顏色。

To avoid the comparison to the pandemic-impacted periods in 2020, all growth rates are relative to comparable periods in 2019, unless otherwise indicated.

為避免與 2020 年受大流行影響的時期進行比較，除非另有說明，否則所有增長率均相對於 2019 年的可比時期。

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

有關非 GAAP 結果與 GAAP 結果對賬的信息可在我們的收益發布中找到。

Now on to our results for the third quarter.

現在談談我們第三季度的業績。

On our last earnings call, we discussed the improvement in trends that we saw throughout the second quarter driven by the U.S. and Europe, followed by a mass pullback in July.

在我們上次的財報電話會議上，我們討論了在美國和歐洲的推動下，我們在整個第二季度看到的趨勢有所改善，隨後是 7 月份的大規模回調。

After our earnings call, we saw our overall trends improve in August and continue to get better in September, which resulted in Q3 reported room nights declining 18% versus Q3 2019, which was ahead of the 26% decline in Q2 and the 22% decline in July.

在我們的財報電話會議之後，我們看到我們的整體趨勢在 8 月份有所改善，並在 9 月份繼續好轉，這導致第三季度報告的房間夜數與 2019 年第三季度相比下降了 18%，而第二季度下降了 26%，下降了 22%在七月。

September was the strongest month in the third quarter, with room nights declining 14%, about the same level as June.

9 月是第三季度表現最強勁的月份，房晚下降 14%，與 6 月持平。

The improvements in the Q3 room night decline versus Q2 were driven primarily by Europe, which benefited from strong cross-border travel within the region.

與第二季度相比，第三季度客房夜數下降的改善主要是由歐洲推動的，該地區受益於該地區強勁的跨境旅行。

In Q3, room nights in Europe were down mid-single digits versus 2019, with room nights trends improving in August versus July.

第三季度，歐洲的房晚數與 2019 年相比下降了中個位數，8 月的房晚趨勢比 7 月有所改善。

September was similar to August.

九月與八月相似。

You will recall the room night growth pulled back from June to July in Europe due to concerns over the Delta variant.

您會記得由於對 Delta 變體的擔憂，歐洲的客房夜增長從 6 月到 7 月有所回落。

Rest of world also improved from Q2 to Q3.

世界其他地區也從第二季度到第三季度有所改善。

In the U.S., we -- Q2 to Q3.

在美國，我們 - Q2 到 Q3。

However, the U.S. still had strong growth in the quarter and remained our strongest performing major country in Q3.

然而，美國在本季度仍然保持強勁增長，並且仍然是我們在第三季度表現最強勁的主要國家。

Within the U.S., we saw a meaningful slowdown in August from the very strong growth we experienced in July, followed by a recovery to strong growth in September.

在美國，我們看到 8 月份從 7 月份的強勁增長顯著放緩，隨後在 9 月份恢復到強勁增長。

The slowdown in the U.S. in August was due to concerns about the Delta variants.

美國 8 月份的放緩是由於對 Delta 變體的擔憂。

Asian room night declines in Q3 were about in line with Q2.

第三季度亞洲客房夜數下降與第二季度大致一致。

Room nights in Asia was still down significantly from 2019 levels.

亞洲的客房夜數仍比 2019 年的水平顯著下降。

Mobile bookings, primarily through our apps, represented about 2/3 of our total room nights.

主要通過我們的應用程序進行的移動預訂約占我們總房晚的 2/3。

Our apps continue to represent an increasing percentage of our mobile bookings.

我們的應用程序繼續在我們的移動預訂中佔據越來越大的比例。

In Q3, as Glenn mentioned, we achieved an important milestone in the use of our app Booking.com, surpassing 100 million monthly active users.

正如 Glenn 所說，在第三季度，我們在使用我們的應用程序 Booking.com 方面取得了一個重要的里程碑，每月活躍用戶超過 1 億。

We're also pleased to see the number of unique customers booking via our app in the quarter grew strongly compared with Q3 2019.

我們也很高興地看到，與 2019 年第三季度相比，本季度通過我們的應用程序預訂的獨立客戶數量強勁增長。

Our direct channel as a percentage of our room nights year-on-year and relative to Q3 2019 increased.

與 2019 年第三季度相比，我們的直接渠道佔房晚的百分比同比增加。

While international room nights remain downwards in 2019, we saw another sequential improvement in our international trends, with the international mix of our room nights increasing to about 33% in Q3 from about 25% in Q2 and about 15% in Q1.

雖然國際間夜數在 2019 年繼續下降，但我們看到我們的國際趨勢再次出現連續改善，我們的國際間夜數組合從第二季度的約 25% 和第一季度的約 15% 增加到第三季度的約 33%。

Most of this improvement in international room nights came from bookings for travel within Europe.

國際間夜數的大部分改善來自歐洲境內旅行的預訂。

We continue to see double-digit growth in domestic room nights in Q3 but at a slightly lower level than in Q2.

我們看到第三季度國內間夜數繼續保持兩位數增長，但略低於第二季度的水平。

The pickup in international travel in the quarter was a driver of the improvements in overall room night trends from Q2 to Q3.

本季度國際旅行的回升是第二季度至第三季度整體客房夜趨勢改善的驅動因素。

However, international room nights were down almost 50% compared with Q3 2019 levels.

然而，與 2019 年第三季度的水平相比，國際間夜數下降了近 50%。

Our Q3 cancellation rate was slightly above Q3 2019 levels.

我們第三季度的取消率略高於 2019 年第三季度的水平。

However, cancellation rates improved in the quarter, and September was slightly better than 2019 for the month.

然而，該季度的取消率有所改善，9 月的該月略好於 2019 年。

Percentage of our -- of our Q3 2021 bookings made with flexible cancellation policies remained significantly higher than in Q3 2019.

我們在 2021 年第三季度通過靈活取消政策進行的預訂的百分比仍顯著高於 2019 年第三季度。

The booking window of Booking.com remain shorter than it was in the third quarter of 2019 and contracted more than it did in Q2 as we saw a high mix of near-term bookings during our peak summer season.

Booking.com 的預訂窗口仍然比 2019 年第三季度更短，並且比第二季度的收縮幅度更大，因為我們在夏季旺季看到了短期預訂的高組合。

All regions had a shorter booking window in Q3 than in Q3 2019.

所有地區在第三季度的預訂窗口都比 2019 年第三季度短。

For our alternative accommodations, the global mix of room nights in Q3 of about 30% was up slightly from Q3 2019.

對於我們的替代住宿，第三季度的全球房晚組合約為 30%，比 2019 年第三季度略有上升。

The increase in mixed alternative accommodations in the quarter was less than it was in Q2 as we saw a great -- a greater sequential improvement in demand for hotel room nights in Europe from Q2 to Q3.

本季度混合替代住宿的增長低於第二季度，因為我們看到了一個很好的結果——從第二季度到第三季度，歐洲對酒店間夜的需求出現了更大的連續改善。

Our alternative accommodation room nights in Europe grew slightly in August and September versus 2019 and for the quarter were about in line with Q3 2019.

與 2019 年 8 月和 9 月相比，我們在歐洲的替代住宿間夜數略有增長，該季度與 2019 年第三季度大致持平。

We believe we benefited from the strength of our portfolio in Europe, where we can respond to solid demand for alternative accommodations and an improving demand for hotels.

我們相信我們受益於我們在歐洲的投資組合實力，在那裡我們可以應對對替代住宿的強勁需求和對酒店的不斷改善的需求。

Gross bookings declined 6% in Q3, which is less than the decline in room nights due to the increase in average day rates for accommodations of about 10% versus 2019 on a constant currency basis and also due to a couple of points of benefit from changes in FX rates and strong performance in our flight business.

第三季度的總預訂量下降了 6%，低於房晚的下降幅度，原因是在固定貨幣基礎上，與 2019 年相比，住宿的平均日費率增加了約 10%，並且還因為變化帶來了一些好處外匯匯率和我們飛行業務的強勁表現。

Our accommodation constant currency ADR benefited by just over 5 percentage points from an increased mix of business in North America, which is a high ADR region and a decrease of mix in Asia, which is a low ADR region.

我們的住宿固定貨幣 ADR 受益於北美（高 ADR 地區）業務組合的增加和亞洲（ADR 低的地區）業務組合的減少，僅超過 5 個百分點。

Excluding regional mix effects, constant currency ADRs were up just over 4%, driven mainly by rate increases in Europe and North America across many destination types with notable strength in beach-oriented leisure destinations.

剔除區域混合效應，固定匯率 ADRs 增長略高於 4%，這主要是受歐洲和北美許多目的地類型的利率上漲推動，其中以海灘為導向的休閒目的地具有顯著優勢。

Airline tickets booked in the third quarter were up 131% versus 2019, driven by very strong growth of Priceline and by flight bookings at Booking.com.

由於 Priceline 的強勁增長和 Booking.com 的航班預訂，第三季度預訂的機票比 2019 年增長了 131%。

We're encouraged to see another quarter of triple-digit growth from our flights business, which is a key component of our multiproduct connected trip strategy.

我們很高興看到我們的航班業務又實現了四分之一的三位數增長，這是我們多產品互聯旅行戰略的關鍵組成部分。

Consolidated revenue for the third quarter was $4.7 billion, which was 7% below Q3 2019 and was more than double the amount of revenue in Q2 2021, a far greater sequential improvement than in 2019.

第三季度的合併收入為 47 億美元，比 2019 年第三季度低 7%，是 2021 年第二季度收入的兩倍多，環比改善遠高於 2019 年。

Our Q3 revenue as a percentage of gross bookings was about in line with Q3 2019, which was in line with our expectations.

我們第三季度的收入佔總預訂量的百分比大約與 2019 年第三季度一致，這符合我們的預期。

We experienced even more revenue seasonality in Q3 2021 than normal due to the concentration of stays in Q3 from bookings made in the quarter and also from bookings (inaudible) when customers could book at combinations but could not stay due to restrictions and other COVID-related concerns.

我們在 2021 年第三季度經歷了比正常情況更多的收入季節性，原因是第三季度的住宿集中在該季度進行的預訂以及當客戶可以組合預訂但由於限制和其他 COVID 相關而無法入住時的預訂（聽不清）擔憂。

The strong top line performance resulted in adjusted EBITDA of $2.1 billion in the third quarter, which was 15% below Q3 2019.

強勁的營收表現導致第三季度調整後的 EBITDA 為 21 億美元，比 2019 年第三季度低 15%。

Marketing expense, which is a highly variable expense item, decreased 3% versus Q3 2019.

營銷費用是一個高度可變的費用項目，與 2019 年第三季度相比下降了 3%。

Marketing expense declined by a few points less than gross bookings due to slightly lower ROIs in paid channels as we invested into capturing demand during the peak travel season.

由於我們投資於在旅遊旺季捕獲需求，付費渠道的投資回報率略低，營銷費用比總預訂量下降了幾個百分點。

Sales -- our expenses in Q3 were significantly higher than they were in Q2 on a dollar basis due to higher volume of merchant gross bookings, which increased as a percentage of total gross bookings in the third quarter.

銷售額——我們在第三季度的支出以美元計算顯著高於第二季度，因為商戶總預訂量增加，佔第三季度總預訂量的百分比增加。

At Booking.com, the amount of gross bookings processed through our payment platform in Q3 was over $6 billion, which was almost 1/3 of Booking.com's business, up from about 1/4 in Q2.

在 Booking.com，第三季度通過我們的支付平台處理的總預訂量超過 60 億美元，幾乎佔 Booking.com 業務的 1/3，高於第二季度的約 1/4。

Our more fixed expense categories in Q3 in aggregate came in 3% lower than Q2, as the $136 million of personnel expense in the second quarter related to our decision to repay the government aid was mostly offset by an increase from Q2 to Q3 in our bonus accruals and digital service tax expense, both of which are accrued proportional to revenue.

我們在第三季度的更多固定費用類別總計比第二季度低 3%，因為第二季度與我們決定償還政府援助有關的 1.36 億美元的人事費用大部分被我們從第二季度到第三季度的獎金增加所抵消應計費用和數字服務稅費用，兩者都與收入成正比。

Our non-GAAP EPS was $37.70, down 17% versus Q3 2019.

我們的非公認會計原則每股收益為 37.70 美元，與 2019 年第三季度相比下降了 17%。

Non-GAAP net income of $1.6 billion reflects a non-GAAP tax rate of 21%, which is higher than the 19% in Q3 2019 due to a higher proportion of nontax expenses in relation to lower pretax income versus 2019.

16 億美元的非 GAAP 淨收入反映了 21% 的非 GAAP 稅率，高於 2019 年第三季度的 19%，這是由於與 2019 年相比較低的稅前收入相比，非稅費用的比例更高。

On a GAAP basis, we had operating income of $2 billion in Q3.

按公認會計原則計算，我們第三季度的營業收入為 20 億美元。

We recorded GAAP net income of $769 million in the quarter, which includes a $1 billion pretax unrealized loss on our equity investments, primarily related to our investment in Meituan as well as income tax expense of $199 million.

我們在本季度錄得 7.69 億美元的 GAAP 淨收入，其中包括 10 億美元的股權投資稅前未實現虧損，主要與我們對美團的投資以及 1.99 億美元的所得稅費用有關。

Now on to our cash and liquidity position.

現在談談我們的現金和流動性頭寸。

Our Q3 ending cash investment balance of $15.4 billion was down versus our Q2 ending balance of $16.1 billion as the $1.5 billion of free cash flow was more than offset by the repayment of a $1 billion convertible note maturing in Q3 and the $1 billion unrealized loss on our equity investments.

我們的第三季度末現金投資餘額為 154 億美元，與第二季度末的 161 億美元相比有所下降，因為 15 億美元的自由現金流被第三季度到期的 10 億美元可轉換票據的償還以及 10 億美元的未實現虧損所抵消。我們的股權投資。

The return of capital to shareholders has and will be an important component of our value creation strategy.

向股東返還資本已經並將成為我們價值創造戰略的重要組成部分。

Throughout the COVID pandemic, we said that we restart returning capital to shareholders when we saw that our 3 largest regions were no longer at meaningful risk of a major reversal due to COVID and has also become more predictable.

在整個 COVID 大流行期間，我們表示，當我們看到我們的 3 個最大地區不再面臨因 COVID 導致重大逆轉的重大風險並且也變得更加可預測時，我們將重新開始向股東返還資本。

Assuming that travel recovery continues, we plan to restart returning capital in early 2022 under our remaining authorization.

假設旅行恢復繼續，我們計劃在剩餘授權下於 2022 年初重新開始返還資金。

Assuming continued recovery, we'd expect to complete this organization within 3 years from restarting.

假設持續恢復，我們預計在重新啟動後的 3 年內完成該組織。

Now on to our thoughts for the fourth quarter.

現在談談我們對第四季度的想法。

October room nights declined 10% versus 2019, which is better than the 14% decline in September.

與 2019 年相比，10 月的客房夜數下降了 10%，好於 9 月 14% 的降幅。

The improvement in October was driven mainly by Asia, although the region remains down considerably versus 2019.

10 月份的改善主要由亞洲推動，儘管該地區與 2019 年相比仍顯著下降。

The improvement in Asia was led by domestic travel within many countries and was driven by improving vaccination progress and governments easing restrictions on travel.

亞洲的改善是由許多國家的國內旅行帶動的，並受到疫苗接種進展的改善和政府放寬旅行限制的推動。

Room night growth in the U.S. improved a little from September to October and remained strong in October.

從 9 月到 10 月，美國的房晚增長略有改善，10 月保持強勁。

Rest of World also improved a little in October and was back close to 2019 levels.

世界其他地區在 10 月也略有改善，回到了接近 2019 年的水平。

Room night declines in Europe were about the same in October as they were in September, but weakened towards the end of the month.

歐洲 10 月份的客房夜數下降與 9 月份大致相同，但在接近月底時有所減弱。

This resulted in overall room night declines being higher in the last week of October than the average for the month.

這導致 10 月最後一周的整體房晚下降幅度高於該月的平均水平。

The slowdown at the end of October in Europe was driven by a number of countries that have seen recent increases in COVID infections, including Germany, Russia and Italy.

歐洲 10 月底的放緩是由一些最近出現 COVID 感染增加的國家推動的，包括德國、俄羅斯和意大利。

Given the ongoing uncertainty around COVID, it's difficult to predict how room nights in November, December will compare with the 10% reduction you saw in October.

鑑於圍繞 COVID 的持續不確定性，很難預測 11 月、12 月的房晚與 10 月減少的 10% 相比如何。

Looking forward to November and December, the rising case counts across many important Western European countries and across much of Eastern Europe as well at the start of the winter season in the Northern Hemisphere, which in 2020 contributed to an increase in COVID cases, creates unpredictability.

展望 11 月和 12 月，許多重要的西歐國家和東歐大部分地區以及北半球冬季開始時的病例數都在上升，這在 2020 年導致 COVID 病例增加，造成了不可預測性.

Also pre-pandemic, the contribution of Asia to total room nights were highest in November and December, and Asia is still our least recovered region.

同樣在大流行前，亞洲對總房晚的貢獻在 11 月和 12 月最高，亞洲仍然是我們恢復最少的地區。

On a more positive note, since the U.S. announced in late September plans to ease travel restrictions in November for international travelers who are vaccinated, we've seen a significant improvement in room nights booked by Europeans that travel to the U.S. as well as the reverse.

更積極的一面是，自從美國在 9 月下旬宣布計劃在 11 月放寬對接種疫苗的國際旅行者的旅行限制以來，我們看到前往美國旅行的歐洲人預訂的房晚數顯著改善，反之亦然.

Also, we're pleased to see more gross bookings on the books for the Christmas, New Year period than we saw at this time in 2019 in the U.S. and Western Europe.

此外，我們很高興看到聖誕節和新年期間圖書的總預訂量超過了 2019 年美國和西歐的這個時候。

Turning to the income statement.

轉向損益表。

We expect Q4 gross bookings to decline by a few points less than room nights, driven by higher reported ADRs and flight bookings versus 2019.

我們預計，由於報告的 ADR 和航班預訂量與 2019 年相比有所增加，第四季度的總預訂量將比房晚少幾個百分點。

We expect less of an increase in our ADRs in Q4 than Q3 due to less of a benefit from regional mix as the Asia region continues to recover but also due to lower occupancy rates after the peak travel season.

我們預計第 4 季度的 ADR 增幅將低於第 3 季度，原因是隨著亞洲地區繼續復甦，區域組合帶來的收益減少，而且旅遊旺季後入住率下降。

We expect Q4 revenue to decline more than gross bookings due to a couple of factors.

由於幾個因素，我們預計第四季度收入的下降幅度將超過總預訂量。

The first is that due to short booking window in Q3, a lower percentage of Q3 bookings than normal will stay in Q4.

首先是由於第三季度的預訂窗口較短，第三季度的預訂比例低於正常水平，將留在第四季度。

The second is due to our expectation that the booking window will contract less in Q4 than it did in Q3, resulting in more bookings made in the quarter that are expected to check in, in future quarters.

第二個原因是我們預計第四季度的預訂窗口將比第三季度收縮得少，導致該季度的預訂量增加，預計將在未來幾個季度登記入住。

As a result, we expect our revenue as a percentage of gross bookings to be more than 1% below Q4 2019.

因此，我們預計我們的收入佔總預訂量的百分比將比 2019 年第四季度低 1% 以上。

This also means we expect Q4 revenue to have a greater sequential decrease from Q3 than we saw in 2019, and we expect Q4 revenue to decline more than it did in Q3.

這也意味著我們預計第四季度的收入將比我們在 2019 年看到的第三季度有更大的連續下降，我們預計第四季度的收入將比第三季度下降更多。

We expect Q4 marketing expense as a percentage of gross bookings to increase slightly versus 2019 as we expect to invest in capturing demand and increasing awareness during the continued global recovery of travel demand.

我們預計第四季度營銷費用佔總預訂量的百分比將與 2019 年相比略有增加，因為我們預計在全球旅行需求持續復甦期間投資於捕捉需求並提高知名度。

We expect Q4 sales and other expenses to be lower than they were in Q3 due to lower merchant transaction volumes.

由於商戶交易量減少，我們預計第四季度的銷售額和其他費用將低於第三季度。

However, we expect sales and other expenses in the fourth quarter to be higher than in Q4 2019 due to higher merchant volumes and mix.

然而，由於商戶數量和組合增加，我們預計第四季度的銷售額和其他費用將高於 2019 年第四季度。

We expect our more fixed expense carries in Q4 in aggregate to be about in line with Q3 on a dollar basis.

我們預計，以美元計算，我們在第四季度的固定開支總額將與第三季度大致持平。

We expect Q4 EBITDA to be positive driven largely by the higher -- but driven largely by the higher-than-normal seasonal decrease in revenue, we expect a much greater seasonal sequential decrease in EBITDA from Q3 to Q4 than normal.

我們預計第四季度 EBITDA 將在很大程度上受到較高的推動——但主要受收入季節性下降高於正常水平的推動，我們預計第三季度至第四季度的 EBITDA 季節性連續下降將比正常情況大得多。

In conclusion, we are pleased with our recovery in the top line in Q3, which led to strong financial results for the quarter.

總之，我們對第三季度營收的複蘇感到高興，這導致了該季度強勁的財務業績。

The financial strength we saw in Q3 was helped by the concentration of stays in the quarter, which will lead to some differences in the comparison of Q4 to Q3 relative to what we've seen in prior years.

我們在第三季度看到的財務實力得益於該季度的集中住宿，這將導致第四季度與第三季度的比較與我們往年的情況相比存在一些差異。

October room night trends improved relative to September driven by some encouraging trends in Asia.

在亞洲一些令人鼓舞的趨勢的推動下，10 月份的房晚趨勢相對於 9 月份有所改善。

However, recently, the rising case counts across Europe increases the uncertainty about how trends will progress in November and December.

然而，最近，整個歐洲不斷上升的病例數增加了 11 月和 12 月趨勢將如何發展的不確定性。

In closing, we're confident in our ability to capture demand as the global recovery continues and to execute against our strategic priorities.

最後，我們有信心隨著全球復甦的繼續而捕捉需求並執行我們的戰略重點。

With that, I'll now take your questions.

有了這個，我現在來回答你的問題。

And Eli, I turn it over to you to open the line for questions.

伊萊，我把它交給你來打開問題線。

(Operator Instructions) Your first question is from the line of Justin Post of Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Justin Post。

Great.

偉大的。

Great to see Europe recovering.

很高興看到歐洲正在復蘇。

With room nights down 10% versus '19, Glenn, maybe you could go through what needs to happen from here to get above '19?

與 19 年相比，房間夜數下降了 10%，格倫，也許你可以從這裡經歷一些需要發生的事情才能超過 19 年？

What areas still need to come back strong?

哪些領域還需要強勢回歸？

I imagine it's Asia, but your thoughts on that.

我想這是亞洲，但你對此的看法。

And then -- and David, maybe you could talk about core business margins versus '19.

然後——還有大衛，也許你可以談談核心業務利潤率與 19 年的對比。

Let's ignore payments and connected trip for now.

讓我們暫時忽略付款和相關旅行。

But how are you thinking of the puts and takes on the core business versus '19?

但是，您如何看待核心業務與 19 年的看跌期權？

Justin, so I don't think it's a very hard answer really what we need.

賈斯汀，所以我認為這並不是我們真正需要的一個非常難的答案。

What we need is obviously more of a recovery against this pandemic because that's clearly what's driving the problem in many industries, ours particularly.

我們需要的顯然更多是針對這種流行病的恢復，因為這顯然是許多行業出現問題的原因，尤其是我們的行業。

For us, we've talked about this a few times.

對我們來說，我們已經討論過幾次了。

We talked about our business has done well with international.

我們談到我們的業務在國際上做得很好。

And international generally has been hard hit, albeit we are seeing some better things, but that the long haul is still a problem.

儘管我們看到了一些更好的情況，但國際總體上受到了沉重打擊，但長期仍然是一個問題。

Yes, we're seeing some numbers coming up in Asia.

是的，我們看到亞洲出現了一些數字。

Great.

偉大的。

I love it.

我喜歡它。

The fact that people are getting more vaccinated in Asia, that's great.

在亞洲，人們接種疫苗的頻率越來越高，這很好。

The fact that vaccines are being distributed more broadly and getting around, that's great.

疫苗正在更廣泛地分發和傳播這一事實，這很好。

The fact that the pharmaceutical companies are coming out with new ways to combat against this terrible virus with pills now that can help people who have caught it end up being hopefully healthier quicker.

事實上，製藥公司正在推出新的方法來對抗這種可怕的病毒，這些藥物現在可以幫助感染它的人最終希望更快地變得更健康。

All the things, but what we need really is for everyone who can get a vaccine to please go out and get that vaccine if you're medically able to and you're capable of getting it, please get it.

所有的東西，但我們真正需要的是讓每個能夠接種疫苗的人都出去接種疫苗，如果你有醫學能力並且你有能力接種，請接種。

That will help hasten the recovery for not only the travel industry, but the entire world.

這將不僅有助於加快旅遊業的複蘇，而且有助於整個世界的複蘇。

And that's what we hope will happen.

這就是我們希望發生的事情。

Obviously, we're doing everything we can.

顯然，我們正在盡我們所能。

So we're prepared when that day comes, which it will.

因此，當那一天到來時，我們已經做好了準備，它會的。

We can't say when, but we know it will come.

我們不能說什麼時候，但我們知道它會來。

And we're preparing by doing all the things that Dave and I have been talking about, preparing with our partners and getting our marketing prepared and doing all the steps that you know we've been doing to make sure that when travel comes back to above 2019, we're getting the share we want to be getting.

我們正在做所有戴夫和我一直在談論的事情，與我們的合作夥伴一起準備，讓我們的營銷做好準備，並採取你知道我們一直在做的所有步驟，以確保當旅行回到在 2019 年以上，我們正在獲得我們想要獲得的份額。

And David, do you want to add -- you can answer the second question and add to mine too.

大衛，你想補充一下——你可以回答第二個問題，也可以加入我的。

Yes.

是的。

So no, I won't add to yours, which I think was great.

所以不，我不會添加到你的，我認為這很棒。

Justin, we've actually beat this before, so I'll be relatively quick on the puts and takes in the core accommodation business.

賈斯汀，我們實際上已經打敗了這個，所以我會相對較快地處理核心住宿業務。

Our underlying take rates have been solid.

我們的基本利率一直很穩定。

And obviously, the reported take rates are a function of timing.

顯然，報告的收取率是時間的函數。

So that continues to go well for us.

所以這對我們來說仍然很順利。

As we get to -- back to 2019 levels, there will be some inflationary pressure on the personnel line.

當我們回到 2019 年的水平時，人事部門將面臨一些通脹壓力。

Everybody knows there's a war for tech talent out there, and we've had 2, 3 years worth of merit increases and other expenses -- and other increases in our cost base.

每個人都知道那裡有一場技術人才的戰爭，我們已經有 2 到 3 年的價值增長和其他費用 - 以及我們的成本基礎的其他增長。

Of course, we did take expenses out, but there are variable expenses.

當然，我們確實扣除了費用，但有可變費用。

So they will come back with some efficiency over time, but there will be some pressure on the personnel line.

所以隨著時間的推移，他們會以一定的效率回歸，但人事路線上會有一些壓力。

But there are other things that aren't in the model that we can use to offset that pressure.

但是模型中沒有其他東西可以用來抵消這種壓力。

We can get extra economies of scale as the business grows beyond 2019 levels on both the fixed costs and on the variable cost side as well.

隨著業務在固定成本和可變成本方面的增長超過 2019 年的水平，我們可以獲得額外的規模經濟。

There are opportunities in our direct mix, which, of course, is very important.

我們的直接組合中存在機會，這當然非常重要。

And of course, a key element of this all happens to our overall ROI on the performance marketing side where we saw some increases in the first half of the year.

當然，這一切的一個關鍵因素發生在我們在績效營銷方面的整體投資回報率上，我們在上半年看到了一些增長。

We saw some small compression in the second half of this year, but those markets are very variable and very dynamic, and we're pleased with how we're doing in those markets.

今年下半年我們看到了一些小幅壓縮，但這些市場非常多變且充滿活力，我們對我們在這些市場的表現感到滿意。

The last thing I want to leave you with on that topic is that within our core business, there's always a trade-off between growth, market share and profitability.

關於這個話題，我最後想告訴你的是，在我們的核心業務中，總是需要在增長、市場份額和盈利能力之間進行權衡。

So to the extent we see opportunities, we're leaning in.

因此，就我們看到機會的程度而言，我們正在努力。

We want to try and drive market share increases where we think that we can.

我們想在我們認為可以的地方嘗試推動市場份額的增加。

That will pressure the business in the short term as we lean into making that investment, and also the investment in marketing and other areas will basically be a leading indicator relative to revenue.

隨著我們傾向於進行這項投資，這將在短期內給業務帶來壓力，而且在營銷和其他領域的投資基本上將是相對於收入的領先指標。

So there will -- and we do believe that there are opportunity for us to gain share in accommodations through this recovery and beyond.

所以會有 - 我們確實相信我們有機會通過這次復蘇及以後獲得住宿份額。

So that would be an additional factor in the mix of how we think about the long-term business margins in accommodations.

因此，這將是我們如何考慮住宿的長期業務利潤率的另一個因素。

Your next question is from Kevin Kopelman of Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Kevin Kopelman。

Great.

偉大的。

Hoping to dig into ad spend trends a little bit.

希望深入了解廣告支出趨勢。

So spend is going up a little.

因此，支出略有上升。

How much of that is booking and getting more aggressive as demand picks up versus a more competitive overall ad environment?

與競爭更加激烈的整體廣告環境相比，其中有多少是預訂並隨著需求回升而變得更加激進？

And then compared to 2019, has the distribution name brand and performance changed meaningfully?

然後與 2019 年相比，分銷名牌和業績是否發生了有意義的變化？

And lastly, can you give us an update on the kind of merchandising and promotion -- some of the merchandising promotion tests that you've done over the past couple of quarters?

最後，您能否向我們介紹一下營銷和促銷的最新情況——您在過去幾個季度所做的一些營銷促銷測試？

So David, why don't you take the first 2 about the ad competitiveness and I think some brand question, and I will talk a little bit about some of the merchandising.

所以大衛，你為什麼不拿前兩個關於廣告競爭力和我想一些品牌問題，我會談談一些商品推銷。

Exactly.

確切地。

Thank you.

謝謝你。

Let's do that.

讓我們這樣做。

So Kevin, if you remember, we -- on the last call, we said that we expect to see some reduction in ROIs in Q3 versus 2019.

所以凱文，如果你還記得的話，我們在最後一次電話會議上說，我們預計第三季度的投資回報率與 2019 年相比會有所下降。

And actually, the ROIs came out very much where we expected them to.

實際上，投資回報率非常符合我們的預期。

Actually, our direct mix was slightly better than we expected in Q3, and that's why there was less of a compression in the difference between gross bookings and marketing than we actually expected in Q3.

實際上，我們在第三季度的直接組合略好於我們的預期，這就是為什麼總預訂量和營銷之間的差異壓縮比我們在第三季度的實際預期要小。

So that's positive.

所以這是積極的。

It really -- something that we -- I'd say that was more what we did because we expected that to be the outcome.

它真的 - 我們的東西 - 我會說這更像是我們所做的，因為我們期望這會成為結果。

Of course, these markets are dynamic and as recovery continues, more and more players will come back into the marketplace.

當然，這些市場是動態的，隨著復甦的繼續，越來越多的參與者將重返市場。

But basically what happened in Q3 was very much in line with what we told you a quarter ago would happen.

但基本上第三季度發生的事情與我們在一個季度前告訴你的情況非常一致。

The mix in between brands and the performance has not materially changed.

品牌之間的組合和性能並沒有發生重大變化。

If you recall back in 2019, we were over 90% -- or around 90% of our marketing spend was in performance marketing.

如果你回想一下 2019 年，我們超過 90%——或者說我們大約 90% 的營銷支出用於績效營銷。

We are looking to move up -- to move the brand spend up a little bit over time.

我們正在尋求向上移動——隨著時間的推移，品牌花費會增加一點。

But of course, brand has been very much shut down in 2020 is now coming back on in 2021.

但是，當然，品牌在 2020 年已經非常關閉，現在將在 2021 年恢復。

So we're not in a very different position than where we were in 2019, but we do see the opportunity to continue to trend a little bit more towards brands, some of which might go at the mid-funnel market opportunities that Glenn talked about.

因此，與 2019 年相比，我們所處的位置並沒有太大的不同，但我們確實看到了繼續向品牌傾斜的機會，其中一些可能會涉及 Glenn 談到的中漏斗市場機會.

And then Glenn, I'll hand over to you to talk about the third one.

然後格倫，我將交給你談談第三個。

Yes.

是的。

So Kevin, obviously, merchandising is very important.

所以凱文，顯然，商品推銷非常重要。

The reason why we built out and are continuing to build out our payments platform at Booking.com is making sure that we're able to compete and provide great value to our customers.

我們在Booking.com建立並繼續建立我們的支付平台的原因是確保我們能夠競爭並為我們的客戶提供巨大的價值。

And what's really important is not doing just out of our own pocket, but working with our partners, coming up with the right time to the right consumer, the right offer and helping them, our supply partners, also provide some of that, let's say, added value.

真正重要的不是我們自己掏腰包，而是與我們的合作夥伴合作，為正確的消費者提供正確的時間，提供正確的報價並幫助他們，我們的供應合作夥伴也提供其中的一些，比如說， 附加價值。

So for example, we may do flash sales.

例如，我們可能會進行限時搶購。

You may -- hopefully you've seen some, hopefully you caught some, you actually book some of them.

你可能 - 希望你已經看到了一些，希望你抓住了一些，你實際上預訂了其中一些。

That's an example.

這是一個例子。

One of the things, for example, when somebody is getting an accommodation and we're able to offer them either lower cost or even free sometimes ride from the airport to the hotel.

例如，當有人得到住宿時，我們能夠為他們提供更低的成本，甚至有時甚至免費提供從機場到酒店的乘車服務。

And there are real different variations that we can do with the different verticals and coming up with the best combination, trying to do as much as we can with our suppliers' money but sometimes using our own, too, to come up what really is an attractive offer, so the consumer knows that when they come to our site, they're getting the best value because value really is one of the key strategic objectives for us, always to be providing that.

我們可以針對不同的垂直領域做出真正不同的變化，並提出最佳組合，盡可能多地利用供應商的資金，但有時也使用我們自己的資金來提出真正的有吸引力的報價，因此消費者知道，當他們來到我們的網站時，他們獲得了最大的價值，因為價值確實是我們的關鍵戰略目標之一，始終提供這一點。

Your next question is from Deepak Mathivanan from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

This is Zach on for Deepak.

這是迪帕克的紮克。

First on pent-up demand.

首先是被壓抑的需求。

Obviously, it's been a nice tailwind to your business over just general travel demand over the last few quarters.

顯然，與過去幾個季度的一般旅行需求相比，這對您的業務來說是一個很好的順風。

But just curious how you're thinking about whether there's another leg to run on the level of pent-up demand.

但只是好奇你是如何考慮在被壓抑的需求水平上是否還有另一條腿可以運行的。

Asia is still kind of depressed, as you noted, and cross-border restrictions are kind of easing.

正如您所指出的，亞洲仍然有些蕭條，跨境限制正在放鬆。

So as we look into next year, how are you guys thinking about the level of pent-up demand?

因此，當我們展望明年時，你們如何看待被壓抑的需求水平？

And then second, when we kind of dig a little further into the current trends, is there any kind of reversal in terms of urban versus suburban or shorter versus longer-term stays that you can call out?

其次，當我們進一步深入研究當前的趨勢時，在城市與郊區或短期與長期停留方面，您是否可以提出任何類型的逆轉？

Zach, so just to make sure I understood your first part of your question, you're just asking a little bit about how we're going to get the demand that's coming in the future.

扎克，所以為了確保我理解你問題的第一部分，你只是問了一點關於我們將如何獲得未來的需求。

Do I have that correct?

我說的對嗎？

Just, I guess, like understanding whether level of pent-up demand that you guys kind of expecting as we move into next year, given there's still current travel restrictions, especially on the cross-border side and Asia's still -- remains depressed.

只是，我想，就像了解你們在進入明年時所期望的被壓抑的需求水平是否仍然存在，特別是在跨境和亞洲仍然存在旅行限制 - 仍然低迷。

So as we look into next year, should we see another kind of boost here?

所以當我們展望明年時，我們是否應該在這裡看到另一種推動力？

Got it.

知道了。

I got it.

我知道了。

Okay.

好的。

Why don't I take that first half, and then I'll let David say whatever what we feel we can disclose regarding any of the trends regarding different parts of the business.

為什麼我不採取前半部分，然後我會讓大衛說出我們認為我們可以披露的關於業務不同部分的任何趨勢的任何內容。

So we absolutely know there's huge pent-up demand because any time any government lets go a restriction, we see immediate, immediate pumped demand.

所以我們絕對知道有巨大的被壓抑的需求，因為任何時候任何政府放開限制，我們都會立即看到需求激增。

So for example, the announcement of the November 8 opening for people to come to the U.S., immediately, we saw demand.

因此，例如，宣布 11 月 8 日開放人們來美國，我們立即看到了需求。

In the U.K., when they changed restriction, immediate demand.

在英國，當他們改變限制時，立即需求。

So we know it's there.

所以我們知道它就在那裡。

Absolutely.

絕對地。

Now how much?

現在多少錢？

We don't have a way to quantify it.

我們沒有辦法量化它。

But we do know if you look at -- particularly in the U.S., when you look at what people's savings rates are right now, we have been able to save a lot of money during this pandemic, and they want to spend it.

但我們確實知道，如果你看一下——尤其是在美國，當你看一下人們現在的儲蓄率時，我們已經能夠在這場大流行期間節省很多錢，而且他們想要花掉。

And one of the things people have not been able to do as much they want to is go travel.

人們無法做的事情之一就是去旅行。

So I believe there is a significant amount of demand, they're just waiting to come out.

所以我相信有大量的需求，他們只是在等待出來。

But of course, it has to -- we have to have these restrictions for the long-haul international travel open up.

但當然，它必須——我們必須對長途國際旅行開放這些限制。

And we also -- we know that it's important that we always provide the best value because when they do travel, they come to us.

而且我們也 - 我們知道我們始終提供最佳價值很重要，因為當他們旅行時，他們會來找我們。

And Dave, I don't know what you can say about suburban, local, far, what you can say.

戴夫，我不知道你能說什麼郊區的、本地的、遠的，你能說什麼。

Yes.

是的。

Zach, Q3 saw a strong recovery across the geographies that we talked about.

Zach，第三季度我們談到的各個地區都出現了強勁的複蘇。

So I'd say that there's still a bias towards a more leisure outdoor-oriented activity, particularly beach-oriented properties did very well in the summer months, the North Hemisphere.

所以我想說的是，人們仍然傾向於更休閒的戶外活動，尤其是面向海灘的房產在夏季的幾個月裡表現得非常好，北半球。

But we do see some recovery into the cities as well.

但我們確實看到城市也出現了一些復甦。

I mean I think that we all know that anecdotally, if you want to book a hotel room in a city, it's becoming increasingly hard.

我的意思是我認為我們都知道，如果你想在一個城市預訂酒店房間，它變得越來越難。

So we are seeing recovery across the board, although still more oriented towards the outdoor beach-oriented leisure locations.

因此，我們看到了全面復甦，儘管仍更傾向於戶外海灘休閒場所。

Your next question is from Mark Mahaney from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Three quick ones, please.

請快三張。

Any impact at all from IDFA?

IDFA 有什麼影響嗎？

Secondly, those 100 million mobile app MAUs, do you have enough history to know if those are -- if they act materially different?

其次，這 1 億移動應用程序 MAU，你是否有足夠的歷史來知道它們是否——如果它們的行為有本質上的不同？

Are they more or less profitable?

他們或多或少是有利可圖的？

Are they more or less loyal than -- more or less likely to convert than the users that you had coming at you from other platforms?

與您從其他平台上獲得的用戶相比，他們的忠誠度更高或更低？

And then third, please, the rolling out of the air products to more markets, you have it in 21 markets.

然後第三個，請把空氣產品推廣到更多市場，你有它在 21 個市場。

You rolled out some good statistics here about how 25% of the customers are new.

您在這裡推出了一些關於 25% 的客戶是新客戶的良好統計數據。

And there was something you said about add-on sales, if you could just repeat what that was.

如果您可以重複一下，您還談到了附加銷售。

But it all sounds like that's a really good product addition.

但這聽起來像是一個非常好的產品添加。

So I guess the action question is, why aren't -- how long will it take you to roll it out fully across all markets given how positive it's been so far?

所以我想行動的問題是，為什麼不——考慮到迄今為止的積極性，你需要多長時間才能在所有市場上全面推出它？

Thanks, Mark.

謝謝，馬克。

Why don't I take -- let me do the air question first.

我為什麼不做——讓我先做空氣問題。

Then I'll talk a little bit about IDFA, and I'll let David what he wants to say about our app and I'm not sure I'll let him be as free as he wants to be or not about what we see in terms of profitability, et cetera.

然後我會談談 IDFA，我會讓 David 他想對我們的應用說些什麼，我不確定我是否會讓他自由地談論我們所看到的在盈利能力等方面。

So you're absolutely right about the air business, very exciting for us, of course, and we've been working on it.

所以你對航空業務的看法是絕對正確的，當然，這對我們來說非常令人興奮，我們一直在努力。

And it's interesting because I happen to have noticed that in the first quarter call, in 2020, just as things started going very bad for the whole world, we were talking about the -- just starting out in the air business at Booking.com in the fourth quarter of 2019.

這很有趣，因為我碰巧注意到，在 2020 年第一季度電話會議上，就在整個世界的情況開始變得非常糟糕時，我們正在談論——剛剛開始在 Booking.com 的航空業務2019年第四季度。

And I mentioned about we are striving to get to that 50% coverage of Booking.com customers.

我提到我們正在努力實現 50% 的 Booking.com 客戶覆蓋率。

I was looking forward to hopefully doing that for 2020.

我期待著希望在 2020 年做到這一點。

And of course, that didn't quite happen, exactly what we wanted.

當然，這並沒有完全發生，這正是我們想要的。

But the question, and it wasn't from you, Mark, who was another analyst who asked about why not 100%.

但問題不是來自你，馬克，他是另一位詢問為什麼不是 100% 的分析師。

And I said, well, the 50% was just what I want to get to that year.

我說，嗯，那 50% 正是我想要達到的那一年。

Of course, we want to get to 100%, and that still is the same thing.

當然，我們想要達到 100%，這仍然是一回事。

Yes, we're in 27 countries.

是的，我們在 27 個國家/地區。

Of course, we want to get to every single country that anybody we currently deal with, we want to be able to provide them with an air ticket.

當然，我們希望到達我們目前與任何人打交道的每個國家，我們希望能夠為他們提供機票。

But it takes time.

但這需要時間。

So it's not something you just flip a switch.

因此，這不是您只需按下開關即可。

You have to actually go through regulations to get licensing and all those sorts of things.

您實際上必須通過法規才能獲得許可和所有這些東西。

So we're rolling it out as we can, as we should, and we will get to 100% at some point.

所以我們正在盡可能地推出它，我們應該這樣做，我們將在某個時候達到 100%。

Now I do want to point out that we are at that -- over that 50% number right now.

現在我想指出的是，我們現在已經超過了 50%。

So I am pleased with where we are with that.

所以我很高興我們在這方面取得了進展。

I also want to say, though, it's still so early.

不過，我也想說，現在還為時過早。

We're not doing big marketing yet, real big marketing.

我們還沒有做大營銷，真正的大營銷。

There are a lot of opportunities to get a much higher number of people coming to this air product.

有很多機會可以讓更多人使用這種空氣產品。

And the reason that we like it, not only the 25% of the new customers, which, of course, is fantastic, but is that attachment rate, which I haven't given a number, but I'm pleased with where we are with that right now.

我們喜歡它的原因不僅是 25% 的新客戶，這當然很棒，而且是我沒有給出數字的附著率，但我對我們的現狀感到滿意現在就這樣。

And again, that's something we have not optimized yet.

再說一次，這是我們還沒有優化的東西。

There's a lot of opportunity there to optimize that and get an even higher attach rate.

有很多機會可以優化它並獲得更高的附加率。

And that's part of the overall vision of being able to bring new customers in from different verticals in different ways than we've done in the past, which we primarily pay for performance marketing and being able to bring a lot more customer and as we talked a little bit earlier in a previous answer about being able to provide them with a lot more value.

這是總體願景的一部分，即能夠以與過去不同的方式從不同的垂直領域吸引新客戶，我們主要為績效營銷付費，並且能夠帶來更多的客戶，正如我們所說的那樣在先前的答案中稍早一點，關於能夠為他們提供更多價值。

Your first question about IDFA, look, these privacy-related changes, they only impact a small part of our marketing and it's obviously not unique to our company.

你第一個關於 IDFA 的問題，看，這些與隱私相關的變化，它們只影響我們營銷的一小部分，而且這顯然不是我們公司獨有的。

We know that's very common.

我們知道這很常見。

We can manage through this.

我們可以通過這個來管理。

And as we know -- as you know, most of our marketing, primarily -- it's paid marketing channels like PPC and meta, and that's not going to be directly impacted by any of these kinds of changes.

正如我們所知——正如你所知，我們的大部分營銷，主要是——它是付費營銷渠道，如 PPC 和元，這不會受到任何這些變化的直接影響。

Our focus is always first-party data.

我們的重點始終是第一方數據。

We want to leverage the data in the marketing.

我們希望在營銷中利用數據。

And any of these changes to privacy like the IDFA, this does not really impact us.

像 IDFA 這樣對隱私的任何更改，都不會真正影響我們。

And I think you would know, we chose not to show the app -- tracking app back in April -- April '21, this year, April, while the IDFA specifically decided not to do that, and of course, you've seen our results since then, so I really don't think this is a big deal for us.

我想你會知道，我們選擇不展示應用程序 - 追溯應用程序早在 4 月 - 21 年 4 月，今年 4 月，而 IDFA 明確決定不這樣做，當然，你已經看到從那時起我們的結果，所以我真的認為這對我們來說沒什麼大不了的。

I'm very proud of the team in our whole marketing.

我為整個營銷團隊感到非常自豪。

They will be able to work and come up with, I would say, privacy-oriented ways to continue to be able to market with good tracking and ROIs.

我想說，他們將能夠工作並提出以隱私為導向的方式，以繼續能夠以良好的跟踪和投資回報率進行營銷。

And David, I think you had number 2, which is about the monthly active users for mobile.

大衛，我認為你的排名是第 2 位，這是關於移動設備的每月活躍用戶數。

Yes.

是的。

I've got number 2. And Mark, what I can tell you is we kind of watch very carefully how are different types of direct user response.

我有第二個。馬克，我可以告訴你的是，我們非常仔細地觀察不同類型的直接用戶響應。

And obviously, the more direct we can get, the better and the more -- the direct customers return direct, they're better still.

顯然，我們能得到的越直接越好，而且越多——直接客戶直接返回，他們就更好了。

And there are 3 types of direct customers.

並且有3種類型的直接客戶。

There's direct customers using the app, direct customers that come to us on the mobile web, there are customers who come to us on desktop.

有使用該應用程序的直接客戶，通過移動網絡來找我們的直接客戶，還有通過桌面來找我們的客戶。

And perhaps not too surprisingly, the direct customers on the app measured by the metrics I just talked about are our most loyal cohort of direct customers.

也許並不奇怪，根據我剛才談到的指標衡量的應用程序上的直接客戶是我們最忠實的直接客戶群。

So it's a good thing.

所以這是一件好事。

We want to get more of that.

我們希望得到更多。

And a lot of our marketing that we do, these agency-oriented apps, getting people to download and use the app because it's sticky.

我們所做的很多營銷活動，這些面向代理的應用程序，讓人們下載和使用該應用程序，因為它具有粘性。

Next, we have Eric Sheridan from Goldman Sachs.

接下來，我們有來自高盛的 Eric Sheridan。

I want to come back to the comments you talked about a little bit earlier about the dynamics around hotel room night growth or traditional hotel supply room night growth versus alternative accommodations.

我想回到您之前談到的關於酒店房間夜增長或傳統酒店供應房間夜增長與替代住宿的動態的評論。

Curious what your view is on how the landscape on both the supply and the demand side might evolve as we move into a post-pandemic world and aim towards summer of 2022.

好奇您對隨著我們進入大流行後世界並瞄準 2022 年夏季而對供需雙方的格局如何演變的看法。

And how you think about making investments on supply to match up the way in which there might be a more normalized travel environment in '22?

您如何看待在供應方面進行投資以匹配 22 年可能會出現更加正常化的旅行環境的方式？

I'll give my first comments, and I'll let -- David can always add, if he'd like.

我會給出我的第一條評論，我會讓-- 如果大衛願意，他可以隨時添加。

So we saw before the pandemic an increase in the alternative accommodations business as it became a larger and larger share of the total accommodations business and it was going on a pretty steady rate going up.

因此，我們在大流行之前看到了替代住宿業務的增長，因為它在整個住宿業務中所佔的份額越來越大，而且還在以相當穩定的速度增長。

And dynamic happens and you get a step change.

動態發生了，你得到了一步的改變。

And as people desire safety, being away from crowd, and they go there.

當人們渴望安全，遠離人群時，他們就會去那裡。

And now we've seen for ourselves, we've seen people liking hotels and that.

現在我們已經親眼目睹了，我們已經看到人們喜歡酒店之類的。

I think the long-term trend, though, will continue.

不過，我認為長期趨勢將繼續下去。

And I think if you look 5 years in the future, I think alternative accommodations will be a higher share.

而且我認為，如果您展望未來 5 年，我認為替代住宿的份額會更高。

So that means, of course, for us, is we've talked about this in the past, how important it is that we go out and make sure we get the best supply we can get.

因此，這當然意味著，對我們而言，我們過去是否曾討論過這一點，我們走出去並確保我們能得到最好的供應是多麼重要。

And that means working hard on that and making sure that the people who own these properties see us as a platform that they want to use that's first in their mind that this is a great way to fill up their properties.

這意味著要努力工作，並確保擁有這些房產的人將我們視為他們想要使用的平台，這是他們首先想到的，這是填充他們房產的好方法。

And that's something that we are working on, absolutely.

這絕對是我們正在努力的事情。

The demand side is similar.

需求端類似。

Go to Europe, and we've talked about them in the past, and say, where can I get a villa in the south of France, people will say, I think Booking.com is a great place.

去歐洲，我們過去談過他們，說，我在法國南部哪裡可以買到別墅，人們會說，我認為Booking.com是個好地方。

He went to the U.S., and he said, hey, I need a vacation, a place to ski, they may not think of Booking.com first.

他去了美國，他說，嘿，我需要一個假期，一個滑雪的地方，他們可能不會首先想到Booking.com。

We got to get that awareness up.

我們必須提高這種意識。

And I've talked about that in the past, and that's something we have to do also.

我過去曾談到過這一點，這也是我們必須做的事情。

But one of the truly great things about Booking.com is we offer more of both.

但 Booking.com 真正偉大的事情之一是我們提供了更多兩者。

Nobody offers -- you put together hotels and alternative accommodations.

沒有人提供 - 您將酒店和替代住宿放在一起。

You put that together, we're the ones who have both of those.

你把它放在一起，我們是擁有這兩者的人。

And I really believe that's a superior way for somebody to decide what they're going to choose in terms of accommodation.

我真的相信這是一個更好的方式讓人們決定他們將在住宿方面選擇什麼。

And we see this in our data.

我們在數據中看到了這一點。

We see people come.

我們看到人們來了。

They look -- first start looking at one type and then they end up booking another type, and they're able to compare and contrast, both to see the reviews on both, look at the prices on both.

他們看 - 首先開始查看一種類型，然後他們最終預訂另一種類型，他們能夠比較和對比，兩者都可以查看兩者的評論，查看兩者的價格。

What are they going to get for one, what are they going to get from the other.

他們將從一個人那裡得到什麼，他們將從另一個人那裡得到什麼。

And that's why we believe we have a superior offering to the consumer.

這就是為什麼我們相信我們可以為消費者提供卓越的產品。

And I do believe, though, that it is something that absolutely is going to continue.

不過，我確實相信，這絕對會繼續下去。

But on the other side, you all see the hotels, they're making some moves themselves, and they're coming up with ways to offer a better offering, providing some of the benefits of an alternative accommodation to a consumer, particularly so they are prepared as people work in a new way in the future and want to have both the benefits of the hotel but perhaps more room or more services that you can get in terms of making sure you have good WiFi or a place you can do your work at.

但另一方面，你們都看到了酒店，他們自己也在採取一些措施，他們正在想辦法提供更好的服務，為消費者提供替代住宿的一些好處，特別是讓他們為人們在未來以一種新的方式工作做好準備，並希望同時享受酒店的好處，但也許您可以獲得更多房間或更多服務，以確保您有良好的 WiFi 或可以工作的地方在。

And that's something I see also, hotels are definitely going to be getting into that space.

這也是我看到的，酒店肯定會進入這個領域。

David, I don't know if you want to say anything more to that?

大衛，我不知道你是否還想說什麼？

No, I think it was good.

不，我認為這很好。

I'd just point out that to your point that, that strength and that balance in both clearly contributed to us having a strong Q3 because we saw strong demand in alternative continue that we saw sequentially a much bigger increase from Q2 to Q3 hotels that we could offer both.

我只想指出，就你的觀點而言，兩者的實力和平衡顯然促成了我們在第三季度的強勁表現，因為我們看到替代品的強勁需求繼續存在，我們看到從第二季度到第三季度酒店的連續增長幅度要大得多。可以同時提供。

Next, we have Stephen Ju of Credit Suisse.

接下來是瑞士信貸的 Stephen Ju。

Okay.

好的。

So Glenn, I think in the past, we've talked about your payments product helping to expand your TAM by onboarding those users who may not necessarily be using credit cards and instead online payment services.

所以格倫，我認為過去，我們已經討論過您的支付產品通過加入那些可能不一定使用信用卡而是在線支付服務的用戶來幫助擴展您的 TAM。

Given the overall, I guess, depressed state of travel in Asia, maybe much of that value unlocked is still in front of us.

我猜，考慮到亞洲旅遊的整體低迷狀態，可能釋放的大部分價值仍然擺在我們面前。

But are you seeing evidence in other regions of the world that this is helping to bring in that incremental user?

但是，您是否在世界其他地區看到了這有助於吸引增量用戶的證據？

And also, just rising ability for you guys to merchandise as you do more of the connected trip opens up a greater opportunity for you guys to run promos and change prices, and hence, flex your gross margins up and down to drive growth on top of what has always been more of a performance marketing-driven growth.

而且，隨著您進行更多的互聯旅行，你們的商品銷售能力不斷提高，這為你們提供了更大的機會來進行促銷和改變價格，因此，上下調整毛利率以推動增長一直以來更多的是績效營銷驅動的增長。

So is there still a pretty material gap in ROI from doing one versus the other at this point in terms of what you've perceived?

那麼，就您所感知的而言，在這一點上，與另一項相比，投資回報率是否仍然存在相當大的差距？

I'll talk about the first one about our payments.

我將討論第一個關於我們的付款的問題。

I'll let David talk about ROIs on our merchandising approach and how we're doing that.

我會讓大衛談談我們的銷售方法的投資回報率以及我們是如何做到的。

So you're absolutely right.

所以你是絕對正確的。

If somebody doesn't have an ability to pay for something because they don't have the appropriate payment method, then they're not going to be able to buy from that person and/or that company like us.

如果某人因為沒有適當的付款方式而沒有能力支付某物，那麼他們將無法從該人和/或像我們這樣的公司購買。

So we always have to do that.

所以我們總是必須這樣做。

So if you are in Southeast Asia, and let's say somebody is using, let's say, Grab, who's a partner of ours, and they're saying GrabPay.

因此，如果您在東南亞，假設有人在使用我們的合作夥伴 Grab，他們說的是 GrabPay。

Well, if we're not able to use GrabPay for the hotel, taking the money in from the consumer, that person is not going to use us.

好吧，如果我們不能為酒店使用 GrabPay，從消費者那裡拿錢，那個人就不會使用我們。

They're going to use somebody else.

他們將使用其他人。

And we have, obviously, GrabPay, a partner working on that.

顯然，我們有 GrabPay，一個致力於此的合作夥伴。

Or if you look at other ways, people who say they go and look, it's not in their favor, they can use another way, they still decide not to use up.

或者如果你看其他方式，那些說他們去看看的人，這對他們不利，他們可以使用另一種方式，他們仍然決定不使用。

There's something else we've seen, which is really interesting, is that just having more ways to accept payments seems to increase conversion sometimes.

我們還看到了其他一些非常有趣的事情，那就是擁有更多接受付款的方式似乎有時會增加轉化率。

I don't know why.

我不知道為什麼。

I can't give you a science.

我不能給你科學。

I just see data, and this is -- that's interesting.

我只看到數據，這很有趣。

The other side is making sure we're paying the supplier the way they want to get the money because sometimes they say, I don't want to get it the way you're doing it with a virtual credit card or I don't want to get it in terms of the bank transfer.

另一方是確保我們以他們想要的方式向供應商付款，因為有時他們會說，我不想像您使用虛擬信用卡那樣獲得它，或者我不想想通過銀行轉帳的方式得到它。

I want to get it some other way.

我想以其他方式得到它。

So we've got to be able to do that, and that improves our relationship with the suppliers.

所以我們必須能夠做到這一點，這會改善我們與供應商的關係。

And particularly improves with the supplier when the method that we can get the money to them is cheaper than the method they are currently using.

特別是當我們可以向他們提供資金的方法比他們目前使用的方法便宜時，與供應商一起改進。

That's a great thing when we can do that, that's another value add to that hotel or any other type of supplier.

當我們能夠做到這一點時，這是一件很棒的事情，那是該酒店或任何其他類型的供應商的另一個增值。

Lots of ways that we're going to do that, and there are all other things we're working -- the fintech part of our business that we're just starting out.

我們有很多方法可以做到這一點，還有我們正在做的所有其他事情——我們剛剛開始的業務中的金融科技部分。

We talked last time about setting up that unit.

上次我們談到了建立那個單位。

There are a lot of opportunities there.

那裡有很多機會。

And we talked about how in 2019, we did over $100 billion worth of gross bookings.

我們還談到了 2019 年的總預訂量如何超過 1000 億美元。

And our idea is to let's find ways that we can monetize that better, and let's find ways we can [flag] value to both consumers and suppliers.

我們的想法是讓我們找到可以更好地將其貨幣化的方法，讓我們找到可以[標記]消費者和供應商價值的方法。

And David, I don't know if you want to talk a little bit about ROIs and how we're doing the merchandise.

大衛，我不知道你是否想談談投資回報率以及我們如何做商品。

Sure.

當然。

So as Glenn said, payments is increasingly becoming part of the core value proposition that we offer at Booking.com, in particular, to both customers and partners.

因此，正如 Glenn 所說，支付正日益成為我們在 Booking.com 提供的核心價值主張的一部分，尤其是對客戶和合作夥伴而言。

So it's no longer just kind of we think as an add-on.

因此，它不再只是我們認為的附加組件。

It really is solving problems for both of them in cost-effective ways and risk-reduction ways that they couldn't do as efficiently themselves.

這確實是在以經濟有效的方式和降低風險的方式為他們雙方解決問題，而這些方式他們自己無法有效地做到這一點。

So that's why it's growing so rapidly of our mix.

這就是為什麼它在我們的組合中增長如此迅速的原因。

Now you're right, Stephen, that once we're on payments, we can participate in merchandising.

現在你是對的，斯蒂芬，一旦我們付款，我們就可以參與推銷。

Of course, the most efficient way to get rates is to source great rates, which Glenn talked about a fair amount in his point.

當然，獲得費率的最有效方法是獲取高費率，格倫在他的觀點中談到了相當多的內容。

But if we need to participate over and above the sourcing and driving promotional targeting, particular use in particular markets, we can with the payments platform.

但是，如果我們需要超越採購和推動促銷目標，特定市場的特定用途，我們可以使用支付平台。

And we now have enough experience under our belt in instrumentation around that, that we can treat that, as you mentioned, as a marketing investment and look at it in a very similar way to the way that we look at our spend in the performance channels, for example.

而且我們現在在這方面有足夠的經驗，我們可以將其視為一項營銷投資，並以與我們在績效渠道中看待支出的方式非常相似的方式看待它， 例如。

Compare ROIs one versus the other and decide what the right mix is.

比較一個和另一個的投資回報率，並決定什麼是正確的組合。

So correct, with payments becoming a bigger piece of our proposition, where we can, when we need to, when we think it makes sense, we can look at merchandising through a strong ROI lens.

如此正確，隨著支付成為我們提議的重要組成部分，我們可以在哪裡、何時需要、當我們認為有意義時，我們可以通過強大的投資回報率鏡頭來看待商品推銷。

We can be quite proactive in that area and compare it directly with other forms of spending on marketing.

我們可以在該領域非常積極主動，並將其直接與其他形式的營銷支出進行比較。

Next, we have Doug Anmuth of JPMorgan.

接下來是摩根大通的 Doug Anmuth。

I just wanted to ask about social advertising.

我只是想問一下社交廣告。

I know the dollars there are still small.

我知道那裡的美元仍然很小。

But just curious what gives you the confidence in not working to the point of potentially adding some real dollars there.

但只是好奇是什麼讓你有信心不工作到可能在那裡增加一些真正的美元。

It's an area you've tried before.

這是您以前嘗試過的領域。

So just curious kind of what's different now.

所以只是好奇現在有什麼不同。

And then secondly, David, if you could just walk through those 4Q sequential revenue dynamics again and if there's something that's particularly different as opposed to just the normal seasonality?

其次，大衛，如果你能再次回顧一下第四季度的連續收入動態，是否有一些特別不同於正常季節性的東西？

So yes, so absolutely small numbers right now.

所以是的，現在絕對是少數。

And I think I said that in my prepared remarks, these are small, small numbers right now.

我想我在準備好的發言中說過，現在這些數字很小。

But obviously, there are a huge number of potential customers who are in those areas where we want to reach out to make sure they're aware of us, and they're coming to us.

但顯然，有大量潛在客戶在我們想要聯繫的那些領域，以確保他們了解我們，並且他們會來找我們。

So it's a place that we're not going to ignore.

所以這是一個我們不會忽視的地方。

Now we obviously have to come up with the right method, the right way to present or offer it, the right way we're going to present our brand and be able to get them to come to us.

現在我們顯然必須想出正確的方法，正確的方式來展示或提供它，正確的方式來展示我們的品牌並能夠讓他們來找我們。

And that means we've got to be able to measure are we getting a good return or not.

這意味著我們必須能夠衡量我們是否獲得了良好的回報。

And I don't want to give too much in terms of the sales how we're doing and what we're doing, but I'm feeling good about how we're building it up.

而且我不想在銷售方面給出太多我們正在做的事情以及我們正在做的事情，但我對我們如何建立它感覺很好。

And we see the right returns, the right ROIs because we are always very conscious of spending that advertising money the right way, then we will scale up and spend more money.

而且我們看到了正確的回報，正確的投資回報率，因為我們總是非常清楚以正確的方式花費廣告費，然後我們將擴大規模並花更多的錢。

And that's something I said in the prepared remarks.

這就是我在準備好的評論中所說的。

I feel good about where we are now.

我對我們現在所處的位置感覺良好。

Because a great thing about our business, our company, the way we think is we're not dogmatic.

因為我們的業務，我們的公司，我們認為的方式是我們不是教條主義的。

We don't think just because we thought it first, this would be great, that then we absolutely do.

我們不認為只是因為我們首先想到了，這會很棒，然後我們絕對會這樣做。

We're going to do it, experiment, put money to work, see the results, test.

我們要做，試驗，投入資金，看看結果，測試。

And then we'll learn.

然後我們將學習。

If it's great, we're going to put more money.

如果它很棒，我們將投入更多的錢。

If not, we'll come up with another way.

如果沒有，我們會想出另一種方法。

That's how we built this company, and that's what we'll do in the future.

這就是我們建立這家公司的方式，也是我們未來要做的事情。

And David, I think there's a question for you there.

大衛，我想你有一個問題。

Yes.

是的。

Doug, let me explain that -- reexplain that whole seasonality thing because this is quite important, and we can explain it at a kind of high level.

道格，讓我解釋一下——重新解釋整個季節性的事情，因為這非常重要，我們可以在高層次上解釋它。

So Q3 was very strong.

所以第三季度非常強勁。

it was almost artificially strong from a revenue point of view because you've got 2 things unnaturally helping it.

從收入的角度來看，它幾乎是人為的強大，因為你有兩件事不自然地幫助它。

First of all, remember, a lot of bookings in Q1, Q2 that weren't always -- stayed in Q1, Q2 stayed in Q3.

首先，請記住，第一季度和第二季度的很多預訂並不總是 - 留在第一季度，第二季度留在第三季度。

So we got that benefit compared to normal Q3.

因此，與正常的第三季度相比，我們得到了這種好處。

On top of that, in the quarter, more bookings in Q3 than normal stayed in Q3.

最重要的是，在第三季度，第三季度的預訂量比正常情況多。

So because booking window was so short, so Q3 got topped up 2 ways from Q1, Q2 and in Q3.

所以因為預訂窗口很短，所以第三季度從第一季度、第二季度和第三季度開始有兩種方式充值。

So now when you think of Q4 and you're now comparing it against a very top-up Q3, and some of that top-up in Q3 directly impacts Q4.

所以現在當你想到第四季度，你現在將它與一個非常充值的第三季度進行比較，第三季度的一些充值直接影響第四季度。

So Q4 gets impacted by comparing against a strong Q3, but I think some of those Q3 bookings that normally would stay in Q4 stayed in Q3.

因此，與強勁的第三季度相比，第四季度受到了影響，但我認為通常會留在第四季度的第三季度預訂中的一些留在了第三季度。

So you've now got, if you like, a double factor driving the comparison between Q3 and Q4.

因此，如果您願意，您現在有了一個推動第三季度和第四季度比較的雙重因素。

Also, we believe the booking window will start to expand in Q4.

此外，我們認為預訂窗口將在第四季度開始擴大。

So more of the bookings in Q4 will actually leak out of Q4 than did in Q3 relatively.

因此，與第三季度相比，第四季度的預訂量實際上會從第四季度洩漏出去。

So you've got these 2 factors kind of driving a very unusual comparison between Q3 and Q4.

所以你有這兩個因素在第三季度和第四季度之間進行了非常不尋常的比較。

So a fair amount more sequential revenue decline.

因此，相當數量的連續收入下降。

It's all timing and all mechanics.

這是所有時間和所有機制。

But think of it as a Q4 comparing Q3 on steroids.

但可以將其視為 Q4 比較 Q3 的類固醇。

And some of the reason why Q3 was on steroids will directly impact Q4.

Q3 使用類固醇的一些原因將直接影響 Q4。

So that's what's going on.

這就是正在發生的事情。

And that concludes the Q&A session.

問答環節到此結束。

I will now turn the call back to Glenn Fogel for closing remarks.

我現在將電話轉回格倫·福格爾的閉幕詞。

Thank you.

謝謝你。

So in closing, I want to repeat what I said at the close of last quarter's earnings call and reiterate our strong belief that our industry's full recovery will be hastened by everyone who can get a vaccine, going out and getting it.

因此，最後，我想重複我在上個季度財報電話會議結束時所說的話，並重申我們堅信，每個能夠接種疫苗、走出去並獲得疫苗的人都將加速我們行業的全面復甦。

We urge all people who are approved for and medically able to be vaccinated do their part to make our society safer.

我們敦促所有獲得批准並在醫學上能夠接種疫苗的人儘自己的一份力量，使我們的社會更安全。

And we urge all advised to get a booster to go get one.

我們敦促所有建議的人都去買一個助推器。

And as always, I want to thank our partners customers, our dedicated employees and our shareholders.

與往常一樣，我要感謝我們的合作夥伴客戶、敬業的員工和股東。

We appreciate your support as we continue to build on the long-term vision for our company.

感謝您的支持，因為我們將繼續為我們公司建立長期願景。

Thank you, and please be safe.

謝謝，請注意安全。

Good night.

晚安。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you all for your participation.

謝謝大家的參與。

You may now disconnect.

您現在可以斷開連接。