Booking Holdings Inc (BKNG) 2021 Q2 法說會逐字稿

Welcome to Booking Holdings' Second Quarter 2021 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 guarantee of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.

歡迎來到 Booking Holdings 2021 年第二季度電話會議。 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》的安全港條款做出的。這些前瞻性陳述不能保證未來的表現，並且受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 by -- are intended to identify 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。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 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. A copy of Booking Holdings' earnings press release, together with an accompanying financial and statistical supplement, is available in the For Investors section of Booking Holdings' website, www.bookingholdings.com.

除非法律要求，否則 Booking Holdings 不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。 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 would like to introduce Booking Holdings' first speaker for this afternoon, Mr. Glenn Fogel. You may begin your conference.

現在我想介紹一下Booking Holdings 今天下午的第一位演講者Glenn Fogel 先生。你可以開始你的會議了。

Thank you, and welcome to Booking Holdings' second quarter conference call. I'm joined this afternoon by our CFO, David Goulden.

謝謝，歡迎來到Booking Holdings第二季度的電話會議。今天下午，我們的首席財務官 David Goulden 加入了我的行列。

I'm encouraged by another quarter of meaningful improvement in our accommodations business with Q2 room nights up sequentially 59% versus Q1. This compares very favorably to our pre-pandemic historical pattern of a slight decline in Q2 room nights versus Q1. Compared with 2019, Q2 room nights were down 26%, which was significantly better than the 43% decline we previously reported for the month of April and a 54% decline in Q1.

我們的住宿業務又有四分之一的顯著改善令我感到鼓舞，第二季度的客房夜數比第一季度增加了 59%。這與我們在大流行前的歷史模式相比非常有利，即第二季度的房晚與第一季度相比略有下降。與 2019 年相比，第二季度的房晚下降了 26%，這明顯好於我們之前報告的 4 月份下降 43% 和第一季度下降 54%。

The acceleration in the second quarter was primarily driven by domestic and international booking trends in Europe following a ramp-up in vaccination rates and the relaxation of many travel restrictions in the region. The growth of international bookings in Europe was mainly from bookings within the European region. The very strong room night growth in the United States that we saw in April and highlighted on our last earnings call continued in May and June, resulting in very strong U.S. room night growth for the full quarter versus Q2 2019. And David will provide additional details on our second quarter results in his remarks.

隨著疫苗接種率的提高和該地區許多旅行限制的放鬆，歐洲的國內和國際預訂趨勢推動了第二季度的增長。歐洲國際預訂量的增長主要來自歐洲地區的預訂量。我們在 4 月看到並在我們上次財報電話會議上強調的非常強勁的美國客房間夜增長在 5 月和 6 月持續，導致整個季度與 2019 年第二季度相比美國客房間夜增長非常強勁。大衛將提供更多詳細信息在他的講話中，我們談到了我們第二季度的業績。

We are, of course, closely monitoring the impact of the Delta variant on the rising COVID case counts around the world as well as some newly imposed travel restrictions which have led to a modest pullback in our booking trends in the month of July relative to June. However, the July booking trends were improved from our full Q2 results. While the rise of the Delta variant demonstrates the volatility and uncertainty around the exact timing and shape of the recovery for travel, we remain confident that we will eventually see a strong recovery in travel demand globally.

當然，我們正在密切關注 Delta 變體對全球不斷上升的 COVID 病例數量的影響，以及一些新實施的旅行限制，這些限制導致我們 7 月份的預訂趨勢相對於 6 月份略有回落.然而，7 月份的預訂趨勢比我們完整的第二季度業績有所改善。雖然 Delta 變體的興起表明旅行複甦的確切時間和形式存在波動性和不確定性，但我們仍然相信，我們最終將看到全球旅行需求的強勁復甦。

The sharp return to growth initially in the U.S. and many of the European markets that we have witnessed this year shows us clearly that leisure travelers are eager to get back to booking trips on our platform when restrictions are lifted and customers are able to travel. We expect to be much closer to our 2019 revenue levels in Q3 than we were in Q2, driven by the strong booking improvements we have seen in the last few months.

我們今年目睹的美國和許多歐洲市場最初的急劇增長向我們清楚地表明，當限制解除並且客戶能夠旅行時，休閒旅行者渴望重新在我們的平台上預訂旅行。在過去幾個月我們看到的強勁預訂改善的推動下，我們預計第三季度的收入水平將比第二季度更接近我們的 2019 年收入水平。

As we have done throughout the pandemic, we will continue to build on the strengths of our core accommodation business and support its long-term growth. The strength of our core business comes from the flywheel effect we get from our 2-sided marketplace, where we drive benefits to our traveler customers and our supply partners alike.

正如我們在整個大流行期間所做的那樣，我們將繼續鞏固我們核心住宿業務的優勢，並支持其長期增長。我們核心業務的優勢來自我們從雙面市場中獲得的飛輪效應，我們在其中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 strive to deliver the best choice of accommodations, offer the most value and provide the easiest booking experience, all backed by excellent customer service and support. By addressing these critical needs of choice, value and ease, we create a superior booking experience and strengthen the relationships with our customers.

對於我們的客戶，我們努力提供最佳的住宿選擇，提供最大的價值並提供最簡單的預訂體驗，所有這些都以出色的客戶服務和支持為後盾。通過滿足選擇、價值和便利性的這些關鍵需求，我們創造了卓越的預訂體驗並加強了與客戶的關係。

I'm pleased to report that at Booking.com, we are seeing pre-pandemic customers coming back to us to book their trips while also attracting new customers. And the current mix of prior and new customers is not significantly different than prior to the pandemic. One of the ways we drive value to our large customer base at Booking.com is through our Genius loyalty program.

我很高興地向 Booking.com 報告，我們看到大流行前的客戶回到我們這裡預訂他們的旅行，同時也吸引了新客戶。目前新老客戶的組合與大流行之前沒有顯著差異。我們為 Booking.com 的龐大客戶群創造價值的方法之一是通過 Genius 忠誠度計劃。

This program provides discounts for Genius members at hundreds of thousands of properties on our platform and also offers value in other benefits like complimentary breakfast, free room upgrades and more recently, discounted airport taxes, just to name a few. We will continue innovating and adding to the ways we provide value to our Genius customers who have historically had a higher repeat rate and a higher mix of direct bookings when compared to non-Genius customers.

該計劃為 Genius 會員在我們平台上的數十萬家酒店提供折扣，還提供其他優惠，如免費早餐、免費客房升級以及最近的機場稅折扣等。我們將繼續創新並增加我們為 Genius 客戶提供價值的方式，與非 Genius 客戶相比，這些客戶歷來具有更高的重複率和更高的直接預訂組合。

Our app is an important way we deliver an easier booking experience to our customers. Globally, in Q2, Booking.com was the #1 downloaded OTA app according to a third-party research firm. In the U.S. in Q2, we were the most downloaded major OTA app as downloads of the Booking.com app in the second quarter significantly increased sequentially. We also saw U.S. app users in Q2 meaningfully surpassed the prior peak observed before the COVID pandemic.

我們的應用程序是我們為客戶提供更輕鬆預訂體驗的重要方式。根據第三方研究公司的數據，在全球範圍內，Booking.com 是第二季度下載量排名第一的 OTA 應用程序。第二季度在美國，我們是下載量最大的主要 OTA 應用程序，因為第二季度 Booking.com 應用程序的下載量環比顯著增加。我們還看到第二季度的美國應用程序用戶明顯超過了 COVID 大流行之前觀察到的先前峰值。

In the second quarter, we again saw a higher mix of our customers booking directly with us than in the comparable period in 2019. It is encouraging to see these gains even as we look for opportunities to lean into performance marketing channels where we see attractive ROIs. We have a long history of effectively managing our performance marketing channels to bring bookers to our platform profitably. We plan to continue with this proven approach in the future.

在第二季度，我們再次看到直接向我們預訂的客戶比例高於 2019 年同期。儘管我們正在尋找機會進入我們看到有吸引力的投資回報率的績效營銷渠道，但看到這些收益令人鼓舞。 .我們在有效管理我們的績效營銷渠道以將預訂者帶入我們的平台獲利方面有著悠久的歷史。我們計劃在未來繼續採用這種經過驗證的方法。

In addition, we're leveraging our marketing expertise and ROI focus as we test into other channels like social and digital media as well as when we deploy promotional campaigns like our Back to Travel campaign, which we ran first in the U.S. and then launched in the U.K. and across Europe. We will continue to expand the diversity of our marketing and customer acquisition channels as we aim to drive incremental traffic to our platform and increased consumer awareness of our brands.

此外，當我們測試其他渠道（如社交和數字媒體）以及部署促銷活動（如我們首先在美國開展然後於英國和整個歐洲。我們將繼續擴大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。

While we will remain focused on our efforts to grow and retain our customer base, we believe we will continue to benefit from the secular tailwind of more people booking their trips online instead of off-line. Historically, the accommodation industry has seen a steady increase in online share each year. And looking ahead, we believe this trend will continue for the foreseeable future.

雖然我們將繼續專注於發展和留住客戶群的努力，但我們相信我們將繼續受益於更多人在線而不是線下預訂旅行的長期順風。從歷史上看，住宿行業的在線份額每年都在穩步增長。展望未來，我們相信這種趨勢將在可預見的未來持續下去。

In April, McKinsey published a 24-country survey with results showing that across 11 major consumer-facing industries, travel had the greatest percentage of customers that plan to increase their usage of digital channels after the pandemic. On the other side of our marketplace, we are focused on helping our supply partners reach a broader audience of potential customers. Our scale and global reach allows us to connect our supply partners with a significant amount of demand from around the world, demonstrated by the 845 million room nights booked across our platforms in 2019.

4 月，麥肯錫發布了一項針對 24 個國家/地區的調查，結果顯示，在 11 個主要面向消費者的行業中，在大流行之後計劃增加對數字渠道使用的客戶中，旅行的客戶比例最高。在我們市場的另一端，我們專注於幫助我們的供應合作夥伴接觸更廣泛的潛在客戶。我們的規模和全球影響力使我們能夠將我們的供應合作夥伴與來自世界各地的大量需求聯繫起來，這在 2019 年我們平台上預訂的 8.45 億間客房夜數中得到了證明。

In addition to being a large demand channel for our partners, we add value to our accommodation partners in other ways, by providing customer service support for travelers in over 40 languages, localized partner service support teams, market intelligence and data, product innovations in response to new traveler trends and fraud liability shift and access to alternative payment methods for payment-enabled transactions. Whether an alternative accommodation or an independent hotel or a large global hotel chain, we strive to be a valuable partner to all types of accommodations on our platform.

除了成為合作夥伴的龐大需求渠道外，我們還通過其他方式為住宿合作夥伴增加價值，例如為 40 多種語言的旅行者提供客戶服務支持、本地化合作夥伴服務支持團隊、市場情報和數據、產品創新以應對新的旅行者趨勢和欺詐責任轉移，以及為支持支付的交易使用替代支付方式。無論是另類住宿、獨立酒店還是大型全球連鎖酒店，我們都努力成為我們平台上所有類型住宿的寶貴合作夥伴。

In the second quarter, we saw the first sequential increase in the number of properties on Booking.com and the lowest number of properties coming off of our platform in the quarter since the onset of the COVID-19 pandemic. As of June 30, we had over 28 million reported listings on Booking.com, of which 6.6 million were for alternative accommodation properties. Within alternative accommodations in the U.S., Booking.com continued to add targeted new properties in the quarter and also saw encouraging share gains with some of our larger professional managers.

在第二季度，我們看到 Booking.com 上的房產數量首次連續增加，並且是自 COVID-19 大流行開始以來本季度從我們平台上撤出的最低數量的房產。截至 6 月 30 日，我們在 Booking.com 上報告了超過 2800 萬個房源，其中 660 萬個是替代住宿物業。在美國的另類住宿中，Booking.com 在本季度繼續增加有針對性的新住宿，並且我們的一些較大的職業經理人的份額也令人鼓舞。

While these are positive early developments, we recognize there is much work ahead to improve and grow our alternative accommodations product in the U.S. market. Our alternative accommodations business in Europe was strong in the quarter and represented an increasing share of our European accommodations business.

雖然這些都是積極的早期發展，但我們認識到在美國市場上改進和發展我們的替代住宿產品還有很多工作要做。我們在歐洲的另類住宿業務在本季度表現強勁，在我們的歐洲住宿業務中所佔的份額越來越大。

I want to move to our key strategic priorities of expanding Booking.com's payment platform and building the connected tradition, both of which we believe will further enhance the strength of our core accommodation business and support its continued growth. On our integrated payment platform at Booking.com, we have made continued progress with increased the adoption of payments by our supply partners in the U.S., including adding some major hotel chains in the second quarter. Around 24% of Booking.com's total gross bookings in Q2 were processed through its payment platform, which is up from about 22% for the full year 2020.

我想轉向我們擴展Booking.com支付平台和建立互聯傳統的關鍵戰略重點，我們相信這兩者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。在我們在 Booking.com 的集成支付平台上，我們在美國的供應合作夥伴越來越多地採用支付方式方面取得了持續進展，包括在第二季度增加了一些主要的連鎖酒店。 Booking.com 在第二季度的總預訂量中，約有 24% 是通過其支付平台處理的，高於 2020 年全年的約 22%。

We recently announced the organization of all of our payments initiatives and efforts into a new fintech unit at Booking.com. First, the Fintech unit will be focused on a mainly bookings core business to run better, faster and more efficiently for both customers and our supply partners. In addition, we recognize that we have opportunities to better monetize our overall transaction flows. In 2019, we did almost $100 billion of transaction value and we believe setting up a separate fintech unit to better capitalize on these flows will benefit us in the long run.

我們最近宣布將我們所有的支付計劃和努力組織到 Booking.com 的一個新的金融科技部門。首先，金融科技部門將專注於以預訂為主的核心業務，以便為客戶和我們的供應合作夥伴更好、更快、更高效地運行。此外，我們認識到我們有機會更好地從我們的整體交易流中獲利。 2019 年，我們完成了近 1000 億美元的交易價值，我們相信建立一個單獨的金融科技部門以更好地利用這些資金流，從長遠來看將使我們受益。

On our connected trip vision, I mentioned on our last earnings call that the development of the connected trip this year will be focused on enabling travelers to book the major elements of their trip in one place on Booking.com. The top priority of this -- on this front has been to scale up a robust flight platform on Booking.com, which will give us the ability to engage with flight bookers fully in their travel journey and allow us an opportunity to cross-sell our accommodation and other services to these bookers. Since our last earnings call, we have launched our flight product in 6 new markets and they're now live in 24 countries.

關於我們的互聯旅行願景，我在上次財報電話會議上提到，今年互聯旅行的發展將專注於使旅行者能夠在 Booking.com 的一個地方預訂他們旅行的主要元素。這方面的首要任務——在這方面一直是在 Booking.com 上擴展一個強大的航班平台，這將使我們能夠與航班預訂者在他們的旅行旅程中充分互動，並讓我們有機會交叉銷售我們的為這些預訂者提供住宿和其他服務。自上次財報電話會議以來，我們已在 6 個新市場推出了我們的飛行產品，現在它們已在 24 個國家/地區上線。

Inter tickets booked through Booking's flight offering have continued to meaningfully exceed our expectations. However, they still represented a small portion of our total reported air tickets, which were up 120% in Q2 versus Q2 2019. Primarily, this was driven by Priceline. While it remains early days for Booking's flight product we are seeing positive data indicating we are getting entirely new customers for Booking.com.

通過 Booking 的航班預訂的國米機票繼續顯著超出我們的預期。然而，它們仍然只占我們報告的機票總額的一小部分，與 2019 年第二季度相比，第二季度增長了 120%。這主要是由 Priceline 推動的。雖然 Booking 的航班產品仍處於早期階段，但我們看到了積極的數據，表明我們正在為 Booking.com 獲得全新的客戶。

In addition, we are seeing an encouraging attach rate of accommodation bookings from these new customers. These early data points help demonstrate that our flight offering creates a new funnel to bring incremental customers to the platform and they cross-sell an accommodation to these new customers. We expect to continue to build on the early success we are seeing with flight at Booking.com.

此外，我們看到這些新客戶的住宿預訂附加率令人鼓舞。這些早期數據點有助於證明我們的航班產品創造了一個新的渠道，將更多的客戶帶到平台上，並且他們向這些新客戶交叉銷售住宿。我們希望繼續鞏固我們在 Booking.com 上看到的飛行早期成功。

In conclusion, I am encouraged by the signs of recovery we are seeing in some parts of the world, and I'm confident that we will eventually see a strong recovery in travel demand globally. We continue with our most important work, to strengthen our company's position and execute against our strategic priorities and our teams are working hard to support the strong summer travel season this year in North America and Europe.

總之，我對我們在世界某些地區看到的複蘇跡象感到鼓舞，我相信我們最終將看到全球旅行需求的強勁復甦。我們繼續我們最重要的工作，以加強我們公司的地位並執行我們的戰略重點，我們的團隊正在努力支持今年北美和歐洲強勁的夏季旅遊旺季。

As I said before, we are 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，在全面復甦後產生更多收益，並從長遠來看。

I will now turn the call over to our CFO, David Goulden. David?

我現在將把電話轉給我們的首席財務官 David Goulden。大衛？

Thank you, Glenn, and good afternoon. I'll review our operating results for the second quarter and provide some color on trends we've seen so far in the third quarter. To avoid comparison to pandemic impacted peers in 2020, all growth rates will be relative to comparable periods in 2019, unless otherwise indicated. Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release.

謝謝你，格倫，下午好。我將回顧我們第二季度的經營業績，並為我們在第三季度迄今為止看到的趨勢提供一些顏色。為避免與 2020 年受大流行影響的同行進行比較，除非另有說明，否則所有增長率都將相對於 2019 年的可比時期。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 second quarter. On our last earnings call, we discussed the improvement in trends in Q1, which continued into April, driven by strong results in the U.S. and improvements in Europe. Following the earnings call, we saw the overall improvements in our trends accelerate in May and continue to get better in June, which resulted in our Q2 reported room nights declining 26% versus Q2 2019, which was significantly ahead of the 54% decline in Q1, but 43% decline we saw in April and our expectations in May.

現在談談我們第二季度的業績。在我們上次的財報電話會議上，我們討論了第一季度趨勢的改善，這種改善一直持續到 4 月，這得益於美國強勁的業績和歐洲的改善。在財報電話會議之後，我們看到趨勢的整體改善在 5 月加速，並在 6 月繼續好轉，這導致我們報告的第二季度客房夜數與 2019 年第二季度相比下降了 26%，這大大超過了第一季度 54% 的下降，但我們在 4 月份看到了 43% 的下降以及我們在 5 月份的預期。

The improvement in Q2 room nights growth rate versus Q1 was driven by Europe and the U.S. as well as better results in Rest of World. Europe showed the greatest level of recovery in the quarter and actually achieved slight room night growth versus 2019 in June. Booking trends in Europe clearly benefited from a notable improvement in vaccination rates as well as loosening travel restrictions.

與第一季度相比，第二季度的客房夜增長率有所改善，這是由歐洲和美國以及世界其他地區的更好結果推動的。歐洲在本季度表現出最大程度的複蘇，與 6 月的 2019 年相比，實際上實現了小幅房間夜增長。歐洲的預訂趨勢明顯受益於疫苗接種率的顯著提高以及旅行限制的放鬆。

The U.S. was again the strongest reporting major country in Q2 and had very strong room night growth versus 2019 for the full quarter. Asia partially offset the improvements in other regions with greater room night declines in Q2 than in Q1 due to the increase in COVID outbreaks with related travel restrictions.

美國再次成為第二季度報告最強勁的主要國家，與 2019 年相比，整個季度的客房夜數增長非常強勁。亞洲部分抵消了其他地區的改善，第二季度的房晚下降幅度大於第一季度，原因是 COVID 爆發增加和相關的旅行限制。

In the month of June, our room nights were down 13%, and our monthly active unique customer accounts at Booking.com reached about 90% of the level we saw in June 2019. As Glenn mentioned, we are pleased to see the solid rebound in our customer base at Booking.com as well as a healthy mix of new customers, which is only a little lower than the mix of new customers in Q2 2019.

6 月份，我們的間夜量下降了 13%，我們在 Booking.com 的月度活躍獨立客戶賬戶達到了 2019 年 6 月水平的 90% 左右。正如 Glenn 所說，我們很高興看到強勁的反彈我們在 Booking.com 的客戶群以及健康的新客戶組合，僅略低於 2019 年第二季度的新客戶組合。

Mobile bookings, particularly through our apps, represented over 60% of our total room nights. Our app continues to represent an increased percentage of our mobile bookings. Our direct channel increased as a percentage of our room nights year-on-year and relative to Q2 2019. Domestic room nights grew in the mid-teens in Q2, while international room nights remained down significantly versus 2019, we saw a sequential improvement in our international bookings resulting in the international mix of our room nights increasing to about 25% in Q2 and from about 15% in Q1.

移動預訂，尤其是通過我們的應用程序進行的預訂，占我們總房晚的 60% 以上。我們的應用程序在我們的移動預訂中所佔的比例繼續增加。與 2019 年第二季度相比，我們的直接渠道在我們的客房間夜中所佔的百分比同比增加。第二季度國內間夜數增長了十幾歲，而國際間夜數與 2019 年相比仍顯著下降，我們看到連續改善我們的國際預訂導致我們的國際間夜數從第一季度的約 15% 增加到第二季度的 25% 左右。

Our cancellation rates improved in Q1 and were in line with Q2 2019 levels in the quarter. The percentage of our Q2 2021 bookings made with flexible cancellation policies remained significantly higher than in Q2 2019. The booking window at Booking.com remained shorter than it was in the second quarter of 2019 as we continued to see a higher mix of near-term bookings. However, the booking window contracted less than it did in the prior 3 quarters.

我們的取消率在第一季度有所改善，與本季度 2019 年第二季度的水平一致。我們採用靈活取消政策的 2021 年第二季度預訂的百分比仍顯著高於 2019 年第二季度。Booking.com 的預訂窗口仍然比 2019 年第二季度短，因為我們繼續看到更高的短期組合預訂。然而，預訂窗口的收縮程度低於前三個季度。

The mix of alternative accommodation room nights on Booking.com in Q2 was 32%, which is 3 points higher than Q1. In June, our alternative accommodation room night growth was flat versus June 2019, the first time we've reached 2019 levels for this segment since the start of COVID. The sequential improvement from Q1 to Q2 was due primarily to the overall improvement in room night growth in Europe in the quarter.

第二季度 Booking.com 上的替代住宿間夜組合為 32%，比第一季度高 3 個百分點。 6 月，我們的替代住宿間夜增長與 2019 年 6 月持平，這是自 COVID 開始以來我們首次達到該細分市場的 2019 年水平。從第一季度到第二季度的環比改善主要是由於本季度歐洲房間夜增長的整體改善。

As we noted last quarter, Europe is where we have our highest mix of alternative accommodations. Within Europe, -- Our mixed alternative accommodations remained about the same as Q1, and this represents a continued increase from 2019 to 2020 and into 2021.

正如我們上個季度所指出的，歐洲是我們擁有最多替代住宿的地方。在歐洲，我們的混合替代住宿與第一季度大致相同，這代表了從 2019 年到 2020 年以及到 2021 年的持續增長。

Gross bookings declined 12% in Q2, which is less than the decline in reported room nights due to an increase in average day rates for accommodations of 11% versus 2019 on a constant currency basis and also due to a few points of changes in FX rates and strong performance in our flights business. Our accommodation constant currency ADR benefited by about 7% from an increased mix of business in North America, which is the high ADR region, and a decrease in mix of business in Asia, which is a lower ADR region.

第二季度的總預訂量下降了 12%，低於報告的房晚下降幅度，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 11%，而且外匯匯率發生了一些變化我們的航班業務表現強勁。我們的住宿固定貨幣 ADR 受益於北美（ADR 較高的地區）業務組合的增加和亞洲（ADR 較低的地區）業務組合的減少，這使我們受益約 7%。

Excluding regional mix effects, constant currency ADRs were up approximately 4%, driven mainly by rate increases in North America and in Europe. The increase in North America were driven by high levels of demand for beach-oriented leisure destinations. And in Europe, were driven by a higher mix of summer bookings, which have higher ADRs.

剔除區域混合效應，固定匯率 ADR 上漲約 4%，主要受北美和歐洲利率上漲的推動。北美的增長是由對海灘休閒目的地的高需求推動的。在歐洲，受夏季預訂組合的推動，這些預訂的 ADR 更高。

Airline tickets booked in the second quarter were up 120% versus 2019, driven by strong growth at Priceline and by flights bookings at Booking.com and Agoda, neither of which had flight crops in Q2 2019. We are encouraged to see another record freight quarter for air tickets booked through our flights business, which is a key component of our multiproduct connected trip strategy.

第二季度的機票預訂量較 2019 年增長 120%，這得益於 Priceline 的強勁增長以及 Booking.com 和 Agoda 的航班預訂量，這兩家公司在 2019 年第二季度均未實現航班增長。我們很高興看到貨運量又一個創紀錄的季度通過我們的航班業務預訂的機票，這是我們多產品互聯旅行戰略的關鍵組成部分。

Consolidated revenue for the second quarter was $2.2 billion and decreased 44% versus 2019, which is better than our expectations. Revenue in the quarter declined meaningfully more than gross bookings due to bookings made in the quarter that are expected to check in, in future quarters at which point the revenue will be recognized.

第二季度合併收入為 22 億美元，較 2019 年下降 44%，好於我們的預期。由於本季度進行的預訂預計將在未來幾個季度登記入住，屆時該季度的收入將得到確認，因此該季度的收入大幅下降超過總預訂量。

Take rates in Q2 were about 10%, largely driven by these timing differences. As you'll recall, we discussed the impact of timing on take rates in Q1, Q2 and for the full year during our last call. We continue to expect these timing factors to impact full year take rates, although the second half of the year will be less negatively impacted than the first half of the year. Removing the impact of timing, our take rates on accommodation bookings in Q2 was stable versus Q2 2019.

第二季度的錄取率約為 10%，主要是由這些時間差異驅動的。您會記得，我們在上次電話會議期間討論了時間對第一季度、第二季度和全年收取率的影響。我們繼續預計這些時間因素會影響全年的錄取率，儘管下半年受到的負面影響將小於上半年。除去時間的影響，我們在第二季度的住宿預訂率與 2019 年第二季度相比保持穩定。

The better-than-expected top line performance resulted in adjusted EBITDA of $48 million in the second quarter, which came in better than our expectations. With the exception of Q3 last year, this is the first EBITDA positive quarter since the first wave of COVID.

好於預期的營收表現導致第二季度調整後的 EBITDA 為 4800 萬美元，好於我們的預期。除去年第三季度外，這是自第一波 COVID 以來第一個 EBITDA 正數季度。

Marketing expense, which is a highly variable expense line, decreased 29% versus 2019. Marketing expense declined more than gross bookings due to higher ROIs in the pay channels and the increase in our direct mix. Sales and other expense in Q2 were significantly higher than they were in Q1 on a dollar basis. Sales and other expenses as a factor of revenue in Q2 was better than our expectations due to lower-than-expected bad debt and customer service-related expenses.

營銷費用是一個高度可變的費用項目，與 2019 年相比下降了 29%。由於支付渠道的投資回報率更高以及我們直接組合的增加，營銷費用的下降幅度超過了總預訂量。按美元計算，第二季度的銷售額和其他費用明顯高於第一季度。由於壞賬和客戶服務相關費用低於預期，銷售和其他費用作為第二季度收入的一個因素好於我們的預期。

Personnel expenses in Q2 were higher than they were in Q1 on a dollar basis primarily due to the $136 million of expenses related to our decision to repay the government aid in the second quarter. Excluding this repayment, personnel expenses in Q2 would have been in line with our expectations. G&A and IT expenses were both higher in Q2 than they were in Q1 on a dollar basis and were in line with our expectations. We recorded a non-GAAP loss of $105 million in the quarter.

按美元計算，第二季度的人事費用高於第一季度，這主要是由於與我們決定在第二季度償還政府援助有關的 1.36 億美元費用。剔除這筆還款，第二季度的人事費用將符合我們的預期。按美元計算，第二季度的 G&A 和 IT 費用均高於第一季度，符合我們的預期。我們在本季度錄得 1.05 億美元的非公認會計原則虧損。

On a GAAP basis, we had an operating loss of $56 million in Q2. We recorded a GAAP net loss of $167 million in the quarter, which includes income tax expense of $126 million. On a GAAP and non-GAAP basis in Q2, we recorded a tax expense on a pretax loss due to higher earnings expectations for the full year relative to our expectations for Q1. For the full year, we expect our GAAP and non-GAAP tax rates to be slightly higher than in 2019.

根據公認會計原則，我們在第二季度的運營虧損為 5600 萬美元。我們在本季度錄得 GAAP 淨虧損 1.67 億美元，其中包括 1.26 億美元的所得稅費用。在第二季度的 GAAP 和非 GAAP 基礎上，由於相對於我們對第一季度的預期，全年的盈利預期更高，我們記錄了稅前虧損的稅收費用。全年，我們預計我們的 GAAP 和非 GAAP 稅率將略高於 2019 年。

Now on to our cash and liquidity position. Our Q2 ending cash and investment balance of $16.1 billion was down versus our Q1 ending balance of $16.4 billion. However, our Q1 ending balance benefited from the timing of the $2 billion raised in our Eurobond offering, which we completed in March and the subsequent redemptions of the 2 higher coupon senior notes occurring in April.

現在談談我們的現金和流動性頭寸。我們的第二季度末現金和投資餘額為 161 億美元，低於第一季度末的 164 億美元。然而，我們的第一季度期末餘額受益於我們在 3 月份完成的歐洲債券發行中籌集的 20 億美元的時機，以及隨後在 4 月份贖回的 2 份更高票面優先票據的時間。

Adjusting our Q1 ending cash balance for the redemption of the 2 notes that happened in April would have resulted in an adjusted Q1 cash balance of $14.4 billion. Our Q2 ending balance was higher than this adjusted Q on balance, primarily due to operating cash flow of $1.2 billion and a $0.5 billion unrealized gain on our long-term investments.

為 4 月發生的 2 次票據的贖回調整我們的第一季度期末現金餘額將導致調整後的第一季度現金餘額為 144 億美元。我們的第二季度末餘額高於調整後的 Q 餘額，主要是由於 12 億美元的經營現金流和我們的長期投資未實現的 5 億美元收益。

$0.2 billion of operating cash flow in the quarter was driven almost entirely by a change in working capital. Change in working capital represented a source of cash of $1.2 billion in the quarter due to the increase in our deferred merchant bookings and other current liabilities, partially offset by the increase in our accounts receivable.

本季度 2 億美元的運營現金流幾乎完全是由營運資金的變化驅動的。由於我們的遞延商戶預訂和其他流動負債的增加，營運資本的變化代表了本季度 12 億美元的現金來源，部分被我們的應收賬款增加所抵消。

We will continue to focus on maintaining a strong liquidity position, given the continued uncertainty created by the COVID pandemic. Of the $16.1 billion of cash and investments at the end of Q2, $4.3 billion was related to our long-term strategic investments and $11.7 billion was cash and short-term investments. We ended the quarter with about $12.3 billion in debt, which is about $3.6 billion higher than our pre-pandemic levels. We have a $1 billion convertible note maturing in Q3.

鑑於新冠疫情帶來的持續不確定性，我們將繼續專注於保持強勁的流動性頭寸。在第二季度末的 161 億美元現金和投資中，43 億美元與我們的長期戰略投資有關，117 億美元與現金和短期投資有關。我們在本季度末負債約 123 億美元，比大流行前的水平高出約 36 億美元。我們有 10 億美元的可轉換票據將於第三季度到期。

While return of capital to shareholders will be an important component of our value creation strategy in the future, we remain on pause and we'll wait to reinitiate until we believe each of our 3 major regions is beyond the risk of a significant reversal in trends due to COVID. We're not there yet, given the current trends we're seeing in Asia and with our current close watch on how things are developing in Europe.

雖然向股東返還資本將是我們未來價值創造戰略的重要組成部分，但我們仍處於暫停狀態，我們將等待重新啟動，直到我們認為我們的三個主要地區都超出了趨勢顯著逆轉的風險由於新冠病毒。鑑於我們在亞洲看到的當前趨勢以及我們目前對歐洲事物發展方式的密切關注，我們還沒有到達那裡。

Now on to our force for the third quarter. With the recent rising case counts driven by Delta -- by the Delta variants in many countries, some governments around the world have responded with new travel and leisure restrictions as well as some stricter vaccination and testing requirements for tourists. However, there are indications that optimization rates are lagging the recent increases in case counts, particularly in countries with high vaccination rates, which could be an important factor in how governments plan their responses to the recent increase in COVID cases.

現在開始我們第三季度的工作。隨著最近由 Delta 推動的病例數上升——由許多國家的 Delta 變體推動，世界各地的一些政府已經對新的旅行和休閒限制以及對遊客的一些更嚴格的疫苗接種和檢測要求做出了回應。然而，有跡象表明，優化率落後於最近病例數的增加，特別是在疫苗接種率高的國家，這可能是政府如何計劃應對最近 COVID 病例增加的一個重要因素。

We're closely watching the U.K. where the vaccination rate is high and the government has moved forward with relaxing travel restriction despite rising case counts in the country, which are among the highest in Europe. We're encouraged by the recent decline in new case counts and by the continued lower level of hospitalizations in the U.K. compared with other outbreaks. We saw booking trends improve in the U.K. in July, leading up to and after travel restrictions were lifted on July 19.

我們正在密切關注疫苗接種率高的英國，儘管該國的病例數在歐洲最高，但政府已繼續放寬旅行限制。我們對最近新病例數的下降以及與其他疫情相比英國的住院率持續下降感到鼓舞。在 7 月 19 日取消旅行限制之前和之後，我們看到 7 月份英國的預訂趨勢有所改善。

Our July room nights declined about 22% versus 2019, which was a modest pullback from the 13% decline in June, primarily to softening booking trends in Europe. Looking within Europe, we saw reductions in room nights in July across several of our key countries, including Germany, France and Italy. But despite the recent pullback in these countries at the end of July, we had a higher amount of gross bookings on the books for the remaining summer period in Europe than we did at this same point in time in 2019.

與 2019 年相比，我們 7 月的間夜量下降了約 22%，較 6 月 13% 的下降幅度略有回落，主要是由於歐洲的預訂趨勢疲軟。在歐洲範圍內，我們看到德國、法國和意大利等幾個主要國家在 7 月份的客房夜數有所減少。但是，儘管這些國家最近在 7 月底有所回落，但我們在歐洲剩餘的夏季期間的總預訂量仍高於 2019 年同一時間點的總預訂量。

Outside of Europe, the U.S. continued to have a very strong room night growth in July, although modestly below Q2 levels. While Asia and rest of world room night declines were about the same in July as they were in June. Asia continues to be the least recovered region in July and continues to be down significantly from 2019 levels.

在歐洲以外，美國 7 月份的客房夜數繼續保持強勁增長，儘管略低於第二季度的水平。而亞洲和世界其他地區 7 月份的客房夜數下降與 6 月份大致相同。亞洲仍然是 7 月份恢復最少的地區，並且繼續比 2019 年的水平顯著下降。

The change in growth rates from June to July were similar for domestic and international room nights, with domestic remaining positive and international room nights remaining down significantly versus 2019. Given the recent additional uncertainty around COVID, driven primarily by the Delta variant, it's difficult to predict exactly how room nights in August and September will compare with the 22% reduction we saw in July.

從 6 月到 7 月，國內和國際間夜的增長率變化相似，與 2019 年相比，國內保持正數，國際間夜數顯著下降。鑑於最近主要由 Delta 變體驅動的 COVID 帶來的額外不確定性，很難準確預測 8 月和 9 月的房晚與我們在 7 月看到的 22% 的減少相比如何。

Turning to the income statement, we expect Q3 gross bookings to decline several points less than room nights, driven by expected improvements in reported ADRs and by flight bookings. We expect that the Q3 revenue decline will significantly improve from Q2, reflecting the strong improvement in bookings in the last few months.

轉向損益表，我們預計第三季度的總預訂量將比房晚數下降幾個百分點，這是由於報告的 ADR 和航班預訂的預期改善。我們預計第三季度收入下降將比第二季度顯著改善，反映出過去幾個月預訂量的強勁改善。

I just mentioned we have more gross bookings for the summer than at this time in 2019 for Europe. The same is also true for North America. We expect our Q3 revenue as a percentage of gross bookings will increase meaningfully from Q2 due to the high concentration of check-ins expected in the third quarter and will be about in line with Q3 2019. As a reminder, the exact relationship between revenue and gross bookings in Q3 will be impacted by how our bookings trend in August and September.

我剛剛提到，我們夏季的總預訂量比 2019 年歐洲的這個時候要多。北美也是如此。我們預計第三季度的收入佔總預訂量的百分比將從第二季度開始顯著增加，因為預計第三季度入住的高度集中，並將與 2019 年第三季度大致一致。提醒一下，收入和收入之間的確切關係第三季度的總預訂量將受到我們 8 月和 9 月預訂趨勢的影響。

We expect marketing expenses in Q3 will decline several points less than gross bookings as we expect to invest in capturing demand and increasing awareness during the peak travel season and ahead of the continued global recovery of travel demand. We expect sales and other expenses in Q3 to be up significantly versus Q2 on dollar basis due to higher gross booking volumes in the third quarter as well as a mix -- as well as an increase in the mix of gross bookings process on a merchant basis. However, we expect sales and other as a percentage of revenue in Q3 will be a bit lower than in Q2.

我們預計第三季度的營銷費用將比總預訂量下降幾個百分點，因為我們預計將在旅遊旺季和全球旅遊需求持續復甦之前投資於捕捉需求和提高知名度。我們預計第三季度的銷售額和其他費用將比第二季度顯著增加，原因是第三季度的總預訂量增加以及混合 - 以及基於商家的總預訂流程組合的增加.然而，我們預計第三季度銷售額和其他收入佔收入的百分比將略低於第二季度。

We expect our more fixed expense categories in Q3 in aggregate to be about in line with Q2 on a dollar basis. We expect Q3 EBITDA will be the highest since Q3 2019. In conclusion, we are pleased with our better-than-expected results in Q2, which benefited from a recovery in travel demand and also reflects the strong fundamentals of our business and a good execution by our teams.

我們預計我們在第三季度的更多固定費用類別以美元計算將與第二季度大致持平。我們預計第三季度 EBITDA 將是自 2019 年第三季度以來的最高水平。總之，我們對第二季度好於預期的業績感到滿意，這得益於旅行需求的複蘇，也反映了我們業務的強勁基本面和良好的執行力由我們的團隊。

We remain confident in the eventual full recovery of travel demand globally and we're looking forward to a strong summer travel season this year in North America and Europe. We'll continue to responsibly invest in our business to ensure we're well positioned for the full recovery of travel and for building a larger and faster-growing business that generates more earnings than prior to the pandemic.

我們對全球旅遊需求最終全面復甦充滿信心，我們期待今年北美和歐洲的夏季旅遊旺季表現強勁。我們將繼續負責任地投資於我們的業務，以確保我們能夠為旅遊業的全面復甦做好準備，並建立一個規模更大、增長更快的業務，從而產生比大流行之前更多的收入。

We'll now take your questions. Maria, if you could open the line for questions, please.

我們現在將回答您的問題。瑪麗亞，如果你能打開電話提問，請。

(Operator Instructions) And your first question will come from the line of Kevin Kopelman from Cowen.

（操作員說明）您的第一個問題將來自 Cowen 的 Kevin Kopelman。

Great. Could you talk more about the key drivers of your competitive share gains that it looks like you're seeing in the U.S.? And would you say growth in the U.S. over the past few months has been driven more by traditional hotel or more by alternative accommodations?

偉大的。您能否詳細談談您在美國看到的競爭性份額增長的關鍵驅動因素？你會說過去幾個月美國的增長更多是由傳統酒店推動還是更多由替代住宿推動？

So Kevin, why don't I take a little of this and I'll let David add anything that he thinks I didn't put in that I should have said.

所以凱文，我為什麼不拿一點，我會讓大衛添加任何他認為我沒有添加的我應該說的東西。

So we are very pleased with the strong results that we're seeing in the U.S., and that is a result of a lot of hard work by our team. And a lot of it is just the blocking and tackling, making sure that we're getting the right inventory, the right price, doing the right marketing, presenting the right offer to the customer at the right time and doing a bunch of things that we've been doing for so long in terms of improving conversion, a lot of AB testing, all the things we've always done, blocking and tackling.

因此，我們對我們在美國看到的強勁結果感到非常高興，這是我們團隊大量辛勤工作的結果。其中很多只是阻止和解決問題，確保我們獲得正確的庫存，正確的價格，進行正確的營銷，在正確的時間向客戶提供正確的報價，並做很多事情在提高轉化率、大量 AB 測試、我們一直在做的所有事情、阻止和解決方面，我們已經做了這麼長時間。

There's no silver bullet. There's no sense of, oh, this is the magic key to unlock extra demand in the U.S. It's just a lot of very good work. Now in terms of alternative accommodations, I talked a little bit about how we're pleased to getting more inventory there. We're pleased with gaining some share with some of our professional managers, that's going well.

沒有靈丹妙藥。沒有感覺，哦，這是在美國釋放額外需求的神奇鑰匙。這只是很多非常好的工作。現在就替代住宿而言，我談到了我們如何很高興在那裡獲得更多庫存。我們很高興與我們的一些職業經理人分享了一些份額，這進展順利。

But overall, it's everything that we do to improve our business, provide a better service to both sides of that marketplace, both the customers, give them a great offer, and working with all of our suppliers from the biggest international chains, to the small alternative accommodations and everything in between to make sure we're providing them with the demand they need to make their business successful.

但總的來說，我們所做的一切都是為了改善我們的業務，為市場的雙方提供更好的服務，無論是客戶，為他們提供優惠，並與我們所有的供應商合作，從最大的國際連鎖店到小型的替代住宿以及介於兩者之間的一切，以確保我們為他們提供使他們的業務成功所需的需求。

And David, anything specific you want to add to that?

大衛，你想補充什麼具體的嗎？

Glenn, I think you summed it well. Just in response to your last part of the question, Kevin. As we said, our business in the U.S. is more heavily mixed to hotels and alternatives than our global average. So therefore, the growth rate has to be driven by both. We can't have levels of growth that we're seeing without seeing strong growth in the hotel business.

格倫，我認為你總結得很好。只是為了回答你問題的最後一部分，凱文。正如我們所說，我們在美國的業務比我們的全球平均水平更多地與酒店和替代品混合在一起。因此，增長率必須由兩者共同推動。如果沒有看到酒店業務的強勁增長，我們就無法實現我們所看到的增長水平。

Your next question will come from the line of Mario Lu from Barclays.

您的下一個問題將來自巴克萊的 Mario Lu。

I'll ask you on alternative accommodation. So I believe you mentioned you're gaining share on the managed properties globally. So can you provide some color onto what drove the share gain, whether it was just mostly geo-based or specific actions that you guys made on your end? And then, similarly, if you could share what percentage of the 6.6 million listings are actually managed properties versus by individuals.

我會問你其他住宿。因此，我相信您提到您正在全球範圍內獲得託管物業的份額。那麼，您能否就推動份額增長的原因提供一些顏色，無論是主要基於地理的還是你們最終採取的特定行動？然後，類似地，如果您可以分享 660 萬個列表中實際管理的物業與個人管理的百分比。

I got a little backwards on that. So we don't disclose the breakdown of all the different categories of our alternative accommodations, how many are professionally managed, how many are single property owners and everything in between. I have said in the past, and I'll repeat it, that one of the areas that we do need to add more to is the single property owners. So we know that is an area we need to focus on.

我對此有點倒退。因此，我們不會披露我們替代住宿的所有不同類別的細分，有多少是專業管理的，有多少是單身業主以及介於兩者之間的所有內容。我過去曾說過，我會重複一遍，我們確實需要增加的領域之一是單身業主。所以我們知道這是我們需要關注的一個領域。

In regards to your other questions about how we're doing adding share? I think we spoke a little bit about that when I did the prepared remarks and what I just said now, is a lot of this is just working hard with people who are the property owners or the managers, people who have inventory, they want to get it built. It's a wonderful thing in this business that everybody knows an empty bed at night is zero revenue. You fill that bed and you get an incredible margin on it.

關於您關於我們如何添加分享的其他問題？我想我們在做準備好的評論時談到了一點，我剛才說的是，很多這只是與業主或經理的人一起努力，有庫存的人，他們想要把它建成。每個人都知道晚上空床是零收入，這在這項業務中是一件很棒的事情。你填滿那張床，你會得到難以置信的利潤。

And they want to fill up their properties. So we're there to make sure that they know we're there to help fill that and do all the things I mentioned before, making sure that we can bring in that demand. And I'll leave David anything you want to disclose to them, but if it's any different, I'm not sure if there's anything further to add.

他們想填滿他們的財產。所以我們在那裡確保他們知道我們在那裡幫助填補這一點並做我之前提到的所有事情，確保我們能夠帶來這種需求。我會把你想向他們透露的任何內容留給大衛，但如果有任何不同，我不確定是否還有什麼要補充的。

No additional data points on the mix of 6.6 million. What I would just clarify, Mario, is that the comment that Glenn made about gaining share gains with our larger professional managers that was really related to how we're doing in the U.S. That was a specific U.S.-related comment. I'm not saying that's not the case worldwide, but I'm just saying that if you remember, our strategy is to really get a lot of additional properties in the U.S. was to target more of the professional managers where there's a lot of high-quality supply available through those margins.

660 萬的組合沒有額外的數據點。馬里奧，我要澄清的是，格倫關於與我們更大的職業經理人一起獲得股票收益的評論確實與我們在美國的表現有關。這是與美國相關的具體評論。我並不是說全世界都不是這樣，但我只是說，如果你還記得的話，我們的策略是在美國真正獲得很多額外的資產，目標是瞄準更多高薪的職業經理人- 通過這些利潤可獲得優質供應。

Again, single property-owned properties that are available via managers. So the comment we were making was there relative to what we're doing in the U.S.

同樣，可以通過經理獲得的單一財產擁有的財產。所以我們所做的評論是相對於我們在美國所做的事情而言的。

And your next question will come from Naved Khan from Truist Securities.

您的下一個問題將來自 Truist Securities 的 Naved Khan。

A couple of questions. I think, David, I think I heard you say marketing efficiency was higher versus 2019, and I did some rough math off of the bookings number. It does look -- it was higher in the last quarters. Can you just maybe talk about what are the drivers of efficiency in marketing?

幾個問題。我想，大衛，我想我聽說你說營銷效率比 2019 年更高，我對預訂數量做了一些粗略的計算。它確實看起來 - 在最後幾個季度更高。您能否談談營銷效率的驅動因素是什麼？

And then maybe one for Glenn. Maybe, can you just talk about some reports of maybe flash deals being tested on the site maybe later this year? And what kind of interest you might be seeing from hotels in terms of [first visit]?

然後也許是格倫的一個。也許，你能談談今年晚些時候可能在網站上測試閃電交易的一些報導嗎？就[首次訪問]而言，您可能會從酒店中看到什麼樣的興趣？

So David, do you want to take that first one?

那麼大衛，你想拿第一個嗎？

Yes. Let me talk a little bit about marketing what was going on. I think I understood the question. But basically, what you see was in Q2, our marketing expense, the decline of our gross bookings, which is the way to look at it. Because if you look at it versus revenue, you've got all the different books to say timing and things in there. So look at it as a potential of growth bookings.

是的。讓我談談營銷發生了什麼。我想我理解了這個問題。但基本上，你看到的是第二季度，我們的營銷費用，我們的總預訂量下降，這是看待它的方式。因為如果你看它與收入，你有所有不同的書來說明時間和事情。因此，將其視為增長預訂的潛力。

That ratio improved in the second quarter. So said differently, our marketing expenses declined more than our gross bookings did. Two factors, we did see higher ROIs across many of our paid channels that we store a couple of years ago, but we also saw a nice increase in mix towards direct as well. So the more we have direct mix and obviously then the less we're paying for marketing to attract those new customers.

該比率在第二季度有所改善。換一種說法，我們的營銷費用下降幅度超過了我們的總預訂量。有兩個因素，我們確實在幾年前存儲的許多付費渠道中看到了更高的投資回報率，但我們也看到直銷渠道的組合也有了不錯的增長。因此，我們擁有的直接組合越多，顯然我們為吸引這些新客戶而支付的營銷費用就越少。

So I'd say nothing particularly unique to call out in that. The market environment is built -- I'd say isn't fully stackable yet, clearly. We're still going through a stage of recovery in the industry. So not all factors are directly comparable with where we were with 2019, but we were pleased to see that the ROI did improve. Now bear in mind what I said about the Q3 implies that the opposite is likely to happen in Q3. Obviously, we're only a month into Q3, but we are stepping up our marketing spend in Q3. It is historically, the quarter where we spend the most is the peak season.

所以我不會說什麼特別獨特的地方。市場環境已經建立——我想說的是還沒有完全堆疊，很明顯。我們仍處於行業復甦階段。因此，並非所有因素都與 2019 年的情況直接可比，但我們很高興看到投資回報率確實有所提高。現在請記住，我對第三季度所說的話暗示第三季度可能會發生相反的情況。顯然，我們距離第三季度只有一個月的時間，但我們正在加大第三季度的營銷支出。從歷史上看，我們花費最多的季度是旺季。

We want to really capture demand, the customers that are out there. We'll also be increasing our spend -- brand spend in Q3 relative to Q2. So that's one of the contributors to essentially what will be some deleverage in marketing spend relative to gross bookings in Q3.

我們想要真正捕捉需求，即那裡的客戶。我們還將增加我們的支出——第三季度相對於第二季度的品牌支出。因此，這基本上是導致第三季度營銷支出相對於總預訂量去槓桿化的原因之一。

So we'll see how the quarter developed, but that's what we expect to happen in the third quarter. But in the first 2 quarters, we did see that benefit in ROI helping us create some leverage on the marketing line.

因此，我們將看到該季度的發展情況，但這就是我們預計第三季度會發生的情況。但在前兩個季度，我們確實看到了投資回報率的好處，幫助我們在營銷線上創造了一些影響力。

And regarding your question about flash deals, if you read the same article that I did, I think there was something in there about there was no official response from Booking. So let me say that I have nothing to say specifically about this, but let me reemphasize that we are putting a lot of effort into working cooperatively with our supply partners to get the incremental demand through all different ways, being a better merchandise or providing more value to both sides of the marketplace is where we're going towards.

關於你關於限時特賣的問題，如果你讀了我讀過的同一篇文章，我認為那裡有關於 Booking 沒有官方回應的內容。所以讓我說我對此沒有什麼特別要說的，但讓我再次強調，我們正在努力與我們的供應夥伴合作，以通過各種不同的方式獲得增量需求，成為更好的商品或提供更多對市場雙方的價值是我們的目標。

And your next question will come from Deepak Mathivanan from Wolfe Research.

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

Great. I wanted to ask a little bit about your experimentation with a more diversified marketing strategy. Historically, performance marketing has been the one that worked the best for the space. How should we think about your approach with some of the other channels? Are there specific kind of objectives that you look for as kind of travel comes back to leverage into those channels?

偉大的。我想問一些關於您嘗試更多樣化的營銷策略的問題。從歷史上看，績效營銷一直是最適合該領域的營銷方式。我們應該如何看待您與其他一些渠道的方法？當旅行回歸到這些渠道時，您是否尋找特定類型的目標？

And then the second question, kind of related to that, but how should we think about your market share during this time? I know it's sort of still early and there's not a lot of data points yet. But any color that you can provide on how your market share is trending in some of the markets where travel is recovering? That would be great.

然後是第二個問題，與此相關，但我們應該如何看待您在這段時間內的市場份額？我知道現在還為時過早，而且還沒有很多數據點。但是，您可以提供任何關於您的市場份額在旅行正在復甦的一些市場中的趨勢的顏色嗎？那很好啊。

So regarding diversifying our marketing efforts, you are absolutely correct. We built this company on doing a great, great job with performance marketing channels. So we know that. But what a lot of people don't know is that Priceline.com was very, very successful in its early days in brand marketing. And of course, we, Booking.com, we brought it the U.S. We had lots of brand marketing.

因此，關於使我們的營銷工作多樣化，您是絕對正確的。我們建立這家公司的基礎是在績效營銷渠道方面做得很好。所以我們知道。但很多人不知道的是，Priceline.com 早期在品牌營銷方面非常非常成功。當然，我們，Booking.com，我們把它帶到了美國。我們有很多品牌營銷。

The key thing in any type of marketing program is making sure that you're getting the ROI that you want to get. And we are going to continue to do that. I mentioned in my prepared remarks about how we are looking at new channels like social channels you've seen, I hope, some of the things that we've been putting out. But we're going to continue to experiment and do all different ways to make sure we are reaching out for every pocket of demand.

任何類型的營銷計劃的關鍵是確保您獲得想要的投資回報率。我們將繼續這樣做。我在準備好的評論中提到了我們如何看待新的渠道，比如你已經看到的社交渠道，我希望，我們一直在發布的一些東西。但我們將繼續試驗並採取各種不同的方式，以確保我們能夠滿足每一個需求。

But we always do it with the knowledge that it's got to be cost effective. It's got to produce, in the long run, because it takes longer for a brand to actually produce results, so we recognize that. But in the long run, it's got to produce the results that we want. And we're going to keep on doing that.

但我們總是在知道它必須具有成本效益的情況下這樣做。從長遠來看，它必須產生效果，因為品牌需要更長的時間才能真正產生結果，所以我們認識到這一點。但從長遠來看，它必須產生我們想要的結果。我們將繼續這樣做。

And I believe -- I really believe that in the long run, we will have many different ways that we're going to be bringing in marketing. One of the key things, though, before you start spending a huge amount on a brand marketing campaign is making sure that you have the priorities the way you want it. And that's one of the things that we are continuing to do and perhaps the alternative accommodations area is really working to make sure in the U.S., for example, that we've got that product the way we watch.

而且我相信 - 我真的相信，從長遠來看，我們將有許多不同的方式來引入營銷。但是，在您開始在品牌營銷活動上花費大量資金之前，關鍵的事情之一是確保您按照自己想要的方式優先考慮。這是我們正在繼續做的事情之一，也許替代住宿領域確實在努力確保在美國，例如，我們以我們觀看的方式獲得該產品。

In regards to market shares, Look, we're very pleased with how we're doing right now. I haven't seen results from some of our competitors, and I'm not really going to go down country by country in terms of what our shares are. But I am pleased with the results that we're achieving, and I'll let David say if he wants to give any specificity.

關於市場份額，看，我們對我們現在的表現感到非常滿意。我還沒有看到我們的一些競爭對手的結果，而且就我們的份額而言，我真的不會逐個國家地進行調查。但我對我們取得的成果感到滿意，如果大衛想給出具體的說明，我會讓大衛說。

No, Glenn, I think you said it well. We are pleased. We'll have to wait and see when the dust settles. I think market share is a better measure over the course of a year than over a quarter or 2 quarters. We're only obviously 2 quarters into the year. But we're pleased with things -- with how things are going. Our growth rates relative to what we see happening out there. But we'll count that and talk about that if we can and more at the end of the year when we've got some more concrete data on how the market actually developed.

不，格倫，我認為你說得很好。我們很滿意。我們將不得不等待，看看何時塵埃落定。我認為一年的市場份額比一個季度或兩個季度更好的衡量標準。顯然，我們今年只有兩個季度。但我們對事情感到滿意——對事情的進展感到滿意。我們的增長率相對於我們所看到的情況。但是，如果可以的話，我們會計算這一點，並在今年年底獲得更多關於市場實際發展情況的具體數據時進行更多討論。

And your next question will come from the line of Justin Post from Bank of America.

您的下一個問題將來自美國銀行的 Justin Post。

A couple of questions. I guess, first, David, can you revisit your comment about July travel bookings being better than summer of '19 and what that means for revenues in the third quarter. Any thoughts on that?

幾個問題。我想，首先，大衛，您能否重新審視您關於 7 月旅行預訂量優於 19 年夏季的評論，以及這對第三季度的收入意味著什麼。對此有什麼想法嗎？

And maybe, Glenn, I think you said June was back to 13% from 2019. how does that make you feel about the confidence of a full travel recovery? And then when we do recover, maybe any high-level thoughts on could your market share be higher? Could your margins be higher than '19? Any new thoughts you have on either of those items would be really helpful.

也許，格倫，我想你說 6 月份從 2019 年恢復到 13%。這讓你對旅行全面復甦的信心有何看法？然後當我們確實復甦時，也許對您的市場份額會更高的任何高層想法？您的利潤率會高於 19 年嗎？您對其中任何一個項目的任何新想法都會非常有幫助。

David, do you want to take that?

大衛，你想拿那個嗎？

Yes. Why don't I start with just to kind of make sure that you know what we're saying? So to recalibrate or restate what we said. We have more gross bookings for the summer for the remaining summer months than at the same time in 2019, i.e., at the same time, ended July in 2019 than we had at that same time, for Europe and North America.

是的。為什麼我不首先確保你知道我們在說什麼？所以要重新校准或重申我們所說的。我們在剩餘夏季月份的夏季總預訂量比 2019 年同期要多，即在 2019 年 7 月結束的同一時間，歐洲和北美的總預訂量要多於同期。

So assuming that cancellation rates stay the same, then that would potentially result in more revenue in those markets for the summer months, for the remaining months. Now I did notice -- I did also point out that we will have -- that we have a higher percentage of cancelable bookings out there or refundable bookings out there than we had at the same time in 2019 as well. So there's obviously some risk that more of those bookings cancel than they would have done in the same period of time.

因此，假設取消率保持不變，那麼這可能會導致這些市場在夏季月份和剩餘月份的收入增加。現在我確實注意到了——我也確實指出了我們將擁有的——與 2019 年同期相比，我們的可取消預訂或可退款預訂的百分比也更高。因此，很明顯存在一些風險，即取消的預訂數量超過了同期取消的數量。

So it means basically that our potential revenue base for the summer is higher now in those 2 markets than it was in 2019. Now obviously, the offset there is what's happening in Europe -- sorry, in Asia and what's happening in rest of world. We don't have that situation. The revenue or the bookings on the books, which will be a potential revenue in those markets are substantially below where they were at the same time at the end of July in 2019.

因此，這基本上意味著我們在這兩個市場的夏季潛在收入基礎現在比 2019 年更高。現在顯然，抵消了歐洲正在發生的事情——抱歉，在亞洲以及世界其他地區正在發生的事情。我們沒有那種情況。這些市場的潛在收入或賬面預訂量大大低於 2019 年 7 月底的同期水平。

Just I would say that nobody knows when this full recovery is going to happen. And I think everybody is able to throw a dart, but it's really throwing darts. Given all the variations that are happening, these new variants come out, we've seen the impact there. However, the thing that I continue to say is how much we are very confident. I think everybody is that this will end at some point, and we'll come out of it strongly.

只是我想說，沒有人知道這種完全恢復何時會發生。而且我認為每個人都可以投擲飛鏢，但實際上是在投擲飛鏢。鑑於正在發生的所有變化，這些新的變體出現了，我們已經看到了那裡的影響。但是，我繼續說的是我們非常有信心。我想每個人都認為這會在某個時候結束，我們會堅強地走出困境。

Now we've talked about this a bit in the past about how we want to come out of this. We want to have a bigger business, making more EBITDA growing faster. But we've also talked a bit about margins where we have a commitment -- we want to be a leader in the -- the leader in the industry in terms of our margin -- our EBITDA margin, but we recognize that a lot of things that we're doing nowadays can actually end up with a lower margin. Obviously, air, for example. I mean, it's wonderful when we say 120% increase over 2019 in air ticket, that's wonderful.

現在我們在過去討論過這個問題，關於我們希望如何擺脫困境。我們希望擁有更大的業務，讓更多的 EBITDA 增長更快。但我們也談到了一些我們有承諾的利潤率——我們希望成為行業的領導者——就我們的利潤率而言，我們的行業領先者——我們的 EBITDA 利潤率，但我們認識到很多我們現在所做的事情實際上可能會以較低的利潤告終。顯然，例如空氣。我的意思是，當我們說機票價格比 2019 年增長 120% 時，這真是太棒了，太棒了。

But we all know, those margins are nowhere near what they are in the combination business, and I can go on with different examples. The key thing for us and for our shareholders, I believe, is coming back with more EBITDA doubts and continue to grow that -- our business, so there's more of that. That's the way we're looking at it.

但我們都知道，這些利潤率遠不及合併業務中的利潤率，我可以繼續舉不同的例子。我相信，對我們和我們的股東來說，關鍵是帶著更多的 EBITDA 疑慮回來，並繼續發展——我們的業務，所以還有更多。這就是我們看待它的方式。

And your next question will come from Doug Anmuth from JPMorgan.

您的下一個問題將來自摩根大通的 Doug Anmuth。

This is Dae Lee on for Doug. One for Glenn. In your prepared remarks, you talked about better monetize the transaction flow. And that's one of the drivers that led to the creation of this fintech unit. So just curious what the opportunities that you are seeing there? And is this something that will affect user experience as well or more focused around the back end?

這是道格的大李。一個給格倫。在您準備好的評論中，您談到了更好地通過交易流獲利。這就是導致創建這個金融科技部門的驅動力之一。所以只是好奇你在那裡看到了什麼機會？這會影響用戶體驗還是更關注後端？

And then second one for David. A follow-up question on the sales and marketing ROI. You guys had called out higher ROIs last quarter and again this quarter. So I was curious if this is a result of something that you're doing differently? Or is this just more of an outcome due to the competitive dynamic on the performance advertising channels?

然後是大衛的第二個。關於銷售和營銷投資回報率的後續問題。你們上個季度和本季度都提出了更高的投資回報率。所以我很好奇這是否是你做不同事情的結果？或者這只是由於績效廣告渠道的競爭動態而產生的結果？

So in terms of the fintech unit, there are many opportunities for us with a flow in 2019, $100 billion worth of transaction flowing through there. We know that there are ways that we can save money for the consumers and the suppliers on both sides, and we can make good money on it, too, in the long run.

因此，就金融科技部門而言，2019 年我們有很多機會，價值 1000 億美元的交易流過那裡。我們知道有一些方法可以為雙方的消費者和供應商省錢，從長遠來看，我們也可以從中賺錢。

So it's coming up with things like providing better FX tools. It's things, for example, making sure that if somebody wants to pay in an alternative payment method, that we're able to provide that. It means making sure that we can do a better job with different types of regulations in terms of making sure that any type of transaction is not fraudulent. It's all sorts of things.

因此，它提出了提供更好的 FX 工具之類的東西。例如，確保如果有人想用另一種付款方式付款，我們能夠提供這種服務。這意味著確保我們可以在不同類型的法規方面做得更好，以確保任何類型的交易都不是欺詐性的。這是各種各樣的事情。

As a player at scale -- we can do things that many, many on their partners, that our partners could not do, and it's also providing conveniences to our customers who want it, but our suppliers can't do it on their own. And there are lots of different things that we can do. Even things as simple as our Fintech unit setting something up like our e-Wallet, an electronic wallet that enables us to easily provide value to that customer, which can come from a supplier or it can be something that we're promoting ourselves, all different things.

作為一個規模化的參與者——我們可以在他們的合作夥伴身上做很多很多我們的合作夥伴無法做到的事情，它也為我們想要的客戶提供便利，但我們的供應商不能靠自己做。我們可以做很多不同的事情。甚至像我們的金融科技部門設置像我們的電子錢包這樣簡單的事情，一個電子錢包，使我們能夠輕鬆地為該客戶提供價值，它可以來自供應商，也可以是我們自己推銷的東西，所有不同的東西。

So what I see is not only the basics that we need to make our connected trip work, which, of course, you have to have that if you want to create a connected trip with a single price point, one person pays one amount. But it's all these other types of things that we can provide that others really can't do on their own right now.

所以我所看到的不僅僅是我們需要讓我們的互聯旅行發揮作用的基礎知識，當然，如果你想創建一個單一價格點的互聯旅行，你必須具備這樣的條件，一個人支付一筆費用。但是，我們可以提供的所有其他類型的事情，其他人現在真的無法靠自己做。

Yes. And then on the second quarter ROIs, our playbook really has not changed, and our strategy in the performance marketing channels have not changed. We continue to seek high-quality traffic at the right price. And to us, high quality means high converting traffic, lower probability cancellation, which we watch very carefully, high probability is coming back to us on a direct basis. And those are the things that are kind of going to our bidding strategy plus all the dynamics that occur in each of those marketplaces.

是的。然後在第二季度的投資回報率上，我們的劇本確實沒有改變，我們在績效營銷渠道上的策略也沒有改變。我們繼續以合適的價格尋求高質量的流量。對我們來說，高質量意味著高轉化流量，低概率取消，我們非常仔細地觀察，高概率會直接返回給我們。這些就是我們的競價策略以及每個市場中發生的所有動態的東西。

So we expect there'll be ROI volatility throughout the recovery. Of course, we also look at what the available demand is and when there are time to kind of lean into this and lean in more. We are certainly looking at this as an opportunity to win customers onto our platform and get new customers, and we mentioned a very healthy mix of new customers on -- in the business quite similar to the mixture it was in Q2 '19.

因此，我們預計在整個複蘇過程中投資回報率會出現波動。當然，我們還會查看可用需求是什麼，以及何時有時間對此進行調整併進行更多調整。我們當然將此視為贏得客戶進入我們平台並獲得新客戶的機會，我們提到了非常健康的新客戶組合——在業務中與 19 年第二季度的組合非常相似。

So we're pleased with how things are going. We like the way that we're bringing back existing customers. We like the way we're winning new customers. We're pleased to see the existing customers come back generally much more directly than the new customers, which you expect as part of the playbook.

所以我們對事情的進展感到滿意。我們喜歡我們帶回現有客戶的方式。我們喜歡我們贏得新客戶的方式。我們很高興看到現有客戶通常比新客戶更直接地回來，您期望這是劇本的一部分。

So I'd say many factors go into those ROI calculations, including cost per click, conversion rates, cancellation rates, and we're still in a period of relatively high volatility in each of those compared to where we were in 2019.

所以我想說，這些投資回報率計算涉及許多因素，包括每次點擊成本、轉化率、取消率，與 2019 年相比，我們仍處於每個波動相對較高的時期。

And your next question will come from Brian Nowak from Morgan Stanley.

您的下一個問題將來自摩根士丹利的 Brian Nowak。

This is Alex Wang on for Brian. Two questions. One, I think you mentioned that your monthly traffic on Booking.com is back to about 90% of pre-pandemic, which is encouraging, particularly with some of the headwinds you're calling out in Asia. Just curious if you're able to segment out any differences in behavior on that new versus existing cohort? And going forward, any strategies to sort of grow those bases separately.

這是亞歷克斯王為布賴恩。兩個問題。一，我認為您提到您在 Booking.com 上的月流量已恢復到大流行前的 90% 左右，這是令人鼓舞的，尤其是在您在亞洲遇到的一些不利因素的情況下。只是好奇您是否能夠區分新隊列與現有隊列的行為差異？展望未來，任何單獨增長這些基地的策略。

Second question around air. Like, it sounds like there's a lot of momentum there. Just curious on your views on some of the remaining execution hurdles you see for that initiative? And any plan to sort of grow consumer awareness for the new air product?

第二個關於空氣的問題。就像，聽起來那裡有很多動力。只是好奇您對該倡議的一些剩餘執行障礙的看法嗎？有什麼計劃可以提高消費者對新空氣產品的認識嗎？

So I'll take the air first, and we'll see what David wants to say or not say about breakup of our customer base. So air obviously, Priceline has been doing it forever, since the company started, but in the U.S. only. In Booking.com only got going this very, very recently. And I mentioned 24 countries, nice, but that's a lot of countries that we haven't touched yet that have to be done.

因此，我將首先進行直播，我們將看看大衛想對我們的客戶群分崩離析說什麼或不想說什麼。所以很明顯，自公司成立以來，Priceline 一直在做這件事，但僅限於美國。 Booking.com 最近才開始這樣做。我提到了 24 個國家，很好，但有很多我們還沒有接觸到的國家必須完成。

And there are so many things that need to be done to really improve the air product at Booking.com. And I'm not going to list them all, but I see a lot of ways we can make that even better than it is. And that's a little bit why we haven't done any real large marketing effort on the air side yet. We got to have -- talked a little bit before, before you start really marketing, so make sure you got the product the way you want it.

要真正改善 Booking.com 的航空產品，還有很多事情需要做。我不會一一列舉，但我看到有很多方法可以讓這一切變得更好。這就是為什麼我們還沒有在空中方面進行任何真正的大型營銷工作的原因。在你開始真正的營銷之前，我們必須 - 談過一點，所以確保你得到了你想要的產品。

So it's so encouraging that we're doing well with it right now, even though I see a lot of things that still need to be done to improve that product. And something that we're really pleased with is seeing the attachment rate, again, is something that we obviously, the reason that we want to do this is not just to sell the flight ticket, it's to actually get some that is higher margin, those accommodations and build out that connected trip.

所以令人鼓舞的是，我們現在做得很好，儘管我看到仍然需要做很多事情來改進該產品。我們真的很高興看到附加率，這顯然是我們想要這樣做的原因不僅僅是為了出售機票，實際上是為了獲得更高的利潤，那些住宿並建立連接的旅行。

So it's nice to see at the very early stage, and I urge you to listen carefully, I say very early stage, we're seeing good results. So I do see a lot of opportunity here in the future, but we won't be bringing out any sort of marketing on it until I feel that we have the product where we want it to be.

所以很高興在很早的階段看到，我敦促你仔細聽，我說很早的階段，我們看到了很好的結果。所以我確實在未來看到了很多機會，但在我覺得我們擁有我們想要的產品之前，我們不會對其進行任何形式的營銷。

And Dave, I don't know if you want to talk about the other one.

還有戴夫，我不知道你是否想談談另一個。

Yes, Alex, there's not a lot more to say. I think we wanted to be helpful give you some data points to understand how our active customers, the people who are actually actively booking on the site, have recovered. And the mix -- a healthy mix of new customers only slightly below what we saw in Q2 '19. I think those are good signs.

是的，亞歷克斯，沒什麼好說的了。我認為我們希望為您提供一些數據點，以幫助您了解我們的活躍客戶（實際上是在網站上積極預訂的人）是如何恢復的。和組合 - 新客戶的健康組合僅略低於我們在 19 年第二季度看到的。我認為這些都是好兆頭。

So I don't want to get into the segmentation within our customers. Obviously, there some customers who book very often. There's some customers who don't book quite as much, and we kind of love them all, but we want to make sure we kind of see it differently. And I'd say that's part of the reason why we have our Genius program. Of course, the more often you work with us or book with us on Booking.com, the higher you move up the Genius ladder and you get more benefits from the Genius program, which is I think a nice way of driving loyalty.

所以我不想進入我們客戶的細分市場。顯然，有些客戶經常預訂。有些客戶預訂量不大，我們都喜歡他們，但我們想確保我們以不同的方式看待它。我想說這就是我們擁有 Genius 計劃的部分原因。當然，您與我們合作或在 Booking.com 上與我們預訂的次數越多，您在 Genius 階梯上的升遷就越高，您從 Genius 計劃中獲得的好處就越多，我認為這是提高忠誠度的好方法。

So other than the data points we've given out, which we thought would just be helpful, states on the ground so people understand what's going on within the business. I don't want to get into any further details.

因此，除了我們提供的數據點（我們認為會有所幫助）之外，還提供實地狀態，以便人們了解企業內部正在發生的事情。我不想涉及任何進一步的細節。

And your next question will come from Mark Mahaney from Evercore.

您的下一個問題將來自 Evercore 的 Mark Mahaney。

I guess I'll just follow up on -- keep sticking with the air. And I guess learnings to date and talk about this, is this a new customer acquisition tool? Is this is a cross-sell product? Do you notice greater engagement with the people in those 24 markets where you've rolled that with booking? Does this increase the overall spend frequency of purchase? What have you seen so far? And maybe it's all too early, so I guess if you're going to respond that way, then I'll ask, when do you think you'll have a decent read into what impact, if any, permanent -- if it's had a permanent impact on your Booking.com customer base?

我想我會繼續跟進 - 繼續堅持空氣。我想到目前為止的學習和談論這個，這是一個新的客戶獲取工具嗎？這是交叉銷售產品嗎？您是否注意到與您在預訂時推出的這 24 個市場中的人們有更大的互動？這會增加購買的整體消費頻率嗎？到目前為止你看到了什麼？也許現在還為時過早，所以我想如果你要這樣回應，那麼我會問，你認為你什麼時候才能對永久的影響（如果有的話）有一個體面的解讀——如果有的話對您的 Booking.com 客戶群產生永久性影響？

So (inaudible) what you said, like too early. But I will add a little bit more -- I'll add a little more to that. In a sense, I'm very pleased because we haven't been out really marketing this, yet new customers are coming to the site. And then we're seeing them get an attractive cross-sell that I really like seeing that as a sign that this is the right direction that we're going.

所以（聽不清）你說的話，好像太早了。但我會再添加一點——我會再添加一點。從某種意義上說，我很高興，因為我們還沒有真正進行營銷，但是新客戶正在訪問該網站。然後我們看到他們獲得了有吸引力的交叉銷售，我真的很喜歡將其視為這是我們前進方向正確的標誌。

Now I had a good sense that was going to happen anyway because we've been seeing that happen in Priceline for 2 decades where that's been happening. So I have good confidence that this would happen. But it's something that I believe we want to have a lot more data before we start coming back here, we start showing you, here's what the attachment rates are. Here as it compares to Priceline's. Here's what we see versus industry and how many new people are coming from the air funnel versus the others?

現在我有一種很好的感覺，無論如何都會發生，因為我們已經在 Priceline 看到這種情況已經發生了 2 年。所以我很有信心這會發生。但我相信在我們開始回到這里之前，我們希望有更多的數據，我們開始向你展示，這就是附件率。在這裡，它與 Priceline 的相比。這是我們看到的與行業的對比，以及有多少新人來自空氣漏斗與其他人？

I would just lead everyone with the sense that we're very pleased this is bringing us new customers. New customers who are buying not just flight tickets, but some of them are buying hotels, too. this is proving out a little bit of our long-term vision of this connected trip.

我只是帶著大家的感覺，我們很高興這給我們帶來了新客戶。新客戶不僅購買機票，而且其中一些人也在購買酒店。這證明了我們對這次互聯旅行的長期願景。

Now do I expect that to happen with something like activities? I'm not really think a lot of people are going to come for an activity first, then they're going to buy a flight or then they're going to buy a hotel. It's -- that's going to be a lot more the other way in helping produce the loyalty and the repeat business that we talked about. And then goes into all the things I was talking about in terms of using a wallet, so we can get credits and have different suppliers be able to promote different offerings in different ways to different customers.

現在我是否希望這種情況會發生在諸如活動之類的事情上？我真的不認為很多人會先來參加活動，然後他們會買機票，或者他們會買酒店。這是 - 這將更多地幫助產生我們談到的忠誠度和重複業務。然後進入我在使用錢包方面談論的所有事情，這樣我們可以獲得積分並讓不同的供應商能夠以不同的方式向不同的客戶推廣不同的產品。

All that spins together, increasing that flywheel. And that's what we're trying to achieve, and it's just so great to see it start happening right now, even though it's very early.

所有這些一起旋轉，增加了飛輪。這就是我們正在努力實現的目標，很高興看到它現在開始發生，即使它還為時過早。

And your next question will come from Vince Ciepiel from Cleveland Research.

您的下一個問題將來自 Cleveland Research 的 Vince Ciepiel。

I wanted to talk a little bit about your perspective on leisure versus corporate. I believe you historically see about 80% of the business in leisure. So first, there. Some markets are running 15%, 20% ahead of '19 levels. And I'm curious your perspective on the long-term trend line within leisure and how COVID has changed that maybe people's ability to work remote? You mentioned more leisure business shifting online with that McKinsey study.

我想談談你對休閒與企業的看法。我相信你在歷史上看到了大約 80% 的業務是休閒。所以首先，那裡。一些市場的運行速度比 19 年的水平高出 15%、20%。我很好奇您對休閒領域的長期趨勢線的看法，以及 COVID 如何改變人們遠程工作的能力？您在麥肯錫的研究中提到了更多的休閒業務轉移到網上。

But just curious how you think about leisure over the long run? And then the second part is on the corporate side. Any early indications of recovery there and how you think that evolves through the second half of this year?

但只是好奇你如何看待長期的休閒？然後第二部分是在公司方面。那裡有任何復甦的早期跡象，您認為今年下半年會如何發展？

Yes. Let me give generalities about what I think about leisure versus business and the core business in general, what I think is going to be happening in the future. And David go back and talk about what we've disclosed in the past about the mix.

是的。讓我概括一下我對休閒與商業的看法以及一般的核心業務，我認為未來會發生什麼。大衛回過頭來談談我們過去披露的關於混合的內容。

So you're right in the sense that we are much more leisure oriented. And much of our business travel is small business people. These are people who are doing their own travel. This is not part of the big travel management company operation. So it's a little bit different when we have business travelers and they act somewhat similar to leisure sometimes.

所以你說得對，我們更注重休閒。我們的大部分商務旅行都是小商人。這些人正在做自己的旅行。這不是大型旅行管理公司運營的一部分。因此，當我們有商務旅客時，情況會有些不同，他們有時的行為有點類似於休閒。

The fact is and we've all seen is that leisure is out of the gate much faster than any business travel, which makes perfect sense. Because on the one hand, you have business people who say there's a risk factor when you put people in travel, et cetera. And there's also the issue of cost. Why have people travel if you don't have to?

事實是，我們都看到，休閒比任何商務旅行都快得多，這是完全合理的。因為一方面，你有商務人士說，當你讓人們去旅行時，會有一個風險因素，等等。還有成本問題。如果沒有必要，為什麼還要讓人去旅行？

That second part, I think, is very key for the future of the business. I believe that there's still going to be resistance by CFOs, other people who are cost conscious in their businesses about, gee, do we really have to have all the traveling we did in the past? Maybe not because with these new technology and such, we seem to be pretty effective without having to send somebody from New York to London at $15,000 for a 1-day meeting.

我認為，第二部分對於企業的未來非常關鍵。我相信 CFO 和其他在業務中具有成本意識的人仍然會反對，哎呀，我們真的必須經歷過去所做的所有旅行嗎？也許不是因為有了這些新技術等，我們似乎非常有效，而無需以 15,000 美元的價格從紐約派人到倫敦進行為期 1 天的會議。

And I think that's going to somewhat change how the business of travel is done and hence there'll be fewer people upfront in the plane and spending a lot of money on those very high-cost 5-star hotels, et cetera, which will change things a little bit. For us, we're leisure. So it's not going to impact us negatively so much. In fact, they help us as there's more availability that needs to get filled up.

而且我認為這將在一定程度上改變旅行業務的開展方式，因此飛機上的人會減少，並且會在那些成本非常高的五星級酒店等上花費大量資金，這將會改變事情一點點。對我們來說，我們是休閒的。所以它不會對我們產生太大的負面影響。事實上，它們對我們有幫助，因為有更多的可用性需要填補。

The other thing you mentioned, though, which usually how it plays out, though, with more people being able to work from home and deciding, gee, I think, Friday, I'm going to work from somewhere else and have a Friday, Saturday, Sunday or a Thursday, Friday, Saturday, Sunday mini holiday summer working on Thursday, Friday, but in a different location. How much is that going to actually build more travel? Uncertain at this time since everybody is still shifting around, what's the way to work in the future? How many days are we in offices? How many days are we not in offices? Nobody knows the answer to that yet, and it's going to take a long time to play out.

不過，你提到的另一件事，通常情況下，隨著更多的人能夠在家工作並決定，哎呀，我想，星期五，我要去其他地方工作，然後有一個星期五，週六、週日或週四、週五、週六、週日的迷你假期暑假在周四、週五工作，但地點不同。這實際上會增加多少旅行？這個時候不確定，大家都還在轉，以後的工作方式是什麼？我們在辦公室幾天？我們有多少天不在辦公室？還沒有人知道這個問題的答案，而且需要很長時間才能發揮出來。

But I do hope that we'll, hopefully, build out more travel, we like more travel. So there's a lot of uncertainty about this and nobody really knows. And even as much as I've heard, the encouraging signs from some of the suppliers, particularly some of the airlines, I saw a Deloitte report came out a couple of days ago, maybe yesterday, in which the expectation of corporate travel was not as optimistic in the near term.

但我確實希望我們能夠建立更多的旅行，我們喜歡更多的旅行。所以這有很多不確定性，沒有人真正知道。就我所聽到的，一些供應商，尤其是一些航空公司的令人鼓舞的跡象，我看到幾天前，也許是昨天，德勤的一份報告出來了，其中對商務旅行的期望並不高短期內持樂觀態度。

So I think we have to say we don't know. We'll find out as it rolls out. And David, I don't know if you want to give anything more to that in terms of the numbers for us in business travel because I heard a number he quoted, I'm not sure if that was right or not.

所以我認為我們不得不說我們不知道。我們會在它推出時找到答案。大衛，我不知道您是否想就我們在商務旅行中的數字提供更多信息，因為我聽到他引用的一個數字，我不確定這是否正確。

No. The number -- first of all, we haven't given that recently, but we're over 80% leisure. And as we said, our business -- first of all, it's a self-declared metric when you make a booking, so it's hard to be precise about. But the type of business travel, we do have is much more unmanaged business travel as Glenn explained. So we're heavily biased towards that leisure segment.

沒有。這個數字——首先，我們最近沒有給出這個數字，但我們有超過 80% 的閒暇時間。正如我們所說，我們的業務——首先，它是您在預訂時自行聲明的指標，因此很難準確。但正如格倫解釋的那樣，我們確實擁有的商務旅行類型更多的是不受管理的商務旅行。所以我們嚴重偏向於休閒領域。

And our last question will come from Jed Kelly from Oppenheimer.

我們的最後一個問題將來自奧本海默的 Jed Kelly。

Great. Two, if I may. Just as you sort of -- you mentioned earlier in your prepared remarks that you're gaining share with professional property managers. Can you sort of talk about like your supply strategy heading into this winter in the U.S. trying to increase that single unit inventory? And then can you give us an update just on how APAC is trending, particularly with Agoda?

偉大的。二，如果可以的話。就像您之前在準備好的評論中提到的那樣，您正在獲得專業物業經理的份額。你能談談你在美國進入今年冬天的供應策略，試圖增加單件庫存嗎？然後您能否向我們介紹一下亞太地區的最新趨勢，尤其是 Agoda 的趨勢？

I'll let David talk what you want to say about Asia in general. And regarding this year, I just want to be a little careful. We said we are pleased with that, we are doing better. We're gaining share with the professional managers. And I like what we're seeing there. It's going to be a long haul in terms of building out the U.S. inventory for all types of alternative accommodations, whether it be professionally managed getting as many as we want there or single property, it's going to be a while to get to where we want to be in that.

我會讓大衛談談你對亞洲的總體看法。而對於今年，我只想小心一點。我們說我們對此感到滿意，我們做得更好。我們正在與職業經理人分享。我喜歡我們在那裡看到的。在為所有類型的替代住宿建立美國庫存方面，這將是一個漫長的過程，無論是專業管理，獲得我們想要的盡可能多的地方還是單一財產，到達我們想要的地方都需要一段時間在那個。

I just want everybody to understand that this is a goal that we're working on hard by having the boots on the ground, talking to managers, sending out the right information, getting people to understand why we have a great proposition for them. And I'm confident we're going to do that. When you look at what we've achieved in Europe, you look at the share of our alternate accommodations in Europe, you say, boy, that's a goal to have in the U.S. too. We should be pushing for that. There's no reason we shouldn't.

我只是想讓每個人都明白，這是一個我們正在努力實現的目標，我們腳踏實地，與經理交談，發送正確的信息，讓人們理解為什麼我們對他們有一個很好的建議。我有信心我們會做到這一點。當你看到我們在歐洲取得的成就時，你會看到我們在歐洲的替代住宿份額，你說，男孩，這也是在美國的目標。我們應該為此而努力。我們沒有理由不這樣做。

Now customers are similar. The proposition is similar. There's nothing that we shouldn't be -- no reason we shouldn't be able to achieve that over time, but it's going to take time. And Dave, I don't know if you want to talk about Asia a little bit there.

現在客戶也差不多。命題類似。沒有什麼是我們不應該的——沒有理由我們不應該隨著時間的推移實現這一目標，但這需要時間。還有戴夫，我不知道你是否想在這裡談談亞洲。

Yes. So Asia, APAC, I mentioned that the room night growth was worse in Q2 than it was in Q1. So that region deteriorated, counteracting some of the benefits and strength we saw in Europe and North America. Of course, both Booking and Agoda are sizable businesses in APAC, although clearly that's the majority of Agoda's.

是的。所以亞洲，亞太地區，我提到第二季度的客房夜增長比第一季度更差。所以那個地區惡化了，抵消了我們在歐洲和北美看到的一些好處和力量。當然，Booking 和 Agoda 在亞太地區都是相當大的業務，儘管顯然這是 Agoda 的大部分業務。

So the whole region is very depressed. As you know, vaccination rates are lagging in most parts of Asia, also response to COVID outbreaks tends to be more aggressive and restrictions are put in place more quickly based upon outbreaks in the Asia region across almost all countries. So travel level is very low, particularly in international travel levels exceptionally low and still a long way to go and no recovery in Q2. In fact, worse in Q2 versus Q1.

所以整個地區都很蕭條。如您所知，亞洲大部分地區的疫苗接種率落後，對 COVID 爆發的反應也往往更加積極，並且根據亞洲地區幾乎所有國家/地區的爆發情況，限制措施會更快到位。所以旅行水平非常低，特別是國際旅行水平非常低，還有很長的路要走，第二季度沒有復蘇。事實上，第二季度比第一季度更糟。

And that concludes our Q&A. I will turn the call over back to Glenn Fogel for closing remarks.

我們的問答到此結束。我會將電話轉回給格倫·福格爾（Glenn Fogel）進行結束髮言。

Thank you. So in closing, I want to 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. We urge all people who are approved for and medically able to be vaccinated to do their part to make our society safer and go out and get a vaccine.

謝謝你。因此，最後，我想重申我們的堅定信念，即我們行業的全面復甦將被所有能夠接種疫苗並獲得疫苗的人加速。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，讓我們的社會更安全，並走出去接種疫苗。

And as always, I want to thank our partners, our customers, dedicated employees and our shareholders. We appreciate your support as we continue to build on the long-term vision for our company. Thank you, and please be safe. Good night.

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。感謝您的支持，因為我們將繼續為我們公司建立長期願景。謝謝，請注意安全。晚安。

And that concludes our conference call. Thank you for participating. You may now disconnect.

我們的電話會議到此結束。感謝您的參與。您現在可以斷開連接。