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.

歡迎參加 Booking Holdings 2021 年第二季業績電話會議。 Booking Holdings 特此提醒各位，本次電話會議可能包含前瞻性陳述，這些陳述均符合 1995 年《私人證券訴訟改革法案》的安全港條款。這些前瞻性陳述並非對未來績效的保證，且受制於某些難以預測的風險、不確定性和假設。

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

因此，實際結果可能與任何此類前瞻性聲明中明示、暗示或預測的結果有重大差異。對未來目標或預期以及其他反映歷史事實以外內容的類似表述，均旨在識別前瞻性聲明。

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 的實際業績與前瞻性聲明中所述業績存在重大差異的因素列表，請參閱 Booking Holdings 盈利新聞稿末尾的安全港聲明以及 Booking Holdings 向美國證券交易委員會提交的最新文件。

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

除非法律另有規定，Booking Holdings不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。 Booking Holdings的獲利新聞稿及其隨附的財務和統計補充文件可在Booking Holdings網站www.bookingholdings.com的「投資者關係」欄位中查閱。

And now I would like to introduce Booking Holdings' first speaker for this afternoon, Mr. Glenn Fogel. You may begin your conference.

現在，我謹介紹Booking Holdings今天下午的第一位演講嘉賓，格倫‧福格爾先生。會議可以開始了。

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

謝謝各位，歡迎參加Booking Holdings第二季財報電話會議。今天下午與我一同出席的還有我們的財務長大衛古爾登。

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.

令我感到鼓舞的是，我們的住宿業務在第二季再次取得顯著改善，客房夜數較上季成長59%。這與疫情前第二季客房夜數略低於第一季的歷史模式相比，表現非常出色。與2019年同期相比，第二季客房夜數下降了26%，遠好於我們先前公佈的4月份43%的降幅和第一季54%的降幅。

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.

第二季的成長主要得益於歐洲國內和國際預訂趨勢的提升，這得益於該地區疫苗接種率的提高和許多旅行限制的放寬。歐洲國際預訂的成長主要來自歐洲區域內的預訂。我們在4月份看到的美國客房夜數的強勁增長勢頭，以及我們在上次財報電話會議上重點提及的，在5月和6月得以延續，使得美國客房夜數在整個第二季度較2019年第二季度實現了非常強勁的增長。 David將在發言中提供更多關於我們第二季業績的細節。

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.

我們當然密切關注著達美航空疫情對全球新冠病例激增以及一些新實施的旅行限制的影響，這些因素導致我們7月份的預訂量較6月份略有回落。不過，7月的預訂量較第二季整體情況有所改善。儘管達美航空疫情的蔓延表明旅遊業復甦的具體時間和形態仍存在波動性和不確定性，但我們仍然相信，全球旅遊需求最終將強勁復甦。

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.

今年以來，美國和許多歐洲市場最初出現的強勁成長勢頭清晰地表明，休閒旅客渴望在限制解除、人們能夠出行後，重新透過我們的平台預訂行程。受近幾個月預訂量強勁成長的推動，我們預計第三季營收將比第二季更接近2019年同期水準。

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.

正如我們在疫情期間所做的那樣，我們將繼續鞏固核心住宿業務的優勢，並支持其長期成長。我們核心業務的優勢源自於雙邊市場產生的飛輪效應，在這個平台上，我們能夠同時為旅客客戶和供應商合作夥伴帶來利益。

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.

我們致力於為客戶提供最佳的住宿選擇、最具性價比的服務以及最便捷的預訂體驗，並以卓越的客戶服務和支援為後盾。透過滿足客戶在選擇、價值和便利性方面的關鍵需求，我們打造卓越的預訂體驗，並加強與客戶的關係。

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.

我很高興地告訴大家，Booking.com 的疫情前老客戶正在陸續回歸預訂行程，同時我們也吸引了許多新客戶。目前新舊客戶的比例與疫情前相比並沒有顯著變化。 Booking.com 為龐大的客戶群創造價值的方式之一就是我們的 Genius 會員忠誠計畫。

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 會員提供平台上數十萬家酒店的折扣，以及其他許多超值優惠，例如免費早餐、免費客房升級，以及最近推出的機場稅折扣等等。我們將繼續創新，不斷增加為 Genius 會員提供的價值。與非 Genius 會員相比，Genius 會員的複購率更高，直接預訂的比例也更高。

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.

我們的應用程式是我們為客戶提供更便利預訂體驗的重要途徑。根據第三方研究公司統計，Booking.com 在第二季全球線上旅行社 (OTA) 應用程式下載量排名第一。在美國，Booking.com 應用程式在第二季的下載量較上季顯著成長，成為下載量最高的主流 OTA 應用程式。此外，我們也看到美國應用用戶數量在第二季顯著超過了新冠疫情爆發前的高峰。

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.

第二季度，我們直接透過我們平台預訂的客戶比例再次高於2019年同期。儘管我們仍在尋求機會，增加對效果行銷管道的投入，以獲得更可觀的投資報酬率，但這些成長仍然令人鼓舞。我們長期以來一直有效地管理效果行銷管道，為我們的平台帶來盈利的客戶預訂。我們計劃在未來繼續沿用這種行之有效的方法。

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，我們正充分利用自身的行銷專長和對投資報酬率的關注，測試社群媒體和數位媒體等其他管道，並開展諸如「重返旅行」之類的推廣活動。該活動首先在美國啟動，隨後推廣至英國和歐洲各地。我們將持續拓展行銷和客戶獲取管道的多樣性，旨在為我們的平台帶來更多流量，並提升消費者對我們品牌的認知。

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.

我們將繼續專注於拓展和維繫客戶群，同時相信隨著越來越多的人選擇在線預訂而非離線預訂，我們將持續受益於這一長期趨勢。從歷史數據來看，住宿業的線上份額逐年穩定成長。展望未來，我們相信這一趨勢在可預見的未來仍將持續。

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.

今年四月，麥肯錫發布了一項涵蓋24個國家的調查，結果顯示，在11個主要面向消費者的行業中，旅遊業擁有最多計劃在疫情後增加使用數位化管道的客戶。另一方面，我們致力於幫助我們的供應商合作夥伴觸及更廣泛的潛在客戶群。憑藉我們的規模和全球覆蓋，我們能夠將供應商合作夥伴與來自世界各地的大量需求連接起來，2019年透過我們平台預訂的8.45億間夜便是最好的證明。

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.

除了作為合作夥伴的重要需求管道外，我們還透過其他方式為住宿合作夥伴創造價值，例如提供超過 40 種語言的客戶服務支援、在地化的合作夥伴服務支援團隊、市場情報和數據、根據新的旅行趨勢和詐欺責任轉移進行產品創新，以及為支援支付的交易提供多種支付方式。無論是獨立飯店、大型連鎖飯店或其他類型的住宿，我們都致力於成為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.

第二季度，Booking.com上的房源數量實現了自新冠疫情爆發以來的首次環比增長，同時平台房源下架數量也創下新低。截至6月30日，Booking.com平台上的房源總數超過2,800萬條，其中660萬條為非傳統住宿房源。在美國的非傳統住宿領域，Booking.com在本季繼續新增目標房源，並在部分大型專業管理公司的市場份額方面取得了令人鼓舞的成長。

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.

儘管這些是積極的早期進展，但我們也意​​識到，要在美國市場改進和發展我們的替代住宿產品，還有很多工作要做。本季度，我們在歐洲的替代住宿業務表現強勁，並占我們歐洲住宿業務份額的持續成長。

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.

我想談談我們的關鍵策略重點，即拓展Booking.com的支付平台並建立互聯互通的支付體驗。我們相信，這兩項舉措都將進一步增強我們核心住宿業務的實力，並支持其持續成長。在Booking.com的整合支付平台上，我們取得了持續進展，提高了美國供應商合作夥伴的支付採用率，包括在第二季度新增了一些大型連鎖飯店。 Booking.com第二季約有24%的總預訂量是透過其支付平台完成的，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.

我們近期宣布將Booking.com的所有支付相關計畫和工作整合到一個全新的金融科技部門。首先，該部門將專注於核心預訂業務，旨在為客戶和供應商合作夥伴提供更優質、更快速、更有效率的服務。此外，我們也意識到自身在提升整體交易額的獲利能力方面擁有更多機會。 2019年，我們的交易額接近1,000億美元，我們相信，設立一個獨立的金融科技部門來更好地利用這些交易額，將使我們長期受益。

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.

關於我們的互聯旅遊願景，我在上次財報電話會議上提到，今年互聯旅行的發展重點是讓旅客能夠在Booking.com上一站式預訂旅行的主要內容。這方面的首要任務是擴展Booking.com上強大的航班平台，這將使我們能夠與航班預訂者在其旅行過程中進行全方位互動，並有機會向他們交叉銷售住宿和其他服務。自上次財報電話會議以來，我們已在6個新市場推出了航班產品，目前已涵蓋24個國家。

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.

透過 Booking 預訂的機票持續顯著超出預期。然而，它們在我們報告的機票總量中所佔比例仍然很小，而機票總量在第二季度較 2019 年第二季度增長了 120%。這主要得益於 Priceline 的推動。儘管 Booking 的機票產品仍處於發展初期，但我們看到積極的數據表明，Booking.com 正在吸引全新的客戶群。

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。這些早期數據表明，我們的航班服務開闢了一個新的管道，為平台帶來了更多新客戶，而這些新客戶還會交叉購買住宿。我們期待在Booking.com航班服務的初步成功基礎上繼續發展壯大。

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，我對世界部分地區出現的復甦跡象感到鼓舞，並堅信全球旅遊需求最終將強勁復甦。我們將持續推動最重要的工作，鞏固公司地位，落實各項策略重點。我們的團隊正全力以赴，為今年北美和歐洲的夏季旅遊旺季做好準備。

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，我們對業務的思考不僅限於恢復到2019年的需求水平，而是專注於打造一個規模更大、增長更快、能夠在全面復甦後以及長期內創造更多收益的企業。

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

現在我將把電話轉接給我們的財務長大衛古爾登。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.

謝謝格倫，下午好。我將回顧我們第二季的經營業績，並簡要介紹第三季至今的發展趨勢。為避免與受疫情影響的同業在2020年進行比較，除非另有說明，所有成長率均以2019年同期為基準。有關非GAAP績效與GAAP績效的調節訊息，請參閱我們的獲利報告。

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.

現在來看我們第二季的業績。在上次財報電話會議上，我們討論了第一季業績趨勢的改善，這一趨勢延續到了四月份，主要得益於美國市場的強勁表現和歐洲市場的改善。財報電話會議之後，我們看到整體業績趨勢在五月加速改善，並在六月繼續好轉，最終第二季度報告的客房夜數較2019年第二季度下降了26%，遠低於第一季度54%的降幅，也低於四月份43%的降幅以及我們對五月份的預期。

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.

第二季客房夜數成長率較第一季有所改善，主要得益於歐洲和美國市場的成長，以及世界其他地區業績的提升。歐洲市場在本季復甦最為顯著，6月份的客房夜數較2019年同期略有成長。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寬。

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.

美國在第二季再次成為業績表現最強勁的主要國家，其客房夜數較2019年同期實現了非常強勁的成長。由於新冠疫情爆發加劇以及相關的旅行限制，亞洲地區第二季度的客房夜數降幅大於第一季度，部分抵消了其他地區的成長。

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，我們的客房入住夜數下降了13%，Booking.com的月活躍獨立客戶帳戶數達到了2019年6月水準的約90%。正如Glenn所提到的，我們很高興看到Booking.com的客戶群穩定回升，新客戶的比例也保持良好，僅略低於2019年第二季的新客戶比例。

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.

行動端預訂，尤其是透過我們的應用程式進行的預訂，佔總客房夜數的60%以上。我們的應用程式在行動裝置預訂中所佔的比例持續成長。我們的直銷通路客房夜數佔總客房夜數的比例年增，且較2019年第二季有所成長。第二季國內客房夜數增加了15%左右，而國際客房夜數與2019年相比仍顯著下降。不過，我們的國際預訂量較上季有所改善，使得國際客房夜數佔總客房夜數的比例從第一季的約15%上升至第二季的約25%。

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.

第一季我們的取消率有所改善，與2019年第二季的水平持平。 2021年第二季度，採用彈性取消政策的預訂比例顯著高於2019年第二季。 Booking.com的預訂窗口期較2019年第二季縮短，因為我們持續看到近期預訂的比例較高。然而，預訂窗口期的縮短幅度小於前三個季度。

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.

Booking.com第二季非傳統住宿客房夜數佔32%，較第一季成長3個百分點。 6月份，非傳統住宿客房夜數增長與2019年6月持平，這是自新冠疫情爆發以來，該板塊首次恢復到2019年同期水準。第二季環比成長主要得益於歐洲地區客房夜數整體成長的改善。

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.

正如我們上季所指出的，歐洲是我們替代住宿類型佔比最高的地區。在歐洲，我們的混合型替代住宿類型與第一季基本持平，這標誌著從2019年到2020年以及2021年，這一比例持續增長。

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.

第二季總預訂量下降12%，降幅小於報告客房夜數的降幅，主要得益於住宿平均日房價（以固定匯率計算）較2019年同期上漲11%，以及匯率波動和航班業務的強勁表現。我們的住宿固定匯率平均日房價受惠於北美業務佔比增加（北美是高房價地區）和亞洲業務佔比下降（亞洲是低房價地區），成長約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.

剔除區域組合效應後，以固定匯率計算的平均房價上漲約4%，主要受北美和歐洲房價上漲的推動。北美房價上漲主要得益於海灘休閒度假目的地的高需求。而歐洲房價上漲則主要受夏季預訂比例增加的推動，夏季預訂的平均房價通常較高。

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.

第二季機票預訂量較2019年同期成長120%，主要得益於Priceline的強勁成長以及Booking.com和Agoda的航班預訂量成長，而這兩家公司在2019年第二季均未實現航班預訂。我們很高興看到透過我們的航班業務預訂的機票數量再次創下歷史新高，這是我們多產品互聯旅遊策略的關鍵組成部分。

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.

第二季合併營收為22億美元，較2019年同期下降44%，優於預期。本季營收降幅顯著大於總預訂量降幅，原因是部分預訂預計將在未來幾季入住，屆時將確認營收。

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.

第二季的佣金率約為10%，這主要是受時間差異的影響。您可能還記得，我們​​在上次電話會議上討論過時間因素對第一季、第二季以及全年佣金率的影響。我們仍然預期這些時間因素會對全年佣金率產生影響，儘管下半年受到的負面影響會小於上半年。在剔除時間因素的影響後，我們第二季的住宿預訂佣金率與2019年第二季相比保持穩定。

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.

超出預期的營收成長使得第二季調整後EBITDA達到4,800萬美元，高於我們的預期。除去年第三季外，這是自第一波新冠疫情以來首個實現EBITDA為正的季度。

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.

行銷費用（一項波動性較大的費用）較 2019 年下降了 29%。由於付費管道的投資報酬率更高以及直銷業務佔比增加，行銷費用的降幅超過了總預訂量的降幅。第二季的銷售及其他費用（以美元計）顯著高於第一季。由於壞帳和客戶服務相關費用低於預期，第二季銷售及其他費用佔收入的比例優於預期。

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.

第二季度的人員費用（以美元計）高於第一季度，主要原因是與償還政府援助相關的1.36億美元支出。若不計入此項償還支出，第二季的人員費用將符合預期。第二季度的管理費用和資訊科技費用（以美元計）均高於第一季度，符合預期。本季我們錄得1.05億美元的非GAAP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.

以美國通用會計準則（GAAP）計算，我們第二季營業虧損5,600萬美元。該季度GAAP淨虧損為1.67億美元，其中包括1.26億美元的所得稅費用。由於全年獲利預期高於第一季預期，我們在第二季GAAP和非GAAP準則下均計入了稅前虧損的所得稅費用。我們預計全年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.

接下來談談我們的現金和流動性狀況。第二季末的現金和投資餘額為161億美元，低於第一季末的164億美元。然而，第一季末的餘額受益於我們在3月完成的20億美元歐洲債券發行，以及隨後在4月贖回的兩份高息優先債券。

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.

若將4月贖回的兩筆票據計入第一季末現金餘額，則調整後的第一季現金餘額為144億美元。第二季末現金餘額高於此調整後的季度餘額，主要原因是經營活動產生的現金流為12億美元，以及長期投資未實現收益為5億美元。

$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.

本季經營現金流為 2 億美元，幾乎全部來自營運資本變動。營運資本變動在本季帶來了 12 億美元的現金來源，這主要得益於遞延商戶訂單和其他流動負債的增加，但部分被應收帳款的增加所抵銷。

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.

鑑於新冠疫情持續帶來的不確定性，我們將持續致力於維持強勁的流動性。截至第二季末，我們持有的現金及投資總額為161億美元，其中43億美元與長期策略投資相關，117億美元為現金及短期投資。本季末，我們的債務約123億美元，比疫情前水準高出約36億美元。我們有一筆10億美元的可轉換債券將於第三季到期。

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.

儘管未來向股東返還資本仍將是我們價值創造策略的重要組成部分，但我們目前仍暫停返還資本，並將等待三大主要區域均已擺脫新冠疫情導致的趨勢重大逆轉風險後再重新啟動返還資本計劃。鑑於目前亞洲的趨勢以及我們對歐洲疫情發展的密切關注，我們尚未達到這一目標。

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.

現在來看我們第三季的疫情情勢。由於近期由達美病毒（Delta）及其變種病毒在許多國家引發的病例激增，世界各國政府紛紛推出新的旅遊和休閒限制措施，並對遊客實施更嚴格的疫苗接種和檢測要求。然而，有跡象表明，疫苗接種率的提升速度滯後於近期病例數的增長，尤其是在疫苗接種率較高的國家，這可能是各國政府制定應對近期新冠病例激增策略的重要考量。

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.

我們正密切關注英國的情況。英國疫苗接種率很高，儘管該國病例數持續上升（位居歐洲最高之列），但政府仍推進了放寬旅遊限制的進程。我們對近期新增病例數的下降以及英國住院人數與其他疫情爆發地區相比持續保持較低水平感到鼓舞。我們觀察到，在7月19日旅行限制解除前後，英國的預訂趨勢在7月份有所改善。

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.

7月我們的客房入住夜數較2019年同期下降約22%，較6月份13%的降幅略有回升，主要原因是歐洲預訂趨勢疲軟。在歐洲內部，包括德國、法國和義大利在內的幾個主要國家，7月的客房入住夜數都有所下降。但儘管這些國家在7月底出現了回落，我們在歐洲剩餘夏季期間的總預訂量仍高於2019年同期水準。

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.

除歐洲以外，美國7月份客房夜數持續保持強勁成長，儘管略低於第二季水準。而亞洲和世界其他地區7月份的客房夜降與6月份基本持平。亞洲仍是7月復甦最慢的地區，與2019年水準相比仍有顯著下降。

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，國內和國際客房夜數的成長率變化趨勢相似，國內客房夜數保持正成長，而國際客房夜數則較2019年同期顯著下降。鑑於近期新冠疫情帶來的不確定性（主要受達美航空疫情的影響），很難準確預測8月和9月的客房夜數與7月22%的降幅相比會如何。

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.

從損益表來看，我們預計第三季總預訂量降幅將小於客房夜降幅，這主要得益於平均房價和機票預訂量的預期成長。我們預計第三季營收降幅將較第二季顯著收窄，反映出近幾個月預訂量的強勁成長。

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.

我剛才提到，我們今年夏季在歐洲的總預訂量比2019年同期要多。北美的情況也類似。由於預計第三季入住率將大幅上升，我們預計第三季營收佔總預訂量的百分比將比第二季顯著成長，並與2019年第三季基本持平。需要提醒的是，第三季營收與總預訂量之間的具體比例將受到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.

我們預計第三季行銷費用降幅將略低於總預訂量降幅，因為我們計劃在旅遊旺季以及全球旅遊需求持續復甦之前，加大投入以把握市場需求並提升品牌知名度。由於第三季總預訂量增加以及商家預訂流程佔比上升，我們預期第三季銷售及其他費用（以美元計）將較第二季顯著成長。然而，我們預計第三季銷售及其他費用佔總收入的百分比將略低於第二季。

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.

我們預計第三季固定支出類別總額將與第二季基本持平（以美元計）。我們預計第三季 EBITDA 將是自 2019 年第三季以來的最高水準。總之，我們對第二季超出預期的業績感到滿意，這得益於旅遊需求的復甦，同時也反映了我們業務的穩健基本面和團隊的出色執行。

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.

我們依然對全球旅遊需求的最終全面復甦充滿信心，並期待今年北美和歐洲夏季旅遊旺季的強勁表現。我們將繼續負責任地投資於自身業務，以確保我們能夠為旅遊業的全面復甦做好充分準備，並打造一個規模更大、增長更快、盈利能力高於疫情前的企業。

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

現在開始回答大家的問題。瑪麗亞，請你開通提問頻道。

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

（操作說明）你的第一個問題將來自 Cowen 公司的 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?

好的。您能否詳細談談您在美國市場取得市場佔有率成長的關鍵驅動因素？您認為過去幾個月美國市場的成長更多是由傳統飯店推動，還是更多由其他住宿方式推動？

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，不如我先拿一點來，讓大衛補充一些他覺得我應該說但沒說出口的話。

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.

所以，我們對在美國取得的強勁成績非常滿意，這要歸功於我們團隊的辛勤付出。其中許多工作都是基礎性的，例如確保我們擁有合適的庫存、合適的價格、進行正確的營銷、在合適的時間向客戶提供合適的優惠，以及我們長期以來一直在做的一系列提高轉換率的工作，包括大量的A/B測試等等，這些都是我們一直以來都在做的基礎性工作。

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。沒有那種「哦，這就是打開美國額外需求的魔法鑰匙」的說法。這需要大量的努力。至於其他住宿選擇，我剛剛簡單提了一下，我們很高興能增加這方面的房源。我們也很高興能與一些專業管理人員合作，獲得一定的市場份額，這方面進展順利。

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——客戶和消費者——提供更好的服務，為他們提供優惠，並與所有供應商合作，從最大的國際連鎖店到小型替代住宿，以及介於兩者之間的所有供應商，以確保我們為他們提供所需的需求，從而使他們的業務取得成功。

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

大衛，你還有什麼要補充的嗎？

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，我覺得你總結得很好。凱文，我只想回答你問題的最後一部分。正如我們所說，我們在美國的多元化程度高於全球平均水平，酒店和其他類型的業務比例更高。因此，成長率必須由兩者共同推動。如果沒有飯店業務的強勁成長，我們就無法實現目前這樣的成長水準。

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

你的下一個問題將來自巴克萊銀行的馬裡奧·盧。

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.

我想問一下關於替代住宿的問題。我記得您提到過，你們在全球託管房源的市佔率正在成長。能否詳細說明是什麼因素推動了市場佔有率的成長，是主要基於地理位置，還是你們採取了某些具體措施？另外，能否分享一下在660萬個房源中，託管房源和個人房源的比例分別是多少？

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.

我在這方面有點搞反了。我們沒有公開所有不同類型替代住宿的詳細分類，例如有多少是由專業機構管理，有多少是業主自營，以及介於兩者之間的所有情況。我之前說過，而且我還要再說一遍，我們需要加強的領域之一就是業主自營房源。所以我們知道這是我們需要重點關注的領域。

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.

關於您提出的其他問題，例如我們如何增加市場佔有率？我想我們在我準備發言稿中已經稍微談到了這一點，我剛才也說過，這很大程度上取決於我們與業主、物業經理以及擁有庫存的人的密切合作，他們都希望項目能夠順利完成。在這個行業裡，大家都知道晚上空著的床位意味著零收入，這真是太棒了。如果床位有人入住，就能獲得非常可觀的利潤。

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.

他們想把房產全部租出去。所以我們到場就是要讓他們知道我們會幫助他們實現這個目標，並做好我之前提到的所有事情，確保我們能滿足市場需求。至於你想跟他們透露的什麼，就交給大衛了。如果有什麼不同的話，我也不確定是否還有什麼需要補充的。

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.

關於660萬的投資組合，沒有更多數據點。馬裡奧，我想澄清一下，格倫之前提到的與我們大型專業管理公司合作提升市場份額的評論，實際上是指我們在美國市場的表現。那隻是針對美國市場的具體情況。我並不是說這種情況不適用於全球，但我只是想說，如果你還記得的話，我們的策略是在美國獲得更多房產，而我們的策略就是透過與那些擁有大量優質房源的專業管理公司合作，從而獲得更高的利潤空間。

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.

再次強調，我們指的是由物業經理管理的單一業主擁有的房產。所以我們剛才的評論是針對我們在美國所進行的業務而言的。

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

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?

我有幾個問題。大衛，我好像聽你說過，今年的行銷效率比2019年高，我根據預訂量粗略計算了一下，看起來確實如此——最近幾季的效率確實更高。能談談提升行銷效率的驅動因素是什麼嗎？

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]?

然後也許可以問格倫一個問題。您能否談談一些關於網站可能在今年稍後測試限時搶購活動的報導？以及您觀察到的飯店對首次造訪的客人有何興趣？

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

大衛，你想選第一個嗎？

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。讓我簡單談談行銷方面的情況。我想我理解了您的問題。但基本上，您在第二季度看到的是，我們的行銷費用下降，總預訂量也下降了，這才是看待這個問題的正確方式。因為如果只看收入，就會牽涉到各種不同的因素，例如時間安排等等。所以，應該把它看作是潛在的成長預訂量。

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.

第二季度這一比例有所改善。換句話說，我們的行銷支出下降幅度超過了總預訂量的下降幅度。這主要有兩個原因：一方面，我們看到幾年前我們投入資金的許多付費管道的投資回報率有所提高；另一方面，我們也看到直接行銷的比例顯著增加。因此，直接行銷的比例越高，我們用來吸引新客戶的行銷費用自然就越低。

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.

所以我覺得沒什麼特別值得一提的。市場環境已經形成——但顯然還不能完全穩定。我們仍在經歷產業的復甦階段。因此，並非所有因素都能與2019年的情況直接比較，但我們很高興看到投資報酬率確實有所提升。請記住，我之前對第三季的分析意味著第三季可能會出現相反的情況。當然，現在才進入第三季一個月，但我們正在增加第三季的行銷投入。從歷史經驗來看，我們投入最多的季度通常是旺季。

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.

我們希望真正抓住市場需求，觸達潛在客戶。同時，我們將在第三季增加品牌投入，高於第二季。因此，這在一定程度上導致了第三季行銷支出相對於總預訂量的槓桿作用有所下降。

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.

所以我們會觀察本季的發展情況，但這就是我們預期第三季會出現的情況。不過在前兩個季度，我們確實看到了投資報酬率的提升，這有助於我們在行銷方面獲得一些優勢。

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.

關於您提到的限時搶購問題，如果您也讀過我讀的那篇文章，我記得裡面提到Booking官方對此沒有回應。所以，我個人對此無可奉告，但我想再次強調，我們正與供應商夥伴密切合作，努力透過各種途徑滿足不斷增長的需求。我們的目標是提供更優質的商品，為市場供需雙方創造更多價值。

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

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?

好的。我想問一下您嘗試多元化行銷策略的情況。從過去的經驗來看，效果行銷一直是這個領域最有效的行銷方式。我們該如何看待您與其他管道的合作方式？您是否會設定一些特定的目標，例如，當旅遊活動再次回到這些管道時，您會如何利用這些目標？

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.

第二個問題與此相關，但我們應該如何看待您目前的市場佔有率？我知道現在還處於早期階段，數據點還不多。但您能否提供一些關於您在一些旅遊業正在復甦的市場中的市場份額趨勢的資訊？這將非常有幫助。

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.

關於行銷多元化，您說得完全正確。我們公司正是建立在卓越的效果行銷管道之上的，這一點我們非常清楚。但很多人不知道的是，Priceline.com 在早期階段的品牌行銷也取得了巨大的成功。當然，Booking.com 也將其引入了美國市場，我們當時也做了大量的品牌行銷工作。

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.

任何行銷活動的關鍵在於確保獲得預期的投資報酬率。我們將繼續努力實現這一點。我在先前的演講稿中提到，我們正在探索新的管道，例如社群媒體。希望大家已經看到了我們發布的一些內容。我們將繼續嘗試各種方法，確保接觸每個潛在需求群。

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.

但我們始終明白，這樣做必須具有成本效益。從長遠來看，它必須產生效益，因為品牌真正產生效果需要更長時間，我們對此深有體會。但從長遠來看，它必須產生我們想要的結果。我們會繼續這樣做。

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.

我相信——我真的相信——從長遠來看，我們會有很多不同的行銷方式。不過，在你開始投入大量品牌行銷活動之前，關鍵的一點是確保你的優先事項符合你的預期。這也是我們一直在努力的方向之一，例如在美國，我們正在積極推動替代住宿方案的推廣，以確保我們能夠以預期的方式提供產品。

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，我們目前的表現非常滿意。我還沒有看到一些競爭對手的業績，所以不打算逐個國家地詳細說明我們的市場份額。但我對我們所取得的成績感到滿意，如果大衛想提供更具體的訊息，就讓他說吧。

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，我覺得你說得很好。我們很滿意。不過，還要等塵埃落定後再看看情況。我認為，以一年為週期來衡量市場份額，比以一個季度或兩個季度為週期來衡量更有意義。顯然，今年才過了兩個季度。但我們對目前的情況——對事情的發展——感到滿意。我們的成長率相對於市場整體趨勢而言，也令人滿意。不過，我們會在年底，也就是我們掌握了更多關於市場實際發展情況的具體數據之後，再進行更深入的分析和討論。

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

你的下一個問題將來自美國銀行的賈斯汀·波斯特。

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?

我有幾個問題。首先，David，你能再談談你之前關於7月份旅行預訂量好於2019年夏季以及這對第三季度收入意味著什麼的評論嗎？你對此有什麼看法？

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.

格倫，我記得你說過六月的成長率已經恢復到2019年的13%。你覺得這讓你對旅遊業全面復甦的信心如何？等到復甦之後，你覺得你們的市佔率能否更高？利潤率能否超過2019年？如果你對這兩個問題有什麼新的想法，請不吝賜教。

David, do you want to take that?

大衛，你想拿嗎？

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。不如我先確認一下您是否明白我們的意思？為了重新闡述我們之前說過的內容，我們夏季剩餘月份的總預訂量比2019年同期（即2019年7月底）要多，歐洲和北美地區的預訂量都比2019年同期要多。

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，那麼這些市場在夏季剩餘月份的收入可能會增加。不過我也注意到——我也指出過——目前可取消或可退款的預訂比例比2019年同期要高。所以，顯然存在一定的風險，即這些預訂的取消率可能會高於同期水準。

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.

所以基本上這意味著，我們在這兩個市場的夏季潛在收入基礎現在比2019年同期更高。當然，歐洲——抱歉，是亞洲——以及世界其他地區的情況會抵消這一影響。我們目前沒有遇到這種情況。這些市場的收入或已預訂量（即潛在收入）遠低於2019年7月底的水平。

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.

我想說的是，沒人知道何時才能完全復甦。雖然每個人都可以猜測，但這真的只是碰運氣。鑑於目前各種變種病毒層出不窮，新的變種病毒不斷出現，我們已經看到了它們的影響。然而，我一直強調的是，我們非常有信心。我相信每個人都相信這一切終將結束，我們會強勢復甦。

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.

我們之前已經討論過一些關於如何走出困境的問題。我們希望擴大業務規模，實現更高的 EBITDA 和更快的成長。我們也談到利潤率，我們致力於成為行業領先者，尤其是在 EBITDA 利潤率方面。但我們也意​​識到，我們現在做的很多事情最終可能會導致利潤率下降。比如航空業。當然，機票銷售額比 2019 年成長了 120%，這固然令人欣喜。

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，這些利潤率遠不及併購業務，我還可以舉出更多例子。我認為，對我們和我們的股東來說，關鍵在於帶著更高的EBITDA預期回歸，並繼續發展我們的業務，這樣才能帶來更多收益。這就是我們看待這個問題的方式。

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

下一個問題將來自摩根大通的道格·安穆斯。

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?

這裡是 Dae Lee 替 Doug 提問。 Glenn 也是一樣。在你們的演講稿中，你們提到要更好地實現交易流程的獲利。這也是促成這個金融科技部門成立的驅動因素之一。所以我想問你們看到了哪些機會？這會影響使用者體驗嗎？還是更專注於後端開發？

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?

接下來是給David的第二個問題。關於銷售和行銷投資報酬率（ROI），你們上個季度和本季都提到了更高的投資報酬率。所以我想知道，這是因為你們採取了不同的策略嗎？還是只是因為效果廣告管道的競爭格局所致？

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年該領域的交易額高達1,000億美元，為我們提供了許多機會。我們知道，我們可以為消費者和供應商雙方節省資金，而且從長遠來看，我們也能從中獲得豐厚的利潤。

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.

所以，這包括開發更好的外匯交易工具。例如，確保如果有人想使用其他付款方式，我們能夠提供相應的服務。這意味著我們要更好地遵守各種監管規定，確保所有交易都不存在詐欺行為。這涵蓋方方面面。

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.

作為一家規模龐大的企業，我們可以做到許多合作夥伴無法做到的事情，也能為有需要的客戶提供便利，而我們的供應商本身卻無法做到這一點。我們可以做的事情有很多。即使是像我們的金融科技部門搭建電子錢包這樣簡單的事情，也能讓我們輕鬆地為客戶提供價值，這些價值可能來自供應商，也可能來自我們自己推廣的產品，各種形式都有。

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，我看到的不僅僅是實現互聯旅行所需的基本要素——當然，如果你想打造價格統一的互聯旅行，每個人都支付固定金額，這些基本要素是必不可少的。更重要的是，我們還能提供其他一些目前其他人無法獨立完成的服務。

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。至於第二季的投資報酬率，我們的策略其實並沒有改變，我們在效果行銷管道的策略也沒有改變。我們仍然在尋找價格合適的優質流量。對我們而言，優質流量意味著高轉換率、低取消率（我們會密切關注取消率），以及高轉換率的直接回訪率。這些因素，再加上各市場出現的各種動態變化，都會影響我們的競價策略。

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，我們預期整個復甦過程中投資報酬率都會出現波動。當然，我們也會關注現有需求，以及何時該加大投入。我們確實將此視為一個機會，透過我們的平台吸引新客戶，而且我們之前提到過，新客戶的比例非常健康——與2019年第二季的情況非常相似。

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，我們對目前的進展感到滿意。我們喜歡我們維繫老客戶的方式，也喜歡我們贏得新客戶的方式。我們很高興看到老客戶的回頭率普遍比新客戶高得多，這也在我們的預期之中。

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.

所以我認為，影響投資報酬率計算的因素有很多，包括每次點擊成本、轉換率、取消率等等，而且與 2019 年相比，這些因素目前仍處於相對較高的波動時期。

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

下一個問題將來自摩根士丹利的布萊恩·諾瓦克。

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.

我是 Alex Wang，替 Brian 提問。我有兩個問題。第一，您提到 Booking.com 的月流量已恢復到疫情前水準的 90% 左右，這令人鼓舞，尤其是在您提到的亞洲市場面臨一些不利因素的情況下。我想了解一下，您是否能夠區分新舊用戶群體在行為上的差異？未來，您是否有任何策略來分別拓展這兩個使用者群體？

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?

關於空氣產品的第二個問題。聽起來這個專案進展很順利。我想了解一下您對該專案目前在執行過程中可能遇到的障礙有何看法？以及您是否有計劃提高消費者對這款新型空氣產品的認知？

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.

所以我先說說航空旅行，看看大衛對我們客戶群拆分這件事有什麼看法。顯然，Priceline 從公司成立之初就開始做航空旅行了，但僅限於美國。 Booking.com 則是最近才開始涉足這個領域。我之前提到過 24 個國家，不錯，但還有很多國家我們尚未覆蓋，需要進一步拓展。

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.

Booking.com的機票產品還有很多需要改進的地方。我不會一一列舉，但我認為有很多方法可以讓它變得更好。這也是為什麼我們目前還沒有在機票方面投入大規模行銷的原因之一。在真正開始行銷之前，我們需要先進行一些溝通，確保產品已經達到我們想要的狀態。

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，我們目前在這方面做得不錯，這非常令人鼓舞，儘管我也看到還有很多方面需要改進。我們尤其滿意的是附加率，顯然，我們做這件事的目的不僅是為了賣機票，更是為了獲得利潤更高的住宿，從而打造完整的聯程旅行。

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，很高興看到，在非常早期的階段──我請各位仔細聽，我說的是非常早期的階段──我們就看到了不錯的成果。因此，我認為未來有很多機會，但在產品達到我們預期目標之前，我們不會進行任何形式的市場推廣。

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

戴夫，我不知道你是否想談另一件事。

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，Alex，也沒什麼好補充的了。我們想提供一些數據，幫助你了解我們活躍客戶（也就是那些在網站上積極預訂的用戶）的恢復情況。新客戶的比例也相當不錯，僅略低於2019年第二季的水準。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.

所以我不想深入探討客戶細分的問題。顯然，有些客戶預訂非常頻繁，有些客戶預訂頻率較低，我們都非常歡迎他們，但我們希望區別對待。我認為這正是我們推出「天才會員計畫」的部分原因。當然，您與我們合作或透過 Booking.com 預訂的次數越多，您的「天才會員」等級就越高，您也能從該計劃中獲得更多權益，我認為這是提升客戶忠誠度的一種有效方式。

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.

除了我們已經公佈的那些數據點（我們認為這些數據點會有幫助），以及一些實際情況，以便大家了解公司內部正在發生的事情之外，我不想透露更多細節。

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

下一個問題將來自 Evercore 公司的 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?

我想我會繼續追問——繼續關注這個主題。我想談談目前為止的經驗，以及這個產品是否是新的客戶獲取工具？它是否是一種交叉銷售產品？您是否注意到，在您已將這項服務與Booking.com整合的24個市場中，使用者參與度是否有所提升？這是否提高了整體購買頻率？到目前為止，您觀察到了什麼？也許現在下結論還為時過早，所以如果您也這麼認為，那麼我想問，您認為什麼時候才能對這項服務的影響（如果有的話）有較為清晰的了解，以及它是否對您的Booking.com客戶群產生了永久性的影響？

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（聽不清楚）你剛才說的，確實有點操之過急。但我還要補充一點——我再補充一點。從某種意義上說，我非常高興，因為我們還沒有真正進行市場推廣，但已經有新客戶造訪了網站。而且我們看到他們獲得了很有吸引力的交叉銷售，我很高興看到這一點，這表明我們正朝著正確的方向前進。

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?

其實我早就預感到這種情況會發生，因為過去二十年來我們在Priceline就一直看到這種情況。所以我很有信心這次也會發生。但我認為，在開始向大家展示附加率之前，我們需要更多的數據。比如，附加率是多少？它與Priceline的附加率相比如何？它與行業平均值相比如何？有多少新用戶是透過管道而非管道獲得的？

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.

我想先向大家傳達一個訊息：我們非常高興這項措施為我們帶來了新客戶。這些新客戶不僅購買機票，其中一些還預訂了酒店。這在一定程度上驗證了我們關於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.

那麼，我是否預期這種情況會發生在類似活動之類的項目上呢？我並不認為很多人會先來參加活動，然後再買機票或飯店。相反，在培養我們之前討論的客戶忠誠度和回頭客方面，情況會恰恰相反。這也涉及到我之前提到的使用電子錢包等功能，例如我們可以獲得積分，不同的供應商也可以透過不同的方式向不同的客戶推廣不同的產品和服務。

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.

所有這些因素共同作用，形成良性循環。這正是我們努力的目標，看到它現在就開始發生，即使還處於非常早期的階段，也令人非常欣慰。

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

下一個問題將來自克利夫蘭研究公司的文斯·西皮爾。

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.

我想和您聊聊您對休閒和商務領域的看法。我記得您認為休閒領域通常占到業務總量的80%左右。首先，有些市場目前的業績比2019年同期成長了15%到20%。我很好奇您對休閒領域的長期發展趨勢有何看法，以及新冠疫情如何影響了人們的遠距辦公能力？您之前提到過，麥肯錫的研究顯示，越來越多的休閒業務正在向線上轉移。

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?

我很好奇您如何看待休閒娛樂的長期發展？第二部分是關於企業方面。目前企業方面是否有任何復甦跡象？您認為下半年企業復甦的趨勢會如何發展？

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。我先概括一下我對休閒與商務以及核心業務的看法，以及我對未來發展趨勢的預測。然後大衛，你回顧一下我們之前披露的關於業務組合的資訊。

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，我們的確更偏向休閒旅遊。我們的商務旅行客戶大多是小型企業主，他們自己安排行程，而不是透過大型差旅管理公司。因此，商務旅客和休閒旅客的情況略有不同，他們的行為有時也有些類似。

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，我們都看到了，休閒旅行的發展速度遠遠超過商務旅行，這完全合乎情理。一方面，一些商界人士認為，讓員工出差有風險等等。另一方面，成本也是一個問題。如果沒必要，為什麼要讓員工出差呢？

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.

我認為第二點對公司的未來至關重要。我相信，財務長和其他注重成本控制的高階主管們仍然會對此有所抵觸，他們會問：我們真的需要像過去那樣頻繁出差嗎？也許並非如此，因為有了這些新技術，我們似乎無需花費1.5萬美元從紐約派人去倫敦參加一天的會議也能高效工作。

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.

我認為這將在一定程度上改變旅遊業的運作方式，因此飛機前排的乘客會減少，入住高價五星級飯店等場所的遊客也會減少，這將帶來一些變化。對我們而言，我們是休閒旅遊公司，所以這不會對我們造成太大的負面影響。事實上，這對我們反而有利，因為空出的房源需要被填滿。

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，你提到的另一點，通常情況下，隨著越來越多的人能夠在家辦公，他們會決定，哎呀，我想，週五我還是換個地方工作吧，這樣就能享受週五、週六、週日或者周四、週五、週六、週日的迷你假期，或者周四、週五工作，但地點不同。這究竟會造成多大的出行增加呢？目前還不確定，因為每個人都還在調整工作安排，未來的工作模式會是什麼樣的呢？我們有多少天在辦公室？又有多少天不在辦公室？目前沒人知道答案，而且這還需要很長時間才能見分曉。

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增加出行，我們都喜歡出行。所以這方面有很多不確定因素，沒人真正知道結果。儘管我從一些供應商，特別是航空公司那裡聽到了一些令人鼓舞的消息，但我看到德勤幾天前，或許是昨天發布的一份報告，其中對短期內企業差旅的預期並不樂觀。

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.

所以我覺得我們只能說我們不知道。我們會隨著專案的推進而了解狀況。還有，大衛，我不知道你是否願意就商務旅行的具體數字提供更多信息，因為我聽到他引用了一個數字，但我不太確定那個數字是否準確。

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.

不。具體數字—首先，我們最近沒有公佈過，但我們超過 80% 的業務是休閒旅遊。正如我們所說，我們的業務——首先，這是您在預訂時自行申報的指標，所以很難給出精確的數字。但正如 Glenn 所解釋的那樣，我們確實有很多非集中管理的商務旅行。因此，我們非常專注於休閒旅遊市場。

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

最後一個問題來自奧本海默公司的傑德·凱利。

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?

好的。如果可以的話，我想問兩個問題。正如您之前在準備好的演講稿中提到的，您們正在贏得專業物業管理公司的青睞。您能否談談您們在美國冬季的供應策略，例如如何增加單人公寓的庫存？另外，能否介紹一下亞太地區的市場趨勢，特別是與Agoda的合作情況？

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.

關於亞洲市場，我想讓大衛來談談你想說的話。至於今年的情況，我想謹慎一點。我們說過我們對今年的業績感到滿意，我們的表現正在好轉。我們在專業管理型飯店方面市佔率不斷擴大。我對目前的情況很滿意。但要在美國全面拓展各類替代住宿的供應，無論是專業管理型飯店或單體飯店，都需要很長時間才能達到我們預期的目標。

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.

我只是想讓大家明白，我們正在為此目標努力奮鬥，我們投入了大量人力物力，與管理人員溝通，發布正確的信息，讓人們了解我們為他們提供的方案為何如此出色。我相信我們一定能夠實現這個目標。看看我們在歐洲的成就，看看我們在歐洲提供的替代住宿方案的份額，你就會明白，這同樣也是我們在美國應該努力達到的目標。我們應該為此全力以赴，沒有任何理由不這麼做。

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.

現在客戶群相似，產品定位也相似。我們完全有能力——沒有理由認為我們最終無法實現這個目標，但這需要時間。戴夫，我不知道你是否願意稍微談談亞洲市場。

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。我之前提到過，亞太地區（APAC）第二季的客房夜數成長不如第一季。因此，該地區的業績下滑，抵消了我們在歐洲和北美看到的一些成長勢頭。當然，Booking 和 Agoda 在亞太地區都是規模可觀的業務，不過顯然亞太地區主要由 Agoda 佔據。

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.

因此，整個亞洲地區經濟狀況非常低迷。如您所知，亞洲大部分地區的疫苗接種率都比較低，而且幾乎所有國家在疫情爆發後都會採取更為積極的應對措施，更快地實施限制措施。因此，旅行量非常低，尤其是國際旅行量更是低得驚人，而且復甦之路仍然漫長，第二季也看不到任何復甦的跡象。事實上，第二季的情況比第一季還要糟糕。

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

問答環節到此結束。接下來我將把電話轉回給格倫·福格爾，請他作總結發言。

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。最後，我想重申我們堅信，所有能夠接種疫苗的人都去接種，將加速我們行業的全面復甦。我們敦促所有獲準接種且身體狀況允許的人盡自己的一份力，讓我們的社會更安全，請盡快接種疫苗。

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.

一如既往，我要感謝我們的合作夥伴、客戶、敬業的員工和股東。感謝你們的支持，我們將繼續朝著公司的長遠願景邁進。謝謝大家，請注意安全。晚安。

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

本次電話會議到此結束。感謝您的參與。您可以斷開連線了。