Booking Holdings Inc (BKNG) 2021 Q1 法說會逐字稿

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

歡迎來到 Booking Holdings 2021 年第一季度電話會議。 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》的安全港條款作出的。這些前瞻性陳述不是對未來業績的保證，並且受某些風險不確定性和難以預測的假設。

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

因此，實際結果可能與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歷史事實以外的類似表達旨在識別前瞻性陳述。

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

有關可能導致 Booking Holdings 的實際結果與前瞻性陳述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 的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 的投資者部分獲得。

And now I would like to introduce Booking Holdings' speaker for this afternoon, Glenn Fogel and David Goulden. Go ahead, gentlemen.

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

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

謝謝，歡迎來到 Booking Holdings 的第一季度電話會議。今天下午，我們的首席財務官 David Goulden 加入了我的行列。

I am pleased to start by reporting further improvement in our accommodations business, with first quarter room nights declining 54% versus Q1 2019, which was 6 percentage points better than our fourth quarter 2020 decline. This improvement was driven by solid signs of increasing travel demand in certain countries and by our team's strong execution. David will provide the details on our first quarter results in his remarks.

我很高興首先報告我們的住宿業務進一步改善，與 2019 年第一季度相比，第一季度的房晚下降了 54%，這比我們 2020 年第四季度的下降幅度好 6 個百分點。這一改善是由某些國家旅行需求增加的可靠跡象和我們團隊的強大執行力推動的。大衛將在他的講話中提供我們第一季度業績的詳細信息。

As we have said before, we believe that the rate of recovery for travel will depend heavily on the rate and severity of new COVID-19 cases, the timing of effective and broad-based vaccine distribution and hopefully, even more effective treatments in the future. While the pace of vaccine distribution remains frustratingly slow in most places around the world, Israel, the U.K. and the U.S. are benefiting from successful vaccine distribution programs. In each of these countries, we have seen encouraging booking trends, which supports our view that vaccine distribution is a key to unlocking pent-up travel demands.

正如我們之前所說，我們認為旅行的恢復率將在很大程度上取決於新的 COVID-19 病例的發生率和嚴重程度、有效和廣泛疫苗分發的時間，以及希望未來更有效的治療方法.儘管在世界上大多數地方，疫苗分發的速度仍然緩慢得令人沮喪，但以色列、英國和美國正在從成功的疫苗分發計劃中受益。在這些國家中，我們都看到了令人鼓舞的預訂趨勢，這支持了我們的觀點，即疫苗分發是釋放被壓抑的旅行需求的關鍵。

In our own survey work earlier in the year, we found that over 70% of Americans said that the early distribution stage of COVID-19 vaccines made them feel more hopeful and optimistic about traveling in 2021. As countries ramp up vaccine distribution, which we are now starting to see in more European countries, we believe that we will start to see booking strength expand to more parts of the world.

在我們今年早些時候的調查工作中，我們發現超過 70% 的美國人表示，COVID-19 疫苗的早期分發階段讓他們對 2021 年的旅行感到更有希望和樂觀。隨著各國加大疫苗分發力度，我們現在開始在更多的歐洲國家看到，我們相信我們將開始看到預訂強度擴大到世界更多地區。

While there are encouraging signs of recovery in some countries right now, the current situation in other countries, such as India, where we are seeing staggering increases in COVID-19 cases and an enormous human tragedy happening, reminds us that recovery is not underway everywhere. And unfortunately, in some countries, the situation is getting worse.

雖然目前一些國家出現了令人鼓舞的複蘇跡象，但其他國家（例如印度）的當前情況，我們看到 COVID-19 病例驚人地增加並且正在發生巨大的人類悲劇，這提醒我們，並非所有地方都在進行複蘇.不幸的是，在一些國家，情況正在惡化。

Last week, the World Health Organization warned that the pace of the pandemic is accelerating. We are mindful that governments may continue to take actions, such as general area lockdowns or reintroducing travel restrictions, including barring people from high-infection locations from entering the country. Any of these actions can have an impact on our performance, and it's difficult to predict when and to what extent such actions may be taken in the future. Furthermore, international travel must recover for there to be a complete global travel recovery, and many governments may be cautious in fully opening international travel for some time.

上週，世界衛生組織警告說，大流行的步伐正在加快。我們注意到政府可能會繼續採取行動，例如封鎖一般區域或重新引入旅行限制，包括禁止來自高感染地區的人進入該國。這些行動中的任何一個都可能對我們的績效產生影響，並且很難預測未來何時以及在何種程度上可能會採取此類行動。此外，國際旅行必須復甦才能實現全球旅行的全面復甦，許多政府可能會在一段時間內對全面開放國際旅行持謹慎態度。

Focusing on the U.S., where the vaccination program is going well. I am very pleased with our first quarter results in the U.S. and the strong rebound in U.S. travel demand. For Q1 in the U.S., we had positive room night growth versus Q1 2019, and it was our strongest performing major country. These results were driven by domestic bookings as our international business is still very slow.

專注於疫苗接種計劃進展順利的美國。我對我們在美國的第一季度業績以及美國旅行需求的強勁反彈感到非常滿意。對於美國的第一季度，與 2019 年第一季度相比，我們的客房夜數實現了正增長，它是我們表現最強勁的主要國家/地區。這些結果是由國內預訂推動的，因為我們的國際業務仍然非常緩慢。

We were pleased to see improvements in our U.S. room night trends each month in Q1 and these improvements continued into April. This strength in the market benefited all of our travel products and helped drive the highest number of air tickets ever booked in a single quarter for our company, and we know that both Priceline and Booking.com had good U.S. results during the first quarter.

我們很高興看到我們在第一季度每個月的美國房晚趨勢都有所改善，這些改善一直持續到 4 月。市場上的這種優勢使我們所有的旅遊產品受益，並幫助推動了我們公司單季度預訂的最高數量的機票，我們知道 Priceline 和 Booking.com 在第一季度在美國取得了不錯的業績。

In this improving environment, we continue to press ahead with one of our most important strategic strategies, strengthening the Booking.com brand in the U.S. You may have seen Booking.com's U.S. back-to-travel promotional campaign that we launched in April, which offered a $50 post-stay promotional travel credit for U.S. travelers who activated promotion in the Booking.com app and booked travel by the end of May. This is just one example of the marketing methods that we will be employing to increase awareness of the Booking.com brand in the U.S. And in this case, drive further consumer engagement with our app.

在這個不斷改善的環境中，我們繼續推進我們最重要的戰略戰略之一，加強在美國的 Booking.com 品牌。您可能已經看到了我們在 4 月推出的 Booking.com 在美國推出的返程旅行促銷活動，為在 Booking.com 應用程序中激活促銷並在 5 月底之前預訂旅行的美國旅行者提供 50 美元的住宿後促銷旅行積分。這只是我們將用於提高 Booking.com 品牌在美國知名度的營銷方法的一個示例。在這種情況下，將進一步推動消費者對我們的應用程序的參與。

We also remain focused on expanding the supply of Booking.com's alternative accommodation offering in the U.S. and we targeted and signed new properties to the platform in the quarter. However, we recognize there is more work to be done to improve the breadth of this product in the U.S. During the first quarter, we continued to execute against other key strategic priorities, such as expanding Booking.com's payment platform and building the connected trip vision.

我們還繼續專注於擴大 Booking.com 在美國的替代住宿產品的供應，並在本季度鎖定並簽署了該平台的新物業。然而，我們認識到在美國擴大該產品的廣度還有更多工作要做。在第一季度，我們繼續執行其他關鍵戰略優先事項，例如擴展 Booking.com 的支付平台和建立互聯旅行願景.

Regarding our integrated payment platform at Booking.com, we have made recent progress primarily through increased adoption by our supply partners in the U.S. As I have mentioned previously, this platform provides payment options favored by both travelers and our supplier partners across hotels, alternative accommodations, cars, flight and attractions and is foundational for enabling our connected trip strategy.

關於我們在 Booking.com 的綜合支付平台，我們最近取得了進展，主要是通過我們在美國的供應合作夥伴的增加採用。正如我之前提到的，該平台提供了旅行者和我們的供應商合作夥伴都喜歡的酒店、替代住宿的支付選項、汽車、航班和景點，是我們實現互聯旅行戰略的基礎。

The connected trip is our vision of a multiproduct offering, including accommodations, flight, ground transportation, attractions and dining, connected by our payment network and ultimately supported by personalized intelligence to provide a friction with seamless experience for our bookers, all the way from first thinking about the initial booking to experiencing their trip, to arriving back home. Building out our full connected trip's vision will be a multiyear endeavor.

互聯旅行是我們對多種產品的願景，包括住宿、航班、地面交通、景點和餐飲，由我們的支付網絡連接，並最終得到個性化智能的支持，為我們的預訂者提供無縫體驗的摩擦，從頭到尾從最初的預訂到體驗他們的旅行，再到回家。建立我們全連接旅行的願景將是一項多年的努力。

However, we expect that our business will benefit from the steps we are taking to achieve this vision long before reaching the ultimate end state. For example, developing a robust flight product at Booking.com gives us the ability to engage with flight bookers early in their travel journey and allows us an opportunity to cross-sell our accommodation and other services to these bookers. We have not had these opportunities historically at Booking.com, given its accommodation-only focus in the past.

但是，我們預計我們的業務將受益於我們為實現這一願景而採取的步驟，而在達到最終狀態之前很久。例如，在 Booking.com 開發強大的航班產品使我們能夠在航班預訂者的旅行早期與他們互動，並讓我們有機會向這些預訂者交叉銷售我們的住宿和其他服務。鑑於過去只關注住宿，我們在 Booking.com 歷史上沒有這些機會。

As we think about the journey for building the connected trip, this year, we'll be focused on enabling travelers to book the major elements of their trip in one place on Booking.com. This means we will be working to build up our non-accommodation products like flights, ground transportation and attractions by increasing supply as well as exposing more of our customers to these products.

當我們考慮構建互聯旅行的旅程時，今年，我們將專注於讓旅行者能夠在 Booking.com 的一個地方預訂他們旅行的主要元素。這意味著我們將努力通過增加供應以及讓更多客戶接觸這些產品來建立我們的非住宿產品，如航班、地面交通和景點。

In Booking.com's flight offering, we are now live in 18 countries with the most recent launch in the U.K. We can now expose a large segment of customers to flight as these 18 countries collectively represented more than half of Booking.com's room nights booked in 2019. Booking.com's flight offering is now fully metered in the app, and while early, we are in the process of beginning to utilize marketing channels to bring potential customers to the product.

在 Booking.com 的航班產品中，我們現在在 18 個國家/地區開展業務，最近在英國推出。我們現在可以讓大部分客戶接觸航班，因為這 18 個國家/地區合計佔 Booking.com 預訂的房晚的一半以上2019 年。Booking.com 的航班服務現已在應用程序中全面計量，雖然早期，我們正在開始利用營銷渠道為產品吸引潛在客戶。

On attractions, we have continued to expand the breadth of supply available to our travelers through our recent partnership with Viator along with our ongoing partnership with Musement that was announced last year. We see real benefits of a strong attractions offering, given the potential bundling opportunities as well as the ability to increase travel engagement with the app, while travelers are in destination.

在景點方面，我們通過最近與 Viator 的合作以及我們與去年宣布的與 Musement 的持續合作，繼續擴大向旅行者提供的供應範圍。鑑於潛在的捆綁機會以及在旅行者到達目的地時增加與該應用程序的旅行參與度的能力，我們看到了強大的景點產品的真正好處。

Across many of our key strategic priorities, I have mentioned the app, which indicates the importance of the app for our business. We've been investing in the app platform for some time, and we'll continue to invest as the app becomes the center of our connected trip experience. In addition, we see better customer loyalty, lower customer acquisition costs and more opportunities to engage directly with travelers through our app.

在我們的許多關鍵戰略優先事項中，我都提到了該應用程序，這表明該應用程序對我們業務的重要性。我們一直在投資應用程序平台，隨著應用程序成為我們互聯旅行體驗的中心，我們將繼續投資。此外，我們看到更高的客戶忠誠度、更低的客戶獲取成本以及更多通過我們的應用程序直接與旅行者互動的機會。

Booking.com was the most downloaded travel app globally in the first quarter, according to a leading third-party research firm. We now see over 2/3 of our bookings come through the mobile devices, the majority of which are on the app. One of Booking Holdings' goals is to do well in the area of sustainability. I was very pleased to recently make public our 2020 Sustainability Report, and one achievement that I am particularly proud of is Booking Holdings becoming operationally carbon-neutral in 2020.

根據一家領先的第三方研究公司的數據，Booking.com 是第一季度全球下載次數最多的旅遊應用程序。我們現在看到超過 2/3 的預訂來自移動設備，其中大部分在應用程序上。 Booking Holdings 的目標之一是在可持續發展領域做得很好。我很高興最近公佈了我們的 2020 年可持續發展報告，我特別引以為豪的一項成就是 Booking Holdings 在 2020 年實現了運營碳中和。

This is a significant milestone for our business and one, we are working towards even prior to the pandemic. We intend to remain carbon-neutral in our operations in the future and look forward to making progress on our sustainability strategy, including diversity and inclusion and sustainable travel.

這對我們的業務來說是一個重要的里程碑，而且我們甚至在大流行之前就正在努力實現這一目標。我們打算在未來的運營中保持碳中和，並期待在我們的可持續發展戰略上取得進展，包括多樣性和包容性以及可持續旅行。

In conclusion, the exact shape and timing of the full recovery for travel remains uncertain. However, I'm encouraged by the signs of recovery we are seeing in some countries, and I'm confident that we will eventually see a strong recovery in travel demand globally. That being said, we are likely to experience volatility between now and then, with some countries recovering well, others beginning to recover and unfortunately, some getting worse.

總之，旅行全面復甦的確切形式和時間仍然不確定。然而，我對我們在一些國家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強勁復甦。話雖如此，從現在到那時，我們可能會經歷波動，一些國家恢復良好，其他國家開始復蘇，不幸的是，有些國家變得更糟。

I'm proud of the actions that our teams across Booking Holdings continue to take to strengthen our company's position and execute against our strategic priorities. We are thinking about our business beyond just getting back to 2019 levels demand and we are focused on building a larger and faster-growing business that generates more earnings after the recovery and for the long run.

我為我們整個 Booking Holdings 的團隊繼續採取的行動以加強我們公司的地位並執行我們的戰略重點感到自豪。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，以在復蘇後和長期產生更多收益。

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

我現在將把電話轉給我們的首席財務官 David Goulden。

Thank you, Glenn, and good afternoon. I'll review our operating results for the first quarter and provide some color on the trends we've seen so far in the second quarter. To avoid the comparison to the initial spread of the pandemic in 2020, all growth rates are relative to the comparable period 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。我將回顧我們第一季度的經營業績，並為我們在第二季度迄今為止看到的趨勢提供一些顏色。為避免與 2020 年大流行的初始傳播進行比較，除非另有說明，否則所有增長率均相對於 2019 年可比時期。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。

I also want to remind you that during the period of bookings recovering, revenue will recover more slower than bookings due to timing differences, and this will impact our booking to revenue take rates.

我還想提醒您，在預訂恢復期間，由於時間差異，收入的恢復速度將慢於預訂，這將影響我們的預訂收入接受率。

Now on to our results for the first quarter. On our February earnings call, we discussed the improvements in trends we saw starting in the middle of January and continuing into February, driven by domestic travel in most parts of the world. The improving trends continued into March, resulting in our Q1 reported room nights declining 54% versus Q1 2019, which was a 6% improvement versus the decline we reported in Q4. As a reminder, reported room nights include the impact of cancellations.

現在談談我們第一季度的業績。在我們 2 月份的財報電話會議上，我們討論了從 1 月中旬開始並持續到 2 月的趨勢改善，這是由世界大部分地區的國內旅行推動的。改善趨勢一直持續到 3 月，導致我們報告的第一季度客房夜數與 2019 年第一季度相比下降了 54%，與我們在第四季度報告的下降相比提高了 6%。提醒一下，報告的房晚包括取消的影響。

The improvements in the Q1 room night decline rate versus Q4 was driven by the U.S. and Europe. While Asia and rest of world declines were about the same in Q1 as they were in Q4. The U.S. was the strongest performing in major country in Q1 and had a positive room night growth versus 2019 for the full quarter. The trends in the U.S. improved through Q1 with very strong room night growth versus 2019 for the month of March. Spring break was a contributor to growth in March. U.S. domestic room nights growth was positive for each month's month of the quarter, with very strong growth for the full quarter.

與第四季度相比，第一季度的房晚下降率有所改善，這是由美國和歐洲推動的。雖然亞洲和世界其他地區的跌幅在第一季度與第四季度大致相同。美國是第一季度在主要國家中表現最強勁的國家，與 2019 年相比，整個季度的客房夜數實現了正增長。與 2019 年 3 月相比，美國的趨勢在第一季度有所改善，與 2019 年相比，客房夜數增長非常強勁。春假是三月份增長的一個貢獻者。本季度每個月的美國國內間夜增長都是正數，整個季度增長非常強勁。

In Q1, other countries also experienced very strong domestic room night growth, including Russia and Australia, and we saw continued strengthening in domestic bookings in Israel. While Europe improved for the full quarter compared with Q4, we did see trends soften towards the end of March, driven by rising COVID case counts and new impositions of travel restrictions. Europe was the least recovered region in terms of room nights booked in Q4 and it remained the least recovered region in Q1.

在第一季度，包括俄羅斯和澳大利亞在內的其他國家也經歷了非常強勁的國內間夜增長，我們看到以色列國內預訂量持續走強。儘管與第四季度相比，整個季度歐洲有所改善，但由於 COVID 病例數上升和新的旅行限制措施，我們確實看到趨勢在 3 月底有所減弱。就第四季度的預訂間夜而言，歐洲是恢復最少的地區，並且仍然是第一季度恢復最少的地區。

Mobile bookings, particularly through our apps, continued to represent over 2/3 of our total room nights. Our direct channel gained share both sequentially and year-on-year. Domestic room nights represented about 85% of our reported room nights in Q1, in line with our Q4 2020 mix of room nights and up significantly versus 2019. Our cancellation rates continued to be elevated versus 2019 in the quarter, but improved from levels we saw in Q4.

移動預訂，尤其是通過我們的應用程序，繼續占我們總房晚的 2/3 以上。我們的直銷渠道獲得了環比和同比的份額。國內房晚約占我們第一季度報告的房晚的 85%，與我們 2020 年第四季度的房晚組合一致，並且與 2019 年相比顯著上升。我們的取消率在本季度與 2019 年相比繼續上升，但比我們看到的水平有所改善在第四季度。

The booking window at Booking.com remains shorter than it was in the first quarter 2019 as we continued to see a higher mix of near-term bookings. However, the booking window contracted less than it did in the fourth quarter. As we noted on the last call, in January and February, we saw an expansion of the booking window versus 2019 in Western Europe and this expansion continued into March as the share of further out bookings, including those we saw in travel, increased versus the same time in 2019. Due to the situation in Europe with new COVID cases, vaccination rates and travel restrictions, bookings are generally either very near term or for the summer period.

Booking.com 的預訂窗口仍然比 2019 年第一季度短，因為我們繼續看到更高的近期預訂組合。然而，預訂窗口的收縮程度低於第四季度。正如我們在上次電話會議中指出的那樣，在 1 月和 2 月，我們看到西歐的預訂窗口與 2019 年相比有所擴大，並且這種擴張一直持續到 3 月，因為包括我們在旅行中看到的進一步預訂的份額相對於2019 年同一時間。由於歐洲出現新的 COVID 病例、疫苗接種率和旅行限制，預訂通常要么是非常短期的，要么是夏季的。

The overall mix of customers booking alternative accommodations on Booking.com in Q1 was about the same in -- as Q1 last year. As we noted last quarter, Europe is where we have our highest mix of alternative accommodations, and Europe was the slowest growing region in the first quarter, which negatively impacted our alternative accommodation mix on a global basis. The mix of alternative accommodation bookings in Europe increased by several percentage points year-over-year.

第一季度在 Booking.com 上預訂替代住宿的總體客戶組合與去年第一季度大致相同。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組合的地方，而歐洲是第一季度增長最慢的地區，這對我們在全球範圍內的替代住宿組合產生了負面影響。歐洲的替代住宿預訂組合同比增長了幾個百分點。

Gross bookings declined 53% in Q1, which is less than the decline in reported room nights, primarily due to strong performance in our flights business and partially offset by a 1% decline in average daily rates for accommodations versus 2019. Airline tickets booked in the first quarter were up 49% versus 2019, driven by strong growth at Priceline and by flight bookings at Booking.com and Agoda, both of which did not have flight products in Q1 2019.

第一季度的總預訂量下降了 53%，低於報告的間夜量下降幅度，這主要是由於我們的航班業務表現強勁，部分被住宿平均每日房價與 2019 年相比下降 1% 所抵消。第一季度與 2019 年相比增長了 49%，這得益於 Priceline 的強勁增長以及 Booking.com 和 Agoda 的航班預訂，這兩家公司在 2019 年第一季度都沒有航班產品。

Our accommodations' average day rates only declined 1% versus 2019, benefiting from a higher mix of North America, which is a higher ADR region. Excluding regional mix effects, ADRs were down approximately mid-single digits. ADRs in the quarter were helped by the higher mix of summer bookings in Western Europe, which typically have higher ADRs.

我們住宿的平均日費率與 2019 年相比僅下降了 1%，這得益於北美（ADR 較高的地區）的較高組合。排除區域混合效應，ADR 下降了大約中個位數。本季度的 ADR 得益於西歐夏季預訂的較高組合，通常具有較高的 ADR。

Consolidated revenue for the first quarter was $1.1 billion and decreased 61% versus 2019. Revenue in the quarter declined more than gross bookings due to bookings made in the quarter that are expected to check in, in future quarters, at which point in time the revenue will be recognized.

第一季度的綜合收入為 11 億美元，與 2019 年相比下降了 61%。由於本季度的預訂預計將在未來幾個季度簽入，因此該季度的收入下降幅度超過總預訂量會被認可。

Take rates in Q1 were a little less than 10%, largely driven by these timing differences. As you recall, we discussed the impact of timing on take rates in 2020 and 2021 during our last call. We expect timing to impact take rates all year, assuming the booking growth continues to improve during the year.

第一季度的錄取率略低於 10%，主要是由這些時間差異驅動的。您還記得，我們在上次電話會議中討論了時間安排對 2020 年和 2021 年採取率的影響。假設預訂增長在年內繼續改善，我們預計時間會影響全年的收取率。

The 61% reduction in revenue resulted in an adjusted EBITDA loss of $195 million in the quarter. We significantly reduced our variable expense lines like marketing, sales and other, are more fixed expenses in Q1 were broadly in line with the commentary we provided on our last call.

收入減少 61% 導致本季度調整後的 EBITDA 虧損 1.95 億美元。我們顯著減少了營銷、銷售等可變費用項目，第一季度更多的固定費用與我們在上次電話會議上提供的評論大體一致。

Marketing expense, which is a highly variable expense line, decreased 61% versus 2019. Marketing expenses declined more than gross bookings due to an increase -- due to an increase in our direct mix and slightly higher ROIs in paid channels.

營銷費用是一個高度可變的費用項目，與 2019 年相比下降了 61%。營銷費用的下降幅度超過了總預訂量，原因是我們的直接組合增加和付費渠道的投資回報率略高。

Sales and other expenses in Q1 were lower than they were in Q4 on a dollar basis, which was slightly better than our expectations. Personnel expenses were in line with our expectations. Q1 expenses were higher than they were in Q4 on a dollar basis, due primarily to increased stock-based compensation expenses and seasonal increases in benefit costs, partially offset by a higher amount of savings in Q1 relating to restructuring actions we have taken.

按美元計算，第一季度的銷售額和其他費用低於第四季度，略好於我們的預期。人事費用符合我們的預期。以美元計算，第一季度的費用高於第四季度，這主要是由於基於股票的薪酬費用增加和福利成本的季節性增長，部分被第一季度與我們採取的重組行動相關的更多儲蓄所抵消。

G&A expenses were lower in Q1 than they were in Q4 on a dollar basis versus our expectation for them to be about in line due to lower-than-expected personnel-related costs and professional fees. Information technology expenses were higher in Q1 than they were in Q4 on a dollar basis, but were lower than our expectations due to timing of spend.

以美元計算，第一季度的 G&A 費用低於第四季度的水平，而我們的預期是由於人事相關成本和專業費用低於預期，因此它們大致符合預期。按美元計算，第一季度的信息技術支出高於第四季度，但由於支出時機的原因低於我們的預期。

Finally, we recorded $8 million of restructuring charges in Q1, which was lower than our prior expectations primarily due to timing of real estate restructuring charges. And note, these restructuring charges are included in our non-GAAP results.

最後，我們在第一季度記錄了 800 萬美元的重組費用，這低於我們之前的預期，主要是由於房地產重組費用的時間安排。請注意，這些重組費用包含在我們的非公認會計原則結果中。

We recorded a non-GAAP net loss of $215 million in the quarter. Our Q1 non-GAAP tax rate of 38% was meaningfully higher than our 2019 tax rate of 19% due to the greater impact of non-tax deductible expenses on a lower base of earnings. On a GAAP basis, we had an operating loss of $311 million in Q1. We recorded a GAAP net loss of $55 million in the quarter, helped by an income tax benefit of $223 million. Our Q1 tax rate of 80% was meaningfully higher than our 2019 tax rate of 21% due to the impact of nontax deductible expenses on lower base of earnings and the impact of discrete items recorded in the quarter.

我們在本季度錄得 2.15 億美元的非公認會計原則淨虧損。我們的第一季度非公認會計原則稅率 38% 明顯高於我們 2019 年的 19% 稅率，因為非稅可抵扣費用對較低收入基礎的影響更大。按公認會計原則計算，我們第一季度的經營虧損為 3.11 億美元。我們在本季度錄得 5500 萬美元的 GAAP 淨虧損，這得益於 2.23 億美元的所得稅優惠。由於非稅可抵扣費用對較低收益基數的影響以及本季度記錄的離散項目的影響，我們第一季度 80% 的稅率明顯高於我們 2019 年的 21%。

Now on to our cash and liquidity position. Our Q1 ending cash investment balance of $16.4 billion benefited from the $2 billion raised in our Eurobond offering completed in March. In April, we used all the proceeds from the Eurobond offering to redeem to higher coupon senior notes that we issued earlier in the pandemic last year. These refinancing actions we took will result in approximately $70 million of annualized interest rate expense savings and were NPV-positive transactions.

現在談談我們的現金和流動性頭寸。我們第一季度末的現金投資餘額為 164 億美元，這得益於我們在 3 月份完成的歐洲債券發行中籌集的 20 億美元。 4 月，我們將發行歐洲債券的所有收益用於贖回我們在去年大流行期間發行的更高票面優先票據。我們採取的這些再融資行動將導致每年節省約 7000 萬美元的利率費用，並且是 NPV 為正的交易。

Adjusting our Q1 ending cash investments for the redemption of the 2 senior notes that happened in April will result in a balance of $14.4 billion, which is down from our December ending balance of $14.8 billion. We had a $207 million operating cash flow -- operating cash outflow in the quarter, driven primarily by change in working capital, which represented a use of cash of about $216 million in the quarter.

為贖回 4 月發生的 2 份優先票據調整我們的第一季度末現金投資將導致餘額為 144 億美元，低於 12 月末餘額 148 億美元。我們有 2.07 億美元的營運現金流——本季度的營運現金流出，主要是由於營運資本的變化，這代表本季度使用了約 2.16 億美元的現金。

We will continue to focus on maintaining a strong liquidity position, given the high level of uncertainty created by the COVID pandemic. And consistent with our comments over the last year, we've halted our repurchases of our stock and will not initiate repurchases until we have better visibility into the shape and timing of a recovery.

鑑於 COVID 大流行造成的高度不確定性，我們將繼續專注於保持強勁的流動性頭寸。與我們去年的評論一致，我們已經停止回購我們的股票，並且在我們更好地了解復甦的形式和時機之前不會啟動回購。

Now on to our thoughts for the second quarter. There continues to be considerable uncertainty about the shape and timing of recovery for travel, which means that we are unable to provide detailed guidance at this time. April room nights declined about 43% versus 2019, which was better than the decline in March. Domestic room night growth was about flat versus 2019 for the month of April, the best monthly result for domestic room nights since last summer.

現在談談我們對第二季度的想法。旅行恢復的形式和時間仍然存在相當大的不確定性，這意味著我們目前無法提供詳細的指導。與 2019 年相比，4 月的房晚下降了約 43%，好於 3 月的下降。 4 月份國內間夜增長與 2019 年持平，這是自去年夏天以來國內間夜的最佳月度結果。

On a regional basis, the U.S. continued to have very strong room night growth in April and was above March levels. Europe room nights declines were better in April than in March, recovering from a softening of trends we saw at the end of March and the first week of April. Room night declines in Europe were down over 50% in April.

從區域來看，美國 4 月份的客房夜數增長繼續非常強勁，高於 3 月份的水平。從 3 月底和 4 月第一周看到的疲軟趨勢中恢復過來，4 月歐洲房晚下降情況好於 3 月。 4 月份歐洲的客房夜數下降了 50% 以上。

Asia room night declines worsened in April versus March as outbreaks in new cases increases -- increased, vaccination progress has been slow and governments continued to impose restrictions on travel. Asia was the least recovered region in April. The rest of world declines were about the same in April as they were in Q1 and Q4.

與 3 月相比，亞洲 4 月間夜的下降情況更為嚴重，因為新病例的爆發有所增加，疫苗接種進展緩慢以及政府繼續對旅行實施限制。亞洲是 4 月份恢復最少的地區。世界其他地區 4 月份的跌幅與第一季度和第四季度的跌幅大致相同。

While difficult to predict with accuracy, if current trends continue, Q2 room night declines could be a few percentage points better than in April. To give you a snapshot of what we are seeing recently, room night declines over the last 7 days of April were about 38%. As I noted earlier, in Western Europe, the booking window expanded in Q1. This expansion continues into April, and we continue to see positive summer booking trends in Western Europe. Across all of Western Europe, gross bookings for the summer period are now within 30% of where they were at the same time in 2019. And for the U.K., they're now at about the same level as we were at the same time in 2019. We remind you that the significant majority of the summer bookings are cancelable.

雖然很難準確預測，但如果目前的趨勢繼續下去，第二季度的客房夜數下降可能比 4 月份好幾個百分點。為了讓您大致了解我們最近看到的情況，4 月最後 7 天的客房夜數下降了約 38%。正如我之前提到的，在西歐，第一季度的預訂窗口有所擴大。這種擴張一直持續到 4 月，我們繼續看到西歐夏季預訂的積極趨勢。在整個西歐，夏季的總預訂量現在與 2019 年同期相比在 30% 以內。而對於英國來說，它們現在與我們在同一時間的水平大致相同2019. 我們提醒您，大部分夏季預訂都是可以取消的。

Turning to the income statements. As I said, we expect Q2 room night declines could be a few percentage points better than the decline in April. We expect Q2 gross bookings to decline slightly less than room nights, driven by the same trends that we saw in the first quarter.

轉向損益表。正如我所說，我們預計第二季度的客房夜數下降可能比 4 月份的下降好幾個百分點。我們預計第二季度總預訂量的下降幅度將略低於房晚，這與我們在第一季度看到的趨勢相同。

We expect future revenue to decline more than gross bookings due to timing factors we have discussed. As a result, we expect our Q2 revenue as a percentage of gross bookings will improve from Q1, but will be a few percentage points lower than in Q2 of 2019. We expect marketing expenses in Q2 will decline a little more than gross bookings, but less than revenue. We expect sales and other expenses in Q2 to be up significantly versus Q1 on a dollar basis and will be a higher percentage of revenue due to higher gross booking volumes in the second quarter as well as an increase in the mix of gross bookings processed on a merchant basis.

由於我們討論過的時間因素，我們預計未來收入的下降幅度將超過總預訂量。因此，我們預計我們的第二季度收入佔總預訂量的百分比將比第一季度有所提高，但將比 2019 年第二季度低幾個百分點。我們預計第二季度的營銷費用將比總預訂量下降一點點，但低於收入。我們預計第二季度的銷售額和其他費用按美元計算將比第一季度顯著增加，並且由於第二季度的總預訂量增加以及在商戶基礎。

We expect personnel expenses in Q2 will be about the same as they were in Q1 on a dollar basis. Compared with Q1, SBC and benefit expenses are expected to be less, but this is offset by an increase in bonus accruals, which are recorded proportional to revenue.

我們預計第二季度的人事費用將與第一季度的按美元計算大致相同。與第一季度相比，SBC 和福利費用預計會減少，但這被應計獎金的增加所抵消，這些獎金與收入成正比。

We expect G&A expenses in Q2 will be higher than Q1 on a dollar basis, driven by higher personnel-related costs such as recruiting and T&E as well as higher professional fees and digital service taxes. We expect IT expenses in Q2 will be higher than Q1 on a dollar basis due to increased investments in security, data privacy and some operational systems enhancements, including some deferred expenses from Q1. We expect -- we currently estimate the full year restructuring charge related to our actions at Booking.com will be approximately $30 million, and we expect to record about half of these charges in the second quarter.

我們預計第二季度的 G&A 費用按美元計算將高於第一季度，原因是招聘和 T&E 等人事相關成本增加，以及專業費用和數字服務稅增加。由於在安全、數據隱私和一些操作系統增強方面的投資增加，包括第一季度的一些遞延費用，我們預計第二季度的 IT 費用將高於第一季度。我們預計——我們目前估計與我們在 Booking.com 的行動相關的全年重組費用將約為 3000 萬美元，我們預計將在第二季度記錄其中約一半的費用。

Given what we just explained, especially the timing difference between recovery of bookings and revenue, we expect to record an EBITDA loss in Q2, albeit less of a loss than recorded in Q1. Depending upon how demand develops during the quarter, this could potentially be a small EBITDA loss in Q2.

鑑於我們剛剛解釋的情況，尤其是預訂和收入恢復之間的時間差異，我們預計第二季度將錄得 EBITDA 虧損，儘管虧損低於第一季度。根據本季度需求的發展情況，這可能是第二季度的小額 EBITDA 損失。

For the full year 2021, we continue to expect that the overall environment for travel will improve during the year, but the shape and timing of that improvement remained uncertain. As Glenn mentioned in his remarks, while we're seeing recovery and other encouraging signs in some countries, other countries and regions are struggling with a rapidly growing COVID wave.

對於 2021 年全年，我們繼續預計旅遊的整體環境將在這一年有所改善，但這種改善的形式和時間仍然不確定。正如格倫在講話中提到的那樣，雖然我們看到一些國家出現復甦和其他令人鼓舞的跡象，但其他國家和地區正在努力應對迅速增長的 COVID 浪潮。

Globally, the number of new cases reported is increasing, with a record 5.7 million new cases recorded the week of April 19th. This is directly impacting our business across much of April -- of Asia.

在全球範圍內，報告的新病例數量正在增加，4 月 19 日這一周記錄的新病例達到創紀錄的 570 萬例。這直接影響了我們 4 月份大部分時間的業務——亞洲。

As a reminder, about the [kinks] of our model during the recovery, we continue to expect if we see continued recovery in 2021, there'll be more bookings made in 2021 that will check in, in 2022 than there were bookings made in 2020 that checked in, in 2021. This timing factor could have a meaningfully negative impact on our revenue as a percentage of gross bookings and also drive deleverage in our marketing expenses in 2021 as we incurred the majority of our market expenses at the time of booking.

提醒一下，關於恢復期間我們模型的 [扭結]，我們繼續預計，如果我們看到 2021 年繼續恢復，2021 年的預訂量將超過 2022 年的預訂量2020 年，在 2021 年簽入。這個時間因素可能會對我們的收入佔總預訂量的百分比產生有意義的負面影響，並且還會推動我們在 2021 年的營銷費用去槓桿化，因為我們在預訂時承擔了大部分市場費用.

To remind you, in 2018 and 2019, our revenue as a percentage of gross bookings was approximately 15.6%. This increased to 19.2% in 2020. We expect this percentage will be well below 15.6% in 2021, and the faster the recovery occurs, the lower this percentage will be.

提醒您，在 2018 年和 2019 年，我們的收入佔總預訂量的百分比約為 15.6%。到 2020 年這一比例增加到 19.2%。我們預計 2021 年這個比例將遠低於 15.6%，而且複蘇越快，這個比例就會越低。

Before closing, there's been a lot of interest in our commentary in February about the longer-term model for our business. And I want to reiterate what we said previously and also provide some more color. We continue to believe it will be years, not quarters, before we see a full recovery of the travel market, especially international travel.

在結束之前，我們在 2 月份對我們業務的長期模式的評論引起了很大的興趣。我想重申我們之前所說的並提供更多顏色。我們仍然相信，在我們看到旅遊市場，尤其是國際旅遊的全面復甦之前，還需要幾年而不是幾個季度。

Looking beyond 2021, we continue to look forward to being a larger business with more diverse offerings and with more earnings than we had prior to COVID. We also remain focused on the potential for higher growth and market share. We expect to continue to have industry-leading EBITDA margin rates albeit most likely at levels below those in 2019, driven by mix shifts within the business, as I discussed on the last call.

展望 2021 年之後，我們繼續期待成為一家規模更大的企業，提供比 COVID 之前更多樣化的產品和更多的收入。我們還繼續關注更高增長和市場份額的潛力。正如我在上次電話會議中討論的那樣，由於業務內部的混合變化，我們預計將繼續擁有行業領先的 EBITDA 利潤率，儘管很可能低於 2019 年的水平。

As a reminder, these mix shifts include the continued growth of payments and the growth of flights and other connected trip verticals, which will add revenue and EBITDA at much lower margin rates than traditional accommodations.

提醒一下，這些組合轉變包括支付的持續增長以及航班和其他互聯旅行垂直領域的增長，這將以比傳統住宿低得多的利潤率增加收入和 EBITDA。

As we think about the future shape of our accommodation business, there are a few factors to consider. As discussed on the last call, we expect our personnel expenses in 2021 to be about the same as in 2019 as the savings from restructuring actions taken in 2020 are expected to be offset by personnel run rate investments made pre-COVID and personnel investments expected in 2021. Of course, some of these investments are to support payments and the connected trip.

當我們考慮住宿業務的未來形態時，有幾個因素需要考慮。正如上次電話會議所討論的那樣，我們預計 2021 年的人事費用將與 2019 年大致相同，因為 2020 年採取的重組行動所節省的資金預計將被 COVID 之前的人員運行率投資和預計在2021. 當然，其中一些投資是為了支持支付和互聯旅行。

As we look beyond 2021, the $370 million in savings from our restructuring actions were mainly in volume-related functions, meaning that as volumes grow back, the levels which we expect -- which means as volumes go beyond the levels we expect in 2021, we'll need to add expenses back to business.

展望 2021 年以後，我們的重組行動節省的 3.7 億美元主要用於與數量相關的功能，這意味著隨著數量的回升，我們預期的水平——這意味著隨著數量超過我們在 2021 年的預期水平，我們需要將費用重新添加到業務中。

As we've mentioned before, we look to do this in cost-effective ways, but the work will come back. And when added to our 2021 personnel cost base, will put pressure on our accommodation business EBITDA margins relative to 2019 at the same level of volumes we had in 2019 and at the same growth rate.

正如我們之前提到的，我們希望以具有成本效益的方式做到這一點，但工作會回來的。當添加到我們 2021 年的人員成本基礎中時，相對於 2019 年，我們的住宿業務 EBITDA 利潤率將面臨與 2019 年相同水平和相同增長率的壓力。

Of course, there are offsetting factors that could improve margins, including variable cost efficiencies from additional scale as we grow beyond 2019 volumes from fixed cost efficiencies and from increased direct mix.

當然，有一些抵消因素可以提高利潤率，包括隨著我們從固定成本效率和增加的直接組合在 2019 年以後的銷量增長而產生的可變成本效率。

The last thought I'd like to leave you with on this topic is that we believe that the recovery of the travel market will create opportunities to invest to gain share in accommodations, which could put pressure on margins during the period of share gains.

關於這個話題，我想給你的最後一個想法是，我們認為旅遊市場的複蘇將創造投資以獲得住宿份額的機會，這可能會在份額增長期間對利潤率造成壓力。

In conclusion, we are pleased to see the recovery we discussed in February continued into March and April in some parts of the world, leading to improvement in our top line metrics. We're also watching the spread of COVID and the distribution of effective vaccines very carefully and realize that this may lead to volatility -- continued volatility ahead. We remain confident that we can emerge from this crisis in a stronger position.

總之，我們很高興看到我們在 2 月份討論的複蘇在世界某些地區持續到 3 月和 4 月，從而導致我們的頂線指標有所改善。我們也在非常仔細地觀察 COVID 的傳播和有效疫苗的分發，並意識到這可能會導致波動——未來的持續波動。我們仍然相信，我們能夠以更強大的地位擺脫這場危機。

With that, we'll take your questions. And Grace, we'll hand over to you to open the line for questions.

有了這個，我們會回答你的問題。格蕾絲，我們會交給你來打開問題的熱線。

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

（操作員說明）您的第一個問題來自美國銀行的 Justin Post。

I think a couple of things would help. Can you give us any updates or your thoughts on mix between U.S., Europe and Asia just so we can think about the recovery? And then can you remind us what happened in Europe last summer when cases came down? Did you see a rapid increase? And are you seeing bookings pick up as people are vaccinated right now in Europe?

我認為有幾件事會有所幫助。您能否向我們提供任何最新消息或您對美國、歐洲和亞洲之間的混合的看法，以便我們考慮復甦？然後你能提醒我們去年夏天病例下降時歐洲發生了什麼嗎？你看到快速增長了嗎？隨著人們現在在歐洲接種疫苗，您是否看到預訂量有所增加？

David, why don't you take that?

大衛，你為什麼不接受呢？

Yes. Justin, let me take that. So just to remind you of our historic mix. We have basically said that Europe is, of course, our largest region. Historically, if you think kind of roughly 50% or maybe a little bit more, you wouldn't be far off being correct. Asia, we said historically, again, pre-COVID is -- was about 20%, with no single country being more than low single digits. And that means that you've really got 30% left for U.S. and rest of the world combined. So that is our pre-COVID mix.

是的。賈斯汀，讓我接受。因此，只是為了提醒您我們的歷史組合。我們基本上已經說過，歐洲當然是我們最大的地區。從歷史上看，如果你認為大約 50% 或更多一點，你就離正確不遠了。亞洲，我們在歷史上再次說過，COVID 之前的比例約為 20%，沒有一個國家超過低個位數。這意味著你真的有 30% 留給美國和世界其他地區。這就是我們在 COVID 之前的組合。

Obviously, that mix has changed a little bit with the dynamic of what's happened recently. Obviously, the U.S. has gone up as that's been the most recovered marketplace. So that's the historic reference points.

顯然，隨著最近發生的事情的動態，這種組合發生了一些變化。顯然，美國已經上漲，因為那是恢復最多的市場。這就是歷史參考點。

In terms of last summer, we saw a couple of things. We, of course, did see after the first wave came down, we saw people getting more confident with traveling. Of course, vaccines were still not available at that point in time. So people were kind of traveling quite carefully and traveling locally.

就去年夏天而言，我們看到了一些事情。當然，我們確實看到在第一波浪潮過後，我們看到人們對旅行變得更加自信。當然，當時還沒有疫苗可用。所以人們有點小心翼翼地在當地旅行。

What we have seen, and we saw it in several places, what we've seen so far is a very consistent trend that when cases come down, when the vaccination rates go up, when government restrictions start to lift, good things happen. We see that happening in the U.S. right now, we see that happening in Israel.

我們所看到的，我們在幾個地方看到的，到目前為止，我們看到的是一個非常一致的趨勢，即當病例下降、疫苗接種率上升、政府限制開始解除時，好事就會發生。我們現在看到美國正在發生這種情況，我們看到以色列正在發生這種情況。

We mentioned a couple of other areas that are doing better than average. So our expectation is that we'll see those positive trends start to occur in other parts of the world, particularly in Europe as things are starting to improve. As we mentioned, we are seeing things improving on April versus March, and Europe is now no longer the least recovered region.

我們提到了其他幾個表現優於平均水平的領域。因此，我們的期望是，隨著情況開始好轉，我們將看到這些積極趨勢開始出現在世界其他地區，尤其是在歐洲。正如我們所提到的，我們看到 4 月的情況比 3 月有所改善，歐洲現在不再是恢復最少的地區。

Got it. And maybe one follow-up. You mentioned share gains -- maybe for Glenn, opportunities. Maybe you could give us a little more color on that? And do you think your U.S. bookings are trending above kind of industry averages right now?

知道了。也許還有一個後續行動。你提到了股票收益——也許對格倫來說，機會。也許你可以給我們更多的色彩？您認為您在美國的預訂量目前是否高於行業平均水平？

Well, as I said, I'm very pleased with the Q1 results in the U.S. I mentioned both Priceline.com and Booking.com doing well. So we are very happy about that. I don't have -- we're not done with the quarter yet, so we don't have industry-wide numbers to go against. So I'm just going to say that I'm pleased with what we're producing, and we'll see after everybody's reported how we did.

好吧，正如我所說，我對美國第一季度的業績感到非常滿意。我提到 Priceline.com 和 Booking.com 都表現良好。所以我們對此感到非常高興。我沒有——我們還沒有完成這個季度，所以我們沒有全行業的數據可以反對。所以我只想說我對我們製作的東西很滿意，我們會在每個人都報告我們的表現之後再看看。

our next question comes from the line of Kevin Kopelman from Cowen.

我們的下一個問題來自 Cowen 的 Kevin Kopelman。

Great. A couple of follow-ups on the U.S. growth. Can you give us any more of a sense of how much Q1 improved versus Q4? And obviously, the overall industry improved in the U.S. in the first quarter quite a bit. But was Booking.com or bookings growth in the U.S. also a product of any specific decisions you made in the first quarter along the lines of your new strategic -- were increasing strategic focus on U.S. share gains? For example, change in the way you're doing marketing or anything like that?

偉大的。美國經濟增長的一些後續行動。您能否讓我們進一步了解 Q1 與 Q4 相比有多大改善？很明顯，第一季度美國的整個行業都有了很大的改善。但是，Booking.com 或美國的預訂量增長是否也是您在第一季度根據您的新戰略做出的任何具體決策的產物——增加了對美國股票收益的戰略關注？例如，改變你做營銷的方式或類似的東西？

So why don't I talk generally about our strategy? And then David, if he wants, I'm not sure he wants to disclose anything more about the specific numbers and gains. I will say this. We -- I've said this in several calls in the past, actually many, about increasing our performance in the U.S. is a strategic priority. And we have said that we underindexed in the U.S.

那麼，我為什麼不籠統地談談我們的戰略呢？然後大衛，如果他願意，我不確定他是否願意透露更多關於具體數字和收益的信息。我會說這個。我們 - 我在過去的幾次電話中都說過，實際上很多次，關於提高我們在美國的表現是一個戰略優先事項。我們已經說過我們在美國的指數不足。

So we are doing many, many things to try and improve that. And everything from the basics of making sure we have the right selections of properties that people want, to making sure it's the right price, to make sure we're competitive. I talked about how we had to have the U.S. payments platform up and running for Booking.com so we can, too, create new things such as our back-to-travel promo, which, of course, wasn't in Q1, but just another example of things that we're doing.

所以我們正在做很多很多事情來嘗試和改進它。從確保我們擁有人們想要的正確房產選擇的基礎知識，到確保價格合適，再到確保我們具有競爭力的一切。我談到了我們如何必須為 Booking.com 建立並運行美國支付平台，這樣我們也可以創造新的東西，例如我們的返程促銷活動，當然，這不是在第一季度，但是這只是我們正在做的事情的另一個例子。

And there's a lot of just blocking and tackling done by both teams, Priceline.com and the people at Booking.com, working with our suppliers, coming up with the ways that we can help them get more customers. So it's so many different things. There's no one thing to say that was the silver bullet. And I expect that we will be able to continue to do this, I hope to be able to continue to do this in the future. It will remain a priority for us.

兩個團隊、Priceline.com 和 Booking.com 的人員都與我們的供應商合作，提出了可以幫助他們獲得更多客戶的方法，這有很多只是阻止和解決。所以它有很多不同的東西。沒有什麼可說的，那就是銀彈。我希望我們能夠繼續這樣做，我希望將來能夠繼續這樣做。這仍將是我們的優先事項。

And David, if you want to talk about numbers.

還有大衛，如果你想談談數字。

I will just, Kevin, reiterate what we said and give you a little flavor to make sure you understand where the emphasis was. So things did improve significantly sequentially in the U.S. during the quarter. And we had positive room night growth in the U.S. year-on-year, which is great because, obviously, the international business was still down a fair amount. When we got into March, that room night growth in the U.S. was very strong, which I characterize that as above any of our normal growth rates. That strengthened further into April.

凱文，我將重申我們所說的內容，並為您提供一點啟發，以確保您了解重點所在。因此，本季度美國的情況確實有顯著改善。我們在美國的客房夜數同比增長，這很好，因為很明顯，國際業務仍然下降了很多。當我們進入三月份時，美國的房晚增長非常強勁，我認為這高於我們的任何正常增長率。這種情況在四月份進一步加強。

So very strong plus. And then if you just kind of double-click down and look at just the domestic recognizing there is some substitution effect in there. The growth rate in the U.S. was very strong for the entire quarter, positive for each month of the quarter and getting stronger and was again stronger in April than it was in March.

所以非常強加。然後如果你只是雙擊下來看看國內的承認那裡有一些替代效應。整個季度美國的增長率非常強勁，每個季度都是正增長，並且越來越強勁，4 月份再次比 3 月份強勁。

Okay. Great. And if I could, just one follow-up on that on -- you did the $50 travel credit promo in April. You see that as kind of an ongoing tactic or strategy that you might use and how much would this shift in cost from marketing spend to contra revenue?

好的。偉大的。如果可以的話，只需跟進一次——你在 4 月份做了 50 美元的旅行積分促銷。您認為這是您可能使用的一種持續的策略或策略，這種成本從營銷支出到對沖收入的轉變會有多大？

Well, we just put it out. It's -- people still have opportunity still to book on that one. It goes until the end of May for U.S. people. They can still do a book. They had to do the -- April, they had to actually activate it. So we don't have a lot of detail yet today on what we think that's going to be. It certainly is something that -- look, it's one different thing, and I point it out, not because it's a huge driver, but just an example of things that we haven't done in the past that we will do in the future.

好吧，我們只是把它放出來。這是 - 人們仍然有機會預訂那個。對於美國人來說，它一直持續到五月底。他們仍然可以做一本書。他們必須這樣做——四月，他們必須真正激活它。所以我們今天還沒有很多關於我們認為會發生什麼的細節。這當然是——看，這是另一回事，我指出，不是因為它是一個巨大的驅動力，而只是我們過去沒有做過的事情的一個例子，我們將在未來做。

And in fact, just you may have noticed it, we started it very similar, though not exactly the same program in the U.K. yesterday -- or maybe it was 2 days ago. The point being that we're trying to be more creative going forward, coming up with different ways to bring those customers to us, show them what a great product we have, great service we have, and make sure they come back to us in the future, albeit not with the promotion.

事實上，你可能已經註意到了，我們昨天在英國開始的時候非常相似，雖然不完全相同——或者可能是兩天前。關鍵是我們正努力在未來變得更有創意，想出不同的方式來吸引這些客戶，向他們展示我們有多麼棒的產品，我們有多麼棒的服務，並確保他們回到我們身邊未來，雖然不與升職。

Your next question comes from the line of Mark Mahaney from Evercore.

您的下一個問題來自 Evercore 的 Mark Mahaney。

Okay. I think I've got 2 questions. I want to first start off, I think, Glenn, you made some comments about the mix of alternative accommodations. And being, I think, relatively similar in the March quarter versus a year ago. And I guess I would have thought that it would have been kind of structurally higher that somehow because of -- during the COVID crisis, I know you talked about that, that mix increasing.

好的。我想我有 2 個問題。我想首先開始，我想，格倫，你對替代住宿的組合發表了一些評論。我認為，與一年前相比，三月季度的情況相對相似。而且我想我會認為它在結構上會更高一些，因為 - 在 COVID 危機期間，我知道你談到了這一點，這種組合在增加。

Do you expect it to recover back? Or do you expect it to revert back to where it was before that is alternative accommodations as a percentage of your lodging mix? Or would you expect it to be somewhat elevated post-COVID just because of the greater exposure that a lot of consumers had to that during the crisis?

你期待它恢復嗎？或者您是否希望它恢復到之前的替代住宿佔您住宿組合的百分比？或者您是否會因為在危機期間許多消費者不得不更多地接觸到這種情況而期望它在 COVID 後有所提高？

So Mark, I'm going to -- let me -- I'll answer your question first about the general what I expect in the future. And I'll let David talk about the mix, and he can talk about because we have more in Europe than in the U.S. I'll let him go through that, to very certainly why we are where we are.

所以馬克，我要- 讓我- 我將首先回答你關於我對未來的總體預期的問題。我會讓大衛談論混合，他可以談論，因為我們在歐洲比在美國擁有更多。我會讓他經歷那個，非常肯定為什麼我們會在我們現在的位置。

In terms of the future, here's the situation. We have been saying for many, many years, and everyone is aware of this, that people have been more interested in the alternative accommodation. This is a global phenomenon. And it's been going up at a steady rate for some time. COVID created a step-functional change where people who may never have thought about an alternative accommodations, now they were thinking, I want to go to a home that's not near people, maybe near the beach or near the mountains, and I feel safer there.

就未來而言，情況是這樣的。多年來，我們一直在說，每個人都知道這一點，人們對替代住宿更感興趣。這是一個全球現象。一段時間以來，它一直以穩定的速度上升。 COVID 創造了一個階梯式的功能變化，人們可能從未考慮過替代住宿，現在他們在想，我想去一個不靠近人的家，也許靠近海灘或靠近山脈，我覺得那裡更安全.

Now having tried that in the future, the question, as you just asked is, will people go back to their former habits of some people going to hotels, some people go home, will it be going to be a more gradual increase and will it be a drop back first and then back up? I don't think anybody really knows.

現在已經嘗試了，就像你剛才問的那樣，人們是否會回到以前的習慣，有些人去酒店，有些人回家，會不會越來越緩慢，會不會？是先退後退？我想沒有人真正知道。

But I would make the guess that people having tried the alternative accommodations during the pandemic, will forever have it in their consideration set. And they may not always use it, they will choose what type of property fits their needs. But now because it is part of their consideration set, I think there is a functional change in increased mix in the long run.

但我猜想，在大流行期間嘗試過替代住宿的人們將永遠將其納入考慮範圍。他們可能並不總是使用它，他們會選擇適合他們需要的房產類型。但現在因為這是他們考慮的一部分，我認為從長遠來看，增加組合的功能會發生變化。

That being said, for us, we do both. We have the greatest selection of both hotels and non-hotel accommodations together combined so we feel we are very well positioned globally for that -- though I have spoken in the past, in some regions, we are definitely insufficient supply that we need to build up.

話雖如此，對我們來說，我們兩者都做。我們擁有最多的酒店和非酒店住宿選擇，因此我們認為我們在全球範圍內處於非常有利的位置——儘管我過去曾說過，在某些地區，我們絕對沒有足夠的供應，我們需要建立向上。

And David, if you want to explain again about the issue because of mix in terms of geographies and the mix in properties.

還有大衛，如果你想再次解釋這個問題，因為地理和屬性的混合。

Yes. Mark, let me just explain that maybe in a slightly different way. So starting with Europe. If you just looked out our business within Europe, you only looked at that lens, you would see alternative accommodation mix in Q1 this last year, up a fair amount compared to Q1 of '20 and also versus Q1 of 2019.

是的。馬克，讓我以稍微不同的方式解釋一下。所以從歐洲開始。如果您只是查看我們在歐洲的業務，您只會看到那個鏡頭，您會看到去年第一季度的替代住宿組合，與 20 年第一季度和 2019 年第一季度相比增長了相當大的數量。

So within Europe, where we have our largest mix of alternative accommodations, we see an increase in mix. But you also remember, I said that Europe in Q1 was our lowest performing region. And of course, the highest performing region was the U.S., where we have a much lower mix of alterative accommodation. So that mix effect means that in total, our alternative accommodation mix did not increase, but in Europe, for example, where it's the largest, it did increase a fair amount. So mix effect is really the biggest reason.

因此，在歐洲，我們擁有最大的替代住宿組合，我們看到組合有所增加。但你也記得，我說過第一季度的歐洲是我們表現最差的地區。當然，表現最好的地區是美國，那裡的替代住宿組合要少得多。因此，這種混合效應意味著總體而言，我們的替代住宿組合併沒有增加，但例如在歐洲，它是最大的，它確實增加了相當多的數量。所以混音效果真的是最大的原因。

In total, in Q1, the mix also of accommodation will be very similar to the 30% number we gave out for all of FY '20. But again, within different regions, there are mix shifts occurring.

總的來說，在第一季度，住宿組合也將與我們在 20 財年給出的 30% 的數字非常相似。但同樣，在不同的地區，發生了混合變化。

And if I could ask one follow-on question. I think you talked about a better ROI in paid marketing channels and just your guess as to whether that's sustainable or not?

如果我可以問一個後續問題。我認為您談到了付費營銷渠道的更高投資回報率，只是您猜測這是否可持續？

Yes, it's a good question. There are many things going on in ROI. So yes, we did see slightly improved ROIs on the paid channels. We also saw an increase in direct mix, and those 2 together, let us have marketing grow less than bookings in the quarter. But there are many factors that go into accounting ROIs, including cost per click, conversion rate, cancellation rates, and we're still in a period of, I'd say, high volatility across all of those.

是的，這是個好問題。投資回報率中發生了很多事情。所以是的，我們確實看到付費頻道的投資回報率略有提高。我們還看到直接組合的增加，而這兩者加在一起，讓我們的營銷增長低於本季度的預訂量。但是會計投資回報率有很多因素，包括每次點擊成本、轉化率、取消率，而且我們仍處於一個時期，我想說的是，所有這些因素都高度波動。

So it's not reasonable to point to any one factor as to why ROIs were up, but they were up slight, we want to point that out. And it's only just one quarter. So given the volatility of things happening, we wanted to point it out, but too early to call a trend.

因此，指出任何一個因素來說明投資回報率上升的原因是不合理的，但它們略有上升，我們想指出這一點。而且只有四分之一。因此，鑑於事情發生的波動性，我們想指出這一點，但稱其為趨勢還為時過早。

Our next question comes from the line of Lloyd Walmsley from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lloyd Walmsley。

This is Chris on for Lloyd. Can you just talk a little bit about, I guess, booking frequency associated, it sounds like there has been meaningful pickup in share within you guys' app? Just kind of talk to us a little bit about booking frequency on app and how that compares to non-app users.

這是勞埃德的克里斯。你能談談，我猜，預訂頻率相關，聽起來你們的應用程序中的分享有有意義的提升嗎？請與我們談談應用程序的預訂頻率以及與非應用程序用戶相比的情況。

David, I don't know if you ever disclose anything in terms of frequency on the app?

大衛，我不知道你是否曾在應用程序的頻率方面透露過任何信息？

No. Chris, let me tell you kind of what we have talked about and see if that answers the question. And then maybe we're not kind of -- maybe we haven't got your question completely right.

不，克里斯，讓我告訴你我們談論的內容，看看是否能回答問題。然後也許我們不是——也許我們沒有完全正確地回答你的問題。

But just to kind of remind us where we are right now, over 2/3 of our bookings are mobile. The majority of those are on app. Our app booking customers are our most frequent bookers relative to other direct channels because obviously, we can have a direct booking through a mobile web direct booking all through a desktop booking and the app bookers are the most -- of the most loyal and the most returning. But we really haven't gone into frequency. And also I'd say right now, in the current environment where we're still very much recovering, frequency metrics are not the most critical ones that we're focused on right now. It's more the overlying top -- the overall top line growth rates. But we are pleased with what we're seeing with the trend towards app usage, the increase in the app mix and the repeat behavior of app users, those are all positive things for us.

但只是為了提醒我們現在所處的位置，我們超過 2/3 的預訂是移動的。其中大多數都在應用程序上。相對於其他直接渠道，我們的應用程序預訂客戶是我們最常預訂的人，因為很明顯，我們可以通過移動網絡直接預訂直接通過桌面預訂進行預訂，並且應用程序預訂者是最忠誠和最忠誠的返回。但我們真的沒有進入頻率。而且我現在要說的是，在我們仍在恢復的當前環境中，頻率指標並不是我們現在關注的最關鍵的指標。它更多的是重疊的頂部 - 整體頂線增長率。但我們對我們看到的應用程序使用趨勢、應用程序組合的增加和應用程序用戶的重複行為感到滿意，這些對我們來說都是積極的事情。

Okay. That's helpful. And just want to make sure more of a housekeeping question. I saw a little bit of repurchase activity that was not related to you guys starting up your buyback again. Is that correct?

好的。這很有幫助。只是想確定更多的家政問題。我看到了一些與你們再次開始回購無關的回購活動。那是對的嗎？

No, that was related to employee stock purchases. That was not buyback-related.

不，這與員工股票購買有關。這與回購無關。

Your next question comes from the line of Brian Nowak from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Nowak。

This is Alex Wang on for Brian. First just on flights. I appreciate the update on the rollout to 18 countries. Maybe any early learnings you could share with us, partake in the U.S. and potentially attach rates that you can share and sort of what do you foresee as the key 2 or 3 incremental investments to sort of execute on flights as we progress through the year?

這是亞歷克斯王為布賴恩。首先只是在航班上。我很欣賞在 18 個國家/地區推出的最新消息。也許您可以與我們分享任何早期學習，參與美國並可能附加您可以分享的費率以及您認為隨著我們一年的進展，在航班上執行的關鍵 2 或 3 項增量投資？

Sure. So we don't give away -- I don't believe we ever talked about the actual attachment rates, but I will say that, that is an important reason we do flights. And that getting that booker upfront is important so that we can then get them to buy something that will have a higher margin.

當然。所以我們不會放棄——我不相信我們曾經討論過實際的連接率，但我會說，這是我們進行航班的一個重要原因。提前讓那個預訂者很重要，這樣我們才能讓他們購買利潤率更高的東西。

The 18 countries in that Booking.com is now working in. We are getting initial -- and we've been doing it for some time now, we'll, I guess, a year now approximately. We are getting some learnings, how can we improve it, how we make it better? We really haven't marketed this at all in terms of the way we market our hotels offering because we want to get it right before we start spending a lot of money. We don't want to waste money, as you know.

Booking.com 的 18 個國家/地區現在正在開展工作。我們正在起步——我們已經這樣做了一段時間，我想，現在大約一年。我們正在學習，我們如何改進它，我們如何讓它變得更好？就我們營銷酒店產品的方式而言，我們真的根本沒有營銷過這個，因為我們希望在開始花很多錢之前把它做好。如您所知，我們不想浪費金錢。

I am very pleased, though, with the very limited effort that we've done that people are using it, and we are getting feedback that people are coming back.

不過，我很高興我們所做的努力非常有限，人們正在使用它，並且我們收到了人們回來的反饋。

So that's good. It's something that's important for the long run. And I want to emphasize how much this is a long game we're playing here. Because, as you know, the number is still very, very, very small. And this is very early. But we hope, in the long run, that this connected trip, which is not just the flights, but it's also the ground transportation and the attractions and the dining, and all the things that people do when they are traveling, to create something that makes them want to always use our app more than anything else.

所以這很好。從長遠來看，這很重要。我想強調這是我們在這裡玩的一場漫長的比賽。因為，如你所知，這個數字仍然非常、非常、非常小。這還為時過早。但從長遠來看，我們希望這次互聯旅行，不僅僅是航班，還有地面交通、景點和餐飲，以及人們在旅行時所做的所有事情，創造出一些讓他們比其他任何東西都更想使用我們的應用程序。

When they pick a travel, they come back to us. So it's critical that we have that first thing, which is important to a lot of people, flights. And now we're going to continue to make investments into it to make sure that it's absolutely a great, great service.

當他們選擇旅行時，他們會回到我們身邊。因此，我們擁有第一件事至關重要，這對很多人來說很重要，即航班。現在我們將繼續對其進行投資，以確保它絕對是一項出色的服務。

Got it. Just one follow-up. I think a couple of quarters ago, you guys had tested a digital brand campaign. I'm not sure if there's anything you can share on that. But maybe bigger picture as we look at the performance channels ex search, do you see any opportunities to sort of lean into more of the non-search performance channels with online video as we're seeing increasing sort of digital transformation as a result of the pandemic?

知道了。只是一個後續。我想幾個季度前，你們測試了一個數字品牌活動。我不確定您是否可以分享任何內容。但是，當我們查看搜索前的績效渠道時，可能會有更大的圖景，您是否看到任何機會通過在線視頻向更多的非搜索績效渠道傾斜，因為我們看到由於數字化轉型的結果越來越多大流行？

Well, we recognize that's where the eyeballs are going. So we need to make sure that we are putting our name appropriately in front. So people, when they think of travel, they think of us. So we're cognizant of that fact, and we are working on that. So yes, we will continue to work with that.

好吧，我們認識到這就是眼球的去向。所以我們需要確保我們把我們的名字適當地放在前面。所以人們，當他們想到旅行時，他們會想到我們。所以我們認識到這一事實，我們正在努力解決這個問題。所以是的，我們將繼續努力。

Your next question comes from the line of Mario Lu from Barclays.

您的下一個問題來自巴克萊的 Mario Lu。

Great. I have one on agency versus merchant bookings and then one on payments. So the one on agency versus a merchant, it looks like the merchant bookings recovered at a level much quicker in 1Q compared to agency. Is there anything to kind of call out there to explain the quicker recovery?

偉大的。我有一個關於代理與商家預訂的問題，然後是一個關於付款的問題。因此，在代理與商家之間，與代理相比，第一季度的商家預訂恢復速度要快得多。有什麼可以解釋更快恢復的嗎？

And then on payments, you guys mentioned you guys are north of 20% of bookings. Is there a specific target you guys plan to reach in the long term? And how should that flow through to, say, revenue and operating margins over time?

然後在付款方面，你們提到你們佔預訂量的 20% 以上。你們有長期計劃達到的具體目標嗎？隨著時間的推移，這應該如何影響收入和營業利潤率？

So Dave, why don't you talk to him about his agency merchant question, and then I'll talk about the long vision on payments.

所以戴夫，你為什麼不和他談談他的代理商家問題，然後我會談談支付方面的長期願景。

Sure. So actually, we saw a slightly lower mix of merchants in Q1 this year than in Q1 last year, both in total and at Booking.com, because bear in mind, you're kind of comparing it, essentially, an almost a non-crisis quarter last year. Of course, Q1 in March, things got worse. But most of the quarter was not crisis, and now you're talking about a -- comparing with a quarter that is very much still in the crisis with recovery mode.

當然。所以實際上，我們看到今年第一季度的商戶組合比去年第一季度略低，無論是在總量上還是在 Booking.com，因為請記住，你是在比較它，本質上，幾乎是一個非去年的危機季度。當然，在 3 月的第一季度，情況變得更糟了。但是該季度的大部分時間都不是危機，現在你談論的是一個 - 與一個仍處於危機中並處於復蘇模式的季度相比。

So people, in the short term, looking at the more flexible agency pay the hotel model because that has just an attractive proposition in times like this were flexibility becomes very important.

所以人們，在短期內，考慮更靈活的代理支付酒店模式，因為這只是一個有吸引力的提議，在這樣的時代，靈活性變得非常重要。

We do expect a merchant business to actually increased during the year at Booking.com, where we have obviously the biggest mix shift happening. And we still think that the merchant business in total in 2021 will be a slightly higher mix than it was in 2020. But of course, flexibility is one of the factors that is important as people are looking at bookings in this environment. So that's what's going on this year.

我們確實預計今年 Booking.com 的商家業務實際上會有所增長，顯然我們正在發生最大的混合變化。而且我們仍然認為，2021 年的商戶業務總量將比 2020 年略高。但當然，靈活性是人們在這種環境下關注預訂的重要因素之一。這就是今年發生的事情。

In the long view, we'd like to get as much of this as possible on payments because we believe we'll create a better service for both our customers for traveling and our supplier partners to be able to do all sorts of things that you can't do when it's just a straight agency play. And we believe we can provide value to everyone in that way.

從長遠來看，我們希望在付款方面獲得盡可能多的收益，因為我們相信我們將為我們的旅行客戶和我們的供應商合作夥伴創造更好的服務，以便能夠為您做各種各樣的事情當它只是一個直接的代理遊戲時，它是做不到的。我們相信我們可以通過這種方式為每個人提供價值。

And I give that, for example, earlier about we couldn't do a back-to-travel promotion if we didn't have a payment product to do that. And then in many ways, we're going to be able to merchandise people's -- our supplier partners' different ways to merchandise their offerings in ways that you can really only do well with a payment platform. And of course, putting things together, bundling, all different things. So obviously, we would like to get as many people in because it's good for everybody who comes into it, both the customer and the supplier.

例如，如果我們沒有支付產品，我們就無法進行返程旅行促銷。然後在很多方面，我們將能夠推銷人們——我們的供應商合作夥伴的不同方式來推銷他們的產品，而這些方式只有在支付平台上才能做得很好。當然，把東西放在一起，捆綁，所有不同的東西。很明顯，我們希望讓盡可能多的人參與進來，因為這對參與其中的每個人都有好處，包括客戶和供應商。

That being said, we know that we'll never get to 100%. There will be still be lots of people who will say, all I need is a hotel. I like this agency thing, I'd pay at the desk, it's all fine. We'll see if that happens, whatever. But even in that situation, we may actually do the payment for the hotel the way we can save them money.

話雖如此，我們知道我們永遠不會達到 100%。仍然會有很多人會說，我只需要一家酒店。我喜歡這個代理的東西，我會在辦公桌上付款，一切都很好。我們會看看這是否會發生，無論如何。但即使在這種情況下，我們實際上可能會以我們可以為他們省錢的方式為酒店付款。

So it's a great -- it's a great opportunity for us, but is the long view and it's going to take some time to get there.

所以這是一個很好的機會——這對我們來說是一個很好的機會，但從長遠來看，它需要一些時間才能實現。

Yes. And then just to kind of reiterate what we said before about how it plays out in the income statements. We get additional revenue from providing the payment service. We have a variable cost weighted to that sitting in sales and other, which is where you see the biggest offsetting cost element to offset -- to match the revenue.

是的。然後只是重申我們之前所說的關於它在損益表中的表現。我們通過提供支付服務獲得額外收入。我們有一個可變成本加權到銷售和其他方面，這是您看到要抵消的最大抵消成本要素 - 以匹配收入。

There are some incremental expenses, obviously, in our other lines as well related to running the payments program, but the biggest variable costs are sitting sales and other. And as we mentioned, in 2020, the payments business operated very close to breakeven when factoring, particularly the variable costs into account, which is an improvement from what it was before and it's obviously an enabler of the business, as Glenn just articulated.

顯然，在我們的其他產品線以及與運行支付程序有關的一些增量費用，但最大的可變成本是坐著的銷售和其他。正如我們所提到的，在 2020 年，支付業務在考慮因素時非常接近盈虧平衡，特別是考慮到可變成本，這比以前有所改進，這顯然是業務的推動者，正如 Glenn 剛剛闡述的那樣。

So we want to continue to grow the mix and maintain that breakeven profile as we're growing it out, recognizing -- in the future, we recognize there are monetization opportunities that can lead to incremental EBITDA from the payments business, which we expect, albeit at lower margin rates than core accommodations.

因此，我們希望繼續擴大組合併保持盈虧平衡，因為我們正在發展它，認識到 - 在未來，我們認識到存在可能導致支付業務增加 EBITDA 的貨幣化機會，我們預計，儘管利潤率低於核心住宿。

Our next question comes from the line of Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

This is Dae on for Doug. My first one is on your alternative accommodation product. You talked about works needed to improve the product in the U.S. Is that just inventory and awareness that you talked about in the past? Or are there other areas where you see opportunities to improve?

這是道格的代言人。我的第一個是關於您的替代住宿產品。您談到了在美國改進產品所需的工作。您過去談到的僅僅是庫存和意識嗎？或者還有其他方面您認為有改進的機會嗎？

And then just on the room night growth and booking growth. It seems like there's been a sizable divergence in trajectory. I kind of feel like there could be affecting that border and is -- anything else notable that's driving that? And how should we think about the relationship between the 2 going forward?

然後只是房間夜增長和預訂增長。軌跡似乎有很大的分歧。我覺得可能會影響那個邊界，而且還有什麼值得注意的驅動因素？以及我們應該如何看待未來兩者之間的關係？

So I'll take the first and Dave, why don't you take the second. So in terms of the alternative accommodations in the states, the things you mentioned aren't very, very important. We've got to have the right properties for the customer. And I've talked about this in the past that we underindexed with the private homes, the single homes in the states. And that has been a popular product in the states because of the pandemic. And that's something that we are continuing to work on in the future.

所以我會選第一個，戴夫，你為什麼不選第二個。因此，就各州的替代住宿而言，您提到的事情並不是非常非常重要。我們必須為客戶提供合適的屬性。我過去曾談到過我們對私人住宅、美國單身住宅的索引不足。由於大流行，這一直是美國流行的產品。這是我們在未來繼續努力的事情。

It's also just the process in general, how we get people on board, who we're dealing with to get them to come in, and we currently are using the multiproduct property managers more than, say, some of our competitors who go out and get individual properties. So there's a difference in how we're doing it right now.

這也只是一般的過程，我們如何讓人們加入，我們正在與誰打交道讓他們進來，我們目前使用的多產品物業經理比我們的一些競爭對手更多獲取單個屬性。所以我們現在的做法有所不同。

I do believe this is a very, very achievable goal to be as competitive as anybody else. As David mentioned earlier about mix, we do a great business in Europe in the alternative accommodations area, a very good business. And there's no reason we shouldn't be able to do the exact same thing here in the states, though it is taking time.

我確實相信這是一個非常非常可以實現的目標，即與其他人一樣具有競爭力。正如大衛之前提到的那樣，我們在歐洲的替代住宿領域做得很好，這是一項非常好的業務。我們沒有理由不能在各州做同樣的事情，儘管這需要時間。

Yes. And on what's going on between the dynamic between room night growth and booking growth. There are a couple of factors going on here. One, I mentioned the fact that we're doing -- that we're seeing better booking growth performance from flights because of volume. And also, we're doing -- even though the units are down 4% to 6% in car, there's actually a fairly good increase in rates for cars. So total bookings, the TTV is down better for both flights and cars than it is for accommodations.

是的。以及房間夜增長和預訂增長之間的動態之間發生了什麼。這裡有幾個因素。第一，我提到了我們正在做的事實——由於數量的原因，我們看到航班的預訂增長表現更好。而且，我們正在做——儘管汽車的單位下降了 4% 到 6%，但汽車的費率實際上有相當不錯的增長。因此，在總預訂量中，航班和汽車的 TTV 都比住宿的好。

But the biggest factor is really what's going on with ADRs, and there has been a bit of a shift in what we've seen even in the last couple of months. And we are -- saw that ADRs in the quarter were only down 1%.

但最大的因素實際上是 ADR 的情況，即使在過去幾個月中，我們所看到的情況也發生了一些變化。我們 - 看到本季度的 ADR 僅下降了 1%。

Now I would say there's a couple of things. The like-for-like ADRs are absolutely still under pressure due to lower occupancy rates. But there are some mix benefits that really impacting the year-on-year comparison. The first mix benefit was the mix shift towards the U.S. as the U.S. really starts to accelerate, particularly in March. You saw a really fast pickup in growth rates in March that we were not forecasting when we last met. U.S. until that was a positive for room night growth but also for ADRs. And also in Europe, what's happening is right now because there are still a lot of restrictions, people booking today are booking generally more often for the summer holiday and the summer holiday period in Europe as higher ADRs than most short-term stays.

現在我想說有幾件事。由於較低的入住率，同類 ADR 絕對仍面臨壓力。但也有一些真正影響同比比較的混合收益。第一個混合收益是混合向美國的轉變，因為美國真正開始加速，特別是在 3 月份。您看到 3 月份的增長率非常快速回升，這是我們上次見面時沒有預測到的。在此之前，美國對房晚增長和 ADR 都是積極的。而且在歐洲，現在正在發生的事情是因為仍然有很多限制，今天預訂的人通常更常預訂歐洲的暑假和暑假期間，因為 ADR 比大多數短期住宿要高。

So those 2 mix effects are really helping the ADR picture. And we expect that both the phenomenon that I talked about in terms of air and car and ADRs are likely to go through to Q2 as well. But we do think that ADRs will start to be driven down again in the second half due to a couple of reasons. Again, the like-for-like ADRs are under pressure.

所以這兩種混合效果確實有助於 ADR 圖片。我們預計，我在空氣和汽車以及 ADR 方面談到的現像也可能會持續到第二季度。但我們確實認為，由於幾個原因，ADR 將在下半年再次開始走低。同樣，同類 ADR 面臨壓力。

As an example, our stayed ADRs in the first quarter were down mid-teens if you exclude regional mix, that's more of a kind of like-for-like comparison. So a like-for-like comparison is more likely to kind of be exposed in the second half. Regional mix may continue to help. But then we do think that this earlier booking of the summer benefit of -- or the summer bookings will fade and the reported ADRs will become more comparable with the underlying state ADRs, and those will converge back together more in the second half than they did in the first half.

例如，如果排除區域組合，我們在第一季度的 ADR 下降了十幾歲，這更像是一種同類比較。因此，同類比較更有可能在下半年被曝光。區域組合可能會繼續提供幫助。但隨後我們確實認為，夏季優惠的提前預訂——或者夏季預訂將會消失，報告的 ADR 將變得與潛在的州 ADR 更具可比性，並且這些在下半年將比以前更多地重新融合在一起在上半場。

So some interesting phenomena going on with mix and with booking window in Europe, driving what we're going to see in Q1 and Q2.

因此，歐洲的混合和預訂窗口發生了一些有趣的現象，推動了我們將在第一季度和第二季度看到的情況。

And your last question comes from the line of Deepak Mathivanan from Wolfe Research.

您的最後一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Just a couple of ones. So first, I wanted to go back to your comment about investing to gain share with the margin opportunity. How should we think about your approach strategically? Is it on variable marketing channels? Obviously, there's a few products that you have talked about before, but are there any other initiatives that you would note as something that could be impactful during this recovery period?

就幾個。因此，首先，我想回到您關於投資以利用保證金機會獲得份額的評論。我們應該如何從戰略上考慮您的方法？它是在可變的營銷渠道上嗎？顯然，您之前已經談到過一些產品，但是您是否會注意到在此恢復期間可能會產生影響的其他舉措？

And then the second question is on the labor market situation here in the U.S. Obviously, it's very tight, and some of the hotel operators have called out the challenges there as well. How do you think this affects your business, if at all? Maybe broadly talk about how supply side is evolving during the recovery.

然後第二個問題是關於美國的勞動力市場情況。顯然，它非常緊張，一些酒店經營者也提出了那裡的挑戰。如果有的話，您認為這會如何影響您的業務？或許可以泛泛地談論一下復甦期間供應方是如何演變的。

So I'll start with the second part, labor, and I'll let David go back to margins on how things can look -- or as we continue to go for the future.

所以我將從第二部分開始，勞動力，我會讓大衛回到邊緣，看看事情會如何發展——或者我們繼續為未來發展。

So certainly, we've all read, heard news articles about shortages right now popping up in different areas of the hospitality industry. And some of the leaders in the industry, particularly some of the hotels and restaurants saying, just can't get workers. But I don't believe that's going to impact where people are going to be able to find a place to stay at all.

所以當然，我們都讀過，聽說過關於酒店業不同領域現在出現短缺的新聞文章。一些行業的領導者，特別是一些酒店和餐館說，就是找不到工人。但我不相信這會影響人們在哪裡找到住處。

Right now, there is no shortage in my mind of great places for people to go to, and I don't see that happening. Yes, some property types may be short at certain times during high season, particularly some of the very popular areas in the summer as leisure comes back in some parts of the world. But overall for the business, I don't see this as a significant or even a small risk to the business at all.

現在，我心中不乏人們可以去的好地方，而且我認為這種情況不會發生。是的，一些房產類型在旺季的某些時候可能會出現短缺，尤其是在夏季一些非常受歡迎的地區，因為休閒活動在世界某些地區重新回歸。但總體而言，對於企業而言，我根本不認為這對企業構成重大甚至很小的風險。

And David, you can talk a little bit about margin.

大衛，你可以談談保證金。

Yes. I mean, clearly, in a business like ours, there's always a trade-off between growth and profitability or growth in margins, particularly in the short term. And the areas that we would expect to be leaning into, there are a number of initiatives that we can drive to lean into to drive further growth.

是的。我的意思是，顯然，在像我們這樣的企業中，總是在增長和盈利能力或利潤率增長之間進行權衡，特別是在短期內。在我們預計會涉足的領域，我們可以採取一些舉措來推動進一步增長。

Obviously, we need to be smart. We need to be nimble. We need to look at where the pockets of opportunity are. But we continue to be, I think, a very good marketer in the paid channels and look at those demand opportunities and really have the opportunity to lean into that where we think we can and where we think we can actually gain incremental traffic.

顯然，我們需要聰明。我們需要靈活。我們需要看看機會的口袋在哪裡。但我認為，我們仍然是付費渠道中非常優秀的營銷人員，並關注這些需求機會，並真正有機會在我們認為可以以及我們認為可以實際獲得增量流量的地方傾斜。

We can do things with merchandising. And we can also do things with things like promotions like back-to-travel, also there are areas like brands. So there are multiple levers we can pull to drive growth above market where we believe there are opportunities to do so. And we believe that the recovery, obviously, presents a very dynamic environment for everybody. And we want to make sure that we are taking advantage of opportunities that we can either make or made for us and those are the things that would, in the short term, impact margins.

我們可以通過推銷來做事。我們還可以做一些事情，比如返程旅行等促銷活動，還有品牌等領域。因此，我們可以利用多種槓桿來推動增長高於我們認為有機會這樣做的市場。我們相信，顯然，復甦為每個人提供了一個充滿活力的環境。我們希望確保我們正在利用我們可以創造或為我們創造的機會，這些機會在短期內會影響利潤率。

Bear in mind, as we talked about what's happening this year, during periods of time when bookings are growing faster than revenue, that impacts the business because generally, our expenses are associated upfront with capturing the booking and the revenue comes later. So those are all the things that go into the dynamic around growth versus margin in the accommodation business.

請記住，當我們談到今年發生的事情時，在預訂增長快於收入增長的時期，這會影響業務，因為一般來說，我們的費用與捕獲預訂有關，而收入則在後期出現。因此，這些都是圍繞住宿業務增長與利潤率動態變化的所有因素。

Thank you, everyone. And that's all the questions that we have for today. I will turn the call over back to our CEO, Glenn Fogel, for any closing remarks.

謝謝大家。這就是我們今天的所有問題。我會將電話轉回給我們的首席執行官格倫·福格爾（Glenn Fogel），以獲得任何結束語。

Thank you. So in closing, I want to thank our partners, our customers, our dedicated employees and our shareholders. We appreciate your support as we continue to navigate to these better, though still difficult times, and we want to continue to build on the long-term vision for our company. And thank you, thanks, everyone, and please be safe. Good night.

謝謝你。最後，我要感謝我們的合作夥伴、客戶、敬業的員工和股東。我們感謝您的支持，因為我們將繼續在這些更好的時期導航，儘管仍然很困難，我們希望繼續建立我們公司的長期願景。謝謝大家，謝謝大家，請注意安全。晚安。

Thank you, ladies and gentlemen. This concludes today's conference call. Thank you all for joining. You may now all disconnect.

謝謝你們，女士們，先生們。今天的電話會議到此結束。謝謝大家的加入。您現在可以全部斷開連接。