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.

歡迎參加 Booking Holdings 2021 年第一季電話會議。 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，並受某些難以預測的風險、不確定性和假設的影響。

Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements. 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的類似表述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' speaker for this afternoon, Glenn Fogel and David Goulden. Go ahead, gentlemen.

現在，我謹介紹Booking Holdings今天下午的演講嘉賓，格倫·福格爾和戴維·古爾登。請兩位先生發言。

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

謝謝各位，歡迎參加Booking Holdings第一季財報電話會議。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 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.

首先，我很高興地報告我們的住宿業務進一步改善。第一季客房夜數較2019年第一季下降54%，比2020年第四季的降幅小了6個百分點。這項改善得益於部分國家旅行需求的強勁成長以及我們團隊的出色執行。 David將在發言中詳細介紹第一季的業績。

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，我們認為旅遊業的復甦速度將很大程度上取決於新冠肺炎新增病例的數量和嚴重程度、有效且廣泛的疫苗分發的時機，以及未來更有效的治療方法。儘管全球大部分地區的疫苗分發速度仍然令人沮喪地緩慢，但以色列、英國和美國正受益於成功的疫苗分發計畫。在這些國家，我們都看到了令人鼓舞的預訂趨勢，這印證了我們的觀點，即疫苗分發是釋放被壓抑的旅遊需求的關鍵。

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.

今年早些時候，我們自己的調查發現，超過70%的美國人表示，新冠疫苗的早期分發讓他們對2021年的旅行感到更加充滿希望和樂觀。隨著各國加快疫苗分發速度（我們現在開始在更多歐洲國家看到這種情況），我們相信，預訂量將會開始向世界更多地區擴展。

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.

儘管目前一些國家出現了令人鼓舞的復甦跡象，但其他國家，例如印度，新冠肺炎病例激增，造成巨大的人道主義災難，這提醒我們，並非所有地方都已開始復甦。不幸的是，在一些國家，情況還在惡化。

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，世界衛生組織警告稱，新冠疫情的蔓延速度正在加快。我們意識到，各國政府可能會繼續採取措施，例如實施區域封鎖或重新實施旅遊限制，包括禁止來自高感染地區的人員入境。任何此類措施都可能對我們的業績產生影響，而且很難預測未來何時以及在何種程度上會採取此類措施。此外，國際旅行的恢復是全球旅行全面復甦的前提，而許多國家的政府在一段時間內可能仍會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.

重點關注美國，那裡的疫苗接種計劃進展順利。我對我們在美國的第一季業績以及美國旅遊需求的強勁反彈感到非常滿意。第一季度，我們在美國的客房夜數較2019年第一季實現了正成長，美國也是我們表現最強勁的主要市場。這些業績主要得益於國內預訂的成長，因為我們的國際業務仍然非常低迷。

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.

我們很高興地看到，第一季美國酒店客房預訂量逐月穩步提升，而這一增長勢頭延續到了四月份。市場的強勁表現惠及了我們所有的旅遊產品，並助力公司創下了單季機票預訂量的歷史新高。同時，我們也了解到Priceline和Booking.com在第一季的美國市場都取得了良好的表現。

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.

在當前環境不斷改善的情況下，我們將繼續推動一項最重要的策略舉措—加強Booking.com在美國的品牌影響力。您可能已經注意到，Booking.com於四月份在美國推出了「重返旅行」促銷活動，為在Booking.com App中啟動促銷活動並在五月底前預訂行程的美國旅客提供50美元的住宿後旅行抵用金。這只是我們為提升Booking.com在美國的品牌知名度所採取的眾多行銷策略之一，而這項活動旨在進一步提升用戶對我們App的參與度。

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.

我們依然專注於拓展Booking.com在美國的多元化住宿選擇，並在本季鎖定並簽署了多家新房源進駐平台。然而，我們也意識到，要進一步提升該產品在美國的覆蓋面，仍有許多工作要做。第一季度，我們持續推進其他關鍵策略重點，例如拓展Booking.com的支付平台，以及建立互聯旅行願景。

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 Booking.com 的整合支付平台，我們最近取得了進展，這主要得益於我們在美國供應商合作夥伴的採用率不斷提高。正如我之前提到的，該平台為旅客和我們的供應商合作夥伴提供了酒店、其他住宿、租車、航班和景點等多種支付方式，是實現我們互聯旅行策略的基礎。

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產品服務的願景，涵蓋住宿、航班、地面交通、景點和餐飲，並透過我們的支付網絡連接，最終由個性化智能提供支持，為預訂者提供無縫銜接的體驗，從最初考慮預訂到旅行體驗，直至安全返回家中。全面建構互聯旅行願景將是一個多年專案。

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.

然而，我們預計，在最終目標實現之前，我們為實現這一願景所採取的各項舉措將使我們的業務受益匪淺。例如，在Booking.com開發強大的航班產品，使我們能夠在旅客旅行初期就與其建立聯繫，並有機會向他們交叉銷售我們的住宿和其他服務。鑑於Booking.com過去一直專注於住宿業務，我們以前從未有過這樣的機會。

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.

今年，在思考如何建立互聯旅行體驗時，我們將專注於讓旅行者能夠在Booking.com上一站式預訂旅行的主要內容。這意味著我們將致力於拓展非住宿產品，例如機票、地面交通和景點門票，增加供應量，並讓更多客戶了解這些產品。

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.

Booking.com 的航班預訂服務現已覆蓋 18 個國家/地區，最近在英國上線。這 18 個國家的旅客預訂量在 2019 年佔 Booking.com 客房預訂量的一半以上，因此我們現在能夠讓更多客戶體驗航班預訂服務。 Booking.com 的航班預訂服務目前已在 App 內實現完全計量，雖然尚處於早期階段，但我們正在積極利用各種行銷管道來吸引潛在客戶。

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，我們透過近期與 Viator 的合作以及去年宣布的與 Musement 的持續合作，不斷拓展可供旅客選擇的景點類型。我們認為，豐富的景點資源能帶來實際的好處，不僅體現在潛在的捆綁銷售機會上，還能提升旅客在目的地期間使用應用程式的參與度。

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.

在我們的許多關鍵策略重點中，我都提到了這款應用程序，這表明它對我們業務的重要性。我們已經對應用程式平台進行了一段時間的投資，並且隨著應用程式逐漸成為我們互聯旅行體驗的核心，我們將繼續加大投資。此外，我們預計透過我們的應用程序，客戶忠誠度會更高，獲客成本會更低，並且會有更多機會直接與旅客互動。

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 是今年第一季全球下載量最高的旅遊應用程式。目前，超過三分之二的預訂來自行動設備，其中大部分是透過應用程式完成的。 Booking Holdings 的目標之一是在永續發展領域取得卓越成就。我很高興近期發布了我們的 2020 年永續發展報告，其中一項令我特別自豪的成就是 Booking Holdings 在 2020 年實現了營運碳中和。

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.

這對我們公司而言是一個重要的里程碑，也是我們在疫情爆發前就一直在努力的目標。我們計劃未來在營運中保持碳中和，並期待在永續發展策略方面取得進展，包括多元化和包容性以及永續旅行。

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，旅遊業全面復甦的具體形態和時間仍不明朗。然而，一些國家出現的復甦跡象令我感到鼓舞，我相信全球旅遊需求最終會強勁復甦。話雖如此，在此期間，旅遊業可能會出現波動，有些國家復甦良好，有些國家開始復甦，而不幸的是，還有一些國家的情況正在惡化。

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Booking Holdings各團隊為鞏固公司地位、落實策略重點所採取的持續行動感到自豪。我們著眼於長遠發展，不僅要恢復到2019年的需求水平，更要致力於打造一個規模更大、成長更快、在復甦後乃至長期都能創造更多收益的企業。

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

現在我將把電話轉交給我們的財務長大衛古爾登。

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.

謝謝格倫，下午好。我將回顧我們第一季的經營業績，並簡要介紹第二季迄今的發展趨勢。為了避免與2020年疫情初期的情況進行比較，除非另有說明，所有成長率均相對於2019年同期。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。

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.

我還想提醒各位，在預訂量恢復期間，由於時差關係，收入恢復速度會比預訂量恢復速度慢，這將影響我們的預訂量到收入的轉換率。

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.

現在來看我們第一季的業績。在二月份的財報電話會議上，我們討論了從一月中旬開始並持續到二月份的趨勢改善情況，這主要得益於全球大部分地區的國內旅行。這一改善趨勢延續到了三月份，使得我們第一季報告的客房夜數較2019年第一季下降了54%，較第四季報告的降幅收窄了6%。需要提醒的是，報告的客房夜數包含了取消預訂的影響。

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.

第一季客房夜數下降率較第四季有所改善，主要得益於美國和歐洲市場的成長。而亞洲和世界其他地區的下降幅度在第一季與第四季基本持平。美國是第一季主要國家中表現最強勁的國家，整個季度客房夜數較2019年同期實現正成長。美國市場在第一季持續改善，3月份客房夜數較2019年同期成長尤為強勁。春假是3月成長的推動因素之一。美國國內客房夜數在第一季每個月均實現正成長，整個季度成長尤為顯著。

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.

第一季度，其他國家的國內客房夜數也實現了強勁增長，包括俄羅斯和澳大利亞，以色列的國內預訂量也持續走強。雖然歐洲在整個季度較第四季度有所改善，但由於新冠病例數上升和新的旅行限制措施出台，我們在3月底觀察到成長趨勢有所放緩。歐洲是第四季客房夜數恢復最慢的地區，在第一季也保持了這一趨勢。

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.

行動端預訂，尤其是透過我們的應用程式進行的預訂，繼續占我們總客房夜數的三分之二以上。我們的直銷通路份額環比和年比均有所增長。第一季度，國內客房夜數約占我們報告客房夜數的85%，與2020年第四季的客房夜數構成基本一致，並較2019年同期顯著增長。本季我們的取消率仍高於2019年同期水平，但較第四季有所改善。

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的預訂窗口期仍比2019年第一季短，因為我們持續看到近期預訂的比例較高。不過，預訂窗口期的縮減幅度小於第四季。正如我們在上次電話會議上提到的，今年1月和2月，西歐地區的預訂窗口期較2019年同期有所擴大，並且這一擴張趨勢延續到了3月，遠期預訂（包括旅行預訂）的比例較2019年同期有所增加。由於歐洲新冠病例、疫苗接種率和旅行限制等因素的影響，目前的預訂通常要么是近期預訂，要么是夏季預訂。

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.

今年第一季度，Booking.com上預訂非傳統住宿的客戶整體組成與去年同期基本持平。正如我們上季度所指出的，歐洲是非傳統住宿佔比最高的地區，也是第一季成長最慢的地區，這在全球範圍內對非傳統住宿的佔比產生了負面影響。歐洲非傳統住宿的預訂佔比年增了幾個百分點。

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.

第一季總預訂量下降了53%，降幅小於報告的客房夜數降幅，這主要得益於我們航班業務的強勁表現，但部分被住宿平均每日價格較2019年下降1%所抵消。第一季機票預訂量較2019年成長了49%，這主要得益於Priceline的強勁成長以及Booking.com和Agoda的航班預訂量成長，這兩家公司在2019年第一季均未提供航班產品。

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.

與 2019 年相比，我們住宿的平均日房價僅下降了 1%，這主要得益於北美地區預訂量的增加，而北美地區的平均日房價通常較高。若剔除區域預訂量的影響，平均日房價的降幅約為個位數中段。本季平均日房價的上漲也得益於西歐夏季預訂量的增加，而西歐地區的平均日房價通常較高。

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.

第一季合併營收為 11 億美元，較 2019 年下降 61%。本季營收下降幅度大於總預訂量，原因是本季已完成的預訂預計將在未來幾季辦理入住，屆時將確認收入。

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.

第一季的轉換率略低於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2020年和2021年轉換率的影響。我們預計，假設預訂量成長在年內持續改善，時間因素將全年影響轉換率。

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.

營收下降61%導致本季調整後EBITDA虧損1.95億美元。我們大幅削減了行銷、銷售和其他等可變費用，而第一季的固定費用基本上符合我們在上次電話會議上的預期。

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.

行銷費用是一項波動性很大的費用項目，與 2019 年相比下降了 61%。由於直接銷售組合的增加以及付費管道投資回報率的略微提高，行銷費用的下降幅度超過了總預訂量的下降幅度。

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.

第一季的銷售額和其他費用（以美元計）低於第四季度，略優於預期。人事費用符合預期。第一季的總費用（以美元計）高於第四季度，主要原因是股權激勵費用增加和福利成本季節性增長，但部分被第一季因重組措施而節省的資金所抵消。

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.

第一季的一般及行政費用（以美元計）低於第四季度，而我們先前預期該支出將與第四季度基本持平，主要原因是人員相關成本和專業服務費低於預期。第一季的資訊科技費用（以美元計）高於第四季度，但由於支出時間安排的原因，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，我們在第一季計入了800萬美元的重組費用，低於我們先前的預期，主要原因是房地產重組費用的計入時間安排。請注意，這些重組費用已計入我們的非GAAP財務報表。

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.

本季我們錄得非GAAP淨虧損2.15億美元。由於不可抵扣稅項的支出對較低的獲利基數影響更大，我們第一季的非GAAP稅率為38%，顯著高於2019年的19%。依GAAP準則，我們第一季的營業虧損為3.11億美元。本季我們錄得GAAP淨虧損5,500萬美元，這得益於2.23億美元的所得稅優惠。由於不可抵扣稅項的支出對較低的獲利基數的影響以及本季​​確認的特殊項目的影響，我們第一季的稅率為80%，顯著高於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.

接下來談談我們的現金和流動性狀況。第一季末，我們的現金投資餘額為164億美元，這得益於3月完成的20億美元歐洲債券發行。 4月份，我們將歐洲債券發行所得款項全數用於贖回去年疫情初期發行的高利優先債券。這些再融資措施將使我們每年節省約7000萬美元的利息支出，並且這些交易的淨現值為正。

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.

調整第一季末現金投資，扣除4月贖回的兩筆優先票據後，餘額將為144億美元，低於12月底的148億美元。本季經營現金流出為2.07億美元，主要受營運資本變動的影響，導致本季現金使用量約2.16億美元。

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.

鑑於新冠疫情帶來的高度不確定性，我們將繼續專注於維持穩健的流動性。與我們過去一年的表態一致，我們已暫停股票回購，並且在對經濟復甦的形態和時間有更清晰的了解之前，不會啟動股票回購。

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.

接下來談談我們對第二季的展望。旅遊業復甦的形態和時間仍然存在很大的不確定性，因此我們目前無法提供詳細的業績指引。 4月份客房夜數較2019年同期下降約43%，降幅優於3月。 4月份國內客房夜數成長與2019年同期基本持平，這是自去年夏季以來國內客房夜數的最佳月表現。

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月份客房夜數持續保持強勁成長，高於3月份的水平。歐洲4月份客房夜數的降幅好於3月份，從3月底和4月初的下滑趨勢中有所恢復。歐洲4月份客房夜數的降幅超過50%。

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.

由於新增病例增加、疫苗接種進展緩慢以及各國政府持續實施旅遊限制，亞洲4月份客房入住率的下降幅度較3月份進一步加劇。亞洲是4月復甦程度最低的地區。世界其他地區4月份的下降幅度與第一季和第四季基本持平。

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.

雖然難以準確預測，但如果目前的趨勢持續下去，第二季客房夜數的下降幅度可能會比四月略好幾個百分點。為了讓您更直觀地了解我們近期的觀察，四月最後七天的客房夜數下降了約38%。正如我之前提到的，西歐的預訂窗口在第一季有所擴大。這一擴大趨勢延續到了四月份，我們繼續看到西歐夏季預訂呈現積極的成長勢頭。目前，整個西歐夏季的總預訂量已恢復到2019年同期水準的30%以內。而英國的預訂量也與2019年同期基本持平。我們提醒您，絕大多數的夏季預訂都是可以取消。

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.

接下來來看損益表。正如我之前所說，我們預計第二季度客房夜數的降幅可能會比四月份的降幅小幾個百分點。我們預計第二季總預訂量降幅將略小於客房夜數，這主要是受與第一季相同的趨勢所驅動。

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.

由於我們之前討論過的時間因素，我們預期未來收入的降幅將大於總預訂量的降幅。因此，我們預計第二季營收佔總預訂量的百分比將較第一季有所改善，但仍會比2019年第二季低幾個百分點。我們預計第二季行銷費用降幅將略大於總預訂量的降幅，但小於收入降幅。我們預計第二季銷售額和其他費用（以美元計）將較第一季顯著成長，並且由於第二季總預訂量增加以及以商家為單位處理的總預訂量佔比上升，這些費用佔收入的百分比也將更高。

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.

我們預計第二季的人員費用將與第一季基本持平（以美元計）。與第一季相比，員工福利支出預計會減少，但獎金提列的增加會抵消這一減少，獎金提列與收入成正比。

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管理費用（G&A）將高於第一季度，主要原因是人員相關成本（例如招聘和差旅費）以及專業服務費和數位服務稅的增加。我們預計第二季度的IT費用也將高於第一季度，主要原因是我們在安全、資料隱私和部分營運系統改善方面的投資增加，其中包括一些第一季的遞延費用。我們預計—目前我們估計與Booking.com相關的全年重組費用約為3000萬美元，預計將在第二季度計入其中約一半的費用。

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.

鑑於我們剛才解釋的內容，特別是預訂恢復與收入恢復之間的時差，我們預計第二季將出現 EBITDA 虧損，但虧損額將小於第一季。根據本季需求的發展情況，第二季的 EBITDA 虧損額可能較小。

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.

展望2021年全年，我們仍預期整體旅行環境將有所改善，但改善的具體形式和時間仍存在不確定性。正如格倫在演講中提到的，雖然一些國家出現了復甦和其他令人鼓舞的跡象，但其他一些國家和地區仍在努力應對迅速蔓延的新冠疫情。

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.

全球範圍內，新增病例數持續增加，4月19日當週新增病例達到創紀錄的570萬例。這直接影響了我們在4月份亞洲大部分地區的業務。

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.

再次提醒，關於我們模式在復甦期間的[不足之處]，我們仍然預期，如果2021年持續復甦，2021年預訂並在2022年入住的訂單數量將超過2020年預訂並在2021年入住的訂單數量。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顯著的負面影響，並且由於我們的大部分市場費用是在預訂時產生的，因此也會導致我們2021年的營銷費用槓桿率下降。

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.

提醒各位，2018年和2019年，我們的收入佔總預訂額的比例約為15.6%。 2020年，這一比例上升至19.2%。我們預計2021年這一比例將遠低於15.6%，而且復甦速度越快，這一比例就會越低。

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，我想重申我們二月關於公司長期發展模式的評論，大家對此非常關注。同時，我也想補充一些細節。我們仍然認為，旅遊市場，尤其是國際旅遊市場的全面復甦，需要數年時間，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，我們期待發展成為一家規模更大、產品更豐富、獲利能力高於新冠疫情前的企業。同時，我們也將持續關注更高的成長潛力和市場佔有率。我們預計，儘管受業務結構調整的影響（正如我在上次電話會議上所討論的），EBITDA利潤率很可能低於2019年的水平，但我們仍將保持行業領先的水平。

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.

需要提醒的是，這些組合變化包括支付的持續增長以及航班和其他相關旅行垂直領域的增長，這些增長將以遠低於傳統住宿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.

在思考住宿業務的未來發展方向時，我們需要考慮以下幾個因素。正如上次電話會議中所討論的，我們預計2021年的人事支出將與2019年基本持平，因為2020年採取的重組措施所節省的成本預計將被新冠疫情爆發前的人事支出以及2021年預計的人事支出所抵消。當然，這些支出中的一部分將用於支付相關費用以及後續的行程安排。

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 年之後，我們透過重組措施節省的 3.7 億美元主要體現在與銷售相關的職能上，這意味著隨著銷售回升，達到我們預期的水平——也就是說，如果 2021 年的銷售量超過我們預期的水平，我們將需要重新增加業務支出。

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，我們會盡力以經濟高效的方式完成這項工作，但這項工作終究會回歸。如果將這些成本計入我們2021年的人員成本，在維持2019年相同業務量和成長率的情況下，將對我們住宿業務的EBITDA利潤率造成壓力，使其低於2019年的水平。

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，也有一些抵銷因素可以提高利潤率，包括隨著我們銷售超過 2019 年，規模擴大帶來的變動成本效率、固定成本效率以及直接產品組合的增加。

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.

關於這個主題，我最後想和大家分享的是，我們認為旅遊市場的復甦將創造投資機會，從而在住宿領域獲得市場份額，但這可能會在市場份額增長期間給利潤率帶來壓力。

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，我們欣喜地看到，我們在二月份討論的復甦勢頭在三月和四月於世界部分地區得以延續，並帶動了我們各項關鍵指標的改善。同時，我們也密切關注著新冠疫情的蔓延和有效疫苗的分發情況，並意識到這可能會導致市場波動——而且這種波動在未來仍將持續。但我們仍然堅信，我們能夠從這場危機中走出來，並變得更強大。

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

接下來，我們將接受大家的提問。格蕾絲，現在把麥克風交給你，請你繼續提問。

(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賈斯汀·波斯特。

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?

我認為有幾點需要說明。您能否提供一些關於美國、歐洲和亞洲疫情情勢的最新資訊或您的看法，以便我們更好地思考復甦問題？另外，您能否回顧一下去年夏天歐洲病例下降時的情況？您是否觀察到病例迅速回升？隨著目前歐洲民眾接種疫苗，您是否看到預約量回升？

David, why don't you take that?

大衛，你為什麼不拿走？

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，我來回答。我先簡單回顧一下我們以往的市場組成。我們之前說過，歐洲當然是我們最大的市場。歷史上，歐洲市場佔比約50%，甚至可能略高一些，這個數字基本上正確。亞洲市場，我們之前也說過，在新冠疫情之前，歐洲市場佔大約20%，而且沒有哪個國家的佔比超過個位數。這意味著，剩下的30%實際上都留給了美國和世界其他地區。這就是我們新冠疫情前的市場組成。

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，隨著近期情勢的變化，這種組成略有改變。美國股市明顯上漲，因為它是復甦最快、漲幅最大的市場。以上是歷史參考點。

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，我們看到了一些現象。當然，在第一波疫情過後，人們的旅行信心明顯增強。當然，當時疫苗還沒普及。所以人們出遊都比較謹慎，而且大多選擇在本地旅行。

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.

我們已經看到，而且在很多地方都看到了，迄今為止我們看到的是一個非常一致的趨勢：當病例數下降、疫苗接種率上升、政府開始解除限制時，好事就會發生。我們現在在美國看到了這種情況，在以色列也看到了這種情況。

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.

我們也提到了一些其他表現優於平均的地區。因此，我們預計這些正面趨勢將開始在世界其他地區出現，尤其是在歐洲，因為情況正在開始好轉。正如我們所說，我們看到4月份的情況比3月份有所改善，歐洲現在不再是復甦最慢的地區。

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?

明白了。還有一個後續問題。您提到了市場份額的成長——對格倫來說，這或許意味著機會。能否詳細解釋一下？您認為貴公司目前的美國預訂量是否高於業界平均？

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.

正如我剛才所說，我對美國第一季的業績非常滿意。我曾提到Priceline.com和Booking.com的表現都不錯，所以我們對此感到非常高興。目前，由於季度尚未結束，我們還沒有行業整體數據可以參考。因此，我只能說我對我們目前的業績感到滿意，至於最終結果如何，我們拭目以待。

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

我們的下一個問題來自 Cowen 公司的 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?

好的。關於美國市場的成長，還有幾個後續問題。您能否更詳細說明一下第一季與第四季相比改善了多少？顯然，美國整體產業在第一季都有了相當大的改善。但是，Booking.com 或美國預訂量的成長是否也得益於您在第一季根據新的策略做出的某些具體決策—例如，是否更重視提升美國市場佔有率？例如，您是否改變了行銷方式或其他類似措施？

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，我為什麼不談談我們的整體策略呢？至於大衛，如果他願意的話，我不確定他是否願意透露更多關於具體數字和收益的資訊。我只想說一點。我們——實際上，我在過去很多次電話會議上都說過——提高我們在美國的表現是我們的戰略重點。我們也說過，我們在美國的投資不足。

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努力改進。從確保我們提供人們想要的房源選擇等基本工作，到確保價格合理，以確保我們的競爭力，我們都在努力。我之前提到過，我們必須讓Booking.com的美國支付平台上線運行，這樣我們才能推出一些新舉措，例如我們的「重返旅行」促銷活動。當然，這項活動並沒有在第一季推出，但這只是我們正在努力的眾多舉措之一。

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.

Priceline.com 和 Booking.com 的團隊做了許多基礎性的工作，包括與供應商合作，尋找幫助他們獲得更多客戶的方法。所以涉及的方面很多，沒有哪一種是萬能的靈丹妙藥。我希望我們能夠繼續這樣做，也希望未來能夠繼續這樣做。這始終是我們的首要任務。

And David, if you want to talk about numbers.

大衛，如果你想談談數字的話。

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，我再重申我們之前說過的內容，並簡單說明重點。本季美國市場的情況確實較上季顯著改善。美國客房夜數年增，這非常棒，因為國際業務顯然仍然大幅下滑。進入三月份，美國客房夜數的成長非常強勁，我認為遠超我們正常的成長水平。四月份，這一成長動能進一步增強。

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，這絕對是強勁的成長。然後，如果你向下滾動，只看國內市場，你會發現其中存在一些替代效應。美國整個季度的成長率都非常強勁，每個月都是正成長，而且成長速度還在不斷提升，4月份的成長速度甚至超過了3月份。

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，太好了。如果可以的話，我想再問一個後續問題——你們四月推出了50美元的旅行積分促銷活動。您認為這是一種可以長期使用的策略或方法嗎？這種策略會使行銷支出轉移到收入方向多少成本？

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.

嗯，我們剛發布。人們仍然有機會預訂。美國地區的預訂截止日期是五月底。他們仍然可以預訂。他們必須在四月啟動預訂。所以今天我們還沒有太多關於具體細節的資訊。這當然是件不同的事情，我指出這一點，並不是因為它是一個重要的驅動因素，而只是舉一個例子，說明我們過去沒有做過但將來會做的事情。

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，您可能已經注意到，我們昨天（也可能是兩天前）在英國也啟動了一個非常類似的項目，雖然具體內容並不完全相同。重點是，我們正努力在未來更具創意，探索不同的方法來吸引客戶，向他們展示我們優質的產品和服務，並確保他們將來會再次光顧，即使他們並非透過促銷活動購買。

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

你的下一個問題來自 Evercore 樂團的 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。我有兩個問題。首先，格倫，你之前提到過替代住宿方式的組合。我認為，今年三月份的替代住宿方式與去年同期相比相對接近。我原本以為，由於新冠疫情的影響，這種組合的比例會更高一些——我知道你也談到了這一點——而不是像現在這樣增加。

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?

您預計替代住宿的比例會恢復嗎？還是會恢復到疫情前的水平，即在您的住宿組合中，替代住宿所佔的比例會降低？或者，您是否預期疫情後，由於許多消費者在危機期間更多地接觸到替代住宿，這一比例會略有上升？

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.

馬克，我先回答你關於我對未來整體預期的問題。然後我會讓大衛談談業務組合，因為他可以詳細解釋我們目前所處位置的原因，因為我們在歐洲的業務比在美國的業務更多。

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.

展望未來，情況是這樣的。多年來我們一直在強調，而且大家都知道，人們對替代住宿方式的興趣日益濃厚。這是一種全球現象，並且已經持續成長了一段時間。新冠疫情帶來了質的飛躍，那些以前可能從未考慮過替代住宿方式的人，現在開始思考：我想去一個遠離人群的家，也許靠近海灘或山區，在那裡我會感到更安全。

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，既然已經嘗試過這種做法，那麼正如你剛才問的，問題在於人們是否會恢復到以前的習慣，有些人去酒店，有些人回家，人數的增長會更加緩慢，還是會先下降後上升？我認為沒有人真正知道。

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.

但我猜測，那些在疫情期間嘗試過替代住宿方式的人，會一直將這種選擇納入他們的考慮範圍。他們或許並非總是會選擇這種住宿方式，而是會根據自身需求選擇合適的房型。但既然這種住宿方式已經成為他們考慮的因素之一，我認為從長遠來看，這將會帶來功能性的變化，即住宿選擇的多樣性將會增加。

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，我們兩方面都做得很好。我們擁有最豐富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都處於非常有利的地位——儘管我之前也說過，在某些地區，我們的供應確實不足，需要進一步增加。

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

大衛，如果你想再次解釋一下由於地理位置和房產類型混合而導致的問題，可以嗎？

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，我換個方式解釋一下。先從歐洲說起。如果你只看我們在歐洲的業務，只關注這一方面，你會發現去年第一季另類住宿組合較2020年第一季和2019年第一季都有相當大的成長。

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，也就是我們替代住宿類型佔比最大的地區，我們看到了混合比例的增加。但您也記得，我說過歐洲在第一季是我們業績最差的地區。當然，業績最好的地區是美國，而我們在美國替代住宿類型的比例則低得多。所以，這種混合比例效應意味著，整體而言，我們的替代住宿類型佔比並沒有增加，但在歐洲，例如，作為佔比最大的地區，其佔比確實有相當大的增長。因此，混合比例效應才是真正的主要原因。

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.

整體而言，第一季住宿業的組成也將與我們2020財年全年公佈的30%的比例非常相似。但同樣，不同地區內部的組成也出現了一些變化。

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?

我可以再問一個後續問題嗎？我記得您提到過付費行銷管道的投資報酬率更高，您覺得這種模式是否可持續呢？

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，這是一個很好的問題。投資報酬率 (ROI) 受多種因素影響。的確，我們觀察到付費管道的投資報酬率略有提升。同時，我們也看到直接行銷佔比增加，這兩項因素共同作用，使得本季行銷支出成長低於預訂量成長。但是，影響投資報酬率的因素有很多，包括每次點擊成本、轉換率、取消率等等，而且我認為，目前所有這些因素都處於高波動期。

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，很難說投資報酬率上升完全是單一因素造成的，但投資報酬率確實略有上升，這一點我們想指出。而且這只是一個季度的數據。鑑於當前情勢的波動性，我們想指出這一點，但現在就斷言趨勢還為時過早。

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勞埃德·沃爾姆斯利。

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.

這裡是克里斯，替勞埃德發言。能簡單談談預訂頻率嗎？聽起來你們App的份額提升顯著。請您跟我們說說App用戶的預訂頻率，以及與非App用戶的預訂頻率相比如何。

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

大衛，我不知道你是否在應用程式上透露過任何關於使用頻率的資訊？

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，讓我大致跟你說說我們剛才討論的內容，看看能不能解答你的疑問。或許我們並沒有完全理解你的問題。

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.

但為了提醒大家我們目前的狀況，超過三分之二的預訂來自於行動端。其中大部分是透過應用程式完成的。與其他直接管道相比，我們的應用程式預訂用戶預訂頻率最高，因為顯然，我們可以透過行動網頁、桌面端等各種管道進行直接預訂，而應用程式預訂用戶忠誠度最高，回頭率也最高。但我們還沒有深入研究預訂頻率。而且，我想說的是，在當前我們仍在復甦的環境下，預訂頻率指標並非我們目前關注的重點。我們更關注的是整體營收成長率。不過，我們對應用程式使用率的上升趨勢、應用程式預訂佔比的提高以及應用程式用戶的重複預訂行為感到滿意，這些對我們來說都是積極的信號。

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。另外，我還想確認一下，我注意到有一些回購活動，但這與你們重新啟動股票回購計畫無關。是這樣嗎？

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

不，那與員工購股有關，與股票回購無關。

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

你的下一個問題來自摩根士丹利的布萊恩諾瓦克。

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?

這裡是Alex Wang，替Brian問話。首先，我想談談航班方面的問題。感謝您提供的關於拓展至18個國家的最新進展。您能否分享一些早期經驗，例如在美國的營運情況，以及您能否提供一些相關費率資訊？此外，您預計今年在航班方面需要重點推進的2到3項新增投資是什麼？

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。所以我們不會白白送人——我記得我們好像沒討論過實際的附加率，但我可以說，這是我們做機票業務的一個重要原因。提前拿到預訂單很重要，這樣我們才能讓他們購買利潤更高的產品。

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目前已在18個國家開展業務。我們已經進行了一段時間的初步嘗試——大概一年左右吧。我們從中吸收了一些經驗，思考如何改進，如何做得更好。我們還沒有像推廣飯店服務那樣大力推廣這項業務，因為我們希望在投入大量資金之前先把一切都做好。如您所知，我們不想浪費錢。

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，我非常高興的是，我們付出的努力非常有限，但人們卻在使用它，而且我們也收到了人們會再次使用的回饋。

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。我想強調的是，我們正在進行一場持久戰。因為，如您所知，目前用戶數量仍然非常非常少。現在還處於非常早期的階段。但我們希望，從長遠來看，這種互聯互通的旅行體驗——它不僅包括航班，還包括地面交通、景點、餐飲以及人們旅行期間的所有活動——能夠創造出一種讓他們始終最想使用我們應用程式的體驗。

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.

他們選定旅行方式後，就會再次選擇我們。因此，對我們來說，提供對許多人來說至關重要的首要服務——航班——至關重要。現在，我們將繼續加大投入，確保提供絕對一流的服務。

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?

明白了。還有一個後續問題。我記得幾個季度前，你們測試過一個數位品牌推廣活動。不知道你們現在能否分享一些相關資訊。但從更宏觀的角度來看，如果我們審視除搜尋以外的效果行銷管道，鑑於疫情帶來的數位轉型浪潮，你們是否認為有機會更多地利用非搜尋效果行銷管道，例如線上影片？

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.

我們意識到人們的目光都集中在這些地方。所以我們需要確保我們的名字能夠適當地出現在搜尋結果的前面。這樣，當人們想到旅行時，就會想到我們。我們清楚地認識到這一點，並且正在為此努力。是的，我們會繼續在這方面努力。

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

你的下一個問題來自巴克萊銀行的馬裡奧·盧。

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?

好的。我這裡有一份關於代理商與商家預訂量的比較報告，還有一份關於付款方面的報告。就代理商與商家預訂量的對比而言，看起來第一季商家預訂量的恢復速度比代理商快得多。有什麼原因可以解釋這種更快的恢復嗎？

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?

關於付款方面，你們提到你們的付款率超過了預訂量的20%。你們是否有長期的具體目標？隨著時間的推移，這又將如何轉化為收入和營業利益率？

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，你先跟他談談他關於代理商戶的問題，然後我再談談支付方面的長遠規劃。

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。事實上，今年第一季的商家組成比去年第一季略低，無論是整體而言還是Booking.com的商家組成都是如此。因為請記住，您實際上正在比較去年幾乎處於非危機狀態的季度。當然，第一季從三月開始情況惡化。但去年第一季的大部分時間都處於非危機狀態，而現在您要比較的是一個仍在危機中處於復甦階段的季度。

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.

因此，短期內，人們會考慮更靈活的代理付費飯店模式，因為在目前這種彈性非常重要的時期，這種模式具有強烈的吸引力。

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.

我們預計Booking.com的商家業務在今年將有所成長，因為我們顯然正在經歷最大的業務結構轉變。我們仍認為，2021年整體商家業務佔比將略高於2020年。當然，在當前環境下，靈活性是人們考慮預訂的重要因素之一。這就是今年的情況。

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，我們希望盡可能將這部分收入用於支付，因為我們相信這將為我們的客戶和供應商合作夥伴創造更好的旅行服務，使他們能夠開展許多在純粹的代理模式下無法實現的業務。我們相信，透過這種方式，我們可以為所有人創造價值。

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，我之前就說過，如果沒有支付產品，我們就無法進行旅遊復甦促銷活動。而且，在許多方面，我們能夠更好地推廣供應商合作夥伴的各種產品和服務，而這些產品和服務只有借助支付平台才能實現。當然，我們還能整合、捆綁各種產品和服務。顯然，我們希望盡可能多的人加入我們，因為這對所有參與者都有好處，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，我們也知道永遠不可能達到100%。仍然會有很多人說，我只需要一家酒店。我喜歡這種代理模式，我可以到前台付款，一切都很好。我們拭目以待，看看這種情況是否會發生。但即便如此，我們或許也會以能幫他們省錢的方式代付飯店費用。

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.

所以這對我們來說是一個絕佳的機會，但這需要從長遠角度考慮，而且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，我想再次強調我們之前提到的它在損益表中的具體表現。我們提供支付服務會獲得額外的收入。這部分收入包含一項與此相關的變動成本，計入銷售和其他費用中，這也是需要抵銷的最大成本項目——以配合收入。

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，我們其他業務線也因營運支付項目而產生一些額外費用，但最大的變動成本是銷售分成和其他費用。正如我們之前提到的，2020 年，考慮到可變成本等因素，支付業務的營運狀況非常接近盈虧平衡，這比以前有所改善，而且正如 Glenn 剛才所說，它顯然是業務發展的推動力。

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，我們希望繼續擴大業務組合，並在發展過程中保持盈虧平衡，同時我們也意識到——未來，支付業務存在盈利機會，可以帶來增量 EBITDA，我們預計，儘管其利潤率將低於核心住宿業務。

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道格·安穆斯。

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?

我是Dae，替Doug提問。我的第一個問題是關於你們的替代住宿產品。您提到需要改進該產品在美國的市場表現。這些改進工作只是您之前提到的庫存管理和宣傳嗎？還是說您認為還有其他方面可以改進？

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，就客房夜數增長和預訂量增長而言，兩者的發展軌跡似乎出現了相當大的分歧。我感覺這可能影響了兩者之間的平衡，還有其他值得注意的因素在驅動這種分歧嗎？我們該如何看待這兩者未來之間的關係？

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.

所以我先回答第一個問題，戴夫，你來回答第二個問題吧。關於美國境內的其他住宿選擇，你提到的其實並不那麼重要。我們必須為客戶提供合適的房源。我之前也說過，我們在美國私人住宅（尤其是獨棟住宅）的佔比偏低。由於疫情的影響，這類房源在美國非常搶手。這也是我們未來會繼續努力的方向。

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.

這也涉及整個流程，包括我們如何招募人員，我們與哪些人合作讓他們加入，以及我們目前更多地使用多產品物業管理公司，而不是像一些競爭對手那樣單獨收購房產。所以，我們目前的做法有所不同。

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.

我相信，要達到與其他公司一樣的競爭力，這是一個完全可以實現的目標。正如大衛之前提到的，我們在歐洲的另類住宿領域做得非常出色，業績斐然。我們完全有能力在美國也取得同樣的成功，儘管這需要一些時間。

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。關於客房夜數成長和預訂量成長之間的動態關係，這裡有幾個因素在起作用。首先，正如我之前提到的，由於客流量的增長，我們看到航班預訂量的成長表現更好。其次，儘管租車數量下降了4%到6%，但租車價格實際上出現了相當不錯的成長。因此，總預訂量（TTV）方面，航班和租車的下降幅度都比住宿小。

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%.

但最重要的因素其實是ADR的走勢，而且在過去幾個月裡，我們看到ADR的走勢有了一些變化。我們看到，本季ADR僅下跌了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.

現在我想說幾點。由於入住率較低，同店平均房價（ADR）仍面臨壓力。但一些組合因素確實對同比數據產生了影響。第一個組合因素是客源結構向美國轉移，因為美國市場開始加速成長，尤其是在3月。 3月的成長率出現了非常快速的提升，這是我們在上次會議上沒有預測到的。在此之前，美國市場對客房夜數增長和平均房價都是利好消息。此外，在歐洲，由於目前仍有許多限制，人們現在預訂的通常是夏季假期，而夏季假期在歐洲的平均房價通常高於大多數短期住宿。

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.

因此，這兩種混合效應確實對平均日均收入（ADR）的走勢起到了積極作用。我們預計，我之前提到的空氣品質、汽車銷售以及平均每日平均收入的這兩種現象，在第二季也可能持續。但我們認為，由於以下幾個原因，下半年平均每日平均收入將再次開始下降。再次強調，同店平均日均收入正面臨壓力。

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.

舉例來說，如果排除區域差異，我們第一季的平均房價下降了十幾個百分點，這才是更接近實際情況的比較。因此，這種接近實際情況的比較更有可能在下半年顯現出來。區域差異或許會繼續起到一定作用。但我們認為，夏季提前預訂帶來的好處——或者說夏季預訂的勢頭會逐漸減弱——屆時公佈的平均房價將更接近各州的實際平均房價，而且下半年兩者之間的差距會比上半年更大。

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，歐洲的預訂窗口和產品組合出現了一些有趣的現象，這將影響我們在第一季和第二季看到的情況。

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

你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?

就幾個問題。首先，我想回到您之前關於透過投資來獲取市場份額並抓住利潤機會的評論。我們該如何從策略角度看待您的策略？您是否考慮過採用不同的行銷管道？顯然，您之前提到過一些產品，但您認為還有哪些舉措在當前的復甦時期可能會產生影響？

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.

第二個問題是關於美國目前的勞動市場狀況。顯然，勞動市場非常緊張，一些旅館經營者也提到了這方面的挑戰。您認為這會對您的業務產生什麼影響？能否大致談談在經濟復甦期間，供給面是如何變化的？

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.

那麼，我將從第二部分——勞動力——開始，然後讓大衛回到利潤空間，談談事情可能會如何發展——或者我們繼續展望未來。

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.

當然，我們都讀到、聽到了關於目前飯店餐飲業各個領域出現人手短缺的新聞報導。一些業內領軍企業，特別是飯店和餐廳，表示根本招不到工人。但我認為這完全不會影響人們找到住處。

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.

目前，在我看來，有很多很棒的去處可供人們選擇，而且我認為這種情況不會發生。誠然，在旺季的某些時段，某些類型的房產可能會出現短缺，尤其是在夏季一些熱門地區，隨著世界各地休閒活動的複蘇，房產供應可能會更加緊張。但總體而言，我認為這對整個產業來說根本不構成任何重大風險，甚至可以說風險微乎其微。

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

大衛，你可以稍微談談利潤率。

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，很顯然，在我們這樣的行業，成長和獲利能力或利潤率成長之間總是存在著權衡，尤其是在短期內。而我們預期會重點關注的領域，有許多措施可以推動，以促進進一步成長。

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，我們需要保持頭腦靈活，善於發現潛在的機會。我認為，我們在付費通路行銷方面一直表現出色，我們會關注市場需求，並抓住機會，在我們認為能夠真正帶來流量成長的領域加大投入。

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.

我們可以透過商品銷售來做事情。我們也可以透過促銷活動（例如旅遊復甦）以及品牌建立等方式來做事情。因此，我們可以利用多種手段來推動成長，使其高於市場平均水平，我們相信在有成長機會的地方可以這樣做。而且，我們認為，經濟復甦顯然為所有人帶來了一個充滿活力的環境。我們希望確保抓住我們自己創造或別人為我們創造的機會，這些機會將在短期內影響利潤率。

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，正如我們今年討論的那樣，在預訂增長速度超過收入增長速度的時期，會對業務產生影響，因為通常情況下，我們的費用與獲取預訂相關的前期支出有關，而收入則在之後才會到來。因此，這些都是影響住宿產業成長與利潤率之間動態關係的所有因素。

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。今天的問題就到這裡。接下來我將把電話交給我們的執行長格倫‧福格爾，請他作總結發言。

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.

謝謝大家。最後，我要感謝我們的合作夥伴、客戶、敬業的員工和股東。感謝大家的支持，讓我們能夠繼續前行，共渡難關，並朝著更好的方向發展。我們將繼續推進公司的長遠願景。謝謝大家，祝大家平安。晚安。

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

謝謝各位。今天的電話會議到此結束。感謝各位的參與。現在可以斷開連線了。