Booking Holdings Inc (BKNG) 2020 Q4 法說會逐字稿

Welcome to Booking Holdings' Fourth Quarter 2020 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. 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.

歡迎來到 Booking Holdings 2020 年第四季度電話會議。 Booking Holdings 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，並受某些難以預測的風險、不確定性和假設。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事物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. 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.

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 最最近向美國證券交易委員會提交的文件。除非法律要求，否則 Booking Holdings 沒有義務公開更新任何前瞻性陳述，無論是由於新信息、未來事件還是其他原因。

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.

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

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

現在我想介紹 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' Fourth Quarter Conference Call. I'm joined this afternoon by our CFO, David Goulden.

謝謝，歡迎來到 Booking Holdings 的第四季度電話會議。今天下午，我們的首席財務官戴維·古爾登 (David Goulden) 加入了我的行列。

Despite a travel environment that continues to be very challenging, we closed out 2020 by delivering fourth quarter results that were a bit better than the expectations we talked about on our last earnings call. David will provide the details on the fourth quarter results in his remarks. For my time, I will first briefly reflect on our execution during the extremely difficult year of 2020. Then I will share our thoughts and strategic priorities for 2021 and beyond.

儘管旅行環境仍然充滿挑戰，但我們以比我們在上次財報電話會議上談到的預期更好的第四季度業績結束了 2020 年。 David 將在他的發言中提供有關第四季度業績的詳細信息。在我的時間裡，我將首先簡要回顧我們在極其困難的 2020 年的執行情況。然後我將分享我們對 2021 年及以後的想法和戰略重點。

Without a doubt, 2020 presented the biggest disruption to modern global travel the world has ever seen, and our results for full year 2020 were down substantially from 2019. However, travelers still booked 355 million room nights through our platforms during 2020, and we remained profitable by generating approximately $880 million in adjusted EBITDA. Delivering these results during this unprecedented and unpredictable year is a credit to our team's relentless efforts to provide the best value and service to our traveler customers and to our supply partners, while all the time remaining incredibly focused on operating efficiently.

毫無疑問，2020 年對現代全球旅行造成了有史以來最大的破壞，我們 2020 年全年的業績較 2019 年大幅下降。但是，2020 年期間，旅行者仍然通過我們的平台預訂了 3.55 億間夜，我們仍然保持通過產生約 8.8 億美元的調整後 EBITDA 實現盈利。在這個前所未有且變幻莫測的一年取得這些成果，歸功於我們的團隊不懈努力，為我們的旅客客戶和我們的供應合作夥伴提供最佳價值和服務，同時一直非常專注於高效運營。

When we spoke to you on our earnings call in May of 2020, we outlined a series of plans that would help us navigate through the COVID-19 crisis. First, we said we would stabilize the business from the immediate shock of the crisis. Second, we said we would optimize the business for the expected decrease in travel demand over the next few years. And third, we said we would position the business to be able to capture travel demand when it returns. Based on our accomplishments in 2020, I can confidently say that we executed well against these plans.

當我們在 2020 年 5 月的財報電話會議上與您交談時，我們概述了一系列可幫助我們度過 COVID-19 危機的計劃。首先，我們說我們將穩定業務免受危機的直接衝擊。其次，我們表示我們將優化業務以應對未來幾年旅行需求的預期下降。第三，我們說我們將把業務定位為能夠在旅行返回時捕捉旅行需求。根據我們在 2020 年取得的成就，我可以自信地說，我們很好地執行了這些計劃。

In the beginning of the crisis, we successfully stabilized the business by taking several immediate steps, including quickly closing offices and smoothly transitioning to a distributed work environment to protect the health and safety of our employees, which was and continues to be a top priority; working closely with travelers and supply partners to process the unprecedented level of travel changes and cancellations; and bolstering liquidity and preserving cash by halting stock buybacks, cutting nonessential costs and raising over $4 billion in capital through a debt offering. Then we began the process and have almost entirely completed our work to optimize the business for the decrease in travel demand through the restructuring actions we have taken at each of our brands across the company.

在危機之初，我們通過立即採取幾個措施成功地穩定了業務，包括迅速關閉辦公室並平穩過渡到分佈式工作環境，以保護我們員工的健康和安全，這一直是並將繼續是重中之重；與旅行者和供應合作夥伴密切合作，處理前所未有的旅行變更和取消；通過停止股票回購、削減非必要成本並通過發行債券籌集超過 40 億美元的資金來增強流動性和保留現金。然後我們開始了這個過程，並且幾乎完全完成了我們的工作，通過我們在整個公司的每個品牌採取的重組行動來優化業務以減少旅行需求。

As a result of these actions, our 2020 year-end headcount decreased approximately 23% versus 2019, primarily in volume-related positions. We expect these reductions to result in annualized cost savings of about $370 million in personnel expenses, with about $110 million of savings recognized in 2020. While our work is never done in terms of finding opportunities for cost efficiencies, we believe that headcount reductions needed to optimize the business for the current demand environment are now generally behind us.

由於這些行動，我們 2020 年年底的員工人數比 2019 年減少了約 23%，主要是與數量相關的職位。我們預計這些裁員將導致每年節省約 3.7 億美元的人事費用，並在 2020 年確認節省約 1.1 億美元。雖然我們在尋找成本效率機會方面的工作從未完成，但我們認為裁員需要針對當前需求環境優化業務現在已經大體落後了。

Finally, we believe we have positioned the business well for when travel demand returns. We continue to make progress against our key strategic priorities during 2020, and this progress has continued as we have moved into 2021. We remain active in performance marketing channels and are being agile and adapting our approach to this very uncertain environment. And we will leverage our learnings over the past year to continue to capture demand in these performance channels at appropriate ROIs. In addition, our marketing team has been working hard to develop campaigns and messaging that we will deploy when we believe the time is right to encourage people to travel once again and use our services.

最後，我們相信我們已經為旅遊需求恢復做好了業務定位。我們在 2020 年的關鍵戰略重點方面繼續取得進展，並且隨著我們進入 2021 年，這一進展仍在繼續。我們在績效營銷渠道中保持活躍，並且正在靈活調整我們的方法以適應這個非常不確定的環境。我們將利用過去一年的經驗，繼續以適當的投資回報率捕捉這些績效渠道中的需求。此外，我們的營銷團隊一直在努力開發活動和信息，我們將在我們認為時機成熟時部署這些活動和消息，以鼓勵人們再次旅行並使用我們的服務。

As we think ahead about 2021, there is considerable uncertainty regarding the exact shape and timing of the recovery for travel. The rate of recovery will depend heavily on the rate of new COVID-19 cases, including new potentially more transmissible and more dangerous variants, and on the timing of effective and broad-based vaccine distribution, which we believe will be a key step in helping people feel safe to travel again.

當我們展望 2021 年時，旅行複甦的確切形式和時間存在相當大的不確定性。恢復率將在很大程度上取決於新的 COVID-19 病例的發生率，包括新的可能更易傳播和更危險的變種，以及有效和廣泛分發疫苗的時間，我們認為這將是幫助的關鍵步驟人們再次感到安全旅行。

We are tracking early signs of encouraging summer booking trends in Western Europe, primarily the U.K. and Germany, relative to what we are seeing globally, although in each case, gross booking levels are still below where we were at the same point in time in 2019. While seeing green shoots of the summer booking season's positive, it's uncertain whether these trends will continue and whether we'll see this summer booking strength expand into other countries and regions, and of course, whether these advanced bookings will turn into stayed room nights or will be canceled. What would be most helpful would be continued government action around the world to accelerate vaccine distribution while providing direct and indirect support to the entire travel and hospitality industry.

我們正在追踪西歐（主要是英國和德國）相對於我們在全球範圍內看到的令人鼓舞的夏季預訂趨勢的早期跡象，儘管在每種情況下，總預訂水平仍低於我們在 2019 年同一時間點的水平. 雖然看到夏季預訂旺季出現積極的萌芽，但不確定這些趨勢是否會持續下去，我們是否會看到今年夏季的預訂量擴展到其他國家和地區，當然，這些提前預訂是否會轉化為入住間夜或將被取消。最有幫助的是世界各地的政府繼續採取行動加速疫苗分發，同時為整個旅遊和酒店業提供直接和間接支持。

Additionally, international travel remains extremely depressed, and a recovery will not be possible until government restrictions on international travel are lifted or modified so travelers, who can show they are safe travelers, are allowed to travel freely. As you know, our international business has been a great advantage for us historically, and we expect it will be in the future, but we anticipate this to be a longer recovery.

此外，國際旅行仍然極度低迷，除非取消或修改政府對國際旅行的限制，允許能夠證明自己是安全旅行者的旅行者自由旅行，否則復蘇是不可能的。如您所知，我們的國際業務在歷史上一直是我們的一大優勢，我們預計未來也會如此，但我們預計這將是一個更長的複蘇期。

We know that people have a very strong desire to travel. We saw this firsthand in 2020 when we witnessed a strong improvement in our booking trends from the lows in April through the peak summer travel season, driven in part by pent-up demand as people came out of lockdowns. The travel that was booked last year was much more domestic-oriented than in prior years as many people adapted to the restrictive travel environment and still found a way to take a trip. With many travel restrictions now in place around the world, we believe there is once again a high level of pent-up demand for travel. But when this demand will be fully unlocked is, of course, difficult to predict and will depend on vaccination rates and other factors.

我們知道人們對旅行的渴望非常強烈。我們在 2020 年親眼目睹了這一點，當時我們見證了預訂趨勢從 4 月的低點到夏季旅遊旺季的強勁改善，部分原因是人們解除封鎖後被壓抑的需求。去年預訂的旅行比往年更多地以國內為導向，因為許多人適應了限制性的旅行環境並且仍然找到了旅行的方式。由於世界各地現在實施了許多旅行限制，我們認為被壓抑的旅行需求將再次出現。但是，這種需求何時會完全釋放當然很難預測，這將取決於疫苗接種率和其他因素。

While the timing of the pickup in travel demand is beyond our control, we are focused on the things we can control, primarily better positioning our business by continuing to invest and execute against our key strategic priorities, including expanding the payment platform at Booking.com, building out our connected trip capabilities and growing our market share in the United States. Our integrated payment platform at Booking.com provides payment options favored by both travelers and our supplier partners across hotels, alternative accommodations, cars, flights and attractions. It is strategically important as it enables merchandising capabilities that we haven't had access to historically at Booking.com, but we expect to utilize selectively in the future to help drive growth. In addition, this payment platform is foundational for enabling our connected trip strategy.

雖然旅行需求回升的時間超出了我們的控制範圍，但我們專注於我們可以控制的事情，主要是通過繼續投資和執行我們的關鍵戰略重點來更好地定位我們的業務，包括擴展 Booking.com 的支付平台，建立我們的互聯旅行能力並增加我們在美國的市場份額。我們在 Booking.com 的集成支付平台提供了旅行者和我們的供應商合作夥伴都喜歡的支付選項，涵蓋酒店、替代住宿、汽車、航班和景點。這在戰略上很重要，因為它使我們在 Booking.com 歷史上無法獲得的營銷能力成為可能，但我們希望在未來有選擇地利用它來幫助推動增長。此外，該支付平台是實現我們互聯旅行戰略的基礎。

We continue to make progress expanding the payment platform with approximately 22% of Booking.com's gross bookings in 2020 processed on the platform. This is up from approximately 15% in 2019 and was less than 4% back in 2017, so this is a dramatic shift in our large-scale business. We are optimistic about recent improvements in our Booking.com U.S. payment platform, which will enable increased utilization of payments in this critical market. We expect to see a higher percentage of Booking.com's gross bookings processed on the payment platform in 2021 as compared to 2020 and expect these increases to continue beyond 2021.

我們在擴展支付平台方面繼續取得進展，2020 年約有 22% 的 Booking.com 總預訂量是在該平台上處理的。這比 2019 年的約 15% 有所上升，而在 2017 年則不到 4%，因此這是我們大型業務的巨大轉變。我們對 Booking.com 美國支付平台最近的改進持樂觀態度，這將提高這一關鍵市場的支付利用率。與 2020 年相比，我們預計 2021 年 Booking.com 在支付平台上處理的總預訂量的百分比將更高，並預計這些增長將持續到 2021 年以後。

Our connected trip vision is a multiproduct offering, including accommodations, flight, ground transportation and attractions and dining, connected by our seamless payment network and ultimately supported by personalized intelligence, to provide a frictionless experience for our bookers all the way from the initial booking to experiencing their trip. We're building towards this vision because we believe the connected trip will drive increased loyalty and frequency and will enhance the growth of our accommodation business through additional customer acquisition and merchandising opportunities. Developing a robust flight product at Booking.com remains an important strategic component of the connected trip, as it 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 products to those bookers. In the coming years, we expect flights will represent an increasing mix of our overall business, which will help drive incremental revenue and EBITDA dollars.

我們的互聯旅行願景是提供多種產品，包括住宿、航班、地面交通以及景點和餐飲，通過我們的無縫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從最初預訂到完成的全程順暢體驗。體驗他們的旅行。我們正在朝著這一願景努力，因為我們相信互聯旅行將提高忠誠度和頻率，並將通過額外的客戶獲取和銷售機會促進我們住宿業務的增長。在 Booking.com 開發強大的航班產品仍然是連接旅行的重要戰略組成部分，因為它使我們能夠在旅行旅程的早期與航班預訂者互動，並讓我們有機會交叉銷售我們的住宿和其他產品那些預訂者。在未來幾年，我們預計航班將代表我們整體業務的更多組合，這將有助於推動增量收入和 EBITDA 美元。

As mentioned in the past, growing our share of the U.S. travel market remains a key strategic priority for our company, as the U.S. is one of the largest travel markets in the world and we have historically underindexed there. We are taking several steps to increase our competitiveness in the U.S. market and are focused on making sure we are offering great value to our customers, improving our payments platform to enable bundling and merchandising opportunities, increasing overall consumer awareness of our Booking.com through marketing and expanding our alternative accommodations supply. While we have built a large and competitive alternative accommodations business globally, we believe we have a significant opportunity for improvement in the United States, which will involve product improvements, supply acquisition and raising consumer awareness of this type of inventory on Booking.com.

正如過去所提到的，增加我們在美國旅遊市場的份額仍然是我們公司的一個關鍵戰略優先事項，因為美國是世界上最大的旅遊市場之一，我們在歷史上一直低估該市場。我們正在採取幾個步驟來提高我們在美國市場的競爭力，並專注於確保我們為客戶提供巨大的價值，改進我們的支付平台以實現捆綁和銷售機會，通過營銷提高消費者對我們 Booking.com 的整體認知度並擴大我們的替代住宿供應。雖然我們在全球範圍內建立了一個大型且具有競爭力的替代住宿業務，但我們相信我們在美國有很大的改進機會，這將涉及產品改進、供應獲取和提高消費者對 Booking.com 上此類庫存的認識。

Continuing to invest and execute against these 3 strategic priorities as well as capturing demand as travel recovers will be our focus in 2021. We believe successful implementation of these priorities is key to achieving higher growth rates, increasing market share, and eventually building a larger business with higher earnings than we had prior to COVID. We expect this larger business to have a higher mix of merchant transactions and non-accommodation products, both of which will negatively impact our EBITDA margin rates, but we expect it to continue to lead the travel industry in this metric.

繼續針對這 3 個戰略重點進行投資和執行，以及在旅行複蘇時抓住需求將是我們 2021 年的重點。我們認為，成功實施這些重點是實現更高增長率、增加市場份額並最終建立更大業務的關鍵收入高於我們在 COVID 之前的收入。我們預計這家規模較大的企業將擁有更多的商戶交易和非住宿產品組合，這兩者都會對我們的 EBITDA 利潤率產生負面影響，但我們預計它將繼續在這一指標上領先旅遊業。

Finally, I want to address the European Commission's initial proposal for the Digital Markets Act and Digital Services Act released in December. The European Commission has proposed regulations aimed at keeping markets fair and open, which is an ambition that we support. However, at the present time, it is not known for certain what the ultimate rules will be, how they might be applied or what the impact will be on us and other market participants. We are engaged with stakeholders to work towards regulations that tackle the legitimate problems of the large gatekeepers in the digital economy, of which we believe we are not one. We'll update you in the area during future calls.

最後，我想談談歐盟委員會在 12 月發布的關於《數字市場法》和《數字服務法》的初步提案。歐盟委員會提出了旨在保持市場公平和開放的法規，這是我們支持的雄心壯志。然而，目前還不確定最終規則是什麼、它們將如何應用或對我們和其他市場參與者有什麼影響。我們與利益相關者合作制定法規，解決數字經濟中大型守門人的合法問題，我們相信我們不是其中之一。我們會在以後的電話中通知您該地區的最新情況。

In conclusion, there are still tough days ahead of us and everyone in the travel industry. COVID case counts remain high, and the wider global distribution of vaccines is still too slow. However, I am more confident than ever in our long-term future, and we will at some point see a strong recovery in travel demand. I further believe that our company is very well positioned to capture this demand as it comes back. In the meantime, we will focus on what we can control, namely, investing in our business and executing against our strategic priorities to ensure we exit this crisis on a strong footing, which will enable us to build a larger and faster-growing business for the long run.

總之，我們和旅遊業的每個人仍然面臨著艱難的日子。 COVID 病例數仍然很高，而更廣泛的全球疫苗分發仍然太慢。然而，我對我們的長遠未來比以往任何時候都更有信心，我們將在某個時候看到旅遊需求的強勁復甦。我進一步相信，我們公司完全有能力在這種需求回歸時抓住它。與此同時，我們將專注於我們可以控制的事情，即投資於我們的業務並執行我們的戰略優先事項，以確保我們在穩固的基礎上擺脫這場危機，這將使我們能夠建立一個更大、增長更快的業務從長遠來看。

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 fourth quarter, provide some color on the trends we've seen so far in the first quarter and then discuss our expectations for 2021 and our longer-term operating model. To avoid the comparison to the initial spread of the pandemic in 2020, all growth rates for 2020 and 2021 are relative to comparable periods in 2019, unless otherwise indicated. Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release. Now on to the results for the fourth quarter.

謝謝你，格倫，下午好。我將回顧我們第四季度的經營業績，提供我們在第一季度迄今為止看到的趨勢的一些顏色，然後討論我們對 2021 年的預期和我們的長期運營模式。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 2020 年和 2021 年的所有增長率均相對於 2019 年的可比時期。有關非 GAAP 結果與 GAAP 結果的對賬信息，請參閱我們的收益發布。現在談談第四季度的結果。

On our November earnings call, we discussed the trends we saw throughout the third quarter and into early November, including the year-on-year decline in reported room nights worsening from about 43% in the third quarter to about 58% in October, and then further deteriorating to about 70% over the 7 days leading up to our November earnings call, driven by rising COVID case counts and many European countries and governments beginning to respond with impositions of travel restrictions. As a reminder, reported room nights include the impact of cancellations.

在我們 11 月的財報電話會議上，我們討論了我們在整個第三季度和 11 月初看到的趨勢，包括報告的間夜量同比下降，從第三季度的約 43% 惡化到 10 月的約 58%，以及然後在我們 11 月財報電話會議召開前的 7 天內進一步惡化至 70% 左右，這是由於 COVID 病例數上升以及許多歐洲國家和政府開始實施旅行限制。提醒一下，報告的間夜數包括取消的影響。

The worsening trends we saw in early November improved a little, resulting in our reported room nights declining 60% for the fourth quarter. November proved to be the low point for the quarter. The decline in room night growth rates versus Q3 were driven by Europe, where growth rates declined quite considerably. Looking across the other regions, North America were similar to Q3. And Asia and the rest of world both improved compared to Q3. North America was the strongest region in Q4 with a significantly lower year-on-year decline in room nights than the other regions.

我們在 11 月初看到的惡化趨勢略有改善，導致我們報告的第四季度間夜量下降了 60%。事實證明，11 月是本季度的最低點。與第三季度相比，間夜增長率的下降是由歐洲推動的，那裡的增長率下降幅度相當大。縱觀其他地區，北美與第三季度相似。與第三季度相比，亞洲和世界其他地區均有所改善。北美是第四季度表現最強勁的地區，間夜量同比降幅明顯低於其他地區。

Mobile bookings, particularly through our apps, continued to gain share in the fourth quarter and represented over 2/3 of our total room nights in Q4 and about 2/3 of 2020. We continue to -- we also continue to see growth in 50% of our total room nights come to us through the direct channel.

移動預訂，尤其是通過我們的應用程序，在第四季度繼續增加份額，占我們第四季度總間夜量的 2/3 以上和 2020 年的約 2/3。我們繼續 - 我們也繼續看到 50 個增長% 的總間夜數是通過直接渠道獲得的。

Domestic room nights represented about 85% of our reported room nights in Q4, up significantly versus 2019, which was just below 50%. Our cancellation rates continue to be up year-over-year in the fourth quarter and also increased versus Q3.

國內間夜量約占我們報告的第四季度間夜量的 85%，與 2019 年相比顯著上升，後者略低於 50%。我們的取消率在第四季度繼續同比上升，並且與第三季度相比也有所上升。

We continue to monitor other changes in Booking.com's customer booking behavior. The mix of customers booking alternative accommodations in Q4 were slightly lower than Q4 2019, while the full year was up slightly versus 2019. The slight decline in the overall mix of alternative accommodations in Q4 was due to the underperformance of the European region, which is where we have our highest mix of alternative accommodations. The mix of alternative accommodations continues to increase year-over-year within Europe in Q4. Booking.com's alternative accommodations represented about 30% of its reported room nights for the full year 2020.

我們將繼續監控 Booking.com 客戶預訂行為的其他變化。第四季度預訂替代住宿的客戶組合略低於 2019 年第四季度，而全年與 2019 年相比略有上升。第四季度替代住宿的整體組合略有下降是由於歐洲地區表現不佳，這是我們擁有最多的替代住宿組合。第四季度，歐洲的替代住宿組合繼續逐年增加。 Booking.com 的替代住宿約佔其 2020 年全年報告間夜數的 30%。

The booking window contracted versus 2019 in the fourth quarter at about the same rate as we saw in the third quarter, as customers continued to focus mainly on their short-term travel needs. Gross bookings declined 65% in Q4, which is a great decline in reported room nights due to the average daily rates for accommodations decreasing about 15% year-over-year on a constant currency basis.

預訂窗口在第四季度與 2019 年相比收縮，收縮率與我們在第三季度看到的大致相同，因為客戶繼續主要關注他們的短期旅行需求。第四季度總預訂量下降了 65%，報告的間夜數大幅下降，原因是按固定匯率計算，住宿的平均每日房價同比下降約 15%。

Consolidated revenue for the fourth quarter was $1.2 billion and decreased 63% year-over-year. As we expected, revenue in the quarter was less negatively impacted than gross bookings due to the fact that revenue benefited from check-ins in Q4 from bookings we received in the relatively strong third quarter.

第四季度的合併收入為 12 億美元，同比下降 63%。正如我們預期的那樣，本季度的收入受到的負面影響小於總預訂量，這是因為第四季度的收入得益於我們在相對強勁的第三季度收到的預訂。

Our full year revenue is also significantly less impacted than our gross bookings, driven by the differences in the timing between bookings and revenue, which is recognized at check-in, primarily related to 2019 bookings that checked in, in Q1 2020. As a result of these timing factors, our full year revenue as a percent of gross bookings was 19.2%, which is significantly higher than the 15.6% in 2019 and 2018. If our revenue as a percentage of gross bookings in 2020 had been in line with 2019, revenue would have been more than $1 billion lower for the full year. The difference between 15.6% and 19.2% is all entirely explained by this timing difference.

我們的全年收入受到的影響也遠小於我們的總預訂量，這是由於預訂和收入之間的時間差異所致，收入在入住時確認，主要與 2020 年第一季度入住的 2019 年預訂有關。因此在這些時間因素中，我們的全年收入佔總預訂量的百分比為 19.2%，遠高於 2019 年和 2018 年的 15.6%。如果我們 2020 年的收入佔總預訂量的百分比與 2019 年持平，全年收入將減少 10 億美元以上。 15.6% 和 19.2% 之間的差異完全可以用這個時間差異來解釋。

The 63% reduction in revenue resulted in an adjusted EBITDA loss of $38 million in the fourth quarter. While we significantly reduced our variable expense lines like marketing, sales and other, our more fixed expenses decreased to a lesser extent in Q4. As Glenn mentioned, we've almost entirely completed our restructuring actions to reduce personnel expenses to align our cost structure with the new demand environments. The [savings] recognized in our personnel expense line related to these actions was about $70 million in Q4 and about $110 million for the full year. We recorded charges of $74 million and $149 million related to these actions in the restructuring and other exit costs line for Q4 and the full year, respectively.

收入減少 63% 導致第四季度調整後的 EBITDA 虧損 3800 萬美元。雖然我們大幅減少了營銷、銷售等可變費用，但我們更多的固定費用在第四季度減少的幅度較小。正如 Glenn 所提到的，我們幾乎完全完成了重組行動，以減少人員開支，使我們的成本結構與新的需求環境保持一致。我們在與這些行動相關的人事費用項目中確認的[節省]在第四季度約為 7000 萬美元，全年約為 1.1 億美元。我們在第四季度和全年的重組和其他退出成本項目中分別記錄了與這些行動相關的 7400 萬美元和 1.49 億美元的費用。

Marketing expense, which is a highly variable expense line, decreased 61% year-over-year as we saw a significant reduction in demand in the paid channels. In addition, we substantially reduced our brand marketing spend in response to the diminished travel demand environment. Sales and other expenses decreased 45% year-over-year, primarily due to reduction in expenses associated with payment transactions, partially offset by a mix shift in customer service to outsourced call centers.

營銷費用是一個高度可變的費用項目，同比下降 61%，因為我們看到付費渠道的需求顯著減少。此外，我們大幅減少了品牌營銷支出，以應對旅遊需求減少的環境。銷售和其他費用同比下降 45%，這主要是由於與支付交易相關的費用減少，部分被客戶服務向外包呼叫中心的混合轉移所抵消。

Personnel expenses decreased 13% year-over-year, primarily due to restructuring actions I mentioned previously. G&A expenses decreased 36% year-over-year largely driven by reduced discretionary spend in such areas as T&E, lower indirect taxes and lower office expenses due to employees working remotely. Information technology expenses were up 1% year-over-year in the fourth quarter due to investments in software license fees related to cybersecurity and privacy software.

人事費用同比下降 13%，這主要是由於我之前提到的重組行動。 G&A 費用同比下降 36%，這主要是由於 T&E 等領域的可自由支配支出減少、間接稅減少以及員工遠程工作導致的辦公費用減少。由於對與網絡安全和隱私軟件相關的軟件許可費的投資，第四季度信息技術費用同比增長 1%。

Finally, we've broken out restructuring charges separately in operating expenses in the P&L. And I note that these restructuring charges are included in our non-GAAP results.

最後，我們在損益表的運營費用中單獨列出了重組費用。我注意到這些重組費用包含在我們的非 GAAP 業績中。

We recorded a non-GAAP net loss of $23 million in the quarter. Our full year non-GAAP tax rate of 42% was meaningfully higher than our 2019 tax rate of 19% due to the greater impact of nontax deductible expenses on a lower base of earnings as well as the geographical distribution of earnings and losses. Our Q4 non-GAAP tax rate was driven by a change in our full year tax provision following better-than-expected pretax results in the fourth quarter.

我們在本季度記錄了 2300 萬美元的非 GAAP 淨虧損。我們的全年非 GAAP 稅率為 42%，明顯高於我們 2019 年的 19% 稅率，這是因為非稅前扣除費用對較低的收益基數以及收益和虧損的地理分佈的影響更大。我們的第四季度非 GAAP 稅率是由於第四季度稅前業績好於預期後全年稅收撥備發生變化。

On a GAAP basis, we had an operating loss of $153 million in Q4. We recorded a GAAP net loss of $165 million in the quarter as the benefit from an unrealized $553 million pretax gain on our equity investments, primarily related to our investment in Meituan, was offset by income tax expenses of $410 million, $98 million of interest expense, and $61 million of FX remeasurement losses on our Eurobond. We excluded the unrealized gains and the related losses from our non-GAAP results.

根據 GAAP，我們在第四季度的運營虧損為 1.53 億美元。我們在本季度錄得 1.65 億美元的 GAAP 淨虧損，因為我們股權投資未實現的 5.53 億美元稅前收益（主要與我們對美團的投資有關）被 4.1 億美元的所得稅費用、9800 萬美元的利息費用所抵消，以及我們歐洲債券的 6100 萬美元外匯重新計量損失。我們從我們的非 GAAP 業績中排除了未實現收益和相關損失。

The $410 million of income tax expenses is primarily due to the discrete tax expense related to the Meituan unrealized gain and the change in our full year tax provision following better-than-expected results in the fourth quarter. Our full year GAAP tax rate of 90% was meaningfully higher than our 2019 tax rate of 18% due to reasons mentioned for our non-GAAP tax rate, with the nondeductible goodwill impairment charge driving additional significant impacts.

4.1 億美元的所得稅費用主要是由於與美團未實現收益相關的離散稅費以及第四季度好於預期的業績後我們全年稅收撥備的變化。由於我們提到的非 GAAP 稅率的原因，我們 90% 的全年 GAAP 稅率明顯高於 2019 年 18% 的稅率，不可抵扣的商譽減值費用帶來了額外的重大影響。

Now on to our cash and liquidity position. Our Q4 ending cash and investment balance decreased to $14.8 billion from our September ending balance of $14.9 billion due to an operating cash outflow, largely offset by the unrealized gains on our long-term investments. We had a $557 million operating cash outflow in the quarter driven primarily by changes in working capital, which represented a use of cash of about $400 million in the quarter as well as the net loss recorded in the quarter. The change in working capital driven by seasonal effects that were amplified by the slowdown in bookings from Q3.

現在談談我們的現金和流動性狀況。由於運營現金流出，我們第四季度末的現金和投資餘額從 9 月末的 149 億美元餘額減少到 148 億美元，這在很大程度上被我們長期投資的未實現收益所抵消。我們在本季度有 5.57 億美元的運營現金流出，這主要是由於營運資本的變化，這代表本季度使用了約 4 億美元的現金以及本季度記錄的淨虧損。季節性影響導致營運資金的變化，而第三季度的預訂放緩加劇了這種變化。

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 last quarter, we've halted repurchases of our stock, and we 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。與我們上個季度的評論一致，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，我們不會啟動回購。

Now onto our thoughts for the first quarter. And to remind you, we'll make comparisons with 2019 unless otherwise indicated. There continues to be considerable uncertainty about the shape and timing of the recovery for travel, which means we're unable to provide detailed guidance at this time. January room night declines were slightly worse than Q4, driven by the increasing spread of COVID-19, including the new strains with associated additional travel restrictions. However, starting in the middle of January, we saw an improvement in room night declines driven by domestic travel bookings in most parts of the world. And we've seen this improvement continue into February. In recent weeks, some regions have improved back to positive domestic room night growth. While difficult to predict with accuracy, if the domestic room night trends continue to improve, Q1 room night declines could be a few percentage points better than Q4. To give you a snapshot of what we're seeing recently, room night declines over the last 7 days were about 50%.

現在談談我們對第一季度的看法。提醒您，除非另有說明，否則我們將與 2019 年進行比較。旅行恢復的形式和時間仍然存在很大的不確定性，這意味著我們目前無法提供詳細的指導。受 COVID-19 傳播範圍擴大的推動，包括新毒株以及相關的額外旅行限制，1 月間夜量下降幅度略低於第四季度。然而，從 1 月中旬開始，我們看到世界大部分地區的國內旅遊預訂推動間夜量下降有所改善。我們已經看到這種改善一直持續到 2 月。最近幾週，一些地區已經恢復到正增長的國內間夜量。雖然很難準確預測，但如果國內間夜趨勢繼續改善，Q1間夜降幅可能比Q4好幾個百分點。為了讓您大致了解一下我們最近看到的情況，過去 7 天的間夜量下降了大約 50%。

In Q1, the overall booking window has contracted versus 2019, although to a lesser extent than we saw in the fourth quarter. In Western Europe, in January, we saw an expansion of the booking window versus 2019. And we've seen this expansion continue into February as the share of further out bookings, including those for summer travel, has increased. As Glenn noted in Western Europe, particularly in the U.K. and Germany, we have recently seen stronger summer booking trends relative to what we're seeing globally. And in these countries, gross bookings for summer period are within 25% of where they were at the same time in 2019. These stronger booking trends in Western Europe are currently being offset by weaker near-term booking trends in the region due to extensive travel restrictions. And we remind you that the significant majority of the summer bookings are cancelable.

在第一季度，整體預訂窗口與 2019 年相比有所收縮，儘管幅度小於我們在第四季度看到的程度。在西歐，與 2019 年相比，我們在 1 月份看到了預訂窗口的擴大。而且我們看到這種擴張一直持續到 2 月份，因為包括夏季旅行在內的進一步預訂的份額有所增加。正如 Glenn 在西歐所指出的那樣，尤其是在英國和德國，我們最近看到相對於我們在全球範圍內看到的情況而言，夏季預訂趨勢更為強勁。在這些國家/地區，夏季的總預訂量與 2019 年同期相比不到 25%。西歐這些強勁的預訂趨勢目前正被該地區由於廣泛旅行而較弱的近期預訂趨勢所抵消限制。我們提醒您，大部分夏季預訂都是可以取消的。

We're also encouraged to see that some countries are making notable progress with vaccinations, including Israel, UAE and the U.K. We are confident that when vaccinations are broadly available and when travel restrictions are lifted, people will return to travel. We saw this happen recently in Israel, where vaccination rates are the highest in the world. And after the national lockdown within Israel was eased on February 7, we quickly saw domestic bookings return to solid double-digit growth versus the same period in 2019.

我們也很高興看到一些國家在疫苗接種方面取得了顯著進展，包括以色列、阿聯酋和英國。我們相信，當疫苗接種廣泛可用且旅行限制解除時，人們將返回旅行。我們最近在以色列看到了這種情況，那裡的疫苗接種率是世界上最高的。在 2 月 7 日以色列解除全國封鎖後，我們很快看到國內預訂量恢復到與 2019 年同期相比穩健的兩位數增長。

Turning to the income statement. As I said, we expect Q1 room nights -- Q1 room night declines could be a few percentage points better than Q4. We expect Q1 gross bookings to decline a few percentage points more than room nights due to continued pressure on local currency ADRs. We expect Q1 revenue to decline slightly more than gross bookings, assuming bookings continue to improve for the rest of the quarter.

轉向損益表。正如我所說，我們預計第一季度間夜量——第一季度間夜量下降可能比第四季度好幾個百分點。由於當地貨幣 ADR 的持續壓力，我們預計第一季度的總預訂量將比間夜下降幾個百分點。假設本季度剩餘時間的預訂量繼續改善，我們預計第一季度收入的下降幅度將略高於總預訂量。

We expect margin expense in Q1 will decline at the same level as gross bookings. We expect sales and other expenses in Q1 will be similar to what they were in Q4 on a dollar basis, with some variability based upon where Q1 volumes land.

我們預計第一季度的利潤率支出將下降至與總預訂量相同的水平。我們預計第一季度的銷售額和其他費用將與第四季度類似（以美元計算），但根據第一季度的銷量情況會有一些變化。

We expect personnel expenses in Q1 will be slightly higher than they were in Q4 on a dollar basis, primarily due to increased SBC expenses and seasonal increase in benefit costs, partially offset by a higher amount of savings in Q1 related to restructuring actions we've taken. We expect that almost the full run rate from our personnel restructurings will be realized in Q1.

我們預計第一季度的人事費用將略高於第四季度（按美元計算），這主要是由於 SBC 費用增加和福利成本的季節性增加，部分被第一季度與重組行動相關的更多節省所抵消採取。我們預計我們人事重組的幾乎全部運行率將在第一季度實現。

We expect G&A expenses in Q1 will be about the same as they were in Q4 on a dollar basis. We expect the IT expenses will be higher than they were in Q4 on a dollar basis, primarily due to increased investments in security, data privacy and some operational system enhancements. We currently estimate the remaining restructuring charge related to actions in Booking.com will be about $40 million. And we expect to record more than half of these remaining charges in the first quarter. About half of the $40 million relates to personnel-related actions, and the other half relates to real estate. Given what we just explained, and reminding you that Q1 is our seasonally lowest-revenue quarter, we expect to report a greater EBITDA loss in Q1 than in Q4.

我們預計第一季度的 G&A 費用將與第四季度大致相同（按美元計算）。我們預計 IT 支出將高於第四季度（按美元計算），這主要是由於對安全、數據隱私和一些操作系統增強的投資增加。我們目前估計，與 Booking.com 的行動相關的剩餘重組費用約為 4000 萬美元。我們預計將在第一季度記錄這些剩餘費用的一半以上。 4000 萬美元中約有一半與人事相關的行動有關，另一半與房地產有關。鑑於我們剛才的解釋，並提醒您第一季度是我們季節性收入最低的季度，我們預計第一季度的 EBITDA 損失將比第四季度更大。

For the full year 2021, I want to briefly walk you through some factors that we expect will impact our top line operating margins for the year. We expect the environment of travel to improve in -- during 2021, but the shape and timing of that recovery remains uncertain. We expect occupancy rates to remain below where they were pre-COVID, putting continued negative pressure on ADRs, which will result in our gross bookings being lower than our room nights.

對於 2021 年全年，我想簡要介紹一些我們預計會影響我們全年營業利潤率的因素。我們預計旅行環境將在 2021 年期間得到改善，但復甦的形式和時間仍不確定。我們預計入住率將保持在 COVID 之前的水平以下，給 ADR 帶來持續的負面壓力，這將導致我們的總預訂量低於間夜數。

As I noted earlier, our revenue was less negatively impacted than our gross bookings in 2020 due to timing factors, which benefited our 2020 revenue by more than $1 billion. The opposite dynamic will happen when we experience an acceleration in bookings, which will lead to our gross bookings recurring faster than revenue. Said another way, if we see this acceleration in 2021, there will 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. So exactly how meaningful this impact will be depends upon how quickly our room nights and gross bookings accelerate in 2021.

正如我之前指出的那樣，由於時間因素，我們的收入受到的負面影響小於我們 2020 年的總預訂量，這使我們 2020 年的收入受益超過 10 億美元。當我們體驗到預訂加速時，就會發生相反的動態，這將導致我們的總預訂量比收入更快地重複出現。換句話說，如果我們在 2021 年看到這種加速，那麼在 2021 年進行的預訂將在 2022 年入住，而不是在 2020 年進行的預訂在 2021 年入住。這個時間因素可能會產生有意義的負面影響對我們收入佔總預訂量百分比的影響。因此，這種影響的確切意義取決於 2021 年我們的間夜數和總預訂量的增長速度。

Due to these differences in the timing of bookings versus check in, we also expect deleverage in our marketing expenses in 2021 as we incur the majority of our market expenses at the time of booking. The most significant expense items in sales and other are payment processing costs and outsourced customer service expenses. We expect sales and other to be lower in 2021 than in 2019, but the reduction will be smaller than the reduction in revenue.

由於預訂時間與入住時間的這些差異，我們還預計 2021 年我們的營銷費用會去槓桿化，因為我們的大部分市場費用都是在預訂時產生的。銷售和其他中最重要的費用項目是付款處理費用和外包客戶服務費用。我們預計 2021 年的銷售額和其他將低於 2019 年，但降幅將小於收入的降幅。

A few comments to help you think about our less variable expenses for 2021 and how they'll most likely compare with 2019. We expect G&A to be down double digits versus 2019 driven by T&E, office and occupancy expenses, with some variability from DST taxes if new ones are enacted during the year.

一些評論可幫助您思考我們 2021 年變化較小的費用，以及它們與 2019 年相比最有可能如何。我們預計 G&A 與 2019 年相比將下降兩位數，原因是 T&E、辦公室和入住費用，以及 DST 稅的一些變化如果年內製定了新的。

Personnel expenses are likely to be quite similar to 2019 on a dollar basis. To help you understand this better, there are a few factors that contribute towards this. Our personnel expense run rate immediately before COVID hit was about $200 million higher than 2019 actual personnel expenses. Less than half of this was the annualization of people expense we added during 2019. And the rest was from people expense added into the business in the first quarter of 2020.

按美元計算，人事費用可能與 2019 年非常相似。為了幫助您更好地理解這一點，有幾個因素會促成這一點。在 COVID 爆發之前，我們的人事費用運行率比 2019 年的實際人事費用高出約 2 億美元。其中不到一半是我們在 2019 年增加的人員費用的年化。其餘部分來自 2020 年第一季度增加到業務中的人員費用。

Our restructuring actions will reduce headcount expenses by approximately $370 million. So the impact of these 2 together will be to reduce personnel expenses by $170 million versus 2019. As we continue to invest in the business, we expect 2021 year-end headcount to be a little higher than at the end of 2020, with a mix shift towards pro and technical positions. This will add about $100 million in personnel expenses in 2021.

我們的重組行動將使員工開支減少約 3.7 億美元。因此，與 2019 年相比，這 2 項的影響將減少 1.7 億美元的人事費用。隨著我們繼續投資該業務，我們預計 2021 年年底的員工人數將略高於 2020 年底，其中混合轉向專業和技術職位。這將在 2021 年增加約 1 億美元的人事費用。

And finally, SBC is expected to be higher than 2019 due to a few factors, including the modification of some stock awards in Q1 2021 and the issuance of stock options in 2020. Finally, IT expenses in 2021 will be higher than in 2019 due to investments in security, privacy and operational system enhancements to support our connected trip strategy.

最後，由於一些因素，包括 2021 年第一季度部分股票獎勵的修改和 2020 年股票期權的發行，SBC 預計將高於 2019 年。最後，由於以下原因，2021 年的 IT 費用將高於 2019 年在安全、隱私和操作系統增強方面進行投資，以支持我們的互聯旅行戰略。

As we think beyond 2021, we're looking forward to being a larger business with more diverse offerings and with more earnings than we have prior to COVID. We're also focused on the potential for higher growth and market share. We continue to believe that it would be years and not quarters before travel returns to pre-COVID-19 levels. And when considering the shape of the business at that time, I'd like to draw your attention to 2 factors.

正如我們所想的那樣，到 2021 年以後，我們期待成為一家更大的企業，提供比 COVID 之前更多樣化的產品和更多的收入。我們還關注更高增長和市場份額的潛力。我們仍然認為，旅行要恢復到 COVID-19 之前的水平還需要數年而不是幾個季度。在考慮當時的業務形態時，我想提請您注意兩個因素。

The first is a mix shift within the business. The continued growth of payments and the growth of flights and other connected verticals will add revenue and EBITDA, but at much lower margin rates than traditional accommodations. Payments will add to revenue with offsetting expenses in sales and other, plus some additional personnel and other expenses. Flights and other connected trip verticals will add to bookings and revenue, but at lower take rates than accommodations, and will also require added personnel and other expenses as this business scales.

首先是業務內部的混合轉變。支付的持續增長以及航班和其他相關垂直行業的增長將增加收入和 EBITDA，但利潤率遠低於傳統住宿。付款將增加收入，抵消銷售和其他費用，以及一些額外的人員和其他費用。航班和其他相關垂直旅行將增加預訂量和收入，但收費率低於住宿，而且隨著業務規模的擴大，還需要增加人員和其他費用。

The second is personnel. The restructuring actions we took in 2020 were mainly in volume-related functions, including customer service and credit collection. This means that as volumes grow beyond the levels we expect in 2021, we'll need to add expenses back to business. As we've mentioned before, we'll look to do this in cost-efficient ways, but the work will come back.

二是人員。我們在 2020 年採取的重組行動主要是與數量相關的功能，包括客戶服務和信用收集。這意味著隨著銷量增長超過我們 2021 年的預期水平，我們將需要增加業務支出。正如我們之前提到的，我們將尋求以具有成本效益的方式做到這一點，但工作會回來的。

We think it's important to include these considerations when thinking about the future shape of the business. As Glenn said, we expect to continue to have industry-leading EBITDA margin rates, albeit most likely at levels below those in 2019.

我們認為在考慮業務的未來形態時將這些考慮因素包括在內很重要。正如格倫所說，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。

In conclusion, we remain focused on what we can control and continue to execute against our strategic priorities. We're now more confident than ever that through these actions, we will emerge from this crisis in a stronger position.

總之，我們仍然專注於我們可以控制的事情，並繼續根據我們的戰略重點執行。我們現在比以往任何時候都更有信心，通過這些行動，我們將以更強大的地位擺脫這場危機。

We'll now take your questions. And Grace, I'll turn it over to you to open the line for questions.

我們現在將回答您的問題。格蕾絲，我會把它交給你來打開問題熱線。

(Operator Instructions) Your first question comes from the line of Lloyd Walmsley from Deutsche Bank.

（操作員說明）您的第一個問題來自德意志銀行的 Lloyd Walmsley。

I guess a couple, first, just following up on those last comments you made, David, on margins. I guess, obviously, a lot of the reductions you've seen, as you said, been kind of variable related to business. Are there -- is there anything that you're kind of just learning to do better or more efficiently that might result in kind of better cost line items as a percent of revenue coming out of this on the other side?

我想有幾個，首先，只是跟進你最後發表的評論，大衛，在空白處。我想，很明顯，正如你所說，你所看到的很多減少都是與業務相關的變量。有沒有 - 有沒有什麼你正在學習做的更好或更有效，這可能會導致更好的成本項目作為另一方面收入的百分比？

And then I guess the second one, curious if you guys expect any impact to your performance marketing spend efficacy from kind of upcoming changes in Apple's iOS 14 that may impact retargeting. Anything you guys expect there?

然後我猜是第二個，好奇你們是否期望 Apple iOS 14 即將發生的變化可能會影響重新定位，從而對您的績效營銷支出效果產生任何影響。你們有什麼期待嗎？

Why don't I take the first one? And then, Glenn, we'll see if you want to take a start on the second one.

我為什麼不拿第一個？然後，Glenn，我們會看看你是否想從第二個開始。

So on the efficiency side, we're always looking for ways to become more efficient within the business. As I mentioned, we have reduced these variable costs to the tune of about $370 million. As they come back, we will look at more efficient ways of getting that work done. The work will come back. It won't come back this year. We basically rightsized ourselves through what we think will be through 2021. But as volumes extend beyond what we think 2021 is likely to bring, those costs will come back. So we will look at more efficient ways to do some of those variable activities in terms of location, technology, what we do inside or where we deploy more partner resources, et cetera.

因此，在效率方面，我們一直在尋找提高業務效率的方法。正如我所提到的，我們已經將這些可變成本減少到大約 3.7 億美元。當他們回來時，我們將尋找更有效的方法來完成這項工作。工作會回來的。今年不會回來了。我們基本上通過我們認為會持續到 2021 年的時間來調整自己。但是隨著數量超出我們認為 2021 年可能帶來的數量，這些成本將會回來。因此，我們將尋找更有效的方法來根據地點、技術、我們在內部所做的事情或我們部署更多合作夥伴資源的地方等方面進行一些可變活動。

And we also, Lloyd, continue to look at how we can drive efficiency in our fixed costs part of the business. That's not been the major focus for the last 12 months. The major focus has been surviving COVID. I think we've done a good job with that. But we do continue to kind of look at our costs across our personnel base, across our real estate, across our technology portfolios, across things like procurement, where we can continue to drive efficiencies within the business. So when we get to a more normalized environment, that's something else we can also take a look at driving as well.

我們也，勞埃德，繼續研究如何提高業務固定成本部分的效率。這不是過去 12 個月的主要焦點。主要重點是在 COVID 中倖存下來。我認為我們在這方面做得很好。但我們確實會繼續審視我們的人員基礎、房地產、技術組合、採購等方面的成本，我們可以在這些方面繼續提高業務效率。因此，當我們進入一個更加規範化的環境時，我們也可以看看駕駛方面的其他情況。

And Glenn?

格倫呢？

And Lloyd, your question's a good one because we continue to see changes not only by companies like Apple making changes as you just mentioned, but Google doing differences and governments certainly talking about laws and regulations about cookies and all sorts of things that impact different ways that people do marketing, in particular performance marketing, and different things. And that can impact companies certainly in the short term, and we're all just looking and trying to evaluate what do we think this will mean for any one of these things and [how we do it].

勞埃德，你的問題很好，因為我們繼續看到變化，不僅像蘋果這樣的公司做出了你剛才提到的變化，而且谷歌也在做不同的事情，政府當然也在談論關於 cookie 的法律法規以及影響不同方式的各種事情人們做營銷，特別是績效營銷，以及其他不同的事情。這肯定會在短期內影響公司，我們都在尋找並試圖評估我們認為這對這些事情中的任何一件意味著什麼以及[我們如何做]。

But the thing I'd really focus on is that change can also be good. We believe that we have some of the best marketing people in the world in terms of digital marketing. So when changes happen, we can make adjustments. We can make changes. We can do things faster and better. And we have so much data to test with that we believe we can actually come out of these things sometimes better off than we were in the past.

但我真正關注的是，改變也可以是好的。我們相信，就數字營銷而言，我們擁有世界上一些最優秀的營銷人員。因此，當發生變化時，我們可以進行調整。我們可以做出改變。我們可以做得更快更好。我們有如此多的數據可供測試，我們相信我們實際上可以從這些事情中脫穎而出，有時會比過去更好。

So right now, there's nothing I can say in terms of impact or not, except to -- so far as to say we've been adapting and changing. And this world of digital market has been changing for 20 years, and we've kept on top of it. And so I'm so confident that we'll be able to make any adjustments we need to make for the future.

所以現在，關於影響與否，我無話可說，除了——就我們一直在適應和改變而言。這個數字市場世界已經變化了 20 年，而我們一直處於領先地位。因此，我非常有信心，我們將能夠為未來做出我們需要做出的任何調整。

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

你的下一個問題來自美國銀行的 Justin Post。

A couple of questions. First, Airbnb's success has been hard to miss, but just wondering how you think about your market share within Europe and your position with larger hosts maybe than smaller individual hosts, and what that means in a recovery.

幾個問題。首先，Airbnb 的成功不容錯過，但只是想知道您如何看待您在歐洲的市場份額，以及您在大型房東中的地位可能比較小的個人房東，以及這對複蘇意味著什麼。

And then secondly, Glenn, would love to hear about your thoughts on suppliers. Obviously, a lot of pain in the travel industry. How can you help suppliers in the recovery? And do you think you'll be getting more promotional activity from suppliers, maybe better take rates? Anything we could think about on that front?

其次，格倫，很想听聽您對供應商的看法。顯然，旅遊業的痛點很多。您如何幫助供應商復甦？你認為你會從供應商那裡得到更多的促銷活動，也許更好的價格？在這方面我們可以考慮什麼？

Sure. So in regards to the home or alternative accommodations as we like to call it in Europe, I don't think we've talked much about regional exact share, and I'm not going to here. But I certainly -- we talked a little bit how Europe is our stronghold in that area. We're better there in the home area than other areas.

當然。因此，關於我們在歐洲喜歡稱之為的家庭或替代住宿，我認為我們沒有過多討論區域確切份額，我不會在這裡討論。但我當然 - 我們談到了歐洲如何成為我們在該領域的據點。與其他地區相比，我們在家鄉地區做得更好。

But throughout the world, I think I can say to you that we are better in things that are less single property. We always want to increase the single property because we know that's an area where we can improve upon. So that is an issue right now. And with the pandemic, there certainly was a bit of a shift, for some people, that they wanted to be isolated away from other people. So certainly, there was more demand than in the past for the single-home area. That showed up much more in the U.S. for us, say, than Europe. Because Europe, we do have -- a greater amount of our home supply is the single property than, say, in the U.S.

但在全世界，我想我可以告訴你，我們在不那麼單一財產的事情上做得更好。我們總是想增加單個屬性，因為我們知道這是我們可以改進的領域。所以這是現在的一個問題。隨著大流行，對某些人來說肯定會發生一些轉變，他們希望與其他人隔離開來。因此，可以肯定的是，對單戶住宅區的需求比過去更多。對我們來說，這在美國比在歐洲表現得更多。因為在歐洲，我們確實有——比起美國，我們的房屋供應更多的是單一財產。

Look, it's an area we're going to continue to focus on, and I do believe right now in the environment there is that is a great product to have up on the shelf. That being said, in the future, we'll see how much that maintains or things go back more towards they used to be, where there's a different split between homes and hotels.

看，這是一個我們將繼續關注的領域，我確實相信現在在環境中有一個很棒的產品可以上架。話雖這麼說，在未來，我們將看到有多少維護或事情回到過去，家庭和酒店之間有不同的劃分。

In regard to your second question about relationship with hotel suppliers, obviously, we're doing everything we can to help our partners. And that's coming up with new ways to -- come up with promotions that they want to do. Telling them when we think there are spots in demand that they can come up with different types of closed user group prices that can help get them more demand. Coming out with ways that they can put together things in content in terms of safety and health, so that a traveler who looks on our site and sees their hotel and sees that it's a safe place to go, do all different things with them to try and improve their business.

關於您關於與酒店供應商關係的第二個問題，顯然，我們正在盡一切努力幫助我們的合作夥伴。這就是想出新的方法——想出他們想做的促銷活動。當我們認為有需求時告訴他們，他們可以提出不同類型的封閉用戶組價格，這可以幫助他們獲得更多需求。提出他們可以在安全和健康方面將內容放在一起的方法，以便瀏覽我們網站並看到他們的酒店並認為這是一個安全的去處的旅行者，與他們一起做所有不同的事情來嘗試並改善他們的業務。

It's very difficult right now as you know, though, because let's face it, unless there's demand, you can have the greatest content in the world, but if people don't feel it's time to travel, they're not going to travel. But we're going to continue to do that.

不過，如你所知，現在非常困難，因為讓我們面對現實吧，除非有需求，否則你可以擁有世界上最棒的內容，但如果人們不覺得是時候去旅行，他們就不會去旅行。但我們將繼續這樣做。

I do believe in terms of relationships, certainly as a distributor, when there is less demand, we are more valuable as a partner to them. In the time when there's very, very high occupancy rates, any hotel will say, "Well, I don't need the distributor nearly as much." But when they don't have as much occupancy rate, then they start looking for demand, and we have the benefit of being the largest platform for hotel demand in the world. So we are the place for them to come and get some more of that incremental demand, and we're continuing to work with them to make sure they do their best to get it.

我確實相信在關係方面，當然作為經銷商，當需求減少時，我們作為合作夥伴對他們來說更有價值。在入住率非常非常高的時候，任何一家酒店都會說，“好吧，我幾乎不需要分銷商。”但是當他們沒有那麼多的入住率時，他們就會開始尋找需求，而我們的優勢是成為世界上最大的酒店需求平台。因此，我們是他們來這裡獲得更多增量需求的地方，我們將繼續與他們合作，以確保他們盡最大努力獲得它。

And your next question comes from the line of Kevin Kopelman from Cowen.

你的下一個問題來自 Cowen 的 Kevin Kopelman。

I just had some follow-ups on your comments about gaining market share in the U.S. Can you talk more about your focus there? Do you consider it an increasing priority for the company compared to the past year or 2? And on the marketing side of that, that you mentioned, do you anticipate being focused more on brand or performance marketing?

我剛剛對你關於在美國獲得市場份額的評論進行了一些跟進。你能更多地談談你在那裡的關注點嗎？與過去一年或兩年相比，您是否認為這對公司來說越來越重要？在您提到的營銷方面，您是否期望更多地關注品牌或績效營銷？

Well, let me start with the first one, Kevin. We absolutely have begun to focus more on the U.S. It's always been a priority, so don't get me wrong in that area. But certainly, we've made a couple of changes where we're focusing more specifically in the U.S.

好吧，讓我從第一個開始，凱文。我們絕對已經開始更多地關注美國。這一直是一個優先事項，所以在那個領域不要誤解我的意思。但可以肯定的是，我們已經做出了一些改變，我們更具體地關注美國。

As we scaled the company over many, many years, we had a very global approach, and we tried not to make changes solely for any particular market. Really believing that scaling the business, keeping everything the same was the best way to achieve a very, very large, global share of the business. That being said, we've come to a state where we recognize that we're continuing to be underindexed in the U.S. and maybe we need to make some changes there, which we are doing. And I think that we will make some progress in that.

多年來，隨著公司規模的擴大，我們採用了一種非常全球化的方法，我們盡量不只為任何特定市場做出改變。真正相信擴大業務規模，保持一切不變是實現非常非常大的全球業務份額的最佳方式。話雖這麼說，我們已經到了這樣一種狀態，我們認識到我們在美國的指數繼續不足，也許我們需要在那裡做出一些改變，我們正在這樣做。我認為我們會在這方面取得一些進展。

In terms of whether we're going to do it in brand or in terms of performance marketing, I'm not going to give away the playbook here. I will say though, we absolutely are doing the things I talked about in my prepared remarks in terms -- obviously, we do want to increase awareness. We obviously want to increase the total amount of supply, increase our alternative accommodations, doing all the things that are necessary to make sure we are getting the share of the business that we believe we should be getting.

就我們是要在品牌方面還是在績效營銷方面這樣做而言，我不打算在這裡放棄劇本。不過我要說的是，我們絕對是在做我在準備好的發言中談到的事情——顯然，我們確實想提高認識。我們顯然希望增加供應總量，增加我們的替代住宿，做所有必要的事情以確保我們獲得我們認為應該獲得的業務份額。

Got it. That's great. And then just a quick clarification on the statistics you gave about the past week being down 50%. Is that a -- year-over-year numbers? And if you're looking at 2020, were those numbers affected by the initial COVID waves at all?

知道了。那太棒了。然後快速澄清一下你提供的關於過去一周下降了 50% 的統計數據。這是一個 - 同比數字嗎？如果你看看 2020 年，這些數字是否完全受到了最初的 COVID 浪潮的影響？

Kevin, not -- as I said, everything is a year over 2 years number. So we...

凱文，不是——正如我所說，一切都是一年多於 2 年的數字。所以我們...

Okay. Perfect.

好的。完美的。

Everything I gave you was -- because that way, you can make a direct comparison with how things are doing relative to how they were doing in Q4 and continue this trend line. You can do the math yourself to figure out what it meant on a year-over-year basis. But it was a year on 2 year number, everything was.

我給你的一切都是——因為這樣，你可以直接比較事情的表現與他們在第四季度的表現，並繼續這條趨勢線。你可以自己算一下，弄清楚它在一年比一年的基礎上意味著什麼。但這是 2 年數字的一年，一切都是。

Perfect. And the regional numbers that you gave, was that based on where the accommodation is located or where the customer is located?

完美的。您提供的地區號碼是基於住宿地點還是客戶所在地？

We gave you regional flavor, not color. That is typically based upon where the customer is located. It's a booker region view.

我們給你的是地域風味，而不是顏色。這通常基於客戶所在的位置。這是布克地區的景色。

Next up, we have Eric Sheridan from UBS.

接下來，我們有來自瑞銀的 Eric Sheridan。

Maybe 2, if I can. Following up on the comments you've made around brand and maybe some of the changes we'll see in digital advertising, whether it be first-party data or third-party data. How important do you see the concept of sort of aligning your brand with consumer? Maybe even building greater depth in loyalty and rewards programs going forward, especially if you're aiming against sort of a wider revenue pull and a wider product set. I'd love to get your thoughts there, Glenn.

也許 2，如果可以的話。跟進您對品牌的評論，也許我們會在數字廣告中看到一些變化，無論是第一方數據還是第三方數據。您認為讓您的品牌與消費者保持一致的概念有多重要？甚至可能在未來建立更深入的忠誠度和獎勵計劃，特別是如果你的目標是擴大收入和擴大產品範圍。我很想听聽你的想法，格倫。

And where the world has begun to open up a little bit, where you have some exposure, can you give us a little bit of sense of how you've -- sort of the pace of leaning back in to marketing channels and that deleverage that maybe you guys are calling out as things get better? Just so we can better understand a little bit of the timing mismatch there.

在世界開始開放一點點的地方，在你有一些曝光的地方，你能給我們一點關於你如何的感覺——有點回到營銷渠道和去槓桿化的步伐嗎也許你們會在情況好轉時大聲疾呼？這樣我們就可以更好地理解那裡的時間不匹配。

So loyalty is an important thing because it really talks about something that we talk about a lot is bring people home direct to us. And we've talked about this numerous times of how we believe getting people to come back to us directly is a critical part of the strategy going forward.

所以忠誠度是一件重要的事情，因為它真正談論的是我們經常談論的事情，就是把人們直接帶回家。我們已經多次談到這一點，我們認為讓人們直接回到我們身邊是未來戰略的關鍵部分。

And certainly one of the ways we do that is by providing our loyalty version, which is our Genius program on Booking.com, which really does, we believe, give some real value to consumers. And that's something that we're going to continue on because in the end, it costs an awful lot of money, as we know, to get a new customer. It's cheaper to keep them. So we're going to keep on doing all the things we can to keep people coming back direct.

當然，我們這樣做的方法之一就是提供我們的忠誠度版本，這是我們在 Booking.com 上的 Genius 計劃，我們相信它確實為消費者帶來了一些真正的價值。這是我們將繼續做的事情，因為最終，正如我們所知，要獲得一個新客戶要花費很多錢。保留它們更便宜。因此，我們將繼續盡一切努力讓人們直接回來。

And you're right about first cookie -- first-party, could mean third party, all these different ways that we worry about how we're going to get people to come in the future. Certainly important to get new customers, but also real important to keep them coming back.

你對第一個 cookie 的看法是正確的——第一方，可能意味著第三方，所有這些我們擔心未來如何吸引人們來的不同方式。獲得新客戶當然很重要，但讓他們回頭客也很重要。

In regards to your second question, one of the things I mentioned was how uncertain the world is right now. And one of the things you're trying always to do is make sure you're spending money, but that's to create revenue. One issue is you pay the money upfront, a person books, but because so much of the business nowadays is being done on things that are cancelable, you don't know when change happens, all of a sudden, money you've spent, it doesn't end up in -- and increase the revenue you thought it was, and your ROI ends up very different. So we have to look at this very carefully, and we are approaching it in a cautious way.

關於你的第二個問題，我提到的一件事是現在世界的不確定性有多大。你一直在努力做的一件事就是確保你在花錢，但那是為了創造收入。一個問題是你先付錢，一個人預訂，但因為現在很多業務都是在可以取消的事情上完成的，你不知道什麼時候會發生變化，突然之間，你花的錢，它並沒有結束——並增加了你認為的收入，而你的投資回報率最終卻大不相同。所以我們必須非常仔細地看待這個問題，並且我們正在以謹慎的方式接近它。

But on the other hand, we don't want to be slow to the increase in demand. It's something -- we look at all the data very, very closely. That's about the best I can say is that, that's how we're handling it right now. We can't say anything more than that because we don't know what the future is going to be quite yet.

但另一方面，我們不想對需求的增長放慢腳步。這是一些東西 - 我們非常非常仔細地查看所有數據。這就是我能說的最好的，這就是我們現在處理它的方式。我們不能說更多，因為我們還不知道未來會怎樣。

And then, Glenn, just to build on that -- Eric, just to give you a little bit more color to the answer. The deleverage you mentioned in 2021 on performance marketing is not us calling ROIs, per se, it's to do with the timing that I talked about, whether in fact we expect to basically spend money in 2021 for a lot of revenue that will revenue in 2022. And that phenomenon is what will drive the deleverage in 2021 we talked about for performance marketing, just to clarify.

然後，格倫，在此基礎上——埃里克，只是為了給你的答案增添一點色彩。你在 2021 年提到的績效營銷的去槓桿化並不是我們所說的投資回報率，本身，它與我談到的時間有關，實際上我們是否期望在 2021 年基本上花錢以獲得大量收入，而這些收入將在 2022 年產生. 而這種現象將推動我們在績效營銷中談到的 2021 年去槓桿化，只是為了澄清一下。

Next up, we have Doug Anmuth from JPMorgan.

接下來，我們有來自摩根大通的 Doug Anmuth。

Glenn, just as travelers are coming back to the platform, and some of them for the first time perhaps in several months or a year, just curious what you think they'll see that's most significant in terms of how the product has changed or the experience has changed. Is it connected trip or something else? And then secondly, just wanted to get your view on some of the subscription-based programs that we're seeing across the space for travelers?

格倫，就像旅行者回到平台一樣，其中一些人可能是幾個月或一年後第一次，只是好奇你認為他們會看到什麼，就產品如何變化或體驗變了。是聯程旅行還是別的什麼？其次，只想了解您對我們在整個空間中為旅行者看到的一些基於訂閱的計劃的看法？

Sure. So one of the things that somebody may not have seen before, and we talked about it last quarter, is Booking.com selling flights, for example. That's a great thing. In the past, we didn't do it. Now they come back, they'll -- "Look, they sell flights," which is a great thing.

當然。因此，有些人以前可能沒有見過的東西之一，我們在上個季度討論過，例如 Booking.com 銷售機票。這是一件好事。過去，我們沒有這樣做。現在他們回來了，他們會——“看，他們賣機票，”這是一件好事。

Another thing that we continue to build out in our attractions area, not a lot of people are actually buying attractions right now. But we haven't stopped getting more and more places and more and more content, so that when people do come back, they'll have attractions they can buy from us. And what they obviously would see would be the way we're combining this, putting things together and the way we're trying to create value for our consumers.

我們繼續在我們的景點區域建設的另一件事是，現在實際上並沒有很多人購買景點。但我們並沒有停止獲得越來越多的地方和越來越多的內容，這樣當人們回來時，他們就會有可以從我們這裡購買的景點。他們顯然會看到的是我們將其結合起來的方式，將事物放在一起以及我們試圖為消費者創造價值的方式。

So I think that's part of it, and we're really still in the very, very early parts of this journey. But it's something that is pretty exciting to me as I begin to see it build out and seeing those people are buying flights and such.

所以我認為這是其中的一部分，我們真的還處於這個旅程的非常、非常早期的階段。但這對我來說是非常令人興奮的，因為我開始看到它的建立並看到那些人正在購買機票等。

In regards to the subscriptions model that people are beginning to explore and such, I don't really have a lot of comments on that. It's something that different people are doing and such. We'll see how it plays out.

關於人們開始探索的訂閱模式等，我真的沒有太多評論。這是不同的人正在做的事情等等。我們將看看結果如何。

I don't know, David, do you have anything you want to say on that?

我不知道，大衛，你對此有什麼想說的嗎？

No, no, no further comments. We'll see how they play out. I think our model -- the way we have it is -- the model, we think, is certainly very attractive and has been successful for us. And as you say, we'll watch what happens in these other places.

不，不，沒有進一步的評論。我們將看看他們如何發揮作用。我認為我們的模式——我們擁有它的方式——我們認為這種模式肯定非常有吸引力並且對我們來說已經成功了。正如您所說，我們將觀察其他地方發生的情況。

Next up, we have Naved Khan from Truist Securities.

接下來，我們有來自 Truist Securities 的 Naved Khan。

I just wanted to ask a question on air bookings. So your air tickets sold number was positive. And that, in this kind of an environment, I think is pretty impressive. Maybe are there any insights you can share with -- in terms of the early results you might be seeing on integrating air tickets on your Booking.com site in Europe?

我只是想問一個關於機票預訂的問題。所以你的機票售出數量是正數。而且，在這種環境中，我認為非常令人印象深刻。也許您可以分享任何見解 - 就您可能看到的在歐洲 Booking.com 網站上整合機票的早期結果而言？

And then the other question I had was just around the attractions and experiences. With the increase in selection that you are driving, is it mostly through partnerships? Or are you signing up your own direct relationships? How should we think about that?

然後我遇到的另一個問題是關於景點和體驗的。隨著您推動的選擇增加，主要是通過合作夥伴關係嗎？還是您正在簽署自己的直接關係？我們應該如何考慮？

So in terms of air bookings -- and I -- the question got a little muddled at the end, so if I don't cover it completely, David, if you heard it better, you can fill out there.

所以就機票預訂而言——我——這個問題最後有點混亂，所以如果我沒有完全涵蓋它，大衛，如果你聽得更清楚，你可以在那裡填寫。

But yes, we were pleased to see that positive number there. One of the things to point out is as I just talked about a little bit, though, in the past, we didn't have air tickets coming from Booking.com and from -- and also, by the way, our Agoda brand also sells air tickets, too. Priceline, of course, has been selling air tickets since the start of the company. It's more than 2 decades ago. So it's easier when you add 2 more of our brand selling air tickets that hadn't done it in the past to have a positive number.

但是，是的，我們很高興在那裡看到這個正數。需要指出的一件事是，正如我剛剛談到的一點，但過去，我們沒有來自 Booking.com 和來自 -- 順便說一句，我們的 Agoda 品牌也沒有機票也賣機票。當然，Priceline 自公司成立以來就一直在銷售機票。 2 多年前。因此，當您再添加 2 個我們過去沒有這樣做的品牌銷售機票時，它會更容易獲得正數。

And I want to point out, this is very early and these are very, very, very small numbers. So it's pleasant to see, but I wouldn't tell you too much except that we are on our journey.

我想指出，這是非常早的，而且這些數字非常、非常、非常小。所以很高興看到，但我不會告訴你太多，除非我們正在旅途中。

In regards to attractions for Booking.com, so it's yes, these are coming from third-party suppliers. We are partnering with them. They give us the inventory, so we sell it. We have a commercial relationship. And we're pleased. That's the way to go forward. Again, one can be anything or -- and you need to decide which ones you want to do first, but it's a lot -- you can't be everything. So it's a lot easier when you want to do a lot more things to partner with other people for things -- for people who already set up the things you need to get, so I'm pretty pleased about that. Again, I'll be even more pleased when people actually are back to traveling and start buying attractions more.

關於 Booking.com 的景點，是的，這些來自第三方供應商。我們正在與他們合作。他們給我們存貨，所以我們賣掉它。我們有商業關係。我們很高興。這就是前進的道路。同樣，一個可以是任何東西，或者——你需要先決定你想做哪些，但它很多——你不能成為一切。所以當你想做更多的事情來與其他人合作做事時會容易得多——對於那些已經設置好你需要得到的東西的人來說，所以我對此感到非常高興。再說一遍，當人們真正開始旅行並開始更多地購買景點時，我會更加高興。

And David, I don't know if I missed anything on the air ticket -- air stuff.

大衛，我不知道我是否遺漏了機票上的任何東西——航空物品。

I think you got it, Glenn.

我想你明白了，格倫。

Next up, we have Stephen Ju from Credit Suisse.

接下來，我們有來自瑞士信貸的 Stephen Ju。

Okay. So Glenn, 20% of bookings running through your own payment rails suggest that it's now 70% of your merchant bookings. So it seems like you're pretty close to full adoption there. So is this primarily for alternative accommodations or flights? Or are you seeing that higher platform usage because of other use cases, whether it's non-credit card users or otherwise?

好的。所以格倫，20% 的預訂是通過您自己的支付渠道進行的，這表明它現在是您商家預訂的 70%。所以看起來你已經非常接近那裡的完全採用了。那麼這主要是為了替代住宿或航班嗎？或者您是否因為其他用例而看到更高的平台使用率，無論是非信用卡用戶還是其他用戶？

And I guess over the coming months as you start more formally entering a recovery phase, it's probably going to feel like you're working at a hyper-growth start-up. So with that in mind -- I mean you spent the last year restructuring and reducing headcount. So I wanted to get your latest thinking on whether you feel like you're properly resourced at this time. Or do you feel like you can spin up hiring and bump resources very quickly?

我想在接下來的幾個月裡，當你開始更正式地進入恢復階段時，你可能會覺得自己在一家高速增長的初創公司工作。所以考慮到這一點 - 我的意思是你去年花了重組和裁員。所以我想听聽你最近的想法，看看你是否覺得自己此時獲得了適當的資源。或者你覺得你可以快速增加招聘和增加資源？

So let me start with the second one, and I'll turn it over to David in terms of payments in case he wants to say anything or comment to that.

那麼讓我從第二個開始，我會把它交給大衛，以防他想說什麼或評論。

In terms of people, I -- we talked about this. We've been through the restructuring. I think we both said in our prepared remarks how we are satisfied for where we are right now. But we also made a very important point, how much of the restructuring dealt with jobs that are related to volume. And then as volume comes back, we need to bring people in to help cover it, but hopefully in a much more efficient way over time. So that thing.

就人而言，我 - 我們談到了這個。我們已經完成了重組。我想我們都在準備好的發言中說了我們對我們現在的處境感到多麼滿意。但我們也提出了一個非常重要的觀點，即重組中有多少涉及與數量相關的工作。然後隨著銷量的回升，我們需要請人來幫助彌補它，但希望隨著時間的推移以更有效的方式。所以那件事。

In terms of being a hyper start-up, yes, we're -- look, we're always going incredibly hard in it and trying to get as much progress as we can on our strategic vision because we know that the travelers are going to come back, and we want to get ahead of that as fast as we can, so we can give them the greatest value and the greatest -- different types -- a way to travel as soon as we can.

就成為一家超級初創企業而言，是的，我們是——看，我們一直在非常努力地努力，並努力在我們的戰略願景上取得盡可能多的進展，因為我們知道旅行者正在回來，我們希望盡快領先於此，這樣我們就可以為他們提供最大的價值和最好的——不同類型的——盡快的旅行方式。

I don't see any major changes in 2021, but we'll see how fast business comes back, and we'll see what happens in 2022. And we'll see the rate of progress in all our strategic -- different things we're working on.

我認為 2021 年不會有任何重大變化，但我們會看到業務恢復的速度有多快，我們會看到 2022 年會發生什麼。我們會看到我們所有戰略的進展速度——不同的事情我們正在努力。

And I'll let David talk about the payments platform.

我會讓大衛談談支付平台。

Yes. On payments, let me clarify because I wasn't quite sure what you said upfront. But let me kind of clarify where we are on payments and the evolution of payment at Booking.com. So as we said in the prepared remarks, the percentage of our gross bookings processed on the payment platform at Booking.com was 22% last year. That's up meaningfully from the 15% in 2019. That still means that the vast majority of bookings are not being processed via our payment transaction, they're still in the agency model. So we expect that payment adoption to continue to increase above the 22% this year and beyond.

是的。關於付款，讓我澄清一下，因為我不太確定你之前說的是什麼。但讓我澄清一下我們在支付方面的進展以及 Booking.com 支付的演變。因此，正如我們在準備好的評論中所說，去年在 Booking.com 的支付平台上處理的總預訂量的百分比為 22%。這比 2019 年的 15% 有了顯著上升。這仍然意味著絕大多數預訂沒有通過我們的支付交易進行處理，它們仍處於代理模式。因此，我們預計今年及以後的支付採用率將繼續增加到 22% 以上。

Payments is really super important for us for a number of reasons because we think we can deliver benefits to our customers, our partners, across all the different channels, hotels, alternative accommodations, flights, attractions, et cetera. It's also very important to enable merchandising, which we will use on a selective basis in certain markets. And it's also fundamental to enabling the connected trip where we want to have everything be -- able to be paid in one place.

出於多種原因，付款對我們來說真的非常重要，因為我們認為我們可以通過所有不同的渠道、酒店、替代住宿、航班、景點等為我們的客戶、我們的合作夥伴帶來好處。啟用商品銷售也非常重要，我們將在某些市場中有選擇地使用它。這也是實現我們希望擁有一切的連接旅行的基礎 - 能夠在一個地方支付。

I'll give you an update on where we are from an income statement point of view relative to the evolution of payments. I'm pleased to say that payments on Booking.com was approximately breakeven in 2020. We've said it in prior years, we are still making some net investment in the platform. And we focus upon still scaling it out, but I expect to stay in that breakeven level as we scale out and grow the payments platform from here, obviously, with some potential minor differences year in, year out. We are now out of the breakeven situation on that payment platform, which is an update from where we were before.

我將從損益表的角度向您介紹我們在支付演變方面的最新進展。我很高興地說，Booking.com 的支付在 2020 年大致達到收支平衡。我們在前幾年就說過，我們仍在對該平台進行一些淨投資。我們專注於繼續擴大規模，但我希望在我們從這裡擴大和發展支付平台時保持在盈虧平衡水平，顯然，年復一年會有一些潛在的細微差異。我們現在已經擺脫了該支付平台的盈虧平衡局面，這是我們之前的更新。

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 Mario Lu。

Great. I have 2 on alternative accommodations. So I believe you mentioned the segment had a healthy profit margin throughout 2019. So as we look forward to 2021 and beyond, how should we think about how quickly you can close the gap between the alternative accommodation margins compared to hotels?

偉大的。我有 2 個替代住宿。所以我相信你提到該細分市場在整個 2019 年都有健康的利潤率。所以當我們展望 2021 年及以後時，我們應該如何考慮你可以多快縮小替代住宿利潤率與酒店之間的差距？

And secondly, you guys mentioned that you're trying to pick the single-home supply in the U.S. How would you describe the strategy there? Is it mostly investing behind your own sales force? Or is it through acquisitions?

其次，你們提到你們正在嘗試選擇美國的獨棟住宅供應。你們如何描述那裡的策略？它主要投資於你自己的銷售隊伍嗎？還是通過收購？

So they actually go a little together, those 2 questions because one of the things I believe why we're -- we didn't have that healthy profit, as you pointed out, was perhaps because we didn't have as much of a mix of the single-home property. Because a single-home property does cost more for the company because you do end up with more contacts. It's just by nature. It's not as professionally run, and you do end up with more costs. So we do, though, know that it's a product that people want, and we need to have it and we need to have more of it and that's absolutely correct.

所以他們實際上有點在一起，這兩個問題是因為我相信我們為什麼沒有健康利潤的原因之一，正如你指出的那樣，可能是因為我們沒有那麼多單一家庭財產的混合。因為一個單一的家庭財產對公司來說確實花費更多，因為你最終會接觸到更多的人。這是天生的。它不像專業的那樣運行，你最終會付出更多的成本。所以我們確實知道這是人們想要的產品，我們需要擁有它，我們需要擁有更多，這是絕對正確的。

The great thing about this though is there is a trend towards more professionalization of the single-home property, where the person in the past may have gone onto a platform and just signed up on their own and tried to orchestrate it all by themselves. What you are seeing in the industry is more and more people, who want to rent out their single properties, going to different people who will do it for them, who will handle all the elements of it. And those people who are running these kind of -- we won't call them channel managers, but they're like a channel manager in a sense, they are able to bring these different, single-property owners and put them onto this site, that then is able to direct that -- to provide that supply to us or to somebody else. The great thing about it is these people are much more professional, and they are more easy to deal with. They are able to understand the right things that you need to do. So because of that professionalization of the industry, I believe we will be able to pick up more of the single-home properties faster than we had to in the past.

不過，這方面的好處在於，現在有一種趨勢是單戶住宅的專業化程度更高，過去的人可能已經進入了一個平台，只是自己註冊並試圖自己安排這一切。你在這個行業看到的是越來越多的人，他們想要出租他們的單一房產，去找不同的人為他們做這件事，他們會處理所有的事情。那些經營這些的人——我們不會稱他們為渠道經理，但從某種意義上說，他們就像渠道經理，他們能夠將這些不同的、單一財產的所有者帶到這個網站上，然後能夠指導它——向我們或其他人提供這種供應。最棒的是這些人更專業，也更容易打交道。他們能夠理解您需要做的正確事情。因此，由於行業的專業化，我相信我們將能夠比過去更快地收購更多的獨棟住宅。

In regards to M&A, as you know, we don't comment on future M&A activity.

關於併購，如您所知，我們不對未來的併購活動發表評論。

And our last question comes from the line of Jason Bazinet from Citi.

我們的最後一個問題來自花旗銀行的 Jason Bazinet。

I just had 2 questions. If I posit that COVID is going to cause alternative to be larger than otherwise would be and cause business travel to be structurally lower than otherwise would be, what is the implication for your business as you move to connected trip and payments in a more forceful way? Can you just -- do you mind just expanding on that a bit?

我只有兩個問題。如果我假設 COVID 將導致替代方案比其他情況下更大，並導致商務旅行在結構上比其他情況下更低，那麼當您以更有力的方式轉向連接旅行和支付時，對您的業務有何影響？你能不能——你介意稍微擴展一下嗎？

So we'll go with the hypothetical -- let's say what I really think is happening here. So people who perhaps in the past never would have thought of using alternative accommodations, perhaps last summer they didn't use it or they looked at it or something. And now it is in a consideration set. So going forward, what has happened is now there's a much larger amount of supply for any travelers to go look at. And what that means is any individual supplier in the marketplace is now facing more competition. Now as a distributor, I talked about it a little earlier why that is beneficial to the distributor now.

所以我們將繼續假設——讓我們說出我真正認為這裡發生的事情。因此，過去可能從未想過使用替代住宿的人，也許去年夏天他們沒有使用它，或者他們看過它或其他東西。現在它在考慮範圍內。因此，展望未來，現在發生的事情是，任何旅行者都可以查看更多的供應。這意味著市場上的任何個體供應商現在都面臨著更多的競爭。現在作為分銷商，我之前談到了為什麼這對現在的分銷商有利。

And our business, which is so great because we have both, a great amount of the home product, that alternative accommodations, and we're one of the largest people at the hotels. So we have this great thing where the consumer, when they come, they can come to one place, us. And they're able to compare and contrast all the different types, all the different prices, understand all the different comments and reviews being left by people who previously stayed there. That gives us a great, great benefit.

我們的業務非常棒，因為我們同時擁有大量的家庭產品和替代住宿，而且我們是酒店最大的人之一。所以我們有一件很棒的事情，當消費者來的時候，他們可以來到一個地方，我們。他們能夠比較和對比所有不同的類型、所有不同的價格，了解以前住在那裡的人留下的所有不同評論和評論。這給了我們很大的好處。

So I am pleased with the way this is happening. And I -- will it go back? What will happen? How much will be -- mix be of home in the future versus hotel? I don't know. I don't think anybody can really guess. I think over many years, we've seen the trend going more and more people interested in alternative accommodations. The pandemic step-function it up higher. I don't know if that's now going to be a pause, maybe a dip down or continue upward. I don't know. But from my point of view, it's not that relevant in the sense that we provide both and we're going to keep getting both. So for me, I'm feeling pretty good about it.

所以我對這種情況的發生方式感到滿意。而我——它會回去嗎？會發生什麼？未來家庭與酒店的混合比例是多少？我不知道。我認為沒有人能真正猜到。我想多年來，我們已經看到越來越多的人對替代住宿感興趣的趨勢。大流行使它更上一層樓。我不知道現在是否會暫停，可能會下跌或繼續上漲。我不知道。但從我的角度來看，從我們同時提供並且我們將繼續獲得兩者的意義上來說，這並不重要。所以對我來說，我感覺很好。

And on the enterprise side, B2B travel?

而在企業方面，B2B 旅遊？

Well, the -- B2B travel will -- I don't think there's a lot to talk about that.

嗯，B2B 旅行將 - 我認為沒有太多可談的。

David, I didn't hear exactly what the question was, maybe you did.

戴維，我沒有聽到確切的問題，也許你聽到了。

I didn't either. So would you clarify the question, please?

我也沒有。那麼你能澄清一下這個問題嗎？

Yes, could you repeat, Jason, the B2B question, just repeat it.

是的，Jason，B2B 問題，你能重複一遍嗎？

Yes. The question was if COVID causes a structural shift in B2B travel, how does that influence sort of your focus on payments and focus on the connected trip? Is it good? Is it bad? Does it have no bearing sort of on your level of investment and enthusiasm around those 2 long-term initiatives?

是的。問題是，如果 COVID 導致 B2B 旅行發生結構性轉變，這將如何影響您對支付和聯程旅行的關注？好嗎？不好嗎？它對您對這兩項長期計劃的投資水平和熱情沒有影響嗎？

When you say B2B travel, are you talking business...

當你說 B2B 旅行時，你是在談論商務......

Business travel, I'm talking about business travel.

商務旅行，我說的是商務旅行。

Business travel. Got it. Okay. Okay. Got it. Look, I have been saying for a long time, I think that it's going to be a while before corporate travel picks up the same way leisure will pick up. It's going to need -- it's going to take longer. And as a share of total travel, it may never get back. In which case, yes, eventually, because businesses will continue to grow, and in the industry, obviously, people will travel. Eventually, business travel will be larger in an absolute measure than in the past, but they may always be the smaller share, we don't really know yet, but certainly, there are trends that are going to go that way.

商務旅行。知道了。好的。好的。知道了。聽著，我已經說了很長時間了，我認為商務旅行會像休閒一樣興起還需要一段時間。這將需要——需要更長的時間。作為總旅行的一部分，它可能永遠不會回來。在這種情況下，是的，最終，因為企業將繼續增長，而在這個行業中，顯然，人們會旅行。最終，商務旅行的絕對數量將比過去更大，但它們可能永遠是更小的份額，我們還不知道，但可以肯定的是，有趨勢會朝著這個方向發展。

What that does to certain high-ADR hotels that cater to the business traveler, they're going to have to make some shifts because they're not going to get those -- as many of those high-ADR customers anymore, and they need to get more leisure travelers. Well, we have a higher percentage of leisure travelers than business travelers. We are, again, that point where people can come and get that leisure demand. So again, it's another thing why I feel good about our long-term future.

這對某些迎合商務旅客的高 ADR 酒店有何影響，他們將不得不做出一些轉變，因為他們不會再得到這些——因為許多那些高 ADR 客戶不再需要了，他們需要吸引更多的休閒旅客。好吧，我們的休閒旅客比例高於商務旅客。我們再次成為人們可以滿足休閒需求的地方。所以，這也是我對我們的長期未來感到滿意的另一件事。

Thank you. And that is all the time that we have for today. I will turn the call over back to our CEO, Mr. Glenn Fogel, for any closing remarks.

謝謝。這就是我們今天的所有時間。我會將電話轉回給我們的首席執行官 Glenn Fogel 先生，聽取任何結束語。

Thank you.

謝謝。

So in closing, I want to note that it's been a little more than a year since the pandemic began. And we have sadly lost 500,000 mothers, fathers, brothers and sisters, grandparents and so tragically, children, in the United States alone. And globally, more than 2.4 million lives have been lost. Our hearts go out to all who mourn.

所以最後，我想指出，自大流行開始以來已經一年多一點了。可悲的是，僅在美國，我們就有 500,000 名母親、父親、兄弟姐妹、祖父母和孩子們不幸逝世。在全球範圍內，超過 240 萬人喪生。我們的心與所有哀悼者同在。

I also want to reiterate my deepest condolences to the family and friends of Arne Sorenson as well as to the entire Marriott organization. He left a profound mark on the travel industry and will be greatly missed. And it is so sad he will not see the recovery in the industry that he dedicated his life to. And this travel industry will recover, and we are working so very hard to bring travel back as fast as we can.

我還想向 Arne Sorenson 的家人和朋友以及整個萬豪組織重申我最深切的哀悼。他在旅遊業留下了深刻的印記，我們將深切懷念他。令人難過的是，他將看不到他畢生致力於的行業的複蘇。這個旅遊業將會復蘇，我們正在非常努力地盡快恢復旅遊業。

So I want to end by giving one last thank you to our partners, our customers and most of all, to our dedicated employees, who throughout the horrible year of 2020, rose to the challenge, met it and got us to where we are today, well positioned for a better tomorrow.

因此，最後我想最後感謝我們的合作夥伴、我們的客戶，最重要的是，感謝我們敬業的員工，他們在可怕的 2020 年迎接挑戰，迎接挑戰，並讓我們走到了今天的位置，為更美好的明天做好準備。

Thank you. Please be safe. Goodbye.

謝謝。請注意安全。再見。

Thank you so much.

太感謝了。

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

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