Booking Holdings Inc (BKNG) 2020 Q3 法說會逐字稿

Welcome to Booking Holdings' Third Quarter 2020 Conference Call.

歡迎來到 Booking Holdings 2020 年第三季度電話會議。

Booking Holdings would like to remind everyone that this call may contain forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and is 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 facts are intended to identify forward-looking statements.

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，並受某些存在難以預測的不確定性和假設風險。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. And now I'd like to introduce Booking Holdings' speakers for this afternoon, Glenn Fogel and David Goulden. Go ahead, gentlemen.

Booking Holdings 的收益新聞稿副本以及隨附的財務和統計補充資料可在 Booking Holdings 網站 www.bookingholdings.com 的投資者部分獲取。現在我想介紹一下 Booking Holdings 今天下午的發言人 Glenn Fogel 和 David Goulden。來吧，先生們。

Thank you, and welcome to Booking Holdings' third quarter conference call. I'm joined this afternoon by our CFO, David Goulden. While the impact of COVID-19 continues to weigh heavily on our results, we were pleased to see a sequential improvement in trends in our third quarter, which is our seasonally largest and, by far, most profitable quarter. Reported room nights, which includes the impact of cancellations, were down 43% year-over-year in the third quarter, which was a marked improvement from the 87% decrease we experienced in the second quarter. Continued pressure on ADRs in the quarter, slightly offset by a 1 point FX benefit, led gross bookings and revenue to decline by about 4 percentage points more than room nights. We recorded approximately $1 billion of adjusted EBITDA in the quarter, which was an improvement from the $376 million loss we reported in Q2, but this was 60% lower than in the third quarter of last year.

謝謝，歡迎來到 Booking Holdings 第三季度電話會議。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。雖然 COVID-19 的影響繼續嚴重影響我們的業績，但我們很高興看到第三季度的趨勢連續改善，這是我們季節性最大、迄今為止利潤最高的季度。包括取消影響在內的報告間夜數在第三季度同比下降 43%，與第二季度 87% 的降幅相比有了顯著改善。本季度 ADR 的持續壓力，略微被 1 個百分點的外匯收益所抵消，導致總預訂量和收入下降幅度超過間夜數約 4 個百分點。我們在本季度錄得約 10 億美元的調整後 EBITDA，比我們在第二季度報告的 3.76 億美元虧損有所改善，但比去年第三季度減少了 60%。

As our results show, we are operating significantly below pre-COVID levels. However, we were encouraged by our improvement versus the second quarter, and we're pleased to see travelers and supply partners connecting through our platforms as they emerge from the spring's first wave of coronavirus infections. Delivering these results in what continues to be an extremely challenging and unpredictable environment is a credit to our team's relentless efforts to provide the best value and service to our traveler customers and supply partners.

正如我們的結果所示，我們的運營水平大大低於 COVID 之前的水平。然而，我們對第二季度的改善感到鼓舞，我們很高興看到旅行者和供應合作夥伴在從春季第一波冠狀病毒感染中走出來時通過我們的平台進行連接。在極具挑戰性和不可預測的環境中取得這些成果是我們團隊為我們的旅客客戶和供應合作夥伴提供最佳價值和服務的不懈努力的功勞。

The improvement in booking trends in the third quarter versus the second quarter was almost entirely driven by domestic travel with a very modest improvement in international travel. And as we noted last quarter, our domestic business is benefiting from government restrictions on international travel, which forces consumers who want to travel, they have to do it domestically. We believe the improvements in trends we've seen in this challenging environment demonstrate people's deep desire to find a way to travel, with Q3 results benefiting from some pent-up demand after the lockdowns in Q2.

與第二季度相比，第三季度預訂趨勢的改善幾乎完全由國內旅行推動，而國際旅行的改善非常有限。正如我們上個季度指出的那樣，我們的國內業務受益於政府對國際旅行的限制，這迫使想要旅行的消費者必須在國內旅行。我們相信，我們在這個充滿挑戰的環境中看到的趨勢改善表明人們渴望找到一種旅行方式，第三季度的業績受益於第二季度封鎖後一些被壓抑的需求。

Looking more closely at the shape of the quarter. The year-over-year decline in reported room nights was relatively consistent in each month of Q3, as the steady improvement in global trends that we saw from April through July planned out in August and September. In October, reported room nights declined by about 58% compared to October 2019 and, over the last 7 days through yesterday, declined by about 70%. We believe this worsening result is driven by increased virus infections and certain governments reimposing public health-related restrictions. We believe that travel will continue to be greatly affected by infection trends and governments' public health responses. David will provide some more color on the regions in his remarks.

更仔細地觀察季度的形狀。由於我們從 4 月到 7 月看到的全球趨勢穩步改善計劃在 8 月和 9 月出現，因此第三季度每個月的報告間夜數同比下降相對一致。與 2019 年 10 月相比，10 月份報告的間夜量下降了約 58%，在截至昨天的過去 7 天裡，下降了約 70%。我們認為，這種惡化的結果是由病毒感染增加和某些政府重新實施與公共衛生相關的限製造成的。我們認為，旅行將繼續受到感染趨勢和政府公共衛生應對措施的極大影響。大衛將在他的評論中提供更多關於這些地區的顏色。

As we think about the full fourth quarter, it's difficult to predict exactly what the next 2 months will look like in terms of travel demand as we enter the winter months in the Northern Hemisphere amid rising COVID case counts in many areas. Given the trends we are currently seeing, we believe that year-over-year room night decline to be greater in Q4 than what we observed in October. If this turns out to be the case, it will be very challenging for us to reach profitability in Q4.

當我們考慮整個第四季度時，隨著我們進入北半球的冬季月份，許多地區的 COVID 病例數不斷增加，很難準確預測未來兩個月的旅行需求會是什麼樣子。鑑於我們目前看到的趨勢，我們認為第四季度的同比降幅將大於我們在 10 月份觀察到的降幅。如果事實確實如此，我們在第四季度實現盈利將非常具有挑戰性。

Despite the expected challenging fall and winter ahead of us, I remain confident in the long-term outlook for both our industry and our company. I strongly believe that people have an innate desire to travel, which will ultimately drive a recovery out of this crisis. When we think about the timing and shape of this recovery, we continue to believe that a key milestone will be a widely distributed vaccine or effective treatment, which will give people confidence that it is safe to travel. While we are encouraged by the news of progress being made on this front, we understand that it will take time to produce and distribute any vaccine on a global basis to achieve effectiveness. I'm also encouraged to see some governments such as Japan and Thailand taking concrete incentives to incentivize travel. More programs like these and increased cooperative action from governments around the world would help accelerate the travel recovery.

儘管預計我們將面臨充滿挑戰的秋季和冬季，但我對我們行業和公司的長期前景仍然充滿信心。我堅信人們天生就有旅行的願望，這最終將推動經濟從這場危機中復蘇。當我們考慮這種複甦的時間和形式時，我們仍然認為一個關鍵的里程碑將是廣泛分發的疫苗或有效的治療方法，這將使人們相信旅行是安全的。雖然我們對在這方面取得進展的消息感到鼓舞，但我們明白，在全球範圍內生產和分發任何疫苗才能發揮作用需要時間。我也很高興看到日本和泰國等一些政府採取具體激勵措施來鼓勵旅行。更多此類計劃以及世界各國政府加強合作行動將有助於加速旅行複蘇。

While the progress we are seeing leaves me optimistic on the long-term outlook for our industry, we continue to recognize there will likely be years, and not quarters, before the travel market returns to pre-COVID volumes. In the meantime, we continue to execute against a series of plans to navigate the company through these challenging times and lay the important groundwork that will set us up to emerge from the pandemic in a position of strength.

雖然我們看到的進展讓我對我們行業的長期前景持樂觀態度，但我們仍然認識到，旅遊市場可能需要數年而不是幾個季度才能恢復到 COVID 之前的數量。與此同時，我們繼續執行一系列計劃，帶領公司度過這些充滿挑戰的時期，並奠定重要的基礎，使我們能夠從大流行中脫穎而出。

As we previously discussed, we've assessed our total cost structure and developed plans to align it with expected market demand over the next few quarters. This work is complete at KAYAK, OpenTable, Agoda and Priceline, and we've started to see some of the associated $80 million of annual cost savings fade in during the third quarter.

正如我們之前所討論的那樣，我們已經評估了我們的總成本結構並製定了計劃以使其與未來幾個季度的預期市場需求保持一致。 KAYAK、OpenTable、Agoda 和 Priceline 已經完成了這項工作，我們已經開始看到相關的 8000 萬美元年度成本節約中的一部分在第三季度逐漸消失。

We are making progress with our initiatives to reduce the workforce at Booking.com by up to approximately 25% with an associated annualized savings estimated between $250 million to $300 million. We have been taking restructuring actions at Booking.com in various countries. And in some countries, we have implemented voluntary leaver schemes. We are continuing to work with our works councils, employee representatives and other organizations to finalize plans in other countries. It is our hope to make the vast majority of the announcements to employees about these personnel reductions by the end of 2020.

我們在 Booking.com 裁員約 25% 的舉措方面取得了進展，相關年度節省估計在 2.5 億美元至 3 億美元之間。我們一直在不同國家的 Booking.com 採取重組行動。在一些國家，我們實施了自願離職計劃。我們將繼續與我們的工作委員會、員工代表和其他組織合作，以最終確定其他國家/地區的計劃。我們希望在 2020 年底之前向員工發布關於這些裁員的絕大部分公告。

It is important to stress that these personnel restructuring decisions are difficult, and we do not take them lightly. Given the expected time frame of the recovery that we have discussed, we believe that our restructuring plans are the correct actions for the company in order to rightsize the business.

需要強調的是，這些人事重組決定是艱難的，我們不會掉以輕心。鑑於我們討論過的預期復蘇時間框架，我們認為我們的重組計劃是公司調整業務規模的正確行動。

In addition to our cost reduction actions, we remain focused on positioning the business to capture more travel demand as it develops during the recovery and over the long term. Part of this effort is continue to build towards our long-term vision of the connected trip's seamless multi-product offering, which we believe will ultimately improve the customer experience on our platform and drive enhanced loyalty and frequency over time. In addition, we believe offering other terminal products will provide opportunities through merchandising and customer acquisition to enhance the growth of our core accommodation business. Booking.com has continued to take important early steps to build a flight product and recently announced the launch of flights on Booking.com in the U.S. We see flight as a key component of the connected trip. It is an obvious opportunity for us to remove friction in the booking process for our customers.

除了我們的成本削減行動外，我們仍然專注於定位業務，以便在復蘇期間和長期發展時捕捉更多的旅行需求。這項努力的一部分是繼續建立我們對互聯旅行的無縫多產品供應的長期願景，我們相信這最終將改善我們平台上的客戶體驗，並隨著時間的推移提高忠誠度和頻率。此外，我們相信提供其他終端產品將通過推銷和客戶獲取提供機會，以促進我們核心住宿業務的增長。 Booking.com 繼續採取重要的早期步驟來構建航班產品，並且最近宣佈在美國的 Booking.com 上推出航班。我們將航班視為互聯旅行的重要組成部分。對於我們來說，這顯然是一個消除客戶預訂過程中摩擦的機會。

The connected trip vision of providing this frictionless customer experience will be brought together by a seamless payment network, which we continue to develop and extend to more of our supply partners. We strongly believe that developing these payment capabilities has valuable benefits for both our bookers and supply partners, including potentially, lower payment cost for our suppliers. Also, we will continue to work closely with our supply partners to help them respond to this environment and more effectively market their properties on our platform in order to capture more travel demand as returns over time.

提供這種無摩擦客戶體驗的互聯旅行願景將通過無縫支付網絡匯集在一起，我們將繼續開發該網絡並將其擴展到更多的供應合作夥伴。我們堅信，開發這些支付功能對我們的預訂者和供應合作夥伴都有寶貴的好處，包括可能降低我們供應商的支付成本。此外，我們將繼續與我們的供應合作夥伴密切合作，幫助他們應對這種環境，並更有效地在我們的平台上營銷他們的房產，以便隨著時間的推移獲得更多的旅遊需求作為回報。

Finally, I want to address a matter that we are following closely and that many of you may have questions about. The European Commission is working on a new regulatory framework for the digital economy, which, among other things, proposes to designate some large online companies who operate across Europe as gatekeepers and to establish rules and regulations for these businesses. The criteria for being a gatekeeper and the associated rules and regulations are in development. So the potential impact is difficult to estimate at this time.

最後，我想談談我們正在密切關注的一個問題，你們中的許多人可能對此有疑問。歐盟委員會正在為數字經濟制定新的監管框架，除其他外，該框架提議指定一些在歐洲運營的大型在線公司作為守門人，並為這些企業製定規則和條例。成為守門人的標準和相關的規章制度正在製定中。所以目前很難估計潛在的影響。

There have been questions and speculation that Booking.com may be one of the designated gatekeepers, which we firmly believe will be incorrect for a number of reasons. The principal reason is that the accommodations market in Europe is very open and very competitive. Consumers have multiple online and offline choices to book accommodations, and accommodation providers have multiple online and offline channels to attract customers. To put this into perspective, Booking.com booked about 7% of all potentially bookable accommodation room nights across all properties on our platform globally in 2019. Across Europe, that number was about 11%. As I mentioned, the new European regulatory framework is under development, and we will update you on developments during future calls.

有人質疑和猜測 Booking.com 可能是指定的看門人之一，我們堅信由於多種原因這是不正確的。主要原因是歐洲的住宿市場非常開放，競爭非常激烈。消費者有多種線上線下住宿選擇，住宿提供者有多種線上線下渠道吸引顧客。從這個角度來看，2019 年，Booking.com 預訂了我們平台上全球所有酒店所有潛在可預訂住宿間夜的約 7%。在整個歐洲，這一數字約為 11%。正如我提到的，新的歐洲監管框架正在製定中，我們將在未來的電話會議上向您通報最新進展。

In conclusion, we believe we are responding well to this pandemic crisis. We have provided great service to our customers and are working with our supply partners to show that, together, we can get them as much business as possible during these difficult days.

總之，我們相信我們對這場大流行危機反應良好。我們為客戶提供了優質的服務，並與我們的供應合作夥伴合作，以表明在這些困難的日子裡，我們可以共同為他們爭取盡可能多的業務。

I am incredibly sad that we've had to let go, and are still in the process of letting go, so many dedicated and hardworking people, but it is a necessary step. And we expect to have some challenging quarters ahead of us. As I have said before, we believe it will take years for travel to fully recover. However, I am confident in our team's ability to execute during these unprecedented times and continue to deliver value to our traveler customers and supply partners alike and to emerge from this crisis on a strong footing.

我非常難過，我們不得不放手，而且仍在放手的過程中，這麼多敬業和勤奮的人，但這是必要的一步。我們預計未來會有一些具有挑戰性的季度。正如我之前所說，我們認為旅行完全恢復需要數年時間。然而，我相信我們團隊有能力在這些前所未有的時期執行並繼續為我們的旅客客戶和供應合作夥伴提供價值，並在這場危機中站穩腳跟。

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 third quarter and provide some color on the trends we saw through the quarter and into October. All growth rates are relative to the prior year comparable period, unless otherwise indicated. Information regarding reconciliation of non-GAAP to GAAP can be found in our earnings release.

謝謝你，格倫，下午好。我將回顧我們第三季度的經營業績，並提供一些關於我們在本季度和 10 月份看到的趨勢的顏色。除非另有說明，否則所有增長率均與上年同期相比。有關非 GAAP 與 GAAP 對賬的信息可在我們的收益發布中找到。

Now on to our results for the quarter. On our last earnings call in August, we discussed the trends that we saw throughout the second quarter and into July, including the year-over-year decline in newly booked room nights, steadily improving from about 85% in April to about 35% in July, driven by increased levels of domestic travel. As a reminder, newly booked nights -- newly booked room nights exclude the impacts of cancellations.

現在談談我們本季度的業績。在 8 月份的最後一次財報電話會議上，我們討論了整個第二季度和 7 月份的趨勢，包括新預訂間夜量同比下降，從 4 月份的約 85% 穩步上升至 2018 年的約 35%。 7 月，受國內旅遊人數增加的推動。提醒一下，新預訂的晚數——新預訂的間夜不包括取消的影響。

As Glenn noted, the steady improvements in global trends that we saw from April to July, flattened out in August and September, resulting in our newly booked room nights declining about 37% for the full quarter. Our Q3 reported room night, which included the impact of cancellations, decreased 43% for the fourth quarter, which is worse than our newly booked room night decline in the quarter as the cancellation rates remained above prior year levels. This improvement in room night declines versus Q2 was helped by pent-up demand from lockdowns and other travel restrictions earlier in the year.

正如 Glenn 指出的那樣，我們在 4 月至 7 月看到的全球趨勢穩步改善，在 8 月和 9 月趨於平緩，導致我們新預訂的間夜量在整個季度下降了約 37%。我們報告的第三季度間夜（包括取消的影響）在第四季度下降了 43%，這比我們本季度新預訂的間夜下降更糟糕，因為取消率仍高於去年同期水平。與第二季度相比，間夜降幅有所改善，這得益於今年早些時候因封鎖和其他旅行限製而被壓抑的需求。

At a regional level, we saw North America continue to improve as we move throughout the third quarter. However, this improvement was offset by softening trends in Europe. Room night declines in Asia were consistent throughout Q3. Unfortunately, as we moved into September, we saw COVID case counts climbing higher in many European countries, and governments beginning to respond with imposition of travel restrictions. This difficult pattern continued throughout the month of October, leading to a further slowdown in bookings in Europe. In October, we also saw a slowdown in North America, while the room night -- while the room night decline in Asia remained consistent with Q3. And as a result, global newly booked room nights through October were down about 50% year-over-year, and reported room nights for October were down about 58%.

在區域層面，我們看到北美在整個第三季度繼續改善。然而，這種改善被歐洲疲軟的趨勢所抵消。整個第 3 季度，亞洲的間夜量持續下降。不幸的是，隨著我們進入 9 月，我們看到許多歐洲國家的 COVID 病例數攀升，各國政府開始採取旅行限制措施作為回應。這種艱難的模式在整個 10 月份一直持續，導致歐洲的預訂量進一步放緩。 10 月份，我們還看到北美的客房間夜量有所放緩——而亞洲的客房間夜量下降與第三季度保持一致。因此，截至 10 月的全球新預訂間夜量同比下降約 50%，報告的 10 月間夜量下降約 58%。

Over the last 7 days through yesterday, these trends have further deteriorated with newly booked room nights declining about 58% year-over-year and reported room nights declining about 70% year-on-year. This is the global average, and in Europe, these decline rates are much higher. These recent trends are a reminder that this is a fragile recovery and that we're now seeing a second dip in our business driven by COVID. We believe that the recent increase in COVID cases in Europe and the U.S., coupled with cold weather and travel restrictions in these geographies, will result -- likely result in the second dip being U-shaped and lasting until the early spring of 2021.

在截至昨天的過去 7 天裡，這些趨勢進一步惡化，新預訂間夜量同比下降約 58%，報告間夜量同比下降約 70%。這是全球平均水平，而在歐洲，這些下降率要高得多。這些最近的趨勢提醒我們，這是一個脆弱的複蘇，我們現在看到我們的業務在 COVID 的推動下出現第二次下滑。我們認為，最近歐洲和美國 COVID 病例的增加，加上這些地區的寒冷天氣和旅行限制，可能會導致第二次下降呈 U 型下降並持續到 2021 年初春。

Domestic room nights represent over 70% of our newly booked room nights in both Q3 and in October, up significantly versus 2019, which was about 45%. After growing year-on-year in the third quarter, our newly booked domestic room night reverted back to a year-over-year decline in October. Booking.com's domestic alternative accommodation newly booked room nights also decreased year-over-year in October after increasing nicely in the third quarter. Our October reported room night decline, which includes the impact of cancellations, was worse than our newly booked room night decline in the month as the cancellation rates remain above prior year levels. Although we saw continued improvement in the cancellation rate through the third quarter, this trend also reversed course in October.

在第三季度和 10 月，國內間夜占我們新預訂間夜的 70% 以上，與 2019 年的約 45% 相比大幅上升。在第三季度同比增長之後，我們新預訂的國內間夜在 10 月份又恢復了同比下降。 Booking.com 的國內替代住宿新預訂間夜數繼第三季度的良好增長後，10 月份也出現了同比下降。我們 10 月份報告的間夜下降（包括取消的影響）比我們當月新預訂的間夜下降更嚴重，因為取消率仍高於去年同期水平。儘管我們看到第三季度的取消率持續改善，但這一趨勢在 10 月份也發生了逆轉。

Given the recent high COVID case counts and increased travel restrictions, we expect to see further pressure on cancellation rates for the remainder of the fourth quarter, especially considering a percentage of our recent bookings that are being made with flexible cancellation policies that remains higher than the prior year.

鑑於最近 COVID 病例數高和旅行限制增加，我們預計第四季度剩餘時間的取消率將面臨進一步壓力，特別是考慮到我們最近的預訂中有一部分是採用靈活取消政策進行的，該比例仍然高於去年。

We continue to monitor other changes in Booking.com's customer booking behavior. In Q3, we continued to see an increase in the mix of customers booking alternative accommodations versus the prior year levels. However, as we progress through the quarter and into October, we saw this increase in the alternative accommodation share moderate. Booking.com's alternative accommodations represented approximately 1/3 of all new bookings in the quarter. We've also seen the length of the booking window contract in the third quarter after expanding versus the prior year in the second quarter as customers made a higher share of bookings in both quarters to stay in the peak summer period. The booking window continues to shrink versus last year in October as customers focused on their short-term travel needs. Mobile bookings, particularly through our app, continued to gain share in the third quarter and October. And finally, we continue to see greater than 50% of our newly booked room nights coming to us through a direct channel.

我們將繼續監控 Booking.com 客戶預訂行為的其他變化。在第三季度，我們繼續看到預訂替代住宿的客戶組合與去年同期相比有所增加。然而，隨著我們在本季度和 10 月份的進展，我們看到替代住宿份額的增長是溫和的。 Booking.com 的替代住宿約佔本季度所有新預訂的 1/3。我們還看到第三季度預訂窗口合同的長度在第二季度比上一年擴大後，因為客戶在兩個季度的預訂份額都更高，以留在夏季高峰期。與去年 10 月相比，預訂窗口繼續縮小，因為客戶專注於他們的短期旅行需求。移動預訂，尤其是通過我們的應用程序，在第三季度和 10 月繼續增加份額。最後，我們繼續看到超過 50% 的新預訂間夜是通過直接渠道獲得的。

Gross bookings declined 47% in Q3, which is a greater decline than reported room nights due to the average daily rates for accommodations decreasing about 8% year-on-year on a constant currency basis. As a point of comparison, on newly booked room night ADRs, excluding the impact of cancellation, declined year-over-year by only a couple of percentage points in Q3. An increasing mix of bookings in higher ADR markets like Western Europe and the U.S. helped offset -- widely offset the pressure of the broader lodging industry ADR declines.

第三季度總預訂量下降了 47%，降幅大於報告的間夜數，這是因為按固定匯率計算，住宿的平均每日房價同比下降約 8%。相比之下，新預訂間夜 ADR（不包括取消的影響）在第三季度同比僅下降了幾個百分點。西歐和美國等 ADR 較高市場的預訂組合不斷增加，這有助於抵消——廣泛抵消了更廣泛的住宿業 ADR 下降的壓力。

Consolidated revenue for the third quarter was $2.6 billion and decreased 48% year-over-year, about in line with the gross bookings decline. Adjusted EBITDA of $1 billion in Q3 was down 60% year-on-year, and while we significantly reduced our variable cost lines like marketing and sales and other, our more fixed expenses decreased to a lesser extent in Q3.

第三季度的綜合收入為 26 億美元，同比下降 48%，與總預訂量下降大致一致。第三季度調整後的 EBITDA 為 10 億美元，同比下降 60%，雖然我們大幅減少了營銷和銷售等可變成本線，但我們更多的固定費用在第三季度下降的幅度較小。

As Glenn mentioned, we continued our actions in the quarter to reduce operating expenses as we optimized and aligned our cost structure with the new demand environments. However, for 2020, we expect the savings recognized in our personnel expense line related to these actions will be more than offset by charges reported in the restructuring in the other exit cost line.

正如 Glenn 所提到的，我們在本季度繼續採取行動以減少運營費用，因為我們根據新的需求環境優化並調整了我們的成本結構。然而，到 2020 年，我們預計與這些行動相關的人員費用項目中確認的節餘將被其他退出成本項目中報告的重組費用所抵消。

Marketing expense, which is a highly variable expense line, decreased 48% 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 environments. We expect our marketing expense will remain significantly below 2019 levels in the fourth quarter.

營銷費用是一個高度可變的費用項目，同比下降 48%，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，以應對日益惡化的旅行環境。我們預計我們的營銷費用在第四季度將大大低於 2019 年的水平。

Sales and other expenses decreased 53% year-over-year primarily due to reduction in expenses associated with payment transactions, a reduction in the provision for bad debt and credit losses as we saw an improvement in our collection rates relative to our prior expectations as well as lower outsourced customer service costs as we needed less support in processing reduced transaction volumes. We expect sales and other expenses will continue to be down year-over-year in the fourth quarter. However, the extent of this decline will be impacted by the level of volume we see in the business.

銷售和其他費用同比下降 53%，主要是由於與支付交易相關的費用減少，壞賬準備金和信用損失準備金減少，因為我們看到收款率相對於我們之前的預期有所改善外包客戶服務成本更低，因為我們在處理減少的交易量時需要更少的支持。我們預計第四季度的銷售額和其他費用將繼續同比下降。但是，這種下降的程度將受到我們在業務中看到的數量水平的影響。

Personnel expenses decreased 9% year-over-year primarily due to lower bonus accruals and reduced headcounts. The restructuring actions we completed at Agoda, KAYAK, OpenTable and Priceline benefited the personnel expenses by approximately $20 million in the third quarter. And additionally, personnel expenses benefited from $22 million in government aid packages primarily related to programs we were already participating in within the Netherlands and the U.K. Currently, we do not anticipate further material benefits to personnel expenses from government aid in future quarters, and we expect the personnel expenses in the fourth quarter will decline about the same as it did in the third quarter.

人事費用同比下降 9%，主要是由於應計獎金減少和員工人數減少。我們在 Agoda、KAYAK、OpenTable 和 Priceline 完成的重組行動在第三季度使人事費用減少了約 2000 萬美元。此外，人事費用受益於 2200 萬美元的政府援助計劃，主要與我們已經在荷蘭和英國參與的計劃有關。目前，我們預計未來幾個季度政府援助不會給人事費用帶來進一步的物質利益，我們預計第四季度的人事費用下降幅度與第三季度大致相同。

G&A expenses decreased 34% year-over-year largely driven by reduced discretionary expenses such as T&E and other personnel-related expenses, lower indirect taxes as well as lower office expenses due to employees working remotely. We expect that G&A will continue to be down meaningfully year-over-year in the fourth quarter, about in line with the decline we saw in the third quarter. Information technology expenses were up 1% year-over-year. We expect that IT expenses will be up slightly versus the prior year in the fourth quarter.

G&A 費用同比下降 34%，這主要是由於 T&E 和其他人員相關費用等可自由支配費用的減少、間接稅的減少以及員工遠程工作導致的辦公費用減少。我們預計第四季度 G&A 將繼續同比大幅下降，與我們在第三季度看到的下降趨勢大致一致。信息技術費用同比增長 1%。我們預計第四季度的 IT 支出將比上年略有上升。

Finally, we've broken out restructuring charges separately in operating expenses in the P&L. The $41 million in restructuring charge we recorded in the third quarter primarily relates to rightsizing activities at Booking.com. 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。我們在第三季度記錄的 4100 萬美元重組費用主要與 Booking.com 的規模調整活動有關。我注意到這些重組費用包含在我們的非 GAAP 業績中。

With respect to Booking.com, in September, we initiated the first wave of restructuring actions in over 40 countries, which did not include the U.K. and the Netherlands, where Booking.com continues to consolidate its works councils and employee representatives. We currently estimate that the remaining restructuring charge related to actions at Booking.com will be approximately $100 million, some of which we expect to record in the fourth quarter and the rest into early 2021. At this time, and subject to our consultation with the Dutch Works Council, employee representatives and other organizations, we currently estimate that these selective cost reductions plus attrition a Booking.com could impact up to about 25% of the global workforce and could produce annualized run rate personnel savings between $250 million and $300 million, which we expect to be almost fully phased in, in the second quarter of 2021. Again, these estimates may change, and we'll update you in the coming months. It's our hope to make the vast majority of announcements to employees affected by these personnel reductions by the end of 2020.

關於 Booking.com，我們於 9 月在 40 多個國家發起了第一波重組行動，其中不包括英國和荷蘭，Booking.com 在這些國家繼續整合其工作委員會和員工代表。我們目前估計，與 Booking.com 的行動相關的剩餘重組費用約為 1 億美元，我們預計其中一部分將在第四季度記錄，其餘部分將記錄到 2021 年初。此時，並根據我們與荷蘭工作委員會、員工代表和其他組織，我們目前估計，這些選擇性成本削減加上 Booking.com 的人員流失可能會影響全球約 25% 的勞動力，並可能產生 2.5 億至 3 億美元的年化運行率人員節省，我們預計將在 2021 年第二季度幾乎完全分階段實施。同樣，這些估計可能會發生變化，我們將在未來幾個月內向您通報最新情況。我們希望在 2020 年底之前向受這些裁員影響的員工發布絕大多數公告。

Our non-GAAP EPS was $12.27, down 73% versus the prior year. Non-GAAP net income reflects a non-GAAP tax rate of 41%, which is significantly higher than Q3 last year due to the impact of disproportionate nondeductible expenses, including SBC relative to a low projected full year pretax earnings estimates.

我們的非 GAAP 每股收益為 12.27 美元，比上年下降 73%。非 GAAP 淨收入反映了 41% 的非 GAAP 稅率，這明顯高於去年第三季度，這是由於不成比例的不可扣除費用的影響，包括 SBC 相對於較低的預計全年稅前收益估計。

On a GAAP basis, we had operating income of $315 million in Q3 as our GAAP operating expense in the quarter included a charge of $573 million related to an impairment of goodwill for OpenTable and KAYAK. This noncash impairment charge is driven by reduced financial projections and a longer expected recovery for KAYAK and OpenTable due to the COVID-19 pandemic.

根據 GAAP，我們在第三季度的營業收入為 3.15 億美元，因為我們在本季度的 GAAP 營業費用包括與 OpenTable 和 KAYAK 商譽減值相關的 5.73 億美元費用。由於 COVID-19 大流行，財務預測減少以及 KAYAK 和 OpenTable 的預期恢復時間更長，導致了這一非現金減值費用。

We recorded GAAP net income of $801 million in the quarter as we benefited from an unrealized $730 million pretax gain on our equity investments primarily related to our investment in Meituan. In addition, we recorded a $64 million pretax expense in the quarter related to our French and Italian tax matters. There was also $117 million of FX remeasurement losses on our eurobonds. We excluded the impairments to tax expense, the unrealized gains and the remeasurement losses from our non-GAAP results.

我們在本季度錄得 8.01 億美元的 GAAP 淨收入，這是因為我們受益於主要與美團投資相關的股權投資未實現的 7.3 億美元稅前收益。此外，我們在本季度記錄了 6,400 萬美元的與法國和意大利稅務相關的稅前費用。我們的歐元債券也有 1.17 億美元的外匯重新計量損失。我們從我們的非 GAAP 結果中排除了稅費減值、未實現收益和重新計量損失。

Now on to our cash and liquidity position. Our Q3 ending cash and investments balance increased to $14.9 billion while June ending balance was $13.4 billion due to positive operating cash flow as well as the unrealized gain on our long-term investments. We generated $920 million of operating cash flow and $848 million of free cash flow in the quarter, both down approximately 50% versus the prior year. Change in working capital represented a use of cash of about $300 million in the quarter driven by seasonal effects and the impact this had in the third quarter due to a high concentration of check-ins, which resulted in an increase in our accounts receivable balance.

現在談談我們的現金和流動性狀況。我們的第三季度末現金和投資餘額增加到 149 億美元，而 6 月末餘額為 134 億美元，這是由於正的運營現金流以及我們長期投資的未實現收益。本季度我們產生了 9.2 億美元的運營現金流和 8.48 億美元的自由現金流，均比上年下降約 50%。營運資金的變化代表本季度因季節性影響而使用現金約 3 億美元，這在第三季度產生的影響是高度集中的簽到，導致我們的應收賬款餘額增加。

We'll 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 our stock and we'll 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，並且在我們對複甦的形式和時機有更好的了解之前，我們不會啟動回購。

Now on to our thoughts for the fourth quarter. Consistent with our approach last quarter, I will not provide full quarterly guidance, but instead, we'll provide you some additional color from our preliminary October results, which will help you -- help give you a better sense of our recent top line trends. As I mentioned earlier, our newly booked room nights and reported room nights in October declined year-over-year at about 50% and 58%, respectively, and at higher rates in the last week. Room night declines for the fourth quarter will likely vary from October's results, especially considering the recent rise of COVID-19 cases and the imposition of travel restrictions and the impact that will have on the level of travel demand and cancellations in November and December. We expect the room night declines in November, December will be worse than they were in October.

現在談談我們對第四季度的想法。與我們上個季度的方法一致，我不會提供完整的季度指導，相反，我們將為您提供 10 月份初步結果的一些額外顏色，這將幫助您 - 幫助您更好地了解我們最近的頂線趨勢.正如我之前提到的，我們 10 月份新預訂的間夜數和報告的間夜數同比分別下降了 50% 和 58%，上週的下降幅度更高。第四季度的間夜量下降可能與 10 月份的結果有所不同，特別是考慮到最近 COVID-19 病例的增加和旅行限制的實施以及這將對 11 月和 12 月的旅行需求和取消水平產生的影響。我們預計 11 月、12 月的間夜降幅將比 10 月更糟。

We expect gross bookings in the fourth quarter will decline year-over-year by several percentage points more than our reported room nights due to negative pressure on local currency ADRs, and we expect that revenue declines in the quarter will be several percentage points less than the decline in gross bookings primarily due to book to save timing differences similar to what we saw during the first wave of the pandemic. Given our expectations for further reductions in room night growth from October, coupled with continued ADR pressures, we expect it will be very challenging to reach positive adjusted EBITDA in the fourth quarter. On a more positive note, if we compare our internal outlook for the full year 2020 now with where we were when we spoke to you in August, we're ahead on all major income statement and cash flow metrics.

由於本幣 ADR 的負面壓力，我們預計第四季度的總預訂量將比我們報告的間夜數同比下降幾個百分點，我們預計該季度的收入下降將比我們報告的間夜數少幾個百分點。總預訂量的下降主要是由於預訂以節省時間差異，類似於我們在第一波大流行期間看到的情況。鑑於我們預計 10 月份間夜量增長將進一步下降，加上持續的 ADR 壓力，我們預計在第四季度實現調整後的 EBITDA 正值將非常具有挑戰性。從更積極的方面來看，如果我們將現在對 2020 年全年的內部展望與 8 月份與您交談時的展望進行比較，我們在所有主要損益表和現金流量指標上都領先。

In conclusion, as Glen emphasized, we are quite pleased with our third quarter results in a challenging environment. And while we expect the fourth quarter to be an even more difficult environment, we have confidence that we will continue to execute against what we can control. We made some difficult decisions and taking a number of actions that will help us optimize the business. We have confidence that through these actions, we'll emerge from the crisis in a stronger position. We'll now take your questions. So Laura, can you please open the line for Q&A?

總之，正如 Glen 強調的那樣，我們對在充滿挑戰的環境中取得的第三季度業績感到非常滿意。雖然我們預計第四季度的環境會更加艱難，但我們有信心繼續執行我們可以控制的事情。我們做出了一些艱難的決定，並採取了一些有助於我們優化業務的行動。我們相信，通過這些行動，我們將以更強大的地位擺脫危機。我們現在將回答您的問題。勞拉，你能打開問答熱線嗎？

(Operator Instructions) Your first question will come from the line of Brian Nowak from Morgan Stanley.

（操作員說明）您的第一個問題將來自摩根士丹利的 Brian Nowak。

This is Alex Wang on for Brian. First, can you just -- I appreciate all the details on alternative accommodation. But can you give us a sense of how that business is doing globally sort of year-to-date? And what do you see as the main sort of investment priorities for that business, whether it may be supply or branding? And then second, I appreciate all the comments on the Booking.com launch of flights in the U.S. Maybe talk to us a little bit what you're seeing in early tests or any early learnings. And any other areas where you might want to expand to in the U.S., whether it maybe packages or you talked about payments as well?

我是 Alex Wang 代替 Brian。首先，你能不能——我很欣賞關於替代住宿的所有細節。但您能否讓我們了解一下該業務今年迄今在全球範圍內的表現如何？您認為該業務的主要投資重點是什麼，是供應還是品牌？其次，我感謝所有關於 Booking.com 在美國推出航班的評論。或許可以和我們談談你在早期測試或任何早期學習中看到的情況。還有你可能想在美國擴展到的任何其他領域，無論是包裹還是你也談到了支付？

Sure, Alex. It's Glenn speaking. Why don't I take -- we'll go in reverse order. I'm going to talk around flights, I'll talk a little bit about the alternative accommodation strategy and where we're going, and then I'll let Dave -- he wants to talk to you about what you want in terms of year-to-date. So talking about the things we're doing with flights. We just started it for Booking.com in the States. So it's very, very, very early. But as I've always talked about this connected trip vision, flights is a very important part of it. Many people start with flights. So we believe that it's going to be an important way to get more customers into our funnel and see all the great offerings we have. Now payments is a very important part of our overall connected trip because, one thing, if you want to offer up, for example, a package, as you discussed, which we do want to offer at -- when we get to it, you have to have a payment platform.

當然，亞歷克斯。是格倫在說話。為什麼我不接受——我們將以相反的順序進行。我要談談航班，我會談談替代住宿策略和我們要去的地方，然後我會讓戴夫——他想和你談談你想要什麼今年迄今為止。所以談論我們在航班方面所做的事情。我們剛剛在美國開始為 Booking.com 提供服務。所以現在非常、非常、非常早。但正如我一直在談論這種互聯旅行的願景，航班是其中非常重要的一部分。許多人從航班開始。因此，我們相信這將是讓更多客戶進入我們的渠道並查看我們擁有的所有優質產品的重要方式。現在付款是我們整體連接旅行的一個非常重要的部分，因為有一件事，如果你想提供，例如，正如你所討論的那樣，我們確實想提供一個包裹——當我們到達時，你必須有一個支付平台。

You've got to be able to do that because you can't combine them two at one price. If you're not willing to -- able to take all the money from the customer up front and then distribute it to the different suppliers. That's the way to do it. So these things are very important to us, and it's early, but I am pleased to see us up and running. And later on, we'll be able to come back to you, hopefully, with some numbers and give you some -- in the future, some idea of how it's doing.

你必須能夠做到這一點，因為你不能以一個價格將兩者結合起來。如果你不願意——可以預先從客戶那裡拿走所有的錢，然後將其分配給不同的供應商。這就是這樣做的方法。所以這些事情對我們來說非常重要，而且還早，但我很高興看到我們啟動並運行。稍後，我們將能夠返回給您，希望有一些數字，並給您一些 - 在未來，一些關於它如何做的想法。

Regarding alternative accommodation, it's clearly an important part of the business. We talked about it last quarter, how many people in the second quarter went for alternate accommodations when you compare that to the 2019 numbers because for the reason that we talked about, in terms of safety, people wanting to feel that they weren't a big crowd, a lot of the issues we talked about last time. That's important around the world. And we've always talked about how important it is to offer up to our customers every single type of a combination they may want. And we know by having more selection, that improves the proposition to the consumer. So we're continuing to do that.

關於替代住宿，這顯然是業務的重要組成部分。我們在上個季度討論過，當你將第二季度的人數與 2019 年的數字進行比較時，有多少人選擇了替代住宿，因為出於我們談到的原因，就安全而言，人們希望感覺自己不是一大群人，很多我們上次談到的問題。這在全世界都很重要。我們一直在談論向我們的客戶提供他們可能想要的每一種組合的重要性。我們知道，通過提供更多選擇，可以改善對消費者的建議。所以我們會繼續這樣做。

Now I've also talked about how, particularly in certain geographies like the U.S., we were not getting as much of the inventory as we should have and that we know is needed in certain types of alternative accommodations, primarily the individual home unit, and we continue to build that out, too, because we know people want that one, too. So strategy is to continue to build that out and make sure that we're offering the customer what they want when they want it. And David, I don't know if you want to give anything in terms of this question about year-to-date.

現在我還談到瞭如何，特別是在美國等某些地區，我們沒有獲得應有的庫存，我們知道某些類型的替代住宿（主要是個人住宅單元）需要這些庫存，以及我們也在繼續構建它，因為我們知道人們也想要那個。因此，戰略是繼續構建它，並確保我們在客戶需要時提供他們想要的東西。大衛，我不知道你是否想就今年迄今為止的這個問題給出任何信息。

Yes. I can provide a little extra color, Glenn and, Alex, in response to the question. Perhaps just the best way to talk about things in the third quarter because the U.S.A. numbers are really skewed pretty much by what's happened so far this year in Q1 and Q2. So just to remind you, we have over 6.5 million listings in the alternative space. We mentioned that we saw a growth in Q3 in our domestic business. And to give a little bit more context around that, within the domestic business, alternative accommodations grew low double digits, where as the rest of the business or the core business grew low single digits. So that kind of gives you a spread for how they did relative to each other in the third quarter. The area we saw the biggest improvements in alternative accommodations growth vis-a-vis what we saw in the second quarter was in Europe, just another data point.

是的。格倫和亞歷克斯，我可以提供一些額外的顏色來回答這個問題。也許這是談論第三季度事情的最佳方式，因為今年第一季度和第二季度到目前為止，美國的數據確實存在很大偏差。所以提醒您，我們在替代空間中有超過 650 萬個列表。我們提到我們在第三季度看到了國內業務的增長。為了進一步說明這一點，在國內業務中，替代住宿增長了兩位數，而其他業務或核心業務則增長了低個位數。因此，這可以讓你了解他們在第三季度相對於彼此的表現。與我們在第二季度看到的相比，我們看到替代住宿增長的最大改善是在歐洲，這只是另一個數據點。

Your next question will come from the line of Kevin Kopelman from Cowen.

您的下一個問題將來自 Cowen 的 Kevin Kopelman。

Great. I was hoping if you could just dig into the trends in the situation a little bit in Europe that you described from the past week. Can you just kind of walk us through how far along we are in the process of the countries kind of locking down or shutting down, maybe compare that to April and what's going on in the business, specifically in Europe, just so I understand how far along we are in that process? That would be reflected in those numbers you gave us.

偉大的。我希望你能深入了解一下你上週描述的歐洲局勢的趨勢。你能不能給我們介紹一下我們在這些國家的封鎖或關閉過程中走了多遠，也許將其與 4 月進行比較，以及業務中發生的事情，特別是在歐洲，這樣我就能理解有多遠沿著我們在那個過程中？這將反映在您提供給我們的那些數字中。

Sure. Thank you, Kevin, for the question. It's obviously, a very hard thing to answer because none of us are actually in the governmental meetings that are making these decisions on what to do in terms of lockdowns, how strict to be when you're going to say you're going to open it up. And they're making those projections now and they could very easily change. And people are even changing what they say week-to-week, day-to-day. And we see each day there's a new pronouncement by a new government. What we can say, though, is when these restrictions are put up, we do get cancellations right away, of course, for people who are planning to travel to certain regions. And that, obviously, is going to impact our as-booked room nights. Certainly, people also say, "Hey, I'm not going to make a new booking. I was going to make that new booking. I'm not going to do it because either, a, I'm not going to be able to travel there; or b, I'm concerned that, that area is going to be illustrated or where I'm leaving from could be restricted."

當然。凱文，謝謝你提出這個問題。顯然，這是一件很難回答的事情，因為我們實際上都沒有參加政府會議，這些會議正在就封鎖方面的措施做出這些決定，當你要說你要開放時要多嚴格它了。他們現在正在做出這些預測，而且很容易改變。人們甚至每週、每天都在改變他們所說的話。我們每天都看到新政府發布新聲明。不過，我們可以說的是，當這些限制實施後，我們確實會立即取消，當然，對於計劃前往某些地區的人來說。顯然，這將影響我們的預訂間夜數。當然，人們也會說，“嘿，我不會進行新的預訂。我本來打算進行新的預訂。我不會這樣做，因為要么，a，我將無法去那裡旅行；或者 b，我擔心那個區域會被展示，或者我離開的地方可能會受到限制。”

Now compared to April though, I think there's a sense that I've gotten some thoughts about from some of the people who are involved in talking to our public affairs field, in talking to governments, et cetera, is that they're trying to do it in a more selective way. Everybody knows the impact on the economies that a full lockdown, complete lockdown can do. So the governments are doing their best to try and not do complete lockdowns. But travel is always something that is immediately looked at as a potential increase in infections because people come from different regions. So I feel that we are still going to have a lot of disruption due to these very, very steep increasing infection rates. And I can't give you anything more than that, I don't think unless -- David, do you have anything you'd want to add?

現在與 4 月相比，我認為我從一些參與公共事務領域談話的人那裡得到了一些想法，在與政府談話等方面，他們正在努力以更具選擇性的方式進行。人人都知道全面封鎖、徹底封鎖對經濟的影響。因此，政府正在盡最大努力嘗試而不是完全封鎖。但旅行總是會立即被視為感染的潛在增加，因為人們來自不同地區。因此，我認為由於感染率急劇上升，我們仍然會受到很多干擾。而且我不能給你更多，我認為除非-- 大衛，你有什麼想補充的嗎？

I just want to add, I think you've said it up front, Glenn, but just to be clear that right now, the declines that we're seeing in Europe, they're obviously worse than the global average numbers I gave you, but they're not as deep as we were back in April, just to be clear. But we do see the shape of things -- being a little different as well. We think -- we obviously saw -- witnessed April was much more of a deep V in terms of the shape of the first wave as those -- the shock back in the long-term bookings were on the book that canceled. We believe that we're going into more of a U-shaped trend environment for the rest of the winter, what we hopefully is deep. But of course, the winter months are also a factor because in the North Hemisphere, particularly in Europe, it's much harder to travel to warm weather without getting on a plane. So the substitution effect we saw in the third quarter from international to domestic is probably going to be less in the winter months than we were able to enjoy in the third quarter. There are a few factors going on. But just to reinforce, it is worse than the average, but not quite yet as bad as we were in April.

我只想補充一點，格倫，我想你已經說過了，但現在要明確一點，我們在歐洲看到的下降，顯然比我給你的全球平均數字還要糟糕，但它們不像我們四月份時那麼深，只是為了清楚。但我們確實看到了事物的形狀——也有一點不同。我們認為——我們顯然看到了——就第一波的形狀而言，4 月份更像是一個深 V 形——長期預訂的衝擊已經取消。我們相信，在冬季餘下的時間裡，我們將進入更多的 U 型趨勢環境，我們希望是深入的。但當然，冬季也是一個因素，因為在北半球，尤其是在歐洲，不坐飛機去溫暖的天氣旅行要困難得多。因此，我們在第三季度看到的從國際到國內的替代效應在冬季可能會比我們在第三季度能夠享受到的要少。有幾個因素在起作用。但只是為了加強，它比平均水平差，但還沒有我們 4 月份那麼糟糕。

Your next question will come from the line of Lloyd Walmsley from Deutsche Bank.

您的下一個問題將來自德意志銀行的 Lloyd Walmsley。

This is Chris on for Lloyd. You guys have made some comments earlier on about performance marketing as well as cancellation rates starting to step up. Could you just talk a little bit about your ability to deploy performance marketing dollars in 4Q as those cancellation rates stepped up?

這是勞埃德的克里斯。你們早些時候就績效營銷以及取消率開始上升發表了一些評論。隨著取消率的上升，您能否談談您在第四季度部署績效營銷資金的能力？

How should we think about kind of balancing that with the shorter booking windows as well? And then just specific to the U-shaped recovery that you guys are talking about, are you making any vaccine or any additional assumptions? I know, David, you just kind of walked through some of them, but anything else we should think about there?

我們應該如何考慮在更短的預訂窗口之間取得平衡？然後具體到你們正在談論的 U 型複蘇，你們是否在做任何疫苗或任何額外的假設？我知道，大衛，你只是走過其中的一些，但我們還應該考慮其他什麼嗎？

So Chris, on the performance marketing, you're smart to point out the fact that cancellations is going to impact the ROI significantly. So when we start seeing virus rates going up, we are immediately taking action that we don't want to be paying for a whole bunch of clicks that are not going to end up in revenue. Even if they end up in a booking, the booking gets canceled and you end up having spent the money for nothing. So absolutely, there's a direct relationship. And as virus rates go up, as restrictions follow up in terms of restricting travel, we are immediately readjusting our expectation in terms of our performance marketing. So that is absolutely correct.

所以克里斯，在績效營銷方面，你很聰明地指出取消將顯著影響投資回報率這一事實。因此，當我們開始看到病毒感染率上升時，我們會立即採取行動，我們不想為一大堆最終不會產生收入的點擊付費。即使他們最終進行了預訂，預訂也會被取消，您最終會白花錢。所以絕對有直接關係。隨著病毒感染率的上升，隨著限制旅行的限制措施的跟進，我們立即重新調整了我們對績效營銷的期望。所以這是絕對正確的。

In terms of the yield, we have not made any call in terms of when a vaccine is going to be declared effective and safe, nor how long it will take to be distributed or not. I think everybody, though, has read all the news about these things. I don't think anybody is expecting a large distribution or global distribution anytime soon, so certainly, not nearly in the first quarter. So we're not based on our decisions on that at all. We are hopeful, though, that we've seen what happened in the spring, and we saw government actions did help, and we saw what happened in the summer. There was that rebound, pent-up demand. So we're hopeful. And David, you made the curve. So you can explain further how we came up with what we -- why we're doing what we're doing.

就產量而言，我們還沒有就疫苗何時宣布有效和安全，以及分發或不分發需要多長時間作出任何呼籲。不過，我認為每個人都已經閱讀了有關這些事情的所有新聞。我認為沒有人期望很快會有大規模分銷或全球分銷，所以肯定不會在第一季度出現。所以我們根本不是基於我們的決定。不過，我們充滿希望，我們已經看到了春天發生的事情，我們看到政府的行動確實有所幫助，我們也看到了夏天發生的事情。有反彈，被壓抑的需求。所以我們充滿希望。大衛，你創造了曲線。所以你可以進一步解釋我們是如何想出我們 - 為什麼我們正在做我們正在做的事情。

Well, I think, Glenn, you summarized it well. But I think that we just believe that there won't be much change in the environment in Europe and maybe in North America through the winter months. We believe that, hopefully, that when we get to the early spreading, that might be coupled with more progress towards a vaccine or vaccines. We're not making a core on when one is going to become available. As Glenn said, but hopefully, there'll be better news. But also there'll be better weather and people thinking about the spring and the ability to travel again and the prospects of warmer climates, warm weather to come. And we expect that will hopefully be kind of the slope up on the U. We are optimistic that when we see the recovery, it will be a strong recovery in the spring, as I think we saw it was in the summer this year.

嗯，我認為，格倫，你總結得很好。但我認為我們只是相信在整個冬季，歐洲和北美的環境不會有太大變化。我們相信，有希望地，當我們進入早期傳播時，這可能會伴隨著疫苗或疫苗的更多進展。我們不會確定何時可用。正如格倫所說，但希望會有更好的消息。但也會有更好的天氣，人們會考慮春天和再次旅行的能力以及氣候變暖的前景，溫暖的天氣即將到來。我們預計這將有希望成為 U 的斜坡。我們樂觀地認為，當我們看到復蘇時，這將是春季的強勁復甦，正如我認為我們在今年夏天看到的那樣。

Our next question will come from the line of Eric Sheridan from UBS.

我們的下一個問題將來自瑞銀的 Eric Sheridan。

Maybe I can broaden out the question on advertising. Glenn, how far along are you in terms of what you want to accomplish over the medium to long-term in realigning your marketing channels and making sure you're maximizing for ROI? And maybe you could just give us a little bit of color on some of the payments, while it's a low end demand environment that you might be sort of testing and learning and thinking about in terms of realigning for some of the outcomes you're looking for in a multiyear view? And maybe just a little bit additional color on some of the direct mobile booking activity you're seeing that's quite promising for the long term.

也許我可以擴大關於廣告的問題。格倫，在重新調整營銷渠道並確保最大化投資回報率方面，您在中長期內想要完成什麼？也許你可以給我們一些付款的顏色，雖然這是一個低端需求環境，你可能正在測試、學習和考慮重新調整你正在尋找的一些結果從多年的角度來看？也許你看到的一些直接移動預訂活動只是一點點額外的顏色，從長遠來看，這是非常有前途的。

Sure. So in terms of the long-term view of marketing, so as you all know, we built our company based on performance marketing. We also know, though, that we need to increase awareness in certain geographies, and we've always talked about being able to do that with -- from a brand perspective. One of the things that we just tested out and it's very small, very small in the states, a digital brand campaign. You may have seen it, America is For Everybody. And we did it on a digital base. That was a digital brand effect to see how that would do. You may have seen the print version in the New York Times, not very digital about having an actual printed thing, but very low cost, and we thought it very important to get that out, really what our values are as a company and what we stand for. But it certainly is important that we get that awareness out there, 2 areas where we are, let's say, is that we are under-indexing like the States. And we'll continue to do that as demand comes back, coming up with the different ways and always testing. We're always testing and digitally, you can do it better in terms of figuring out what your ROI is or not.

當然。所以從營銷的長遠角度來看，大家都知道，我們的公司是建立在績效營銷的基礎上的。不過，我們也知道，我們需要提高某些地區的知名度，而且我們一直在談論能夠做到這一點——從品牌的角度來看。我們剛剛測試過的其中一件事是非常小的，在美國非常小，這是一個數字品牌活動。你可能已經看到了，America is For Everybody。我們是在數字基礎上做的。這是一種數字品牌效應，看看它會怎樣。您可能已經在紐約時報上看到過印刷版，關於實際印刷的東西不是很數字化，但是成本非常低，我們認為將其發布非常重要，這實際上是我們公司的價值觀以及我們的價值觀代表。但讓我們意識到這一點當然很重要，比方說，我們所處的兩個領域是我們像美國一樣索引不足。隨著需求的恢復，我們會繼續這樣做，提出不同的方法並始終進行測試。我們一直在進行測試和數字化，您可以在確定投資回報率方面做得更好。

Of course, the most important thing for us always is providing great service, and all the things we talked about, the great price, the great selection, the great customer service. If we can get the loyalty, people come back directly instead of us having to pay all that money for marketing to get people to come back. Get people to come directly is really the ultimate goal, of course. In terms of mobile, David, why don't you take that one, if you want to give anything further in terms of where that is?

當然，對我們來說最重要的始終是提供優質的服務，以及我們談論的所有事情，優惠的價格，優質的選擇，優質的客戶服務。如果我們能獲得忠誠度，人們就會直接回來，而不是我們必須支付所有營銷費用才能讓人們回來。當然，讓人們直接來才是最終目標。在移動方面，大衛，如果你想進一步說明它在哪裡，你為什麼不拿那個呢？

Yes. Thanks, Glenn. No additional hard data points to provide now. But just to give you a little color, obviously, we said several quarters ago, we were over 50% mobile, and that's continued to increase in a positive direction. And we are pleased with the fact that the app continues to be a very major part of the mobile business but also increasing in line with the growth in mobile. So at the appropriate time, we'll give you a few more data points on that. We're not quite ready to break those out today, but they are trending positively. And to Glenn's point, particularly with the app, not just as a place where we can get more direct business, but also a place where, essentially, the customer trip -- the customer -- connected trip will actually live and we can interact not just during the booking process but also during the trip as well in a very real way. We can also deliver the multi-product capabilities. That is super important. So we're pleased to see that moving in the right direction.

是的。謝謝，格倫。現在沒有額外的硬數據點可以提供。但只是給你一點顏色，很明顯，我們在幾個季度前說過，我們的移動設備超過 50%，而且還在繼續朝著積極的方向增加。我們很高興該應用程序繼續成為移動業務的重要組成部分，而且隨著移動業務的增長而增長。所以在適當的時候，我們會給你更多的數據點。我們今天還沒有準備好打破這些，但它們的趨勢是積極的。就 Glenn 的觀點而言，尤其是應用程序，不僅是我們可以獲得更直接業務的地方，而且基本上是客戶旅行——客戶——連接的旅行將真正存在的地方，我們可以互動而不是不僅在預訂過程中，而且在旅行期間也以非常真實的方式。我們還可以提供多產品功能。這是非常重要的。所以我們很高興看到它朝著正確的方向發展。

Your next question will come from the line of Douglas Anmuth from JPMorgan.

您的下一個問題將來自摩根大通的 Douglas Anmuth。

This is Dae on for Doug. I have 2. First one is, given your strategy of having all property types in a single platform, can I get an update on the work that you guys are doing to service the right property type to the right traveler at the right time? And how are you messaging the travelers who have certain property types in mind? And then my second question is on -- what's your view on overall competitive environment right now. Are you seeing that competition is holding up better or worse than previously expected through these challenging times?

這是 Dae on for Doug。我有 2 個問題。第一個是，考慮到你們在一個平台上擁有所有屬性類型的策略，我可以得到你們為在正確的時間為正確的旅行者提供正確的屬性類型所做的工作的最新信息嗎？您如何向心中有特定房產類型的旅行者發送消息？然後我的第二個問題是——你對現在的整體競爭環境有何看法。在這些充滿挑戰的時期，您是否看到競爭比之前預期的更好或更糟？

So let me take the second one. I'll let David take the first one. I didn't hear it so well. In terms of the overall competitive market, the travel business has always been extremely competitive. And whether there's a terrible lack of demand because of a pandemic, of our rates, boom times back, just -- it's hard to believe, but just a year ago or so, the competition continues to exist. And in fact, it's interesting because the European Commission, the regulators who are talking about that potential new regulations coming out. It's interesting. They put out a report only a few weeks ago. And in the report, it mentioned, in fact, that online travel is considered a fiercely competitive market. So clearly, regulators recognize that, too. And I don't think it's changed at all in terms of the fact that there's a lot less demand than there used to be. I think it's always competitive and always will be. David, the first part?

所以讓我拿第二個。我會讓大衛拿第一個。我沒聽清楚。就整體競爭市場而言，旅遊業務一直競爭異常激烈。以及是否由於大流行、我們的利率、繁榮時期而嚴重缺乏需求，只是——很難相信，但就在大約一年前，競爭仍然存在。事實上，這很有趣，因為歐盟委員會和監管機構正在談論即將出台的潛在新法規。這真有趣。他們幾週前才發布了一份報告。而在報告中，它提到，事實上，在線旅遊被認為是一個競爭激烈的市場。很明顯，監管機構也認識到了這一點。而且我認為就需求比過去少得多這一事實而言，它根本沒有改變。我認為它總是有競爭力的，而且永遠都是。大衛，第一部分？

I'm sorry. Back to the first question, just the kind of how we match property type to travel. I mean, that really is what our business is all about. And you could see property type to travel or travel to property type. And obviously, we do that very dynamically. So we're, of course, using machine learning and artificial intelligence. The more you visited our sites or site, the more we know about you. Therefore, we're going to optimize our results to your search to kind of match your prior needs and behavior. But of course, more recently for both the traveler and the accommodation, we'd be focused much more upon the domestic market opportunities, letting our suppliers make themselves available and attractive to our travelers. If you spent any time on our site recently, particularly Booking.com, you'll see that there's extensive information that the properties can put in now about what they've done across a number of dimensions to handle safety and health during the pandemic. So it's absolutely kind of just a core premise of how the business operates that we intelligently do that mapping and matching. Now of course, because we have the benefit of having a very, very broad range of both traditional hotels and alternative accommodations on the same platform, we can let people filter, search, compare side-by-side on a very comparable basis. And we think that provides a unique value to a lot of our customers. But as you would expect, we've been optimizing and modifying that quite a lot. And if you search for something this time this year and compare it to this time last year, because of pandemic, you get very different priority results coming back to you.

對不起。回到第一個問題，就是那種我們怎麼匹配財產類型去旅行的問題。我的意思是，這確實是我們業務的全部內容。您可以看到要旅行的財產類型或旅行到財產類型。顯然，我們非常動態地做到這一點。所以我們當然在使用機器學習和人工智能。您訪問我們的站點或站點的次數越多，我們對您的了解就越多。因此，我們將根據您的搜索優化我們的結果，以符合您之前的需求和行為。但是，當然，最近對於旅行者和住宿而言，我們將更多地關注國內市場機會，讓我們的供應商為我們的旅行者提供服務和吸引力。如果您最近訪問過我們的網站，尤其是 Booking.com，您會發現酒店現在可以提供大量信息，說明他們在多個方面為應對大流行期間的安全和健康所做的工作。因此，我們智能地進行映射和匹配絕對是業務運作方式的核心前提。現在當然，因為我們有在同一個平台上擁有非常非常廣泛的傳統酒店和替代住宿的好處，我們可以讓人們在非常可比的基礎上進行過濾、搜索和並排比較。我們認為這為我們的許多客戶提供了獨特的價值。但正如您所料，我們一直在對其進行大量優化和修改。如果你今年這個時候搜索某物並將其與去年這個時候進行比較，由於大流行，你會得到非常不同的優先級結果。

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

您的下一個問題將來自美國銀行的 Justin Post。

Your main competitor is talking about some pretty big cost savings that they're going to be able to achieve when you look out. I'm just wondering if you can give us, looking to the other side, how you're thinking about margins. I know in '19, your EBITDA margins were high 30s. But do you think this is an opportunity for the whole industry to get more profitable? And would you think about your margins being higher when you get back to kind of those levels of bookings?

你的主要競爭對手正在談論一些相當大的成本節約，當你留意時，他們將能夠實現這些成本節約。我只是想知道你是否可以給我們，從另一方面看，你是如何考慮利潤率的。我知道在 19 年，您的 EBITDA 利潤率高達 30 多歲。但您認為這是整個行業獲得更多利潤的機會嗎？當你回到那種預訂水平時，你會認為你的利潤會更高嗎？

David, why don't you take that in terms of our long-term thoughts about margin?

戴維，你為什麼不從我們對保證金的長期想法來看呢？

Yes. Sure, Justin. Let me give you a couple of thoughts here. So first of all, we expect our business to have very attractive and continue to have industry-leading margins when demand fully returns. There'll be a couple of puts and takes. So for example, as we build into new products like air, those will be dilutive to the margin rates, but obviously, healthy margin dollars are important to our business and strategy. And things like payments, again, will be diluted to the margin rate, but will contribute margin dollars. You have to take that into account in thinking about the long-term future. But as I said, we expect to have industry-leading margins in the long term.

是的。當然，賈斯汀。讓我在這裡給你一些想法。因此，首先，我們希望我們的業務非常有吸引力，並在需求完全恢復時繼續保持行業領先的利潤率。會有一些投入和投入。因此，例如，當我們開發空氣等新產品時，這些產品將稀釋利潤率，但顯然，健康的利潤率對我們的業務和戰略很重要。再次，付款之類的事情將被稀釋到保證金率，但會貢獻保證金美元。在考慮長期未來時，您必須考慮到這一點。但正如我所說，從長遠來看，我們希望擁有行業領先的利潤率。

Between now and when we get back to full recovery, there'll be some puts and takes. Obviously, for example, as we grow rapidly, as we expect to over the next few years, as the industry recovers, we will incur marketing expenses related to our bookings prior to those bookings turning into revenue. So during those periods of reacceleration, there'll be some downward pressure on our operating margins as we kind of build that book of business again. But as I said, in the long term, we expect to be very well positioned.

從現在到我們完全恢復時，會有一些進退兩難。顯然，例如，隨著我們的快速增長，正如我們預計在未來幾年，隨著行業的複蘇，我們將在預訂轉化為收入之前產生與預訂相關的營銷費用。因此，在那些重新加速的時期，我們的營業利潤率會有一些下行壓力，因為我們會再次建立那份業務簿。但正如我所說，從長遠來看，我們希望處於非常有利的位置。

Your next question will come from the line of Mark Mahaney from RBC.

您的下一個問題將來自 RBC 的 Mark Mahaney。

Okay. I was wondering if you could talk about more recent trends you're seeing in Europe. And I apologize, I'm sure you covered this part on the call, but if you could just repeat it now or provide any more color, especially in the wake of the recent lockdowns. Is that already -- do you notice that already having a shift in how people are traveling? And have you seen this kind of sustained shift over to alternative accommodations, I guess, across the business? Is that something that you think may lead to almost a semi-permanent change in consumer behavior, just a much greater willingness to embrace alternative accommodations than they were pre-COVID that's happened during the crisis, but do you think there's a reason to think that, that will be kind of a permanent condition, kind of a modest shift over there?

好的。我想知道您是否可以談談您在歐洲看到的最新趨勢。抱歉，我確定你在電話會議上提到了這一部分，但如果你現在可以重複它或提供更多顏色，尤其是在最近的封鎖之後。是不是已經——你注意到人們的旅行方式已經發生了變化嗎？我想，您是否在整個企業中看到過這種向替代住宿的持續轉變？您是否認為這可能會導致消費者行為發生幾乎半永久性的變化，只是比危機期間發生的 COVID 之前更願意接受替代住宿，但您認為有理由認為，那將是一種永久性條件，一種適度的轉變？

Hi, Mark. So as I talked a little earlier about this and certainly in the prepared remarks, we've seen a significant drop and I talked about the last 7 days. Things move very quickly. Changes happen very rapidly when governments make changes in terms of ability to travel, restrictions in terms of going to restaurants, nonessential shops being closed. These things make immediate impact on people. In fact, I haven't actually tried it this time, but you can watch on our systems, you can watch an announcement go out and very, very quickly. You can see the impact, just cancellations or drops in bookings for future stays. So there's an incredible correlation between that.

嗨，馬克。因此，正如我早些時候談到這一點，當然在準備好的評論中，我們看到了顯著下降，我談到了過去 7 天。事情進展得很快。當政府在旅行能力、去餐館方面的限制、非必要商店關閉方面做出改變時，變化會非常迅速地發生。這些東西對人有直接的影響。事實上，這次我還沒有真正嘗試過，但是你可以在我們的系統上觀看，你可以看到一個非常非常快的公告。您可以看到影響，只是取消或減少未來住宿的預訂。因此，這之間存在著令人難以置信的相關性。

In terms of alternative accommodations, my thoughts -- it's interesting at the beginning of the crisis, I wasn't sure which way this might go because, on the one hand, I thought that people would want to not be in a crowded hotel and risk getting infected or going to an elevator. And so therefore, they would want an alternative combinations where they could be separate from people, but I also recognize that people may be wanting industrial strength disinfecting of rooms and professionalized treatment of the entire place. So maybe people will go for our hotels. Clearly, we've seen the statistics very early in the Q2 area where we saw that significant increase in share shift to alternative accommodations for us than we've seen in Q3, it's not as much. I do believe that the trend that has been going for a very long time of more and more people contemplating and then using the alternative accommodations. I think that trend has just been accelerated. In fact, it brought forward what would have happened perhaps on a year or 2 years or whatever in the future because now people did try this. And now I do believe that there is a continuous shift once you've tried it. And if you like it, you're going to put it in your consideration set for the future.

在替代住宿方面，我的想法——在危機開始時很有趣，我不確定這會走哪條路，因為一方面，我認為人們不想住在擁擠的旅館裡，而且有被感染或去電梯的風險。因此，他們會想要一種替代組合，在這種組合中他們可以與人分開，但我也認識到人們可能需要對房間進行工業強度消毒和對整個地方進行專業處理。所以也許人們會選擇我們的酒店。顯然，我們在第二季度很早就看到了統計數據，我們看到轉向替代住宿的份額顯著增加，而不是我們在第三季度看到的，並沒有那麼多。我確實相信這種趨勢已經持續了很長時間，越來越多的人考慮並使用替代住宿。我認為這種趨勢剛剛加速。事實上，它提出了可能在一年或兩年或未來任何時間發生的事情，因為現在人們確實嘗試過這個。現在我確實相信，一旦你嘗試過，就會有持續的轉變。如果你喜歡它，你會把它放在你未來的考慮範圍內。

Now of course, when we talked about our share of alternative accommodations in total, if you note, when there's -- let's go to even Q2 when it was a big number, 40%. Well, that meant 60% of the new bookings were for hotels. Hotels are still a really popular way to stay, and they will always be. That's one of the things that's great about our platform because we offer both. We offer the most of both. And that is something that is a winning combination for our customers. When they come on, we know from the data that many people who come on to our site, they're not sure yet where they want to stay. And they're looking at a lot of different types of accommodations. By offering them all the different types of accommodations, that makes us a winner in terms of getting them to book it with us. And I think that's going to be what we're going around -- to keep going forward.

現在當然，當我們談到我們在替代住宿中的總份額時，如果你注意到，當有 - 讓我們甚至去第二季度，當它是一個很大的數字時，40%。好吧，這意味著 60% 的新預訂是針對酒店的。酒店仍然是一種非常受歡迎的住宿方式，而且將永遠如此。這是我們平台的一大優點，因為我們同時提供這兩種服務。我們提供兩者的大部分。這對我們的客戶來說是一個成功的組合。當他們訪問時，我們從數據中得知許多訪問我們網站的人，他們還不確定他們想停留在哪裡。他們正在尋找許多不同類型的住宿。通過為他們提供所有不同類型的住宿，這使我們成為吸引他們與我們預訂的贏家。我認為這將是我們正在做的事情——繼續前進。

Your next question will come from the line of Stephen Ju from Credit Suisse.

您的下一個問題將來自瑞士信貸的 Stephen Ju。

Okay. So Glenn, digging in a little bit on the flexibility you called out, given what consumers went through during March and April, with trying to cancel trips and getting refunds, and are your users choosing to go for the higher-priced cancellation-enabled option? Because I would imagine -- and I would imagine having cancellations with your hotel partners is probably a little bit more seamless versus the alternative accommodation. So is there any new work you think you might need to do to prepare your supply partners for what might be the new consumer normal of elevated cancellations?

好的。因此，格倫，考慮到消費者在 3 月和 4 月期間嘗試取消旅行和獲得退款的經歷，深入探討了您所說的靈活性，以及您的用戶是否選擇了價格更高的取消選項？因為我可以想像——而且我可以想像，與其他住宿相比，與您的酒店合作夥伴取消預訂可能會更加無縫。那麼，您認為您是否需要做任何新工作來讓您的供應合作夥伴做好準備，以應對取消次數增加的新消費者常態？

Yes. So there is a tremendous shift into people wanting to have the free cancellation option. There's no doubt about that. And it's understandable. There's also -- we see in terms of booking window, people booking much, much closer into when they're going to actually arrive with their accommodation, again, both these things making perfect sense with what's going on around the world right now. And how long that will continue for? It's uncertain. But there was a crisis in the beginning of the year for everyone who had done a nonrefundable accommodation. But then what happened is you had countries that were shutting down travel and the issue became, well, now the person can't go there. It was nonrefundable, but it's a force majeure situation. Do they get their money back? And if so, from who? Who's going to give it? The hotels aren't even around to actually give the money back, many of them, et cetera. And I will make the point of how proud I am of the customer -- our customer service team dealing with all those people desperate to get their money back, at the same time having to deal with the suppliers saying -- who would say, "Listen, we're closed. We don't even have access to the money. We can't return it." And I'm really pleased with the way we acted in taking the money out of our own pocket essentially and giving it to those consumers who need that money now. They need it now; they can't wait. In doing that, I'm just so proud of our teams that did that and really made things better.

是的。因此，希望免費取消選項的人們發生了巨大轉變。毫無疑問。這是可以理解的。還有——我們在預訂窗口方面看到，人們預訂的時間非常非常接近他們實際到達住宿的時間，再次強調，這兩件事與世界各地正在發生的事情完全吻合。這將持續多久？這是不確定的。但是對於所有做過不退住宿的人來說，年初都出現了危機。但後來發生的事情是你有一些國家正在關閉旅行，問題就變成了，好吧，現在這個人不能去那裡了。這是不可退還的，但這是不可抗力的情況。他們能拿回錢嗎？如果是這樣，來自誰？誰來給？酒店甚至都沒有實際退錢，其中許多等等。我會強調我為客戶感到多麼自豪——我們的客戶服務團隊與所有急切想要收回他們的錢的人打交道，同時不得不與供應商打交道——誰會說，”聽著，我們關門了。我們甚至拿不到錢。我們無法退還它。”我對我們從本質上從自己的口袋裡掏出錢並將其提供給現在需要這筆錢的消費者的方式感到非常滿意。他們現在需要它；他們等不及了。在這樣做的過程中，我為我們的團隊感到驕傲，他們做到了這一點，並真正讓事情變得更好。

Now it's much -- or many months after that, now if you book a nonrefundable accommodation, even if there is a close-down by a government, you're not getting your money back because everybody is aware of the situation. Every -- your eyes are wide open when you buy that nonrefundable, you're not going to get the money back. And so people aren't pretty much behind the refundable one. I do expect that, over time, that we'll go back because of the benefit of getting a better price. David, do you want to give any comments on this at all that I neglected to say?

現在很多——或者在那之後的很多個月，現在如果你預訂了一個不可退款的住宿，即使政府關閉，你也不會拿回你的錢，因為每個人都知道這種情況。每個——當你購買不可退款的商品時，你的眼睛會睜得大大的，你不會拿回錢的。因此，人們並不太支持可退款的。我確實希望，隨著時間的推移，我們會因為獲得更好的價格而回去。大衛，你想對我沒有說的任何事情發表評論嗎？

No, I think you covered the major areas, Glenn. Obviously, we are -- as we enter, euphemistically, the second wave, we've learned -- all learned a lot from the first, including customers and ourselves and our partners. There'll be some differences. Glenn talked about the force majeure which is obviously important. Typically, there are fewer bookings that are on the books right now because we're operating at much lower levels than we were back in the January, February time before everything hit. So that will also -- we do some of the extra workload that we have then on customer service, although we expect there to be some. And as I mentioned, we've seen customers, particularly -- recently favoring the more flexible cancellation policies, which, of course, is in everybody's benefit and that also -- has also had a slight lean towards the agency product where the cancellation options are all flexible. So we're going into it eyes open. I'm sure there are going to be some things we haven't foreseen that come along. But I think it will be quite different in terms of how we'll be able to deal with this vis-a-vis the "all hands on deck" situation back in April and May.

不，我認為你涵蓋了主要領域，格倫。顯然，我們——委婉地說，進入第二波浪潮時，我們已經了解到——所有人都從第一波浪潮中學到了很多東西，包括客戶、我們自己和我們的合作夥伴。會有一些差異。格倫談到了顯然很重要的不可抗力。通常情況下，現在的預訂量較少，因為我們的運營水平比一切都受到影響之前的 1 月、2 月低得多。所以這也將 - 我們做了一些我們在客戶服務方面的額外工作量，儘管我們預計會有一些。正如我所提到的，我們已經看到客戶，特別是 - 最近支持更靈活的取消政策，這當然對每個人都有好處，而且 - 也略微傾向於取消選項的代理產品都很靈活。所以我們要睜大眼睛。我敢肯定會有一些我們沒有預見到的事情會發生。但我認為，就我們如何應對 4 月和 5 月“全體人員齊心協力”的情況而言，情況將大不相同。

Your next question will come from the line of Deepak Mathivanan from Barclays.

您的下一個問題將來自巴克萊銀行的 Deepak Mathivanan。

Great. Glenn, I know it's early and things are volatile in the second wave right now. But any reason to not think that the demand during peak of the second wave will be better than what you saw in April and May? There are government restrictions, but consumers obviously have found some waves to travel safely and then restrictions are also somewhat measured and probably shorter now. Just obviously, vaccine will be ideal, but curious how to think about consumer behavior changes in the second wave versus the first outbreak.

偉大的。格倫，我知道現在還為時過早，現在第二波疫情還很不穩定。但有什麼理由不認為第二波高峰期的需求會好於四五月份呢？有政府限制，但消費者顯然已經找到了一些可以安全旅行的波浪，然後限制也有所衡量，現在可能更短。很明顯，疫苗將是理想的，但很好奇如何考慮第二波與第一次爆發時消費者行為的變化。

Deepak, I think that certainly, what you're saying could be the case, and I think it's hard to say, and as David said, we're not expecting the lows of April yet. But I'll point out there are counter facts, too, such as, as we're entering the spring and into the summer, it was getting warmer. It was getting lighter in the Northern Hemisphere and you could travel locally and have a nice holiday away from wherever you were. If you were in a city that was suffering significant infection rates, and you just wanted to get out, it was easy to say, we're going to drive or get in my car and drive not so far away and it's pleasant, I can go outside, maybe near a beach, maybe near a lake, whenever, it's all pleasant, take a little holiday, okay? Not so great in the middle of the winter in the dark. So that's counter factor. Who knows? I think the right way to think about this stuff is not think about right now, second wave, next couple of months. I think the important thing is to think about the long term. And that's what we continued to put our focus on, is making sure that we're coming up with our systems, our products, our services, working with our suppliers so we have everything set up right when that demand comes back for real in the way we know it will because all pandemics do end; they do. Whether there is a vaccine or not, and we hope there'll be one soon, and all the news says there'll be one relatively soon, but even if not, even without a vaccine, a pandemic will end, people will start traveling again. And we will, I believe, have that very wonderful rebound and come out of this crisis.

Deepak，我認為你所說的肯定是這種情況，我認為這很難說，正如大衛所說，我們還沒有預料到 4 月份的低點。但我要指出也有相反的事實，例如，隨著我們進入春季和夏季，天氣越來越暖和。北半球的天氣越來越亮，您可以在當地旅行，遠離任何地方度過一個愉快的假期。如果你在一個感染率很高的城市，而你只是想出去，很容易說，我們要開車或上我的車，開到不遠的地方，這很愉快，我可以到外面去，也許靠近海灘，也許靠近湖邊，無論什麼時候，一切都很愉快，放個小假，好嗎？在冬天的黑暗中不是那麼好。所以這是反因素。誰知道？我認為思考這些問題的正確方法不是現在、第二波、未來幾個月。我認為重要的是要從長遠考慮。這就是我們繼續關注的重點，確保我們提出我們的系統、我們的產品、我們的服務，與我們的供應商合作，這樣當需求真正回歸時，我們就能做好一切準備我們知道它會如何，因為所有流行病都會結束；他們是這樣。不管有沒有疫苗，我們希望很快就會有，所有的新聞都說很快就會有，但即使沒有，即使沒有疫苗，大流行也會結束，人們會開始旅行再次。我相信，我們將迎來非常美妙的反彈並走出這場危機。

Got it. And then second question on alternative accommodations, if I may. Can you elaborate on what type of use cases is driving the alternative accommodations growth? Clearly, like you said, there's domestic and there's drive-in. But in the marketplace, it seems like there's appetite for longer-term stays now. Are you seeing a broader use case expansion under alternative accommodations as well?

知道了。然後是關於替代住宿的第二個問題，如果可以的話。您能否詳細說明是什麼類型的用例推動了另類住宿的增長？很明顯，就像你說的，有國內的，也有免下車的。但在市場上，現在似乎對長期住宿有興趣。您是否也看到了替代住宿下更廣泛的用例擴展？

Well, there's definitely a widened use case because we're operating in a very, very different world right now. I haven't done any research. We have not done the research to really nail down how many people decided I want to use an alternative accommodation because I cannot live in just a one-room apartment in the city for the next month. I need to get out in a bigger space in the country. I don't know how many of you did that. Where people said, "I'm working from home, and I live in a studio, I need another place. I can't do that," or a family that say "The kids are going crazy. We got to get out of this place and go to somewhere." So there are a lot of alternative uses of the alternative accommodations that never existed before. And that could very well have driven that up.

好吧，肯定有一個更廣泛的用例，因為我們現在在一個非常非常不同的世界中運作。我沒有做過任何研究。我們還沒有進行研究來真正確定有多少人決定我要使用替代住宿，因為我不能在下個月只住在城市的單間公寓裡。我需要去鄉下更大的空間。我不知道你們有多少人這樣做過。人們說，“我在家工作，我住在工作室，我需要另一個地方。我不能那樣做，”或者一個家庭說“孩子們快瘋了。我們必須離開這個地方然後去某個地方。”因此，有許多以前從未存在過的替代住宿的替代用途。這很可能推動了這一點。

I think in the long run, though, again, people having experienced this, now it goes into the consideration set for any type of use, standard holiday or not. And that's why I do believe, in the long run, continue to build our inventory for the single property type use is very important.

不過，我認為從長遠來看，再次經歷過這種情況的人現在會考慮任何類型的使用，標准假期與否。這就是為什麼我相信，從長遠來看，繼續為單一財產類型使用建立我們的庫存非常重要。

Your next question will come from the line of Lee Horowitz from Evercore ISI.

您的下一個問題將來自 Evercore ISI 的 Lee Horowitz。

2 if I could. One, just on the U.S. in the third quarter. Can you speak at all to any market share shifts you're seeing in the U.S. market and how you may be thinking about using the COVID disruption and obviously, your strong balance sheet and operating structure to perhaps lean into this depressed demand environment to pick up share in some markets where maybe you've been underrepresented? And then second, on the cost-cutting guidance on the 250 to 300, my understanding is one that, obviously, a lot of that is variable in nature and coming down with the overall travel demand environment, but that some of it could perhaps be permanent. I guess, is there any way to contextualize how you were thinking about perhaps some of the permanent cost savings that may be associated coming out of that, whether that's digitizing of customer relationship management or things of that nature? Anything that could be helpful on the permanent nature of some of those once we get back to, say, 2019 levels?

2 如果可以的話。第一，就在第三季度的美國。您能否談談您在美國市場上看到的任何市場份額變化，以及您可能如何考慮利用 COVID 中斷，顯然，您強大的資產負債表和運營結構可能會依賴這種低迷的需求環境來回升在一些您可能代表不足的市場中分享？其次，關於 250 到 300 的成本削減指導，我的理解是，很明顯，其中很多在本質上是可變的，並且隨著整體旅行需求環境而下降，但其中一些可能是永恆的。我想，有沒有什麼方法可以將您如何考慮可能與此相關的一些永久性成本節約放在背景中，無論是客戶關係管理的數字化還是類似性質的事情？一旦我們回到 2019 年的水平，有什麼可能對其中一些的永久性有幫助嗎？

So why don't I take a little bit of the first part of the U.S. and then, David, you can say anything you want to add to that and then talk about the cost cutting.

那麼，為什麼我不先談談美國的第一部分，然後大衛，你可以說任何你想補充的內容，然後談談成本削減。

So absolutely, I've said many times that we under-index in the U.S., and that's a great opportunity for us. That's a case where we have the capability of adding to our future growth by doing better things in the U.S. Now in terms of how to do it, in terms of -- you mentioned the elevated balance sheet, how much we're lean, et cetera, right now, there's not a tremendous amount of demand right now for doing anything. So the idea of putting together a big brand campaign or just to make them -- more awareness right now, we're just trying to lean into performance marketing, that, to me, is not a good use of money. We've always said that we want to be frugal in the way we try and get more customers and how we build our branded center, we want to do it the right way.

所以絕對，我已經多次說過我們在美國的指數不足，這對我們來說是一個很好的機會。在這種情況下，我們有能力通過在美國做更好的事情來增加我們未來的增長。現在就如何去做而言，就——你提到了資產負債表的增加，我們的精益程度，等等等等，現在，現在做任何事情的需求都不是很大。因此，組織一場大型品牌活動或只是為了讓它們——現在提高知名度的想法，我們只是試圖傾向於績效營銷，對我來說，這不是一個很好的金錢使用方式。我們一直說，我們希望在嘗試吸引更多客戶的方式以及建立品牌中心的方式上保持節儉，我們希望以正確的方式做到這一點。

So obviously, I mentioned already about getting more supply for a certain type of alternative accommodation properties, that's absolutely something that we are doing -- and going and doing that. And it's also coming up and putting and investing in flight in the U.S., I mentioned that one already, and I mentioned now down the road, we'll have packages. So building out that and building out payments, which are so important for all different reasons. We can go into why that's an important thing and making sure we have that set up right in the U.S. and we have lots of our hotel partners onto the payment network. So all those things are investments, and that is what we are doing. But what we're not going to do is go out and do a giant, giant brand campaign where literally nobody is listening to that right now in this winter. And we're not going to do it that way. David, do you want to add anything?

很明顯，我已經提到過要為某種類型的替代住宿物業獲得更多供應，這絕對是我們正在做的事情 - 並且正在這樣做。它也即將在美國投入和投資飛行，我已經提到過，我現在提到過，我們會有包裹。因此，建立這一點並建立支付，由於各種不同的原因，這非常重要。我們可以探討為什麼這是一件重要的事情，並確保我們在美國有正確的設置，並且我們有很多酒店合作夥伴進入支付網絡。所以所有這些都是投資，這就是我們正在做的。但我們不會做的是出去做一個巨大的品牌活動，在這個冬天現在幾乎沒有人在聽。我們不會那樣做。大衛，你想補充什麼嗎？

Yes, I do. Thanks, Glenn. Just to -- relative to the U.S. in the third quarter, when we look across the major markets, the U.S. was by far the strongest of the major markets for us from a performance point of view. The decline rates there were lower than the average and lower than any of our other territories. So we're not talking market share, but just to give you something directional to think about in terms of how the business performed. And then, Lee, on the cost side, yes, you're right, there's $250 million to $300 million of expense reductions annualized from Booking.com. There's also 80 from the other brands as well. So please don't ignore that piece as well. You're right. Most of those are related to volume-related functions in the business, things like customer service, so credit collection, partner search. It's not entirely but largely functions like that which are tied to volume. So as volumes come back, as we expect it to do over the next few years, we obviously need to replace that cost base. So we're looking at all sorts of alternatives, including how much more technology can we deploy in those areas as we would do normally.

是的，我願意。謝謝，格倫。只是 - 相對於第三季度的美國，當我們審視主要市場時，從業績的角度來看，美國是迄今為止我們最強勁的主要市場。那裡的下降率低於平均水平，也低於我們其他任何地區。因此，我們不是在談論市場份額，而只是為了讓您在業務表現方面有方向性地思考。然後，Lee，在成本方面，是的，你是對的，Booking.com 每年可減少 2.5 億至 3 億美元的費用。其他品牌也有 80 個。所以也請不要忽略那篇文章。你說得對。其中大部分與業務中與數量相關的功能有關，例如客戶服務、信用收集、合作夥伴搜索等。它不完全但主要是與音量相關的功能。因此，隨著銷量回升，正如我們預計在未來幾年內會出現的那樣，我們顯然需要更換該成本基礎。因此，我們正在尋找各種替代方案，包括我們可以像往常一樣在這些領域部署多少技術。

The cost savings that we're not talking about right now are because we're in the middle of a crisis and we've got our hands full. We've gained the volume cost aspects out of the business. Already, operating efficiencies in the business in other areas beyond what we're doing now, that's not the immediate focus. That is something we can take and to look at once we get beyond the crisis and we start to see a recovery. Of course, we've been running a fairly efficient business in the first place. We're not sitting with a large amount of excess fixed costs to optimize, but there's always opportunity.

我們現在沒有談論的成本節約是因為我們正處於危機之中，而且我們忙得不可開交。我們已經從業務中獲得了體積成本方面的好處。除了我們現在正在做的事情之外，其他領域的業務運營效率已經不是當前的重點。一旦我們度過危機並開始看到復蘇，我們就可以採取並考慮這些問題。當然，我們一開始就經營著一家相當高效的企業。我們並沒有坐擁大量額外的固定成本來進行優化，但機會總是存在的。

If you recall, we started talking about some of those things a little bit before the coronavirus hit in the spring of this year. So we'll come back to those in the fullness of time. And we'll also look to make sure that as we continue to drive efficiencies in the business that we don't bring back all the costs that had to leave the business as the business returns to prior volumes.

如果你還記得的話，我們在今年春天冠狀病毒來襲之前就開始談論其中的一些事情了。所以我們會在適當的時候回到那些。我們還將尋求確保，在我們繼續提高業務效率的同時，我們不會帶回隨著業務恢復到以前的數量而不得不離開業務的所有成本。

And that will be for our last question. I would now like to hand the call over back to Mr. Fogel for closing remarks.

這將是我們的最後一個問題。我現在想把電話轉回給 Fogel 先生作結束語。

Thank you. So the first thing I want to do, I just want to say thank you once again to all of our employees who have been working so hard to help our partners and customers in these very difficult times. And of course, I absolutely want to thank our customers who choose from the many available options to book their travel through us. And finally, I have to thank all of our supplier partners who continue to work closely with us as we try and get through this crisis.

謝謝。所以我想做的第一件事，就是再次感謝我們所有的員工，他們在這些非常困難的時期一直努力幫助我們的合作夥伴和客戶。當然，我非常感謝我們的客戶，他們從眾多可用選項中選擇通過我們預訂旅行。最後，我要感謝我們所有的供應商合作夥伴，他們在我們努力度過這場危機的過程中繼續與我們密切合作。

While the near term will definitely be challenging I remain confident in our long-term value proposition, and we are focused on the steps we have to take today to create a better company tomorrow. Please be safe and good night.

雖然近期肯定會充滿挑戰，但我對我們的長期價值主張仍然充滿信心，我們專注於我們今天必須採取的步驟，以創造明天更好的公司。請注意安全，晚安。

Thank you, sir. And again, thank you so much, presenters. Thank you, everyone, for participating. This concludes today's conference. You may now disconnect. Stay safe and have a lovely day.

謝謝你，先生。再次，非常感謝主持人。謝謝大家的參與。今天的會議到此結束。您現在可以斷開連接。保持安全，度過美好的一天。