Booking Holdings Inc (BKNG) 2020 Q2 法說會逐字稿

Welcome to Booking Holdings' Second Quarter 2020 Conference Call.

歡迎來到 Booking Holdings 2020 年第二季度電話會議。

Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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。

These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.

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、不確定性和假設的影響。

Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements.

因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果存在重大差異。

Expressions of future goals or expectations and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements.

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.

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。

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.

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 through the For Investors section of Booking Holdings' website, www.bookingholdings.com.

可通過 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。

I'd now like to introduce Booking Holdings' speakers for this afternoon, Glenn Fogel and David Goulden.

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

Go ahead, gentlemen.

來吧，先生們。

Thank you.

謝謝。

And welcome to Booking Holdings' Second Quarter Conference Call.

歡迎來到 Booking Holdings 的第二季度電話會議。

I'm joined this afternoon by our CFO, David Goulden.

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。

We felt the full impact of COVID-19 during the second quarter with reported room nights, which includes the impact of cancellations, declining 87% year-over-year.

我們在第二季度感受到了 COVID-19 的全面影響，報告的間夜數（包括取消的影響）同比下降了 87%。

Newly booked room nights, excluding the impact of cancellations, declined 68% in the quarter.

不包括取消的影響，新預訂的間夜數在本季度下降了 68%。

The high cancellation rate of pre-COVID bookings, which we witnessed in March and April, combined with the overall weak travel demand environment, significantly impacted our revenue and EBITDA this quarter.

我們在 3 月和 4 月看到的 COVID 前預訂的高取消率，加上整體疲軟的旅行需求環境，顯著影響了我們本季度的收入和 EBITDA。

Revenue declined 84% versus last year, and we recorded an adjusted EBITDA loss of $376 million, the first time we have produced a quarterly EBITDA loss since 2001.

收入與去年相比下降了 84%，我們記錄了 3.76 億美元的調整後 EBITDA 虧損，這是自 2001 年以來我們首次出現季度 EBITDA 虧損。

We witnessed the greatest negative impact from the virus in April as newly booked room nights in that month declined over 85% year-over-year.

我們在 4 月份見證了該病毒的最大負面影響，因為該月新預訂的間夜數同比下降了 85% 以上。

After April, room night trends have steadily improved with newly booked room nights in July declining about 35% year-over-year.

4 月之後，間夜量趨勢穩步改善，7 月新預訂間夜量同比下降約 35%。

The improved booking trends were primarily driven by domestic travel, with international trends seeing much more limited improvement.

預訂趨勢的改善主要是由國內旅行推動的，國際趨勢的改善更為有限。

In July, we reached slightly positive year-over-year growth for overall domestic newly booked room nights, though, of course, there are many countries that still have negative year-over-year growth rates.

7 月份，我們實現了國內整體新預訂間夜量的同比略微正增長，當然，還有許多國家的同比增長率仍然為負。

In addition, it is an obvious point that our domestic business is benefiting from prohibitions and restrictions on international travel, which forces consumers who want a holiday to travel domestically.

此外，很明顯的一點是，我們的國內業務正在受益於國際旅行的禁令和限制，這迫使想要度假的消費者在國內旅行。

While almost all of our global markets showed improvement through the quarter, Europe and the United States had the highest contribution to the improved domestic booking trends.

雖然我們幾乎所有的全球市場都在本季度有所改善，但歐洲和美國對國內預訂趨勢的改善貢獻最大。

As a reminder, a very high percentage of our new bookings have been made with flexible cancellation policies and may be canceled in the future.

提醒一下，我們的新預訂中有很大一部分是採用靈活的取消政策進行的，並且將來可能會被取消。

And as we see new outbreaks of COVID-19, cancellations may increase again.

當我們看到新的 COVID-19 爆發時，取消可能會再次增加。

While we are pleased to see signs of recovery in domestic travel, we want to emphasize that it is impossible to tell how the coming months will unfold.

雖然我們很高興看到國內旅遊復甦的跡象，但我們要強調的是，無法預知未來幾個月將如何發展。

Unfortunately, many areas of the world continue to have very high infection rates.

不幸的是，世界上許多地區的感染率仍然很高。

And in some regions, they're dealing with new outbreaks after having significantly lowered their infection rates.

在一些地區，他們在大幅降低感染率後正在應對新的疫情。

As a result, after a period of relatively steady improvement in many geographies, in recent weeks, we are seeing these growth rates worsen in some countries.

因此，在許多地區經歷了一段相對穩定的改善期後，最近幾週，我們看到一些國家的這些增長率正在惡化。

We continue to believe that in order to recover to pre-COVID levels, we will need to have a vaccine or effective treatment, which will take time to produce and distribute globally at the scale needed.

我們仍然相信，為了恢復到 COVID 之前的水平，我們需要有疫苗或有效的治療方法，這需要時間才能按所需規模在全球範圍內生產和分發。

We are pleased to have recently read news about progress on this front, but we believe it will be years and not quarters before the travel market returns to pre-COVID volumes.

我們很高興最近看到有關這方面進展的新聞，但我們相信，旅遊市場要恢復到 COVID 之前的數量還需要數年而不是幾個季度。

In those countries and regions where shelter-in-place rules were relaxed and economies reopened, we witnessed booking trends improve quickly.

在那些放寬就地避難規則和經濟重新開放的國家和地區，我們看到預訂趨勢迅速改善。

We believe part of this initial burst of demand is due to people's pent-up desire to go somewhere after being in a lockdown situation.

我們認為，最初的需求激增部分是由於人們在處於封鎖狀態後被壓抑的想去某個地方的願望。

It also demonstrates people's deep desire to travel, providing it is safe.

這也表明了人們對旅行的強烈渴望，前提是它是安全的。

Throughout this initial reopening phase, we have seen new customer booking and travel patterns emerge.

在這個最初的重新開放階段，我們看到了新的客戶預訂和旅行模式的出現。

In line with our growth in domestic travel, we are seeing that bookers are choosing to stay closer to home and are more interested in less urban areas than pre-COVID.

隨著我們國內旅遊的增長，我們看到預訂者選擇離家較近的地方，並且比 COVID 之前更感興趣的是城市較少的地區。

The share of these types of bookings on our platform has increased meaningfully this quarter.

本季度，我們平台上此類預訂的份額顯著增加。

We also see that our customers are booking more alternative accommodations than in the past, which often have the benefit of reduced potential interaction with other travelers.

我們還看到，我們的客戶正在預訂比過去更多的替代住宿，這通常有利於減少與其他旅行者的潛在互動。

In Q2, Booking.com alternative accommodations represented about 40% of all new bookings in the quarter.

在第二季度，Booking.com 的替代住宿約佔該季度所有新預訂的 40%。

We've also seen an increase in travelers booking stays with more flexible cancellation policies due to the uncertain travel environment we currently face.

由於我們目前面臨不確定的旅行環境，我們還看到預訂住宿的旅客數量增加，取消政策更加靈活。

Our platform is well positioned to capture these travel demand patterns due to our very capable marketing teams, global footprint, extensive accommodation choice and diversification of cancellation policy and rate types.

由於我們非常有能力的營銷團隊、全球足跡、廣泛的住宿選擇以及取消政策和價格類型的多樣化，我們的平台能夠很好地捕捉這些旅行需求模式。

We have adapted our marketplace to operate more efficiently in this new travel demand environment to benefit both our supply partners and customers.

我們調整了我們的市場，以便在這種新的旅行需求環境中更有效地運營，從而使我們的供應合作夥伴和客戶都受益。

We are working closely with our supply partners so they can more effectively market on our platform to capture the growing travel demand.

我們正在與我們的供應合作夥伴密切合作，以便他們能夠更有效地在我們的平台上進行營銷，以捕捉不斷增長的旅遊需求。

As our partners seek assistance to better respond to these new domestic and intra-regional demand patterns, we are working to provide more information and advice as to the nature of the demand and offering the best programs on our platform that will help them capture this demand.

當我們的合作夥伴尋求幫助以更好地應對這些新的國內和區域內需求模式時，我們正在努力提供更多關於需求性質的信息和建議，並在我們的平台上提供最佳方案，以幫助他們抓住這種需求.

We are also helping our partners more effectively communicate and showcase the steps that they have taken to increase their own health and safety protocols at their properties, something we know travelers are keen to understand in order to make informed booking decisions.

我們還幫助我們的合作夥伴更有效地溝通和展示他們為加強其酒店的健康和安全規程所採取的措施，我們知道旅行者渴望了解這些內容，以便做出明智的預訂決定。

Finally, we continue to extend our payments platform to more of our supply partners, and it remains a key initiative for us this year.

最後，我們繼續將我們的支付平台擴展到更多的供應合作夥伴，這仍然是我們今年的一項重要舉措。

Developing merchant capabilities has valuable benefits for both our supply partners and bookers.

發展商家能力對我們的供應合作夥伴和預訂者都有寶貴的好處。

As we discussed on our Q1 earnings call, we articulated a series of plans to help navigate the company through these challenging times.

正如我們在第一季度財報電話會議上討論的那樣，我們制定了一系列計劃來幫助公司度過這些充滿挑戰的時期。

The first phase was focused on stabilizing the business in the initial stages of the crisis, which included supporting our employees and increasing our cash position.

第一階段的重點是在危機的初始階段穩定業務，包括支持我們的員工和增加我們的現金狀況。

The second phase was focused on optimizing the business for the expected decrease in travel demand over the next few years.

第二階段的重點是優化業務，以應對未來幾年旅行需求的預期下降。

The final phase is focused on positioning the business to capture travel demand as it develops, so that we can emerge from the crisis on a strong footing and extend our leadership position.

最後一個階段的重點是定位業務以捕捉發展中的旅遊需求，以便我們能夠從危機中站穩腳跟並擴大我們的領導地位。

We completed the stabilization phase and are now working through our optimization phase.

我們完成了穩定階段，現在正在進行優化階段。

These actions have allowed us to lay the important groundwork that will set us up to emerge from the pandemic in a position of strength.

這些行動使我們能夠奠定重要的基礎，使我們能夠從大流行中脫穎而出。

During our optimization phase, we assessed our total cost structure and developed plans to align it with expected market demand over the next few quarters.

在我們的優化階段，我們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。

We completed this work at KAYAK, OpenTable and Agoda in the second quarter and recently completed it at Priceline in July.

我們在第二季度在 KAYAK、OpenTable 和 Agoda 完成了這項工作，最近在 7 月份在 Priceline 完成了這項工作。

The restructuring charge we took in the second quarter only relates to the rightsizing activities at KAYAK, OpenTable and Agoda.

我們在第二季度承擔的重組費用僅與 KAYAK、OpenTable 和 Agoda 的規模調整活動有關。

These actions had the effect of reducing headcount by approximately 22% across these brands, including some furloughed employees.

這些行動導致這些品牌的員工人數減少了約 22%，其中包括一些休假的員工。

While the cost savings, net of restructuring costs, will be modest this year, we expect that these cost reductions will produce over $80 million of annual personnel savings.

雖然扣除重組成本後的成本節約今年將是適度的，但我們預計這些成本削減將產生超過 8000 萬美元的年度人員節約。

With respect to Booking.com, we have further developed our intentions for the appropriate level of personnel and other cost reductions in light of expected business levels.

關於 Booking.com，我們根據預期的業務水平進一步製定了適當的人員水平和其他成本削減的意圖。

Booking.com is in the process of consulting with its works councils and employee representatives and working through local labor regulations in the countries where we operate.

Booking.com 正在諮詢其工作委員會和員工代表，並通過我們運營所在國家/地區的當地勞動法規。

We hope to finalize our plans and to have more definitive news over the coming months.

我們希望最終確定我們的計劃，並在未來幾個月內獲得更明確的消息。

We expect that up to about 25% of Booking.com's global workforce could be impacted by these actions.

我們預計 Booking.com 全球約 25% 的員工可能會受到這些行動的影響。

We expect that business functions most closely tied to transaction volumes will be impacted the most.

我們預計與交易量關係最密切的業務功能將受到最大影響。

At this time, and subject to our consultation with the Dutch works council, employee representatives and other organizations, we estimate that these cost reductions at Booking.com could produce annual personnel savings between $250 million to $300 million.

目前，根據我們與荷蘭勞資委員會、員工代表和其他組織的協商，我們估計 Booking.com 的這些成本削減每年可以節省 2.5 億至 3 億美元的人員成本。

This preliminary estimate may change, and we will update you in the coming months on the expected restructuring costs associated with these reductions.

這一初步估計可能會發生變化，我們將在未來幾個月內向您通報與這些削減相關的預期重組成本。

It is our hope to make all announcements to employees about these cost reductions by the end of 2020.

我們希望在 2020 年底之前向員工發布有關這些成本削減的所有公告。

In conclusion, we have learned from when we could not travel how important travel is to our lives.

總之，我們從不能旅行的時候就知道旅行對我們的生活有多麼重要。

Whether to see family or friends or to explore new places and cultures, travel is fundamental to who we are.

無論是拜訪家人或朋友，還是探索新的地方和文化，旅行對我們來說都是至關重要的。

Our wish list campaign, which drew on insights from millions of customers liking accommodations they would want to visit, affirm the innate desire or demand that will always endure for travel.

我們的願望清單活動借鑒了數百萬喜歡他們想要訪問的住宿的客戶的見解，確認了旅行中始終存在的內在願望或需求。

This campaign reiterates the energy and passion that we know remains for travel.

該活動重申了我們所知道的旅行的能量和熱情。

This has been a challenging quarter, and we've had to make some very difficult decisions.

這是一個充滿挑戰的季度，我們不得不做出一些非常艱難的決定。

We believe it will take years for travel to fully recover, but I have great confidence in our employees and our capabilities, and I could not be more proud of how our entire team has handled themselves during these trying times.

我們相信旅行需要數年時間才能完全恢復，但我對我們的員工和我們的能力充滿信心，我為我們整個團隊在這些艱難時期的表現感到無比自豪。

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.

謝謝你，格倫，下午好。

I'll review our operating results for the second quarter and provide some color on the trends we saw through the quarter and into July.

我將回顧我們第二季度的經營業績，並提供一些關於我們在本季度和 7 月份看到的趨勢的顏色。

All growth rates are relative to the prior year comparable period, unless otherwise indicated.

除非另有說明，否則所有增長率均與上年同期相比。

Information regarding reconciliation of non-GAAP to GAAP can be found in our earnings release.

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.

現在談談我們本季度的業績。

In our last earnings call in May, we discussed the trends we saw early in the second quarter, including a year-over-year decline in newly booked room nights of about 85% in April.

在 5 月份的上一次財報電話會議上，我們討論了我們在第二季度初看到的趨勢，包括 4 月份新預訂間夜量同比下降約 85%。

As a reminder, newly booked room nights excludes the impact of cancellations.

提醒一下，新預訂的間夜不包括取消的影響。

April ultimately proved to be the low point for newly booked room night declines in Q2 as we saw a steady improvement in both May and June driven by increasing levels of domestic travel.

4 月最終證明是第二季度新預訂間夜下降的低點，因為我們看到在國內旅游水平增加的推動下，5 月和 6 月穩步改善。

Domestic room night declines improved steadily in Europe, North America and across Asia.

歐洲、北美和整個亞洲的國內間夜降幅穩步改善。

However, we saw less improvements in the domestic declines in South America, Middle East and Africa.

然而，我們看到南美、中東和非洲的國內下滑情況改善較少。

Newly booked room nights for the full quarter declined about 68% as we exit the quarter, down about 50% in the month of June.

當我們結束本季度時，整個季度的新預訂間夜下降了約 68%，6 月份下降了約 50%。

Our Q2 reported room nights, which include the impact of cancellations, decreased 87% for the full quarter.

我們的第二季度報告的間夜量（包括取消的影響）整個季度下降了 87%。

Reported room nights in June declined by about 55%, improving from an over 100% decline in April when we received more cancellations than new bookings.

6 月份報告的間夜量下降了約 55%，比 4 月份超過 100% 的降幅有所改善，當時我們收到的取消預訂多於新預訂。

We saw a continued improvement in the cancellation rate since April as we worked through the wave of cancellations for bookings made prior to COVID-19.

自 4 月以來，隨著我們應對 COVID-19 之前的預訂取消浪潮，我們看到取消率持續改善。

Although we're now getting closer to pre-COVID levels of cancellation rates, this improving trend could easily reverse if we see continued outbreaks of the virus or new impositions of travel restrictions, especially considering the very high percentage of our recent bookings that are being made with flexible cancellation policies.

儘管我們現在的取消率已接近 COVID 之前的水平，但如果我們看到病毒持續爆發或實施新的旅行限制，這種改善趨勢很容易逆轉，尤其是考慮到我們近期預訂的比例非常高採用靈活的取消政策。

Gross bookings declined 91% in Q2, which is greater than the decline in reported room nights due to the average daily rates for accommodations decreasing about 35% year-over-year on a constant currency basis.

第二季度總預訂量下降了 91%，降幅大於報告間夜數的降幅，原因是按固定匯率計算，住宿的每日平均房價同比下降約 35%。

Note that the high level of cancellations in the quarter significantly distorted ADRs.

請注意，本季度的大量取消嚴重扭曲了 ADR。

As a point of comparison, our newly booked ADRs, excluding the impact of cancellations, declined year-over-year by only a couple of percentage points in Q2.

作為比較，我們新預訂的 ADR（不包括取消的影響）在第二季度同比僅下降了幾個百分點。

An increasing mix of bookings in the high ADR markets like the U.S. and Western Europe helped largely offset the pressure of the broader lodging industry ADR declines.

美國和西歐等高 ADR 市場的預訂組合不斷增加，這在很大程度上抵消了更廣泛的住宿業 ADR 下降的壓力。

Consolidated revenue for the second quarter was $630 million and decreased 84% year-over-year.

第二季度的綜合收入為 6.3 億美元，同比下降 84%。

Revenue in the quarter was less negatively impacted than reported room nights and gross bookings due to the fact that some of the cancellations we received in Q2 were for check-ins that were expected to occur in later quarters.

本季度的收入受到的負面影響小於報告的間夜數和總預訂量，因為我們在第二季度收到的一些取消預訂預計會在以後幾個季度發生。

This dynamic created by cancellations in the quarter also substantially increased the ratio of revenue as a percentage of gross bookings in the quarter.

本季度取消所產生的這種動態也大大提高了本季度收入佔總預訂量的比例。

The substantial reduction in revenue contributed to an adjusted EBITDA loss of $376 million in Q2.

收入的大幅減少導致第二季度調整後的 EBITDA 虧損 3.76 億美元。

While we made significant reductions in our variable expense lines like marketing, sales and other, our more fixed expenses decreased to a lesser extent in Q2.

雖然我們大幅削減了營銷、銷售等可變支出項目，但我們更多的固定支出在第二季度下降的幅度較小。

As Glenn mentioned, we've taken actions across the quarter to reduce operating expenses as we optimize and align our cost structure with the new demand environment.

正如格倫所提到的，我們在整個季度都採取了行動來減少運營費用，因為我們優化了成本結構並使之與新的需求環境保持一致。

However, the cost benefit of these actions were not fully realized in Q2 and the cost reductions, net of restructuring charges, are expected to be modest in 2020.

然而，這些行動的成本效益在第二季度並未完全實現，扣除重組費用後的成本削減預計在 2020 年將是適度的。

Marketing expense, which is a highly variable expense item, decreased 85% year-over-year as we saw a significant reduction in demand in the paid channels.

營銷費用是一個高度可變的費用項目，同比下降 85%，因為我們看到付費渠道的需求顯著減少。

In addition, we substantially reduced our brand marketing spend in response to the diminished travel demand environment.

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。

We expect our marketing expenses will remain significantly below 2019 levels for the remainder of the year.

我們預計，在今年剩餘時間內，我們的營銷費用將大大低於 2019 年的水平。

Sales and other expenses decreased 47% year-over-year due primarily to a reduction in expenses associated with payment transactions as well as lower outsourced customer service costs as we moved through the quarter and needed less support in processing reduced level of cancellations in May and June.

銷售和其他費用同比下降 47%，這主要是由於與支付交易相關的費用減少以及外包客戶服務成本降低，因為我們在本季度結束時需要更少的支持來處理 5 月和六月。

Bad debt and other credit losses were up about 25% year-over-year in the quarter.

本季度壞賬和其他信貸損失同比增長約 25%。

However, we saw a far smaller increase in provisions in Q2 than what we recognized in Q1.

然而，我們發現第二季度的準備金增長遠低於我們在第一季度認識到的水平。

We expect sales and other expenses will continue to be down year-on-year in the second half of 2020.

我們預計 2020 年下半年銷售額和其他費用將繼續同比下降。

However, the extent of the decline will be impacted by the level of volume we see in the business.

但是，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 18% year-over-year on a non-GAAP basis, primarily due to a $100 million benefit from government aid packages, primarily in the Netherlands and the U.K. Currently, we do not anticipate further material benefits to personnel expenses from government aid in future quarters.

按非美國通用會計準則計算，人事費用同比下降 18%，這主要是由於政府援助計劃提供了 1 億美元的收益，主要是在荷蘭和英國。目前，我們預計政府不會對人事費用產生進一步的實質性好處在未來的季度提供幫助。

We expect personnel expenses in the second half of 2020 will decline less than we saw in Q2 as we'll no longer see the benefit from government aid.

我們預計 2020 年下半年的人事費用下降幅度將小於我們在第二季度看到的，因為我們將不再看到政府援助帶來的好處。

We expect the personnel cost reductions we made in Q2 at Agoda, KAYAK and OpenTable, plus the reductions we made early in Q3 at Priceline to produce over $80 million of annualized personnel savings starting in the second half of 2020.

我們預計我們在第二季度在 Agoda、KAYAK 和 OpenTable 進行的人員成本削減，加上我們在第三季度早些時候在 Priceline 進行的人員成本削減，將從 2020 年下半年開始每年節省超過 8000 萬美元的人員成本。

As Glenn mentioned, we have further developed our intentions for the appropriate levels of personnel at Booking.com and are in the process of reviewing these potential reductions with works councils, employee representatives and other organizations.

正如 Glenn 所提到的，我們已經進一步製定了在 Booking.com 適當級別人員的意圖，並且正在與工作委員會、員工代表和其他組織一起審查這些可能的裁員。

We estimate that the potential cost reductions at Booking.com could produce annual personnel run rate savings between $250 million and $300 million.

我們估計 Booking.com 的潛在成本削減每年可以節省 2.5 億至 3 億美元的人員流失率。

And because of the processes we have to go through at Booking.com over the next few months, we expect the majority of these savings will not be realized until 2021.

由於未來幾個月我們必須在 Booking.com 上完成流程，我們預計這些節省的大部分要到 2021 年才能實現。

As Glenn mentioned, we'll update you on the estimated cost of achieving these savings as soon as they're available, at which time we'll file any required amendments to our 8-K.

正如 Glenn 所提到的，我們將在這些節省可用時立即向您更新實現這些節省的估計成本，屆時我們將對我們的 8-K 進行任何必要的修改。

G&A expenses decreased 43% year-over-year, largely driven by reduced discretionary spend, such as T&E and other personnel-related expenses, as well as lower office expenses due to employees working remotely.

G&A 費用同比下降 43%，這主要是由於 T&E 和其他人事相關費用等可自由支配支出的減少，以及員工遠程工作導致的辦公費用減少。

We expect that G&A will continue to be down meaningfully year-over-year in the back half of the year.

我們預計 G&A 將在今年下半年繼續同比大幅下降。

However, the level of decline may be less than what we saw in the second quarter.

但是，下降幅度可能低於我們在第二季度看到的水平。

Information technology expenses decreased 1% year-over-year due to lower outsourced data center and cloud costs.

由於外包數據中心和云成本降低，信息技術費用同比下降 1%。

We expect that IT expenses will remain roughly flat versus the prior year in the back half of the year.

我們預計今年下半年的 IT 支出將與上一年大致持平。

Finally, we've broken out restructuring charges separately in the operating expenses in the P&L.

最後，我們在損益表的運營費用中單獨列出了重組費用。

The $34 million of restructuring charges we recorded in the second quarter only relates to the rightsizing activities at KAYAK, OpenTable and Agoda.

我們在第二季度記錄的 3400 萬美元重組費用僅與 KAYAK、OpenTable 和 Agoda 的規模調整活動有關。

I'd note that these restructuring charges are included in our non-GAAP results.

我會注意到這些重組費用包含在我們的非 GAAP 業績中。

On a GAAP basis, we incurred an operating loss of $485 million in Q2.

根據 GAAP，我們在第二季度發生了 4.85 億美元的運營虧損。

We recorded GAAP net income of $122 million in the quarter as we benefited from an $835 million pretax gain on our equity investments, primarily related to our investments in Meituan.

我們在本季度錄得 1.22 億美元的 GAAP 淨收入，因為我們受益於股權投資的 8.35 億美元稅前收益，主要與我們在美團的投資有關。

This gain was partially offset by $55 million of FX remeasurement losses on our eurobonds.

這一收益被我們歐元債券的 5500 萬美元外匯重新計量損失部分抵消。

We excluded these gains and remeasurement losses from our non-GAAP results.

我們從我們的非 GAAP 結果中排除了這些收益和重新計量的損失。

Now on to our cash and liquidity position.

現在談談我們的現金和流動性狀況。

Our Q2 ending cash and investment balance increased to $13.4 billion from a March ending balance of $9.2 billion, primarily due to the $4.1 billion bond and convertible note offering we completed in early April.

我們的第二季度末現金和投資餘額從 3 月末的 92 億美元增加到 134 億美元，這主要是由於我們在 4 月初完成了 41 億美元的債券和可轉換票據發行。

Our long-term investment balances benefited from the $835 million gain on equity investments in the quarter I previously mentioned.

我們的長期投資餘額受益於我之前提到的那個季度 8.35 億美元的股權投資收益。

These increases to our cash and investment balance were partially offset by the $1.2 billion cash settlement of one of our convertible notes in June.

我們的現金和投資餘額的這些增加部分被 6 月份我們的一張可轉換票據的 12 億美元現金結算所抵消。

We had $122 million in positive operating cash flow and $52 million in positive free cash flow in the quarter.

本季度我們有 1.22 億美元的正經營現金流和 5200 萬美元的正自由現金流。

Changes in working capital were a source of about $300 million of cash in the quarter compared to $820 million use of cash in Q1.

營運資金的變化是本季度約 3 億美元現金的來源，而第一季度使用的現金為 8.2 億美元。

The improvement from Q1 was largely driven by a Q1 prepayment of taxes in the Netherlands of about $720 million that was subsequently refunded in April.

第一季度的改善主要是由於荷蘭第一季度預付了約 7.2 億美元的稅款，隨後於 4 月退還。

The small reduction in Q2 relative to Q1 in our deferred merchant bookings and other current liability balances were mostly offset by a small reduction in our accounts receivable balance in the quarter.

第二季度我們的遞延商戶預訂和其他流動負債餘額相對於第一季度的小幅減少大部分被本季度應收賬款餘額的小幅減少所抵消。

Our improved liquidity position is the result of efforts we took to stabilize our business from the immediate shock of the crisis.

我們改善的流動性狀況是我們努力穩定我們的業務免受危機的直接衝擊的結果。

We'll continue to focus on a strong liquidity position given the high level of uncertainty created by the COVID pandemic.

鑑於 COVID 大流行造成的高度不確定性，我們將繼續關注強勁的流動性頭寸。

As a part of these efforts to bolster our liquidity and consistent with our comments last quarter, we've halted our repurchases of stock and will not initiate repurchases until we have better visibility into the shape and timing of a recovery.

作為增強我們流動性的這些努力的一部分，並且與我們上個季度的評論一致，我們已經停止回購股票，並且在我們更好地了解復甦的形式和時機之前不會啟動回購。

Now on to our thoughts for the third quarter.

現在談談我們對第三季度的看法。

Consistent with our approach last quarter, I will not provide full quarterly guidance but will instead provide you with some color on our preliminary July results, which will help you get a better sense of recent top line trends.

與我們上個季度的做法一致，我不會提供完整的季度指導，而是會為您提供一些關於我們 7 月份初步結果的顏色，這將幫助您更好地了解近期的頂線趨勢。

As Glenn mentioned, our newly booked room nights in July were down about 35% year-over-year.

正如 Glenn 所提到的，我們 7 月份新預訂的間夜數同比下降了約 35%。

Of course, these new bookings may be canceled in the future, especially as a very high percentage of new bookings continue to be made with flexible cancellation policies.

當然，這些新預訂可能會在未來被取消，尤其是在非常高比例的新預訂繼續採用靈活取消政策的情況下。

The year-over-year decline in reported room nights in July was about 45%, which is worse than our newly booked room night decline in the month as the cancellation rate remains above prior year levels.

7 月份報告的間夜量同比下降約 45%，這比我們當月新預訂的間夜量下降更糟糕，因為取消率仍高於去年同期水平。

Bookings for the full third quarter may vary from July's results depending upon the level of travel demand and cancellations we experience in August and September.

整個第三季度的預訂可能與 7 月份的結果有所不同，具體取決於我們在 8 月和 9 月遇到的旅行需求和取消情況。

We expect gross bookings in the third quarter will decline year-over-year by several percentage points more than our reported room nights due to negative pressure on local currency ADRs.

由於當地貨幣 ADR 的負面壓力，我們預計第三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。

And we expect revenue declines in the quarter will be roughly in line with what we see in gross bookings.

我們預計本季度的收入下降將與我們在總預訂量中看到的大致一致。

We currently expect adjusted EBITDA will be positive in the third quarter given the trends we're seeing in our business so far through July as well as the fact that Q3 is our seasonally strongest quarter.

我們目前預計第三季度調整後的 EBITDA 將為正，因為我們在截至 7 月的業務中看到了趨勢，而且第三季度是我們季節性最強的季度。

This expectation is based on the assumption we do not see a meaningful increase in travel restrictions or shelter-in-place rules or a decrease in consumer willingness to travel as a result of continued or increased COVID outbreaks in the quarter.

這一預期是基於這樣的假設：我們沒有看到旅行限製或就地避難所規則有明顯增加，或者由於本季度 COVID 爆發的持續或增加而導致消費者旅行意願下降。

As we noted, we've seen an improvement in our newly booked room night trends continue into July, largely driven by domestic travel.

正如我們所指出的，我們發現新預訂間夜趨勢的改善一直持續到 7 月，這主要是受國內旅遊的推動。

Our newly booked domestic room nights increased slightly year-over-year in the month of July for the first time during the COVID pandemic.

在 COVID 大流行期間，我們新預訂的國內間夜量在 7 月份首次同比略有增加。

Domestic room nights represented over 70% of our newly booked room nights in both Q2 and July, up significantly versus 2019, which was about 45%.

在第二季度和 7 月，國內間夜占我們新預訂間夜的 70% 以上，與 2019 年的約 45% 相比顯著上升。

Our Booking.com's domestic alternative accommodation newly booked room nights increased nicely year-over-year in July and its domestic core accommodation newly booked room nights were down slightly.

我們 Booking.com 的國內替代住宿新預訂間夜在 7 月份同比增長良好，而其國內核心住宿新預訂間夜略有下降。

We continue to monitor other changes in Booking.com's customer booking behavior.

我們將繼續監控 Booking.com 客戶預訂行為的其他變化。

We have seen the length of the booking window begin to return to prior year levels in June after expanding versus the prior year in both April and May.

我們已經看到預訂窗口的長度在 4 月和 5 月與上一年相比有所擴大後，在 6 月開始恢復到上一年的水平。

Mobile bookings, particularly through our app, continue to gain share in the second quarter and into July.

移動預訂，尤其是通過我們的應用程序，在第二季度和 7 月繼續增加份額。

And finally, we continue to see greater than 50% of our newly booked room nights come to us through the direct channel.

最後，我們繼續看到超過 50% 的新預訂間夜來自我們的直接渠道。

On a regional basis, Europe and the United States have been the largest contributors to the improvement in newly booked room night trends since April.

從地區來看，自 4 月以來，歐洲和美國一直是新預訂間夜趨勢改善的最大貢獻者。

However, as Glenn mentioned, in the past weeks, we've witnessed a plateauing or deterioration of new booking trends in several places that have seen increasing outbreaks of COVID-19 cases, including Spain, Belgium, Australia, Japan, Vietnam, Taiwan and the U.S. We've also seen an associated increase in cancellation rates in many of these places.

然而，正如 Glenn 所提到的，在過去的幾周里，我們看到在 COVID-19 病例爆發增加的幾個地方，包括西班牙、比利時、澳大利亞、日本、越南、台灣和在美國，我們還看到其中許多地方的取消率也隨之上升。

These recent trends are a reminder we're still in the very early days of a fragile recovery that will likely be uneven for some time to come.

這些最近的趨勢提醒我們，我們仍處於脆弱復甦的早期階段，在未來一段時間內可能會不平衡。

As Glenn emphasized, this has been a challenging quarter that has involved some very difficult decisions and a number of other actions that will ultimately help us optimize our business with the expected level of market demand.

正如 Glenn 強調的那樣，這是一個充滿挑戰的季度，涉及到一些非常艱難的決定和許多其他行動，這些行動最終將幫助我們根據預期的市場需求水平優化我們的業務。

We have confidence that through these actions we'll be well positioned to come out of the crisis and extend our leadership role in the global travel marketplace.

我們有信心，通過這些行動，我們能夠很好地擺脫危機，並擴大我們在全球旅遊市場的領導地位。

With that, we'll now take your questions.

有了這個，我們現在將回答您的問題。

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

（操作員說明）您的第一個問題來自 Kevin Kopelman 與 Cowen 的對話。

Great.

偉大的。

Appreciate the update and all the details on July.

感謝 7 月的更新和所有詳細信息。

Could you talk about what you're seeing from your data in terms of market share, whether you're taking market share based on those July numbers?

您能否談談您從數據中看到的市場份額，是否根據 7 月份的數據獲取市場份額？

And if so, what are the key drivers there?

如果是這樣，那裡的關鍵驅動因素是什麼？

Kevin, it's Glenn.

凱文，是格倫。

No, we don't go around trying to give out what we think our share is, up or down.

不，我們不會到處試圖給出我們認為我們的份額是多少，無論是上漲還是下跌。

Obviously, you probably have a very good idea on what you think of our competitors and where they are.

顯然，您可能非常了解您對我們的競爭對手的看法以及他們的位置。

I will say what David said is, we are pleased with what we saw in July.

我會說大衛所說的是，我們對 7 月份看到的情況感到滿意。

And I think what's very, very important that everybody keep in mind that this is a very volatile recovery and the countries that David went out and listed that we have seen increased outbreaks, that was not a complete list.

我認為非常、非常重要的一點是，每個人都要記住，這是一個非常不穩定的複蘇，大衛出去列出的國家，我們已經看到疫情增加，這不是一個完整的清單。

We'd use up the entire time if we had listed every single place that have seen, places that are suddenly having increases in COVID.

如果我們列出每個看到的地方，以及 COVID 突然增加的地方，我們就會用完所有時間。

So I would caution, again, just what David said, yes, we are pleased with what we saw in July, but we have to be careful about the future.

所以我要再次提醒大衛所說的，是的，我們對 7 月份的情況感到滿意，但我們必須對未來保持謹慎。

And then if I could ask one other question on the cost cuts.

然後我可以問另一個關於成本削減的問題。

You mentioned $250 million to $300 million in personnel.

你提到了 2.5 億到 3 億美元的人員。

Is that a good number for kind of overall cost savings or what would that number look like if you included all the actions you've taken across the company to cut back?

對於總體成本節約而言，這是一個很好的數字嗎？或者如果您將整個公司為削減成本而採取的所有行動都包括在內，這個數字會是什麼樣子？

Yes.

是的。

Kevin, we gave you 2 numbers.

凱文，我們給了你 2 個數字。

We gave you $80 million annualized for the brands apart from Booking.com and then $250 million to $300 million for the potential savings of Booking.com based upon all the process points that we talked about.

我們為除 Booking.com 之外的品牌提供了 8000 萬美元的年化收益，然後根據我們談到的所有流程要點，為 Booking.com 的潛在節省提供了 2.5 億至 3 億美元。

So those would directly impact the personnel line.

所以那些會直接影響人事線。

So those we've broken out.

所以那些我們已經打破了。

We mentioned in many other areas of the business, our expenses are down, but we haven't really worked through all the details exactly what those are going to be as we are focused upon our employee-related costs first.

我們在業務的許多其他領域提到過，我們的開支有所下降，但我們並沒有真正了解所有細節，因為我們首先關注與員工相關的成本。

But obviously, with less people, there will be less expenses that come with it in the other areas.

但很明顯，人少了，其他方面的開支也就少了。

And as we work through those plans as well, we'll make them available, but the biggest change is going to be to personnel cost.

當我們也在製定這些計劃時，我們將提供它們，但最大的變化將是人員成本。

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

你的下一個問題來自德意志銀行的 Lloyd Walmsley。

This is Chris on for Lloyd.

這是勞埃德的克里斯。

Can you just first talk about the performance of your alternative accommodation business in the quarter in July?

您能否先談談您的替代住宿業務在 7 月份的季度的表現？

Just curious if that was growing.

只是好奇它是否在增長。

And yes, whether or not you guys are testing new distribution channels in the quarter.

是的，你們是否在本季度測試新的分銷渠道。

So Chris, one of the things I think, and let me go to the Q2, that 40% number that I gave in my opening remarks.

所以克里斯，我想的一件事，讓我去第二季度，我在開場白中給出的 40% 的數字。

And as we said, that is an increase.

正如我們所說，這是一個增長。

It's a big number compared to what we had seen in the past.

與我們過去看到的相比，這是一個很大的數字。

And it's something that we're pleased.

這是我們很高興的事情。

But of course, we all, I think, have a good sense of what's going on.

但是，當然，我認為我們都對正在發生的事情有很好的了解。

And that is a change in demand because people's concern about being in a large group in a hotel lobby.

這是需求的變化，因為人們擔心在酒店大堂裡是一大群人。

I think the thing that we really have to think about is what do we think about in the future.

我認為我們真正需要考慮的是我們對未來的看法。

Is this a momentary thing or is this something that's going to continue long term or not?

這是一時的事情，還是會長期持續的事情？

And I'll say one thing that we talked about in the past is how we want to continue, we just want to forget COVID, that we want to continue to build our alternative accommodations.

我要說的是我們過去談到的一件事是我們想如何繼續，我們只想忘記 COVID，我們想繼續建造我們的替代住所。

Now we thought it was an important thing for us to continue to build out all the types of alternate combinations.

現在我們認為繼續構建所有類型的替代組合對我們來說是一件重要的事情。

And we recognize that we are probably short in certain types, particularly the single property, the home type property, and we want to continue to build that.

我們認識到我們可能在某些類型上存在短缺，尤其是單一財產，家庭類型的財產，我們希望繼續建立它。

And we also talked about we thought that we were perhaps under-indexing in terms of awareness in certain geographies like the U.S., for example, and we want to continue to improve upon that.

我們還談到我們認為我們可能在某些地區（例如美國）的意識指數不足，例如，我們希望繼續改進這一點。

So we're going to do that.

所以我們打算這樣做。

And we certainly are going to use every single marketing channel we can to get that information out to consumers that we have a great product, and that is something that they can look to us to get a great deal.

我們當然會使用我們可以使用的每一個營銷渠道，向消費者傳達我們擁有優質產品的信息，這是他們可以指望我們獲得大量優惠的信息。

And that's something that I think is important.

這是我認為很重要的事情。

I am very pleased, of course, with the numbers we saw, but I also like the fact that we are perhaps unique in terms of all the types of accommodations we are able to provide throughout the world.

當然，我對我們看到的數字感到非常高興，但我也喜歡這樣一個事實，即我們在全世界能夠提供的所有類型的住宿方面可能是獨一無二的。

And that's given us, I think, a great opportunity going forward.

我認為，這給了我們一個很好的前進機會。

Got it.

知道了。

And if I could just squeeze in a quick follow-up here.

如果我可以在這裡快速跟進一下。

Just thinking about marketing ROIs here.

在這裡只考慮營銷投資回報率。

Could you just talk about what you guys are seeing in the performance marketing channels.

您能談談你們在績效營銷渠道中看到的情況嗎？

Yes, it looked like you had gained a lot of share in trivago.

是的，看起來你在 trivago 中獲得了很多份額。

I was curious if there was any other channels you guys were seeing similar results?

我很好奇你們是否在其他渠道看到了類似的結果？

Well, I think I'll confine myself to saying, look, we're always looking for high-quality traffic at the right price.

好吧，我想我只會說，看，我們一直在以合適的價格尋找高質量的流量。

When I say high quality, I want it to convert well, one with a low probability of cancellation, I want it to come back to us later directly.

當我說高質量時，我希望它能很好地轉換，取消概率低的，我希望它稍後直接返回給我們。

And that's what we're going to continue to do.

這就是我們將繼續做的事情。

And we've always done that.

我們一直這樣做。

And that's no change from our previous way to run our business.

這與我們以前經營業務的方式沒有任何變化。

And your next question comes from the line of Brian Nowak with Morgan Stanley.

你的下一個問題來自摩根士丹利的布賴恩諾瓦克。

This is Alex Wang on for Brian.

我是 Alex Wang 代替 Brian。

First question, can you just talk to us about the new growth opportunities like the U.S. or in destination and areas you're focused on to improving the go-to-market strategy, particularly in the U.S.?

第一個問題，你能不能和我們談談新的增長機會，比如美國，或者在你專注於改善進入市場戰略的目的地和領域，特別是在美國？

Alex, so you're asking what is our -- just in general, can you say it again?

亞歷克斯，所以你問的是我們的——一般來說，你能再說一遍嗎？

Our go to market in the U.S., you're saying?

我們在美國上市，你是說？

Yes, that's right.

恩，那就對了。

So your ability to sort of maybe improve sort of the brand and growth opportunities in the market like the U.S. and then any difference in the go-to-market strategy?

那麼你有能力在某種程度上改善美國等市場的品牌和增長機會，然後在進入市場戰略方面有什麼不同嗎？

Yes.

是的。

Okay.

好的。

So we have said this in the past and I will repeat it even more so now.

所以我們過去說過這個，現在我會再重複一遍。

We think the U.S. is a great opportunity for us.

我們認為美國對我們來說是一個很好的機會。

We think we under-indexed.

我們認為我們的指數不足。

We got great product.

我們得到了很棒的產品。

I was just saying, all types of accommodations.

我只是說，所有類型的住宿。

And with what we're building with our connected trip, we think we're going to offer an incredible value proposition to consumers.

通過我們正在構建的互聯旅行，我們認為我們將為消費者提供令人難以置信的價值主張。

So we are absolutely excited about the long-term future.

因此，我們對長期的未來感到非常興奮。

Trouble is, right now, yes, people are traveling a little bit more certainly than they were in April, but we all know what the situation is right now.

問題是，現在，是的，人們比四月份更確定地旅行了，但我們都知道現在的情況。

And what you don't want to be doing is spending a lot of money pushing out a brand message if people are not listening to it because they are not ready to travel or they can't travel.

如果人們因為沒有準備好旅行或無法旅行而沒有聽取品牌信息，那麼您不想做的就是花費大量資金來推廣品牌信息。

So we want to be careful about that.

所以我們要小心。

So I think we're going to have to wait until we have a healthier environment where people or more people are ready to listen to that message before we're going to start spending money on it.

所以我認為我們將不得不等到我們擁有一個更健康的環境，在那里人們或更多人準備好聆聽該信息，然後我們才會開始在上面花錢。

Got it.

知道了。

And just as a follow-on, with the reported or expect sort of reduced headcount at Booking.com, can you give more color around areas of the company that you're looking into here in particular given, I think, Booking.com has been run pretty lean in the past.

作為後續行動，據報導或預計 Booking.com 的員工人數有所減少，您能否在您正在尋找的公司領域周圍提供更多顏色，特別是考慮到，我認為，Booking.com 有過去一直很瘦。

And then just sort of higher level, how does this change your investment priorities beyond hotels now compared to where they were pre-COVID?

然後只是更高的層次，與 COVID 之前相比，這如何改變您現在酒店以外的投資重點？

So we made very clear in our discussions with our employees, our works council, our employee organizations and everyone we have to have these conversations with.

因此，我們在與我們的員工、我們的工作委員會、我們的員工組織以及我們必須與之進行這些對話的每個人的討論中都非常清楚。

As you know, there are different regulations around the world in terms of different types of conversation to have.

如您所知，就不同類型的對話而言，世界各地有不同的規定。

We made it very clear that the higher weight is going to be on volume-related positions because our volumes are way down.

我們明確表示，更高的權重將放在與交易量相關的頭寸上，因為我們的交易量正在下降。

Those are the ones.

就是這些。

And I made it very clear how much I believe in the future of the connected trip, the investments we're making, the things that we believe in the long term will give us a competitive advantage over everybody.

我非常清楚地表明，我非常相信互聯旅行的未來、我們正在進行的投資以及我們相信的長期事物將使我們比所有人都具有競爭優勢。

I think I'd be doing the wrong thing if I'm saying, we should stop trying to invest in those areas.

如果我說我們應該停止在這些領域進行投資，我想我會做錯事。

I think they're important for the long run.

我認為從長遠來看它們很重要。

And yes, this is a terrible time right now.

是的，現在是一個糟糕的時刻。

And yes, our financials are being hurt by this.

是的，我們的財務狀況受到了影響。

But that, to me, does not mean we should stop investing in our future.

但對我來說，這並不意味著我們應該停止對未來的投資。

Your next question comes from the line of Eric Sheridan with UBS.

你的下一個問題來自瑞銀集團的 Eric Sheridan。

Maybe 2, if I can.

也許 2，如果可以的話。

Glenn, curious what you might be doing in terms of investing on the supply side during a period of lower demand.

格倫，很好奇您在需求較低的時期在供應方面的投資方面可能會做什麼。

As you said, the mix shift moving towards alternative accommodations to some degree and what people are willing to book.

正如您所說，混合轉變在某種程度上轉向替代住宿以及人們願意預訂的住宿。

Is there anything you're doing in terms of changing some of the strategy of partnering on supply or trying to bring supply on against the demand environment you find yourself in?

在改變供應合作夥伴關係的某些策略或嘗試根據您所處的需求環境提供供應方面，您是否正在做任何事情？

That's number one.

這是第一。

And then maybe on the buyback.

然後可能在回購上。

I know you need to see a better environment to come back to the capital return policy.

我知道您需要看到更好的環境才能恢復資本回報政策。

Can you give us a little bit of sense of what that environment might have to look like?

你能給我們一點關於那個環境可能是什麼樣子的感覺嗎？

Like what should we be looking for from the outside in that you would need to see in the business before you're back to returning capital?

就像我們應該從外部尋找什麼，因為在您返回資本之前您需要在業務中看到什麼？

Sure.

當然。

I'll take the first one and I'll let David talk about our potential capital return at some point, the balance sheet in general.

我會拿第一個，我會讓大衛在某個時候談談我們潛在的資本回報，一般來說是資產負債表。

So one thing we've talked about in the past a great deal is, if there was a recession, what's going to happen in terms of the supply relations?

所以我們過去經常談論的一件事是，如果出現經濟衰退，供應關係方面會發生什麼？

Would they be more willing to lean in with us?

他們會更願意靠在我們身邊嗎？

Would they be more open to conversations on what we can do?

他們會更願意就我們能做什麼進行對話嗎？

And what we've been seeing, and it's pretty much what we thought would happen is that, when demand goes away and supply is looking for demand, they're looking to do it any way they can and they are open to a conversation that perhaps they weren't in the past.

我們一直看到的，而且幾乎是我們認為會發生的情況是，當需求消失並且供應正在尋找需求時，他們正在尋求以任何方式做到這一點並且他們願意進行對話也許他們不是過去。

So our teams are out there talking with on the supply side and whether it be alternative accommodations properties or it's the big hotel chains or anybody who is in our business.

因此，我們的團隊正在與供應方進行談判，無論是替代住宿物業還是大型連鎖酒店或我們業務中的任何人。

Right now, they need demand and they're looking for, can you supply to me?

現在，他們需要需求，他們正在尋找，你能供應給我嗎？

So our teams are coming up with creative and different ways to try and provide something that will help them because we know, look, we're in this number 2 sided marketplace.

所以我們的團隊正在想出創造性的和不同的方法來嘗試提供對他們有幫助的東西，因為我們知道，看，我們在這個數字 2 方面的市場。

We got to do good for both sides.

我們必須為雙方都做好事。

And that's what we're doing right now, and I think we're making progress with it.

這就是我們現在正在做的事情，我認為我們正在取得進展。

We're having some very good conversations that perhaps we may not have had in the past.

我們正在進行一些非常好的對話，也許我們過去可能沒有進行過。

But I think that in the future, we will hopefully have this be a long term better relationship with some of our partners as we continue to develop ways that we show they're win-win for everybody.

但我認為，在未來，我們希望與我們的一些合作夥伴建立長期更好的關係，因為我們將繼續開發我們展示它們對每個人都是雙贏的方式。

Yes.

是的。

And Eric, on the buyback side, just to elaborate a little bit upon what I said.

埃里克，在回購方面，只是詳細說明我所說的話。

So I said, we certainly would not initiate until we have better visibility into the shape and timing of a recovery.

所以我說，在我們更好地了解復甦的形式和時機之前，我們當然不會啟動。

So what do we mean by that?

那麼這是什麼意思呢？

We mean having certainty as to what the future looks like and when it's going to happen, what the shape of the recovery is going to look like.

我們的意思是確定未來會是什麼樣子，什麼時候會發生，復甦的形式會是什麼樣子。

Nobody is predicting a V-shaped recovery now.

現在沒有人預測會出現 V 型複蘇。

I think that's not what people are looking at, but we're looking at some period of uncertainty right now.

我認為這不是人們所關注的，但我們現在正在關註一段不確定的時期。

Until we figure out more about what's happening with the vaccine and how that would impact people's comfort.

直到我們更多地了解疫苗的情況以及這將如何影響人們的舒適度。

And then, of course, is the economic impact of the COVID crisis and what that does to people's ability to travel and spend money.

然後，當然是 COVID 危機的經濟影響，以及它對人們旅行和消費能力的影響。

So all these things go into it.

所以所有這些東西都包含在內。

So there's not a single milestone to look for.

所以沒有一個里程碑可以尋找。

But if you ask me to characterize the environment in which we will consider reinitiating capital returns, it would be an environment where we have much more visibility and confidence into the shape of the future.

但如果你要我描述我們將考慮重新啟動資本回報的環境的特徵，那將是一個我們對未來形態有更多可見性和信心的環境。

And your next question comes from the line of Naved Khan with SunTrust.

你的下一個問題來自 Naved Khan 與 SunTrust 的合作。

Yes.

是的。

Maybe, Glenn, can you maybe shed some light on the mix of direct versus paid bookings?

也許，格倫，你能否闡明直接預訂與付費預訂的組合？

I think historically, you talked about how direct had already crossed the 50% mark.

我認為從歷史上看，你談到直接已經超過 50% 大關。

How does it look today?

今天怎麼樣？

And do you think that maybe an elevated level of direct bookings can continue to occur on a go-forward basis or would you think of that as a temporary shift?

您是否認為直接預訂水平的提高可能會繼續在前進的基礎上發生，還是您認為這是暫時的轉變？

And then I have a follow-up.

然後我有一個後續行動。

Sure.

當然。

So we've said this, and we will continue to say how important we believe it is.

所以我們已經說過了，我們將繼續說我們相信它的重要性。

Direct booking is really where we want to be.

直接預訂確實是我們想要的地方。

The future provides such great value that our customers once they learn about this great value, they come back to us directly.

未來提供瞭如此巨大的價值，以至於我們的客戶一旦了解了這一巨大價值，就會直接回到我們身邊。

They don't want to think about going somewhere else.

他們不想考慮去別的地方。

And through the connected trip and building up all different types of, let's say, lower friction type ways to travel.

通過連接的旅行和建立所有不同類型的，比方說，低摩擦類型的旅行方式。

Then it makes it so that we are the first thought always.

然後它使我們始終是第一個想到的。

I'm not sure, David, if you want to give any more color to where we are now.

大衛，我不確定你是否想為我們現在所處的位置增添更多色彩。

I'll let him do it.

我會讓他做的。

But I will say, this is something that is important to us.

但我會說，這對我們來說很重要。

I think, Glenn, as we said, we continue to be over 50% direct.

我認為，格倫，正如我們所說，我們仍然有 50% 以上是直接的。

But I think there are some important things that are driving that, which are good indicators.

但我認為有一些重要的因素在推動它，這是很好的指標。

And we mentioned them briefly a little bit on the last call as well.

我們在上次通話中也簡要提到了它們。

I mentioned in my remarks earlier that we continue to see the app being an important contributor because that is really our stickiest kind of touch point with our customers because that is not only a place you go to book travel, but increasingly, it's where you interact with us during the travel experience, which is very important as well.

我在之前的評論中提到，我們繼續看到該應用程序是一個重要的貢獻者，因為這確實是我們與客戶最密切的接觸點，因為它不僅是您預訂旅行的地方，而且越來越多地成為您互動的地方在旅行體驗中與我們一起，這也非常重要。

And we also see, as we mentioned last quarter, we also see things like an increasing percentage mix from our Genius customers as well this quarter as well.

我們還看到，正如我們上個季度提到的那樣，我們也看到我們的 Genius 客戶以及本季度的百分比組合也在增加。

So these are positive things that correlate long term to a higher mix of direct bookings and just this ability to create, as Glenn has said a few times, the connected trip, where you're not just booking with us and then going on the trip, but you're really booking multi-verticals.

所以這些都是積極的事情，從長遠來看，直接預訂的組合更高，而且正如 Glenn 多次說過的那樣，這種創造連接旅行的能力，你不僅僅是通過我們預訂然後繼續旅行，但您實際上是在預訂多垂直行業。

You're interacting with us during the trip.

您在旅途中與我們互動。

We're providing things like dynamic customer support, et cetera, a very different environment in the future, which is obviously powered by big data, machine learning, AI, et cetera.

我們正在提供動態客戶支持等，未來將有一個截然不同的環境，這顯然是由大數據、機器學習、人工智能等提供支持的。

So we think these are important signs that we're moving in the right direction.

所以我們認為這些是我們正朝著正確方向前進的重要跡象。

Great.

偉大的。

And the follow-up I had is really just to clarify the domestic mix you gave us, Glenn, 70% domestic.

我的後續行動真的只是為了澄清你給我們的國內混合，格倫，70% 的國內。

How does that treat the EU?

這對歐盟有何影響？

Do you treat it as a single entity or are you looking at country level?

您是將其視為一個實體還是在國家層面？

Yes.

是的。

It's a country, domestic.

這是一個國家，國內。

We sometime look at our regional, intra-regional.

我們有時會查看我們的區域、區域內。

If you're an Italian tourist and you went to France, that's not a domestic travel.

如果您是意大利遊客並且去了法國，那不是國內旅行。

I'm looking at David to confirm.

我看著大衛確認。

Correct.

正確的。

That's correct, exactly right.

這是正確的，完全正確的。

Domestic is domestic.

國內就是國內。

And your next question comes from the line of Deepak Mathivanan with Barclays.

你的下一個問題來自 Deepak Mathivanan 與巴克萊銀行的合作。

Great.

偉大的。

David, can you help us quantify the pressure on new bookings from the mix shift towards domestic?

大衛，你能幫我們量化從混合轉向國內對新預訂的壓力嗎？

ADRs, obviously, on a comparable basis are lower in various markets, but are there any other variables either from consumers spending less or staying fewer nights that will keep the bookings growth kind of below the trends on the new room nights?

顯然，在可比的基礎上，各個市場的 ADR 都較低，但是是否有任何其他變量，無論是消費者花費更少還是停留更少的夜晚，都會使預訂增長低於新間夜的趨勢？

And then what is the equivalent dollar bookings comparable metric for the down 35% in room nights during the month of July?

那麼 7 月份客房間夜數下降 35% 的等效美元預訂可比指標是多少？

I'm going to ask you to clarify the second part, Deepak, but let me answer the first part.

Deepak，我要請你澄清第二部分，但讓我回答第一部分。

So yes, there's obviously many moving parts with ADRs this quarter.

所以是的，本季度顯然有很多帶有 ADR 的活動部件。

As I mentioned, for newly booked room nights, the ADRs are actually, in total, only off a couple of points even though there's a mix shift obviously within that to domestic.

正如我所提到的，對於新預訂的間夜，ADR 實際上總體上只下降了幾個點，儘管其中明顯有混合轉變到國內。

So we see a number of things going on.

所以我們看到很多事情正在發生。

What we see, and in some cases, obviously, some people are substituting what would have been an international booking for a domestic booking, and those can potentially be higher ADRs because historically, international travel typically resulted in a higher ADR and longer stay.

我們所看到的，在某些情況下，很明顯，有些人正在用國際預訂代替國內預訂，而這些預訂可能會帶來更高的 ADR，因為從歷史上看，國際旅行通常會導致更高的 ADR 和更長的停留時間。

And to the extent that some of that is substituting into domestic, that could be helping our ADRs on a country-by-country basis because in some of our core countries in Europe, we actually saw ADRs up quite meaningfully in the quarter.

在某種程度上，其中一些正在替代國內，這可能會在逐個國家的基礎上幫助我們的 ADR，因為在歐洲的一些核心國家，我們實際上在本季度看到了 ADR 非常有意義的增長。

So there's a number of mix-related things going on within the whole ADR environment.

所以在整個 ADR 環境中會發生許多與混音相關的事情。

And as I said, essentially flat, just down a couple of points in total in the quarter despite the fact that we know that like-for-like there are certainly ADR pressures in the marketplace.

正如我所說，基本上持平，儘管我們知道市場上肯定存在 ADR 壓力，但本季度總計只下降了幾個點。

And Deepak, I missed the second part of your question.

迪帕克，我錯過了你問題的第二部分。

Can you just repeat that, please?

請你重複一遍好嗎？

Yes.

是的。

No.

不。

I was just going to ask, how should we think about the down 35% in room night on an equivalent dollar bookings basis?

我只是想問，我們應該如何考慮以等值美元預訂為基礎的間夜下降 35%？

Is that, to your point, should we view that as fairly close?

就您的觀點而言，我們是否應該將其視為相當接近？

No.

不。

Well, no, there's still going to be an ADR pressure on that.

好吧，不，仍然會有 ADR 壓力。

So what we said was, we're down 35% in July in room nights on a newly booked basis, down 45% on a reported basis, the cancellation rates running a little higher than they were last year, and then a few points more than that down in terms of gross bookings and revenue.

所以我們說的是，根據新預訂，我們 7 月份的間夜量下降了 35%，根據報告下降了 45%，取消率比去年略高，然後又多了幾個百分點而不是總預訂量和收入方面的下降。

Your next question comes from the line of Doug Anmuth with JPMorgan.

你的下一個問題來自摩根大通的 Doug Anmuth。

This is Dae on for Doug.

這是 Dae on for Doug。

First one, could you talk about the profile of the people who are still traveling?

第一個，你能談談仍在旅行的人的概況嗎？

For example, would you consider them to be travelers with higher LTVs since they're traveling despite all that is happening or just people who are traveling because they have to?

例如，您會認為他們是 LTV 更高的旅行者，因為儘管發生了所有事情，他們仍在旅行，還是只是因為不得不旅行而旅行的人？

And could you tie that to how important you think it is to gain share early in the recovery?

您能否將其與您認為在復蘇早期獲得份額的重要性聯繫起來？

And then secondly, for David, on the fixed cost side, given your comments about cost savings being more volume-related, should we expect these costs to come back with volume returning?

其次，對於 David，在固定成本方面，鑑於您關於成本節約更多與數量相關的評論，我們是否應該期望這些成本隨著數量回歸而回歸？

And do you think margins will look meaningfully different when volumes return to pre-COVID levels?

你認為當交易量恢復到 COVID 之前的水平時，利潤率看起來會有明顯不同嗎？

Why don't you take the first part.

你為什麼不參加第一部分。

I'll take the second part.

我來做第二部分。

So in terms of profile, I have not looked in any sort of customer segmentation recently in terms of the breakdown.

因此，就概況而言，我最近沒有在細分方面研究過任何類型的客戶細分。

So I can't speak specifically in terms of deep data on the profiles.

所以我不能具體說說關於個人資料的深層數據。

But I would say that it would not surprise me if I did it now, next week, it will show not that different in terms of what it was pre-COVID.

但我要說的是，如果我現在這樣做，我不會感到驚訝，下週，它與 COVID 之前的情況並沒有什麼不同。

People still want to travel.

人們仍然想去旅行。

People still sometimes have to travel, sometimes do it voluntarily.

人們仍然有時不得不旅行，有時是自願旅行。

The shape of the change is where they're traveling and how they're traveling.

變化的形式是他們旅行的地方和他們旅行的方式。

So for example, because people can't, as I mentioned, if you can't travel internationally from the U.S. to Europe, let's say, what is happening?

例如，因為人們不能，正如我提到的，如果你不能從美國到歐洲進行國際旅行，比方說，發生了什麼事？

Those people are traveling domestically.

那些人在國內旅行。

And we've seen that in terms of people very much wanting to travel close to home at first because they want to be able to drive there because concerned about getting on a plane.

我們已經看到，人們一開始非常想在家附近旅行，因為他們希望能夠開車去那裡，因為擔心坐飛機。

But in terms of the actual different types of customers within it, I don't think I've seen much of anything, except for one thing that I think is very, very critical to talk about, and that is business travel.

但就其中實際不同類型的客戶而言，我認為我沒有看到太多東西，除了一件我認為非常非常重要的事情，那就是商務旅行。

Now we have always been a much more leisure-oriented company.

現在，我們一直是一家更加註重休閒的公司。

And we all know from the businesses that we work in that business travel has been significantly curtailed or stopped.

我們都從我們從事的業務中了解到，商務旅行已大大減少或停止。

And what does that do?

那有什麼作用？

Well, certain properties, certain supply chains, for example, entities that are no longer able to get that high ADR revenue.

好吧，某些財產，某些供應鏈，例如，不再能夠獲得那麼高的 ADR 收入的實體。

And that, of course, is helping in terms of a distributor like us because we have leisure customers to help fill those things.

當然，這對像我們這樣的分銷商來說是有幫助的，因為我們有休閒客戶來幫助填補這些東西。

Now how long will this go?

現在這會持續多久？

Is this a long-term trend?

這是一個長期趨勢嗎？

I think that this could be helpful to us.

我認為這可能對我們有幫助。

It may be helpful to us in the long term.

從長遠來看，這可能對我們有幫助。

As the shift from business to leisure continues for a long time, we will be in a better position with our supply partners because we're able to provide them with what they need, which is heads in beds.

隨著從商務到休閒的轉變持續很長時間，我們將與我們的供應合作夥伴處於更好的位置，因為我們能夠為他們提供他們需要的東西，即躺在床上的頭腦。

Yes.

是的。

And on the cost side of things.

在成本方面。

So yes, we said the majority of the personnel reductions will be in volume-related functions.

所以是的，我們說過大部分裁員將涉及與數量相關的職能。

Obviously, those will, over time, come back.

顯然，隨著時間的推移，這些會回來。

We look to continue to drive efficiency in many of those areas through our business over time through automation and other areas.

隨著時間的推移，我們希望通過自動化和其他領域的業務繼續提高其中許多領域的效率。

So they don't necessarily have to come back dollar for dollar.

所以他們不一定非得一分錢一分貨地回來。

But as volumes return, they will come back.

但隨著銷量的回升，它們會回來的。

And in terms of our expectation for the longer term when we get to pre-COVID levels, which, as we said, is not in quarters, but is about years.

就我們對達到 COVID 前水平的長期預期而言，正如我們所說，這不是季度，而是大約幾年。

We expect the business to have very attractive margins when demand fully recovers.

我們預計，當需求完全恢復時，該業務的利潤率將非常有吸引力。

All things being equal, we expect to have industry-leading margins in the long term.

在所有條件都相同的情況下，我們預計長期內將擁有行業領先的利潤率。

Obviously, the business in the future will look a little different than it did pre-COVID.

顯然，未來的業務將與 COVID 之前有所不同。

For example, we're building out new products like air, which will be dilutive to margin rate, but will also be important to our business and our strategy in the connected trip and selling more accommodations.

例如，我們正在開發像航空這樣的新產品，這會稀釋利潤率，但對我們的業務和我們在互聯旅行和銷售更多住宿方面的戰略也很重要。

So there'll be puts and takes, but we expect to have an industry-leading margins in the longer term.

所以會有看跌期權，但我們預計在長期內將擁有行業領先的利潤率。

And your next question comes from the line of Stephen Ju with Credit Suisse.

你的下一個問題來自瑞士信貸的 Stephen Ju。

Okay.

好的。

So Glenn, is the nature of the personnel reductions going to be, I guess, evenly distributed across your focus regions or are you planning any geographical exits of the business as a whole?

那麼 Glenn，我猜，裁員的性質是否會均勻分佈在您的重點區域，或者您是否正在計劃整個業務的任何地理退出？

And I guess in a roundabout way, I'm trying to ask about your plans to go after the China outbound opportunity.

我想以一種迂迴的方式，我想問一下你在中國出境機會之後的計劃。

And also just following up on the connected trip.

並且還只是跟進連接的旅行。

You recently signed an agreement with TUI, I believe, to distribute their content.

我相信你最近與 TUI 簽署了一份協議來分發他們的內容。

So where are you in the integration process and how will this be presented?

那麼，您在整合過程中處於什麼階段，將如何呈現？

Yes.

是的。

So 2 separate questions.

所以 2 個單獨的問題。

So in terms of, again, we're having our conversations with our important partners, works councils, employee organizations, et cetera, and going through this at Booking.com.

因此，就此而言，我們正在與我們的重要合作夥伴、工作委員會、員工組織等進行對話，並在 Booking.com 上進行討論。

And the key thing we mentioned is how a lot of this is volume-related.

我們提到的關鍵是其中很多與數量相關。

So where the volume is most affected, those areas are going to end up having a higher weighted impact.

因此，在體積受影響最大的地方，這些區域最終將產生更高的加權影響。

That's just the way it's obviously going to happen.

這就是它顯然會發生的方式。

I don't think you can -- we certainly are not purposely coming with a strategy change.

我不認為你可以 - 我們當然不是故意改變戰略。

We believe that it's important for us to be able to provide travel services throughout the world.

我們相信，能夠在全球範圍內提供旅行服務對我們來說很重要。

And as the leader in the world, we want to maintain that.

作為世界領導者，我們希望保持這一點。

In terms of our agreement with Musement, I think that's the one you're talking about TUI, correct?

就我們與 Musement 的協議而言，我認為這就是您所說的 TUI，對嗎？

Yes.

是的。

Right.

正確的。

So we think attractions is an important part of that connected trip theory and strategy that we've talked about.

因此，我們認為景點是我們所討論的互聯旅行理論和策略的重要組成部分。

And the faster we can get different types of attractions up and running and available to our customers, the better.

我們越快啟動和運行不同類型的景點並提供給我們的客戶，就越好。

And whether we do the connection ourselves, where we go out or we partner with somebody or we buy somebody, whatever it is, we want to get that stuff up so we can provide that value.

無論我們自己建立聯繫，我們出去或與某人合作或我們購買某人，無論是什麼，我們都想把這些東西搞起來，這樣我們就可以提供這種價值。

And Musement is a great partner.

Musement 是一個很好的合作夥伴。

They had a proposition.

他們有一個提議。

We decide to join up.

我們決定加入。

And we are now live in a certain number of cities.

我們現在生活在一定數量的城市中。

And we are going to continue to build that out.

我們將繼續構建它。

And I believe that this is one of those things that will help really provide value.

我相信這是真正有助於提供價值的事情之一。

When somebody is traveling, they use that app that David mentioned.

當有人旅行時，他們會使用大衛提到的那個應用程序。

More people use the app.

更多人使用該應用程序。

And when you're in a location and you're able with just one touch, be able to go to an attraction.

當您在某個位置時，只需輕輕一按，就可以前往景點。

I think that's a convenience.

我認為這是一種方便。

And we'll be able to provide that value, a price differential.

我們將能夠提供該價值，即價格差異。

I think that, again, will give us a competitive advantage, but we're going to have the supply first, of course.

我認為，這將再次給我們帶來競爭優勢，但我們當然會首先獲得供應。

Your next question comes from the line of Justin Post with Bank of America.

你的下一個問題來自美國銀行的 Justin Post 專線。

I apologize if it's already been asked, but just thinking about hotel recovery and hotel industry as they try to get back on their feet.

如果有人問過這個問題，我深表歉意，但只是想著酒店復甦和酒店業，因為他們試圖重新站起來。

First, how do you think about air capacity?

首先，您如何看待空運能力？

And are the airlines going to be even more dependent on leisure travel or is there going to be a little bit of less capacity out there?

航空公司會更加依賴休閒旅行，還是會減少一些運力？

And then secondly, as the hotels really go to market and start filling their rooms, think about maybe '21 or '22, what advantages offering discounts or promotions on Booking could they have versus maybe going to Google or your competitors?

其次，隨著酒店真正進入市場並開始填滿房間，想想可能是 21 年或 22 年，與 Google 或您的競爭對手相比，他們在 Booking 上提供折扣或促銷有什麼優勢？

How are you thinking about really -- I don't want to say taking advantage, but really, building Booking out as a great place to go to find deals and help hotels fill inventory?

你是怎麼想的——我不想說利用，但真的，把預訂打造成一個尋找交易和幫助酒店填補庫存的好地方？

Yes.

是的。

So 2 separate things.

所以 2 個不同的東西。

So the first thing about airlines, and I was just talking about the potential long-term change in business travel, which would, of course, impact the financial structures of a lot of airlines that make a lot of their profits when everybody is up in the front of the plane.

因此，關於航空公司的第一件事，我只是在談論商務旅行的潛在長期變化，這當然會影響許多航空公司的財務結構，當每個人都在忙時，它們會賺取大量利潤飛機的前部。

And if that's not there, what's going to happen?

如果那不存在，會發生什麼？

On the other hand, though, we all know that places like Ryanair have been extremely successful and Southwest, extremely successful long term, with not having a very high, a very expensive first class or business class product.

但另一方面，我們都知道像瑞安航空和西南航空這樣的地方在長期內非常成功，沒有非常高、非常昂貴的頭等艙或商務艙產品。

Overall, I believe that this could be a change in terms of the leisure does become more important, and that does again, as I said, tilts favorable to us because we are a more leisure-oriented company.

總的來說，我認為這可能是休閒方面的變化變得更加重要，正如我所說，這再次對我們有利，因為我們是一家更注重休閒的公司。

In terms of the hotels, as I said, same type of thing with some of our partners who are more dependent on the business traveler.

正如我所說，就酒店而言，我們的一些合作夥伴更依賴商務旅客，情況相同。

And as they continue to even come back, recover, for some, it's going to be a little bit harder because they're not going to get that very high ADR businessperson.

隨著他們甚至繼續回來，恢復，對一些人來說，這會有點困難，因為他們不會得到那個非常高的 ADR 商人。

And they will be looking for someone like us.

他們會尋找像我們這樣的人。

And you mentioned that going to a Google direct or anything.

你提到去谷歌直接或任何東西。

Hotels are going to do anything they can, any which way, to get demand.

酒店將竭盡所能，以任何方式獲得需求。

If it's cost-effective, they will do it.

如果它具有成本效益，他們就會這樣做。

Now over the years, we have established something that actually is more cost effective, that is an easier way.

多年來，我們已經建立了一些實際上更具成本效益的方法，這是一種更簡單的方法。

And for most of the hotels around the world, they cannot get anywhere near our capabilities to bring them demand from around the world.

對於世界各地的大多數酒店，他們無法接近我們為他們帶來來自世界各地的需求的能力。

They don't operate in the number of languages we do.

他們不像我們那樣使用多種語言。

They don't do the customer service in those languages.

他們不使用這些語言提供客戶服務。

They don't have the sophisticated machine learning.

他們沒有復雜的機器學習。

They don't have all the things I can list so many that we do.

他們沒有我能列出的所有東西，而我們卻有這麼多。

And we do it in a fraction of the cost that would really cost them if they even tried to do that.

如果他們甚至嘗試這樣做，我們這樣做的成本只是他們真正付出的成本的一小部分。

So it's financially advantageous for them to work with us to get that demand.

因此，與我們合作來滿足需求對他們來說在經濟上是有利的。

And as one of the biggest demand platform in the world for travel, there's no hotel in the world discussing, well, gee, I just don't want to do that.

作為世界上最大的旅行需求平台之一，世界上沒有一家酒店在討論，好吧，哎呀，我只是不想那樣做。

No, they're going to continue to do that.

不，他們將繼續這樣做。

And if there is a marginal benefit to go into another channel, we'll use that, too.

如果進入另一個渠道有邊際收益，我們也會使用它。

But I'm not concerned about hotels not coming to us even more so nowadays.

但我不擔心現在酒店不再來找我們了。

And your next question comes from the line of Mark Mahaney with RBC.

你的下一個問題來自 Mark Mahaney 與 RBC 的合作。

Okay.

好的。

Two questions, please.

請教兩個問題。

Glenn, have you seen any impact from the cutback in performance marketing spend by Expedia in the North American market?

Glenn，您是否看到 Expedia 在北美市場削減績效營銷支出的影響？

Have you seen any interesting dynamics or is the overall just dramatic decline in travel demand just making that impossible to really call out?

你有沒有看到任何有趣的動態，或者旅行需求的整體急劇下降是否讓人們無法真正呼籲？

And then I want to ask a long-term question about, I think if you hadn't have had COVID this year, there would have been more evidence that Booking was building out kind of an operating system for lodging worldwide.

然後我想問一個長期問題，我想如果你今年沒有 COVID，就會有更多證據表明 Booking 正在為全球住宿構建一種操作系統。

I think that was part of your strategy, doing payments, website development, et cetera.

我認為那是你們戰略的一部分，進行支付、網站開發等等。

If I interpreted it right, and I think I had, could you talk about like how much that's been pushed back because of this COVID crisis?

如果我對它的解釋是正確的，而且我想我是對的，你能談談因為這場 COVID 危機而推遲了多少嗎？

And your thoughts on, if we can possibly look out 2 or 3 years, how far you are towards building an operating system for lodging globally?

您的想法是，如果我們可以展望 2 或 3 年，您在構建全球住宿操作系統方面還有多遠？

Mark.

標記。

So I can't comment much about Expedia or what they're doing.

所以我不能對 Expedia 或他們正在做的事情發表太多評論。

So I'm sure you see what Google puts out in terms of numbers, et cetera.

所以我相信你看到了谷歌在數字等方面的表現。

We're pleased with what we're doing.

我們對我們正在做的事情感到滿意。

It's the same strategy that we've had.

這與我們的策略相同。

We're looking to the high-quality traffic.

我們正在尋找高質量的流量。

We're trying to do it.

我們正在努力做到這一點。

It's harder now for us just in terms of the models we use in the past obviously are not as valuable now because cancellations are so affected by government changes, and it's a more difficult thing.

現在對我們來說更難了，就我們過去使用的模型而言，現在顯然沒有那麼有價值了，因為取消受到政府變化的影響很大，這是一件更困難的事情。

We're trying to do it the way we've always done it.

我們正在努力按照我們一直以來的方式去做。

It's not doing anything foolish, but I really can't talk about Expedia's strategy or what they're doing.

它沒有做任何愚蠢的事情，但我真的不能談論 Expedia 的戰略或他們在做什麼。

In terms of the operating system, so we're not really building an operating system in terms of going out and trying to build a PMS for hotels.

在操作系統方面，所以我們並沒有真正構建操作系統，並試圖為酒店構建 PMS。

That's not our idea.

那不是我們的主意。

What we want to do is provide a very integrated, integrated benefit for the hotels that makes it so they're getting great value out of things that we're doing with them.

我們想要做的是為酒店提供非常綜合的綜合利益，使他們能夠從我們與他們一起做的事情中獲得巨大的價值。

So for example, you mentioned the issue of building websites for hotels.

例如，您提到了為酒店建立網站的問題。

That's been pulled back significantly.

這已被大大拉回。

That was something that is no longer being pushed forward.

那是不再被推動的事情。

What we are doing, though, is working with them as we build out our connected trip.

不過，我們正在做的是與他們合作，打造我們的互聯之旅。

For example, let's go with a ground transportation and working with them perhaps in a way that they don't have a way for their customers to get there from the hotel.

例如，讓我們使用地面交通工具並與他們合作，也許他們無法讓客戶從酒店到達那裡。

Well, certainly, we have a way with our customers who come to us first to book, but we can also work with them so if a customer booked with some other distributor, god forbid, or went direct, we can still create something that would enable them to also be part of that, to getting that ground transportation and such.

好吧，當然，對於先來我們這裡預訂的客戶，我們有辦法處理，但我們也可以與他們合作，所以如果客戶通過其他分銷商預訂，上帝保佑，或者直接去，我們仍然可以創造一些東西使他們也成為其中的一部分，以獲得地面交通等。

So I think that's more the orientation.

所以我認為這更像是方向。

Now you talk about how much has been pushed back?

現在你說說推遲了多少？

Yes, of course, things have been pushed back.

是的，當然，事情已經被推遲了。

And I think that you can always work it by the number of months that we have these kinds of situations with demand so far down is the number of months that we've been pushed back.

而且我認為你總是可以按照我們遇到這些需求的月數來解決這個問題，到目前為止，我們已經被推遲了幾個月。

But I did make that point about -- I was asked about the workforce reduction, this stuff, we're not stopping on investing.

但我確實提出了這一點——有人問我關於裁員的問題，這件事，我們不會停止投資。

We're still investing and we're still pushing forward to create this connected trip because that will be our competitive advantage down the road.

我們仍在投資，我們仍在推動創造這種互聯旅行，因為這將成為我們未來的競爭優勢。

And your next question comes from the line of Daniel Powell with Goldman Sachs.

你的下一個問題來自高盛的丹尼爾鮑威爾。

Two, if I may.

兩個，如果可以的話。

On the first, I want to come back to the direct bookings proportion.

首先，我想回到直接預訂的比例。

You said that it was still above 50%.

你說還是50%以上。

I guess, could you describe some of the puts and takes and reasons that number might not be moving higher for you during this period where suppliers and competitors might be more constrained from a marketing perspective and from a scale perspective?

我想，您能否描述一下在供應商和競爭對手可能從營銷角度和規模角度受到更多限制的這段時間裡，這些數字對您而言可能不會上升的一些原因和原因？

Yes.

是的。

So hypothesize why it's not a higher number.

所以假設為什麼它不是一個更高的數字。

I'm not going to try and do that.

我不會嘗試那樣做。

I'll say that we're pleased with where we are with our direct bookings.

我會說我們對我們的直接預訂感到滿意。

We want to continue to increase it.

我們想繼續增加它。

We've seen our app downloads to be increasing nicely.

我們已經看到我們的應用程序下載量增長良好。

We've seen that and like that.

我們已經看到了，就像那樣。

We're going to continue on the steady pace that we're on.

我們將繼續保持我們目前的穩定步伐。

Certainly, we could have increased it perhaps if we were willing to spend a huge amount of money on brand marketing, but I made the point about why that would not be the most efficient use of our money.

當然，如果我們願意在品牌營銷上投入大量資金，我們本可以增加它，但我指出為什麼這不是我們資金的最有效利用方式。

It would drive up perhaps the direct bookings a little bit, but at an incredible cost.

這可能會稍微增加直接預訂量，但成本高得令人難以置信。

So we always want to make sure that we're getting the right bang for our buck, so to speak, and we're pleased with the pace we're going at.

所以我們總是想確保我們的投資物有所值，可以這麼說，我們對我們的發展速度感到滿意。

I'd just add that when things are down on the level they are right now, I mean, we're talking when things are down over 80%.

我只是補充說，當事情下降到現在的水平時，我的意思是，我們說的是下降超過 80% 的時候。

I mean, we're talking about mix numbers now on much reduced volume basis.

我的意思是，我們現在談論的是在數量大大減少的基礎上的混合數字。

So I think we're going to have to wait and see how this plays out.

所以我認為我們將不得不等待，看看結果如何。

We're still confident that we're moving in the right direction.

我們仍然相信我們正朝著正確的方向前進。

And as Glenn said, there are many puts and takes when things are moving as rapidly as they are with volume levels as they are.

正如 Glenn 所說，當事物的發展速度與它們的交易量水平一樣快時，就會有很多看跌期權。

That's really helpful.

這真的很有幫助。

And then the second one, with the shift to alternative accommodations and the relative strength that you're seeing there in the business, is there anything from a modeling perspective we should be looking out for?

然後是第二個，隨著向替代住宿的轉變以及您在業務中看到的相對優勢，從建模的角度來看，我們應該注意什麼嗎？

Are there tailwinds to take rate?

是否有順風采取率？

Are there higher customer service and payments-related costs?

是否有更高的客戶服務和支付相關成本？

Sort of what are some of the things we should look out for there?

我們應該在那裡註意哪些事情？

Yes.

是的。

We've said a couple of things about the alternative accommodation business.

我們已經談過一些關於另類住宿業務的事情。

As you know, historically, they've had lower operating margins, not because of take rate difference, but because basically, the reason that you just mentioned, there are typically more touch points, which we've been doing a lot of work to automate.

正如你所知，從歷史上看，他們的營業利潤率較低，不是因為採用率差異，而是因為基本上，你剛才提到的原因，通常有更多的接觸點，我們一直在做很多工作自動化。

So we have definitely been working to close that gap and have been closing that gap.

因此，我們肯定一直在努力縮小差距，並且一直在縮小差距。

And of course, alternative are operating at a nice, healthy profit margin throughout 2019.

當然，替代品在整個 2019 年都以良好、健康的利潤率運營。

So there are some mix shift differences.

所以有一些混合轉變差異。

There's not a massive gap between the 2 segments, but there is a difference, mainly again due to touch points, but things we've been working on.

這兩個部分之間並沒有太大的差距，但還是有區別，主要還是由於接觸點，但我們一直在努力。

So it's not a trend that we are particularly concerned about.

所以這不是我們特別關注的趨勢。

It doesn't, in total, make a big difference to the operating margins.

總的來說，這對營業利潤率沒有太大影響。

And as Glenn said, we're uniquely positioned.

正如格倫所說，我們處於獨特的位置。

So as demand fluctuates because we believe that this push towards alternative is certainly happening when people are feeling less safe about travel, when people feel more safe about travel, potentially, things might normalize.

因此，隨著需求的波動，因為我們相信，當人們對旅行感到不那麼安全時，這種對替代方案的推動肯定會發生，當人們對旅行感到更安全時，事情可能會正常化。

And then we're in a great position to continue to work on all aspects of the accommodation marketplace.

然後我們就可以繼續在住宿市場的各個方面開展工作。

And yes, there's one thing long term that we are thinking deeply about is because this style of accommodation has seen this increase, but I would imagine many people have not used it before.

是的，從長遠來看，我們正在深入思考一件事，因為這種住宿方式已經出現了這種增長，但我想很多人以前沒有使用過它。

And they have now found it to be, well, it's not so bad.

他們現在發現情況還不錯。

I like this.

我喜歡這個。

So in the long run, there could be a lot more demand for this.

所以從長遠來看，可能會有更多的需求。

It sort of, let's say, accelerated a trend that's been going on for a long time.

可以說，它加速了一種已經持續了很長時間的趨勢。

But what that means, though, there would be a change in the supply side in the long term.

但這意味著，從長遠來看，供應方將會發生變化。

And you'll see many, many people in the accommodation business perhaps who previously had not or were just dipping their toe and creating this type of accommodation, the alternative accommodation, will be putting investment capital into it and it becomes more and more professionalized.

你會看到許多住宿行業的人可能以前沒有或只是試探並創造這種類型的住宿，另類住宿，將投入投資資金並變得越來越專業。

And as this becomes more and more professionalized, that will help lower the frictions, lower those costs, and I believe what David was just talking about, the difference in terms of the operating margin, and which we've already seen close tremendously will close even more so.

隨著這變得越來越專業化，這將有助於減少摩擦，降低這些成本，我相信大衛剛才所說的，營業利潤率方面的差異，以及我們已經看到的巨大差異將會縮小更是如此。

And our last question comes from the line of Lee Horowitz with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 Lee Horowitz。

Great.

偉大的。

Just one, I'm wondering if we could dig in a bit on the July trends across Europe.

就一個，我想知道我們是否可以深入了解整個歐洲 7 月的趨勢。

David, you had talked about deterioration/plateauing in countries like Spain or Belgium, but you didn't mention any kind of, some of the other regions in the area.

大衛，你談到了西班牙或比利時等國家的惡化/穩定，但你沒有提到該地區的其他一些地區。

Is it fair to think that the region as a whole continues to improve?

認為該地區作為一個整體繼續改善是否公平？

And then, Glenn, you talked about the demand pull forward for alternative accommodations.

然後，格倫，你談到了對替代住宿的需求拉動。

I guess, is it fair to think that you're looking at this as perhaps a stickier trend, a structural shift that's being perhaps pulled forward from COVID or do you think it's mostly just a sign of the times?

我想，您是否認為這可能是一種更棘手的趨勢，一種可能從 COVID 中拉出來的結構性轉變，或者您認為這主要只是時代的標誌？

Yes.

是的。

Let me answer the room night growth question, trend question firstly.

先回答間夜增長問題，趨勢問題。

So what we saw in July in Europe was continued improvement.

因此，我們 7 月份在歐洲看到的是持續改善。

So we saw continued improvement in June and into July in aggregate.

因此，我們看到 6 月和 7 月的總體情況持續改善。

As I mentioned, we called out a couple of countries where we are seeing things towards end of July slowdown or go down a little bit.

正如我提到的，我們召集了幾個國家，在這些國家中，我們在 7 月底看到經濟放緩或略有下降。

But in aggregate, July was up for newly booked room nights compared to June in Europe.

但總的來說，與歐洲的 6 月份相比，7 月份的新預訂間夜數有所增加。

Whereas in the U.S., the biggest improvement was in June and then things actually basically flattened out in July in the U.S. So Europe, where things are still improving.

而在美國，最大的改善是在 6 月份，然後在美國，情況實際上在 7 月份基本趨於平緩。因此，歐洲的情況仍在改善。

In the U.S., they flattened out, with June and July being about the same.

在美國，它們趨於平緩，6 月和 7 月大致相同。

So Lee, I'm not sure I'd say a...

所以李，我不確定我會說...

it's a step change, I suppose, but it's just an extension of a long-term trend.

我想這是一個階躍變化，但它只是長期趨勢的延伸。

And when you think about some of the other trends that have been happening that had been accelerated, the idea of staycations where people say, okay, I don't want to go to work on a Friday.

當你想到其他一些正在發生並加速發展的趨勢時，人們會說，好吧，我不想在星期五上班。

I'm going to take a long weekend around a place or something like that.

我打算在某個地方或類似的地方度過一個漫長的周末。

And now with so many people who have learned that they can work remotely, that increase in that I'll take Friday off and go down to the beach or get something like an alternative accommodation on the mountains, whatever.

現在有這麼多人知道他們可以遠程工作，這增加了我周五休假去海灘或在山上找個替代住宿之類的東西。

I see all those trends accelerating.

我看到所有這些趨勢都在加速。

And that really helps that alternative accommodations because if you're going to take a couple of days away from work or you are working but you're not at work, you want something more than a double occupancy hotel probably.

這確實有助於替代住宿，因為如果你要離開工作幾天或者你正在工作但你不在工作，你可能想要的不僅僅是雙人入住的酒店。

You may want a separate room that you can do your work from.

您可能需要一個單獨的房間來完成您的工作。

So all of these things are coming together.

所以所有這些事情都在一起了。

So I think it is something that is accelerated already.

所以我認為這已經在加速了。

I think it's going to continue for a long time.

我認為它會持續很長時間。

And we feel pretty good about the fact that we are very well positioned and continue to grow out our alternative accommodations.

而且我們對我們處於非常有利的位置並繼續發展我們的替代住宿這一事實感到非常滿意。

At the same time, for the people who want that hotel, they want the resort, they want somebody else changing the sheets, we got that too.

同時，對於那些想要那家酒店的人來說，他們想要度假村，他們想要其他人更換床單，我們也有。

So I think for me, we're looking good for the future as travel comes back, which we know it will.

所以我認為對我來說，隨著旅行的回歸，我們對未來充滿希望，我們知道它會。

It always has.

它總是有。

It always will.

它總是會的。

And the more we read about some of these vaccines perhaps coming out in the not-so-distant future, we're pretty positive about the long term.

我們對這些疫苗中的一些可能在不遠的將來出現的了解越多，我們對長期來看就非常樂觀。

So I want to just give you some concluding remarks.

所以我只想給你一些結束語。

And I just have to absolutely thank all of our employees again.

我只需要再次感謝我們所有的員工。

They have been working so hard since the beginning of this crisis, helping our partners, helping our customers in these incredibly difficult times, doing it from home.

自這場危機開始以來，他們一直在努力工作，幫助我們的合作夥伴，在這些極其困難的時期幫助我們的客戶，在家裡做這件事。

The near term may be volatile.

近期可能會波動。

It's going to be volatile.

它會變得不穩定。

As I just said, I am so confident, though, about the long-term value proposition that we're putting together.

正如我剛才所說，儘管如此，我對我們正在製定的長期價值主張非常有信心。

I'm absolutely focused on the steps we're taking today to make sure we have a better company tomorrow.

我完全專注於我們今天採取的步驟，以確保我們明天擁有一家更好的公司。

So please everybody, please be safe and good night.

所以請大家注意安全，晚安。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating and you may now disconnect.

感謝您的參與，您現在可以斷開連接。