Booking Holdings Inc (BKNG) 2020 Q1 法說會逐字稿

Welcome to the Booking Holdings First Quarter 2020 Conference Call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements. Expressions of future goals or expectations and similar expressions reflecting something other than historical facts are intended to identify forward-looking statements. 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 statement at the end of the Booking Holdings' earnings press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

歡迎來到 Booking Holdings 2020 年第一季度電話會議。 Booking Holdings 提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。這些前瞻性陳述不是對未來業績的保證，並受某些難以預測的風險、不確定性和假設。因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果存在重大差異。未來目標或期望的表達以及反映歷史事實以外的事物的類似表達旨在識別前瞻性陳述。有關可能導致 Booking Holdings 的實際結果與前瞻性陳述中描述的結果存在重大差異的因素列表，請參閱 Booking Holdings 收益新聞稿末尾的安全港聲明以及 Booking Holdings 的最近向證券交易委員會提交的文件。

Unless required by law, Booking Holdings undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. A copy of Booking Holdings' earnings release -- press release, together with an accompanying financial and statistical supplement, is available in the For Investors section of Booking Holdings' website, www.bookingholdings.com.

除非法律要求，否則 Booking Holdings 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。可在 Booking Holdings 網站 www.bookingholdings.com 的“致投資者”部分獲取 Booking Holdings 收益發布的副本——新聞稿以及隨附的財務和統計補充資料。

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

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

Thank you, and welcome to Booking Holdings' First Quarter Conference Call. I'm joined this afternoon by our CFO, David Goulden. We are living in difficult times. Since our last call in February, the spread of COVID-19 has grown exponentially, bringing uncertainty, turmoil and with too many people, it's tragedy all over the world. What started as a regional outbreak, we had hoped would be contained and would follow the path of other new viruses like SARS or H1N1 has grown into a global pandemic of unprecedented proportions. We joined the global community and our sadness at this terrific suffering and loss of life and recognize the tremendous economic toll on so many people in so many countries.

謝謝，歡迎來到 Booking Holdings 第一季度電話會議。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。我們生活在困難時期。自我們 2 月份的最後一次通話以來，COVID-19 的傳播呈指數級增長，帶來了不確定性、動盪和太多人，這是全世界的悲劇。最初是一次區域性爆發，我們曾希望能夠得到遏制，並會像 SARS 或 H1N1 等其他新病毒一樣發展成為前所未有的全球大流行病。我們與國際社會一起對這種巨大的痛苦和生命損失感到悲傷，並認識到許多國家的許多人遭受的巨大經濟損失。

This virus has wreaked havoc on industries across the world. And this is, without a doubt, the biggest disruption to modern global travel the world has ever seen. Billions of people have been under stay-at-home orders, and there have been and continue to be closures of borders, government-enforced travel restrictions and strict guidelines regarding social distancing. These actions have profoundly affected our industry in every corner of this earth.

這種病毒對世界各地的工業造成了嚴重破壞。毫無疑問，這是世界上有史以來對現代全球旅行的最大破壞。數十億人一直處於居家令之下，邊界關閉、政府強制執行的旅行限制和關於社會距離的嚴格準則已經並將繼續存在。這些行動深刻地影響了我們這個地球每個角落的行業。

While our Q1 reported room nights declined 43% year-over-year, we did not see the virus' full negative force on our business until mid- to late March. So the 43% decline does not truly reflect the state of our business nor the travel industry today. In March, our reported room nights declined over 100%, meaning, we received more cancellations during that month in new bookings.

雖然我們第一季度的報告間夜量同比下降了 43%，但直到 3 月中下旬，我們才看到該病毒對我們的業務產生了全面的負面影響。因此，43% 的下降並不能真正反映我們的業務狀況，也不能反映當今旅遊業的狀況。 3 月份，我們報告的間夜數下降了 100% 以上，這意味著我們在該月收到了更多的新預訂取消。

Looking at things a different way. Our newly booked room nights, which exclude the impact of cancellations, were down over 60% year-over-year in March and down over 85% in April. This gives you a clear indication of how much our business is currently impacted by this crisis. That being said, while the virus impact on travel is unprecedented, I am confident that this crisis will eventually end and people will travel again. Travel is fundamental to who we are. And while it may take some time to return to pre-COVID-19 levels, we will get there eventually. And then we'd expect travel to continue to grow thereafter.

換個角度看事情。我們新預訂的間夜數（不包括取消的影響）在 3 月份同比下降超過 60%，在 4 月份下降超過 85%。這讓您清楚地了解我們的業務目前受這場危機的影響有多大。話雖如此，雖然病毒對旅行的影響是前所未有的，但我相信這場危機最終會結束，人們會再次旅行。旅行對於我們是誰至關重要。雖然恢復到 COVID-19 之前的水平可能需要一些時間，但我們最終會到達那裡。然後我們預計此後旅行將繼續增長。

So what are we doing now as we wait for effective treatments for a successful vaccine? During the first quarter, when it became clear that the virus impact was going to be more significant than anyone initially anticipated, we quickly developed a series of plans to help us navigate through these challenging times. One, stabilize the business from the immediate shock of the crisis; two, optimize the business for the expected decrease in travel demand over the next few years; and three, position the business to capture travel demand when it returns. So we can emerge from this crisis on strong footing and extend our leadership position.

那麼，在等待有效治療方法研製出成功的疫苗時，我們現在在做什麼呢？在第一季度，當很明顯病毒的影響將比任何人最初預期的都要嚴重時，我們迅速制定了一系列計劃來幫助我們度過這些充滿挑戰的時期。第一，從危機的直接衝擊中穩定業務；第二，針對未來幾年出行需求的預期下降優化業務；第三，定位業務以在返回時捕獲旅行需求。因此，我們可以從這場危機中站穩腳跟，並擴大我們的領導地位。

As we entered the stabilization phase at the beginning of the crisis, our employees' health and safety was a top priority. But what we have -- although we have a few offices currently open in Asia, the vast majority of our employees are now working from home, including our customer service teams, which is no small accomplishment considering the technology requirements and the huge increase in change requests and cancellations that we experienced. I am very proud of our teams and pleased to say that we are functioning well in this new distributed environment.

當我們在危機開始時進入穩定階段時，我們員工的健康和安全是重中之重。但我們所擁有的——雖然我們目前在亞洲開設了一些辦事處，但我們絕大多數員工現在都在家工作，包括我們的客戶服務團隊，考慮到技術要求和變化的巨大增加，這是一個不小的成就我們遇到的請求和取消。我為我們的團隊感到非常自豪，並很高興地說我們在這個新的分佈式環境中運作良好。

Another immediate priority was helping our customers and our supply partners. For a number of weeks, we were fielding a significantly higher number of daily inbound calls than we typically received. For our customers, this entailed supporting them as they sought refunds from bookings that were no longer possible due to government regulations or made requests to modify their travel plans. For our partners, many of whom do not have the ability to process such a large volume of customer service calls, we supported them by handling the unprecedented level of cancellations and date modifications request.

另一個當務之急是幫助我們的客戶和我們的供應合作夥伴。數週以來，我們每天接聽的呼入電話數量明顯多於我們通常收到的數量。對於我們的客戶而言，這需要在他們尋求因政府規定而不再可能的預訂退款或要求修改其旅行計劃時為他們提供支持。對於我們的合作夥伴，他們中的許多人沒有能力處理如此大量的客戶服務電話，我們通過處理前所未有的取消和日期修改請求來支持他們。

Looking ahead, we'll be working with our travel partners to create plans to stimulate travelers to book again once this crisis is behind us. We know how critical it will be to bring demand to our supply partners in a cost-effective way.

展望未來，我們將與我們的旅行合作夥伴合作制定計劃，以在這場危機過去後刺激旅行者再次預訂。我們知道以具有成本效益的方式為我們的供應合作夥伴帶來需求是多麼重要。

Also, as part of our stabilization plan, we took immediate steps to conserve cash and increase liquidity such as halting stock buybacks, dramatically reducing marketing spend worldwide, cutting nonessential costs, implementing a general hiring freeze and reducing executive compensation, with our brand CEOs and I forgoing salaries during this crisis, and the other senior managers throughout the company voluntarily reducing their base salaries and our Board of Directors forgoing their cash fees. In addition to reducing costs, we bolstered our liquidity by raising over $4 billion in debt. These measures have enabled us to have sufficient liquidity to weather a long period of significantly reduced travel demand and have the necessary resources to invest in securing demand when people are ready to travel again.

此外，作為我們穩定計劃的一部分，我們立即採取措施保存現金並增加流動性，例如停止股票回購、大幅減少全球營銷支出、削減非必要成本、實施全面招聘凍結和減少高管薪酬，我們的品牌首席執行官和在這場危機中，我放棄了薪水，整個公司的其他高級管理人員自願降低了基本工資，我們的董事會也放棄了現金費用。除了降低成本，我們還通過籌集超過 40 億美元的債務來增強我們的流動性。這些措施使我們能夠擁有足夠的流動性來應對長期大幅減少的旅行需求，並有必要的資源在人們準備好再次旅行時投資以確保需求。

We've now begun to refine and execute our optimized plan in which we will adapt to the new reality that assumes it will be -- likely be years, not quarters, before we witness a full recovery of global travel demand. We believe that either a vaccine or effective treatment is needed before people will feel fully comfortable traveling the way they did before the pandemic started. And even after our vaccine or treatment is declared safe and effective, we believe it may be some time before there is sufficient quantity and distribution of them to give people and governments confidence for people to travel freely.

我們現在已經開始完善和執行我們的優化計劃，我們將適應新的現實，假設它可能是幾年，而不是幾個季度，我們才能見證全球旅行需求的全面復甦。我們認為，需要疫苗或有效治療，人們才能完全放心地按照大流行開始前的方式旅行。即使在宣布我們的疫苗或治療方法安全有效之後，我們認為可能還需要一段時間才能有足夠的數量和分佈，讓人們和政府有信心讓人們自由旅行。

Furthermore, as in pre-COVID-19 days, that will be dependent on the overall economy, consumers' financial health, everyone gone through a very deep recession and consumers' confidence in their own economic futures. For these reasons, we expect travel to fully recover later than many other industries. However, when travel demand does start to recover, we believe there'll be attractive growth opportunities.

此外，與 COVID-19 之前的日子一樣，這將取決於整體經濟、消費者的財務健康狀況、每個人都經歷了非常嚴重的衰退以及消費者對自身經濟前景的信心。出於這些原因，我們預計旅遊業的全面復甦將晚於許多其他行業。然而，當旅遊需求確實開始復蘇時，我們相信將會出現有吸引力的增長機會。

We are in the process of assessing the cost structure of our entire company in developing plans to align it with expected market demand. As part of these efforts, we're also evaluating our strategic initiatives and the timing of significant expenditures.

我們正在評估整個公司的成本結構，以製定計劃使其與預期的市場需求保持一致。作為這些努力的一部分，我們還在評估我們的戰略舉措和重大支出的時間安排。

We intend to continue to invest in our key projects, such as payments, in the connected trip that we believe will position us well for the future. But we are also reexamining all areas of the company to see where can we reduce or delay cost where possible. Fortunately, our financial strength allows us to make strategic decisions oriented towards the long-term interest of the business.

我們打算繼續投資我們的關鍵項目，例如支付，我們相信這將為我們的未來做好準備。但我們也在重新審視公司的所有領域，看看我們可以在哪些方面降低或延遲成本。幸運的是，我們的財務實力使我們能夠做出以企業長遠利益為導向的戰略決策。

We recently completed a strategic evaluation of OpenTable and KAYAK, announcing last week a series of actions to reduce operating costs. Unfortunately, this included the decision to lay off and furlough some employees. As a principle during this crisis, we have not reached first for employee reductions to lower costs. But after making adjustments in other operating expense areas, we made the tough decision to ensure the size and scope of our business is proportionate to the new realities of the travel market. We are now working with the other brands to examine their cost structures, and we will be thoughtful and deliberate in our evaluations.

我們最近完成了對 OpenTable 和 KAYAK 的戰略評估，上周宣布了一系列降低運營成本的行動。不幸的是，這包括裁員和休假一些員工的決定。作為這場危機期間的一項原則，我們沒有首先達成裁員以降低成本的目標。但在對其他運營支出領域進行調整後，我們做出了艱難的決定，以確保我們的業務規模和範圍與旅遊市場的新現實相稱。我們現在正在與其他品牌合作，檢查他們的成本結構，我們將在評估中進行深思熟慮和深思熟慮。

In an attempt to minimize the impact on our employees during these difficult times, we have been evaluating and employing various governmental financial support programs. Booking.com recently announced that it would participate in the employee aid program offered by the United Kingdom. And we were able to place employees on furlough there, which has enabled employees to receive a significant portion of their full time salary.

為了盡量減少在這些困難時期對我們員工的影響，我們一直在評估和採用各種政府財政支持計劃。 Booking.com最近宣布將參與英國提供的員工援助計劃。我們能夠讓員工在那裡休假，這使員工能夠獲得他們全職工資的很大一部分。

We have also applied to the Dutch government 15E under the recently enacted program to support employment in the Netherlands. This program provides funds to Dutch companies impacted by this crisis and covers a portion of employee salaries for a 3-month period with the requirement that companies, which receive this aid, maintain employment during the time the aid is provided. These programs, along with all the other steps we have taken, will help us support employees and maintain jobs as we continue to fully evaluate the operating environment. We will continue to look at other available options that might help us mitigate near-term headcount reductions during this period of significantly reduced revenue.

我們還根據最近頒布的荷蘭就業支持計劃向荷蘭政府申請了 15E。該計劃向受此次危機影響的荷蘭公司提供資金，並支付為期 3 個月的部分員工工資，但要求接受該援助的公司在提供援助期間保持就業。這些計劃以及我們已採取的所有其他措施將幫助我們在繼續全面評估運營環境的同時支持員工和保住工作。我們將繼續研究其他可用選項，這些選項可能有助於我們在這段收入大幅減少的時期緩解近期裁員的影響。

The actions we are taking are stabilization and optimization phases are being done so that we can capitalize quickly and efficiently on travel demand when it becomes safe for people to travel again. We want to emerge from this crisis and a strong organization that is equipped to deliver for our customers and our partners will capitalize and in a position to increase our market share when the world is ready to travel again.

我們正在採取的行動是穩定和優化階段，以便我們可以在人們再次安全旅行時快速有效地利用旅行需求。我們希望擺脫這場危機，一個強大的組織能夠為我們的客戶和我們的合作夥伴提供服務，當世界準備好再次旅行時，我們的合作夥伴將利用並有能力增加我們的市場份額。

On a smaller but somewhat positive note, we are seeing some stability in our newly booked room night growth trends. We hope that this is the beginning of the road back to recovery, but it is simply too early to say with certainty. Some governments have seen progress in limiting or reducing the pandemic. They have slowly begun to reopen their economies, and we have seen new bookings, primarily for domestic travel, although still at very low levels. Some or many of these reservations may ultimately be canceled, but we believe it does show that travel for essential business and personal reasons will slowly return as society makes progress against the pandemic. As travel returns, we expect to see improvement in our revenue.

在較小但有些積極的方面，我們看到新預訂間夜增長趨勢有些穩定。我們希望這是恢復復甦之路的開始，但現在下定論還為時過早。一些政府在限製或減少大流行方面取得了進展。他們已經慢慢開始重新開放經濟，我們看到了新的預訂，主要是國內旅行，儘管仍然處於非常低的水平。其中一些或許多預訂最終可能會被取消，但我們相信這確實表明，隨著社會在抗擊疫情方面取得進展，出於基本業務和個人原因的旅行將慢慢恢復。隨著旅行的回歸，我們預計我們的收入會有所改善。

We are also prepared for disruption in that progress as relaxation of social distancing in some geographies may lead to a resurgence of infections and reinstatement of government restrictions. Our aim is to optimize the business to participate in the ultimate return of demand

我們也為這一進程的中斷做好準備，因為某些地區放鬆社交距離可能會導致感染捲土重來和政府限制措施的恢復。我們的宗旨是優化業務參與最終回報需求

(technical difficulty)

（技術難度）

Okay. Operator? Am I live on the line? Can we confirm that, please? I should know.

好的。操作員？我在線嗎？我們可以確認一下嗎？我應該知道。

Yes, you are, sir.

是的，你是，先生。

Thank you. Thank you, Glenn, and good afternoon. I'll review our operating results for the first quarter, discuss our stabilization initiative to bolster our liquidity and provide some color on trends we saw in April. All growth rates related 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。謝謝你，格倫，下午好。我將回顧我們第一季度的經營業績，討論我們為增強流動性而採取的穩定舉措，並為我們在 4 月份看到的趨勢提供一些色彩。除非另有說明，否則所有增長率均與上一年可比期間相關。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. At the time of our last earnings call on February 26, the outbreak of COVID-19 was largely contained to Asia, and we're yet to see a meaningful impact in our business across Europe or North America. As we moved into March, the COVID outbreak continues to spread throughout Europe and North America, leading to the eventual declaration of a global pandemic and the implementation of numerous travel restrictions and shelter-in-place orders. Not surprisingly, we saw a resulting sharp duration of our top line trends in March with significant levels of cancellations and a substantial reduction in the level of new bookings. Although we only felt the full brunt of the COVID-19 pandemic around mid- to late March, our Q1 results were still significantly negatively impacted.

現在談談我們本季度的業績。在我們於 2 月 26 日召開最後一次財報電話會議時，COVID-19 的爆發主要局限在亞洲，我們尚未看到對我們在歐洲或北美的業務產生重大影響。隨著我們進入 3 月，新冠肺炎疫情繼續在歐洲和北美蔓延，最終宣布全球大流行並實施多項旅行限制和就地避難令。毫不奇怪，我們看到 3 月份的收入趨勢持續時間很長，取消率很高，新預訂水平大幅下降。儘管我們在 3 月中下旬左右才感受到 COVID-19 大流行的全面衝擊，但我們第一季度的業績仍然受到了顯著的負面影響。

Our Q1 reported room nights declined 43% for the fourth quarter. However, that decline exceeded 100% in March. We received more cancellation of the new bookings in the month. Our cancellation rate peaked in mid-March, has been steadily improving since then as we work through the way the cancellation of bookings made prior to the imposition of restrictions on travel.

我們第一季度報告的第四季度間夜量下降了 43%。然而，這一跌幅在 3 月份超過了 100%。我們在本月收到了更多新預訂的取消。我們的取消率在 3 月中旬達到頂峰，此後一直在穩步提高，因為我們正在努力取消在實施旅行限制之前所做的預訂。

Gross bookings declined 51% in Q1, which is a greater decline than reported room nights due to average daily rates for accommodations decreasing about 15% year-on-year on a constant currency basis. Consolidated non-GAAP revenue for the first quarter was $2.3 billion and decreased 21% year-on-year. Revenue in the quarter was less negatively impacted the room nights and gross bookings due to the fact that many cancellations were received in Q1 were for checks-in that were expected to occur later -- were expected to occur in later quarters.

第一季度的總預訂量下降了 51%，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 15%。第一季度的合併非美國通用會計準則收入為 23 億美元，同比下降 21%。本季度的收入對間夜和總預訂量的負面影響較小，因為第一季度收到的許多取消是為了預計稍後會發生的入住——預計會在以後的幾個季度發生。

Adjusted Q1 for EBITDA was $290 million, which was down 60% year-on-year. We benefit from having a highly variable cost structure that naturally declines in periods of low travel demand. As Glenn noted, we are taking further actions in reducing other areas of spend as we stabilize and then move to optimize our line of cost structure with the new demand environment. With that being said, there were some areas of expense pressure in the quarter related to COVID-19 pandemic that I'll walk you through.

調整後的第一季度 EBITDA 為 2.9 億美元，同比下降 60%。我們受益於高度可變的成本結構，這種結構在旅行需求低迷時期自然會下降。正如格倫指出的那樣，隨著我們穩定下來，我們正在採取進一步行動減少其他領域的支出，然後根據新的需求環境優化我們的成本結構線。話雖如此，本季度有一些與 COVID-19 大流行相關的支出壓力領域，我將帶您了解一下。

Marketing expense, which is a highly variable expense, decreased 29% year-on-year, as we saw a significant reduction in demand in the paid channels. In addition, we took actions to substantially reduce our brand marketing spend in response to the diminished travel demand environment.

營銷費用是一種高度可變的費用，同比下降 29%，因為我們看到付費渠道的需求顯著減少。此外，我們採取行動大幅減少品牌營銷支出，以應對旅遊需求減少的環境。

We expect our marketing expense will remain significantly below 2019 levels for the remainder of the year. Sales and other expenses increased 75% year-on-year due primarily to $183 million increase in provisions for expected bad debt and other credit losses resulting from the COVID-19 pandemic. Excluding the impacts of the increased provision we recorded in the quarter, sales and other decreased 10% year-on-year as this expense line is substantially variable in nature. For example, we recorded lower expenses associated with payments in Q1. This reduction was partially offset by higher outsourced customer service costs as we work through the heavy volume of cancellations we received in the quarter.

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。銷售和其他費用同比增長 75%，這主要是由於 COVID-19 大流行導致的預期壞賬和其他信用損失準備金增加了 1.83 億美元。排除我們在本季度記錄的準備金增加的影響，銷售額和其他同比下降 10%，因為該費用項目本質上是可變的。例如，我們在第一季度記錄了與付款相關的較低費用。這一減少部分被外包客戶服務成本增加所抵消，因為我們正在處理本季度收到的大量取消訂單。

Personnel expense decreased 3% year-over-year, primarily due to a decrease in stock-based compensation, which was impacted by reduced financial performance as a result of the COVID-19 pandemic. Excluding SBC expenses, personnel increased 12% year-over-year. And although we have implemented a hiring freeze, personnel expense this quarter was impacted by annualized hires that were made last year. We expect the pressure on personnel expense will diminish as we move through the year.

人事費用同比下降 3%，這主要是由於股票薪酬減少，這是受到 COVID-19 大流行導致財務業績下降的影響。不包括 SBC 費用，人員同比增長 12%。儘管我們實施了招聘凍結，但本季度的人事費用受到去年年度招聘的影響。我們預計，隨著這一年的推進，人事費用的壓力將會減輕。

G&A expenses increased 6% year-over-year largely driven by higher indirect taxes, including digital service taxes. Excluding these indirect taxes, G&A expense decreased 7% year-over-year as we reduced discretionary expenses such as G&A expense. We will see less year-over-year pressure on G&A from digital service taxes once we lap the enactments of the French DST, which occurred in Q3 of last year.

G&A 費用同比增長 6%，這主要是受更高的間接稅（包括數字服務稅）的推動。不包括這些間接稅，G&A 費用同比下降 7%，因為我們減少了 G&A 費用等可自由支配的費用。一旦我們制定了去年第三季度發生的法國 DST，我們將看到數字服務稅對 G&A 的同比壓力較小。

Finally, information technology expenses increased 20% year-on-year, driven by higher software fees and outsourced data center and cloud costs.

最後，在軟件費用以及外包數據中心和云成本上漲的推動下，信息技術費用同比增長 20%。

On a GAAP basis, we incurred an operating loss of $308 million as our GAAP operating expenses in the quarter included a charge of $489 million related to an impairment of goodwill for OpenTable and KAYAK. This impairment charge is driven by a reduced financial projections as a result of the COVID-19 pandemic. We excluded the impairment of goodwill from our non-GAAP results.

根據 GAAP，我們產生了 3.08 億美元的運營虧損，因為我們本季度的 GAAP 運營費用包括與 OpenTable 和 KAYAK 商譽減值相關的 4.89 億美元費用。這一減值費用是由於 COVID-19 大流行導致財務預測減少所致。我們從我們的非 GAAP 結果中排除了商譽減值。

Our Q1 GAAP net loss was $699 million. Our Q1 GAAP net loss includes $307 million of pretax losses on our equity investments in Trip.com and Meituan and the $100 million impairment charge related to our strategic investments. This was partially offset by $33 million of FX remeasurement gains on our euro bonds. We exclude these unrealized losses, impairment charge and remeasurement gains from our non-GAAP results.

我們第一季度的 GAAP 淨虧損為 6.99 億美元。我們的第一季度 GAAP 淨虧損包括我們在 Trip.com 和美團的股權投資的 3.07 億美元稅前虧損以及與我們的戰略投資相關的 1 億美元減值費用。這部分被我們歐元債券的 3300 萬美元外匯重新計量收益所抵消。我們從我們的非 GAAP 結果中排除了這些未實現的損失、減值費用和重新計量收益。

Now on to our cash and liquidity position. Our Q1 ending cash and investment balance was $9.2 billion, which decreased from our December ending balance of $11.8 billion due to several factors, including the following primary drivers. First, we had $380 million of operating cash outflow in the quarter, which was driven by an $820 million use of cash due to change in working capital as well as the lower earnings we generated in the quarter. Working capital in Q1 was negatively impacted by a prepayment of taxes in the Netherlands of 719 -- $717 million that was subsequently refunded in April. The large reductions in our deferred merchant bookings, accounts payable and accrued expenses balances were mostly offset by the significant reduction in our accounts receivable balance in Q1. The deferred merchant booking reduction was driven by both lower bookings and customer refunds. We expect these balances will all continue to decline in the low level of bookings we are currently seeing in the business.

現在談談我們的現金和流動性狀況。我們第一季度的期末現金和投資餘額為 92 億美元，低於我們 12 月份的期末餘額 118 億美元，原因有幾個，包括以下主要驅動因素。首先，本季度我們有 3.8 億美元的運營現金流出，這是由於營運資本的變化導致 8.2 億美元的現金使用以及我們在本季度產生的較低收益所致。第一季度的營運資金受到荷蘭 719 美元預繳稅款的負面影響——7.17 億美元隨後於 4 月退還。我們的延期商戶預訂、應付賬款和應計費用餘額的大幅減少大部分被我們第一季度應收賬款餘額的大幅減少所抵消。延遲的商戶預訂減少是由較低的預訂和客戶退款推動的。我們預計這些餘額將在我們目前在業務中看到的低水平預訂中繼續下降。

Second, we repurchased $1.3 billion of our stock in Q1, almost all of which was purchased under a stock buyback plan we filed last November. We halted buybacks as soon as we recognize the growing impact of the pandemic. Third, we had CapEx of $80 million in the quarter. And finally, the value of our investments decline in parts by the $307 million unrealized loss on equity securities and the $100 million impairment related to a strategic investment that I mentioned earlier.

其次，我們在第一季度回購了 13 億美元的股票，幾乎所有這些都是根據我們去年 11 月提交的股票回購計劃購買的。一旦我們意識到大流行的影響越來越大，我們就停止了回購。第三，本季度我們的資本支出為 8000 萬美元。最後，我們的投資價值因 3.07 億美元的未實現股權證券損失和與我之前提到的戰略投資相關的 1 億美元減值而部分下降。

In addition, we had $106 million decline in investment value that did not impact the P&L but was reflected in the balance sheet. The majority of the remaining $288 million difference between cash and investments at year-end on March 31, is primarily due to the timing of the settlement of sales was from corporate bonds that were classified in prepaid expenses and other assets at the end of March. These sales were settled in April and moved into cash and investments.

此外，我們的投資價值下降了 1.06 億美元，這並未影響損益表，但反映在資產負債表中。截至 3 月 31 日年底，現金與投資之間剩餘的 2.88 億美元差額中的大部分主要是由於銷售結算的時間來自 3 月底分類為預付費用和其他資產的公司債券。這些銷售額已於 4 月結清，並轉為現金和投資。

In our efforts to stabilize the business from the immediate shock of the crisis, we've taken several steps to show up and bolster our liquidity position. We halted repurchasing our stock, and we will not initiate repurchases until we have better visibility into the shape and timing of a recovery from the COVID-19 pandemic.

在我們努力穩定業務免受危機的直接衝擊的過程中，我們採取了幾項措施來加強我們的流動性狀況。我們停止回購我們的股票，並且在我們更好地了解從 COVID-19 大流行中復甦的形式和時間之前，我們不會開始回購。

We worked to receive a refund in April of the prepayment of taxes in the Netherlands that was made early in Q1. We amended our revolving credit facility to substitute a minimum liquidity covenants for the previous leverage covenant through June 21 to ensure we continue to have access to the source of liquidity. And finally, and most notably, we completed a bond and convertible note offering on April 8 that raised $4.1 billion of capital.

我們努力在 4 月份收到了第一季度初在荷蘭預付的稅款的退款。我們修改了我們的循環信貸安排，以在 6 月 21 日之前用最低流動性契約替代之前的槓桿契約，以確保我們繼續獲得流動性來源。最後，也是最值得注意的是，我們在 4 月 8 日完成了債券和可轉換票據的發行，籌集了 41 億美元的資金。

If you adjust our March 31 ending cash investment balance of $9.2 billion for our bond and convertible note offering and the settlement of the corporate bond sales and the refund of the Dutch tax prepayments, all of which occurred in April, on March 31, cash and investment balance will increase to about $14.3 billion. Approximately $12 billion of this is highly liquid after considering the actions we've taken, including recently completing the sale of our Trip.com ADSs, moving on cash and investments into corporate -- moving on cash and investments in corporate bonds into AAA treasury and government money market funds. After the bond and convertible offering, we have about $13 billion of debt, $4 billion of which matures before the end of 2022.

如果您調整我們 3 月 31 日結束的現金投資餘額 92 億美元，用於我們的債券和可轉換票據發行以及公司債券銷售的結算和荷蘭預付款的退還，所有這些都發生在 4 月，即 3 月 31 日，現金和投資結餘將增至約143億美元。考慮到我們採取的行動後，其中約 120 億美元具有高流動性，包括最近完成了 Trip.com ADS 的出售，將現金和投資轉移到公司——將現金和公司債券投資轉移到 AAA 國債和政府貨幣市場基金。在債券和可轉換債券發行之後，我們有大約 130 億美元的債務，其中 40 億美元將在 2022 年底前到期。

Due to the COVID-19 crisis, I will not provide quarterly guidance like we normally do. However, I will provide some color from our preliminary April results, which will give you a clear picture of our recent top line trends considering that April was the first month fully impacted by the pandemic. As Glenn mentioned, our newly booked room nights in April were down over 85% year-on-year. As a reminder, newly booked room nights excludes the impact of cancellations. Of course, these new bookings may be canceled in the future, especially as the very high percentage of new bookings in April were made with flexible cancellation policies. Reported room nights continue to be negative in April as cancellations outpaced new bookings. We expect our revenue in April to have a greater year-on-year decline than newly booked room nights, considering the impact of the cancellations in March for April stays and also since many hotels, especially in Europe, were not open in April. New bookings revenue for the second quarter may vary from April's results, depending upon the level of travel demand and a combination of availability we experienced in May and June.

由於 COVID-19 危機，我不會像往常一樣提供季度指導。但是，我將從我們 4 月份的初步結果中提供一些顏色，考慮到 4 月份是受到大流行完全影響的第一個月，這將使您清楚地了解我們最近的收入趨勢。正如格倫所說，我們 4 月份新預訂的間夜量同比下降了 85% 以上。提醒一下，新預訂的間夜不包括取消的影響。當然，這些新預訂可能會在未來被取消，尤其是 4 月份的新預訂中有很大一部分是採用靈活的取消政策進行的。 4 月份報告的間夜數繼續為負數，因為取消的數量超過了新的預訂量。考慮到 3 月份取消 4 月份住宿的影響，以及許多酒店，尤其是歐洲的酒店，4 月份沒有營業，我們預計 4 月份的收入同比下降幅度將大於新預訂的間夜數。第二季度的新預訂收入可能與 4 月份的結果不同，這取決於旅行需求水平以及我們在 5 月和 6 月經歷的可用性組合。

Now as Glenn noted, we're seeing some stability in our newly booked room night growth trends with a year-on-year decline rate being quite consistent for our April after reducing rapidly through the first quarter. We believe that domestic travel will rebound sooner than international travel as we expect travelers to look to their home country or region first for a safe travel option.

現在，正如 Glenn 指出的那樣，我們看到新預訂間夜增長趨勢有些穩定，在第一季度迅速下降後，我們 4 月份的同比下降率非常一致。我們認為，國內旅行將比國際旅行更快反彈，因為我們預計旅行者會首先關注他們的祖國或地區以尋求安全的旅行選擇。

In April, we witnessed a meaningfully higher domestic mix in our business. Historically, domestic accommodation bookings represents about 45% of Booking.com's total business. And if we consider Western Europe as one market, the historic mix increases to about 55%. In April, Booking.com's domestic share increased to approximately 70%. And if you consider Western Europe as one market, the domestic mix increased over 75%.

4 月，我們見證了我們業務中明顯更高的國內組合。從歷史上看，國內住宿預訂約佔 Booking.com 總業務的 45%。如果我們將西歐視為一個市場，則歷史組合將增加到約 55%。 4 月份，Booking.com 在國內的份額增至約 70%。如果將西歐視為一個市場，則國內組合增加了 75% 以上。

Towards the end of April, we saw some very early indications that domestic travel was starting to return in certain markets where shelter-in-place rules were relaxed, including Greater China, South Korea, Vietnam and Germany. Newly booked room nights in the U.S. declined less than our global average in April, and we saw an improvement in domestic travel during April, but we cannot tie this to relaxing of shelter-in-place rules, and these have only happened in a few states and in recent days.

到 4 月底，我們看到一些非常早期的跡象表明，在某些放寬了就地避難所規定的市場，國內旅行開始恢復，包括大中華區、韓國、越南和德國。 4 月份美國的新預訂間夜降幅小於我們的全球平均水平，我們看到 4 月份國內旅行有所改善，但我們不能將這與放寬就地避難所規則聯繫起來，而且這些情況只發生在少數幾個國家州和最近幾天。

I must emphasize again that it's too early to say we're witnessing anything like a broad rebound in travel, especially as we've seen some countries like Singapore, where travel demand was less impacted than other places initially, but is now seeing significant travel demand decreases associated with new outbreaks. If we look across all our business, the rates -- the decline rate for newly booked room nights in the last few days in April was only a few percent better than the decline rate in the first few days.

我必須再次強調，現在說我們正在見證旅行的廣泛反彈還為時過早，尤其是我們已經看到像新加坡這樣的一些國家，這些國家的旅行需求最初受到的影響小於其他地方，但現在卻出現了顯著的旅行與新的爆發相關的需求減少。如果我們縱觀我們所有的業務，4 月份最後幾天新預訂間夜的下降率僅比前幾天的下降率好幾個百分點。

We've also observed a meaningful change in Booking.com's customer booking behavior. In April, their customers mainly booked either very close to stay or several months out. The combined mix of both very short booking and bookings for over 2 months' time is twice the normal amount. This booking behavior change has also been accompanied by an increase in mobile bookings, particularly in our app, helping drive a higher mix of direct bookings, and we'll continue to focus on providing our customers with a great app experience.

我們還觀察到 Booking.com 的客戶預訂行為發生了有意義的變化。 4 月份，他們的客戶主要預訂非常接近或幾個月的住宿。非常短的預訂和超過 2 個月的預訂的組合是正常數量的兩倍。這種預訂行為的變化還伴隨著移動預訂的增加，特別是在我們的應用程序中，有助於推動更高的直接預訂組合，我們將繼續專注於為我們的客戶提供出色的應用程序體驗。

As Glenn emphasized, we have a tough road ahead of us as we look to navigate through the unprecedented challenges that COVID-19 has presented to us. We're working hard to stabilize our business through actions, including our cost-savings initiatives and a significant bolstering of our liquidity position. We'll continue to optimize our business and our costs to align with expected market demand, and we'll work to position ourselves to capitalize upon the reemergence of travel demand, when that time occurs and whenever that demand occurs. We have the confidence that through these actions, we'll be well positioned to come out of this crisis and extend our global leadership role in the travel marketplace. With that, we will take your questions.

正如 Glenn 強調的那樣，我們面臨著一條艱難的道路，因為我們希望應對 COVID-19 給我們帶來的前所未有的挑戰。我們正在努力通過行動來穩定我們的業務，包括我們的成本節約計劃和顯著增強我們的流動性狀況。我們將繼續優化我們的業務和我們的成本以符合預期的市場需求，我們將努力定位自己以利用旅行需求的重新出現，當那個時間和需求出現時。我們有信心，通過這些行動，我們有能力走出這場危機，並擴大我們在旅遊市場的全球領導地位。這樣，我們將回答您的問題。

And David, can you hear me?

大衛，你能聽到我說話嗎？

I can hear you now, Glenn.

我現在能聽到你的聲音了，格倫。

Thank you.

謝謝。

(Operator Instructions) The first response is from Mark Mahaney, RBC Capital.

（操作員說明）第一反應來自 RBC Capital 的 Mark Mahaney。

Maybe I'll try 2 questions. First, David, I think at the end, you talked about this increase in app bookings or a rise in direct bookings. Is that something you actually were able to drive that just happened randomly? And is there a way that coming out of this crisis that at the margin, you can tilt more of your bookings to you can accelerate this transition to direct bookings? And then secondly, thanks for the data points on the improvements in a couple of the markets. Any quantification on those? Is there any way to say that any of these markets, South Korea, Vietnam, whatever, are back at down 50% or something like that? Like what's the -- can you kind of draw the curve a little bit, if it -- or it may be too early?

也許我會嘗試 2 個問題。首先，大衛，我想最後，你談到了應用程序預訂的增加或直接預訂的增加。那是你實際上能夠駕駛的東西，只是隨機發生的嗎？有沒有一種方法可以擺脫這場危機，使您可以將更多的預訂傾斜到可以加速向直接預訂的過渡？其次，感謝有關幾個市場改進的數據點。對這些有任何量化嗎？有沒有什麼辦法可以說這些市場中的任何一個，韓國、越南等，都回到了 50% 或類似的水平？就像是什麼——你能稍微畫一下曲線嗎，如果它——或者它可能為時過早？

Yes, Mark, Thanks. This is David. I'll take that. Let me go to the second question first. We have called out markets where there's been a double-digit improvement in the rate of decline from the start of April to the end of April. We really only kept our remarks through the month of April because early trends in May are too early to call. So I'm not going to tell you exactly how much they're down. I mentioned to the historical, even with this improvement we've seen in these markets, our all-in room night decline rate is only a few points better at the end of the month than it was at the start. But the markets that we called out we see double-digit improvements during the course of the month of April.

是的，馬克，謝謝。這是大衛。我會接受的。先說第二個問題。我們指出了從 4 月初到 4 月底下降速度出現兩位數改善的市場。我們實際上只保留了 4 月份的評論，因為 5 月份的早期趨勢還為時過早。所以我不會告訴你他們到底跌了多少。我向歷史提到，即使我們在這些市場上看到了這種改善，我們在月底的全包間夜下降率也只比月初好幾個點。但我們指出的市場在 4 月份期間出現了兩位數的增長。

In terms of the shift towards app, first of all, I'll just caveat, as I said before, anything that we talk about in terms of April, when we're running at kind of 10% to 15% of our normal volumes, you have to take and qualify through that lens and try not to draw too big a trend from it. We did see during the course of the month that we saw more app customers, we saw more Genius customers, which is often tied to app use as well. And we're pleased the fact that in the areas we saw some demand increase or we saw the residual demand occur, more was going into the app. We'll continue to try and emphasize the app as we come first because we want to make sure that we drive more direct business and of course to the app, is one of the strongest ways to drive direct business. But I wouldn't say there was a particular strategy that drove us there. I'm pleased that, that's the way the things came out, and we're going to continue to understand how our customers are buying and try and continue that trend as demand starts to recover.

關於向應用程序的轉變，首先，正如我之前所說，我只是提醒一下，我們在 4 月份談論的任何事情，當時我們的運行量約為正常量的 10% 到 15% , 你必須通過那個鏡頭來接受和限定，並儘量不要從中得出太大的趨勢。在這個月的過程中，我們確實看到我們看到了更多的應用程序客戶，我們看到了更多的 Genius 客戶，這通常也與應用程序的使用有關。我們很高興在我們看到一些需求增加或我們看到剩餘需求發生的領域，更多的人進入了應用程序。我們將繼續嘗試並強調應用程序，因為我們希望確保我們推動更多直接業務，當然，應用程序是推動直接業務的最強大方式之一。但我不會說有一種特殊的策略驅使我們走到了那裡。我很高興，事情就是這樣發生的，我們將繼續了解客戶的購買方式，並在需求開始復蘇時嘗試並延續這一趨勢。

Your next response is from Kevin Kopelman with Cowen.

你的下一個回復來自 Kevin Kopelman 和 Cowen。

Great. I just wanted to just dig into the cost trends that you're seeing in April and also what you're planning for going forward. So could you help us think about that? Maybe starting with advertising, how that might trend relative to that new bookings metric? And then moving on to personnel and your other big chunks of expenses, what you're planning for there?

偉大的。我只是想深入了解您在 4 月份看到的成本趨勢以及您未來的計劃。那麼你能幫我們考慮一下嗎？也許從廣告開始，相對於新預訂指標的趨勢如何？然後轉向人事和其他大筆開支，你在那裡計劃什麼？

David, you want to take it?

大衛，你要拿走它嗎？

Yes. Thank you, Kevin. Thank you, Glenn. Let me take that. So marketing expenses are going to correlate quite closely to the rate of newly booked room nights. So you can assume a close correlation there. I've actually walked through a number of these in the prepared remarks to Q1, Q2, but just to summarize, sales and other -- obviously, a piece of that is -- a large piece of that is tied to our merchant platform, and that is variable with volume, but things like customer service costs and bad debt, as you saw, was a major factor in Q1. Those may continue to be a factor in Q2.

是的。謝謝你，凱文。謝謝你，格倫。讓我拿那個。因此，營銷費用將與新預訂間夜率密切相關。所以你可以假設那裡有密切的相關性。實際上，我已經在準備好的 Q1、Q2 評論中介紹了其中的一些內容，但只是總結一下，銷售和其他——顯然，其中很大一部分是——很大一部分與我們的商家平台相關，這隨數量變化，但如您所見，客戶服務成本和壞賬等因素是第一季度的主要因素。這些可能繼續成為第二季度的一個因素。

Next biggest area, of course, is personnel. And as we mentioned, the hiring freeze and the other actions that we took did not have much of an impact in Q1. In Q2, you'll get the full impact of those. Also to the extent that we are successful with our application for government aid that would generally help Q2. And some of the optimization actions that we've already taken, like KAYAK and OpenTable, will also help Q2.

下一個最大的領域當然是人員。正如我們所提到的，招聘凍結和我們採取的其他行動對第一季度沒有太大影響。在第二季度，您將獲得這些的全部影響。此外，我們在申請政府援助方面取得了成功，這通常會對第二季度有所幫助。我們已經採取的一些優化措施，如 KAYAK 和 OpenTable，也將有助於第二季度。

So as we move through the year and continue with optimization activities, that will also help with personnel expenses. We move through the year, although the government aid programs will be mainly focused upon Q2 and not the second half. As I mentioned, the pressure will decrease on G&A, particularly as we start to lap the DST expenses last year. And information technology is an interesting line. We saw obviously a fair amount of pressure on that in Q1. I pointed out that some of those costs related to our volumes. And even though our revenues were basically not pretty high in Q1, the volumes that we had to process through the business, through refunds and cancellations, et cetera, were also high and that drove IT costs up. That was one of the factors we expect there to be less pressure on that line going through the rest of the year.

因此，隨著我們度過這一年並繼續進行優化活動，這也將有助於減少人員開支。儘管政府援助計劃將主要集中在第二季度而不是下半年，但我們全年都在前進。正如我所提到的，G&A 的壓力將會減少，尤其是當我們去年開始減少 DST 費用時。信息技術是一條有趣的路線。我們顯然在第一季度看到了相當大的壓力。我指出其中一些成本與我們的數量有關。儘管我們在第一季度的收入基本上不是很高，但我們必須通過業務、退款和取消等方式處理的數量也很高，這推高了 IT 成本。這是我們預計今年餘下時間該線路壓力較小的因素之一。

And then if I could just ask one quick follow-up. Can you talk about how successful you've been in getting refunds out to customers who've had to cancel and also helping them coordinate refunds when they're dealing with the hotels?

然後我是否可以問一個快速跟進。你能談談你在為不得不取消的客戶獲得退款以及在他們與酒店打交道時幫助他們協調退款方面有多成功嗎？

Yes. Well, Glenn, take that one.

是的。好吧，格倫，拿著那個。

Yes. So this is a difficult issue. We have customers who have purchased reservations far in the future perhaps, that were nonrefundable. And then there was a case of a pandemic and is a force majeure situation. We have a situation where the customer says, well, I can't travel because the government has said that you cannot travel there and we have hoteliers who are saying, wait, I can't refund everybody, I may have even spent the money here, and it's a difficult situation. So we always believe in trying to do what is best for the customers, and our contracts with our hoteliers is completely set up for this exact situation, in force majeure situation, in which case, and he goes over a long history of travel that in a situation like this, the hotel should refund the customer.

是的。所以這是一個很難的問題。我們有一些客戶可能在很遠的將來購買了預訂，這些預訂是不可退款的。然後是大流行的情況，是不可抗力的情況。我們有這樣一種情況，客戶說，好吧，我不能旅行，因為政府說你不能去那裡旅行，我們有酒店經營者說，等等，我不能給每個人退款，我什至可能已經花掉了錢在這裡，這是一個困難的局面。因此，我們始終相信努力為客戶做最好的事情，我們與酒店經營者的合同完全針對這種情況，在不可抗力的情況下，在這種情況下，他回顧了漫長的旅行歷史像這樣的情況，酒店應該給客人退款。

So what we'll do is we will provide the monies to the customer and recover from the hotel. Now we've talked about that there is an issue. Many of these hotels are closed right now. There's nobody actually there to have discussions with. We hope to get a significant portion over, but we don't know yet if you're not talking with the people. We always want to come up with a good relationship with hotels. So as they reopen, as things start again, we want to do this in the best way possible. I don't think we have any specific numbers to give. David has put in the reserves. And I think that's -- we hope for the best going forward.

所以我們要做的是將錢提供給客戶並從酒店收回。現在我們已經談到了一個問題。許多這些酒店現在都關門了。實際上沒有人可以與之討論。我們希望完成很大一部分，但我們還不知道你是否在與人們交談。我們總是希望與酒店建立良好的關係。因此，當他們重新開放時，隨著一切重新開始，我們希望以最好的方式做到這一點。我認為我們沒有任何具體數字可以提供。大衛已經投入了儲備金。而且我認為那是 - 我們希望最好的前進。

Your next response is from Naved Khan of SunTrust.

您的下一個回復來自 SunTrust 的 Naved Khan。

Just a couple of questions. So in the new bookings that are coming in, are you seeing any kind of a pattern in terms of people -- more people opting for maybe alternative lodging versus the hotel or vice versa? And then in terms of just the fixed cost, I think, David, you gave us a sense of where these were. On your Q4 call, I think you said less than 50% of the OpEx. And after the initiatives that you're taking -- that you've taken or will take, give us some sense of where these could land ultimately.

只是幾個問題。因此，在即將到來的新預訂中，您是否看到任何一種人的模式——更多的人選擇替代住宿而不是酒店，反之亦然？然後就固定成本而言，我認為，大衛，你讓我們了解了這些成本在哪裡。在您的第 4 季度電話會議上，我認為您說的運營支出不到 50%。在您採取的舉措之後——您已經採取或將要採取的舉措，讓我們了解這些舉措最終會落到哪裡。

Yes. Naved, on the new bookings, I mentioned the fact that we're seeing a bit of, what I call as, dumbbell in the car parking, which means that they're either pretty close to the current stay or they're a long way out. What happened in the first quarter is hotel and alternative performed about the same. So they basically were almost in lockstep from a growth point of view throughout the quarter. In April, we saw a shift to alternative associated with those longer-term bookings. So we saw alternative combinations doing better in the April bookings, particularly at the far end of the dumbbell, which is the 2-month plus out bookings, particularly in the domestic markets where we saw some decent return rates in the domestic markets in the month of April. So that's what we saw relative to the mix.

是的。 Naved，在新預訂中，我提到了一個事實，即我們在停車場看到了一些我稱之為啞鈴的東西，這意味著他們要么非常接近當前住宿，要么很長一段時間出路。第一季度發生的事情是酒店和替代品的表現大致相同。因此，從整個季度的增長角度來看，他們基本上幾乎步調一致。 4 月，我們看到了與這些長期預訂相關的替代方案的轉變。因此，我們看到替代組合在 4 月份的預訂中表現更好，特別是在啞鈴的遠端，即 2 個月以上的預訂，尤其是在國內市場，我們在當月看到了不錯的國內市場回報率四月。這就是我們看到的相對於混合的情況。

On the fixed costs, we are still -- as Glenn said, I think he went through a fair amount of detail in his commentary. We are still building our optimized plans for many parts of the business. We really only put those in place yet in one of our business segments, and we're working through the other business segments as we speak. And of course, the timing of that is also going to be tied to what we're doing around some of the government A programs. So I don't want to come with a number just yet. I'll give you a data point, for example, that the reductions that we took at KAYAK and OpenTable, reduced the personnel and office expenses there by about 20%. And those will be part of that fixed or semi-fixed cost base we talked about. That's one example. Beyond that, I really don't want to go into any more detail to come to finalize our plans yet, but as we do and when we do, we'll let you know what we expect them to do to our cost base.

關於固定成本，我們仍然——正如格倫所說，我認為他在評論中介紹了相當多的細節。我們仍在為業務的許多部分制定優化計劃。我們實際上只將這些放在我們的一個業務部門中，而我們正在通過其他業務部門開展工作。當然，時間安排也將與我們圍繞一些政府 A 計劃所做的工作有關。所以我現在還不想給出一個數字。我給大家舉個數據，比如說，我們在KAYAK和OpenTable上所做的削減，將那裡的人員和辦公費用減少了大約20%。這些將成為我們談到的固定或半固定成本基礎的一部分。那是一個例子。除此之外，我真的不想透露更多細節來最終確定我們的計劃，但正如我們所做的那樣，當我們這樣做時，我們會讓你知道我們希望他們對我們的成本基礎做些什麼。

Your next response is from Brian Nowak of Morgan Stanley.

你的下一個回復來自摩根士丹利的布賴恩諾瓦克。

This is Alex Weng on for Brian. Just 2 questions. One, Glenn, you talked about sort of positioning the business to become stronger. Can you talk to us a little bit how you think about new strategies or approach in the U.S. market specifically coming out of the downturn? And then the second question, just given the state home dynamics and with strong social media use, do you see an opportunity to potentially use more social advertising to drive growth coming out of the downturn?

這是 Alex Weng 的 Brian。只有2個問題。一，格倫，你談到了某種定位業務以變得更強大。你能和我們談談你如何看待美國市場特別是從經濟低迷中走出來的新戰略或方法嗎？然後是第二個問題，考慮到國家的動態和強大的社交媒體使用，您是否看到有機會潛在地使用更多社交廣告來推動增長走出低迷？

Thanks, Alex. It's very important for us as we come out as optimize to make sure that we're doing everything we can to become a better competitor in the U.S. We've talked in the past that we believe we under-index in the U.S., and that is something that is important to counter and be able to do. One of the things that we believe is providing a better overall value proposition to the customers. But it's also as we talked in the past, is making our customers more -- or potential customers aware of this better value proposition. And that goes through the connected trip that we've talked about in the past.

謝謝，亞歷克斯。這對我們來說非常重要，因為我們以優化的方式出現，以確保我們正在盡一切努力成為美國更好的競爭對手。我們過去曾說過，我們認為我們在美國的指數不足，而且重要的是要反擊並能夠做到。我們相信的一件事是為客戶提供更好的整體價值主張。但這也正如我們過去所說的那樣，讓我們的客戶或潛在客戶意識到這個更好的價值主張。這貫穿了我們過去討論過的連接旅行。

Now importantly, we think that we'll be able to buy something different and better to the consumer. But your point is a good one about social media and how do we get that message to those consumers. And with our CMO came from Google, who has been here about 10 months now, we absolutely believe that social area -- social media is a way to try and drive that message to the consumer. And we will be doing things in the future, albeit always looking what's the right ROI for that. It does us no good to waste advertising money.

現在重要的是，我們認為我們將能夠為消費者購買不同的、更好的東西。但是你的觀點是關於社交媒體的一個很好的觀點，以及我們如何將信息傳達給那些消費者。我們的首席營銷官來自谷歌，他已經在這里工作了大約 10 個月，我們絕對相信社交領域——社交媒體是一種嘗試將信息傳遞給消費者的方式。我們將在未來做一些事情，儘管總是在尋找合適的投資回報率。浪費廣告費對我們沒有好處。

Your next response is from Lloyd Walmsley of Deutsche Bank.

你的下一個回復來自德意志銀行的 Lloyd Walmsley。

Two questions, if I can. First, can you just talk about how you see the P&L coming out of this? And specifically, do you think that performance marketing can structurally benefit perhaps from lower competition in advertising auctions? And then secondly, wondering if you're seeing any shift between kind of urban and more ski-and-beach type of locations in April bookings? And given somewhat of a shift to alternative, give us an update on how you feel about your whole home inventory position as people perhaps look to locations with less urban density.

兩個問題，如果可以的話。首先，您能談談您如何看待由此產生的損益嗎？具體來說，您是否認為績效營銷可以從結構上受益於廣告拍賣中較低的競爭？其次，想知道在 4 月份的預訂中，您是否看到城市類型和更多滑雪海灘類型地點之間的任何轉變？考慮到轉向替代方案的情況，請向我們提供您對整個家庭庫存狀況的最新看法，因為人們可能會尋找城市密度較低的地點。

All right. Well, let me start with the second one first about the nature of the -- where is the demand going in April and such. And I can't give any more specifics beyond what we've already described to a slight increase in people going for the alternative combinations over home. I can say, no, there's not a lot of skiing in April. So that's what I can tell you. Remind me, your first question was?

好的。好吧，讓我從第二個開始，首先是關於 4 月份需求的性質等等。除了我們已經描述過的在家尋求替代組合的人數略有增加之外，我無法提供更多細節。我可以說，不，四月份滑雪的人不多。這就是我可以告訴你的。提醒我，你的第一個問題是？

First question was do you -- how do you see the P&L coming out of this? And then might there be some longer-term structural benefits and lower competition in advertising auctions?

第一個問題是你 - 你如何看待由此產生的損益？那麼在廣告拍賣中可能會有一些長期的結構性好處和較低的競爭嗎？

Yes. So one of the things that I think is important to understand, while we do believe that, certainly, because of this pandemic, some of the smaller players in the industry are going to have trouble going forward. But the big players are still going to be around. They're going to be very competitive as they were in the past. And they are the ones who are the sophisticated players in the performance marketing area.

是的。因此，我認為了解其中一件事很重要，雖然我們確實相信，由於這種流行病，該行業的一些較小的參與者肯定會在未來遇到麻煩。但大玩家仍將存在。他們將像過去一樣非常有競爭力。他們是績效營銷領域的資深參與者。

So I don't think it's going to change a great deal there since the people who've been competing against us in the past are going to be the same people going forward. So I don't see significant change in that area. In terms of the P&L, when we get to that place down the road, that's shining sun where we have fully recovered, I hope to be doing what we did in the past, we have the leading margins in the industry and still growing nicely. And that's about the best one can put forward in terms of a long-term prediction.

所以我認為這不會有太大改變，因為過去與我們競爭的人將是同樣的人。因此，我認為該領域沒有重大變化。就損益而言，當我們到達那個地方時，那是我們已經完全恢復的陽光燦爛的地方，我希望做我們過去所做的事情，我們在行業中擁有領先的利潤率並且仍在良好增長。就長期預測而言，這大概是最好的預測了。

Your next response is from Doug Anmuth of JPMorgan.

您的下一個回復來自摩根大通的 Doug Anmuth。

This is Dae Lee, on for Doug. So first one, can you just talk about your business travel mix, what the mix was going into COVID-19? And do you have any data that suggests maybe business is helping recovery in some of the markets where you are seeing some? And then in those markets where you are seeing some pickup in demand, were those countries recovering in a similar manner? Just looking to see if the time line in those countries can help educate us on how other country recoveries might look like going forward?

這是 Dae Lee，代表 Doug。那麼首先，您能否談談您的商務旅行組合，COVID-19 的組合是什麼？您是否有任何數據表明業務可能正在幫助您看到的某些市場的複蘇？然後在您看到需求有所回升的那些市場中，這些國家是否以類似的方式複蘇？只是看看這些國家的時間表是否可以幫助我們了解其他國家/地區的複蘇可能會如何發展？

So why don't I take the latter one, while David take the former one. One of the things I think is somewhat -- I think it's something that can be deceiving in terms of trying to take what has happened in one country and then model outcomes everywhere else. And we've seen a little bit of cases where countries have begun to open up doing better. But then because they opened up the economy, there's a resurgence in infection, and then they put in the reinstatement of the restrictions and things go back. And I think it's hard to do that. And also, you have different countries that have different travel patterns. And also -- so I definitely would not take what is happening in one and then apply that across the entire world, saying, okay, that's how this is going to roll out. I think that'd be a chance to come up with a very bad prediction for the future. And David, in terms of the first question?

那麼，為什麼我不選擇後者，而大衛選擇前者。我認為其中一件事在某種程度上是——我認為這可能是一種欺騙，因為它試圖採用一個國家發生的事情，然後在其他地方模擬結果。我們已經看到一些國家開始開放並做得更好的案例。但後來因為他們開放了經濟，感染又捲土重來，然後他們恢復了限制，一切又回來了。我認為很難做到這一點。而且，不同的國家有不同的旅行模式。而且——所以我絕對不會把發生在一個人身上的事情應用到整個世界，說，好吧，這就是將要推出的方式。我認為那將是一個對未來做出非常糟糕的預測的機會。大衛，就第一個問題而言？

Nothing really -- no major update on business travel as we don't have a formal percentage. We have a self-declared estimate that maybe as much as 1/5 of our business might be business travel, but it's not an always in numbers. It's not a number that we really track or spend a lot of time looking at. It's basically just a self-declared booking field. What I would say is -- and obviously, as Glenn said, we're just talking about very small deviation. We're trying to give as much color as we can for what we saw in April. What I will tell you, and it's pretty obvious that our domestic business was -- rates grew appreciably faster than the international rates. And to the extent that business travel was international, that's still very depressed. I'm not saying a large piece of -- obviously, a chunk of it is. So that's another way to look at it. We don't really have any specific data for the month of April, what happened to business travel versus non-business travel other than the fact that we know what happened to domestic versus international.

沒什麼——因為我們沒有正式的百分比，所以沒有關於商務旅行的重大更新。我們有一個自我聲明的估計，可能多達 1/5 的業務可能是商務旅行，但這並不總是數字。這不是我們真正跟踪或花費大量時間查看的數字。它基本上只是一個自我聲明的預訂字段。我要說的是——顯然，正如格倫所說，我們只是在談論非常小的偏差。我們正在努力為我們在四月份看到的東西提供盡可能多的顏色。我要告訴你的是，很明顯我們的國內業務是——利率增長明顯快於國際利率。就商務旅行的國際化程度而言，這仍然非常令人沮喪。我並不是說很大一部分——顯然，其中很大一部分是。所以這是另一種看待它的方式。我們真的沒有 4 月份的任何具體數據，商務旅行與非商務旅行相比發生了什麼，除了我們知道國內與國際發生了什麼。

Your next response is from Stephen Ju of Crédit Suisse.

您的下一條回復來自瑞士信貸銀行的 Stephen Ju。

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（技術難度）

earning and experimenting to merchandise better to the customer and connected travel have been themes you've been talking about for some time now. But with the demand environment being what it is, does that slow down the product development team in terms of the ability to innovate? Because I guess there's a comparative lack of data in consumer behavior. I guess your competitors are probably struggling with the same difficult circumstances as well. But strictly, as you think about what you wanted to achieve for booking in terms of product development? And what the company looks like on the other side of the crisis?

賺錢和嘗試向客戶提供更好的商品以及互聯旅行一直是您談論了一段時間的主題。但在需求環境如此的情況下，這是否會降低產品開發團隊的創新能力？因為我猜消費者行為方面的數據相對缺乏。我猜你的競爭對手可能也在同樣困難的情況下掙扎。但嚴格來說，當您考慮在產品開發方面想要為 booking 實現什麼目標時？公司在危機的另一端是什麼樣子的？

You're right. One of the things that's been a great advantage for us is our experimentation ability because with more data, we're able to come up with insights and be able to develop things much faster. And that's always been a great advantage for us. And if there's no demand, you're right, it's hard to put something in and say, is this working or not? How well does this work or not. So I agree with you that, but one can still make great insights with what, in comparison, a small amount of data, but still can give you the insights. Don't forget, we were a lot smaller 10, 15 years ago but we were able to come up with a lot of new things that were very valuable and help make us a leader in innovation in this industry. And we believe that we'll still be able to do that. And the connected trip will still be going forward because we do believe, and we are seeing -- we're seeing data before COVID that was indicating we're going in the right way. And I do believe that this will continue going forward. As demand comes back, we'll be able to do more and more with that data.

你說得對。對我們來說很大的優勢之一是我們的實驗能力，因為有了更多的數據，我們能夠提出見解並能夠更快地開發東西。這對我們來說一直是一個很大的優勢。如果沒有需求，你是對的，很難把東西放進去說，這行不通？這是否有效。所以我同意你的看法，但是相比之下，少量數據仍然可以給你帶來深刻的見解。別忘了，10、15 年前我們的規模要小得多，但我們能夠想出很多非常有價值的新事物，幫助我們成為這個行業創新的領導者。我們相信我們仍然能夠做到這一點。而且連接的旅行仍將繼續前進，因為我們相信，而且我們正在看到——我們在 COVID 之前看到的數據表明我們正在以正確的方式前進。我相信這將繼續向前發展。隨著需求的恢復，我們將能夠利用這些數據做越來越多的事情。

Your next response is from Eric Sheridan of UBS.

你的下一個回復來自瑞銀的 Eric Sheridan。

The inventory longer term, Glenn, any views about how supply might consolidate on the other side of COVID-19 just because of the benefits of needing scale versus some of the historical trends, which could be quite a positive for the OTAs as demand is needed and demand starts to pick up. Looking back at past periods, the OTAs tend to take share and tend to be a better partner for the hotel industry. So just curious about the relationship with supply and how you, yourself, see supply evolving over the long-term on the other side of COVID-19?

從長遠來看，格倫，任何關於供應如何在 COVID-19 的另一邊整合的觀點，僅僅是因為需要規模與一些歷史趨勢相比的好處，這對 OTA 來說可能是非常積極的，因為需要需求需求開始回升。回顧過去，OTA 往往會搶占市場份額，成為酒店業更好的合作夥伴。所以只是好奇與供應的關係，以及您自己如何看待 COVID-19 另一端的供應長期演變？

In the long run, in the very long run, there'll be supply that will be commensurate with what it was before COVID and it will match up with what it is in the long run. There may be, there may be in the period right now going forward, we're going through this recovery, that there may be some decline in some areas of supply that just isn't as great a place to stay. And therefore, the demand doesn't go there and prices have adjusted that the better quality places are a little bit cheaper and people will go grab it there.

從長遠來看，從長遠來看，供應將與 COVID 之前的情況相稱，並且將與長期的情況相匹配。可能有，可能在現在的這段時間裡，我們正在經歷這次復蘇，某些地區的供應可能會有所下降，而這些地區並不是一個適合居住的好地方。因此，需求不會去那裡，價格也會調整，質量更好的地方會便宜一點，人們會去那裡搶。

But here's the point. The buildings don't disappear. The hotel business doesn't -- the building there -- if there's demand, it will get to maybe a new owner, it may be recapitalized and such. But it will be there. So I think in the long run, I am not concerned about a constraint on supply that impacts our ability to provide great value to the consumer at all or a chance that the supplier doesn't need us anymore. I don't see that happening at all.

但這就是重點。建築物不會消失。酒店業務沒有——那裡的建築——如果有需求，它可能會得到一個新的所有者，它可能會進行資本重組等等。但它會在那裡。所以我認為從長遠來看，我不擔心供應限制會影響我們為消費者提供巨大價值的能力，或者供應商不再需要我們的機會。我根本沒有看到這種情況發生。

Your next response is from Deepak Mathivanan of Barclays.

您的下一個回復來自巴克萊銀行的 Deepak Mathivanan。

Glenn, how would you characterize your answer to the previous question on the alternative accommodation side? I mean alternative accommodations has a great mix of inventory from urban apartments to with traditional vacation rentals, and also people like hosts that are using this in homes. Have you seen any meaningful disruption on that side? Is that something that's going to change meaningfully long term in your view?

格倫，你如何描述你對上一個關於替代住宿方面問題的回答？我的意思是替代住宿有很多庫存，從城市公寓到傳統度假租賃，還有像房東這樣的人在家裡使用它。你在那邊看到過任何有意義的破壞嗎？在您看來，從長遠來看，這會發生有意義的改變嗎？

And then second question, I was also going to ask about your thoughts on investing behind brand. It feels like particularly in markets like U.S., you can invest on brand and then support it with some of the direct channels to capture a meaningful share of the initial recovery demand. What are your views on that?

然後第二個問題，我也想問一下你對品牌投資的看法。感覺尤其是在美國這樣的市場，你可以投資品牌，然後通過一些直接渠道支持它，以在最初的複蘇需求中佔據有意義的份額。你對此有何看法？

Sure. Let me talk about the first one, we'll go back to the second one. So in terms of alternative accommodations, interesting question about, will there be a decline in the supply because there's no demand right now for many of them, and they just say, well, I'm not going to bother with this, one. Two, is there an issue people are -- decide this isn't a great thing to do because they're concerned about having strangers in their homes and just don't want to have that, how long does that go for? You have also the trends beforehand about the regulatory environment, does this issue of the pandemic increase regulatory restraints on the supply or not?

當然。先說第一個，回過頭來說第二個。因此，就替代住宿而言，一個有趣的問題是，供應是否會減少，因為目前對其中許多住宿沒有需求，他們只是說，好吧，我不會為此煩惱，一個。第二，人們是否存在一個問題——認為這不是一件好事，因為他們擔心家裡有陌生人，只是不想有陌生人，這種情況會持續多久？監管環境也有預先的趨勢，這次疫情是否會增加對供應的監管限制？

The flip side of that is very interesting, of course, is where did the Airbnb and a lot of this business really come out of was the Great Recession in 2008, 2009, where a lot of people said I need to get extra income, so I'll rent out my spare bedroom or something of that nature. Now of course, it's more to do a much more professional, I think. I think in the end, this is a good business for everybody. People like alternative accommodations. The people, the host -- the people own these properties, people who are doing those COGS industries, they like it. It's good money. And as demand comes back, they'll continue to do it. And there will be supply to meet that demand on the demand side. People, as you see right now, in just April alone, people see a need for it. I think that's good.

當然，另一方面非常有趣的是，Airbnb 和很多這類業務真正從哪裡冒出來的是 2008 年、2009 年的大蕭條，當時很多人說我需要獲得額外收入，所以我會出租我空餘的臥室或類似的東西。我認為，現在當然要做得更專業。我認為最終，這對每個人來說都是一件好事。人們喜歡另類住宿。人，主人——擁有這些財產的人，從事這些 COGS 行業的人，他們喜歡它。這是很好的錢。隨著需求的恢復，他們將繼續這樣做。並且將有供應來滿足需求方的需求。人們，正如你現在所看到的，僅在四月份，人們就看到了對它的需求。我覺得這樣很好。

I really don't see a lot of changes. One of the things -- and I'll just use your question to point to this is that people think the world is going to be so different and I don't think the world is going to be hugely different once we get past this. There have been pandemics in the past. I'll go back 100 years, go back, Hong Kong, flu, there have been pandemics. There have been terrible things. But in the end, people want to travel, people are willing to supply accommodations. And I don't see that there's going to be a great change in the long run. And your other question was?

我真的沒有看到很多變化。其中一件事——我只是用你的問題來指出這一點，人們認為世界將會變得如此不同，我認為一旦我們度過了這個世界，世界將不會有太大的不同。過去曾發生過流行病。我要倒退 100 年，回去，香港，流感，大流行。發生了可怕的事情。但最終，人們想要旅行，人們願意提供住宿。而且我不認為從長遠來看會有很大的變化。你的另一個問題是？

Yes. It was just on using brand advertising and supported with direct channels to capture a lot of the incremental demand during the initial recovery curve. Do you think that's something that's possible? How are you thinking about it, at least in certain markets like U.S., where it feels like brand advertising can be more efficient initially?

是的。它只是在使用品牌廣告和直接渠道的支持下，在最初的恢復曲線中捕獲了大量的增量需求。你認為這是可能的嗎？您如何看待它，至少在某些市場，如美國，品牌廣告最初可以更有效率？

Well, we're talking with the whole marketing team about that. One of the things you don't want to be doing -- the reason we're not brand advertising right now is you don't want to be putting a message out when nobody is really listening or very few people are listening to it and you're spending the money for the number of people who you're spreading this message to who really are not interested in traveling right now. That's not an efficient use of the money. I talked a little earlier about we really want to be ROI-efficient in this. So I'm not sure -- certainly, when we think that enough people are ready to travel, then it'd be good to start pushing that message out to them. The critical thing is, when is that right point. We'll be measuring very carefully to see when that right time is.

好吧，我們正在與整個營銷團隊討論這個問題。你不想做的一件事——我們現在不做品牌廣告的原因是你不想在沒有人真正傾聽或很少有人傾聽的情況下發布信息，並且你花的錢是為了向那些現在真的對旅行不感興趣的人傳播這條信息。這不是對錢的有效使用。我早些時候談到我們真的想在這方面提高投資回報率。所以我不確定——當然，當我們認為有足夠多的人準備好旅行時，最好開始向他們傳達這一信息。關鍵是，什麼時候是正確的點。我們將非常仔細地衡量，看看什麼時候是正確的時間。

Your next response is from Justin Post of Bank of America.

您的下一個回復來自美國銀行的 Justin Post。

Two questions, and I apologize if they have been asked. But first, thinking about your merchant platform today, much bigger than before, does that help you when people are ready to come back and hotels are engaging with different offers or pricing or things like that? And then secondly, if you assume where people are going to travel in their own countries versus international, does that change anything for ADRs or your market share or your take rates?

兩個問題，如果有人問我，我深表歉意。但首先，想想你今天的商業平台，比以前大得多，當人們準備回來並且酒店正在提供不同的優惠或定價或類似的東西時，這對你有幫助嗎？其次，如果你假設人們將在自己的國家和國際旅行，這會改變 ADR 或你的市場份額或你的收入率嗎？

Well, I'll do the first one. I'll let David talk to the second one. The merchant platform will be very important, and that's why we do believe it's unimportant for us to continue to invest in our payments product and get that out because, as you point out, providing value, providing the right price, putting it together through that connected trip, that's one of the things we've talked about a lot. We still believe this is a great thing for consumers, really being able to put together different packages in a way.

好吧，我會做第一個。我會讓大衛與第二個人交談。商家平台將非常重要，這就是為什麼我們認為繼續投資我們的支付產品並將其推出並不重要，因為正如您指出的那樣，提供價值，提供合適的價格，通過連接旅行，這是我們經常談論的事情之一。我們仍然相信這對消費者來說是一件好事，真正能夠以某種方式組合不同的包裝。

So paying one way and clearly, one of the things, too, is us having more control over the cash makes it much easier if a refund is needed to be doing it from one thing instead of a customer having to deal with refunds from their air, from their hotel, from their car, maybe other things that are -- attractions, they did and all different people they talked to try and get refund from. By doing in one package connected trip with us through our merchant payment platform, we'll be able to give much better value, both in the time when they buy it and even if they have to deal with getting a refund. So that's more important. And David, I'll let you talk about ADRs and what do you think.

因此，以一種方式支付，而且很明顯，其中一件事是我們對現金有更多的控制權，這使得如果需要退款從一件事上做起來更容易，而不是客戶必須處理他們的航空退款，從他們的酒店，從他們的汽車，也許其他的東西——景點，他們做了，他們和所有不同的人交談，試圖從他們那裡獲得退款。通過我們的商戶支付平台與我們進行一攬子聯運旅行，我們將能夠提供更好的價值，無論是在他們購買時還是在他們不得不處理退款的情況下。所以這更重要。大衛，我會讓你談談美國存託憑證以及你的想法。

Yes, sure. Thanks, Justin. So historically, both ADRs and length of stay has been a little shorter for domestic travel because people's longer trips would be international and therefore, they've been going towards higher ADRs and long length of stay. Now to the extent those international trips get moved back into the domestic marketplace, that distinction may actually not be as great. Because if the domestic marketplace was generally more short-term oriented and that mix shift and it becomes more the place where people want to go for their longer, major vacations, et cetera, that may not be as big a factor as it was before and there's really no difference in take rates.

是的，當然。謝謝，賈斯汀。因此，從歷史上看，國內旅行的 ADR 和停留時間都略短，因為人們的長途旅行將是國際旅行，因此，他們一直在追求更高的 ADR 和更長的停留時間。現在，就這些國際旅行重新回到國內市場而言，這種區別實際上可能沒有那麼大。因為如果國內市場通常更加短期導向並且混合轉變並且它更成為人們想要去度過更長的主要假期等的地方，那麼這可能不會像以前那樣重要並且採取率真的沒有區別。

Your next response is from Daniel Powell of Goldman Sachs.

你的下一個回復來自高盛的丹尼爾鮑威爾。

Great. Two, if I may. First is kind of to build on the question around timing of advertising and when you decide to sort of step back on the gas. I guess sort of what are you looking for sort of indicate when would be a good time to step in? And what would your expectation be around ROIs, if there's been somewhat of a vacuum created from hotels and other partners perhaps not being as able or willing to spend when things start to look a little bit better? And then the second question, you mentioned maintaining good relationships with your suppliers. Wondering if you could sort of give us a sense of during the global financial crisis, what did your relationships -- what did your access to inventory look like coming out of that environment versus what you might expect in this one?

偉大的。兩個，如果可以的話。首先是圍繞廣告時間以及您何時決定退回油門的問題。我想你在尋找什麼來表明什麼時候是介入的好時機？如果酒店和其他合作夥伴在情況開始好轉時可能沒有能力或不願意花錢，那麼您對投資回報率的期望是什麼？然後是第二個問題，您提到與供應商保持良好的關係。想知道您是否可以讓我們了解一下在全球金融危機期間，您的關係是什麼——您從那個環境中獲得庫存的方式與您在這個環境中可能期望的情況相比如何？

Sure. So regarding the brand advertising, I'm sure you'll forgive me for saying, I'm not -- I really don't want to give away exactly when we're going to put on the gas or what the signals are so our competitors can then get a jump on that. I'm sure you will understand that. Look, it is important, though, for us to feel that we are going to be effective in using that brand advertising and going through it. And as the question earlier about there's a lot of the things that we can do desktop now and be able to put out what is half video, half home, half brand and half performance through video channels that you can start seeing some better response and a better sense of what your ROIs are not be able to be a little bit more selective in how you use that. I think we're going to definitely be pushing that away.

當然。所以關於品牌廣告，我相信你會原諒我說的，我不是——我真的不想透露我們什麼時候開始加油或者信號是什麼然後我們的競爭對手就可以搶先一步。我相信你會明白這一點。看，重要的是讓我們覺得我們將有效地使用該品牌廣告並通過它。正如之前的問題，我們現在可以在桌面上做很多事情，並且能夠通過視頻渠道發布一半視頻、一半家庭、一半品牌和一半表演的內容，你可以開始看到一些更好的回應和更好地了解您的 ROI 不能在您如何使用它時更具選擇性。我認為我們肯定會把它推開。

In regards to the supply relationships and the Great Recession as a model going forward, we were very pleased to see that and this is why we feel comfortable and confident to talk about how a deep recession can be helpful to distributors because in the past, the suppliers leaned in heavily into distributors who had demand for the obvious reason, that if you're at hotel and you're running at 40% or 30% actually, right? You need to get that demand, and we're here to provide it to them. So that helps build that better relationship and I do think that's what you're going to see going forward. And I do agree. I think that some of them may not be doing as much brand advertising as perhaps they were in the past and that would be due to cash constraints and other things where they need to make sure they're maintaining a certain amount of cash flow.

關於供應關係和大蕭條作為未來的典範，我們很高興看到這一點，這就是為什麼我們很樂意和有信心談論深度衰退如何對分銷商有所幫助，因為在過去，供應商大量依賴有需求的分銷商，原因很明顯，如果你在酒店，你實際上以 40% 或 30% 的速度運行，對嗎？你需要得到這種需求，而我們在這里為他們提供。所以這有助於建立更好的關係，我認為這就是你未來會看到的。我同意。我認為他們中的一些人可能沒有像過去那樣做那麼多的品牌廣告，這可能是由於現金限制和其他他們需要確保保持一定數量現金流的事情。

Your next response is from Lee Horowitz of Evercore ISI.

您的下一個回復來自 Evercore ISI 的 Lee Horowitz。

Great. Given the moves you guys have made with your balance sheet and shorten things up and obviously depressed private and public valuations, I'm wondering how you're thinking about your potential ability to be a acquirer of assets across the travel space during this crisis, given your strong balance sheet?

偉大的。鑑於你們在資產負債表上採取的措施並縮短了資產負債表並明顯壓低了私人和公共估值，我想知道你們如何看待在這場危機期間成為整個旅遊領域資產收購方的潛在能力，考慮到您強大的資產負債表？

Well, we like -- we always like having a strong balance sheet for many reasons, that being one of them. And of course, valuations, as we know, have changed drastically, but they've changed drastically for a reason. And so a risk factor is significantly increased than it was a short time ago. So our -- the way we approach acquiring assets or any type of acquisition, is always the same, which is we measure in terms of what will add to our business for the franchise to help consumers and partners, what is that's going to be great? What do we think about management? Do we think they're good? Do we think they can help us or not? And if not, can we operate this or will this add without that management team?

好吧，我們喜歡 - 我們總是喜歡擁有強大的資產負債表，原因有很多，這就是其中之一。當然，正如我們所知，估值已經發生了巨大變化，但它們發生巨大變化是有原因的。因此，風險因素比不久前顯著增加。所以我們——我們收購資產或任何類型的收購的方式總是一樣的，我們衡量的是什麼會增加我們的特許經營業務以幫助消費者和合作夥伴，什麼是好的？我們如何看待管理？我們覺得他們好嗎？我們認為他們可以幫助我們嗎？如果沒有，我們可以在沒有管理團隊的情況下運營這個還是會增加？

This is something that we always -- we built our company through M&A, as you know, and we're going to continue to look out for that. But we recognize that this is a frothy time, and we have to be careful and picky in terms of what we do because the risk factors are much higher now. And David, do you want to talk anything more about the balance sheet or no? Okay.

這是我們一直以來的做法——如您所知，我們通過併購建立了我們的公司，我們將繼續關注這一點。但我們認識到這是一個充滿泡沫的時期，我們必須謹慎和挑剔我們所做的事情，因為現在的風險因素要高得多。大衛，你想再談談資產負債表嗎？好的。

No.

不。

All right.

好的。

Okay. Our final question is from James Hardiman of Wedbush Securities.

好的。我們的最後一個問題來自 Wedbush Securities 的 James Hardiman。

So really appreciate all the data points on March and April, obviously, somewhat limited. But I wanted to take a step back. I was curious if you guys have done some consumer work. It seems like you're in a unique position to sort of understand what types of travel consumers are most likely to reengage in the soonest? Obviously, there's air travel, hotels, restaurants, vacation homes, apartments, even car rental, all of which you guys have your -- a piece of. How are you thinking about which of those are most likely to resume normality, the quickest?

所以非常感謝 3 月和 4 月的所有數據點，顯然，有些有限。但我想退後一步。我很好奇你們是否做過一些消費者工作。您似乎處於一個獨特的位置，可以了解哪種類型的旅遊消費者最有可能最快重新參與？顯然，有航空旅行、旅館、餐館、度假屋、公寓，甚至汽車租賃，你們都有自己的——一部分。您如何考慮其中哪些最有可能恢復正常，最快？

Well, what we've seen is the hotel area, and David talked a little bit about what we've seen in that. A lot of air is still extremely limited, whether by government restrictions, like people who go to certain countries or the amount of flights and times available. And people just general are fearful about getting on a plane right now. And you may have seen, for example, the Ryanair data that just came out in Europe, Ryanair is a good bellwether for air travel in Europe in April. It was essentially almost nothing, but really almost nothing.

好吧，我們看到的是酒店區域，大衛談到了我們在那裡看到的一些東西。許多空氣仍然非常有限，無論是政府限制，比如去某些國家的人還是可用的航班數量和時間。一般人都害怕現在上飛機。而你可能也看到了，比如剛剛在歐洲出爐的瑞安航空數據，瑞安航空是4月份歐洲航空旅行的一個很好的領頭羊。它基本上幾乎沒有，但實際上幾乎沒有。

And that's, unfortunately, what we've seen in other parts of the world, extremely low amounts of air travel. But it's all will go somewhat together as people feel more comfortable about how their entire situation. It's the vaccine we talk about, it's a treatment perhaps, it's also in their economic situation, all those things. So I think what we'll see as things start coming back, yes, some things will be the other one. But I think overall, it will all come back pretty very similar.

不幸的是，這就是我們在世界其他地方看到的情況，航空旅行量極低。但隨著人們對自己的整體情況感到更加自在，這一切都會有所進展。這是我們談論的疫苗，也許是一種治療方法，也是他們的經濟狀況，所有這些。所以我認為隨著事情開始回歸，我們會看到，是的，有些事情會是另一回事。但我認為總的來說，一切都會非常相似。

Got it. And then last question from me, if I may. It sounds like you're not quite ready to give any sort of a monthly cash burn number, just given some of the expense optimization that's still going on. But maybe walk us through some of the puts and takes. You've got about $1 billion of deferred merchant bookings. How quickly is that coming down? Are there timing differences between when you provide refunds to customers versus when you're getting those refunds from the hotels? And then, can you help us with an interest number given the transactions that's taking place relatively?

知道了。然後是我的最後一個問題，如果可以的話。聽起來你還沒有準備好提供任何類型的每月現金消耗數字，只是考慮到一些仍在進行的費用優化。但也許可以引導我們完成一些推銷和收購。您有大約 10 億美元的延期商家預訂。下降的速度有多快？您向客戶提供退款的時間與您從酒店獲得退款的時間是否存在差異？然後，考慮到相對發生的交易，你能幫我們提供一個利息數字嗎？

Yes. Well, thank you, James. So maybe I'll wrap up with this one. So we haven't given a cash flow projection for the year. We did give you an indication as to kind of what our cash position would look like at the end of 2021 before we did our bond offering and now because we have significantly $4.1 billion more than that. So we're not going to get into to a monthly burn. We walk you through the changes to our balance sheet for working capital movements in Q1. Those balances will continue to reduce until we start to get travel demand occurring once again.

是的。嗯，謝謝你，詹姆斯。所以也許我會用這個來結束。所以我們沒有給出今年的現金流量預測。在我們發行債券之前，我們確實向您說明了我們的現金狀況在 2021 年底會是什麼樣子，現在我們的現金狀況比這多了 41 億美元。所以我們不會陷入每月燒錢的境地。我們將帶您了解第一季度營運資金流動資產負債表的變化。這些餘額將繼續減少，直到我們開始再次出現旅行需求。

And I think the best way to handle it is once we've really gone through our optimization plans, and we decided where we're going to reset our cost base, too, at that point in time, we'll give you more color as to where we are. I do not have an interest rate number for you off the top of my head, but we can follow-up with everybody forward with that one.

而且我認為最好的處理方法是一旦我們真正完成了優化計劃，並且我們決定了我們將在哪裡重置我們的成本基礎，到那個時候，我們會給你更多的顏色至於我們在哪裡。我沒有給你一個利率數字，但我們可以跟進每個人的後續行動。

There are no further questions in the queue at this time. I'd like to turn the call back over to Glenn Fogel.

目前隊列中沒有其他問題。我想把電話轉回給 Glenn Fogel。

Thank you. I understand there was a technical difficulty. And some of the last part of my speech -- my prepared remarks were cut off. I think what actually works out well because the last 2 paragraphs, which were actually a nice way to close this off. So let me just close that off for everyone. Look, we know the progress against the pandemic is going to be disruptive at times as relaxation of social distancing in some geographies may lead to a resurgence of infections and/or reinstatement of government restrictions.

謝謝。我知道存在技術困難。還有我演講的最後一部分——我準備好的發言被截斷了。我認為實際效果很好，因為最後兩段實際上是結束這一點的好方法。所以讓我為大家結束這個。聽著，我們知道抗擊大流行病的進展有時會具有破壞性，因為某些地區放鬆社交距離可能會導致感染捲土重來和/或恢復政府限制。

Our aim is to optimize the business to participate in the ultimate return of demand, manage our expenses in light of our best estimate of the shape of that return, invest in our business to build on our leadership position in the industry and serve our customers, employees and partners and build shareholder value going forward. We have a tough road ahead of us. And we have been through many difficult issues in the past, the last few weeks, and we're going to have some in the future, the weeks, the months and quarters to come.

我們的目標是優化業務以參與最終的需求回報，根據我們對回報形狀的最佳估計來管理我們的費用，投資我們的業務以鞏固我們在行業中的領導地位並為我們的客戶服務，員工和合作夥伴，並在未來建立股東價值。我們面前有一條艱難的道路。我們在過去、過去幾周經歷了許多困難的問題，我們將在未來、幾週、幾個月和幾個季度遇到一些困難。

The pace, scale and impact of COVID-19 is unprecedented. But we know one day, we will be on the other side, and we are doing everything we can to ensure we are well positioned to navigate through these challenging times. We have the confidence that with a highly variable cost structure, strong cash and liquidity, great global brand awareness and some of the best people anywhere, we are well positioned to come out of this crisis and extend our leadership role in the global travel ecosystem.

COVID-19 的速度、規模和影響是前所未有的。但我們知道有一天，我們會站在另一邊，我們正在盡一切努力確保我們有能力度過這些充滿挑戰的時代。我們有信心，憑藉高度可變的成本結構、強勁的現金和流動性、良好的全球品牌知名度以及各地最優秀的人才，我們有能力走出這場危機，並擴大我們在全球旅游生態系統中的領導地位。

Now I'm going to close by giving a heartfelt thank you to all the employees, our customers, our partners and the governments as we work through these difficult days together. And to our employees, I have never been more proud of you and your enormous efforts to support our customers, partners everywhere. We know there will be more tough days ahead. Not just for us, but for so many people, industries all over the world. But I am confident we will get through it.

現在，在我們共同度過這些艱難的日子時，我要向所有員工、我們的客戶、我們的合作夥伴和政府表示衷心的感謝。對於我們的員工，我從未像現在這樣為你們以及你們為支持我們的客戶和合作夥伴所做的巨大努力感到驕傲。我們知道未來會有更多艱難的日子。不僅對我們而言，對全世界的許多人和行業也是如此。但我相信我們會挺過去的。

And lastly, I want to say thank you to all the frontline workers out there. The doctors and nurses, the scientists trying to come up with a cure or a vaccine, the delivery people, the people making sure there'll be food in the stores, basically, to everybody in a job that is designated as critical, to all of you working night and day to help our world get through this, thank you from all of us at Booking Holdings. Good night.

最後，我想對所有奮戰在一線的工作人員說聲謝謝。醫生和護士，試圖想出治療方法或疫苗的科學家，送貨員，確保商店裡有食物的人，基本上，對於從事被指定為關鍵工作的每個人，對所有人你們中的一些人夜以繼日地工作以幫助我們的世界度過難關，感謝我們 Booking Holdings 的所有人。晚安。

Thank you. This concludes today's conference call. You may now disconnect. Have a good day.

謝謝。今天的電話會議到此結束。您現在可以斷開連接。祝你有美好的一天。