Booking Holdings Inc (BKNG) 2022 Q1 法說會逐字稿

Welcome to Booking Holdings First Quarter 2022 Conference Call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are 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.

歡迎來到 Booking Holdings 2022 年第一季度電話會議。 Booking Holdings 想提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述符合 1995 年《私人證券訴訟改革法案》的安全港條款。這些前瞻性陳述並非對未來業績的保證，並受制於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。

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 statements at the end of Booking Holdings' earnings press release as well as Booking Holdings most recent filings with the Securities and Exchange Commission.

未來目標或期望的表達以及反映歷史事實以外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聲明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 最近的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. A copy of Booking Holdings' earnings press release, together with an accompanying financial and statistical supplement, is available in the For Investors section of Booking Holdings' website, www.bookingholdings.com.

除非法律要求，否則 Booking Holdings 不承擔因新信息、未來事件或其他原因而公開更新任何前瞻性陳述的義務。 Booking Holdings 的收益新聞稿副本以及隨附的財務和統計補充資料可在 Booking Holdings 網站 www.bookingholdings.com 的投資者部分獲取。

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

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

Thank you, and welcome to Booking Holdings' First Quarter Conference Call. I'm joined this afternoon by our CFO, David Goulden.

謝謝，歡迎來到 Booking Holdings 的第一季度電話會議。今天下午，我們的首席財務官 David Goulden 加入了我的行列。

I am pleased to begin by reporting that our first quarter was a record. Our customers booked $27 billion in gross bookings, the highest quarterly amount ever. The continued improvement in our room night trends increased accommodation ADRs, and significant growth in our global flights products all contributed to achieving this gross bookings record.

我很高興首先報告我們的第一季度是創紀錄的。我們的客戶預訂了 270 億美元的總預訂量，這是有史以來最高的季度金額。我們房間夜趨勢的持續改善增加了住宿 ADR，我們的全球航班產品的顯著增長都促成了這一總預訂量記錄。

In our accommodations business, we saw a meaningful improvement from last year with first quarter room nights declining only 9% versus Q1 2019, which was an improvement of 12 percentage points from our fourth quarter 2021 results. Our bookings continue to strengthen in April, with room nights increasing 10% and gross bookings up over 30% versus 2019, making April a record month for gross bookings and the first month that global room nights exceeded 2019 levels.

在我們的住宿業務中，與去年相比，我們看到了顯著的改善，第一季度的客房夜數與 2019 年第一季度相比僅下降了 9%，這比我們 2021 年第四季度的業績提高了 12 個百分點。我們的預訂量在 4 月份繼續增長，與 2019 年相比，客房夜數增加了 10%，總預訂量增加了 30% 以上，使 4 月成為總預訂量創紀錄的月份，也是全球客房間夜數首次超過 2019 年水平的月份。

At Booking.com, I'm encouraged by the strong gross bookings already recorded for the summer period, which are over 15% higher than at the same point in 2019. In Western Europe and North America, gross bookings for the summer period are now over 30% ahead of where we were at this point in 2019, though I note that a high percentage of these bookings are cancelable.

在 Booking.com，我對夏季期間已錄得的強勁總預訂量感到鼓舞，這比 2019 年同期高出 15% 以上。在西歐和北美，夏季期間的總預訂量現在儘管我注意到這些預訂中有很大一部分是可以取消的，但比我們在 2019 年的這一點提前了 30% 以上。

Of course, our brands, our other brands, we are seeing the benefits of the global recovery from the pandemic with strong travel demand in the U.S. for Priceline, a rapid recent improvement in trends in Asia for Agoda, an uptick in international flight searches at KAYAK, and the return of diners to restaurants for OpenTable.

當然，我們的品牌，我們的其他品牌，我們看到了全球從大流行中復甦的好處，美國對 Priceline 的強勁旅行需求，最近亞洲市場對 Agoda 的趨勢迅速改善，國際航班搜索量上升KAYAK，以及食客返回餐廳的 OpenTable。

In many countries, especially across Europe and Asia, travel restrictions were eased in the first quarter, which we believe has contributed to the strengthening of travel demand trends. As we have said before, when leisure travelers believe it is safe to travel and restrictions are lifted, people book travel. With that being said, there are still restrictions and inconveniences imposed on travelers today by some countries, though we believe that the industry is moving in the right direction and progressing back to normalcy.

在許多國家，尤其是在歐洲和亞洲，第一季度旅行限制有所放鬆，我們認為這有助於加強旅行需求趨勢。正如我們之前所說，當休閒旅行者認為旅行是安全的並且限制被解除時，人們就會預訂旅行。話雖如此，一些國家今天仍然對旅行者施加限制和不便，儘管我們相信該行業正在朝著正確的方向發展並恢復正常。

While we are pleased with the trends we are seeing right now across our brands, as we look towards the rest of the year, we are cognizant of the potential for macro uncertainty and are aware that inflation or other macro factors may have an impact on consumer demand. Now before providing further updates on our business, I want to address the devastating war in Ukraine. Since first hearing the terrible news of Russia's invasion of Ukraine, our first priority was the safety of our colleagues and supporting them through this time. We worked closely with our employees and their families in Ukraine to provide them with safe refuge, and we have continued to support humanitarian efforts in the region.

雖然我們對我們目前在品牌中看到的趨勢感到滿意，但在展望今年餘下的時間時，我們認識到宏觀不確定性的可能性，並意識到通貨膨脹或其他宏觀因素可能會對消費者產生影響要求。現在，在提供有關我們業務的進一步更新之前，我想先談談烏克蘭的毀滅性戰爭。自從第一次聽到俄羅斯入侵烏克蘭的可怕消息以來，我們的首要任務是確保我們同事的安全並支持他們度過這段時間。我們與在烏克蘭的員工及其家人密切合作，為他們提供安全的避難所，並繼續支持該地區的人道主義工作。

As we previously disclosed, in early March, we suspended travel services in Russia and Belarus. By mid-March, Booking.com developed and launched a no-commission initiative that enabled properties in select European countries to offer free or heavily discounted accommodations to refugees fleeing Ukraine. We believe that about 30,000 refugees have been provided with places to stay through this initiative so far. We continue to work closely with our hotel and home partners and expect to expand this program to more properties in the region.

正如我們之前披露的那樣，3 月初，我們暫停了俄羅斯和白俄羅斯的旅行服務。到 3 月中旬，Booking.com 制定並啟動了一項免佣金計劃，使部分歐洲國家的酒店能夠為逃離烏克蘭的難民提供免費或大幅折扣的住宿。我們相信，到目前為止，通過這一舉措，已經為大約 30,000 名難民提供了住宿地點。我們將繼續與我們的酒店和家庭合作夥伴密切合作，並希望將此計劃擴展到該地區的更多酒店。

As an example, Booking.com has partnered with Hilton and the UN Refugee Agency to make it easy for NGOs to book temporary accommodations on behalf of refugees fleeing the war in Ukraine. These rooms have been made available for free by Hilton at hundreds of their properties across Europe, which we, in turn, are providing through our platform. I am very proud of our team's quick actions to help our employees, customers, partners and the many people impacted by these tragic events. And of course, we all hope this barbaric violence ends soon.

例如，Booking.com 與希爾頓和聯合國難民署合作，讓非政府組織可以輕鬆地為逃離烏克蘭戰爭的難民預訂臨時住宿。希爾頓在歐洲的數百家酒店免費提供這些客房，而我們又通過我們的平台提供這些客房。我為我們的團隊迅速採取行動幫助我們的員工、客戶、合作夥伴和受這些悲慘事件影響的許多人感到非常自豪。當然，我們都希望這種野蠻的暴力行為盡快結束。

Let's now turn to the progress we're making in our business. We continue our work strengthening our core combination business by driving benefits to our traveler customers and to our supply partners. For our customers, we are focused on their critical needs of value, choice and convenience. With this high degree of customer focus, we aim to increase loyalty, frequency, spend and direct relationships with our customers over time. In March, our unique active customers at Booking.com were within 95% of 2019 levels, driven by strong growth in returning customers who had not made a previous booking in over a year. In the first quarter, we saw a higher mix of customers booking directly with us than in any of the last 3 quarters' first quarters -- 3 years' first quarters.

現在讓我們談談我們在業務方面取得的進展。我們繼續努力加強我們的核心組合業務，為我們的旅行者客戶和我們的供應合作夥伴帶來好處。對於我們的客戶，我們專注於他們對價值、選擇和便利性的關鍵需求。憑藉高度關注客戶，我們的目標是隨著時間的推移提高忠誠度、頻率、支出和與客戶的直接關係。 3 月，我們在 Booking.com 的獨特活躍客戶與 2019 年的水平相比在 95% 以內，這得益於一年多未進行過預訂的回頭客的強勁增長。在第一季度，我們看到直接向我們預訂的客戶組合比過去三個季度的任何一個季度都要高——三年的第一季度。

We see the strongest direct repeat customer behavior in our mobile app. And when compared to other platforms like desktop or mobile web, we continue to see more of our business shift to the app with over 40% of our room nights booked through our apps in the first quarter. Booking.com's app hit a new record in terms of monthly active users in Q1 and continue to be the #1 downloaded OTA app globally according to a third-party research firm. As I said before, the app is a critical platform as it allows us more opportunities to engage directly with travelers, and ultimately, we see it as the center of our connected trip experience. We will continue our efforts to enhance the app to build on the recent success we have seen here.

我們在我們的移動應用程序中看到了最強烈的直接回頭客行為。與桌面或移動網絡等其他平台相比，我們繼續看到更多業務轉向應用程序，第一季度超過 40% 的房晚通過我們的應用程序預訂。根據第三方研究公司的數據，Booking.com 的應用在第一季度的月活躍用戶數方面創下新紀錄，並繼續成為全球下載量排名第一的 OTA 應用。正如我之前所說，該應用程序是一個關鍵平台，因為它讓我們有更多機會直接與旅行者互動，最終，我們將其視為我們互聯旅行體驗的中心。我們將繼續努力增強應用程序，以建立我們最近在這裡看到的成功。

For our supply partners, we strive to be a valuable partner to all accommodation types on our platform, which primarily means bringing incremental demand to properties from the broad audience of potential customers on our platform. For alternative accommodations, our global mix of room nights in the first quarter increased to about 31%, a couple of points higher than in Q1 2021. We continue to work on improving our alternative accommodation product globally, with an additional focus on the U.S. market. We've been working closely with property partners to identify opportunities to improve our platform to better fit their needs. Related to these efforts, we launched partner liability insurance for our alternative accommodation supply partners with global coverage in the first quarter. In addition, we are making progress on an enhanced payment solution for professional property managers that we're rolling out in the U.S.

對於我們的供應合作夥伴，我們努力成為我們平台上所有住宿類型的有價值的合作夥伴，這主要意味著從我們平台上的廣大潛在客戶群體中為物業帶來增量需求。對於替代住宿，我們在第一季度的全球房晚組合增加至約 31%，比 2021 年第一季度高出幾個百分點。我們將繼續致力於在全球範圍內改進我們的替代住宿產品，同時更加關注美國市場.我們一直與房地產合作夥伴密切合作，尋找機會改進我們的平台，以更好地滿足他們的需求。與這些努力相關，我們在第一季度為我們的替代住宿供應合作夥伴推出了覆蓋全球的合作夥伴責任保險。此外，我們正在為我們在美國推出的專業物業經理的增強支付解決方案取得進展。

In the first quarter, we saw the largest sequential net increase in alternative accommodation properties on Booking.com since the start of the pandemic. While the net increase in Q1 was still a modest number of properties, we are aiming to build on this growth throughout 2022 by continuing to improve our alternative accommodation offering and attracting more partners to our platform. And this week, we launched a new campaign in the U.S. to promote Booking.com to alternative accommodation owners and managers who want to grow their business with us.

在第一季度，我們看到了自大流行開始以來 Booking.com 上的替代住宿物業的最大環比淨增長。雖然第一季度的淨增長仍然是適度的物業數量，但我們的目標是在整個 2022 年繼續改善我們的替代住宿產品並吸引更多合作夥伴加入我們的平台，從而在這一增長的基礎上再接再厲。本週，我們在美國發起了一項新活動，旨在向希望與我們一起發展業務的其他住宿業主和經理推廣 Booking.com。

Let me now talk about the progress we've made in our interrelated strategic priorities of payments and the connected trend. We believe both of these priorities will further enhance the strength of our core accommodations business and support its continued growth. On payments, 34% of Booking.com's gross bookings were processed through our payment platform in the first quarter, which is our highest quarterly level ever. This year, we are focused on continuing to increase supplier adoption of payments while introducing new products and features that, over time, will improve the customer and partner experience and bring new revenue streams to our platform.

現在讓我談談我們在相互關聯的支付戰略重點和互聯趨勢方面取得的進展。我們相信這兩個優先事項將進一步增強我們核心住宿業務的實力並支持其持續增長。在支付方面，第一季度 Booking.com 的總預訂量中有 34% 是通過我們的支付平台處理的，這是我們有史以來最高的季度水平。今年，我們專注於繼續增加供應商對支付的採用，同時推出新產品和新功能，隨著時間的推移，這些新產品和功能將改善客戶和合作夥伴的體驗，並為我們的平台帶來新的收入來源。

We will continue to position Booking.com as an attractive and trusted payment service for both travelers and our supplier partners across hotels, alternative combinations, cars, flight and attractions. Furthermore, Booking.com's payment platform helps deliver a more seamless and frictionless booking experience, which are important elements of our larger connected trip vision.

我們將繼續將 Booking.com 定位為對旅行者和我們的供應商合作夥伴而言有吸引力且值得信賴的支付服務，涵蓋酒店、替代組合、汽車、航班和景點。此外，Booking.com 的支付平台有助於提供更加無縫和無摩擦的預訂體驗，這是我們更大的互聯旅行願景的重要元素。

On our connected trip vision, we continue to make progress as we work on the foundations, such as developing a flight offering on Booking.com, which is now live in 40 countries. This flight offering gives us the ability to engage with potential customers who choose their flight options early in their discovery process and allows us an opportunity to cross-sell our accommodation and other services to these flight bookers.

在我們的互聯旅行願景中，我們在基礎工作中繼續取得進展，例如在 Booking.com 上開發航班服務，該服務現已在 40 個國家/地區上線。這種航班產品使我們能夠與在發現過程中及早選擇航班選項的潛在客戶進行互動，並使我們有機會向這些航班預訂者交叉銷售我們的住宿和其他服務。

We have seen that in over 70% of our flight bookings on Booking.com, the flight was the first or only product that was booked. This helps confirm the value of flights as the starting point of many people's booking journey, and it is an anchor part that we can utilize to cross-sell accommodations and other products. A meaningful percentage of bookers who first book a flight, then book an accommodation. We will continue our work to further optimize the cross-sell opportunity and build on the early positive signals that we are seeing so far. Flights continues to be a source for new customers, with about 1/4 of all flight bookers in Q1 being new customers for Booking.com.

我們已經看到，在 Booking.com 上超過 70% 的航班預訂中，航班是第一個或唯一一個被預訂的產品。這有助於確認航班作為許多人預訂旅程起點的價值，並且是我們可以用來交叉銷售住宿和其他產品的錨點。相當大比例的預訂者首先預訂航班，然後預訂住宿。我們將繼續努力進一步優化交叉銷售機會，並在我們目前看到的早期積極信號的基礎上再接再厲。航班繼續成為新客戶的來源，第一季度約有 1/4 的航班預訂者是 Booking.com 的新客戶。

We've also seen recent success driving incremental room nights in experiments where discounts were applied to nonaccommodation products that were attached to the transaction. To put it simply, we believe having more products on the shelf increase our merchandising opportunities and helps us sell more room nights.

我們還看到最近在實驗中成功推動了客房夜數的增加，其中折扣應用於附加到交易的非住宿產品。簡而言之，我們相信貨架上有更多產品會增加我們的銷售機會並幫助我們銷售更多的房晚。

Finally, as I previewed on our last earnings call, we published our 2021 sustainability report and our Climate Action Plan in March. In our Climate Action Plan, we highlighted the significant emission reductions we've already achieved, in part driven by sourcing 100% renewable energy for our offices by the end of last year. And we are committed to more than halving our emissions by 2030 and achieving net zero emissions by 2040. We are proud of the emissions reduction achieved and ambitious targets set for our own business.

最後，正如我在上次財報電話會議上預告的那樣，我們在 3 月發布了 2021 年可持續發展報告和氣候行動計劃。在我們的氣候行動計劃中，我們強調了我們已經實現的顯著減排，部分原因是去年底為我們的辦公室採購了 100% 的可再生能源。我們承諾到 2030 年將排放量減少一半以上，到 2040 年實現淨零排放。我們為自己的業務所實現的減排和雄心勃勃的目標感到自豪。

But as I said before, we believe our greatest influence on sustainable travel is through making it easier for travelers to find and book sustainable options. We are addressing this opportunity through our work with our Travel Sustainable badge program, which now includes over 100,000 properties that can highlight their sustainable practices to customers on Booking.com.

但正如我之前所說，我們相信我們對可持續旅行的最大影響是讓旅行者更容易找到和預訂可持續的選擇。我們正在通過我們的旅行可持續發展徽章計劃來抓住這個機會，該計劃現在包括超過 100,000 家可以在 Booking.com 上向客戶強調其可持續實踐的酒店。

In conclusion, I am encouraged by the strength we are seeing in bookings, the level of summer travel on our books and the potential for a very busy travel year ahead. As we discussed last quarter, in this recovery environment, we will continue to lean into performance marketing channels and appropriate ROIs as we look to bring more customer demand to our platform. Overall, we believe we are well positioned to continue capturing this returning travel demand, and we will continue our work executing against our strategic priorities. As I said before, we are focusing on building a larger and faster-growing business with more products that is sustainable and generates more earnings dollars for the long run.

總之，我對我們在預訂方面看到的實力、我們書籍上的夏季旅行水平以及未來一年非常繁忙的旅行的潛力感到鼓舞。正如我們上個季度所討論的那樣，在這個複甦的環境中，我們將繼續關注績效營銷渠道和適當的投資回報率，因為我們希望為我們的平台帶來更多的客戶需求。總體而言，我們相信我們有能力繼續捕捉這種返程旅行需求，我們將繼續執行我們的戰略重點工作。正如我之前所說，我們正專注於建立一個規模更大、增長更快的業務，提供更多可持續的產品，並從長遠來看產生更多的收益。

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

我現在將把電話轉給我們的首席財務官 David Goulden。

Thank you, Glenn, and good afternoon. I'll review our results for the first quarter and provide some color on the trends we've seen so far in the second quarter. All growth rates for 2022 are relative to the comparable period in 2019, unless otherwise indicated. Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release.

謝謝你，格倫，下午好。我將回顧我們第一季度的業績，並就我們目前在第二季度看到的趨勢提供一些顏色。除非另有說明，否則 2022 年的所有增長率均相對於 2019 年可比期間。有關非 GAAP 結果與 GAAP 結果對賬的信息可在我們的收益發布中找到。

Now on to our results for the first quarter. On our February earnings call, we discussed the improvement in trends we've seen so far in 2022, with room nights getting back to about flat versus 2019 in the first half of February after declining 21% in January. Just hours after our earnings call on February 23, the terrible news broke that Russia had invaded Ukraine. As a result, we saw an immediate negative impact on our room night trends, particularly in Eastern Europe.

現在談談我們第一季度的業績。在我們 2 月份的財報電話會議上，我們討論了 2022 年迄今為止我們所看到的趨勢的改善，在 1 月份下降 21% 之後，2 月上半月的客房夜數與 2019 年基本持平。就在 2 月 23 日的財報電話會議後幾個小時，俄羅斯入侵烏克蘭的可怕消息傳出。結果，我們看到了對我們的房晚趨勢的直接負面影響，尤其是在東歐。

Despite this impact towards the end of the month, room nights for the full month of February came in about in line with 2019 levels. In early March, we suspended the booking of travel services in Russia and Belarus. This led to a loss of new bookings as well as significantly elevated levels of cancellations of reservations for these countries. Additionally, we saw some slowdown in booking trends within Europe as travelers took in the news of the invasion. We disclosed that total room nights for the week ending March 6 were down about 10%, and that slowdown was driven by Eastern Europe, primarily Russia, and to a lesser extent, by Western Europe, which remained modestly above 2019 levels.

儘管在月底產生了這種影響，但 2 月整個月的客房夜數與 2019 年的水平基本持平。 3月初，我們暫停了俄羅斯和白俄羅斯的旅遊服務預訂。這導致這些國家/地區的新預訂流失以及取消預訂的水平顯著提高。此外，我們看到歐洲境內的預訂趨勢有所放緩，因為旅行者收到了入侵的消息。我們披露，截至 3 月 6 日當週的總間夜量下降了約 10%，這種放緩是由東歐（主要是俄羅斯）和在較小程度上由仍略高於 2019 年水平的西歐推動的。

I'm pleased to say that compared with the first week in March, we saw our overall trend improved during March driven mainly by Europe, resulting in room nights being down about 4% for the month, which is only a modest pullback from where we were in February. For the first quarter, room nights were down 9%, an improvement from down 21% in Q4 and our best quarter results since the onset of the pandemic. Excluding Russia, Ukraine and Belarus, our room nights were down about 2% in March and down about 6% for the first full quarter.

我很高興地說，與 3 月份的第一周相比，我們看到 3 月份的整體趨勢有所改善，主要是受歐洲推動，導致當月的間夜量下降了約 4%，這只是從我們之前的水平小幅回落。是在二月。第一季度的客房夜數下降了 9%，比第四季度的下降 21% 有所改善，也是自大流行開始以來我們最好的季度業績。不包括俄羅斯、烏克蘭和白俄羅斯，我們 3 月份的房晚下降了約 2%，第一季度下降了約 6%。

For Q1, on a regional level, room nights in Europe and the rest of the world were both down mid-single digits. Asia was down about 35%, with all 3 improving from Q4 levels. The U.S. has strong growth versus Q1 2019, similar to what we saw in Q4. Mobile bookings, primarily through our apps, represented about 60% of our total room nights in the first quarter. Our apps were over 2/3 of our mobile bookings and over 40% of total room nights. In the first quarter, we continue to see an increased mix of our total room nights coming to us through the direct channel versus Q1 2019 and Q1 2022.

對於第一季度，在區域層面上，歐洲和世界其他地區的房晚均下降了中個位數。亞洲下降了約 35%，所有三個都比第四季度的水平有所改善。美國與 2019 年第一季度相比增長強勁，與我們在第四季度看到的情況相似。移動預訂（主要通過我們的應用程序）佔第一季度總房晚的 60% 左右。我們的應用程序占我們移動預訂量的 2/3 以上，佔總房晚的 40% 以上。在第一季度，與 2019 年第一季度和 2022 年第一季度相比，我們繼續看到通過直接渠道提供給我們的總房晚組合有所增加。

The international mix of our total room nights in Q1 was about 40%, an encouraging increase from about 33% in Q4. Q1 international room nights were down about 30% compared to Q1 2019 levels, an improvement from the almost 40% -- for the almost 50% decline in Q4. The improvements in international bookings we saw continued to be driven mainly by travel plans within Europe. And these cross-border bookings continue to have, on average, longer length of stay and a shorter booking window than comparable bookings in 2019.

第一季度我們的國際間總住宿天數約為 40%，較第四季度的約 33% 有了令人鼓舞的增長。與 2019 年第一季度的水平相比，第一季度的國際間夜數下降了約 30%，比第四季度的近 40% 有所改善——第四季度下降了近 50%。我們看到的國際預訂的改善主要是由歐洲境內的旅行計劃推動的。與 2019 年的可比預訂相比，這些跨境預訂的平均停留時間和預訂窗口持續時間更長。

We saw strong growth in our domestic room nights for the first quarter, also an improvement from Q4. Our cancellation rates were about in line with 2019 levels in Q1 despite the impact of the Russian invasion of Ukraine. The booking window in Q1 at Booking.com contrasted less versus 2019 than it did in Q4, and this booking window expanded versus the first quarter of 2021.

我們看到第一季度國內房晚增長強勁，也比第四季度有所改善。儘管受到俄羅斯入侵烏克蘭的影響，我們的取消率與 2019 年第一季度的水平大致相當。 Booking.com 第一季度的預訂窗口與 2019 年第四季度的對比較小，並且該預訂窗口與 2021 年第一季度相比有所擴大。

For our alternative accommodations at Booking.com, the global mix of room nights increased to about 31% in Q1, a couple of points higher than 2021. Within Europe, our mix of alternative accommodation continues to be meaningfully higher than the global average.

對於我們在 Booking.com 的替代住宿，第一季度全球房晚組合增加至約 31%，比 2021 年高出幾個百分點。在歐洲，我們的替代住宿組合繼續顯著高於全球平均水平。

Gross bookings increased 7% in Q1 versus 2019 and were up 10%, excluding Russia, Ukraine and Belarus. This 7% increase in gross bookings was 16 percentage points better than the 9% room nights decline due to 18% higher accommodation constant currency ADRs, and also due to strong flight bookings across the group, partially offset by about 4 percentage points of negative FX movements.

與 2019 年相比，第一季度的總預訂量增長了 7%，增長了 10%，不包括俄羅斯、烏克蘭和白俄羅斯。這 7% 的總預訂量增長比 9% 的客房夜數下降 16 個百分點，原因是住宿固定貨幣 ADR 增加了 18%，並且還由於整個集團的強勁航班預訂，部分被約 4 個百分點的負外匯抵消動作。

As Glenn mentioned in his remarks, the $27 billion of gross bookings in Q1 is a new record for us, higher than the previous record of $25 billion in Q1 2019. March '23 -- 2022 was the first month our gross booking exceeded $10 billion in a single month. This was up 17% versus March 2019 and compares to up 18% in February and down 11% in January. Our accommodation constant currency ADRs benefited by about 3 percentage points from regional mix and about 15 percentage points from rate increases in most of our regions, notably -- most notably Europe and North America and especially in higher-demand, leisure-oriented destinations. Constant currency ADR growth versus 2019 accelerated from 13% in Q4 to 18% in Q1, primarily due to higher rates in Europe.

正如格倫在講話中提到的那樣，第一季度 270 億美元的總預訂量對我們來說是一個新紀錄，高於 2019 年第一季度的 250 億美元的先前記錄。2022 年 3 月 23 日 - 2022 年是我們總預訂量超過 100 億美元的第一個月在一個月內。這與 2019 年 3 月相比增長了 17%，而 2 月份增長了 18%，1 月份下降了 11%。我們的住宿固定貨幣 ADR 受益於約 3 個百分點的區域組合和約 15 個百分點的利率上漲，在我們的大多數地區，尤其是歐洲和北美，尤其是在需求較高、以休閒為導向的目的地。與 2019 年相比，固定貨幣 ADR 增長從第四季度的 13% 加速至第一季度的 18%，這主要是由於歐洲的利率較高。

Airline tickets booked in the first quarter were up 152% versus 2019 and up 69% versus 2021, driven by continued expansion of Booking.com's flight platform as well as continued flight ticket growth at Priceline. Consolidated revenue for the first quarter was $2.7 billion, which was down 7% versus 2019 and down about 2% on a constant currency basis. Revenue as a percentage of gross bookings was about 150 basis points below Q1 2019, in line with our expectations, due primarily to differences between gross bookings -- the timing differences between gross bookings and revenue recognition. Our underlying accommodation take rates were about in line with Q1 2019 levels.

第一季度預訂的機票較 2019 年增長 152%，較 2021 年增長 69%，這得益於 Booking.com 航班平台的持續擴張以及 Priceline 機票的持續增長。第一季度合併收入為 27 億美元，與 2019 年相比下降 7%，按固定匯率計算下降約 2%。收入佔總預訂量的百分比比 2019 年第一季度低約 150 個基點，符合我們的預期，這主要是由於總預訂量之間的差異——總預訂量和收入確認之間的時間差異。我們的基本住宿費率與 2019 年第一季度的水平大致一致。

Marketing expense, which is a highly variable expense line, decreased 4% versus Q1 2019. Marketing expense as a percentage of gross bookings decreased about 50 basis points versus Q1 2019, which is better than our expectations, mainly due to higher-than-expected marketing ROIs. Sales and other expenses were up 58% versus Q1 2019 due to a higher volume of merchant gross bookings and higher third-party call center costs. About 34% of Booking.com's gross bookings were processed through our payments platform in Q1, up from 13% in Q1 2019. Compared to Q1 2021, sales and other expenses as a percentage of gross bookings were about 30 basis points higher.

營銷費用是一個高度可變的費用項目，與 2019 年第一季度相比下降了 4%。營銷費用佔總預訂量的百分比與 2019 年第一季度相比下降了約 50 個基點，好於我們的預期，主要是由於高於預期營銷投資回報率。由於商戶總預訂量增加和第三方呼叫中心成本增加，銷售額和其他費用與 2019 年第一季度相比增長了 58%。在第一季度，Booking.com 的總預訂量中約有 34% 是通過我們的支付平台處理的，高於 2019 年第一季度的 13%。與 2021 年第一季度相比，銷售和其他費用佔總預訂量的百分比高出約 30 個基點。

Our more fixed expenses in aggregate were about in line with our expectations, up 12% versus Q4 and up 17% versus Q1 2021. Adjusted EBITDA was $310 million for the quarter, which was better than our expectations due to higher-than-expected ADRs and the better-than-expected leverage on our variable expenses. However, sequentially, EBITDA was down 67%, which is significantly more than the seasonal declines you saw pre-COVID and aligns with our commentary in February.

我們更多的固定支出總體上符合我們的預期，與 2021 年第四季度相比增長 12%，與 2021 年第一季度相比增長 17%。本季度調整後的 EBITDA 為 3.1 億美元，由於高於預期的 ADR，好於我們的預期以及我們可變費用的槓桿率好於預期。但是，EBITDA 環比下降了 67%，這大大超過了您在 COVID 之前看到的季節性下降，並且與我們在 2 月份的評論一致。

Non-GAAP net income of $161 million results in non-GAAP EPS of $3.90, which was down 65% versus Q1 2019. Our Q1 non-GAAP tax rate of 16% was lower than 90% in Q1 2019 due to a greater impact from a discrete tax benefit on a lower base of earnings. On a GAAP basis, we had operating income of $174 million in Q1. We recorded a GAAP net loss of $700 million in the quarter, which included an unrealized loss on our strategic investments of about $987 million and a $36 million loss on assets held for sale related to the Majorelle strategic partnership we discussed last quarter.

1.61 億美元的非 GAAP 淨收入導致非 GAAP 每股收益為 3.90 美元，與 2019 年第一季度相比下降了 65%。我們的第一季度非 GAAP 稅率為 16%，低於 2019 年第一季度的 90%，原因是來自在較低收入基礎上的離散稅收優惠。按公認會計原則計算，我們第一季度的營業收入為 1.74 億美元。我們在本季度錄得 7 億美元的 GAAP 淨虧損，其中包括約 9.87 億美元的戰略投資未實現虧損以及與我們上季度討論的馬若雷勒戰略合作夥伴關係相關的待售資產虧損 3600 萬美元。

Now on to our cash and liquidity position. Our Q1 ending cash investment balance of about $12.8 billion was down versus our Q4 ending balance of $14.3 billion, primarily driven by the payments of $1.1 billion for a margin debt maturity, about $950 million in share repurchases in Q1 and the decline in value of our strategic investments. These factors, which reduced our cash investment balance, were partially offset by positive free cash flow of about $1.6 billion, which is driven almost entirely by change in working capital resulting from an increase in our deferred merchant bookings balance.

現在談談我們的現金和流動性頭寸。我們的第一季度末現金投資餘額約為 128 億美元，低於第四季度末的 143 億美元，主要是由於支付了 11 億美元的保證金債務到期、第一季度約 9.5 億美元的股票回購以及我們的價值下降。戰略投資。這些減少了我們現金投資餘額的因素被約 16 億美元的正自由現金流部分抵消，這幾乎完全是由於我們的遞延商戶預訂餘額增加導致的營運資本變化。

As we disclosed on last quarter, we started returning capital to shareholders in early January. And in addition to share purchases in Q1, we repurchased about $325 million of our shares in April, which brings our outstanding authorization to just over $9 billion. As we said before, we expect to complete our remaining authorization within the next 3 years.

正如我們在上個季度披露的那樣，我們在 1 月初開始向股東返還資本。除了第一季度的股票購買外，我們在 4 月份回購了約 3.25 億美元的股票，這使我們的未償授權略高於 90 億美元。正如我們之前所說，我們預計在未來 3 年內完成剩餘的授權。

Now moving on to our thoughts for the second quarter. April room nights increased about 10% versus 2019, an improvement from the 4% decline in March, driven primarily by Europe. Excluding Russia, Ukraine and Belarus, April room nights increased about 16% versus 2019. All regions showed improving room night growth in April. Europe was up high teens percent in April and up about 30%, excluding Russia, Belarus and Ukraine. Growth in the U.S. was very strong. Rest of world had double-digit growth, and Asia recovered to down high teens percent all versus 2019.

現在繼續我們對第二季度的想法。與 2019 年相比，4 月份的客房夜數增加了約 10%，較 3 月份下降 4% 有所改善，主要受歐洲驅動。不包括俄羅斯、烏克蘭和白俄羅斯，4 月間夜數較 2019 年增加約 16%。所有地區 4 月間夜數增長均有所改善。歐洲在 4 月份上漲了 10%，漲幅約為 30%，不包括俄羅斯、白俄羅斯和烏克蘭。美國的增長非常強勁。世界其他地區實現了兩位數的增長，與 2019 年相比，亞洲地區的增長率均回落至 10% 以上。

The international mix of our room nights in April was over 45%, an encouraging increase from the 40% in Q1. April international room nights were down slightly compared to 2019 levels, an improvement from down 30% in Q1. International demand, driven mainly by travel plans in Europe, accounted for most of the improvements in room nights in April versus Q1. Domestic room nights also improved in April to very strong growth versus 2019.

4 月份我們的國際間夜組合超過 45%，比第一季度的 40% 有了令人鼓舞的增長。與 2019 年的水平相比，4 月的國際間夜數略有下降，較第一季度下降 30% 有所改善。主要受歐洲旅行計劃推動的國際需求是 4 月與第一季度相比客房夜數增加的主要原因。與 2019 年相比，4 月份的國內房晚也有所改善，增長非常強勁。

April gross bookings increased over 30% versus 2019 driven by growth in room nights, continued accommodation ADR strength as well as continued strength in flight bookings. April gross bookings increased to almost $11 billion, which was a new monthly record. April gross bookings typically decline from March pre-COVID.

4 月份的總預訂量與 2019 年相比增長了 30% 以上，這主要得益於間夜量的增長、住宿 ADR 的持續增長以及航班預訂量的持續增長。 4 月份的總預訂量增至近 110 億美元，創下新的月度記錄。 4 月的總預訂量通常會比疫情前的 3 月有所下降。

Whilst it's encouraging to see continued improvements in trends into April, the environment is still uncertain and difficult to predict with confidence how room nights for the remainder of the quarter will develop. While many countries are lifting travel restrictions, COVID is still a factor which can impact travel. And of course, the war in Ukraine continues to create volatility and macro uncertainty. We do expect the recent strength of ADRs to continue for the remainder of the quarter. And as a result, we expect the difference between the level of room night growth and gross bookings growth for the full second quarter to be around 20 points, which is similar to what it was in April.

雖然看到 4 月份趨勢的持續改善令人鼓舞，但環境仍然不確定，很難有把握地預測本季度剩餘時間的客房夜數將如何發展。儘管許多國家/地區都在取消旅行限制，但 COVID 仍然是影響旅行的一個因素。當然，烏克蘭戰爭繼續造成波動和宏觀不確定性。我們確實預計 ADR 近期的強勢將在本季度剩餘時間內持續。因此，我們預計整個第二季度的間夜增長水平與總預訂量增長之間的差異將在 20 個百分點左右，這與 4 月份的情況相似。

In April, the overall booking window of Booking.com continues to move back closer to 2019 levels. And we continue to see strength in our summer booking trends, and our gross bookings for summer are now more than 15% higher than they were at this time in 2019. And within Western Europe and North America, both up over 30%, albeit with a higher mix of canceled bookings. If the current trends continue, we could see a record summer travel season, and we're gearing up to prepare for that across all parts of our business.

4 月，Booking.com 的整體預訂窗口繼續向 2019 年水平靠攏。我們繼續看到我們的夏季預訂趨勢強勁，我們的夏季總預訂量現在比 2019 年的這個時候高出 15% 以上。在西歐和北美，儘管增長了 30% 以上取消預訂的比例更高。如果目前的趨勢繼續下去，我們可能會看到創紀錄的夏季旅遊旺季，我們正在為我們所有業務部門的到來做好準備。

Turning back to Q2. Given recent booking trends, combined with lengthening booking window, we expect Q2 revenue as a percentage of gross bookings to be about 200 basis points lower than it was in Q2 2019. This 200 basis points of difference in revenue as a percentage of gross bookings is mainly timing related, and the impact could be greater if booking transact -- sorry, from April, especially if a high percentage of these bookings will stay in future quarters. The timing impact on take rates in Q2 is driven by a combination of the acceleration in gross bookings from up 7% in Q1 to up over 30% so far in Q2, coupled with the lengthening booking window from Q1 to Q2. We expect our underlying accommodation take rates to remain stable.

回到第二季度。鑑於最近的預訂趨勢，再加上預訂窗口的延長，我們預計第二季度收入佔總預訂量的百分比將比 2019 年第二季度低約 200 個基點。收入佔總預訂量百分比的這 200 個基點的差異是主要與時間有關，如果預訂交易，影響可能會更大——抱歉，從 4 月開始，特別是如果這些預訂中有很大一部分將留在未來幾個季度。第二季度對接受率的時間影響是由總預訂量從第一季度的 7% 加速到第二季度迄今為止的 30% 以上以及從第一季度到第二季度的延長預訂窗口共同推動的。我們預計我們的基本寬鬆利率將保持穩定。

We expect marketing expense as a percentage of gross bookings to be slightly higher than in Q2 2019, which is consistent with our prior commentary about the opportunities for us to lean into a recovering travel market in 2022. We expect Q2 sales and other expenses as a percentage of gross bookings to be about 60 basis points higher than it was in Q2 2021 due to higher merchant gross booking mix and higher third-party call center costs. We expect our more fixed expenses in aggregate to be about 15% higher than in Q2 2021, with personnel down slightly and both G&A and IT up meaningfully versus Q2 last year. The overall year-on-year increase -- the year-on-year increase in G&A is driven by higher digital sales taxes, which are tied to revenue, as well as increased office expenses due to return to hybrid work environments. We expect IT to increase year-over-year at similar rates to what we saw in Q1.

我們預計營銷費用佔總預訂量的百分比將略高於 2019 年第二季度，這與我們之前關於我們有機會在 2022 年進入復甦的旅遊市場的評論一致。我們預計第二季度的銷售和其他費用將作為由於更高的商戶總預訂組合和更高的第三方呼叫中心成本，總預訂百分比將比 2021 年第二季度高出約 60 個基點。我們預計我們的固定支出總額將比 2021 年第二季度高出約 15%，與去年第二季度相比，人員略有下降，而 G&A 和 IT 均顯著上升。總體同比增長——G&A 的同比增長是由與收入掛鉤的更高的數字銷售稅推動的，以及由於返回混合工作環境而增加的辦公費用。我們預計 IT 將以與第一季度相似的速度同比增長。

If we were to see similar top line growth rate for the rest of the quarter as we saw in April, we'd expect adjusted EBITDA to be over $900 million for the quarter. The expected timing difference between gross bookings and revenue, which is the primary driver of our expected 200 basis points lower take rate than Q1 2019, will have a significant negative impact on EBITDA in Q2 as our more variable expense lines are linked to bookings. If we normalize the timing impact on our take rates in Q2 2022 to be the same as it was in Q2 2019, adjusted EBITDA in Q2 2022 will be slightly higher than it was in Q2 2019.

如果我們在本季度剩餘時間看到與 4 月看到的類似的頂線增長率，我們預計本季度調整後的 EBITDA 將超過 9 億美元。總預訂量和收入之間的預期時間差異是我們預期的比 2019 年第一季度低 200 個基點的主要驅動因素，這將對第二季度的 EBITDA 產生重大負面影響，因為我們更多可變的費用項目與預訂量相關。如果我們將 2022 年第二季度對我們收取率的時間影響標準化為與 2019 年第二季度相同，則 2022 年第二季度調整後的 EBITDA 將略高於 2019 年第二季度。

Now turning to the enhanced strategic partnership with Majorelle we discussed last quarter. As a reminder, Majorelle, one of our most trusted long-term external customer support partners, will begin employing most of the customer service representatives that previously worked for Booking.com outside of the Netherlands and the U.K. We currently anticipate finalizing this partnership around the middle of the year. And following the anticipated closing on a quarterly basis in the second half of 2022, we expect that personnel expenses will be lower by about $25 million a quarter, but G&A expenses will be lower by $6 million a quarter. And our S&O expenses will increase to offset the lower personnel and G&A expenses. As we said last quarter, we do not anticipate much of an impact on adjusted EBITDA in 2022 from this initiative. Beyond 2022, we believe this partnership will help reduce further expense growth and enable a more efficient ramp-up of our customer service function.

現在轉向我們上個季度討論的與馬若雷勒的增強戰略合作夥伴關係。提醒一下，我們最值得信賴的長期外部客戶支持合作夥伴之一 Majorelle 將開始僱用之前在荷蘭和英國以外的 Booking.com 工作的大部分客戶服務代表。我們目前預計將圍繞年中。繼預計在 2022 年下半年按季度收盤後，我們預計人事費用每季度將減少約 2500 萬美元，但 G&A 費用將每季度減少 600 萬美元。我們的 S&O 費用將增加以抵消較低的人員和 G&A 費用。正如我們上個季度所說，我們預計該舉措不會對 2022 年調整後的 EBITDA 產生太大影響。在 2022 年之後，我們相信這種夥伴關係將有助於減少進一步的費用增長，並更有效地提升我們的客戶服務功能。

Outside of the P&L geography changes to the personnel G&A and sales and other expense line from Majorelle, we are maintaining the full year P&L commentary we provided last quarter. As a reminder, the expected timing -- we expect timing to negatively impact take rates. The precise impact of timing on our take rates for the year is difficult to predict as it's impacted by the rate of recovery of bookings coming into and during the year and also by the length of booking windows during the year. We do note that relative to 2021, there was a negative impact on our take rates due to timing in Q1 2022. Our current best estimate of take rates in 2022 is just below 15%, which is lower than 2019 primarily due to timing. We expect that our underlying accommodation take rates will remain stable.

除了來自 Majorelle 的人事 G&A 和銷售和其他費用項目的損益地理變化之外，我們將維持我們上一季度提供的全年損益評論。提醒一下，預期的時機——我們預計時機會對採取率產生負面影響。時間對我們今年的錄取率的確切影響很難預測，因為它受到年內和年內預訂恢復率以及年內預訂窗口長度的影響。我們確實注意到，相對於 2021 年，由於 2022 年第一季度的時間安排，我們的利率受到了負面影響。我們目前對 2022 年利率的最佳估計略低於 15%，這主要是由於時間安排而低於 2019 年。我們預計我們的基本寬鬆利率將保持穩定。

Timing also negatively impacts adjusted EBITDA and EBITDA margins for the year. If not for the impact of timing, our expectations for full year EBITDA margins would be a few points higher than our guidance for the year.

時機也對本年度調整後的 EBITDA 和 EBITDA 利潤率產生負面影響。如果不是時間的影響，我們對全年 EBITDA 利潤率的預期將比我們今年的指導高出幾個點。

We're encouraged by our better-than-expected Q1 results and the strengthening trends we've seen in April, and we are confident that our focus on customer acquisition and expanding our product offerings is the right approach for 2022.

我們對我們好於預期的第一季度業績和我們在 4 月看到的加強趨勢感到鼓舞，我們相信我們專注於客戶獲取和擴大我們的產品供應是 2022 年的正確方法。

We'll now take your questions. Charlotte, over to you, please, for Q&A.

我們現在將回答您的問題。夏洛特，請交給你，進行問答。

(Operator Instructions) Our first question comes from the line of Lloyd Walmsley with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Lloyd Walmsley。

All right. Two if I can. First, on the April trends in bookings and room nights, those sound nicely ahead of where Street estimates are for the whole quarter. So is there any reason to think that you won't continue to build from April in terms of kind of thinking about monthly comps or anything else we should keep in mind, pull forward or pent-up demand?

好的。可以的話就兩個。首先，就 4 月預訂量和間夜量的趨勢而言，這聽起來遠遠超過了華爾街對整個季度的估計。那麼有什麼理由認為你不會從 4 月份開始繼續建設，以考慮每月補償或我們應該記住的其他任何事情，推動或被壓抑的需求？

And then secondly, helpful color on the revenue take rates and the EBITDA impact from timing. I guess how do we think about that as we work into next year? Should take rates, at least kind of like-for-like accommodation, normalize to 2019 levels next year? And does that EBITDA headwind of a few points on timing, does all of that unwind, do you think, as we get into 2023? Any help you can give us on the kind of margins and how they progress further would be great.

其次，對收入收取率和 EBITDA 時間影響的有用顏色。我想我們在明年工作時如何考慮這個問題？明年是否應該將利率（至少是同類住宿）恢復到 2019 年的水平？當我們進入 2023 年時，您認為 EBITDA 是否會在時間上出現一些不利因素，所有這些都會緩解嗎？您可以為我們提供的任何關於利潤的幫助以及它們如何進一步發展都會很棒。

Lloyd, why don't I take that first one, and I'll let David go back over the timing issues that you just asked about. So your question really is trying to predict the future, which is always an interesting adventure, particularly over the last couple of years that we've all gone through.

勞埃德，我為什麼不拿第一個，我會讓大衛回到你剛才問的時間問題上。所以你的問題真的是試圖預測未來，這總是一個有趣的冒險，特別是在我們都經歷的過去幾年裡。

As I've said and David was saying, we are very pleased with where we are and we're happy with what's happening. I think everybody around the world is happy about travel coming back. And we've mentioned how some of the trends that we like seeing in Asia where things are getting better, we know they're not as good as they are in Europe or in the U.S., that's a good positive sign. Hopefully, that will continue.

正如我所說和大衛所說，我們對我們所處的位置非常滿意，我們對正在發生的事情感到滿意。我認為世界各地的每個人都對旅行回來感到高興。我們已經提到了我們喜歡在亞洲看到的一些趨勢，那裡的情況正在好轉，我們知道它們不如歐洲或美國那麼好，這是一個很好的積極信號。希望這種情況會繼續下去。

We're also pleased with the things that we've been seeing throughout in Europe and Western Europe and Eastern Europe coming back a bit. So we're all very happy where we are. But we never know. We never know what's going to happen. You know that we've done this. We had a call -- our last call, and then there was this terrible, terrible news shortly thereafter, what happened in Ukraine. And if you recall going back a quarter before that, COVID and Omicron came out of nowhere.

我們也對我們在歐洲、西歐和東歐看到的情況有所回升感到高興。所以我們都很高興我們在哪裡。但我們永遠不知道。我們永遠不知道會發生什麼。你知道我們已經做到了。我們接到了一個電話——我們的最後一個電話，然後不久之後有一個可怕的、可怕的消息，發生在烏克蘭。如果你還記得在那之前的四分之一，COVID 和 Omicron 就不知從何而來。

So we all know that the world is, let's say, volatile right now. But I will say, I am happy where we are, and I'm pleased with the incredible good job of execution our team has done. And David, I'm not sure you want to give any more color than that.

所以我們都知道，現在世界是動蕩的。但我會說，我很高興我們所處的位置，我對我們團隊出色的執行工作感到滿意。大衛，我不確定你是否想給出更多的顏色。

Glenn, just maybe a couple of extra points on the -- on what we're seeing in April and March. I mean we did see a steady progression from that first week in March where things were minus 10, up through March. And then April, on a fairly steady basis week on week. But as Glenn said, there's still a lot out there in the environment that's hard to predict. I would comment that Easter happened in April in both periods. So there's no Easter effect there relative to the growth rates versus 2019 or versus 2021 for that matter either.

格倫，關於我們在 4 月和 3 月看到的情況，可能會多加幾點。我的意思是，從 3 月的第一周開始，我們確實看到了穩定的進展，當時的情況是負 10，一直到 3 月。然後是四月，每週都在相當穩定的基礎上。但正如格倫所說，環境中仍有很多難以預測的地方。我會評論復活節在這兩個時期都發生在四月。因此，相對於 2019 年或 2021 年的增長率而言，那裡沒有復活節效應。

Relative to longer-term take rates, as I explained on the call, take rates -- the impact of timing on take rates is a mathematical impact of the difference between the amount that you spill into the year from the prior year and the amount you spill out in the current year into the next year. And of course, that can be variable based upon effects.

正如我在電話會議上解釋的那樣，相對於長期收取率，收取率 - 時間對收取率的影響是您從前一年溢出的金額與您的金額之間的差異的數學影響從當年溢出到下一年。當然，這可以根據效果而變化。

We saw this year, we said that there was a hurting Q1 on timing effects on take rates because that's when Omicron basically came up at the end of Q4, and that resulted in less bookings still into Q1 than we would expect. So it's really going to be a function of how the recovery develops in total in terms of how rapidly things recover and also just the timing of that recovery.

我們今年看到，我們說第一季度對採取率的時間影響會受到傷害，因為那是 Omicron 基本上在第四季度末出現的時候，這導致第一季度的預訂量比我們預期的要少。因此，這實際上將取決於復甦的總體發展情況，包括恢復的速度以及恢復的時間。

So as gross rates start to normalize and get back to a kind of more normal level, you expect the impact upon the take rate -- the timing impact on take rates to come down. But then there could be some additional factors that could impact those specific things relative to what happens about the prior Q4 spilling into Q1 and the next Q4 spilling into the future Q1.

因此，隨著總利率開始正常化並恢復到某種更正常的水平，您預計對採取率的影響——對採取率的時間影響會下降。但隨後可能有一些額外的因素可能會影響這些具體的事情，這些具體事情與之前的第四季度溢出到第一季度和下一個第四季度溢出到未來的第一季度的情況有關。

So normally and as the growth rates start to normalize and also revenue growth rates and booking growth rates start to align more, there will be less effect. But there could still be unusual effects that have -- like what we've seen before, that could impact the specific timing of Q1 and Q4 and the relative difference between those quarters across the years.

因此，通常情況下，隨著增長率開始正常化，收入增長率和預訂增長率開始更加一致，影響會越來越小。但仍然可能存在不尋常的影響——就像我們之前看到的那樣，這可能會影響第一季度和第四季度的具體時間以及這些季度之間的相對差異。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. First one, David, I think last quarter, you talked about some like shape of the year comments. You talked about marketing as a percentage of gross bookings to be a little higher than it was in '19, et cetera, and sales and other expenses and sort of thoughts about that as far as your bookings. I know there's a lot of pieces with ADRs moving around, et cetera, but can you just sort of maybe tell us your latest thoughts about some of those metrics on marketing spend for the year and sales and other for the year, however you want to kind of help us think about it a little bit?

我有 2 個。第一個，大衛，我想上個季度，你談到了一些類似年度形狀的評論。您談到營銷佔總預訂量的百分比比 19 年略高，等等，以及銷售和其他費用以及就您的預訂量而言的一些想法。我知道有很多關於 ADR 的文章，等等，但是您能否告訴我們您對年度營銷支出以及年度銷售和其他方面的一些指標的最新想法，但是您想有點幫助我們考慮一下？

And then, Glenn, good to hear about traction you're making on payments and flights, et cetera. I guess talk to us about on the connected trip front, which of the initiatives you think is most likely to really have a meaningful impact on the P&L as soon as maybe 2023 from an incremental dollar perspective?

然後，格倫，很高興聽到您在付款和航班等方面的吸引力。我想在互聯旅行方面與我們討論一下，從增量美元的角度來看，您認為哪些舉措最有可能最早在 2023 年對損益表產生有意義的影響？

So Dave, you want to do that first one?

那麼戴夫，你想做第一個嗎？

Yes. Brian, let me go first. So with the exception of the mechanical movements, I'll talk about how they impact things a little bit, the mechanical movements relative to Majorelle, which are basically just P&L geography movements. We are not changing what we said last time.

是的。布賴恩，讓我先走。所以除了機械運動之外，我會談談它們是如何影響事物的，相對於馬若雷勒的機械運動，基本上只是盈虧地理運動。我們不會改變我們上次所說的話。

We do expect some deleverage in marketing to gross bookings for the year. We said we expect in Q1 to be relatively flat. We were a little bit better than that. We were actually 50 bps of leverage in Q1 due to higher ROIs. But we did say we'd be leaning into the busy travel season more in Q2 and Q3. So we're still expecting to see some level of deleverage during the year and also increased spending on merchandising.

我們確實預計今年總預訂量的營銷會有所去槓桿化。我們說我們預計第一季度會相對持平。我們比那要好一點。由於更高的投資回報率，我們在第一季度的槓桿率實際上是 50 個基點。但我們確實說過我們會在第二季度和第三季度更多地進入繁忙的旅遊季節。因此，我們仍然預計今年會出現一定程度的去槓桿化，並且還會增加商品銷售支出。

Sales and other, we still expect that to be up about 50 bps for the year tied to payments. The mechanics of the Majorelle adjustment with moving those additional expenses into sales and other would be less than 10 bps of further adjustment again that's to [TCV]. So essentially, with the exception of the mechanical movements, what we talked about for the last -- what we talked about a quarter ago for how we see the year shaping up, we still expect to see the year shaping up the same way.

銷售額和其他方面，我們仍然預計與付款相關的年度將增長約 50 個基點。 Majorelle 調整的機制將這些額外費用轉移到銷售和其他方面將是進一步調整的不到 10 個基點，即 [TCV]。所以本質上，除了機械機芯，我們上次談到的——我們在一個季度前談到我們如何看待這一年的形成，我們仍然希望看到這一年以同樣的方式形成。

And of course, I've given you some additional color on take rates we didn't provide last quarter. So that gives you a little bit more color than we gave you a quarter ago because we now know what happened in Q1, so we can give you a bit more guidance around that.

當然，我已經給你一些額外的顏色，我們沒有提供上個季度的利率。因此，這給你帶來了比我們四分之一前更多的色彩，因為我們現在知道第一季度發生了什麼，所以我們可以為你提供更多指導。

And Brian, talking about connected trip. So connected trip is a long-term vision. And it's going to take some time before we get to where I believe we need to be in terms of a truly step functional change for the way people are currently buying, exploring, going through travel. I think we all know how difficult it is and we all know that it should be better. So that's the goal down the road.

還有布賴恩，談論互聯旅行。所以互聯旅行是一個長期的願景。我們需要一些時間才能達到我認為我們需要的地方，以真正改變人們目前購買、探索和旅行的方式。我想我們都知道這有多困難，我們都知道應該做得更好。所以這就是未來的目標。

In 2023, we're still going to be pretty early in this. I think -- I would think we're still in the base level of just getting great verticals up and running so that they, by themselves, are fantastic, good product for people to use and then just the basic cross-selling things that we think is a first step to get towards that connected trip.

在 2023 年，我們仍將處於早期階段。我認為——我認為我們仍處於建立和運行偉大的垂直領域的基礎水平，因此它們本身就是很棒的、供人們使用的好產品，然後只是我們基本的交叉銷售東西think 是邁向互聯旅行的第一步。

And then you asked me one of the biggest things for 2023. Well, the things I just talked about right now, flights right now, I really like the fact, again, the new customers coming in. And they're coming in, they're buying a meaningful number of buyer combinations, and we haven't optimized this yet. That's something important.

然後你問我 2023 年最重要的事情之一。嗯，我剛才談到的事情，現在的航班，我真的很喜歡這個事實，再次，新客戶進來了。他們進來了，他們'正在購買大量買家組合，我們尚未對此進行優化。這是很重要的事情。

Then on top of that, I mentioned in my prepared remarks about just beginning small experiments with other types of verticals and how putting these things together can give a better experience to a customer. The great thing about these things is trying to build a belief that coming to us, to Booking.com, is the best way to go. So getting more repeat business and getting them to do it on the app so that we don't pay for that person to come and increase that loyalty.

然後最重要的是，我在準備好的評論中提到剛剛開始對其他類型的垂直行業進行小型實驗，以及將這些東西放在一起如何為客戶提供更好的體驗。這些事情的偉大之處在於試圖建立一種信念，即來到我們，來到Booking.com，是最好的方式。因此，獲得更多重複業務並讓他們在應用程序上進行操作，這樣我們就不會為那個人來增加忠誠度付費。

So there's a lot of ways trying to increase this flywheel, so people know the product is better and coming to us. And as we continue to do that, get more information to be able to provide a better proposal to them, a better offer to them, that they convert more easily, and it continues to go on its own. It's going to take time, though. And in 2023, I don't think you're going to see huge numbers from all the things I just talked about, but you will see incremental improvement.

所以有很多方法可以嘗試增加這個飛輪，所以人們知道產品更好並且會來找我們。隨著我們繼續這樣做，獲取更多信息，以便能夠向他們提供更好的建議，更好的報價，他們更容易轉換，並且它繼續自行進行。不過，這需要時間。在 2023 年，我認為你不會從我剛才談到的所有事情中看到巨大的數字，但你會看到漸進式的改進。

Our next question comes from Kevin Kopelman from Cowen.

我們的下一個問題來自 Cowen 的 Kevin Kopelman。

I was hoping to just dig in a little bit more on the April trends. The improvement of nights there, the plus 10%, is obviously a big acceleration. Could you -- what exactly are you seeing there in terms of changes? And if we relate that back to your ad spend, you had some leverage versus GBV in Q1, but you're spending more in Q2. How much of that is a reaction to what you're seeing versus strategically pulling on a lever in the start of Q2?

我希望能對 4 月的趨勢進行更多研究。那裡夜晚的改善，增加 10%，顯然是一個很大的加速。你能 - 就變化而言，你到底看到了什麼？如果我們將其與您的廣告支出聯繫起來，您在第一季度與 GBV 相比具有一定的影響力，但您在第二季度的支出更多。其中有多少是對你所看到的情況的反應，而不是在第二季度開始時戰略性地拉動槓桿？

So let me talk in general, and David, I'm not sure you want to talk in terms of any sort of numbers, leverage or whatever. But yes, we are very pleased with what we're seeing. But I believe there's a culmination of many things that we're working on. It really is a game of execution in the small details, means you're working with partners and getting the right price, the right inventory, and then it's making sure we're showing it to the customer at the right time in the right way.

所以讓我籠統地說一下，大衛，我不確定你想談論任何類型的數字、槓桿或其他什麼。但是，是的，我們對所看到的非常滿意。但我相信我們正在努力的許多事情已經達到了頂點。這確實是一個小細節的執行遊戲，意味著您正在與合作夥伴合作並獲得合適的價格、合適的庫存，然後確保我們在正確的時間以正確的方式向客戶展示.

And it means also, doing this, we're talking about with our alternative accommodations, bringing in a few -- bringing in some incremental more supply there, making sure we're working to come up with ways that works better so that the customer is having a better experience and the payments are more smooth, et cetera. I can go through a lot of little things that we're working on. And each one builds on its own and makes it a better experience.

這也意味著，這樣做，我們正在討論我們的替代住宿，引入一些 - 在那裡引入一些增量更多的供應，確保我們正在努力提出更好的方法，以便客戶體驗更好，付款更順暢，等等。我可以處理很多我們正在做的小事情。每一個都建立在自己的基礎上，並使其成為更好的體驗。

Now yes, we have a brand effort in the U.S. as you hopefully remember back from our Super Bowl week, I believe, a very good ad and we're continuing. This is not just a one-and-done. It's a campaign. And we tied that with some efforts in social. And we're doing a lot of different things to try to increase our awareness, getting that top of mind awareness in the U.S., for example, helping build that.

現在是的，我們在美國有一個品牌努力，我相信你希望從我們的超級碗週記得回來，這是一個非常好的廣告，我們正在繼續。這不僅僅是一勞永逸。這是一場運動。我們將其與社交方面的一些努力聯繫起來。我們正在做很多不同的事情來試圖提高我們的意識，例如在美國獲得最重要的意識，幫助建立它。

But this is a global effort really in terms of trying to build our business by doing all the little things that make it a better product. Because in the long run, the better product is what's going to win. And Dave, I don't know if you want to speak anything specific in terms of ROIs or levers or anything of that nature.

但這實際上是一項全球性的努力，旨在通過做所有使其成為更好產品的小事情來建立我們的業務。因為從長遠來看，更好的產品才是贏家。戴夫，我不知道你是否想就投資回報率或槓桿或任何類似性質的東西發表任何具體的意見。

Actually, Glenn, I was going to go where you went, because this is just not one geography. We're seeing all geographies improve in April, which for us is very encouraging. So we mentioned that Europe is now in April back into high teens growth versus 2019. That is really encouraging and really the first time we've been able to talk about growth over 2019 in Europe. This is for room nights.

實際上，格倫，我打算去你去過的地方，因為這不是一個地理區域。我們看到 4 月份所有地區都在改善，這對我們來說非常令人鼓舞。因此，我們提到，與 2019 年相比，歐洲現在在 4 月恢復了青少年的高速增長。這確實令人鼓舞，而且我們第一次能夠談論 2019 年歐洲的增長。這是房間之夜。

U.S. back to a very strong growth versus 2019, which we think is well ahead of the market, and Glenn mentioned some of the factors. The APAC recovering nicely, down -- still down, but down high teens. That's, again, the best result we've seen since the start of the pandemic. And the rest of the world back up to double digits. So all nice improvements from Q1, all nice improvements from March. So it's not just one region, we're seeing it across the world, which I think is a positive sign.

與 2019 年相比，美國恢復了非常強勁的增長，我們認為這遠遠領先於市場，格倫提到了一些因素。亞太地區恢復得很好，下降了——仍然下降，但下降了十幾歲。這又是自大流行開始以來我們看到的最好結果。而世界其他地區則恢復到兩位數。所以第一季度的所有不錯的改進，三月份的所有不錯的改進。所以這不僅僅是一個地區，我們在全世界都看到了它，我認為這是一個積極的信號。

I mentioned that we would be leaning a little bit more -- expected to lean more in Q2 than in -- we did in Q1 relative to the amount of spend. And the ROI is, as we said, that is really in response to the opportunity to capture demand. When we see demand, and we see traffic on the site, that's when we can start increasing our marketing spend.

我提到我們會稍微傾斜一點——預計第二季度會比第一季度傾斜更多——相對於支出金額，我們在第一季度做了。正如我們所說，投資回報率實際上是為了響應捕捉需求的機會。當我們看到需求並看到網站上的流量時，我們就可以開始增加營銷支出。

So we're really responding to the opportunity of recurring travel. And as we see travel, well, that's when we need to lead in -- sort of leaning in particularly in Q3 of last year. You saw us do that in prior quarters. So it's early during the quarter, but that's why we said we expect it to be a small level of delevering this quarter in marketing. But the impact we're seeing and the change we're seeing from March to April is pretty positive.

所以我們真的在回應經常性旅行的機會。正如我們看到的旅行，嗯，那是我們需要領先的時候——特別是在去年的第三季度。你看到我們在前幾個季度這樣做了。所以現在是本季度的早期，但這就是為什麼我們說我們預計本季度在營銷方面的去槓桿化水平會很小。但是我們看到的影響以及我們從 3 月到 4 月看到的變化是非常積極的。

Great. And could you touch on currency? With the 30% GBV figure for April, is that reported or constant currency? And the dollar has strengthened since the last call, so I wanted to ask about that.

偉大的。你能談談貨幣嗎？以 4 月份 30% 的 GBV 數據來看，這是報告貨幣還是固定貨幣？自上次電話會議以來，美元已經走強，所以我想問一下。

Yes, so that's a reported number. And currency is an impact. For what it's worth, when we did our guidance and we did our calculations here, we had [108] come down a little bit. It doesn't make a huge amount of difference. But the numbers we gave you are all reported. Unless we call something out specifically as constant currency, for example, we call out constant currency ADRs, for example. Everything else is reported.

是的，所以這是一個報告的數字。貨幣是一種影響。對於它的價值，當我們進行指導並在這裡進行計算時，我們 [108] 下降了一點。它沒有很大的不同。但是我們給你的數字都被報告了。例如，除非我們特別將某物稱為固定貨幣，否則我們稱其為固定貨幣 ADR。其他一切都被報告。

Our next question comes from Justin Post from Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

I guess I'm just trying to think about market share. Can you give us any indication of how much share U.S. nights were back in '19 and what that looks like now?

我想我只是想考慮市場份額。您能否告訴我們 19 年美國之夜的份額以及現在的情況？

And then one question on take rates. I know your merchant -- sorry, your payments platform is handling 34% versus 13%. I would think that would be increasing your overall take rates, but you said take rates about flat. So just talk -- maybe you can help us understand how the merchant business is affecting take rates.

然後是關於收取率的一個問題。我知道你的商家——抱歉，你的支付平台處理的是 34% 而不是 13%。我認為這會提高你的整體錄取率，但你說錄取率基本持平。所以只是談談 - 也許你可以幫助我們了解商家業務如何影響收取率。

David, why don't you take that? And I want to turn '19 back (inaudible).

大衛，你為什麼不接受呢？我想把 19 年轉回來（聽不清）。

Yes, I talked about -- so when we talked about the underlying take rates, we're talking about the basic take rate on the -- or the commission on the room. We're not factoring in payments to that at all or merchant mix.

是的，我談到了 - 所以當我們談到潛在的收取率時，我們談論的是基本收取率 - 或房間的佣金。我們根本沒有考慮到付款或商家組合。

As I said, the biggest impact on timing is -- sorry, the biggest impact on take rate is timing, and we've talked about it being very significant. But you are right. We are getting an increase in the overall take rate from our mix towards payments and from the fact that we get additional revenue from payments.

正如我所說，對時機的最大影響是——抱歉，對採取率的最大影響是時機，我們已經談到它非常重要。但你是對的。從我們的支付組合以及我們從支付中獲得額外收入這一事實，我們的總體接受率有所提高。

As I mentioned, in 2021 for example, that was somewhat offset by the merchandising that we can now do, because we couldn't merchandise and participate in pricing actually as ourselves until we have it on the payments platform. And in 2022, that again will be largely offset by the merchandising activities. Now bear in mind, merchandising is also like marketing, we can turn it up and churn turn it down. We think that this year, in a recovering travel marketplace, there's a potentially once in a generation opportunity to really lean into both marketing and merchandising.

正如我所提到的，例如，在 2021 年，這在一定程度上被我們現在可以做的商品推銷所抵消，因為在我們將其放在支付平台上之前，我們無法像我們自己一樣實際推銷和參與定價。到 2022 年，這將在很大程度上被商品銷售活動所抵消。現在請記住，推銷也像營銷一樣，我們可以把它調高，也可以把它調低。我們認為，今年，在一個正在復甦的旅遊市場中，有一個千載難逢的機會，可以真正地同時投入營銷和商品銷售。

But we are seeing improvements in take rates from the payments platform. And again, when I talk about the underlying accommodation take rate being very constant, that does not include the additions for things like payments or things we've done on top of payments, nor does it impact anything that we do on top of that, or does it include anything we do on top of that with our merchandising activity. So hopefully, that clarifies the movements there.

但我們看到支付平台的收取率有所提高。再說一次，當我談到基本的住宿費率非常穩定時，這不包括諸如付款或我們在付款之上所做的事情的增加，也不會影響我們在此基礎上所做的任何事情，或者它是否包括我們在銷售活動中所做的任何事情。因此，希望這能澄清那裡的動向。

Great. And then on U.S. share of nights, any help there?

偉大的。然後在美國分享的夜晚，有什麼幫助嗎？

David, I think we don't reveal that granularity.

大衛，我認為我們沒有透露這種粒度。

I think our view, just as being that shared data is -- we should look at share over a medium-term basis. A single quarter, very difficult to predict. We certainly believe that last year with our growth in -- the U.S. being strong versus 2019, we certainly recovered a lot faster than the market did in 2021.

我認為我們的觀點，就像共享數據一樣——我們應該從中期來看共享。一個季度，很難預測。我們當然相信，隨著我們去年的增長——美國與 2019 年相比強勁，我們的複蘇速度肯定比 2021 年的市場快得多。

We were strong again in Q1 in the U.S. market versus 2019 and very strong in April. So difficult to give you an individual share points. But when we look at the overall accommodation market, which is the way to think about things, we know we picked up some share points in 2021, and we know we're continuing to stay above where the market is in 2022 from a recovery point of view.

與 2019 年相比，我們在第一季度在美國市場再次表現強勁，並且在 4 月份表現非常強勁。所以很難給你個人分享點。但是，當我們審視整體住宿市場時，這是思考問題的方式，我們知道我們在 2021 年獲得了一些份額，並且我們知道我們將從復蘇點繼續保持在 2022 年市場的水平之上觀點。

Well, I would just say, look, I am very pleased with what we've done over the last 2.5 years since this pandemic started, what we've been doing in building out our business in the U.S. And I made the point of how important it was, strategically, to do better in the U.S. because we have been under-indexed in the U.S. And we've been doing a lot of blocking and tackling on these 2.5 years in the midst of this pandemic, and we're beginning to see it come through. And I'm very pleased with the results up through Q1.

好吧，我只想說，看，我很高興自這場大流行開始以來的過去 2.5 年裡我們所做的一切，我們在美國建立業務方面所做的一切。我指出瞭如何重要的是，從戰略上講，在美國做得更好，因為我們在美國的指數不足。在這場大流行的這 2.5 年裡，我們一直在做很多阻止和應對，我們正在開始看到它通過。我對第一季度的結果感到非常滿意。

Our next question comes from Mark Mahaney from Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

David, a question for you and then one for Glenn. David, you talked about take rates this year being, I think, just below 15% or something like that, and you said that'd be a few points higher, if not for timing. So what I want to ask you is, does that mean that once we get beyond these unusual timing issues for a variety of factors this year, that kind of the normalized take rate is a couple of points higher, like 17%? You haven't done that. Your booking has done that in the past, but that's going back 5, 6, 7 years. But is that the implication of that statement?

大衛，給你一個問題，然後給格倫一個問題。大衛，你談到今年的錄取率，我認為，略低於 15% 或類似的水平，你說如果不是因為時機問題，那會高出幾個點。所以我想問你的是，這是否意味著一旦我們克服了今年各種因素的這些不尋常的時間問題，這種標準化的採取率會高幾個點，比如 17%？你沒有這樣做。您的預訂過去曾這樣做過，但那是 5、6、7 年前的事了。但這就是那句話的含義嗎？

And then, Glenn, about the connected trip, I wondered if you think that there's something that's structurally changed that makes connected trip more attractive, more viable or more impactful than it has been historically. I think about the history of online travel and there was a connected trip company, but they never -- with a large package business, but they never generated as many room nights as you did, and you were solo lodging a company. Is there something that's changed now? Maybe it's a much greater use of mobile or mobile apps that just makes the connected trip a greater needle mover today than it was historically?

然後，格倫，關於互聯旅行，我想知道您是否認為結構上發生了一些變化，使互聯旅行比歷史上更具吸引力、更可行或更具影響力。我想到了在線旅遊的歷史，曾經有一家互聯旅行公司，但他們從來沒有——有過大型的包裹業務，但他們從來沒有像你那樣產生那麼多的房晚，而且你是一個人住一家公司。現在有什麼改變了嗎？也許是更多地使用移動或移動應用程序，使今天的聯網旅行比歷史上更重要？

Glenn, why don't you go first?

格倫，你為什麼不先走？

Do you want me to go first? So Mark, here's the thing. I have seen over 2 decades, people have been talking about a connected trip because travel in this problem since we started buying travel online, didn't have a human being do it for us.

要我先走嗎？所以馬克，事情就是這樣。我已經看到 2 多年以來，人們一直在談論互聯旅行，因為自從我們開始在線購買旅行以來，旅行就遇到了這個問題，沒有人為我們做這件事。

Certainly, the technological landscape has changed significantly since we first started doing this when I first joined this company in 2000. And now we have so many new things that we can use to make this better, the idea of mobile, apps, but even more so, all the machines learning, AI, to be able to do better types of predictability of what's happening and what could be better for a person, how we can see, is there a potential problem in the future we can fix it before it happens. So many things.

當然，自 2000 年我第一次加入這家公司時，我們開始這樣做以來，技術格局已經發生了顯著變化。現在我們有很多新東西可以用來讓它變得更好，比如移動、應用程序的想法，甚至更多所以，所有的機器學習，人工智能，為了能夠更好地預測正在發生的事情，以及對一個人來說什麼可能更好，我們如何看待未來是否存在潛在問題，我們可以在它發生之前解決它.這麼多的事情。

I believe this can be done, will be done. I believe we're the ones who are going to do it, okay? But we're not there yet. So to say it hasn't happened, it hasn't happened yet because we haven't built all this yet. I believe it will happen. And I do believe it's necessary because I don't believe that people should have to suffer the way they do right now in trying to do a simple family trip.

我相信這是可以做到的，一定會做到的。我相信我們是要做這件事的人，好嗎？但我們還沒有。所以說它還沒有發生，它還沒有發生，因為我們還沒有建造這一切。我相信它會發生。而且我確實相信這是必要的，因為我不認為人們應該像現在這樣在嘗試進行簡單的家庭旅行時遭受痛苦。

That being said though, it's going to take time. We're going to get there, but we're not going to show up next quarter or next year and say here's the incredible increase in our business. It is going to be incremental, it's going to take time, but I absolutely believe this is where it's going to be. And David, I'll let you take yours.

話雖如此，但這需要時間。我們會到達那裡，但我們不會在下個季度或明年出現並說這是我們業務的令人難以置信的增長。這將是漸進式的，需要時間，但我絕對相信這就是它的發展方向。還有大衛，我會讓你拿走你的。

Yes, right. Thank you, Mark. So yes, let's not confuse the difference between impacts on EBITDA margin and actual take rate percentages. What we talked about is the fact that -- let's go back to numbers. So in 2019, the take rate blended across the year was 15.6%. In 2021, we said it was 14.3%. We said last quarter, we're somewhere between those 2. This quarter, we gave you a bit more guidance because we know more about the timing impact in Q1. So we said just below 15%.

是的，沒錯。謝謝你，馬克。所以是的，我們不要混淆對 EBITDA 利潤率的影響和實際採取率百分比之間的差異。我們談到的事實是——讓我們回到數字上來。因此，在 2019 年，全年混合使用率為 15.6%。 2021年，我們說是14.3%。我們上個季度說過，我們介於這兩個之間。本季度，我們給了你更多的指導，因為我們對第一季度的時間影響有了更多的了解。所以我們說略低於 15%。

We said that, that impacts on -- the timing impact on take rates was causing a few points of EBITDA margin compression. So take a few -- so we said last quarter, and we still maintain, that our EBITDA margin rate for the year will be a few points higher than it was in 2021. And what we said after last call, we're clarifying again today, is if it wasn't for the impacts of timing, the EBITDA margin will be a few points higher again on a normalized basis.

我們說過，這影響——對收取率的時間影響導致 EBITDA 利潤率壓縮了幾個點。所以採取一些 - 所以我們在上個季度說過，我們仍然堅持，我們今年的 EBITDA 利潤率將比 2021 年高幾個點。我們在上次電話會議後所說的，我們再次澄清今天，如果不是因為時間的影響，EBITDA 利潤率將在正常化的基礎上再次高出幾個點。

So the fact that take rates are being hurt for the full year is causing us to have a few points of compression on our EBITDA margin this year, which is timing related. We did not say the take rates back in 17%, we said that they would be below 15%. And if you normalize from just below 15% back to 15.6%, something like that, then that will give you those few points of EBITDA margin that we talked about.

因此，全年收取率受到損害的事實導致我們今年的 EBITDA 利潤率受到了一些壓縮，這與時間相關。我們沒有說利率會回到 17%，我們說他們會低於 15%。如果你從略低於 15% 恢復到 15.6%，類似這樣，那麼這將為你提供我們談到的 EBITDA 利潤率的幾個點。

Okay. Yes. Sorry, that was my mistake and a confusing question.

好的。是的。對不起，這是我的錯誤和一個令人困惑的問題。

We will now take our next question comes from Eric Sheridan of Goldman Sachs.

我們現在將接受來自高盛的 Eric Sheridan 的下一個問題。

I want to come back to the comment you made in the prepared remarks on investing in supply as we go deeper into 2022. Can we talk about what kind of investments you feel you need to make? And also, as you look at the base of gross bookings and the booking window you have now deeper into the year, where do you find yourself with elements of supply-demand imbalance on either the shared accommodation side or the hotel side that you're trying to sort of unlock or think about not only just for summer of '22, but beyond into 2023?

隨著我們進入 2022 年，我想回到您在準備好的關於供應投資的評論中發表的評論。我們能談談您認為需要進行什麼樣的投資嗎？此外，當您查看總預訂量的基數和今年更深入的預訂窗口時，您會發現自己在共享住宿方面或酒店方面存在供需失衡的因素試圖解鎖或考慮不僅是 22 年的夏天，而是到 2023 年以後？

Sure. So let me talk a little bit about trying to build our supply in areas where we think we need it. And I've talked about this in the past in the alternative accommodations area where we think we are not as well positioned as some of our competitors, stating the fact, particularly in the U.S. So we absolutely need to go out and, first, make sure we got a product that people who own properties want to put on our platform. That's kind of the new things I talked about in terms of the liability insurance, in terms of payment system that is actually workable and works well, things like that. But then we have to make people aware of this.

當然。因此，讓我談談嘗試在我們認為需要它的地區建立我們的供應。我過去曾在替代住宿領域談到過這一點，我們認為我們的定位不如我們的一些競爭對手，陳述事實，特別是在美國。所以我們絕對需要走出去，首先，讓當然，我們得到了擁有財產的人想要放在我們平台上的產品。這是我在責任保險方面談到的新事物，就實際可行且運作良好的支付系統而言，諸如此類。但是我們必須讓人們意識到這一點。

And that's going out. We mentioned we have a new campaign out. We're spending money. And it's more than just marketing out. There's actually individuals talking with the big owners of multiple, multiple properties to make sure they understand what we can bring to them. That's how we start to bring in more of that. Because if you don't have the supply, you never -- you can't get in the business. So we do that, and then we obviously have the second -- the other side of this 2-sided marketplace to make sure consumers are aware of this, too, and make sure they're coming to it. That's how we're going to do this over time.

那會消失的。我們提到我們有一個新的活動。我們在花錢。這不僅僅是營銷。實際上，有些人與擁有多處、多處房產的大業主交談，以確保他們了解我們可以為他們帶來什麼。這就是我們開始引入更多內容的方式。因為如果你沒有供應，你永遠 - 你無法進入這個行業。所以我們這樣做了，然後我們顯然有第二個——這個雙面市場的另一面，以確保消費者也意識到這一點，並確保他們來到這裡。這就是我們將如何隨著時間的推移做到這一點。

And it's obviously something that I've been talking about for a long time. I'm sure people are getting a little tired of me saying it, but it's -- this is where we're going. I mentioned how we are -- we didn't have a net increase in alternative accommodations, very pleased about that. And we are going to keep on building this, and it builds on itself. This is, again, one of those things where it was like a snowball, you need to get it rolling and then it will build more and more, faster and faster. It's going to take some time. I'm pleased with where it is. In terms of the window, repeat that part of the question.

這顯然是我長期以來一直在談論的事情。我敢肯定，人們對我這麼說有點厭倦了，但它——這就是我們要去的地方。我提到了我們的情況——我們的替代住宿沒有淨增加，對此非常高興。我們將繼續構建它，它建立在自身之上。這又是一個像雪球一樣的東西，你需要讓它滾動，然後它會越來越多，越來越快。這需要一些時間。我很高興它在哪裡。就窗口而言，重複問題的那一部分。

I'm just kind of curious like where you do see supply-demand imbalances based on what you've seen in the forward booking window going into the summer and other elements of this, where maybe there are disconnects in supply versus demand by product type, looking out deeper into the year.

我只是有點好奇，根據您在進入夏季的遠期預訂窗口中看到的情況以及其他因素，您確實看到供需失衡的地方，其中可能存在按產品類型劃分的供需脫節，更深入地展望這一年。

Yes. So right now, we're not seeing any shortage of supply from demand, people come in and it's not -- so they're not -- they can't find (inaudible) right now. That doesn't mean in peak summer that there won't be some shortages of inventory. In fact, that happens every normal year when there's peak summer travel in the northern hemisphere, the most popular places will fill up and the most popular -- and most properties in the most popular locations are going to fill up.

是的。所以現在，我們沒有看到需求出現任何供應短缺，人們進來了，但不是——所以他們不是——他們現在找不到（聽不清）。這並不意味著在夏季高峰期不會出現一些庫存短缺。事實上，這種情況每年都會發生，當北半球夏季旅遊高峰期時，最受歡迎的地方會客滿，最受歡迎的地方也會客滿。

One of the great things that we've been doing for some time is being very flexible and offering customers when they come in, we're not having enough inventory, we think, because things are filled up there, we're offering an alternative place where they can go and stay or different locations, different properties, all different ways. We are doing -- and working more in different experiments to do that.

一段時間以來，我們一直在做的一件偉大的事情是非常靈活，並在客戶進來時為他們提供，我們沒有足夠的庫存，我們認為，因為那裡的東西都裝滿了，我們提供了一個替代方案他們可以去和停留的地方或不同的位置，不同的屬性，所有不同的方式。我們正在做——並且在不同的實驗中做更多的工作來做到這一點。

But we're not the only ones who do that. That's important. You have a customer in your store. You want to sell to them. You don't have enough of what they want. You show them something else that probably is just like it. That's what we're doing. Clearly, over time, what I want to do though is not have to have this conversation about in the U.S., that we don't have enough of the single properties on the beach and XYZ, and that's something that really what we're working on. But right now, I don't see an issue right now. We're having insufficient supply.

但我們並不是唯一這樣做的人。這很重要。您的商店中有一位顧客。你想賣給他們。你沒有足夠的他們想要的東西。你向他們展示其他可能就像它一樣的東西。這就是我們正在做的事情。顯然，隨著時間的推移，我想做的不是必須在美國進行這種對話，我們在海灘和 XYZ 上沒有足夠的單一房產，而這正是我們正在努力的事情在。但是現在，我現在沒有看到任何問題。我們供應不足。

And now we will now take our last question comes from Doug Anmuth from JPMorgan.

現在我們將回答來自摩根大通的 Doug Anmuth 的最後一個問題。

I just wanted to ask about international recovery. It seems like you're suggesting it's coming more from short haul. Just curious what you're seeing in terms of long haul and how you're thinking about that coming back.

我只是想問一下國際復甦。看來您是在暗示它更多來自短途。只是好奇你在長期方面看到了什麼，以及你是如何考慮回歸的。

I'll start. So yes, so you're right. International recovery in total, international bookings in total cross-border, as we define it in April, down a little bit. Short haul, you (inaudible) or within Europe, actually up decently. But long haul, still down, not too surprisingly. I mean in total, to see the international booking number close to flat for April, I think, is a great step forward. Not surprisingly, interregion is going to recover fast, fastest. Most European countries are now -- relaxed all restrictions for travels within Europe, which is great. And long haul, still down but also rapidly improving. We see strong growth from travels from the U.S., for example. Obviously, travel into and from Asia is still down. And that's an important destination for both U.S. and European people when you look at a lot more routes.

我會開始的。所以是的，所以你是對的。正如我們在 4 月所定義的那樣，國際總預訂量、跨境國際預訂總量略有下降。短途，你（聽不清）或在歐洲，實際上漲得不錯。但從長遠來看，仍然下跌，這並不令人驚訝。我的意思是，總的來說，看到四月份的國際預訂數量接近持平，我認為，這是向前邁出的一大步。毫不奇怪，跨地區將快速、最快地恢復。現在大多數歐洲國家都放寬了對歐洲境內旅行的所有限制，這很好。長期來看，仍在下降但也在迅速改善。例如，我們看到來自美國的旅行強勁增長。顯然，進出亞洲的旅行仍在下降。當您查看更多路線時，這對美國和歐洲人來說都是一個重要的目的地。

And David, you basically said what I was going to say. Basically, we have a situation that's very tied somewhat to restrictions, and its countries that are typical long-haul destinations, some of them in Asia, for example. As they will begin to lighten up and people feel more confident they can go without having to do a lot of different things, don't have to quarantine before, don't have to go to get a test there, don't test before, as these things go away, then people will travel more and more on these long-haul trips. So I definitely am positive on the continued trend in this area.

大衛，你基本上說了我要說的。基本上，我們的情況在某種程度上與限制密切相關，其國家是典型的長途目的地，例如，其中一些在亞洲。因為他們會開始放鬆，人們會更有信心，他們可以去而不必做很多不同的事情，之前不必隔離，不必去那裡接受測試，之前不要測試，隨著這些東西的消失，人們會越來越多地在這些長途旅行中旅行。因此，我絕對看好該領域的持續趨勢。

Okay. Was that the final question?

好的。那是最後一個問題嗎？

Yes, that is our final question. So I will now turn the call back to Glenn Fogel for the closing remarks. Please go ahead.

是的，這是我們的最後一個問題。因此，我現在將電話轉回 Glenn Fogel 進行閉幕詞。請繼續。

Thank you. As always, I want to thank our partners, but I really want to thank all of our partners who have generously contributed to our refugee platform. I also, of course, want to thank the customers, our dedicated employees and our shareholders. We appreciate your support as we continue to build on the long-term vision for our company. Thank you, all, and good night.

謝謝你。一如既往，我要感謝我們的合作夥伴，但我真的要感謝所有為我們的難民平台慷慨貢獻的合作夥伴。當然，我還要感謝客戶、我們敬業的員工和股東。感謝您的支持，因為我們將繼續為我們公司建立長期願景。謝謝大家，晚安。

Thank you. And that concludes today's conference call. Thank you, everyone, for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。