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.

歡迎參加 Booking Holdings 2022 年第一季電話會議。 Booking Holdings 特此提醒各位，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績效的保證，並受某些難以預測的風險、不確定性和假設的影響。因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果有重大差異。

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.

凡涉及未來目標或預期，以及反映歷史事實以外的類似表述，均旨在識別前瞻性陳述。如需了解可能導致Booking Holdings實際業績與前瞻性聲明中所述業績存在重大差異的因素列表，請參閱Booking Holdings盈利新聞稿末尾的安全港聲明以及Booking Holdings最近向美國證券交易委員會提交的文件。

Unless required by law, Booking Holdings undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. 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.

除非法律另有規定，Booking Holdings不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。 Booking Holdings的獲利新聞稿及其隨附的財務和統計補充文件可在Booking Holdings網站www.bookingholdings.com的「投資者關係」欄位中查閱。

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

現在我來介紹Booking Holdings今天下午的演講嘉賓，格倫·福格爾和戴維·古爾登。請兩位開始吧。

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

謝謝，歡迎參加Booking Holdings第一季財報電話會議。今天下午與我一同出席的還有我們的財務長大衛古爾登。

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.

首先，我很高興地報告，我們第一季的業績創下歷史新高。客戶預訂總額達270億美元，創歷史新高。客房預訂量持續增長，平均房價上漲，全球航班產品也實現了顯著增長，這些因素共同促成了這一預訂總額的紀錄。

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.

在住宿業務方面，我們較去年同期取得了顯著改善，第一季客房夜數僅比2019年第一季下降了9%，較2021年第四季的業績改善了12個百分點。 4月預訂量持續走強，客房夜數增加了10%，總預訂量較2019年成長了30%以上，使4月份的總預訂量創下歷史新高，也是全球客房夜數首次超過2019年同期水準的月份。

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.

Booking.com 的夏季預訂總量已強勁成長，比 2019 年同期成長超過 15%，這讓我倍感鼓舞。在西歐和北美，夏季預訂總量目前比 2019 年同期增加超過 30%，但我注意到其中很大一部分預訂是可以取消的。

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，我們的其他品牌也受惠於全球疫情後的復甦，例如 Priceline 在美國的旅遊需求強勁，Agoda 在亞洲的趨勢近期迅速改善，KAYAK 的國際航班搜尋量上升，以及 OpenTable 的食客重返餐廳。

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.

許多國家，尤其是歐洲和亞洲國家，在第一季放寬了旅行限制，我們認為這有助於提振旅遊需求趨勢。正如我們之前所說，當休閒旅客認為旅行安全且限制解除時，人們就會預訂行程。儘管如此，目前一些國家仍然對旅行者實施一些限制和不便，但我們相信旅遊業正朝著正確的方向發展，並逐步恢復正常。

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.

儘管我們對目前旗下各品牌的發展趨勢感到滿意，但展望今年餘下的時間，我們也意識到宏觀經濟存在潛在的不確定性，通貨膨脹或其他宏觀因素可能會對消費者需求產生影響。在進一步介紹我們的業務進展之前，我想先談談烏克蘭的毀滅性戰爭。自從得知俄羅斯入侵烏克蘭的噩耗以來，我們首要的任務就是保障同事們的安全，並在此期間為他們提供支持。我們與在烏克蘭的員工及其家人緊密合作，為他們提供安全的庇護所，並持續支持該地區的人道援助工作。

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.

正如我們之前所揭露的，3月初，我們暫停了在俄羅斯和白俄羅斯的旅行服務。 3月中旬，Booking.com制定並推出了一項免佣金計劃，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，迄今為止，已有約3萬名難民透過這項計畫獲得了住處。我們將繼續與酒店和民宿合作夥伴緊密合作，並計劃將該計劃推廣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與希爾頓酒店集團和聯合國難民署合作，方便非政府組織為逃離烏克蘭戰亂的難民預訂臨時住所。希爾頓酒店集團在歐洲數百家酒店免費提供這些房間，而我們則透過我們的平台提供這些房間。我為我們團隊迅速採取行動幫助我們的員工、客戶、合作夥伴以及許多受這些悲劇事件影響的人感到非常自豪。當然，我們都希望這場野蠻的暴力能夠盡快結束。

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.

現在讓我們來看看我們在業務方面的進展。我們持續致力於強化核心組合業務，為旅客客戶和供應商合作夥伴創造更多價值。對於客戶，我們專注於滿足他們對價值、選擇和便利性的關鍵需求。憑藉這種高度的客戶至上理念，我們旨在逐步提升客戶忠誠度、預訂頻率、消費額以及與客戶的直接聯繫。 3月份，Booking.com的獨立活躍客戶數量已達到2019年同期水準的95%，這主要得益於一年多未預訂的回頭客數量的強勁增長。第一季度，直接透過Booking.com預訂的客戶比例高於過去三個季度（即過去三年）的第一季。

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.

我們發現，用戶在行動應用程式上的直接復購率最高。與其他平台（例如桌面端或行動網頁）相比，我們的業務持續向應用程式轉移，第一季超過 40% 的客房預訂量是透過應用程式完成的。 Booking.com 應用程式在第一季的月活躍用戶數創下新紀錄，並繼續保持全球下載量排名第一的線上旅行社應用程式（數據來自第三方研究公司）。正如我之前所說，應用程式是一個至關重要的平台，它讓我們有更多機會直接與旅客互動，最終，我們將其視為我們互聯旅行體驗的核心。我們將繼續努力改進應用，以鞏固我們近期的成功。

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.

對於我們的供應商合作夥伴，我們致力於成為平台上所有住宿類型的寶貴合作夥伴，這主要意味著透過我們平台上廣泛的潛在客戶群，為房源帶來增量需求。就另類住宿而言，我們第一季的全球客房夜數佔比成長至約31%，比2021年第一季略有提升。我們持續致力於在全球範圍內改進另類住宿產品，並專注於美國市場。我們一直與房源合作夥伴緊密合作，尋找改進平台以更好地滿足其需求的機會。為此，我們於第一季為另類住宿供應商合作夥伴推出了全球性的合作夥伴責任保險。此外，我們正在推動一項面向專業物業經理的增強型支付解決方案，該方案將在美國推出。

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.

第一季度，Booking.com上的另類住宿房源數量實現了自疫情爆發以來最大的環比淨增長。雖然第一季的淨增長房源數量仍然不多，但我們計劃在2022年繼續保持這一增長勢頭，透過不斷改進另類住宿服務並吸引更多合作夥伴加入我們的平台來實現這一目標。本週，我們在美國啟動了一項新的推廣活動，旨在向希望與我們合作拓展業務的另類住宿業主和管理者推廣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，我想談談我們在支付和相關趨勢這兩個相互關聯的策略重點方面取得的進展。我們相信，這兩項重點將進一步增強我們核心住宿業務的實力，並支持其持續成長。在付款方面，Booking.com 第一季 34% 的總預訂量是透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準。今年，我們將致力於持續提高供應商對支付方式的採用率，同時推出新的產品和功能，這些產品和功能將逐步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 定位為對旅客和供應商合作夥伴都極具吸引力且值得信賴的支付服務平台，涵蓋飯店、多種組合預訂、租車、機票和景點門票等。此外，Booking.com 的支付平台有助於打造更流暢便捷的預訂體驗，這也是我們建立互聯旅行願景的重要組成部分。

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.

在建立互聯旅行願景的過程中，我們不斷取得進展，並持續夯實基礎，例如在Booking.com上開發航班預訂服務，目前該服務已覆蓋40個國家。這項航班預訂服務使我們能夠與潛在客戶互動，幫助他們在搜尋過程中儘早選擇航班，並有機會向這些預訂航班的客戶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.

我們發現，在Booking.com超過70%的航班預訂中，航班是用戶預訂的首項或唯一產品。這進一步證實了航班作為許多用戶預訂旅程起點的價值，也是我們可以利用交叉銷售住宿和其他產品的關鍵環節。相當一部分預訂者會先預訂航班，然後再預訂住宿。我們將繼續努力，進一步優化交叉銷售機會，並鞏固目前已看到的正面訊號。航班仍然是新客戶的重要來源，第一季約有四分之一的航班預訂者是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.

我們最近也發現，透過將折扣應用於與交易相關的非住宿產品，可以有效提升客房入住率。簡而言之，我們相信增加貨架上的產品種類能夠提升我們的銷售機會，從而幫助我們增加客房入住率。

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，我們在三月發布了2021年永續發展報告和氣候行動計畫。在氣候行動計畫中，我們重點介紹了已取得的顯著減排成果，部分原因是我們在去年年底前實現了辦公室100%使用再生能源。我們承諾在2030年將排放量減少一半以上，並在2040年實現淨零排放。我們為已取得的減排成果以及為自身業務設定的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，我們對永續旅行的最大貢獻在於讓旅客更容易找到並預訂永續的旅行選擇。我們正在透過「永續旅行徽章計畫」來實現這一目標，目前已涵蓋超過10萬家酒店，這些酒店可以在Booking.com上向顧客展示其可持續的旅行實踐。

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.

總而言之，我對目前的強勁預訂勢頭、夏季旅遊預訂量以及未來一年旅遊旺季的潛力感到鼓舞。正如我們上個季度所討論的，在當前的復甦環境下，我們將繼續重視效果行銷管道和適當的投資報酬率，以期為我們的平台吸引更多客戶。整體而言，我們相信我們已做好充分準備，繼續把握不斷回升的旅遊需求，並將繼續推動各項策略重點的實施。正如我之前所說，我們致力於打造一個規模更大、成長更快、產品更豐富且可持續發展的長期獲利業務。

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

現在我將把電話交給我們的財務長大衛古爾登。

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.

謝謝格倫，下午好。我將回顧我們第一季的業績，並簡要介紹我們目前在第二季度觀察到的趨勢。除非另有說明，且所有2022年的成長率均相對於2019年同期。有關非GAAP績效與GAAP績效的調節訊息，請參閱我們的獲利報告。

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.

現在來看我們第一季的業績。在二月份的財報電話會議上，我們討論了2022年至今的趨勢改善情況，客房夜數在一月份下降21%之後，二月上半月已基本恢復到與2019年同期持平。然而，就在2月23日財報電話會議結束後幾個小時，俄羅斯入侵烏克蘭的噩耗傳來。這立即對我們的客房夜數趨勢產生了負面影響，尤其是在東歐地區。

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.

儘管月底受到一定影響，但2月份的房間入住夜數與2019年同期水準基本持平。 3月初，我們暫停了俄羅斯和白俄羅斯的旅遊服務預訂。這導致新預訂量下降，同時這些國家的預訂取消率也顯著上升。此外，由於旅客仍在消化入侵事件的消息，歐洲的預訂趨勢也出現了一定程度的放緩。我們揭露，截至3月6日當週，總房間入住夜數下降了約10%，這一降幅主要來自東歐，尤其是俄羅斯，其次是西歐，西歐的房間入住夜數略高於2019年同期水準。

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.

我很高興地宣布，與三月第一周相比，三月份整體趨勢有所改善，這主要得益於歐洲市場的強勁增長，使得當月客房入住率下降約4%，與二月份的水平相比僅略有回落。第一季度，客房入住率下降9%，較第四季21%的降幅有所改善，也是自疫情爆發以來我們取得的最佳季度業績。若剔除俄羅斯、烏克蘭和白俄羅斯，三月客房入住率下降約2%，第一季整體下降約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.

第一季度，從區域層級來看，歐洲和世界其他地區的客房夜數均出現個位數中段的下滑。亞洲地區下降了約35%，但所有三個地區的客房夜數均較第四季有所改善。美國地區與2019年第一季相比實現了強勁成長，與第四季的情況類似。行動端預訂（主要透過我們的應用程式）約佔第一季總客房夜數的60%。我們的應用程式預訂量佔行動裝置預訂量的三分之二以上，佔總客房夜數的40%以上。與2019年第一季和2022年第一季相比，我們第一季透過直銷管道預訂的客房夜數佔比持續上升。

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.

第一季國際客房夜數佔總客房夜數的比例約40%，較第四季的約33%成長，令人鼓舞。與2019年第一季相比，第一季國際客房夜數下降了約30%，較第四季的近40%（降幅近50%）有所改善。國際預訂量的成長主要得益於歐洲境內的旅遊計畫。此外，這些跨國預訂的平均入住時間和預訂窗口期均較2019年同期有所延長。

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.

第一季國內客房夜數強勁成長，較第四季有所改善。儘管受到俄羅斯入侵烏克蘭的影響，第一季的取消率仍與2019年同期水準基本持平。 Booking.com第一季的預訂窗口與2019年同期相比的差異小於第四季度，且較2021年第一季有所擴大。

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.

在 Booking.com 上，我們的替代住宿在全球範圍內的房間夜數佔比在第一季度增長至約 31%，比 2021 年高出幾個百分點。在歐洲，我們的替代住宿佔比持續顯著高於全球平均。

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年同期相比，第一季總預訂量成長7%，若不計入俄羅斯、烏克蘭和白俄羅斯，則成長10%。總預訂量7%的成長優於客房夜數9%的下降，降幅達16個百分點，這主要得益於住宿平均房價（以固定匯率計算）上漲18%，以及集團整體強勁的航班預訂量，但部分被約4個百分點的匯率波動負面影響所抵銷。

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.

正如格倫在演講中提到的，第一季270億美元的總預訂額創下新紀錄，高於2019年第一季250億美元的紀錄。 2023年3月（2022年）是我們總預訂金額首次單月突破100億美元大關。這一數字較2019年3月成長17%，而2月份成長18%，1月則下降11%。我們的住宿平均房價（以固定匯率計算）受益於區域組合的最佳化，成長約3個百分點；同時，大部分地區的房價上漲也帶來了約15個百分點的成長，尤其是在歐洲和北美，以及那些需求旺盛、休閒旅遊目的地。與2019年同期相比，以固定匯率計算的平均房價成長率從第四季的13%加速至第一季的18%，這主要得益於歐洲房價的上漲。

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.

第一季機票預訂量較2019年同期成長152%，較2021年同期成長69%，主要得益於Booking.com航班平台的持續擴張以及Priceline機票業務的持續成長。第一季合併營收為27億美元，較2019年同期下降7%，以固定匯率計算下降約2%。收入佔總預訂量的百分比較2019年第一季下降約150個基點，符合預期，主要原因是總預訂量與收入確認時間有差異。我們的住宿預訂率與2019年第一季基本持平。

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.

行銷費用（一項波動性較大的費用）較2019年第一季下降了4%。行銷費用佔總預訂金額的比例較2019年第一季下降了約50個基點，優於預期，主要得益於高於預期的行銷投資報酬率。銷售及其他費用較2019年第一季成長了58%，主要原因是商家總預訂量增加以及第三方呼叫中心成本上升。 Booking.com約34%的總預訂金額在第一季透過我們的支付平台處理，高於2019年第一季的13%。與2021年第一季相比，銷售及其他費用佔總預訂額的比例上升了約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.

我們的固定支出總額基本上符合預期，較第四季成長12%，較2021年第一季成長17%。本季調整後EBITDA為3.1億美元，高於預期，主要得益於高於預期的ADR收益以及變動支出槓桿率優於預期。然而，EBITDA季減67%，遠超新冠疫情前的季節性下滑幅度，與我們2月的預測一致。

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.

非GAAP淨利為1.61億美元，非GAAP每股收益為3.90美元，較2019年第一季下降65%。由於基數較低，一項一次性稅收優惠的影響更大，導致我們第一季的非GAAP稅率為16%，低於2019年第一季的90​​%。以GAAP準則計算，我們第一季的營業收入為1.74億美元。本季我們錄得GAAP淨虧損7億美元，其中包括約9.87億美元的戰略投資未實現虧損，以及與上季度討論的Majorelle戰略合作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.

接下來談談我們的現金和流動性狀況。第一季末現金投資餘額約為128億美元，低於第四季末的143億美元，主要原因是支付了11億美元的保證金債務到期款項、第一季回購了約9.5億美元的股票以及戰略投資價值下降。這些因素導致現金投資餘額減少，但約16億美元的正自由現金流量部分抵銷了這些影響，幾乎完全是由遞延商戶訂單餘額增加所帶來的營運資本變動所驅動的。

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所揭露的那樣，我們從1月初開始向股東返還資本。除了第一季的股票回購外，我們還在4月回購了約3.25億美元的股票，這使得我們未償還的授權額度略高於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額度。

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.

接下來我們來談談第二季的情況。 4月份客房入住夜數較2019年同期成長約10%，較3月份4%的降幅有所改善，這主要得益於歐洲市場的成長。若剔除俄羅斯、烏克蘭及白俄羅斯，4月份客房入住夜數較2019年同期成長約16%。所有地區4月的客房入住夜數均呈現成長態勢。歐洲4月客房入住夜數成長接近10%，若剔除俄羅斯、白俄羅斯及烏克蘭，則成長約30%。美國市場成長強勁。世界其他地區均實現了兩位數成長，而亞洲市場則有所回升，與2019年同期相比下降了接近10%。

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月份國際客房入住率佔比超過45%，較第一季的40%大幅提升。 4月國際客房入住率較2019年同期略有下降，較第一季的30%下降幅度有所改善。國際需求（主要受歐洲旅行計畫的推動）是4月份客房入住率較第一季成長的主要原因。 4月份國內客房入住率也較2019年同期實現了強勁成長。

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.

受客房夜數增長、住宿平均房價持續走強以及機票預訂持續強勁的推動，4月份總預訂量較2019年同期增長超過30%。 4月總預訂額增加至近110億美元，創下新的月度紀錄。在新冠疫情爆發前，4月份總預訂金額通常會低於3月份。

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.

儘管4月的趨勢持續改善令人鼓舞，但市場環境仍充滿不確定性，難以準確預測本季剩餘時間的客房夜數走勢。雖然許多國家正在解除旅行限制，但新冠疫情仍是影響旅行的因素。當然，烏克蘭戰爭仍在持續造成市場波動和宏觀經濟不確定性。我們預計近期平均房價的強勁勢頭將在本季剩餘時間內延續。因此，我們預期第二季度客房夜數成長率與總預訂量成長率之間的差距約為20個百分點，與4月份的情況類似。

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.

四月份，Booking.com 的整體預訂量持續回升，逐漸接近 2019 年的水準。夏季預訂趨勢依然強勁，目前夏季總預訂量比 2019 年同期成長超過 15%。西歐和北美地區的預訂量均成長超過 30%，儘管取消預訂的比例也較高。如果目前的趨勢持續下去，我們有望迎來創紀錄的夏季旅遊旺季，為此，我們正積極在業務的各個方面做好準備。

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。鑑於近期的預訂趨勢以及預訂窗口期的延長，我們預計第二季營收佔總預訂量的百分比將比2019年第二季下降約200個基點。這200個基點的收入佔總預訂量的百分比差異主要與時間有關，如果預訂交易（抱歉，是從4月份開始）持續進行，尤其是如果其中很大一部分預訂會在未來幾個季度完成，那麼影響可能會更大。第二季佣金率的時間影響是由總預訂量增速加快所致，第一季成長7%，而第二季迄今已超過30%，再加上預訂窗口期從第一季延長至第二季。我們預計我們的基礎住宿佣金率將保持穩定。

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.

我們預計行銷費用佔總預訂額的比例將略高於2019年第二季度，這與我們先前關於2022年我們將抓住旅遊市場復甦機會的預測相符。由於商家預訂額佔比上升以及第三方呼叫中心成本增加，我們預期第二季銷售及其他費用佔總預訂額的比例將比2021年第二季高出約60個基點。我們預計固定支出總額將比2021年第二季高出約15%，其中人員支出略有下降，而一般及行政費用和IT費用較去年同期均顯著增長。總體而言，年比有所增長——一般及行政費用的同比增長主要受與收入掛鉤的數字銷售稅增加以及因恢復混合辦公模式而導致的辦公費用增加所致。我們預計IT費用的年增速將與第一季持平。

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.

如果本季剩餘時間的營收成長率與四月持平，我們預計調整後 EBITDA 將超過 9 億美元。由於總預訂量與營收之間存在時間差，導致我們預計第二季佣金率將比 2019 年第一季下降 200 個基點，這將對第二季的 EBITDA 產生顯著的負面影響，因為我們的可變費用項目與預訂量掛鉤。如果我們把 2022 年第二季佣金率的時間影響調整至與 2019 年第二季相同，那麼 2022 年第二季的調整後 EBITDA 將略高於 2019 年第二季。

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.

現在我們來談談上季討論過的與Majorelle的密集策略夥伴關係。再次提醒，Majorelle是我們最值得信賴的長期外部客戶支援合作夥伴之一，它將開始聘用先前在Booking.com荷蘭和英國以外地區工作的客服代表。我們目前預計將於年中左右完成這項合作。預計在2022年下半年按季度完成調整後，我們預計人員費用每季將減少約2,500萬美元，而一般及行政費用每季將減少600萬美元。為了抵​​銷人員費用和一般及行政費用的減少，我們的銷售及營運費用將會增加。正如我們上季度所說，我們預計這項措施對2022年調整後的EBITDA影響不大。展望2022年之後，我們相信這項合作關係將有助於進一步降低費用成長，並使我們客戶服務職能的提升更有效率。

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Majorelle公司人員管理費用、銷售及其他費用項目在損益表上的地理調整外，我們維持上季提供的全年損益表分析。再次提醒，我們預期時間因素會對佣金率產生負面影響。由於佣金率受年初及年中預訂恢復速度以及預訂窗口期長短的影響，因此時間因素對全年佣金率的具體影響難以預測。我們注意到，與2021年相比，2022年第一季的時間因素對我們的佣金率產生了負面影響。我們目前對2022年佣金率的最佳估計略低於15%，低於2019年，主要原因是時間因素。我們預計基礎住宿佣金率將保持穩定。

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.

時間因素也會對全年的調整後 EBITDA 和 EBITDA 利潤率產生負面影響。若不考慮時間因素的影響，我們對全年 EBITDA 利潤率的預期將比我們先前的指引高出幾個百分點。

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.

我們對第一季超出預期的業績以及四月份出現的成長趨勢感到鼓舞，我們相信，專注於客戶獲取和擴大產品供應是 2022 年的正確方法。

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

現在我們來回答大家的問題。夏洛特，請你來提問。

(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集團的勞埃德‧沃姆斯利。

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。如果可以的話，我想問兩個問題。首先，關於四月的預訂量和客房夜數趨勢，這些數據聽起來比華爾街對整個季度的預期要好得多。那麼，在考慮每月優惠或其他需要注意的事項（例如提前釋放需求或被壓抑的需求）時，是否有任何理由認為四月份的成長動能不會持續？

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，能否就所得分成率和時間因素對 EBITDA 的影響提供一些有用的資訊？我想，在展望明年時，我們該如何看待這些問題？收入分成率（至少在同等條件下）明年是否應該恢復到 2019 年的水準？您認為，到 2023 年，時間因素對 EBITDA 造成的幾個百分點的不利影響是否會逐漸消失？如果您能就利潤率及其未來發展趨勢提供一些幫助，我們將不勝感激。

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，不如我先回答第一個問題，然後讓大衛再來討論你剛才問到的時間安排問題。所以你的問題其實是在試圖預測未來，這總是一件有趣的事情，尤其是在我們共同經歷的過去幾年。

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.

正如我和大衛剛才所說，我們對目前的狀況非常滿意，也對正在發生的一切感到高興。我認為全世界的人都很樂意見到旅遊業的復甦。我們也提到過，亞洲的一些發展趨勢令人欣喜，雖然我們知道亞洲的情況還不如歐洲或美國那麼好，但這仍然是一個正面的訊號。希望這種勢頭能夠持續下去。

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.

我們也對歐洲各地，特別是西歐和東歐的復甦感到欣慰。所以我們對目前的狀況非常滿意。但世事難料。我們永遠無法預知未來會發生什麼事。你們也知道，我們之前已經進行過一次通話──最後一次通話，之後不久就傳來烏克蘭發生的可怕消息。如果你們還記得的話，再往前推一個季度，新冠疫情和奧密克戎飛彈系統突然出現了。

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.

我們都知道，現在的世界局勢可謂動盪不安。但我必須說，我對我們目前的狀況很滿意，也對我們團隊出色的執行力感到非常高興。大衛，我想你也不用再多說了吧。

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，關於三月和四月的情況，或許可以再補充幾點。我的意思是，我們確實看到，從三月第一周的-10%開始，整個三月都在穩步上升。四月也是如此，每週都保持相對穩定。但正如格倫所說，目前環境仍有許多難以預測的因素。我想補充一點，這兩個時期復活節都在四月。因此，與2019年或2021年相比，復活節對成長率沒有影響。

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.

相對於長期收益率，正如我在電話會議中解釋的那樣，收益率——即時間因素對收益率的影響——是一個數學問題，它取決於你從上一年結轉到下一年的金額與你從本年度結轉到下一年的金額之間的差值。當然，這個差值會根據各種因素而改變。

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.

我們今年已經看到，第一季受時間因素影響，導致訂單轉換率下降，因為Omicron計畫基本上是在第四季末推出的，這導致第一季的訂單量低於預期。因此，最終結果將取決於整體復甦的進展情況，包括復甦的速度和時機。

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，隨著毛利率開始恢復正常水平，預計其對佣金率的影響——即佣金率的時間影響——將會降低。但此外，還有一些其他因素可能會對這些具體情況產生影響，例如上一季第四季的數據延續到第一季度，以及下一季第四季的數據延續到未來第一季的情況。

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，隨著成長率逐漸趨於正常，收入成長率和預訂成長率也開始更加一致，這種影響會逐漸減弱。但仍可能出現一些異常情況——就像我們之前看到的那樣——這可能會影響第一季和第四季的具體時間安排，以及這些季度之間歷年來的相對差異。

Our next question comes from Brian Nowak with Morgan Stanley.

下一個問題來自摩根士丹利的布萊恩·諾瓦克。

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?

我有兩個問題。第一個問題，David，我想上個季度你談到了一些關於年度整體情況的評論。你提到行銷費用佔總預訂量的比例會比2019年略高，等等，還有銷售和其他費用以及你對預訂情況的看法。我知道平均房價（ADR）波動很大，等等，但你能否跟我們分享一下你對今年行銷支出、銷售和其他指標的最新看法，或者用任何你想讓我們思考的方式來幫助我們理解這些問題？

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?

格倫，很高興聽到你們在支付和航班等方面取得的進展。我想請你談談互聯旅行方面，你認為哪些舉措最有可能在2023年左右，從增量收入的角度來看，對損益表產生真正意義上的影響？

So Dave, you want to do that first one?

戴夫，你想先做第一個嗎？

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，布萊恩，我先說。除了機械運動之外，我會簡單談談它們對Majorelle的影響，這些機械運動基本上只是損益表上的地域性變動。我們上次說的內容沒有改變。

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.

我們預期今年行銷支出對總預訂量的槓桿作用會減弱。我們先前預期第一季業績將相對平穩，但實際情況略好於預期。由於投資報酬率較高，第一季的槓桿作用實際上達到了50個基點。不過，我們也提到會在第二季和第三季更重視旅遊旺季。因此，我們仍預期今年會出現一定程度的槓桿作用減弱，同時也會增加商品銷售方面的支出。

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.

銷售及其他費用，我們仍預計全年將成長約 50 個基點，主要受支付款項的影響。 Majorelle 調整機制將這些額外費用計入銷售及其他費用，預計對總合約價值 (TCV) 的進一步調整將不到 10 個基點。因此，除了這些機械性調整之外，我們上個季度討論的年度財務展望，我們仍然預期全年財務狀況將保持不變。

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，我還補充了一些上個季度沒有提供的關於轉換率的資訊。這比上個季度我們提供的資訊更詳細一些，因為我們現在了解了第一季的情況，所以可以就此提供更多指導。

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.

布萊恩談到了互聯旅行。互聯旅行是一個長期願景。我認為，要真正實現人們目前購買、探索和體驗旅行方式的根本性變革，還需要一段時間。我們都知道這有多難，也都知道情況應該會更好。這就是我們未來的目標。

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.

2023年，我們在這方面還處於非常早期的階段。我認為——我認為我們仍然處於基礎階段，即建立並運行優秀的垂直業務，使它們本身成為非常棒的、供人們使用的優質產品，然後進行基本的交叉銷售，我們認為這是邁向互聯互通之旅的第一步。

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年最重要的事之一。嗯，就是我剛才提到的那些，像是現在的航班，我真的很高興看到新客戶不斷湧入。他們購買了相當數量的不同組合的機票，而我們還沒有完全優化這方面。這一點非常重要。

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.

此外，我在事先準備好的演講稿中提到，我們正在嘗試與其他垂直領域進行一些小規模的實驗，並探討如何將這些元素結合起來，為客戶帶來更好的體驗。這些嘗試的意義在於，我們努力讓客戶相信，透過 Booking.com 預訂才是最佳選擇。這樣可以提高回頭客數量，並鼓勵他們透過應用程式完成預訂，從而節省我們的成本，最終提升客戶忠誠度。

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，我們正在嘗試多種方法來增強這種飛輪效應，讓人們知道我們的產品更好，從而選擇我們。隨著我們不斷努力，獲取更多信息，以便為他們提供更好的方案和更優惠的報價，讓他們更容易轉化，這種效應就會持續下去。但這需要時間。我認為，到2023年，我剛才提到的所有措施都不會帶來巨大的成長，但你會看到持續的改善。

Our next question comes from Kevin Kopelman from Cowen.

我們的下一個問題來自 Cowen 公司的 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?

我希望能更深入地探討四月份的趨勢。夜間入住率的提升，尤其是成長了10%，顯然是一個很大的加速成長。您能否具體說說您觀察到的變化？如果我們把這些變化與您的廣告支出聯繫起來，您在第一季相對於GBV（全球客流量）有一定的優勢，但在第二季度您增加了支出。這其中有多少是對您觀察到的情況的反應，又有多少是您在第二季初採取的策略性措施？

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.

所以我想先談談整體情況。大衛，我不確定你是否想談論任何具體的數字、槓桿或其他方面。但沒錯，我們對目前的狀況非常滿意。我相信這是我們正在努力的許多因素共同作用的結果。這確實是一個細節決定成敗的博弈，意味著你要與合作夥伴緊密合作，爭取到合適的價格和庫存，然後確保在合適的時間以合適的方式將產品展示給客戶。

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，我們正在討論其他替代方案，例如增加一些房源，確保我們努力尋找更有效的方案，從而提升客戶體驗，讓付款更加順暢等等。我可以詳細介紹我們正在努力改進的許多細節。每一項改進都環環相扣，最終帶來更好的體驗。

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.

是的，我們在美國進行了品牌推廣活動，希望您還記得我們在超級盃週投放的廣告，我相信那支廣告效果非常好，而且我們還在繼續推進。這並非一次性的行銷活動，而是持續的推廣活動。我們也在社群媒體上進行了一些推廣活動。我們正在採取多種措施來提高品牌知名度，例如，在美國提升品牌知名度，幫助品牌建立強大的品牌影響力。

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.

但這確實是一項全球性的努力，旨在透過做好所有能提升產品品質的小事來發展我們的業務。因為從長遠來看，更好的產品才能最終勝出。戴夫，我不知道你是否想具體談談投資報酬率、槓桿或其他類似方面的問題。

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.

格倫，其實我本來也想說你剛才說的，因為這不只關乎某個地區。我們看到所有地區的業績在四月都有所改善，這對我們來說非常令人鼓舞。我們之前提到過，歐洲四月的成長率已經回升到接近20%，與2019年同期相比。這確實令人振奮，也是我們第一次能夠談到歐洲地區相對於2019年同期的成長。這裡指的是客房入住晚數。

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.

美國經濟已恢復到與2019年相比非常強勁的成長，我們認為這遠超市場平均水平，格倫也提到了一些因素。亞太地區經濟復甦良好，雖然仍有所下降，但降幅已接近10%。這再次證明，這是自疫情爆發以來我們看到的最佳結果。世界其他地區的經濟成長也已回升至兩位數。因此，與第一季相比，所有地區的經濟成長都出現了顯著改善，與3月份相比也是如此。這並非僅限於某個地區，而是遍及全球，我認為這是一個正面的訊號。

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.

我之前提到過，我們預計第二季的投入會比第一季略多一些——相對於支出總額而言。至於投資報酬率，正如我們所說，這實際上是為了抓住市場需求。當我們看到市場需求，看到網站流量時，我們才會開始增加行銷支出。

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.

所以我們正在積極掌握旅行復甦帶來的機會。隨著旅行需求的增長，我們需要在旅行方面佔據主導地位——尤其是在去年第三季。您也看到了我們在前幾個季度採取的策略。雖然現在才季度初，但這就是為什麼我們預計本季在行銷方面會略微放鬆一些的原因。不過，從三月到四月，我們看到的正面影響和變化是相當顯著的。

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.

好的。能談談匯率問題嗎？ 4月的GBV數據是30%，是依照報告匯率計算的還是以固定匯率計算的？美元自上次通話以來走強，所以我想問一下這方面的情況。

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，這是報告數據。匯率確實會產生影響。值得一提的是，我們在製定業績指引和進行相關計算時，[108] 略有下降。但影響並不大。我們提供的所有數據都是報告數據。除非我們特別註明是以固定匯率計算，例如，我們會特別註明以固定匯率計算的美國存託憑證（ADR）。其他所有數據均已報告。

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

下一個問題來自美國銀行的賈斯汀·波斯特。

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?

我只是想了解一下市場佔有率。您能否提供一些信息，例如2019年美國夜間娛樂場所的市場份額是多少，以及現在的市場份額是多少？

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.

還有一個關於手續費率的問題。我知道你們的商家──抱歉，是你們的支付平台──的手續費是34%，而你們的支付平台是13%。我原以為這會提高你們的整體手續費率，但你們說手續費率基本上持平。所以，請詳細說說——或許你們可以幫我們了解一下商家業務是如何影響手續費率的。

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

大衛，你為什麼不拿走它？我想把2019年倒回去（聽不清楚）。

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，我剛才提到了——所以當我們談到基礎佣金率時，我們指的是房間的基本佣金率，或者說是房間的佣金。我們完全沒有考慮支付給其他商家的費用或商家組合。

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，對交易時機影響最大的因素是——抱歉，應該說對交易成功率影響最大的因素是交易時機，我們之前也討論過這一點非常重要。但你說得對。我們整體的交易成功率之所以有所提高，是因為我們增加了支付管道，也因為我們從支付管道獲得了額外的收入。

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.

正如我之前提到的，例如在2021年，由於我們無法在支付平台上進行商品銷售和定價，因此我們現在開展的商品銷售活動在一定程度上彌補了這一損失。 2022年，商品銷售活動也將在很大程度上彌補這一損失。請記住，商品銷售也像行銷一樣，我們可以加大投入，也可以隨時調整力道。我們認為，今年在旅遊市場復甦的背景下，我們或許迎來了千載難逢的機會，可以真正大力發展行銷和商品銷售。

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佣金率提高。再次強調，我之前提到的基礎住宿佣金率非常穩定，這並不包括支付等附加費用，也不包括我們在支付基礎上開展的其他業務，更不影響我們在此基礎上開展的任何活動，包括商品銷售活動。希望這些解釋能讓您更清楚地了解這方面的變化。

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

太好了。那麼關於美國在夜間演出中所佔的比例，您有什麼建議嗎？

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

大衛，我認為我們不應該透露這麼詳細的資訊。

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.

我認為我們的觀點是，正如共享數據所表明的那樣，我們應該從中長期角度看待市場份額。單季業績很難預測。我們當然相信，去年我們在美國的成長強勁，與2019年相比，我們在2021年的復甦速度肯定比市場整體復甦速度快得多。

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年同期相比，我們在美國市場第一季的表現依然強勁，4月更是表現尤為出色。因此，很難給出具體的市佔率數據。但從整體住宿市場來看（這才是看待問題的關鍵），我們知道2021年我們的市佔率有所成長，而且從復甦的角度來看，我們相信2022年我們的市佔率將持續高於市場平均。

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.

我想說的是，我對過去兩年半以來，自從疫情爆發以來，我們在美國拓展業務所取得的成就感到非常滿意。我強調過，從戰略角度來看，在美國市場取得更大進展至關重要，因為我們在美國的業務一直被低估。在過去兩年半的疫情期間，我們做了大量基礎性工作，現在開始看到成效。我對第一季的業績非常滿意。

Our next question comes from Mark Mahaney from Evercore.

我們的下一個問題來自 Evercore 公司的 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，我先問你一個問題，然後再問格倫一個。大衛，你之前提到今年的佣金率好像略低於15%左右，你說如果不是因為時間因素，佣金率會更高。所以我想問的是，這是否意味著，一旦我們克服了今年各種因素造成的這些不尋常的時間影響，正常的佣金率會更高一些，例如17%？你們的數據還沒達到這個水準。你們的預訂系統過去確實達到這個水平，但那是五、六、七年前的數據了。你剛才那句話的意思是不是就是這個？

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?

格倫，關於互聯旅行，我想知道你是否認為，如今互聯旅行的結構性變化使其比以往更具吸引力、更可行或更有影響力？回顧線上旅遊的發展歷程，雖然也出現過互聯旅行公司，但他們的業務規模龐大，但從未像你那樣創造如此多的住宿預訂量，而你當時是一家獨立運營的住宿公司。現在情況是否發生了變化？或許是行動裝置或行動應用程式的廣泛應用，使得互聯旅行如今比以往任何時候都更具影響力？

Glenn, why don't you go first?

格倫，你為什麼不先來？

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.

你想讓我先說嗎？馬克，是這樣的。二十多年來，我看到人們一直在談論“互聯旅行”，因為自從我們開始在線購買旅行產品以來，旅行就一直是個問題，因為那時還沒有人幫我們處理這些事情。

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，自從我2000年加入這家公司以來，技術格局已經發生了翻天覆地的變化。現在我們有很多新技術可以用來改進工作，例如行動應用，但更重要的是機器學習和人工智慧，它們能夠更好地預測正在發生的事情，以及哪些方面對使用者更有利。我們可以預見未來可能出現的問題，並在問題發生前就加以解決。好處太多了。

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.

我相信這件事能做到，也一定會做到。我相信我們會做到，好嗎？但我們還沒到那一步。所以說它還沒發生，是因為我們還沒把所有東西都建好。我相信它一定會發生。而且我確實認為這是必要的，因為我不認為人們應該像現在這樣，為了進行一次簡單的家庭旅行而遭受如此多的痛苦。

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，這需要時間。我們終會達成目標，但我們不會在下個季度或明年就宣布業務實現了驚人的成長。這將是一個循序漸進的過程，需要時間，但我堅信最終會達到這個目標。大衛，你先說。

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，我們不要混淆對 EBITDA 利潤率的影響和實際佣金率之間的差異。我們剛才討論的是──讓我們回到數字上來。 2019 年，全年的佣金率為 15.6%。 2021 年，我們說是 14.3%。上個季度我們說，佣金率介於兩者之間。本季度，我們給出了更明確的指引，因為我們對第一季的時效性影響有了更清晰的了解。所以我們說佣金率略低於 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.

我們之前說過，時間因素對佣金率的影響導致 EBITDA 利潤率略微下降。所以，正如我們上個季度所說，我們仍然堅持認為，今年的 EBITDA 利潤率將比 2021 年高出幾個百分點。我們在上次電話會議後也說過，今天我們再次重申，如果不考慮時間因素的影響，EBITDA 利潤率在正常化基礎上還會再高出幾個百分點。

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，全年佣金率下降導致我們今年的 EBITDA 利潤率略有收窄，這與時間因素有關。我們之前並沒有說佣金率會達到 17%，而是說會低於 15%。如果將佣金率從略低於 15% 調整回 15.6% 左右，就能達到我們之前提到的那幾個百分點的 EBITDA 利潤率。

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

好的。是的。抱歉，那是我的錯，我問的問題可能會讓人感到困惑。

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

接下來，我們將回答來自高盛集團的艾瑞克·謝裡丹提出的問題。

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?

我想回到您在準備好的發言稿中提到的關於在2022年後期加大供應投資的觀點。我們能否討論一下您認為需要進行哪些類型的投資？另外，考慮到目前的預訂總量和預訂窗口期，您認為在共享住宿或飯店方面，供需失衡的因素有哪些？您正在努力解決這些問題，不僅考慮2022年夏季，也考慮2023年以後的情況。

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。那我來談談我們如何在需要的地方增加供應。我之前在另類住宿領域也提到過，我們認為我們在這方面不如一些競爭對手，尤其是在美國。所以我們必須先確保我們的產品是房主願意放在我們平台上的。這就是我之前提到的新舉措，例如責任保險、切實可行的支付系統等等。但接下來，我們必須讓人們了解這些。

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.

我們正在推進這項計劃。我們之前提到過，我們推出了一項新的推廣活動，並且投入了資金。這不僅是簡單的市場推廣。我們實際上安排了專人與擁有多處房產的大業主進行洽談，確保他們了解我們能為他們帶來什麼。這就是我們拓展業務的方式。因為如果沒有供應，你就永遠無法進入這個產業。所以我們這樣做，同時，我們顯然也關注著這個雙邊市場的另一方──消費者，確保他們也了解我們的產品，並主動參與。這就是我們逐步推進這項計劃的方式。

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.

顯然，我已經談論這件事很久了。我知道大家可能有點聽膩了，但這就是我們努力的方向。我之前提到過，我們的替代住宿設施沒有淨成長，對此我非常滿意。我們會繼續推進這項工作，它會不斷發展壯大。這就像滾雪球一樣，你需要讓它滾動起來，然後它就會越滾越大，速度也越來越快。這需要一些時間。我對目前的進展感到滿意。關於窗口期，請重複問題中的部分。

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，根據你從夏季預訂窗口和其他因素中看到的情況，你認為哪些方面存在供需失衡，以及從產品類型來看，今年晚些時候的供需是否存在脫節。

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。所以目前我們沒有看到供需缺口，人們進來後，現在都能找到想要的房源。但這並不代表夏季旅遊旺季就不會出現房源短缺。事實上，每年北半球夏季旅遊旺季都會出現這種情況，最熱門的地點和大部分熱門地段的房源都會被訂滿。

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.

我們一直以來做得非常出色的一點是，我們始終保持高度的彈性。當顧客到店後發現庫存不足（例如房間已滿）時，我們會提供其他住宿選擇，例如不同的地點、不同的房源等等。我們正在嘗試並進行更多不同的實驗來驗證這一點。

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.

但我們並非唯一這樣做的公司。這一點很重要。假設你的店裡來了一位顧客，你想把東西賣給他，但你店裡沒有他想要的商品。於是你向他展示了其他類似的商品。我們就是這麼做的。當然，從長遠來看，我希望最終不必再討論美國海灘或其他特定區域的獨棟房產供應不足的問題，而這正是我們努力的方向。但就目前而言，我認為供應充足並不是問題。

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

現在我們來回答最後一個問題，這個問題來自摩根大通的道格·安穆斯。

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.

我只是想問國際市場的復甦情況。您似乎認為復甦主要來自短程航線。我很好奇您對長途航線的復甦有何看法，以及您如何看待長途航線的復甦。

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.

我先來。是的，你說得對。國際旅行整體復甦情況，包括我們四月定義的跨境國際預訂總量，略有下降。短途旅行，例如歐洲境內的短途旅行，實際上有相當不錯的成長。但長途旅行仍然下降，這並不令人意外。我的意思是，總的來說，四月份國際預訂量接近持平，我認為這是一個巨大的進步。不出所料，區域間旅行將會快速復甦。現在大多數歐洲國家都放寬了歐洲內部旅行的所有限制，這很好。長途旅行雖然仍然下降，但也迅速改善。例如，我們看到來自美國的旅行強勁成長。顯然，往返亞洲的旅行仍然下降。考慮到許多航線，亞洲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.

戴維，你基本上說了我想說的話。目前的情況很大程度上與各種限制措施有關，尤其是一些典型的長途旅行目的地，例如亞洲的一些國家。隨著這些限制措施逐漸放寬，人們感覺出行更加安心，不再需要做很多額外的準備工作，例如提前隔離、無需前往目的地進行檢測等等，隨著這些限制的取消，長途旅行的人數將會越來越多。所以我對這趨勢的持續發展持樂觀態度。

Okay. Was that the final question?

好的，這是最後一個問題嗎？

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，這是我們最後一個問題。現在我將電話轉回給格倫·福格爾，請他作總結發言。請開始吧。

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.

謝謝大家。一如既往，我要感謝我們的合作夥伴，尤其要感謝所有慷慨支持我們難民平台的合作夥伴。當然，我還要感謝我們的客戶、敬業的員工和股東們。感謝大家的支持，我們將繼續朝著公司的長遠願景邁進。謝謝大家，晚安。

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

謝謝大家。今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。