Expedia Group Inc (EXPE) 2018 Q1 法說會逐字稿

Good day, and welcome to the Expedia Group Q1 2018 Earnings Conference Call. Today's conference is being recorded.

美好的一天，歡迎來到 Expedia Group 2018 年第一季度收益電話會議。今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Michael Senno, Vice President of Investor Relations. Please go ahead.

此時，我想將會議轉交給投資者關係副總裁 Michael Senno。請繼續。

Good afternoon, and welcome to Expedia Group's financial results conference call for the first quarter ended March 31, 2018.

下午好，歡迎參加 Expedia Group 截至 2018 年 3 月 31 日的第一季度財務業績電話會議。

I'm pleased to be joined on the call today by Mark Okerstrom, Expedia's CEO and President; and Alan Pickerill, our CFO.

我很高興今天能與 Expedia 首席執行官兼總裁馬克·奧克斯特羅姆 (Mark Okerstrom) 一起參加電話會議；和我們的首席財務官 Alan Pickerill。

The following discussion, including responses to your questions, reflects management's views as of today, April 26, 2018, only. We do not undertake any obligation to update or revise this information. As always, some of the statements made on today's call are forward looking, typically preceded by words such as we expect, we believe, we anticipate or similar statements. Please refer to today's earnings release and the company's filings with the SEC for information about factors which could cause our actual results to differ materially from these forward-looking statements.

以下討論，包括對您問題的回答，僅反映了管理層截至 2018 年 4 月 26 日今天的觀點。我們不承擔任何更新或修改這些信息的義務。與往常一樣，在今天的電話會議上發表的一些聲明是前瞻性的，通常以我們期望、我們相信、我們預期或類似的聲明開頭。請參閱今天的收益發布和公司向美國證券交易委員會提交的文件，了解可能導致我們的實際結果與這些前瞻性陳述存在重大差異的因素的信息。

You will find reconciliations of non-GAAP measures to the most comparable GAAP measures discussed today in our earnings release, which is posted on the company's Investor Relations website at ir.expediagroup.com. And I encourage you to periodically visit our IR website for other important content, including today's earnings release.

您會在我們的收益發布中找到非 GAAP 措施與今天討論的最具可比性的 GAAP 措施的對賬，該發布發佈在公司的投資者關係網站 ir.expediagroup.com 上。我鼓勵您定期訪問我們的 IR 網站以獲取其他重要內容，包括今天的收益發布。

Unless otherwise stated, all references to cost of revenue, selling and marketing expense, general and administrative expense and technology and content expense exclude stock-based compensation and depreciation expense. And all comparisons on this call will be against our results for the comparable period of 2017.

除非另有說明，否則所有提及的收入成本、銷售和營銷費用、一般和行政費用以及技術和內容費用均不包括基於股票的補償和折舊費用。本次電話會議的所有比較都將與我們 2017 年同期的結果進行比較。

One additional item to note. In this quarter's earnings release, we presented financial results both for Expedia Group in total and excluding trivago in order to provide increased transparency on the underlying performance of our transactional businesses. You will find reconciliations for non-GAAP measures excluding trivago in our earnings release.

需要注意的另一項。在本季度的收益發布中，我們展示了 Expedia Group 的總體財務業績，不包括 trivago，以提高我們交易業務基本業績的透明度。您將在我們的收益發布中找到不包括 trivago 的非 GAAP 措施的調節。

Finally, a reconciliation of adjusted EBITDA guidance to the closest corresponding GAAP measure is not provided because we are unable to predict the ultimate outcome of certain significant items without unreasonable efforts. These items include, but are not limited to, foreign exchange, returns on investment spending and acquisition-related restructuring expenses. As such, the items that are excluded from our non-GAAP guidance are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period.

最後，沒有提供調整後的 EBITDA 指導與最接近的相應 GAAP 衡量標準的對賬，因為我們無法在沒有不合理努力的情況下預測某些重要項目的最終結果。這些項目包括但不限於外匯、投資支出回報和與收購相關的重組費用。因此，從我們的非 GAAP 指南中排除的項目是不確定的，取決於各種因素，並可能對指南期間的 GAAP 結果產生重大影響。

And with that, let me turn the call over to Mark.

就這樣，讓我把電話轉給馬克。

Thanks, Michael, and welcome aboard.

謝謝，邁克爾，歡迎加入。

We're off to a good start in 2018 with gross bookings and revenue each increasing a healthy 15% in the first quarter and adjusted EBITDA coming in a bit ahead of our expectations. We're also continuing to make excellent progress on our key strategic initiatives aimed at positioning us even better to deliver sustained healthy top and bottom line growth for many years to come.

我們在 2018 年開局良好，第一季度總預訂量和收入均健康增長 15%，調整後的 EBITDA 略高於我們的預期。我們還將繼續在關鍵戰略計劃方面取得出色進展，這些計劃旨在使我們在未來許多年內更好地實現持續健康的收入和利潤增長。

Helped in part by Easter timing, total lodging stayed room nights grew 15% in the quarter, led by a 16% growth at our global growth brands: Brand Expedia, Hotels.com, Expedia Partner Solutions and Egencia. HomeAway was also a factor, posting strong room night growth at 36% year-over-year.

部分受復活節時間的幫助，本季度總住宿間夜數增長了 15%，這主要得益於我們的全球增長品牌 Expedia、Hotels.com、Expedia Partner Solutions 和易信達 16% 的增長。 HomeAway 也是一個因素，客房間夜量同比增長 36%。

We accelerated the pace of new property additions for our global lodging portfolio, directly adding 50,000 properties in addition to making another 25,000 HomeAway properties available to our Core OTA brands. All told, we now count over 665,000 properties in our core lodging portfolio.

我們加快了為我們的全球住宿組合增加新物業的步伐，除了為我們的核心 OTA 品牌提供另外 25,000 家 HomeAway 物業外，還直接增加了 50,000 家物業。總而言之，我們現在在我們的核心住宿組合中擁有超過 665,000 家酒店。

While we're still ramping up our supply initiatives in the first quarter, the pace of property acquisitions in our priority markets has begun to accelerate, and we expect property growth in these markets to pick up further in the second quarter and continue as we move through the year. Overall, we remain on track to add more than 180,000 new properties directly to our global lodging portfolio for the full year while continuing to integrate additional HomeAway properties.

雖然我們在第一季度仍在加強我們的供應計劃，但我們優先市場的房地產收購步伐已經開始加快，我們預計這些市場的房地產增長將在第二季度進一步加快，並隨著我們的行動而繼續經過一年。總體而言，我們全年有望在全球酒店組合中直接新增超過 180,000 家酒店，同時繼續整合更多 HomeAway 酒店。

HomeAway delivered another strong quarter with 46% growth in gross bookings, benefiting from our ongoing efforts to ramp and optimize performance marketing as well as an increase in conversion from continued improvements in customer and partner-facing experiences. That also pushed HomeAway's online and reported gross bookings to $10 billion on a trailing 12-month basis, a nice milestone as the team continues to make great strides in transitioning to a true e-commerce business. It's still early days and we have lots of work to do. But we continue to see a tremendous opportunity ahead in the $120 billion alternative accommodation space.

HomeAway 又迎來了一個強勁的季度，總預訂量增長了 46%，這得益於我們不斷努力提升和優化績效營銷，以及不斷改善客戶和合作夥伴體驗帶來的轉化率提升。這也推動了 HomeAway 的在線業務，並報告了連續 12 個月的總預訂量達到 100 億美元，這是一個很好的里程碑，因為該團隊繼續在向真正的電子商務業務轉型方面取得長足進步。現在還為時尚早，我們還有很多工作要做。但我們繼續看到價值 1200 億美元的替代住宿空間的巨大機遇。

Egencia grew gross bookings 15%, exceeding $2 billion in quarterly bookings for the first time while first quarter revenue was up a solid 23%. We posted another quarter of over 20% year-over-year growth in new client signings as the investments we've made in Egencia's sales team over the past year continue to pay dividends. So we have good momentum in this business, a healthy sales pipeline and we're progressing well towards hitting our ambitious goals for Egencia.

Egencia 總預訂量增長 15%，季度預訂量首次超過 20 億美元，而第一季度收入穩步增長 23%。由於我們在過去一年中對 Egencia 銷售團隊的投資繼續產生紅利，我們又公佈了一個季度的新簽約客戶同比增長超過 20%。因此，我們在這項業務中發展勢頭良好，銷售渠道健康，我們在實現 Egencia 的宏偉目標方面進展順利。

As expected, challenges at trivago continued in the first quarter with revenue down modestly on a standalone currency neutral basis. trivago is expecting top and bottom line pressure to continue into the second quarter with trends improving in the back half of the year.

正如預期的那樣，trivago 的挑戰在第一季度繼續存在，收入在獨立貨幣中性基礎上溫和下降。 trivago 預計收入和利潤壓力將持續到第二季度，下半年趨勢會有所改善。

Last month, we launched a new corporate identity reflecting our increasingly global focus and the powerful global travel platform we've become. Our new identity is symbolic of the next chapter in the Expedia Group journey, which we began late last year. On a go-forward basis and more than ever, our efforts are squarely aimed at leveraging the full scale of our global platform and improving operations across the portfolio of assets we've built and bought over the years. While there is still lots to do, the steps we've already taken give us increased confidence in our ability to deliver strong growth and share gains in this huge $1.6 trillion market for many years to come.

上個月，我們推出了一個新的企業形象，反映了我們日益關注全球以及我們已經成為強大的全球旅遊平台。我們的新身份象徵著我們去年年底開始的 Expedia Group 旅程的下一章。在前進的基礎上，我們的努力比以往任何時候都更加明確地旨在利用我們全球平台的全面規模，並改善我們多年來建立和購買的資產組合的運營。儘管還有很多工作要做，但我們已經採取的措施讓我們更有信心在未來許多年內在這個價值 1.6 萬億美元的巨大市場中實現強勁增長和份額增長。

With that, I'll turn it over to Alan.

有了這個，我會把它交給艾倫。

Thanks, Mark.

謝謝，馬克。

We were pleased to deliver healthy top line growth in the first quarter, helped in part by Easter timing and foreign currency. Lodging revenue, including both hotel and HomeAway, grew 15%, in line with the stayed room night growth. The shift in Easter timing added an estimated 150 basis points to total lodging room night growth.

我們很高興在第一季度實現了健康的收入增長，部分原因是複活節時機和外匯。包括酒店和 HomeAway 在內的住宿收入增長了 15%，與入住間夜量增長一致。復活節時間的轉變使總住宿間夜數增長估計增加了 150 個基點。

Excluding HomeAway, revenue per room night was flat while average daily rates grew approximately 5% year-over-year, a slightly smaller gap than last quarter. We continue to expect the gap between revenue per room night and average daily rates to narrow as we move through the year.

不包括 HomeAway，每晚收入持平，而平均每日房價同比增長約 5%，與上一季度的差距略小。我們繼續預計，隨著這一年的推進，每晚收入與平均每日房價之間的差距將會縮小。

HomeAway revenue increased 26% on strong stayed property night growth of 36%. HomeAway's transactional revenue grew 70% in the quarter while subscription revenue declined 29%, in line with our expectations. While the seasonality of the business can obscure it, we're pleased with our continued progress in monetization. As we continue to progress our transition to a transactional business, we do anticipate further declines in our subscription base and currently expect subscription revenue to decrease in the mid-20% range for the full year. HomeAway's negative $21 million in adjusted EBITDA in the first quarter was in line with our expectations due in part to the planned investments in performance-based marketing. That contributed to HomeAway's very strong growth in gross bookings and will drive revenue growth in future quarters. We also continued to invest in both consumer and supplier-facing products and HomeAway's migration to the cloud.

HomeAway 的收入增長了 26%，這得益於 36% 的強勁住宿夜增幅。本季度 HomeAway 的交易收入增長了 70%，而訂閱收入下降了 29%，符合我們的預期。雖然業務的季節性可能會掩蓋它，但我們對我們在貨幣化方面的持續進展感到滿意。隨著我們繼續推進向交易業務的過渡，我們確實預計我們的訂閱基礎將進一步下降，目前預計全年訂閱收入將下降 20% 左右。 HomeAway 第一季度調整後的 EBITDA 為負 2100 萬美元，符合我們的預期，部分原因是計劃投資於基於績效的營銷。這有助於 HomeAway 的總預訂量實現非常強勁的增長，並將推動未來幾個季度的收入增長。我們還繼續投資於面向消費者和供應商的產品以及 HomeAway 的雲遷移。

Total advertising and media revenue was up 10% for the quarter as a benefit from foreign exchange more than offset local currency revenue declines at trivago. Our Media Solutions business delivered solid 14% growth.

本季度廣告和媒體總收入增長了 10%，這是因為外匯帶來的好處足以抵消 trivago 當地貨幣收入的下降。我們的媒體解決方案業務實現了 14% 的穩健增長。

Air revenue grew 11% with a 1% increase in air tickets sold and 10% growth in revenue per ticket. Two changes that took effect this quarter drove the majority of air revenue growth. One relates to distribution fees previously classified as contra revenue now classified in cost of revenue. The other is a reclassification of certain customer refunds from air revenue to insurance. Neither of these changes has an impact on overall profitability.

航空收入增長了 11%，其中售出的機票增長了 1%，每張機票的收入增長了 10%。本季度生效的兩項變化推動了航空收入的大部分增長。一個涉及以前歸類為抵銷收入的分銷費，現在歸類為收入成本。另一個是將某些客戶退款從航空收入重新分類為保險。這些變化都不會影響整體盈利能力。

All other revenue increased 18% in the first quarter, reflecting healthy growth in car rental and travel insurance.

第一季度所有其他收入增長 18%，反映了汽車租賃和旅遊保險的健康增長。

Turning to adjusted expenses. In line with our expectations for the quarter, each category grew faster than revenue due to a combination of our key strategic initiatives and ongoing investments, along with elevated spending at trivago and the foreign currency impacts.

轉向調整後的費用。與我們對本季度的預期一致，由於我們的關鍵戰略舉措和持續投資的結合，以及 trivago 支出的增加和外匯影響，每個類別的增長都快於收入。

Cost of revenue grew slightly faster than revenue in the quarter, similar to what we expect for the full year. Cloud cost contributed about 350 basis points to that growth, and the accounting change related to air revenue added a 200 basis point headwind.

本季度收入成本增長略快於收入，與我們對全年的預期相似。云成本為這一增長貢獻了約 350 個基點，而與航空收入相關的會計變化增加了 200 個基點的逆風。

Total selling and marketing increased 19%, growing a bit faster than revenue. The primary drivers of deleverage in direct selling and marketing were trivago, the acceleration in marketing spend at HomeAway and continued growth at Expedia Partner Solutions. Indirect selling and marketing growth was elevated given the increased headcount associated with our supply initiative and the sales team at Egencia. We continue to expect selling and marketing to grow faster than revenue for the full year.

總銷售和營銷增長了 19%，增長速度略快於收入。直銷和營銷去槓桿化的主要驅動力是 trivago、HomeAway 營銷支出的加速以及 Expedia Partner Solutions 的持續增長。鑑於與我們的供應計劃和 Egencia 銷售團隊相關的員工人數增加，間接銷售和營銷增長有所提高。我們繼續預計全年銷售和營銷的增長速度將快於收入。

Technology and content expenses grew 27% during the quarter as we've increased headcount over the last year to invest in platform and product across the organization, most notably at HomeAway. Our cloud migration and the inorganic impact from acquisitions each contributed around 300 basis points of growth. Given these investments, we continue to expect technology and content to deleverage for the rest of the year.

本季度技術和內容支出增長了 27%，因為我們在去年增加了員工人數以投資整個組織的平台和產品，尤其是在 HomeAway。我們的雲遷移和收購的無機影響各自貢獻了大約 300 個基點的增長。鑑於這些投資，我們繼續預計技術和內容將在今年剩餘時間去槓桿化。

General and administrative expenses also grew faster than revenue on increased staffing that mainly took place in the second half of last year, notably at trivago and HomeAway. The inorganic impact from acquisitions also added about 250 basis points of growth. Looking ahead, we expect growth in general and administrative expenses to slow slightly in the second quarter and moderate further in the second half of 2018 as comps become easier. We remain on track to see solid leverage on general and administrative expenses for the full year.

由於主要發生在去年下半年的人員增加，一般和行政費用的增長也快於收入，特別是在 trivago 和 HomeAway。收購的無機影響也增加了約 250 個基點的增長。展望未來，我們預計一般和行政費用的增長將在第二季度略有放緩，並在 2018 年下半年進一步放緩，因為補償變得更加容易。我們仍然有望看到全年對一般和行政費用的穩固槓桿作用。

In terms of capital allocation, our historic balanced approach remains the same. Year-to-date, we made $268 million in share repurchases, taking in 2.5 million shares at an average price of $107. We also paid $46 million in dividends. We are returning capital to shareholders while also investing responsibly in organic initiatives across the business given the significant opportunities we have in front of us. As always, we will continue to look at M&A opportunistically.

在資本配置方面，我們的歷史平衡方法保持不變。年初至今，我們進行了 2.68 億美元的股票回購，以 107 美元的平均價格購入 250 萬股。我們還支付了 4600 萬美元的股息。鑑於我們面前的重大機遇，我們正在向股東返還資金，同時也負責任地投資於整個企業的有機計劃。一如既往，我們將繼續機會主義地看待併購。

Turning to our financial expectations for the year. We are reiterating our guidance for consolidated adjusted EBITDA growth of 6% to 11%, or 10% to 15% excluding cloud. Our outlook incorporates the updated adjusted EBITDA guidance trivago provided yesterday, and we now expect trivago to be an approximate 200 to 400 basis point headwind on our consolidated adjusted EBITDA growth.

談談我們今年的財務預期。我們重申我們對綜合調整後 EBITDA 增長 6% 至 11% 或 10% 至 15% 的指導，不包括雲計算。我們的展望納入了昨天提供的更新後調整後的 EBITDA 指導 trivago，我們現在預計 trivago 將對我們的綜合調整後 EBITDA 增長造成大約 200 至 400 個基點的逆風。

Before closing, I want to highlight a few items to keep in mind for the balance of the year. First, we are expecting slightly slower room night growth in the second quarter due to a few factors. As I mentioned earlier, Easter stays shifted largely into the first quarter this year. We are also facing more difficult room night comps due to the acceleration we saw from the first to the second quarter last year. In addition, we are increasingly looking for ways to better optimize direct marketing spend, which could have a marginally negative impact on unit growth. Second, turning to the shape of the year, we continue to expect more than 100% of our adjusted EBITDA growth to come in the second half of the year. I also want to note a few below-the-line items. We plan to redeem our 7.5% coupon bonds that mature in August and as a result, expect net interest expense to be approximately flat for the full year. And lastly, moving to taxes. Based on our current analysis of the impact of U.S. tax reform, we expect our full year effective tax rate to be a bit below the new U.S. corporate tax rate of 21%. This could change as we continue to receive additional guidance and interpretation of the tax law.

在結束之前，我想強調一些要在今年餘下時間牢記的事項。首先，由於幾個因素，我們預計第二季度間夜量增長將略有放緩。正如我之前提到的，復活節假期主要轉移到今年第一季度。由於去年第一季度到第二季度的加速，我們還面臨著更困難的房夜補償。此外，我們越來越多地尋找更好地優化直接營銷支出的方法，這可能會對單位增長產生輕微的負面影響。其次，談到今年的情況，我們繼續預計我們調整後的 EBITDA 增長的 100% 以上將出現在下半年。我還想注意一些線下項目。我們計劃贖回 8 月到期的 7.5% 息票債券，因此預計全年淨利息支出將大致持平。最後，轉向稅收。根據我們目前對美國稅制改革影響的分析，我們預計全年有效稅率將略低於 21% 的美國新公司稅率。隨著我們繼續收到更多的稅法指導和解釋，這種情況可能會改變。

In closing, though it's still early in the year, we are pleased with how we're executing and remain confident in our ability to deliver on our financial expectations for the year.

最後，雖然現在還處於年初，但我們對我們的執行方式感到滿意，並對我們實現今年財務預期的能力充滿信心。

With that, operator, we're ready to take our first question.

有了這個，接線員，我們準備好回答我們的第一個問題。

(Operator Instructions) And we'll take our first question from Mark Mahaney with RBC Capital Markets.

（操作員說明）我們將從 RBC Capital Markets 的 Mark Mahaney 那裡回答我們的第一個問題。

As you build up this inventory, both for traditional accommodation or especially for traditional accommodations, can you talk about what you're already seeing in terms of conversion rates, revenue and if there's any impact on ADRs? I think there's a very well-known reason why you're trying to build up that, a very thoughtful reason for why you're trying to build that inventory. But have you already started to see the flywheels off that increase in inventory?

當您為傳統住宿或特別是傳統住宿建立此庫存時，您能否談談您在轉化率、收入方面已經看到的情況，以及是否對 ADR 有任何影響？我認為您嘗試建立它的原因是眾所周知的，這是您嘗試建立該庫存的一個非常深思熟慮的原因。但是您是否已經開始看到庫存增加的飛輪？

Sure. Well, with -- in relation to the stuff we've already started this year, it's still pretty early. We did acquire 50,000 properties in the first quarter, but that built as we moved through the quarter. So it is a bit early. I mean, historically, what we have seen is that conversion does improve as you add more property density into a destination. So we do expect to see that. We have seen some pockets of nice acceleration in some of our wave 1 countries. We do believe that this is in part driven by the property acquisition push. But again, it's too early for us to call victory on this by any means.

當然。嗯，關於我們今年已經開始的事情，現在還很早。我們在第一季度確實收購了 50,000 處房產，但這些房產是隨著我們在本季度的推進而建造的。所以現在有點早。我的意思是，從歷史上看，我們所看到的是，隨著您向目的地添加更多的房產密度，轉化率確實會提高。所以我們確實希望看到這一點。我們已經看到一些第一波國家/地區出現了一些不錯的加速。我們確實認為，這在一定程度上是由房地產收購推動的。但同樣，我們現在以任何方式宣布勝利還為時過早。

We'll take our next question from Justin Post with Merrill Lynch.

我們將與美林一起接受 Justin Post 的下一個問題。

A couple of questions. Can you just help us understand how HomeAway dynamics are going to work in the second half with the 46% bookings growth? Any thoughts on what the organic rate is? I know there's a transition online that's helping you. Is the whole platform growing? Do you think it is? Maybe some thoughts on that. And then, finally, with trivago. It's clearly one of the big advertisers, and we think Booking.com is pulling out. Are you getting the benefit to your room nights of -- as they spend less on that platform?

幾個問題。您能否幫助我們了解下半年 HomeAway 動態將如何實現 46% 的預訂量增長？關於有機率是多少有什麼想法嗎？我知道有一個在線過渡可以幫助您。整個平台在增長嗎？你認為是嗎？也許對此有一些想法。最後，還有 trivago。它顯然是最大的廣告商之一，我們認為 Booking.com 正在退出。您是否從您的房晚中受益——因為他們在該平台上花費更少？

So Justin, on HomeAway, I would just say both is occurring. I mean, there was a book of business that existed when we acquired the company 2 years ago. That was estimated at that time at around $15 billion. Our belief is that, that has grown in the 2 years that we acquired the company. So there is a tailwind associated with the existing customers and existing supply partners transacting more and more online. But the company is growing organically as well. And one of the best examples of that, I think, is that they've been able to stand up a proper performance-based marketing team really for the first time in the history of that company and invest in AdWords on Google and bring in traffic that way. And that is part of what's driving the 46% gross bookings growth. So what the kind of pure, pure organic growth rates would be if the -- all of the book of business that was already involved in the platform was online. It's difficult to say other than we think the industry is growing and there should be plenty of room for very healthy growth for that business for a long time.

所以賈斯汀，在 HomeAway，我只想說兩者都在發生。我的意思是，當我們 2 年前收購這家公司時，就有一本業務簿。當時估計約為 150 億美元。我們的信念是，在我們收購公司的 2 年裡，它已經成長。因此，現有客戶和現有供應合作夥伴越來越多地在線交易，這是一種順風。但該公司也在有機增長。我認為，最好的例子之一是，他們能夠在該公司歷史上第一次真正地建立一個適當的基於績效的營銷團隊，並在 Google 上投資 AdWords 並帶來流量那樣。這是推動總預訂量增長 46% 的部分原因。那麼，如果平台上已經涉及的所有業務都在線，那麼純有機增長率會是多少。很難說，除了我們認為該行業正在增長，並且該業務在很長一段時間內應該有足夠的空間實現非常健康的增長。

Yes. And certainly, we see traffic growing nicely. We've certainly seen a pretty significant increase in the number of properties on the platform over the period as well. So we do believe the overall volume is growing.

是的。當然，我們看到流量增長很好。在此期間，我們當然也看到平台上的房產數量有了相當顯著的增加。所以我們確實相信整體數量正在增長。

With respect to trivago, it's an interesting dynamic. I think what we see is that Booking.com does appear to be pulling back. I think that's pretty clear and it's an auction. And so the auction essentially adjusts. That said, trivago is adjusting their marketing spend as well. And so overall, volume isn't growing as quickly as it has in the past. So it's not really an us versus them situation. We continue to react to the auction or at least our big brands do, and the overall channel's a little bit slower than it has been in the past just given the pullback on marketing.

關於 trivago，這是一個有趣的動態。我認為我們所看到的是 Booking.com 確實正在撤退。我認為這很清楚，這是一場拍賣。因此，拍賣基本上進行了調整。也就是說，trivago 也在調整他們的營銷支出。因此，總體而言，交易量的增長速度沒有過去那麼快。所以這並不是真正的我們對他們的情況。我們繼續對拍賣做出反應，或者至少我們的大品牌會做出反應，考慮到市場營銷的回調，整個渠道的速度比過去慢了一點。

We'll take our next question from Deepak Mathivanan from Barclays.

我們將從巴克萊銀行的 Deepak Mathivanan 那裡接受下一個問題。

Two questions from me. So first, the deleverage in direct marketing was better compared to last quarter. You discussed the trends in trivago and AWAY. That was pretty helpful. But can you comment on the trends in the Core OTA business? And as we think about 2Q and beyond, can we expect similar trends in there? And then second question. As you continue to add more properties in these markets, have you ramped marketing spend on these regions already? So do you feel like you are gaining market share at this point or is it too early to say?

我有兩個問題。首先，與上一季度相比，直接營銷的去槓桿化更好。你討論了 trivago 和 AWAY 的趨勢。這很有幫助。但您能否評論一下 Core OTA 業務的趨勢？當我們考慮第二季度及以後時，我們可以期待那裡出現類似的趨勢嗎？然後是第二個問題。隨著您繼續在這些市場增加更多物業，您是否已經增加了在這些地區的營銷支出？那麼你覺得你現在正在獲得市場份額還是現在說還為時過早？

Yes. So -- Deepak, on your first question, I would say, as you alluded to and as we said, the deleverage in the quarter principally came from trivago and HomeAway. What's happening on the other side of the business is a combination of factors. One is that we do continue to grow those business -- businesses globally. We do push on some marketing in our -- in international markets. And as we've said before, when we do that, that -- those new markets or newer markets are going to be at lower marketing efficiencies than established businesses. Having said that, we are also looking for opportunities to optimize. In the marketing channel, we're looking for inefficient spend that has low probability of repeat and are willing to make trade-offs where we may get better -- eliminate some of that spending, get better profitability. And the result may be slightly slower room night growth in those circumstances, but we think those are good trade-offs for us to be making. So we saw good traction on that in the quarter across a couple of the big brands.

是的。所以 - Deepak，關於你的第一個問題，我會說，正如你提到的和我們所說的那樣，本季度的去槓桿化主要來自 trivago 和 HomeAway。業務的另一端發生的事情是多種因素的結合。一是我們確實繼續發展這些業務——全球業務。我們確實在國際市場上推動了一些營銷。正如我們之前所說，當我們這樣做時，那些新市場或較新市場的營銷效率將低於現有企業。話雖如此，我們也在尋找優化的機會。在營銷渠道中，我們正在尋找重複可能性低的低效支出，並願意在我們可能變得更好的地方做出權衡——消除一些支出，獲得更好的盈利能力。在這種情況下，結果可能是間夜增長略有放緩，但我們認為這些是我們做出的很好的權衡。因此，我們在本季度看到了幾個大品牌在這方面的良好吸引力。

And Deepak, with respect to the priority markets where we're adding properties more significantly, generally, yes, we are ramping marketing spend. First of all, we are being a little bit more focused in terms of our global offline or brand spend and focusing at -- not dramatically, but certainly, incrementally on the target markets where we're building stronger positions. And then, secondly, as we add new properties, we are entering new auctions that exist in performance marketing channels where we simply couldn't spend historically. So almost definitionally, we are gaining market share. We do monitor the impact on our existing properties very closely and make sure that growth into new properties isn't coming at the expense of our existing partners.

而 Deepak，關於我們正在更顯著地添加屬性的優先市場，一般來說，是的，我們正在增加營銷支出。首先，我們更加專注於我們的全球線下或品牌支出，並專注於 - 不是顯著，但肯定是，我們正在建立更強大地位的目標市場。然後，其次，當我們添加新的屬性時，我們正在進入績效營銷渠道中存在的新拍賣，我們在歷史上根本無法支出。所以幾乎可以定義，我們正在獲得市場份額。我們確實非常密切地監控對我們現有資產的影響，並確保新資產的增長不會以犧牲我們現有合作夥伴的利益為代價。

We'll take our next question from Jed Kelly with Oppenheimer.

我們將與奧本海默一起接受 Jed Kelly 的下一個問題。

Just on HomeAway. Is there anything that you've seen that indicates it's going to be sort of harder to replicate the success you've had with HomeAway in the United States, is it going to be harder to replicate in international markets? And then sort of, I guess, Airbnb has been testing a -- of removing the traveler fee to reduce some friction. Do you ever foresee where potentially you shift more of the fees to the host versus the traveler?

就在 HomeAway 上。您是否看到任何跡象表明在美國複製 HomeAway 的成功會更難，在國際市場上複製會不會更難？然後，我猜，Airbnb 一直在測試——取消差旅費以減少一些摩擦。你有沒有預見到你可能會將更多的費用轉移給房東而不是旅行者？

Thanks, Jed. I would say that generally, everything outside of the U.S. is harder than the U.S. And I think we learned this very early in our Core OTA business, that being multilanguage, being multicurrency, it is a little bit more challenging. And a lot of these markets, there are other players there that we have to compete with versus the U.S. where the HomeAway, and particularly the VRBO brand was really one of the first and is so exceptionally strong. That said, we do think there is a big opportunity there, and we are seeing -- starting to see some nice growth in a number of markets because the product is great, and customers want it and customers want to have choice when they're shopping around for alternative accommodations. And as HomeAway, VRBO steps up their efforts in international markets, there's certainly a willing and receptive market for them both on the host or supplier side and on the consumer side. But it is a little bit more challenging.

謝謝，傑德。我想說的是，一般來說，美國以外的一切都比美國更難。我認為我們很早就在我們的核心 OTA 業務中學到了這一點，即多語言、多貨幣，這更具挑戰性。在很多這些市場中，還有其他玩家我們必須與美國競爭，在美國，HomeAway，尤其是 VRBO 品牌確實是最早的品牌之一，而且非常強大。也就是說，我們確實認為那裡有很大的機會，而且我們正在看到 - 開始在許多市場看到一些不錯的增長，因為產品很棒，客戶想要它，客戶希望在他們需要時有選擇貨比三家尋找其他住宿。隨著 HomeAway、VRBO 加大在國際市場的努力，無論是在主機或供應商端還是在消費者端，它們肯定都有一個願意接受的市場。但這更具挑戰性。

With respect to Airbnb, testing the removal of the traveler fee, listen, we -- HomeAway has been in the great position of having a combination of all monetization models for a while. We think it's important to have that flexibility. I think that all of the alternative accommodations players out there are likely to have some combination in the near term. I think that as the overlap between properties amongst the players gets larger, and I think that will happen over time, I expect that the monetization will shift a little bit more to supplier pays and away from traveler pays based on what we've seen in other industries. But right now, that's just an expectation. We don't really know at this point.

關於 Airbnb，測試取消旅行者費用，聽著，我們 - HomeAway 一段時間以來一直處於擁有所有貨幣化模型組合的有利地位。我們認為擁有這種靈活性很重要。我認為所有的替代住宿參與者都可能在短期內有一些組合。我認為，隨著玩家之間財產之間的重疊越來越大，而且我認為這會隨著時間的推移發生，我預計貨幣化將更多地轉向供應商支付，而不是根據我們在其他行業。但現在，這只是一種期望。我們現在真的不知道。

And we'll take our next question from Mike Olson with Piper Jaffray.

我們將接受 Mike Olson 和 Piper Jaffray 的下一個問題。

Regarding the expectation for slowing room night growth in Q2. Could you just elaborate on what you said related to optimizing marketing spend? What kind of changes are you making there? And maybe just so models don't end up all over the place, maybe you can say approximately how much you expect room nights could decelerate by.

關於第二季度間夜增長放緩的預期。您能否詳細說明您所說的與優化營銷支出相關的內容？你在那裡做了什麼樣的改變？也許只是為了讓模型不會到處都是，也許你可以大致說出你預計房間間夜數會減少多少。

Well, in the second part, I'm not going to go there. I mean, we don't guide our room nights, and we don't guide by quarters. So happy to give the directional indicator but not going to try to put a pin in it. Yes. I mean, I -- on the other bit, again, I mean, for competitive reasons, we'd probably rather not be super specific here. But the fact is that we spend billions of dollars on selling and marketing every year, and a lot of that is geared towards trying to drive traffic related to hotel shoppers and bookers. And we've always had efforts in place to try and optimize channels, make sure we're getting the most bang for our buck in given channels. But we also increasingly are interested in finding pockets of spend that we think is not efficient enough or doesn't drive the opportunity for repeat traffic. So I don't want to be specific about channels or specific geos, but we'll look for that. Now -- and I don't want to overstate it either. I mean, the issue is that there's this -- there's a huge growth opportunity in front of us, and we're definitely biased towards global growth. So think of this, I think, as a little bit more around the edges and try to optimize the channels. I don't know.

好吧，在第二部分，我不會去那裡。我的意思是，我們不指導房晚，也不按宿舍指導。很高興提供方向指示器，但不會嘗試在其中插入大頭針。是的。我的意思是，我 - 另一方面，我的意思是，出於競爭原因，我們可能不想在這裡過於具體。但事實是，我們每年在銷售和營銷上花費數十億美元，其中很多是為了試圖推動與酒店購物者和預訂者相關的流量。我們一直在努力嘗試和優化渠道，確保我們在給定渠道中獲得最大收益。但我們也越來越有興趣找到我們認為效率不夠高或不會帶來重複流量機會的支出。所以我不想具體說明渠道或特定的地理位置，但我們會尋找的。現在——我也不想誇大它。我的意思是，問題在於——我們面前有一個巨大的增長機會，我們肯定偏向於全球增長。因此，我認為，將其視為邊緣並嘗試優化渠道。我不知道。

I think you said it very well, Alan.

我覺得你說得很好，艾倫。

And the next question from Eric Sheridan with UBS.

下一個問題來自瑞銀的 Eric Sheridan。

Maybe following up on that. Just trying to tease out a little bit of within global brands versus some of the acquired in regional properties. Is there any sense you can give us the way you're attributing marketing? Is it a function of your aiming for growth in the global brands so that's why we're seeing numbers like up 16%, and we should be thinking about the percentage of bookings that aren't tied to that of sort of being run off or just run for profit? How should we be thinking about that narrative as we move through the year? And then the second question. Is there any way to call out headwinds and tailwinds from Easter and what it contributed to Q1 and what it might create in terms of Q2? I didn't hear that during the prepared remarks, didn't know if you wanted to frame that for folks.

也許會跟進。只是試圖梳理出一些全球品牌與一些在區域資產中收購的品牌。您可以告訴我們您歸因於營銷的方式嗎？這是你們在全球品牌中實現增長的目標嗎，所以這就是為什麼我們看到數字增長了 16%，我們應該考慮與流失或流失無關的預訂百分比只是為了盈利？在這一年中，我們應該如何思考這種敘述？然後是第二個問題。有什麼方法可以指出複活節的不利因素和不利因素，以及它對第一季度的貢獻以及它可能對第二季度產生的影響嗎？我在準備好的發言中沒有聽到這個，不知道你是否想為人們構建這個框架。

So I'll take the first one, Eric, and then I'll turn the Easter question over to Alan. Generally, the strategy on the global brands versus the regional brands remains the same. The global brands are increasing their footprint around the world, are pushing growth and building strong brand positions around the world. And as a result, we are allocating significantly larger portion of our marketing spend both online and offline towards those brands. That said, the regional brands still have a loyal following and continue to be great profit generators. And our goal with those brands is to have them grow broadly in line with the market in which they operate. And most of them are in the more mature U.S. markets. So growth rates are a little bit more modest or a lot more modest than we see in the global growth brands. So that's basically the strategy. It hasn't changed much. And I think as we move through the year, our goal is to try to grow those regional brands as well as we can with an eye to profitability. And our expectation is that we will continue to do that. But we do expect it's always going to be a large bit slower growth than we see in the global growth brands.

Eric，我先回答第一個問題，然後我會把復活節問題交給Alan。一般來說，全球品牌與區域品牌的策略保持不變。全球品牌正在增加其在世界各地的足跡，正在推動增長並在全球建立強大的品牌地位。因此，我們將線上和線下營銷支出的大部分分配給這些品牌。也就是說，區域品牌仍然擁有忠實的追隨者，並繼續成為巨大的利潤來源。我們對這些品牌的目標是讓它們的發展與它們經營的市場保持一致。他們中的大多數都在更成熟的美國市場。因此，增長率比我們在全球增長品牌中看到的要溫和或溫和得多。所以這基本上就是策略。它沒有太大變化。我認為，隨著我們這一年的發展，我們的目標是盡可能地發展這些區域品牌，同時著眼於盈利能力。我們的期望是我們將繼續這樣做。但我們確實預計它的增長總是比我們在全球增長品牌中看到的要慢得多。

Yes. And then, Eric, on the Easter impact. What I said in the prepared remarks was that it was about -- we estimate it to be about 150 basis point benefit to Q1 room night growth. The -- that the impact on the call to the traditional Core OTA side of that is a bit lower. The impact on HomeAway was quite a bit higher than that. And that makes sense given the mix of those 2 businesses. It's tricky this year because Easter fell on April 1, as you know. And so some of the stays happened before and some of the stays happened after Easter. So a little trickier to estimate. But those are the numbers that we provided.

是的。然後，埃里克，關於復活節的影響。我在準備好的評論中所說的是——我們估計它對第一季度間夜增長有大約 150 個基點的好處。 -- 對調用傳統核心 OTA 方面的影響要低一些。對 HomeAway 的影響遠高於此。考慮到這兩項業務的組合，這是有道理的。今年很棘手，因為如您所知，復活節在 4 月 1 日。因此，有些住宿發生在復活節之前，有些住宿發生在復活節之後。所以估計有點棘手。但這些是我們提供的數字。

(Operator Instructions) We'll next go to Keith -- excuse me, Heath Terry with Goldman Sachs.

（操作員說明）我們接下來會去基思 - 對不起，高盛的希思特里。

Alan, I was hoping maybe you could disaggregate a little bit the 240 basis points of incremental marketing cost that we saw on a year-over-year basis this quarter. How much of that should we think of as sales in the form of people out getting new hotels signed up for the platform versus the cost of driving bookings in the quarter? And then, Mark, you made the point that you guys don't give quarterly guidance, but you actually did give pretty specific quarterly guidance back at the beginning of March for EBITDA in Q1 and then came in significantly above the EBITDA guidance that you gave. Wondering how much of that was the quarter was significantly better than or the last few weeks of the quarter were significantly better than you expected they were going to be at that point. And if that's the case, how much of that is carried -- how much of that momentum is carried forward into Q2?

艾倫，我希望你能稍微分解一下本季度我們看到的同比增加的 240 個基點的營銷成本。我們應該將其中多少視為以人們為該平台註冊新酒店的形式銷售，而不是本季度推動預訂的成本？然後，馬克，你指出你們沒有給出季度指導，但實際上你在 3 月初就第一季度的 EBITDA 給出了非常具體的季度指導，然後大大高於你給出的 EBITDA 指導.想知道本季度有多少明顯好於或本季度的最後幾周明顯好於您當時的預期。如果是這樣的話，其中有多少被帶入了——有多少勢頭被帶入了第二季度？

Sure. So I'll take the second question and then turn it to Alan for the marketing question. That was Alan that said that. It wasn't me, just to clarify. The fact we did -- we did break our practice because we felt it was appropriate. We saw a combination of things. We did in the Core OTA business see real legitimate stronger performance, better revenue performance and more efficient marketing spend. And we found that encouraging. We did also, as Alan mentioned, benefit from Easter shifts in -- you pick up a couple of days more than you think you will and stays and it can help as well. So it wasn't all just pure organic goodness, but there was a healthy dose of organic goodness in the results as well. I think so far, Q2 looks broadly as Alan said, we are expecting some deceleration on tougher comps and the beginning part of April was a little bit choppy just due to Easter comps. But we continue to feel good about the overall strength of the business and confident about our full year guidance. Alan, do you want to take the marketing?

當然。所以我將回答第二個問題，然後將其轉交給 Alan 來解決營銷問題。是艾倫說的。不是我幹的，澄清一下。我們所做的事實——我們確實打破了我們的做法，因為我們認為這是合適的。我們看到了多種情況。我們在核心 OTA 業務中確實看到了真正合法的更強大的性能、更好的收入性能和更有效的營銷支出。我們發現這令人鼓舞。正如艾倫所提到的，我們也確實受益於復活節的輪班——你比你想像的多呆了幾天並留下來，這也有幫助。因此，這不僅僅是純粹的有機產品，而且結果中也含有健康劑量的有機產品。我認為到目前為止，第二季度看起來就像艾倫所說的那樣，我們預計更艱難的比賽會有所減速，而 4 月初由於復活節比賽而有點不穩定。但我們繼續對業務的整體實力感到滿意，並對我們的全年指導充滿信心。艾倫，你想做營銷嗎？

Yes. And then, Heath, on the marketing bit. If I understood the question correctly, I think the way I would view it is take a look at the numbers ex-trivago so you can isolate trivago's impact on selling and marketing deleverage. And then, specifically, once you do that, if you take a look at the relative growth rates of direct selling and marketing, that's really the category that has all of the real selling and marketing -- performance-based marketing, television advertising, et cetera, that I think you would categorize as what's intended to drive gross bookings. And then the indirect -- and that was up on -- an ex-trivago basis was up 15%. The indirect selling and marketing is the people cost. And so that's -- and it's not all our Lodging Partner Services team. There's headcount for Egencia and for our Partner Solutions business in there, which I'm not going to get to that level of detail. But that line was up 29% year-over-year. And again, you can kind of get down to the dollar impacts as well. That's probably the way I would tear it apart to kind of answer the question I think you're after.

是的。然後，希思，在營銷方面。如果我正確地理解了這個問題，我認為我看待它的方式是查看 trivago 前的數字，這樣你就可以分離出 trivago 對銷售和營銷去槓桿化的影響。然後，具體來說，一旦你這樣做了，如果你看一下直銷和營銷的相對增長率，那確實是擁有所有實際銷售和營銷的類別——基於績效的營銷、電視廣告等等等，我認為您會將其歸類為旨在推動總預訂量的因素。然後是間接的 - 這是基於 - ex-trivago 的基礎上漲了 15%。間接銷售和營銷是人員成本。這就是 - 這並不是我們住宿合作夥伴服務團隊的全部。那裡有 Egencia 和我們的合作夥伴解決方案業務的員工人數，我不會詳細說明。但這條線同比增長了 29%。同樣，您也可以考慮美元的影響。這可能是我將它拆開來回答我認為你想要的問題的方式。

We'll go to Lloyd Walmsley with Deutsche Bank.

我們將與德意志銀行一起去 Lloyd Walmsley。

I have a couple, if I can. First, just on the supply acquisition effort. Can you give us a sense for how much visibility you have across that process from adding each employee, how many hotels they can add? How they perform in metasearch when you plug it in, and then conversion rate, lifts, repeat rates? Like is that a well-worn path where you can project all of this with a good deal of certainty? And how, I guess, are the early innings progressing versus planned? And then a second one. Can you give us an update for the HomeAway gross bookings? What percent of those carry traveler fees? And what percent also carry host fees? And how is that changing? Are you continuing to book more and more on -- or more -- move away from subscription? And just when do you think your total revenue as a percent of gross bookings will start to rise?

如果可以的話，我有一對。首先，只是在供應採購方面的努力。您能否讓我們了解您在添加每位員工的整個過程中有多少可見性，他們可以添加多少家酒店？當你插入元搜索時，它們在元搜索中的表現如何，然後是轉化率、提升、重複率？就像那條陳舊的道路，您可以非常確定地投射所有這些？我想，早期的比賽進展如何與計劃相悖？然後是第二個。你能告訴我們 HomeAway 總預訂量的最新情況嗎？其中有多少百分比攜帶差旅費？百分之幾還收取託管費？這是如何改變的？您是否繼續預訂越來越多 - 或者更多 - 遠離訂閱？您認為您的總收入佔總預訂量的百分比何時會開始上升？

Lloyd, I'll take the first one and then turn the second over to Alan. On the supply efforts, we have good and [are] trying to get to great visibility into the end-to-end process of adding properties, having content build, having marketing campaigns propagated and ultimately, delivering first booking to properties. So I'd say, good on that upfront. We do have teams working very diligently on -- giving us better visibility into that and really tracking that like a true manufacturing process. Where we don't yet have great visibility for the properties that we're adding is impact yet on conversion rates and repeat rates. We certainly have the capability to do that, and we have done that historically. And really, that's what gave us -- one of the pieces that gave us such great confidence that this was the right strategic direction to go. But we're not yet seeing a significant impact on that because it's just -- it's simply too early given the rate at which we're adding these properties, but also too early in terms of the traveler frequency cycle or purchase frequency cycle that exists in the travel market. So I'd say we are in early innings here. But again, the teams are working on getting up to a point where we can really demonstrate true operational excellence. And we do have good confidence that we'll see the results in conversion rates and repeat rates that you're referencing.

勞埃德，我會拿第一個，然後把第二個交給艾倫。在供應方面，我們做得很好，並且正在努力深入了解添加屬性、構建內容、傳播營銷活動以及最終向屬性提供首次預訂的端到端流程。所以我會說，提前做好。我們確實有團隊非常勤奮地工作——讓我們更好地了解這一點，並像真正的製造過程一樣真正跟踪它。我們還沒有很好地了解我們正在添加的屬性對轉化率和重複率的影響。我們當然有能力做到這一點，而且我們在歷史上已經做到了。真的，這就是給了我們的東西——其中一件讓我們充滿信心，認為這是正確的戰略方向。但我們還沒有看到對此產生重大影響，因為它只是 - 考慮到我們添加這些屬性的速度還為時過早，而且就存在的旅行者頻率週期或購買頻率週期而言也為時過早在旅遊市場上。所以我想說我們在這里處於早期階段。但同樣，團隊正在努力達到我們可以真正展示真正卓越運營的地步。我們確實有信心看到您所引用的轉化率和重複率的結果。

And Lloyd, on the HomeAway question, there's a couple of thing. I mean, I probably won't get to the level of detail that you're looking for in this. I think the -- but just directionally, the fact is that a big percentage of the listings, the online bookable listings, are on pay per booking on HomeAway. But there's still a big, I'd call it, disproportionate or outsized percentage of the bookings happening on subscription properties. So for all bookings on the platform, there is a traveler service fee. But for a good number of the bookings, there still is not a host fee. Those are still coming through subscription. And so that -- and that will continue to evolve as the business goes forward and as more and more of the business moves over to pay per booking. I would say we're kind of in mid-innings on that.

Lloyd，關於 HomeAway 問題，有兩件事。我的意思是，我可能無法達到您在此尋找的詳細程度。我認為 - 但只是方向性的事實是，很大一部分房源，即在線可預訂房源，在 HomeAway 上按預訂付費。但仍然有很大一部分，我稱之為，不成比例或超大比例的預訂發生在訂閱屬性上。所以對於平台上的所有預訂，都會產生旅客服務費。但是對於很多預訂來說，仍然沒有房東費用。這些仍然通過訂閱來實現。因此，隨著業務的發展以及越來越多的業務轉向按預訂付費，這種情況將繼續發展。我會說我們在這方面處於中局。

As regards that the blended take rate, I think that we will see some -- the biggest impact there in my mind is just the fact that subscription continues to be a headwind for us. Now it's shifted from being both a volume and rate headwind to being essentially just a volume headwind. And I think once we kind of fully normalize the subscription side of that business, then the take rate can start to normalize. One of the ways that we try to get a little kind of better visibility on the trend there is to look at it on a trailing 12-month basis and/or full year basis. And so you can see like, I think, in 2017, the revenue margin for HomeAway was 10.3% or 10.4%. And that's going to come down in 2018, but not substantially. It'll be -- I think it'll be in and around that area.

關於混合採用率，我認為我們會看到一些——在我看來，最大的影響就是訂閱仍然是我們的逆風。現在它已經從交易量和利率的逆風轉變為本質上只是交易量的逆風。而且我認為，一旦我們將該業務的訂閱方面完全正常化，那麼收費率就會開始正常化。我們試圖更好地了解趨勢的方法之一是在過去 12 個月和/或全年的基礎上查看它。所以你可以看到，我認為，在 2017 年，HomeAway 的利潤率為 10.3% 或 10.4%。這將在 2018 年下降，但幅度不會很大。它會——我認為它會在那個區域及其周圍。

We'll go to Peter Stabler with Wells Fargo Securities.

我們將與 Wells Fargo Securities 一起去 Peter Stabler。

Another one on vacation rentals. Given the pressure in performance marketing channels and given the brand strength of your key rival in the space, wondering if you think the multi-brand strategy is in any way a disadvantage. I understand in international regions, you have dominant country brands. But let's say in the U.S., when you're looking at VRBO and HomeAway, to what extent is there consumer confusion? To what extent is there a property host confusion? And is this a disadvantage of -- for you when you're up against a single brand with so much power?

另一個關於假期出租。鑑於績效營銷渠道的壓力以及您在該領域的主要競爭對手的品牌實力，想知道您是否認為多品牌戰略在任何方面都是劣勢。我知道在國際地區，你們擁有占主導地位的國家品牌。但假設在美國，當您查看 VRBO 和 HomeAway 時，消費者在多大程度上感到困惑？房東混亂到什麼程度？當你面對一個擁有如此強大力量的單一品牌時，這對你來說是一個缺點嗎？

Yes. Look, I think it's certainly a added degree of complexity operationally. I do think that we are ultimately dividing our marketing spend in terms of brand building across a couple of different brands if you take the U.S., for example. And that issue does exist around the world. We do, however, have good loyal customer following for each of these brands. So we do have to be careful in terms of how we treat them. We do have to be careful not to just to disregard any of them. But I do think it is a disadvantage in terms of complexity. But so far, it has -- it's not been a material deterrent for us growing this business exceptionally well. And we don't expect it'll hold us back. But certainly, if we were able to concentrate all of our marketing dollars and all of the customer and supplier side loyalty on one brand, it would be a simplifier in our life and I think could be a benefit.

是的。看，我認為這在操作上肯定會增加一定程度的複雜性。我確實認為，如果你以美國為例，我們最終會在品牌建設方面將營銷支出分配給幾個不同的品牌。這個問題確實存在於世界各地。但是，我們確實為這些品牌中的每一個都擁有忠實的客戶群。因此，我們在對待他們的方式上確實必須小心。我們必須小心，不要忽視其中的任何一個。但我確實認為它在復雜性方面是一個缺點。但到目前為止，它已經 - 這並不是我們非常好地發展這項業務的實質性威懾。而且我們不認為它會阻礙我們。但可以肯定的是，如果我們能夠將所有營銷資金以及所有客戶和供應商方面的忠誠度集中在一個品牌上，那將簡化我們的生活，我認為這可能是一種好處。

We'll next go to Tom White with D.A. Davidson.

接下來我們將與 D.A. 一起去見湯姆·懷特。戴維森。

Just quickly on the EBITDA growth guidance. So it's affirmed versus what you guys had before despite obviously weaker outlook for trivago. Can you just remind us what you guys had anticipated for trivago? I feel like maybe it was supposed to be breakeven EBITDA. But if you could just clarify that. And then the property supply initiatives and the impact on revenue margins. It looked like revenue margins in the Core OTA business were up a bit. As you guys look to contract with more hotels, some of which might be kind of big Booking.com customers, do you expect any pressure on revenue margins in order to kind of get in there? Or are those properties kind of eager to have another kind of distribution channel to sort of play against your competitor?

快速了解 EBITDA 增長指導。因此，儘管 trivago 的前景明顯較弱，但與你們之前的情況相比，它得到了肯定。你能提醒我們你們對 trivago 的期待嗎？我覺得也許它應該是盈虧平衡的 EBITDA。但如果你能澄清一下。然後是物業供應計劃和對收入利潤率的影響。核心 OTA 業務的利潤率似乎有所上升。當你們希望與更多酒店簽訂合同時，其中一些可能是 Booking.com 的大客戶，您是否預計收入利潤率會受到任何壓力才能進入那裡？或者這些資產是否渴望擁有另一種分銷渠道來與您的競爭對手競爭？

Hey, Tom. It's Alan. Yes. On your first question, I don't want to give the specifics. I mean, we -- they didn't guide that specifically in Q1 nor did we. But we did have a full year loss baked into our guidance for trivago for 2018 on our prior call. The guidance that they gave yesterday is updated and is worse than, that what we had assumed. But I don't want to get into the specifics of what we assumed in the Q1 call or Q4 call, sorry.

嘿，湯姆。是艾倫。是的。關於你的第一個問題，我不想透露具體細節。我的意思是，我們——他們沒有在第一季度專門指導這一點，我們也沒有。但在我們之前的電話會議上，我們確實將全年虧損納入了 2018 年 trivago 的指導。他們昨天給出的指導已經更新，並且比我們假設的更糟糕。但我不想詳細說明我們在 Q1 電話會議或 Q4 電話會議中假設的內容，抱歉。

And Tom, just in terms of our supply initiative and their impact on revenue margins. We do not use our revenue margins or discounting them as any sort of competitive weapon. Generally, when we show up to properties, they are eager to have new distribution channels. Our demand footprints, the ability for us to target demand by country, the ability for us to include properties in package path, which are generally places where our suppliers and new suppliers want to play, give us at least a differentiated offering to properties than what our competitor has. And so generally, they are happy to see us. And generally, they are happy to pay the market-based prices that we offer for distribution.

湯姆，就我們的供應計劃及其對利潤率的影響而言。我們不使用我們的收入利潤率或將其打折作為任何一種競爭武器。通常，當我們出現在物業時，他們渴望擁有新的分銷渠道。我們的需求足跡，我們按國家/地區定位需求的能力，我們將物業納入包裝路徑的能力，這些通常是我們的供應商和新供應商想要發揮作用的地方，至少為我們提供了與其他物業不同的差異化產品我們的競爭對手有。所以總的來說，他們很高興見到我們。通常，他們很樂意支付我們提供的基於市場的分銷價格。

We'll next go to Douglas Anmuth with JPMorgan.

接下來我們將與摩根大通一起去道格拉斯安姆斯。

Just wanted to ask two. First, there's been a lot of movement in the activity space recently. I was just hoping you could give us a better understanding of how you're positioned there and how it's -- how you're thinking about it in terms of packaging and the shopping cart. And then, secondly, we heard obviously trivago's view of the performance marketing space. I was curious just to get a little better understanding from you in terms of your brands and how you're thinking about profitability targets.

只想問兩個。首先，最近活動空間有很多動作。我只是希望你能讓我們更好地了解你在那裡的定位以及它是如何——你是如何在包裝和購物車方面考慮它的。然後，其次，我們顯然聽到了 trivago 對績效營銷空間的看法。我很好奇只是想從您那裡更好地了解您的品牌以及您如何考慮盈利目標。

Thanks, Doug. We feel good about our current position in activities. It is a place where we've highlighted over for the course of the last 6 months or so where we're interested in stepping up our efforts. We do have our things to do or activities business that in total is north of $0.5 billion in bookings [in 2017]. In Q1 it grew north of 20% year-over-year in terms of transactions. So we've got a big business. It's growing nicely. But we do think there's a lot more we can do I think. Inclusion in shopping cart or a shopping-cart-type product is certainly something we're looking at as we continue to roll out the functionality of that product. I think there's a big standalone opportunity. I think the fact that our brands have, I think, now over 250-some-odd million app downloads gives us the opportunity to make offers in destination. We've already got the connection with the customer. So we do think there's a world of opportunity here. We feel good about our organic positioning. But there are always M&A opportunities out there, and we will be very disciplined in looking at those. And we will be -- we'll be opportunistic.

謝謝，道格。我們對我們目前在活動中的地位感覺良好。這是我們在過去 6 個月左右的時間裡一直強調的地方，我們有興趣加強我們的努力。 [2017 年]，我們確實有我們的事情要做或活動業務，總預訂額超過 5 億美元。在第一季度，它的交易量同比增長超過 20%。所以我們有一筆大生意。它長得很好。但我認為我們確實認為我們可以做的還有很多。隨著我們繼續推出該產品的功能，加入購物車或購物車類型的產品肯定是我們正在考慮的事情。我認為這是一個很大的獨立機會。我認為，我們的品牌現在擁有超過 250 多萬次應用下載，這讓我們有機會在目的地提供優惠。我們已經與客戶建立了聯繫。所以我們確實認為這裡有一個充滿機遇的世界。我們對我們的有機定位感覺良好。但總會有併購機會，我們會非常有紀律地看待這些機會。我們將是——我們將是機會主義的。

In terms of trivago's view of the performance marketing space and how we're thinking about the profitability targets for our brands. As Alan mentioned, we are on the margin working to be a little bit more disciplined and, perhaps, into more analytically driven in looking at our performance marketing spend and making sure that we, to the best of our ability, are able to concentrate spend in places that we feel are incremental places where we feel like we can drive good, strong loyal customer repeat rates and where efficiencies are acceptable. Again, it's not a huge sea change for us. It is really on the margin. But we are looking for places to be more efficient to be sure.

就 trivago 對績效營銷空間的看法以及我們如何考慮我們品牌的盈利目標而言。正如 Alan 所提到的，我們正在努力變得更加自律，或許，在查看我們的績效營銷支出並確保我們盡最大努力能夠集中支出在我們認為是增量的地方，我們覺得我們可以推動良好、強大的忠誠客戶重複率，並且效率是可以接受的。同樣，這對我們來說並不是一個巨大的變化。它真的處於邊緣。但我們正在尋找可以確保效率更高的地方。

We'll next go to Brent Thill with Jefferies.

接下來我們將與 Jefferies 一起去 Brent Thill。

I was wondering if you could just give us an update on the transition date of AWS with Amazon and maybe just give us a sense of your expectations when the lodging stack gets fully ported over.

我想知道您是否可以向我們提供有關 AWS 與亞馬遜的過渡日期的最新信息，也許只是讓我們了解您在住宿堆棧完全移植時的期望。

Sure. So the transition continues to go well. First of all, the teams are very happy with the transition and are very happy with what it's like to operate in the cloud environment. That said, we are being very deliberate about it. We are not running wild into the cloud. We're making sure we do it in the right way, and we continue to make great progress in moving the lodging stack over. We do expect to have the vast majority of it over towards the end of this year. But we are being careful making sure that we do it the right way and that we're mindful of costs as we do it.

當然。因此，過渡繼續順利進行。首先，團隊對過渡非常滿意，對在雲環境中運行的感覺非常滿意。也就是說，我們對此非常慎重。我們並沒有瘋狂地奔向雲端。我們確保我們以正確的方式做到這一點，並且我們在移動住宿堆棧方面繼續取得重大進展。我們確實希望在今年年底完成其中的絕大部分。但我們正在謹慎確保我們以正確的方式做事，並且我們在做事時注意成本。

We'll next go to Naved Khan with SunTrust.

接下來我們將與 SunTrust 一起去 Naved Khan。

I had a couple of questions. So can you just comment on the performance of the inventory you brought over from HomeAway on the Core OTA? And then can you also comment on expectations from maybe potential impact on GDPR rollout in Europe and how we should think about it?

我有幾個問題。那麼，您能否評論一下您從 HomeAway 帶來的庫存在 Core OTA 上的表現？然後，您能否評論一下對歐洲 GDPR 推出可能產生的潛在影響的預期，以及我們應該如何考慮它？

Sure. So the inventory on HomeAway, again, I think we've got around -- over 150,000, 175,000 properties on right now. Predominantly, the experimentation is happening on Brand Expedia points of sale as well as the other multiproduct points of sale, Orbitz, Travelocity, et cetera. It's good. It's not in the grand scheme of things of our business. It's not yet at a point where it's a big driver for us. The teams are continuing to look at ways to optimize in search and optimize for sort order, find those situations, for example, large groups where it's just quite obvious that a whole home will be better. So it's still in the early stages, I would say. But we are optimistic that it's going to be a nice driver for us.

當然。所以 HomeAway 上的庫存，我認為我們現在有超過 150,000、175,000 處房產。實驗主要發生在 Brand Expedia 銷售點以及其他多產品銷售點，Orbitz、Travelocity 等。很好。這不在我們業務的宏偉計劃中。它還沒有成為我們的重要推動力。團隊正在繼續尋找優化搜索和優化排序順序的方法，找到那些情況，例如，很明顯整個家會更好的大型團體。所以它仍處於早期階段，我會說。但我們樂觀地認為，它將成為我們的一個很好的驅動程序。

In terms of GDPR in Europe. From a financial perspective, no meaningful impact operationally. We are working hard to make sure that we are in compliance, and we're certainly, well aware of what we need to do and the teams are diligently going against (sic) putting their appropriate infrastructure and safeguards in place.

就歐洲的 GDPR 而言。從財務角度來看，對運營沒有任何有意義的影響。我們正在努力確保我們合規，而且我們當然非常清楚我們需要做什麼，並且團隊正在努力反對（原文如此）將他們適當的基礎設施和保障措施落實到位。

We'll next go to Ron Josey with JMP Securities.

接下來我們將與 JMP Securities 一起去 Ron Josey。

Maybe a quick follow-up to the one you just answered around AWAY -- HomeAway integration on Expedia. So I think you said it's -- you're optimizing for sort order and trying to figure everything out. Would it be helpful if you put more -- why not put more properties on faster? I think you're at 175,000 now over -- and that's relative to the 665 in total globally. So that's question one as a follow-up. And just a bigger picture, Mark. Past 3 quarters, international bookings have been 39-plus percent of total bookings versus, call it, mid-30s prior. I know you can't put like one thing on it. But can you just talk about the international business, might just be all hotels here, but how you're investing here and then how you see this play out longer term?

也許可以快速跟進您剛剛回答的關於 AWAY 的問題——HomeAway 集成在 Expedia 上。所以我想你說的是——你正在優化排序順序並試圖弄清楚一切。如果你放更多會有幫助——為什麼不更快地放更多的屬性呢？我認為你現在已經超過 175,000 人了——這是相對於全球總數 665 人而言的。所以這是第一個問題作為後續行動。馬克，只是一個更大的圖景。過去 3 個季度，國際預訂量佔總預訂量的 39% 以上，而之前的情況是 30 多歲。我知道你不能在上面放一樣東西。但是你能不能談談國際業務，可能只是這裡的所有酒店，但你如何在這裡投資，然後你如何看待它的長期發展？

Sure. That gait on putting more properties on faster, honestly, it's largely an operational gait. Yes. Brand Expedia continues to lead the charge in testing user interfaces, but there's also a significant piece of work that needs to be done on the part of the hosts and property manager partners to make sure that we can serve up availability quickly and make sure that the prices that a Brand Expedia customer sees is the prices that they get when they roll through. And some of the complications here include things like a lot of alternative accommodations are used to charging by the week. And we've got to translate that into a daily rate. And there's just a lot of operational stuff that happen -- that has to happen not only in our Core OTA brands, not only at HomeAway, but also from our partners. So we'll get there. It's just a matter of a lot of sausage-making as we like to say.

當然。老實說，更快地投入更多財產的步態，這在很大程度上是一種操作步態。是的。 Brand Expedia 繼續帶頭測試用戶界面，但房東和物業經理合作夥伴還需要做大量工作，以確保我們能夠快速提供可用性並確保Brand Expedia 客戶看到的價格是他們滾動瀏覽時獲得的價格。這裡的一些複雜情況包括很多替代住宿習慣於按週收費。我們必須將其轉化為每日費率。並且發生了很多運營方面的事情——這不僅發生在我們的核心 OTA 品牌中，不僅發生在 HomeAway，也發生在我們的合作夥伴身上。所以我們會到達那裡。正如我們喜歡說的那樣，這只是大量製作香腸的問題。

In terms of international bookings. One thing to note particularly this quarter is foreign exchange is a big tailwind for us. So I think if you look at the FX neutral numbers, you won't see as much of a significant acceleration. That said, we are pressing internationally, and we do expect that over time as we concentrate in our priority markets now here in 2018 and subsequently roll out more groups of priority markets where we'd go in and work to essentially build a hugely competitive product, both for suppliers and customers, that we should be able to deliver better growth rates, international bookings, also international room nights. And we would hope that we're able to do it in a way that delivers better marketing efficiencies for us over time because we're just able to garner more overall brand loyalty.

在國際預訂方面。本季度特別要注意的一件事是外匯對我們來說是一個很大的推動力。所以我認為，如果您查看外匯中性數據，您將不會看到明顯的加速。也就是說，我們在國際上施壓，我們確實希望隨著時間的推移，我們現在將在 2018 年專注於我們的優先市場，隨後推出更多的優先市場組，我們將進入這些市場並努力打造極具競爭力的產品，對於供應商和客戶而言，我們應該能夠提供更好的增長率、國際預訂量以及國際間夜數。我們希望我們能夠以一種隨著時間的推移為我們提供更好的營銷效率的方式來做到這一點，因為我們能夠獲得更多的整體品牌忠誠度。

We'll next go to Brian Nowak with Morgan Stanley.

接下來我們將與摩根士丹利一起去布賴恩諾瓦克。

I have two. The first one on the supply efforts and building the Lodging Partner Service (sic) team. I guess the question is, Mark, as you look kind of the plan for the year, where are you now in your plan of overall hiring for the year? Should we still expect a significant step up in that in the back half of the year to hit your hiring goals? And then as we go into next year, by the time you get through 2018, will you scale that team enough? Or should we think of this as sort of this is an ongoing process as we see the opportunity to continue to add more bodies and more properties in '19 and '20 and beyond? And the second one on free cash flow conversion. Understanding free cash flow is temporary compressed by headquarters and cloud integration, duplicative costs, how do you think about free cash flow conversion potential as you get into '19 and '20 and start to realize the benefits of the cloud and you get rid some of these onetime and duplicative costs?

我有兩個。第一個關於供應工作和建立住宿合作夥伴服務（原文如此）團隊。我想問題是，馬克，當你看起來有點像今年的計劃時，你現在在今年的整體招聘計劃中處於什麼位置？我們是否仍應期望在今年下半年大幅提高以實現您的招聘目標？然後當我們進入明年時，到 2018 年時，您是否會足夠擴大該團隊？或者我們是否應該認為這是一個持續的過程，因為我們看到有機會在 19 年和 20 年及以後繼續增加更多的身體和更多的財產？第二個關於自由現金流轉換。了解自由現金流暫時被總部和雲集成、重複成本壓縮，當您進入 19 世紀和 20 世紀並開始意識到雲的好處並擺脫一些時，您如何看待自由現金流轉換的潛力這些一次性和重複的成本？

So Brian, on the supply efforts, there are 2, call it, bodies of work here. One is a significant ramp up in our priority markets where we're hiring up hundreds of new folks, both salespeople but operational people. In that regard, we're largely done hiring those folks, if not nearly completely done. And I think we've said that this overall supply investment is in the ballpark of $50 million or so, and that will be the impact this year. And this is a big push for us. In the grand scheme of our expense base, it's not a massive investment. But it is a significant investment. So that's bucket #1. Bucket #2 is we are still acquiring properties at a much more, call it, measured pace in other parts of the market and there is some, I would just say, ordinary course headcount growth in those markets. Nothing as dramatic or significant as we see in the priority markets.

所以布賴恩，在供應方面，這裡有 2 個工作機構。一個是我們在優先市場的顯著增長，我們正在招聘數百名新員工，包括銷售人員和運營人員。在這方面，我們基本上已經完成了對這些人的僱用，如果還沒有完全完成的話。我想我們已經說過，總的供應投資在 5000 萬美元左右，這將是今年的影響。這對我們來說是一個很大的推動力。在我們費用基礎的宏偉計劃中，這不是一項巨大的投資。但這是一項重大投資。這就是第 1 桶。 Bucket #2 是我們仍在以更多的速度收購房產，稱其為市場其他部分的衡量步伐，我只想說，這些市場的普通課程人數有所增長。沒有什麼像我們在優先市場上看到的那樣引人注目或重要。

In terms of 2019, again, we are watching very closely the results of this effort, and we'll make a call towards the end of '18 in terms of what we do in terms of incremental headcount growth. But I would reiterate that, again, in the grand scheme of our overall expense base and the grand scheme of our overall, I think, pretty consistent approach to how we balance long-term growth and short-term growth and the way that we're generally gearing this business to be able to deliver a nice, solid earnings growth in the near term and also invest in the long term. I wouldn't necessarily take comments that we might make around further investments in the supply headcount as necessarily indicating that we're going to depress our overall earnings growth because of it. So again, we do believe in this. We are likely to continue on this path. But I wouldn't take it as a sign that we're going to accept lower earnings growth than we have historically. Alan, do you want to take the...

就 2019 年而言，我們再次非常密切地關注這項努力的結果，我們將在 18 年底就我們在增量員工增長方面所做的工作做出呼籲。但我要再次重申，在我們總體費用基礎的宏偉計劃和我們總體的宏偉計劃中，我認為，我們如何平衡長期增長和短期增長以及我們的方式是非常一致的我們通常會調整這項業務，使其能夠在短期內實現良好、穩健的收益增長，並進行長期投資。我不一定會認為我們可能會圍繞供應人員的進一步投資進行評論，因為這必然表明我們將因此而壓低我們的整體收益增長。所以，我們再次相信這一點。我們很可能會繼續這條道路。但我不會將其視為我們將接受低於歷史水平的盈利增長的跡象。艾倫，你想帶...

Yes. So on the free cash flow conversion relative to EBITDA. I mean, I'm not going to get specific here in terms of numbers. I think that we have the opportunity to have a very healthy conversion rate here in this business. And there's a few factors to consider. I mean, the -- I guess to the -- we've got the headquarters, which we've talked at length about for '19 and '20, those are going to be significant expenditures. So they will have an impact all-in on free cash flow. But we've got some other things happening. One is that HomeAway will increasingly be a generator of free cash flow. As their gross bookings grow, our merchant hotel business continues to grow pretty much ratably with the agency hotel business. And so that generates significant free cash flow. And so all those factors lead to healthy trends. There are some other things on the other side of that ledger. I mean, one is that we've got businesses that we're growing that don't have those same working capital tailwinds like trivago, like our private-label business, like Egencia, where they're a little bit more traditional businesses that generate receivables and consume working capital as opposed to having the negative working capital cycle in our hotel business. The last couple of things would be we've got our -- we do have a tax rate benefit, which I talked about on the call, which should help us over the long term. And as we mentioned on the call last quarter, our data center CapEx in terms of what we would have needed to spend on data centers relative to what we will need to spend in the cloud or after we're in the cloud has come down substantially. So that's a tailwind as well.

是的。所以關於相對於 EBITDA 的自由現金流轉換。我的意思是，我不打算在這裡具體說明數字。我認為我們有機會在這項業務中獲得非常健康的轉化率。還有幾個因素需要考慮。我的意思是——我想——我們已經有了總部，我們已經詳細討論了 19 年和 20 年的問題，這些將是一筆巨大的支出。因此，他們將對自由現金流產生全面影響。但我們還有一些其他事情正在發生。一是 HomeAway 將越來越多地成為自由現金流的產生者。隨著他們總預訂量的增長，我們的商務酒店業務繼續與代理酒店業務保持同步增長。因此，這會產生大量的自由現金流。因此，所有這些因素都會導致健康的趨勢。那個分類帳的另一邊還有一些其他的東西。我的意思是，一個是我們正在發展的業務沒有像 trivago 這樣的運營資本順風，就像我們的自有品牌業務，比如 Egencia，在那裡他們有一些更傳統的業務產生應收賬款並消耗營運資金，而不是在我們的酒店業務中出現負營運資金周期。最後兩件事是我們得到了——我們確實有稅率優惠，我在電話會議上談到了這一點，從長遠來看，這應該對我們有幫助。正如我們在上個季度的電話會議上提到的那樣，我們的數據中心資本支出，就我們需要在數據中心上花費的資金而言，相對於我們需要在雲中或在雲中花費的資金而言，已經大幅下降.所以這也是順風。

We'll go to Mark May with Citi.

我們將與花旗一起去馬克梅。

First, in terms of optimizing direct marketing spend. I assume there that you're referring mostly to meta. I guess one of the questions would be your plans to possibly reallocate that to other channels, including maybe more brand marketing. And then I know that HomeAway, it seems like a lot of focus. Certainly, the commentary is around pushing the pedal on the marketing side. When it comes to supply growth, a lot of the commentary spend, I think, more on the traditional lodging and outside the U.S. I guess my question is, HomeAway listing growth, is that a priority for you? Some of the data would suggest that it's been relatively slow recently. Is that for your own doing or are there other factors driving that?

首先，在優化直接營銷支出方面。我假設您指的主要是 meta。我想其中一個問題是您計劃可能將其重新分配到其他渠道，包括更多的品牌營銷。然後我知道 HomeAway，它似乎很專注。當然，評論是圍繞著營銷方面的推動。當談到供應增長時，我認為很多評論花在傳統住宿和美國以外的地方。我想我的問題是，HomeAway 房源增長，這是你的首要任務嗎？一些數據表明它最近相對緩慢。這是你自己做的還是有其他因素推動的？

Thanks, Mark. I'd say the direct marketing spend, again, this is not a big thing. It's -- we are on the margin trying to optimize a little bit more intelligently. It's not just on meta. It's across-the-board whether it's display or retargeting or traditional search. It really is sort of a broader just -- again, just focus on really digging in analytically and figuring out, are we happy or not with efficiencies? And is there opportunity to do again an inch better? I think that there is and always an opportunity for us to reallocate into brand marketing. But again, we've been doing brand marketing across the portfolio for a very long time. And the teams that are the big brand marketing teams are really quite sophisticated at it, and we look at brand marketing spend as a -- largely, a discrete decision. And so I wouldn't assume that we take out from one and directly put into another. We're always looking at the best places to put our capital across the P&L.

謝謝，馬克。我要說的是直接營銷支出，這不是什麼大事。這是——我們正試圖更智能地優化一點。這不僅僅是在元上。無論是展示、重定向還是傳統搜索，它都是全面的。它確實有點更廣泛——再一次，只專注於真正深入分析並弄清楚，我們對效率是否滿意？是否有機會再次做得更好？我認為我們總是有機會重新分配到品牌營銷中。但同樣，我們長期以來一直在整個產品組合中進行品牌營銷。大品牌營銷團隊的團隊在這方面確實非常老練，我們將品牌營銷支出視為一個——很大程度上是一個離散的決定。所以我不會假設我們從一個中取出並直接放入另一個中。我們一直在尋找將我們的資金投入損益表的最佳地點。

In terms of HomeAway's focus on the marketing side, they've been focused, I really think on actually 2 things. One is building performance and also their brand marketing capabilities, but also just improving the product overall, both on the customer side and the host side. Listing growth has not been the big priority for them. It's really been about taking the existing base of business that they have and doing a better job for partners and for customers. And as a result, being able to monetize the platform better. That said, despite the fact that they're not actively looking to do it, hosts and properties and listings just keep flowing in. I mean, if you look at the listing count from Q4 and you compare it to the end of Q1, I think there's about 100,000 more listings that are available all online bookable. So the platform has gravitational force. They are not actively trying to do it. There will be a phase at some point here over the next couple of years where listing acquisition does become a priority, both in the U.S., but I think increasingly in international markets. And all signs say that, that could be a nice catalyst for HomeAway. But again, it's not been a focus for them at this point.

就 HomeAway 對營銷方面的關注而言，他們一直在關注，我真的認為實際上有兩件事。一個是建立性能以及他們的品牌營銷能力，但也只是在客戶端和主機端整體改進產品。上市增長並不是他們的首要任務。這實際上是關於利用他們現有的業務基礎，為合作夥伴和客戶做得更好。因此，能夠更好地通過平台獲利。也就是說，儘管事實上他們並沒有積極尋求這樣做，但房東、房產和房源仍在不斷湧入。我的意思是，如果您查看第四季度的房源數量並將其與第一季度末進行比較，我認為還有大約 100,000 個以上的房源可在線預訂。所以平台有引力。他們並沒有積極嘗試這樣做。未來幾年的某個階段，上市收購將成為優先事項，無論是在美國，但我認為在國際市場上會越來越多。所有跡像都表明，這可能是 HomeAway 的一個很好的催化劑。但同樣，在這一點上，這並不是他們關注的焦點。

That concludes today's question-and-answer session. At this time, we'll turn the conference back to Mark Okerstrom for any additional or closing remarks.

今天的問答環節到此結束。此時，我們會將會議轉回 Mark Okerstrom 以徵求任何補充或結束語。

Great. Well, obviously, thanks so much to all of you for your interest in Expedia Group. And a big thanks to our awesome employees around the world, a solid start. But there's lots of hard work and execution ahead of us and certainly, we're looking forward to going after it. So thank you.

偉大的。很明顯，非常感謝大家對 Expedia Group 的關注。非常感謝我們在世界各地的優秀員工，這是一個堅實的開始。但是我們面前還有很多艱苦的工作和執行力，當然，我們期待著去完成它。所以謝謝。

That concludes today's conference, and thank you for your participation.

今天的會議到此結束，感謝您的參與。