Expedia Group Inc (EXPE) 2018 Q2 法說會逐字稿

Good day, and welcome to the Expedia Group Q2 2018 Earnings Conference Call.

美好的一天，歡迎來到 Expedia Group 2018 年第二季度收益電話會議。

Today's conference is being recorded.

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.

此時，我想將會議轉交給投資者關係副總裁 Michael Senno。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and welcome to Expedia Group's financial results conference call for the second quarter ended June 30, 2018.

下午好，歡迎參加 Expedia Group 截至 2018 年 6 月 30 日的第二季度財務業績電話會議。

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

我很高興 Expedia 集團首席執行官兼總裁 Mark Okerstrom 今天加入電話會議；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, July 26, 2018 only.

以下討論，包括對您問題的回答，僅反映了管理層截至 2018 年 7 月 26 日今天的觀點。

We do not undertake any obligation to update or revise this information.

我們不承擔任何更新或修改這些信息的義務。

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.

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。

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.

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.

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。

And I encourage you to periodically visit our IR website for other important content, including today's earnings release.

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，並且本次電話會議的所有比較都將與我們在可比期間的結果進行比較2017.

One additional item to note.

需要注意的另一項。

Starting last quarter, we are presenting 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.

從上個季度開始，我們將公佈 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。

You will find reconciliations for non-GAAP measures, excluding trivago, in our earnings release.

您會在我們的收益發布中找到非 GAAP 措施的調節，不包括 trivago。

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.

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。

These items include, but are not limited to, foreign exchange, returns on investment spending and acquisition-related restructuring expenses.

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。

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.

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.

謝謝，邁克爾。

As we sit here halfway through the year, I'm pleased with our progress thus far.

當我們坐在這裡度過半年時，我對我們迄今取得的進展感到滿意。

We delivered solid financial results while continuing to push forward on several critical initiatives aligned with the 3 strategic themes I outlined late last year, becoming more locally relevant on a global basis, becoming more customer-centric and speeding up the pace of execution and innovation.

我們取得了穩健的財務業績，同時繼續推進與我去年底概述的 3 個戰略主題相一致的幾項關鍵舉措，在全球範圍內變得更加本地相關，更加以客戶為中心，並加快執行和創新的步伐。

And although it's still early days in our transformation, I'm pleased to say that we are making great strides along our new path.

儘管我們的轉型仍處於早期階段，但我很高興地說，我們正在沿著我們的新道路大踏步前進。

Looking forward, though our industry remains highly dynamic, we are increasingly confident in our execution capabilities and are optimistic about the opportunities they can unlock for us in this $1.6 trillion market.

展望未來，儘管我們的行業仍然充滿活力，但我們對我們的執行能力越來越有信心，並對他們可以在這個 1.6 萬億美元的市場中為我們釋放的機會持樂觀態度。

Turning to the second quarter.

轉向第二季度。

Gross bookings increased 13%, revenue grew 11% and adjusted EBITDA was up a very healthy 18%.

總預訂量增長了 13%，收入增長了 11%，調整後的 EBITDA 增長了 18%，非常健康。

Overall room nights grew 12% year-over-year.

總體間夜量同比增長 12%。

And smoothing out the impact from the shift in Easter timing, first half total lodging stayed room nights grew 14%.

消除復活節時間變化的影響後，上半年總住宿間夜量增長了 14%。

HomeAway continued to deliver strong results, increasing stayed room nights 35% in the first half of 2018.

HomeAway 繼續取得強勁業績，2018 年上半年的入住間夜數增加了 35%。

All told, we have great momentum heading into the back half of the year.

總而言之，我們在進入今年下半年時勢頭強勁。

Our brand teams are making good progress in better optimizing direct marketing spend, and that was evident in the balance between healthy room night growth and profitability in the second quarter.

我們的品牌團隊在更好地優化直接營銷支出方面取得了良好進展，這在第二季度健康的間夜增長和盈利能力之間的平衡中顯而易見。

We plan to keep leveraging our data-driven approach to marketing optimization while at the same time continue to aggressively drive our global expansion agenda.

我們計劃繼續利用我們的數據驅動方法來優化營銷，同時繼續積極推動我們的全球擴張議程。

As we strive to become more locally relevant on a global basis, we continue to build momentum on the property acquisition front, adding over 60,000 new properties to our global lodging portfolio in the quarter, excluding HomeAway listings.

隨著我們努力在全球範圍內變得更加本地相關，我們繼續在房地產收購方面建立勢頭，本季度在我們的全球住宿組合中增加了 60,000 多處新房產，不包括 HomeAway 列表。

That number includes a further acceleration in the pace of property acquisition in our priority markets, where we are firmly in execution mode, and we are seeing encouraging early signs in our performance.

這一數字包括我們在優先市場的房地產收購步伐進一步加快，我們在這些市場堅定地處於執行模式，並且我們在業績中看到了令人鼓舞的早期跡象。

Collectively in these markets on a booked basis, both total and domestic room night growth accelerated in the second quarter.

總的來說，在這些市場的預訂基礎上，第二季度總間夜量和國內間夜量增長都在加速。

We're optimistic that the momentum we are seeing in these markets will continue to build as we move through the year and into 2019.

我們樂觀地認為，隨著我們度過這一年並進入 2019 年，我們在這些市場中看到的勢頭將繼續增強。

In addition to the 60,000 newly-acquired properties in the quarter, we also integrated an additional 20,000 HomeAway listings into our core lodging platform, bringing our total property count available to all Expedia Group brands to more than 750,000 as at the end of the quarter.

除了本季度新收購的 60,000 處房產外，我們還將另外 20,000 處 HomeAway 房源整合到我們的核心住宿平台中，使我們在本季度末可供所有 Expedia Group 品牌使用的房產總數超過 750,000 處。

Overall, we remain on track to directly add at least 180,000 new properties to the core platform in 2018 in addition to integrating more HomeAway properties throughout the year.

總體而言，除了全年整合更多 HomeAway 物業外，我們仍有望在 2018 年直接向核心平台添加至少 180,000 個新物業。

HomeAway ended the quarter with over 1.7 million online bookable listings, an increase of about 20% from last year.

HomeAway 在本季度結束時擁有超過 170 萬個在線可預訂房源，比去年增長約 20%。

Over 800,000 of them are now instantly bookable.

其中超過 800,000 個現在可以立即預訂。

We do expect the continued shift to instant bookability to be a nice tailwind to conversion over time, further enhancing the HomeAway marketplace.

我們確實預計，隨著時間的推移，向即時預訂能力的持續轉變將成為轉換的一個很好的推動力，進一步增強 HomeAway 市場。

The HomeAway team has been ramping up the velocity of innovation on both sides of the platform.

HomeAway 團隊一直在加快平台兩側的創新速度。

Over the past few quarters, they've rolled out impressive lineup of industry-leading, supplier-facing tools aimed at helping our partners optimize the productivity of their listings.

在過去的幾個季度中，他們推出了一系列令人印象深刻的行業領先、面向供應商的工具，旨在幫助我們的合作夥伴優化其列表的生產力。

We continue to be very happy with the progress in HomeAway.

我們仍然對 HomeAway 的進展感到非常高興。

They're making incredible strides in the transformation and in doing so, are positioning HomeAway and Expedia Group very well to capitalize on the significant global opportunity in alternative accommodations.

HomeAway 和 Expedia Group 在轉型方面取得了令人難以置信的進步，並在這樣做的過程中很好地定位了 HomeAway 和 Expedia Group，以利用替代住宿方面的重大全球機遇。

Gross bookings growth at Egencia accelerated to 18% in the quarter and stayed room nights grew 21%, their highest growth in nearly 2 years.

Egencia 本季度的總預訂量增長加速至 18%，入住間夜數增長 21%，為近 2 年來的最高增幅。

The sales team at Egencia continues to produce strong results, signing over $460 million of new business for another quarterly record.

Egencia 的銷售團隊繼續取得強勁業績，簽署了超過 4.6 億美元的新業務，再創季度記錄。

So we're seeing good returns from the investments we've made in the team.

因此，我們從對團隊的投資中看到了豐厚的回報。

With nice momentum in sales and a differentiated product offering, we believe Egencia has a significant opportunity to continue to gain share in the managed corporate travel market for a long time to come.

憑藉良好的銷售勢頭和差異化的產品供應，我們相信 Egencia 有很大的機會在未來很長一段時間內繼續在託管商務旅行市場中獲得份額。

trivago continued to face difficult comps and challenges in the second quarter as it navigates changes to dynamics in its marketplace.

trivago 在第二季度繼續面臨困難的競爭和挑戰，因為它要適應市場動態的變化。

As the trivago team highlighted yesterday, they are now taking a more balanced approach to trade-offs between top line growth and profitability, with more of a bent towards profitability than in the past.

正如 trivago 團隊昨天強調的那樣，他們現在正在採取更平衡的方法來平衡收入增長和盈利能力，比過去更傾向於盈利能力。

Combined with easing comps, trivago expects adjusted EBITDA results to improve in the second half of the year.

結合寬鬆的公司，trivago 預計調整後的 EBITDA 結果將在下半年有所改善。

Overall, though lots of hard work remains, we have made good progress in the first half of the year.

總的來說，上半年雖然任重道遠，但取得了不錯的進展。

We are executing at a much improved level and are gaining traction with our key initiatives all aimed at positioning Expedia Group for healthy growth well into the future.

我們的執行水平有了很大提高，我們的關鍵舉措也越來越受歡迎，所有這些舉措都旨在為 Expedia Group 的未來健康發展做好準備。

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 again posted healthy top line trends in the second quarter with lodging revenue, including both hotel and HomeAway up 14% on stayed room night growth of 12%.

我們在第二季度再次公佈了健康的收入趨勢，包括酒店和 HomeAway 在內的住宿收入增長了 14%，入住間夜增長率為 12%。

As we expected, total lodging room night growth decelerated from the first quarter, primarily due to a headwind from the shift in Easter timing and difficult year-over-year comparisons, which were in part driven by more aggressive marketing spend in last year's quarter.

正如我們預期的那樣，總住宿間夜增長從第一季度開始放緩，這主要是由於復活節時間的變化和困難的同比比較帶來的不利影響，這在一定程度上是由去年第四季度更積極的營銷支出推動的。

Excluding HomeAway, revenue per room night increased 1% compared to average daily rate growth of approximately 5%.

不包括 HomeAway，每晚收入增長 1%，而平均每日房價增長約 5%。

That gap was over 100 basis points smaller than last quarter, and we expect that to continue to narrow slightly in the second half of the year.

這一差距比上一季度縮小了 100 多個基點，我們預計該差距將在下半年繼續小幅縮小。

HomeAway grew both gross bookings and stayed room nights 33% in the quarter with revenue increasing 32%.

HomeAway 在本季度的總預訂量和入住間夜數均增長了 33%，收入增長了 32%。

Transaction revenue growth remained robust at over 60% and accounted for over 80% of HomeAway's revenue for the first time in the second quarter.

交易收入增長保持強勁，超過 60%，在第二季度首次佔 HomeAway 收入的 80% 以上。

Subscription revenue declined 25%, roughly in line with our expectations for the year.

訂閱收入下降了 25%，大致符合我們對今年的預期。

HomeAway showed nice leverage on overall cost and posted very strong adjusted EBITDA in the quarter, almost doubling year-over-year to $78 million.

HomeAway 在總體成本方面表現出良好的槓桿作用，並且在本季度公佈了非常強勁的調整後 EBITDA，幾乎同比翻了一番，達到 7800 萬美元。

In addition to lapping some of last year's hiring increases, the cost leverage was primarily related to slower growth in marketing expenses than recent quarters.

除了覆蓋去年的部分招聘增長外，成本槓桿主要與最近幾個季度營銷費用增長放緩有關。

After building out our performance marketing function last year, we continue to refine and improve our capabilities and gain more data-driven insights.

在去年建立績效營銷職能後，我們繼續完善和提高我們的能力，並獲得更多數據驅動的洞察力。

With a fully functioning marketing platform and team now in place, we are also better able to optimize our spend to appropriately balance top line growth and profitability, which we did nicely in Q2.

現在有了一個功能齊全的營銷平台和團隊，我們也能夠更好地優化我們的支出，以適當地平衡收入增長和盈利能力，我們在第二季度做得很好。

I would note that as we continue to refine our performance marketing capabilities at HomeAway and comp against the ramp up in marketing investments over the last year, we do anticipate some continued deceleration in gross bookings growth as we move through the year.

我要指出的是，隨著我們繼續完善 HomeAway 的績效營銷能力，並與去年營銷投資的增加相比較，我們確實預計，隨著我們度過這一年，總預訂量增長將繼續放緩。

Overall, HomeAway remains on track for very healthy top and bottom line growth in 2018.

總體而言，HomeAway 仍有望在 2018 年實現非常健康的收入和利潤增長。

Total advertising and media revenue decreased 9% for the quarter due to significant declines at trivago.

由於 trivago 的大幅下滑，本季度廣告和媒體總收入下降了 9%。

Our Media Solutions business delivered another quarter of solid double-digit growth.

我們的媒體解決方案業務又實現了四分之一的兩位數穩健增長。

Air revenue was up 10% on a 6% increase in air tickets sold, 4% growth in revenue per ticket.

機票銷售量增長 6%，每張機票收入增長 4%，航空收入增長 10%。

Similar to last quarter, air revenue growth benefited from the reclassification of distribution fees from contra revenue to cost of revenue and the reclassification of certain customer refunds from air revenue to insurance.

與上一季度類似，航空收入增長得益於分銷費用從對沖收入重新分類為收入成本，以及某些客戶退款從航空收入重新分類為保險。

These changes took effect in the first quarter and will have an impact for the rest of 2018, although they are neutral to our overall profitability.

這些變化在第一季度生效，並將對 2018 年剩餘時間產生影響，儘管它們對我們的整體盈利能力沒有影響。

Other revenue increased 16% in the second quarter, largely reflecting continued growth in travel insurance.

第二季度其他收入增長 16%，主要反映了旅遊保險業務的持續增長。

Adjusted expense growth decelerated across each category and drove consolidated adjusted EBITDA margin expansion of 90 basis points.

每個類別的調整後費用增長都在放緩，並推動綜合調整後 EBITDA 利潤率擴大 90 個基點。

In line with our expectation for the full year, cost of revenue grew faster than revenue in the quarter.

與我們對全年的預期一致，本季度收入成本增長快於收入。

The accounting change I mentioned earlier related to air distribution fees contributed around 150 basis points to the growth while cloud expenses added about 250 basis points.

我之前提到的與空氣分配費相關的會計變化為增長貢獻了約 150 個基點，而云費用增加了約 250 個基點。

We continue to make good progress migrating our lodging stack to the cloud, balancing speed with prudent cost management and a seamless customer experience.

我們在將住宿堆棧遷移到雲端、在速度與審慎的成本管理和無縫的客戶體驗之間取得平衡方面繼續取得良好進展。

As we've moved through the year, we have developed greater capabilities to more dynamically optimize costs.

隨著這一年的發展，我們開發了更強大的功能來更動態地優化成本。

As a result of these efforts, our 2018 cloud expenses are tracking a bit below the $170 million we previously discussed.

由於這些努力，我們 2018 年的雲支出略低於我們之前討論的 1.7 億美元。

Looking ahead to 2019, our early estimates, which are subject to change, call for total cloud spend to be over $250 million, balanced by a nice offset in free cash flow in the form of avoided data center CapEx.

展望 2019 年，我們的早期估計（可能會發生變化）要求雲計算總支出超過 2.5 億美元，並以避免數據中心資本支出的形式很好地抵消自由現金流的影響。

In addition, we expect cloud expenses to continue to be split roughly 60-40 between cost of revenue and technology and content, similar to the past several quarters.

此外，我們預計雲支出將繼續在收入成本、技術和內容成本之間分配大約 60-40，與過去幾個季度相似。

Total selling and marketing expenses increased 7% with direct expenses up just 5% for the second quarter.

第二季度總銷售和營銷費用增長 7%，直接費用僅增長 5%。

We had an easy comparison to the 30% increase in direct expenses in the second quarter of 2017 as we made aggressive marketing investment decisions across several brands last year.

與 2017 年第二季度 30% 的直接支出增長相比，我們可以很容易地進行比較，因為我們去年對多個品牌做出了積極的營銷投資決策。

In addition, we continue to make progress on optimizing direct marketing spend as we strive to deliver incremental quality top line growth, although we do begin to lap some of those benefits here in the third quarter.

此外，我們在努力實現增量質量頂線增長的同時，在優化直接營銷支出方面繼續取得進展，儘管我們確實在第三季度開始在這裡獲得其中一些好處。

Indirect selling and marketing growth also moderated as we lap the initial investments in the sales team at Egencia.

隨著我們對 Egencia 銷售團隊進行初始投資，間接銷售和營銷增長也有所放緩。

Growth does remain elevated, given the increased headcount associated with our supply initiative.

鑑於與我們的供應計劃相關的員工人數增加，增長確實保持高位。

And we expect that to remain the case for the rest of the year.

我們預計在今年餘下的時間裡情況仍將如此。

In total, we now expect total adjusted selling and marketing expenses to grow in line with or slightly slower than revenue for the full year.

總的來說，我們現在預計調整後的銷售和營銷費用總額將與全年收入同步增長或略低於收入增長。

Technology and content expenses were up 19% in the second quarter.

第二季度技術和內容支出增長了 19%。

Inorganic impact from acquisitions and our cloud migration contributed a total of over 450 basis points to that growth.

收購和我們的雲遷移帶來的無機影響為這一增長貢獻了超過 450 個基點。

We expect technology and content expense growth to reaccelerate slightly in the second half of the year as we continue to invest in our e-commerce platform and product innovation across the organization.

隨著我們繼續投資於我們的電子商務平台和整個組織的產品創新，我們預計技術和內容費用增長將在下半年略有加速。

As expected, growth in general and administrative expenses slowed significantly compared to last quarter as we started to lap last year's staffing increases, notably at trivago and HomeAway.

正如預期的那樣，與上一季度相比，一般和行政費用的增長顯著放緩，因為我們開始增加去年的員工人數，特別是在 trivago 和 HomeAway。

The second quarter marks the last of any meaningful inorganic impact from recent acquisitions, which added over 200 basis points to G&A growth in the quarter.

第二季度標誌著近期收購產生的任何有意義的無機影響的最後一個，這使本季度的 G&A 增長增加了 200 多個基點。

We continue to anticipate growth in general and administrative expenses to moderate further in the second half of 2018, though we now expect that growth to be roughly in line with revenue growth for the full year.

我們繼續預計 2018 年下半年一般和行政費用的增長將進一步放緩，儘管我們現在預計該增長將與全年的收入增長大致一致。

The slightly higher-than-planned G&A expense growth largely stems from operating in an increasingly dynamic global tax and regulatory environment.

略高於計劃的 G&A 費用增長主要源於在日益動態的全球稅收和監管環境中運營。

Moving down the income statement.

向下移動損益表。

Depreciation expense growth continued to slow, increasing 12% in the quarter in part due to benefit from lower data center-related CapEx.

折舊費用增長繼續放緩，本季度增長 12%，部分原因是受益於與數據中心相關的資本支出較低。

We also saw leverage on net interest expense, and our adjusted tax rate came in at 16% for the quarter as we benefited from the lower U.S. corporate tax rate.

我們還看到了淨利息支出的槓桿作用，由於我們受益於較低的美國公司稅率，本季度調整後的稅率為 16%。

All of that added up to very robust adjusted earnings per share growth of 55%.

所有這些加起來使調整後的每股收益增長非常強勁，達到 55%。

We expect adjusted EPS to grow faster than adjusted EBITDA for the rest of the year.

我們預計今年剩餘時間調整後的每股收益增長速度將快於調整後的 EBITDA。

On the capital allocation front, year-to-date, we returned a total of over $540 million to shareholders, including over $450 million in share repurchases at an average price of just under $112.

在資本配置方面，年初至今，我們向股東返還了總計超過 5.4 億美元，其中包括超過 4.5 億美元的股票回購，平均價格略低於 112 美元。

Our year-to-date repurchase total is already higher than any full year amount since 2014.

我們年初至今的回購總額已經高於 2014 年以來的任何全年金額。

We also recently raised our dividend for the seventh consecutive year.

我們最近還連續第七年提高了股息。

Going forward, we intend to maintain the same balanced approach to capital deployment, opportunistic M&A and returning capital to shareholders through share repurchases and our dividend.

展望未來，我們打算在資本配置、機會主義併購以及通過股票回購和股息向股東返還資本方面保持同樣的平衡方法。

Turning to our financial expectations for the year.

談談我們今年的財務預期。

We are increasing our full year guidance range and now expect consolidated adjusted EBITDA growth of 7% to 12%.

我們正在增加全年指導範圍，現在預計綜合調整後 EBITDA 增長 7% 至 12%。

That growth would be 300 to 400 basis points higher, excluding cloud.

如果不包括雲計算，該增長率將高出 300 至 400 個基點。

Note that while we are pleased with our results to this point, we still have a lot of work to do with more than 100% of our dollar growth in adjusted EBITDA ahead of us in the second half of the year.

請注意，雖然我們對目前的結果感到滿意，但我們還有很多工作要做，以在今年下半年實現調整後 EBITDA 的美元增長超過 100%。

We have strong operational momentum and believe we are well positioned to continue delivering healthy top line and profit growth in the near term while investing in key initiatives to drive sustained growth over the long term.

我們擁有強勁的運營勢頭，相信我們有能力在短期內繼續實現健康的收入和利潤增長，同時投資於關鍵舉措以推動長期持續增長。

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) We'll take our first question from Justin Post from Bank of America Merrill Lynch.

（操作員說明）我們將從美國銀行美林證券的賈斯汀·波斯特那裡回答我們的第一個問題。

I have 2. First on marketing spend.

我有 2. 首先是營銷支出。

Is the industry getting more efficient?

該行業是否變得更有效率？

And is that helping your overall returns on marketing?

這是否有助於您的整體營銷回報？

How are the ROIs going?

投資回報率如何？

And how do you feel about that right now?

您現在對此有何看法？

And then -- and second, HomeAway, looks like bookings did decelerate.

然後——其次，HomeAway，看起來預訂量確實有所下降。

You called that out.

你說出來了。

How are you choosing between just spending on marketing to try to drive that bookings growth versus driving profitability?

您如何在僅用於營銷以嘗試推動預訂增長與推動盈利之間做出選擇？

Great.

偉大的。

Thanks, Justin.

謝謝，賈斯汀。

In terms of marketing efficiency, listen, there has been no secret that some of the large players in the industry, ourselves included, have been pulling back and I think cooling off some of the auction heat that may have been taking place previously.

就營銷效率而言，聽著，業內一些大型企業（包括我們自己）一直在撤退，這已經不是什麼秘密了，我認為這可能會降低之前可能發生的一些拍賣熱度。

I would also say that just from an Expedia Group perspective, the level of sophistication that we've got now in terms of really applying the modern data science techniques, leveraging a lot of the capabilities that we've got by moving a lot of our data infrastructure up into the cloud has just allowed us to be a lot smarter in a way that, not only that we're bidding for traffic, but also in the way that we're able to really understand what traffic is incremental.

我還要說的是，僅從 Expedia Group 的角度來看，我們現在在真正應用現代數據科學技術方面的複雜程度，利用我們通過移動我們的大量業務而獲得的許多功能雲端的數據基礎設施讓我們在某種程度上變得更加聰明，不僅是我們在競標流量，而且我們能夠真正理解什麼是增量流量。

So I think it's a combination of a couple of things.

所以我認為這是幾件事的結合。

I think also that we're in an industry where the real big brands, the brands that consumers [met], that consumers care about and that they've got experience with are starting to mean something, and I think that, as a result, can lead to more traffic shifting over to direct-branded channels, whether they're through apps or whether a result of branded marketing.

我還認為，我們所處的行業中，真正的大品牌、消費者 [遇到] 的品牌、消費者關心的品牌以及他們有經驗的品牌開始變得有意義，我認為，結果, 可能導致更多流量轉移到直接品牌渠道，無論是通過應用程序還是品牌營銷的結果。

In terms of HomeAway.

在 HomeAway 方面。

Listen, I wouldn't read too much in the slowdown in gross bookings or Alan's guidance that we would expect some deceleration.

聽著，我不會在總預訂量放緩或艾倫的指導中讀到太多，我們預計會有一些減速。

I think it largely, it's a comps issue and we're trying to maintain a balanced approach.

我認為這在很大程度上是一個補償問題，我們正在努力保持一種平衡的方法。

And I would just put your attention to the long-term opportunity.

我只想把你的注意力放在長期的機會上。

As a reminder, the Phase 1 of HomeAway that we're in right now is really about transitioning the business from an off-line listing business to an e-commerce business.

提醒一下，我們現在所處的 HomeAway 的第一階段實際上是將業務從線下上市業務轉變為電子商務業務。

We have not been focused on international expansion.

我們沒有專注於國際擴張。

We have not been focused on acquiring new listings, although we've acquired hundreds of thousands since the acquisition and since last quarter, we have 100,000 new listings sign up with us, that's really going after that.

我們並沒有專注於收購新房源，儘管自收購以來我們已經收購了數十萬個房源，自上個季度以來，我們有 100,000 個新房源與我們簽約，這真的是在那之後。

And Phase 2 is really about that.

第二階段就是這樣。

It's about international expansion.

這是關於國際擴張。

It's about property acquisition.

這是關於財產收購的。

It's about moving into the urban opportunity.

這是關於進入城市的機會。

And that's all ahead of us.

而這一切都在我們面前。

So we feel very comfortable with the trajectory of HomeAway.

所以我們對 HomeAway 的軌跡感到非常舒服。

And really, what you see here is just the team tuning its muscles around making the right trade-offs here in Phase 1.

實際上，您在這裡看到的只是團隊在第 1 階段調整其肌肉以做出正確的權衡。

Moving on, we'll take our next question from Eric Sheridan from UBS.

繼續，我們將接受來自瑞銀的 Eric Sheridan 的下一個問題。

Maybe 2, if I can.

也許 2，如果可以的話。

Alan, for you, calling out there on the cloud, I want to understand, investors ask us all the time sort of how we should think about cloud spending versus benefits from cloud migration playing out as we move through this year and into next year.

艾倫，對你來說，在雲上呼喚，我想明白，投資者一直在問我們，在我們今年和明年的發展過程中，我們應該如何考慮雲支出與雲遷移帶來的好處。

Is there any framing you can give around the way investors should think about that?

您是否可以圍繞投資者應該考慮的方式提供任何框架？

And Mark, a good, solid commentary on the pace of investing in inventory.

馬克對庫存投資的步伐進行了很好、可靠的評論。

How should investors be thinking about the investments in inventory leading to either higher marketing efficiency, better conversion, faster growth in terms of room nights?

投資者應該如何考慮庫存投資導致更高的營銷效率、更好的轉化率、更快的間夜增長？

What should we be watching for, for how that plays out over the next sort of 12 to 18 months?

我們應該關注什麼，在接下來的 12 到 18 個月內會如何發展？

Yes, sure, Eric.

是的，當然，埃里克。

I would say on the cloud side, I mean, we've talked a little bit about some of these data points already.

我會說在雲方面，我的意思是，我們已經討論了其中一些數據點。

If you look at our data center CapEx spend in 2016, it was about $180 million.

如果您查看我們 2016 年數據中心的資本支出，大約為 1.8 億美元。

It went down to about $50 million in 2017, and that's the actual decline.

它在 2017 年下降到約 5000 萬美元，這就是實際下降幅度。

We are obviously avoiding additional CapEx as well.

我們顯然也在避免額外的資本支出。

I've talked in the past about the fact that before we had made the decision to migrate to the cloud, we were on the cusp of having to make decisions around building out additional data centers.

我過去曾談到這樣一個事實，即在我們做出遷移到雲的決定之前，我們正處於必須圍繞構建額外數據中心做出決定的風口浪尖。

That's all been taken off the table and avoided as is.

這一切都被取消了，並被原樣避免了。

And so we are already seeing, I think, pretty good trade-offs in avoided CapEx relative to what we're spending for compute in the cloud.

因此，我認為，相對於我們在雲中的計算支出，我們已經看到在避免資本支出方面的相當不錯的權衡。

On top of that, there's just a ton of operational benefits associated with it.

最重要的是，還有大量與之相關的運營優勢。

The speed is much better, latency reduced, the ability to deploy code very quickly, the ability to test algorithms and roll out algorithms is much better in the cloud.

速度要好得多，延遲減少了，部署代碼的能力非常快，測試算法和推出算法的能力在雲中要好得多。

The disaster recovery is much, much better with cloud, where if you have a -- we already had a situation where we had a brownout on Brand Expedia.

雲的災難恢復要好得多，如果你有 - 我們已經遇到過 Brand Expedia 停電的情況。

We were able to roll it out into the cloud seamlessly, roll it back once the issue had been resolved.

我們能夠將它無縫地推出到雲中，並在問題解決後將其回滾。

So there's a ton of operational benefits as well.

因此，還有大量的運營優勢。

But we like it both from a total cash flow over time perspective and then from a product perspective, we think it's a no-brainer.

但我們喜歡它，無論是從隨時間變化的總現金流量角度還是從產品角度來看，我們認為這是一個明智的選擇。

Great.

偉大的。

And then I'll take the one on inventory.

然後我會把那個放在盤點上。

There's basically a 2-leg benefit here that you see.

您在這裡看到的基本上是兩條腿的好處。

Step one is as you acquire the new properties, you're entering new auctions and performance marketing channels.

第一步是當您獲得新資產時，您正在進入新的拍賣和績效營銷渠道。

Generally, what you see in that phase is you see an acceleration in room night growth for the markets that you're going after.

通常，您在那個階段看到的是您所追求的市場的間夜增長加速。

The second phase in it, however, is once you start to get better density of properties, you do see higher repeat rates.

然而，它的第二階段是一旦你開始獲得更好的屬性密度，你就會看到更高的重複率。

You do see more customer loyalty.

你確實看到了更多的客戶忠誠度。

And with that comes generally higher conversion rates and better marketing efficiency.

隨之而來的通常是更高的轉化率和更好的營銷效率。

We're not expecting to see that second phase in a particularly noticeable manner here in year 1. It is something that in years 2 and 3, we would expect to see particularly in our, of course, our priority markets that we're focused on this year.

我們不希望在第一年以特別引人注目的方式看到第二階段。在第二年和第三年，我們希望看到特別是在我們關注的優先市場在這一年。

Moving on, we'll take our next question from Brian Nowak from Morgan Stanley.

繼續，我們將接受來自摩根士丹利的 Brian Nowak 的下一個問題。

I have 2. Just going back to the supply initiative.

我有 2 個。回到供應倡議。

I want to talk a little bit about the sort of the incremental investment from here.

我想談談這裡的增量投資。

You talked about sort of pushing into your target market and seeing good early results.

你談到了某種程度上進入你的目標市場並看到良好的早期結果。

Can you just talk us through a little bit through the -- what you think about incremental investment in the supply initiative as you go into 2019?

你能不能稍微跟我們談談——你對進入 2019 年時對供應計劃的增量投資有何看法？

And then sort of a similar question around Away, and Away profitability is very strong in the quarter.

然後是關於 Away 的類似問題，本季度 Away 的盈利能力非常強勁。

Mark, you talked a little bit about kind of Phase 2. How should we think about the timing of when you decide to push into Phase 2 and start investing more in HomeAway?

馬克，你談到了一些關於第 2 階段的事情。我們應該如何考慮你決定進入第 2 階段並開始對 HomeAway 進行更多投資的時機？

Great.

偉大的。

Thanks, Brian.

謝謝，布萊恩。

In terms of incremental investment in the supply initiative, I'd just say that the way that we're operating based upon the results we've seen so far is really the new normal as opposed to taking a more distributed approach to our supply acquisition and a more metered approach.

就供應計劃的增量投資而言，我只想說，我們基於目前所見結果的運營方式確實是新常態，而不是採用更分散的供應採購方式和更計量的方法。

I would just say the expectation from here on is we will take a more concentrated approach, not only to just supply acquisition, but this whole thing is under the umbrella of this concept of locally relevant on a global basis.

我只想說，從這裡開始的期望是我們將採取更集中的方法，不僅是供應採購，而且整個事情都在全球範圍內與當地相關的概念的保護下。

So on our wave 1 markets, the big push here is around acquiring supply because we do believe that we had a reasonably large gap versus the next competitor in these markets.

因此，在我們的第一波市場上，這裡的主要推動力是圍繞獲取供應，因為我們確實相信我們與這些市場中的下一個競爭對手有相當大的差距。

But as we look out into future waves, in some cases, it's not going to be as supply centric.

但當我們展望未來的浪潮時，在某些情況下，它不會以供應為中心。

In some cases, it's going to be a more concerted effort and maybe not incremental resources, but a concentration of resources, into things like translation, payment types, content, et cetera.

在某些情況下，這將是一種更加協調一致的努力，可能不是增量資源，而是資源的集中，如翻譯、支付類型、內容等。

And so as we look out into 2019, we're going to be looking through the back part of this year around what are going to be our priority markets?

因此，當我們展望 2019 年時，我們將在今年下半年回顧我們的優先市場是什麼？

Where are we going to invest?

我們要去哪裡投資？

And based upon those decisions, it'll dictate where in terms of focus areas -- in terms of functional focus areas the investments will go, whether it's, again, property acquisition or one of these other levers.

並且根據這些決定，它將決定重點領域的位置 - 就功能重點領域而言，投資將去向，無論是財產收購還是其他槓桿之一。

The good news, though, is that, of course, we've already got a pretty a significant investment sitting here in our 2018 base.

不過，好消息是，當然，我們已經在 2018 年的基地進行了相當大的投資。

And so this one-time big step up, even if we do another significant investment next year, is going against what will be at that point easier comps.

因此，即使我們明年進行另一項重大投資，這一一次性的重大進步也與那時更容易的競爭相悖。

And secondly, with the step up, again, the big benefit, as I responded to Eric, is really in the second year.

其次，隨著進步，正如我對埃里克的回應，最大的好處真的是在第二年。

And so the expectation is that we'll start to see some of the benefits of our big push this year flow through in the second year and that will, in effect, start to fund some of the investments that we'll be making in future waves.

因此，我們的預期是，我們將在第二年開始看到我們今年大力推動的一些好處，實際上，這將開始為我們未來進行的一些投資提供資金波浪。

In terms of HomeAway and timing, listen, I think, we're going to do what I think we've done historically, which is try to strike the right balance.

在 HomeAway 和時機方面，聽著，我認為，我們將做我認為我們在歷史上做過的事情，即努力取得適當的平衡。

That's what we're doing here in 2018.

這就是我們 2018 年在這裡所做的事情。

And I think we'll see as things go through.

而且我認為我們會看到事情的進展。

We haven't done our 2019 planning yet.

我們還沒有完成 2019 年的計劃。

And again, the HomeAway team is very focused on getting Phase 1 here nailed.

再次強調，HomeAway 團隊非常專注於確定第一階段。

And they're doing a great job, by the way.

順便說一句，他們做得很好。

And then as we move through the back part of this year, we'll start to think about what comes next and what parts of Phase 2 do we really start getting serious about in 2019.

然後，當我們度過今年的下半年時，我們將開始考慮接下來會發生什麼，以及我們在 2019 年真正開始認真對待第二階段的哪些部分。

Our next question will come from Mark Mahaney from RBC Capital Markets.

我們的下一個問題將來自 RBC Capital Markets 的 Mark Mahaney。

I think, Mark, you mentioned that room night growth accelerated in some of the priority markets.

我想，馬克，你提到過一些優先市場的間夜增長加速。

Can you tell us what learnings you're getting from those markets that you could apply to the nonpriority markets to get room growth -- room night growth to accelerate there?

你能告訴我們你從這些市場中學到了什麼可以應用到非優先市場以實現房間增長——房間夜數增長以加速那裡的增長嗎？

Or why is room night growth -- what did you do to get room night growth accelerated in those markets?

或者為什麼房間夜數增長——你做了什麼來加速這些市場的房間夜數增長？

Was that just the lodging procurement?

那隻是住宿採購嗎？

And then that HomeAway EBITDA margin that you had in the quarter, that looked pretty positive.

然後你在本季度擁有的 HomeAway EBITDA 利潤率看起來非常積極。

Is there something that tells you that you can -- you want to sustain it at that level?

有什麼東西告訴你你可以——你想維持在那個水平嗎？

I know you're balancing as you just talked about growth and profitability there, but do you feel like you've reached a -- perhaps after a lot of investment, a new, new level there that you could work up from there?

我知道你在談論那裡的增長和盈利能力時正在平衡，但你是否覺得你已經達到了——也許在大量投資之後，一個新的、新的水平，你可以從那裡開始工作？

Great.

偉大的。

Thanks, Mark.

謝謝，馬克。

I'll take #1 and turn #2 over to our trusty CFO.

我將接管#1 並將#2 交給我們值得信賴的首席財務官。

In terms of room night growth acceleration, listen, we talk a lot about the supply acquisition side of this.

在房間夜增長加速方面，聽著，我們談論了很多關於供應獲取方面的問題。

But of course, in these markets, we're also making sure that we've got content right, payment types right, et cetera.

但當然，在這些市場中，我們還要確保我們擁有正確的內容、正確的支付方式等等。

It is really the whole package.

這真的是整個包裹。

The investment, though, is in these markets pretty concentrated into supply.

不過，這些市場的投資相當集中於供應。

But of course, we're also just trying to build just much more significant cross-platform operational rigor so that we can shrink the time from a time when a property gets added to the time that it's live on the site and the time that it's actually marketed in metasearch and search engine marketing channels.

但是，當然，我們也只是在嘗試建立更重要的跨平台操作嚴謹性，以便我們可以縮短從添加屬性到它在網站上的時間和它的時間實際上在元搜索和搜索引擎營銷渠道中進行營銷。

So it's really a whole host of things that we're doing.

所以這真的是我們正在做的一大堆事情。

This is built, by the way, on the back of years of hard work in terms of getting our supply acquisition machine into shape, getting our customer experience into shape, being multicurrency, multi-language, building great landing page, development capabilities and of course, developing much better online marketing capabilities.

順便說一句，這是建立在多年努力工作的基礎上的，這些工作包括讓我們的供應採購機器成型，讓我們的客戶體驗成型，多貨幣，多語言，構建出色的登陸頁面，開發能力和當然，開發更好的在線營銷能力。

And really, what we're doing now is just executing across the board on an end-to-end basis.

實際上，我們現在所做的只是在端到端的基礎上全面執行。

All of those discrete basis -- functions much more coordinated and, I'd say, operationally rigorous way.

所有這些離散的基礎 - 功能更加協調，而且我會說，操作嚴謹。

Yes.

是的。

And then, Mark, on HomeAway, I think, first of all, I would just remind you, it's a hyper seasonal business.

然後，馬克，在 HomeAway，我想，首先，我只想提醒你，這是一個季節性很強的業務。

So I wouldn't necessarily look at the margin in one quarter and kind of use that as a proxy for ongoing margins.

因此，我不一定會查看一個季度的利潤率，並將其用作持續利潤率的代表。

The vast -- the big chunk of adjusted EBITDA that they will earn will come in Q3, which results in some fluctuation -- seasonal fluctuations in margins throughout the year.

他們將獲得的大量調整後 EBITDA 將在第三季度出現，這會導致全年利潤率出現一些季節性波動。

I don't think we're set yet on exactly what the normalized margin ought to be for HomeAway.

我認為我們還沒有確定 HomeAway 的標準化利潤應該是多少。

I think we're happy with the margin they delivered in 2017.

我認為我們對他們在 2017 年交付的利潤感到滿意。

We're happy with what we expect that to look like in 2018.

我們對 2018 年的預期結果感到滿意。

We think that the opportunity is such that we can grow the top line at healthy rates, use some of that to invest in the business, deliver healthy profits and profit growth.

我們認為機會是這樣的，我們可以以健康的速度增長收入，利用其中的一些來投資業務，實現健康的利潤和利潤增長。

But some of that's going to depend on specific decisions that we make as we move forward.

但其中一些將取決於我們在前進過程中做出的具體決定。

As Mark mentioned, as we get through the 2019 planning, we'll look at some of these initiatives and make some decisions about what the right investment levels are.

正如 Mark 所提到的，在我們完成 2019 年的規劃時，我們將研究其中的一些舉措，並就正確的投資水平做出一些決定。

We have talked historically about how we think, there's probably no reason that a business like HomeAway couldn't deliver EBITDA margins that look something like the EBITDA margins that you see at a hotel-only OTA.

我們從歷史上講過我們的想法，可能沒有理由像 HomeAway 這樣的企業不能提供類似於您在僅限酒店的 OTA 中看到的 EBITDA 利潤率的 EBITDA 利潤率。

But I wouldn't put a pin in that.

但我不會在意這一點。

That's a directional aspiration and we'll see how things pan out over time.

這是一個方向性的願望，我們將看到隨著時間的推移事情會如何發展。

But we -- to be honest, we don't spend a ton of time tearing it apart because we -- we're confident that we will deliver healthy margins for HomeAway.

但我們——老實說，我們不會花大量時間來拆解它，因為我們——我們有信心為 HomeAway 帶來可觀的利潤。

Yes, and I would just add, too, that, again, we're not focused particularly strongly on margins.

是的，我還要補充一點，我們並沒有特別關注利潤率。

We're really looking to drive adjusted EBITDA, free cash flow and adjusted EPS growth for a long period of time.

我們真的希望在很長一段時間內推動調整後的 EBITDA、自由現金流和調整後的每股收益增長。

And we're really trying to strike the best balance to get a sustained growth rate to be deliverable over the long term.

我們確實在努力取得最佳平衡，以實現長期的持續增長率。

Moving on, we'll take our next question from Deepak Mathivanan from Barclays.

繼續，我們將接受來自巴克萊銀行的 Deepak Mathivanan 的下一個問題。

Two questions.

兩個問題。

First, as you guys optimize the performance marketing channels over the last several quarters, have you noticed any meaningful changes in the booking window or whether there's expansion or contraction?

首先，你們在過去幾個季度優化績效營銷渠道時，是否注意到預訂窗口有任何有意義的變化，或者是否有擴張或收縮？

And how does that play into the stayed room night growth during the last couple of quarters?

這對過去幾個季度的入住間夜增長有何影響？

And then the second question, Alan, was there any FX impact on the guidance?

然後第二個問題，艾倫，是否對指導有任何外匯影響？

I know the U.S. dollar significantly reversed course.

我知道美元的走勢發生了重大逆轉。

I was wondering if the guidance would have been better, if not, for the U.S. dollar appreciation.

我想知道對於美元升值，指導是否會更好（如果不是）。

So Deepak, just on the booking window piece, we do see some ebbs and flows less so associated with our performance marketing movements and actually, more so just in terms of the mix of our business.

所以 Deepak，就預訂窗口而言，我們確實看到一些潮起潮落與我們的績效營銷活動關係不大，實際上，更多的只是在我們的業務組合方面。

And there's a couple of mix factors that move it around.

並且有幾個混合因素可以移動它。

I think, first of all, HomeAway generally has a longer book-to-stay window.

我認為，首先，HomeAway 通常有更長的預訂到入住窗口。

They're generally looking at larger homes.

他們通常看中的是更大的房子。

And even when they're not larger homes, they're taking bookings into places that don't have 20 rooms or don't have 100 rooms -- that simply have 1. So people are more likely to book that further in advance and that they make sure that they get the place that they want to stay.

即使他們不是更大的房子，他們也會預訂沒有 20 個房間或沒有 100 個房間的地方——只有 1 個房間。所以人們更有可能提前預訂，並且他們確保他們得到他們想住的地方。

So as the mix of our lodging room nights between HomeAway and the core lodging business ebbs and flows, you could see a lengthening of the window, particularly at certain parts of the year.

因此，隨著我們在 HomeAway 和核心住宿業務之間的住宿間夜數的組合起起落落，您可能會看到窗口的延長，尤其是在一年中的某些時候。

The second thing is that as we push more into the domestic markets in a number of these countries, like the priority markets that we're in right now, it does open up the opportunity for local travel to happen on a much more significant basis of our overall mix.

第二件事是，隨著我們更多地進入這些國家的國內市場，就像我們現在所在的優先市場一樣，它確實為本地旅行提供了機會，在更重要的基礎上發生我們的整體組合。

And in many cases, local travel is more last-minute booking.

在許多情況下，本地旅行更多是最後一刻的預訂。

It's weekend trips, for example, where you're driving somewhere or you're taking a short flight as opposed to the overall mix of our business that has traditionally skewed a little bit more to the international side.

這是周末旅行，例如，你在某個地方開車或乘坐短途航班，而不是傳統上更偏向國際方面的我們業務的整體組合。

So just a couple of things to keep in mind.

所以只需要記住幾件事。

Again, we're not seeing anything super significant right now.

同樣，我們現在沒有看到任何特別重要的事情。

But over time, we can imagine these types of things take hold.

但隨著時間的推移，我們可以想像這些類型的事情會發生。

Alan, do you want to take the FX one?

艾倫，你想坐 FX 嗎？

Sure.

當然。

Yes, Deepak.

是的，迪帕克。

So on FX, yes, I mean, I think you're right to point it out.

所以在 FX 上，是的，我的意思是，我認為你指出這一點是正確的。

The fact is that FX has been a helper in the first part of the year here, although the dollar has strengthened more recently.

事實上，外彙在今年上半年一直是一個幫手，儘管美元最近走強。

And so the amount that we estimate it to help us for full year 2018 has come down relative to when we guided earlier this year.

因此，我們估計它在 2018 年全年幫助我們的金額相對於我們今年早些時候的指導有所下降。

It's one of many factors considered as we put the full forecast together.

這是我們將完整預測放在一起時考慮的眾多因素之一。

But you're right to point out directionally that it has become less of a tailwind than we thought.

但你正確地指出，它已經變得不像我們想像的那樣順風順水。

And at current rates, it looks like it kind of crosses over here kind of July, August timeframe and becomes kind of neutral to a head -- a slight headwind in the back half of the year.

按照目前的速度，它看起來有點像 7 月、8 月的時間框架，並變得有點中性——今年下半年的輕微逆風。

Moving on, we'll take our next question from Kevin Kopelman from Cowen and Company.

繼續，我們將接受來自 Cowen and Company 的 Kevin Kopelman 的下一個問題。

So you had a pretty substantial 400 basis points headwind to the core hotel revenue from lower revenue take rates.

因此，較低的收入率對核心酒店收入造成了 400 個基點的不利影響。

Can you call out the key factors driving that headwind?

你能說出推動逆風的關鍵因素嗎？

And it looks like it's going to improve a little bit in the back half, but how do you see it over the longer term?

看起來它會在後半段有所改善，但從長遠來看你如何看待它？

Yes.

是的。

So as I said in my prepared remarks, the gap between the hotel business itself or the business, I should say the business excluding HomeAway, the gap between ADRs and revenue per room night was still there.

因此，正如我在準備好的發言中所說，酒店業務本身或業務之間的差距，我應該說不包括 HomeAway 的業務，ADR 和每間夜收入之間的差距仍然存在。

It was a narrower gap than we had last quarter, although the comp got a little bit easier.

這比我們上個季度的差距縮小了，儘管比賽變得更容易了。

I mean, we said essentially, we are seeing that gap in the 200 to 400 basis point range.

我的意思是，我們基本上說過，我們看到 200 到 400 個基點範圍內的差距。

As a reminder, the factors that contribute there are when we have taken -- historically, when we have taken changes to our margins and annualizing those changes, as we add new properties in new markets and we add them at the revised lower rates, that can blend the mix down as well, although that, we look at it as being new business.

提醒一下，影響因素是我們採取的——從歷史上看，當我們改變我們的利潤率並將這些變化年化時，當我們在新市場增加新的房產並以修訂後的較低利率增加它們時，也可以混合混合，儘管如此，我們將其視為新業務。

So still all gravy.

所以仍然都是肉汁。

The loyalty programs are an impact.

忠誠度計劃產生了影響。

A weight on revenue per room night, we think of it largely as a marketing channel, but the accounting rules require us to show it as contra revenue.

每晚收入的權重，我們主要將其視為一種營銷渠道，但會計規則要求我們將其顯示為抵銷收入。

So that has been there as the loyalty programs have grown.

因此，隨著忠誠度計劃的發展，這種情況一直存在。

A few other factors play in there.

還有其他一些因素在起作用。

FX can play in.

FX可以玩。

Expedia funded discounts and coupons, refunds and cancellations, those things all play into it as well.

Expedia 資助的折扣和優惠券、退款和取消，這些都在其中發揮作用。

Ultimately, for this year, we're comfortable in the 200 to 400-basis-point range.

最終，今年，我們對 200 到 400 個基點的範圍感到滿意。

And then as we move forward into 2019 and beyond, we'll kind of reassess the factors that are contributing there.

然後，隨著我們進入 2019 年及以後，我們將重新評估在那裡做出貢獻的因素。

The one thing I should say is that we do get questions from time to time about whether just an ongoing push by hotel chains to try to get lower commission rates or economics will play into this.

我應該說的一件事是，我們確實不時收到這樣的問題：連鎖酒店不斷推動降低佣金率或經濟因素是否會對此產生影響。

We're not looking at it like that.

我們不是那樣看的。

We reset our commission rates purposely over the course of the last number of years.

在過去的幾年裡，我們有意重新設置了佣金率。

We think we're currently at very fair rates and giving good value for the economics that we get, and so we don't see that as something that will pressure those rates going forward.

我們認為我們目前的利率非常公平，並且為我們獲得的經濟效益提供了良好的價值，因此我們認為這不會對未來的利率造成壓力。

Next we'll hear from Lloyd Walmsley from Deutsche Bank.

接下來我們將聽取來自德意志銀行的 Lloyd Walmsley 的講話。

I have 2 on the Add-On program.

我在附加程序上有 2 個。

Looks really interesting and very differentiated.

看起來真的很有趣，也很有區別。

So just starting with the first one, it's probably early, but what are you seeing in terms of just early uptake there?

所以從第一個開始，可能還早，但就早期吸收而言，你看到了什麼？

Are you seeing a lift in attach rate on hotel?

您是否看到酒店的附加率有所提升？

And do you have a sense for how much of that is incremental versus just a shift in how people are booking?

您是否知道其中有多少是增量的，而不僅僅是人們預訂方式的轉變？

And then, I guess, the second one on the same topic would be, as you run these programs, we understand they're mostly net rate programs, but wondering if that's a drag on take rates or unit economics?

然後，我想，關於同一主題的第二個問題是，當你運行這些程序時，我們知道它們主要是淨利率程序，但想知道這是否會拖累利率或單位經濟？

And maybe give us a sense of what percentage of hotel partners are participating in that program?

也許讓我們了解有多少酒店合作夥伴參與了該計劃？

Thanks, Lloyd.

謝謝，勞埃德。

Listen, it's early, but early indications are very solid.

聽著，現在還早，但早期跡象非常明確。

We're seeing higher customer attach rates and higher -- essentially, higher room right growth than otherwise would seem.

我們看到更高的客戶附加率和更高 - 本質上，更高的房間權利增長比其他情況看起來更高。

So we think that it is at least in part incremental.

所以我們認為它至少在一定程度上是漸進的。

But it's really hard for us to get conclusive on that.

但我們真的很難就此下定論。

What we do know, which is what you called out, it's a highly differentiated product.

我們所知道的，也就是你所說的，它是一種高度差異化的產品。

It blends 2 wonderful things about Brand Expedia, which is the convenience of having everything all in one place.

它融合了 Brand Expedia 的 2 大優點，即一切盡在一處的便利。

So if you change plans or things move around, you've got 1 quote "travel agent" to deal with and they can solve all your problems.

因此，如果您改變計劃或事情發生變化，您需要與 1 名“旅行社”打交道，他們可以解決您的所有問題。

And secondly, it does result in overall lower cost travel, which of course travelers absolutely, absolutely love.

其次，它確實導致整體旅行成本降低，這當然是旅行者絕對非常喜歡的。

In terms of take rates, we don't see this as a significant driver of deteriorating unit economics.

就採用率而言，我們不認為這是單位經濟惡化的重要驅動因素。

We're not going to get into the specifics of how all of this works.

我們不打算詳細討論所有這些是如何工作的。

I would just say that we've had a very successful package product for a very long period of time and this is an alteration on the traditional package.

我只想說，我們在很長一段時間內都有一個非常成功的包裝產品，這是對傳統包裝的一種改變。

In terms of hotel participation, listen, one of the things that hotels and lodging partners generally love about the Expedia Group platform is that it is incredibly targetable.

在酒店參與方面，聽著，酒店和住宿合作夥伴普遍喜歡 Expedia Group 平台的其中一件事是它具有令人難以置信的針對性。

And this gives our hotels the ability to, in a very specifically fenced way, to target customers, not out in the open, but to target customers that we know are going to a certain place with a special deal.

這使我們的酒店能夠以一種非常具體的圍欄方式來定位客戶，而不是公開地定位客戶，而是定位那些我們知道會以特價去某個地方的客戶。

And so the hotels that participate, which is the vast majority of them, I think are finding it to be a great program, just like they have our traditional package program.

因此，參與的酒店（其中絕大多數）認為這是一個很棒的計劃，就像他們擁有我們的傳統套餐計劃一樣。

Generally, when hotels get booked with a flight or something else, you get lower cancellation rates.

一般來說，當酒店預訂航班或其他東西時，你會得到較低的取消率。

You get longer lengths of stay, and that's generally a great thing for our hotel partners.

您可以獲得更長的入住時間，這對我們的酒店合作夥伴來說通常是一件好事。

So again, it's very early.

所以，現在還很早。

We like it because it's differentiated, both on the customer side of the platform and on the partner side of the platform, and it delivers great value to both of them.

我們喜歡它，因為它在平台的客戶端和平台的合作夥伴端都是差異化的，並且它為他們雙方帶來了巨大的價值。

So we're optimistic about what it can do for us.

所以我們對它能為我們做些什麼感到樂觀。

Moving on, we'll take our next question from Jed Kelly from Oppenheimer.

繼續，我們將接受奧本海默的傑德凱利的下一個問題。

The HomeAway transaction commissions continue to improve.

HomeAway 交易佣金繼續提高。

Are you starting to see a higher mix of paid per listings?

您是否開始看到按列表付費的更高組合？

And if so, is that being driven more by individual owners or professional property managers?

如果是這樣，那是更多地受到個人業主或專業物業經理的推動嗎？

And then, I guess, on the comment in the release that travelers on HomeAway grew over 40% year-to-year.

然後，我猜，關於 HomeAway 上的旅行者同比增長超過 40% 的新聞稿中的評論。

Is there any way to unpack that on how many of that growth was driven by members with new profiles?

有什麼方法可以解開有多少增長是由具有新資料的成員推動的？

Yes, we'll try to be helpful here, Jed.

是的，傑德，我們會盡力提供幫助。

I don't think we're going to get to the level of detail that you're looking for.

我認為我們不會達到您正在尋找的詳細程度。

I think on the listings, it's fair to say that we are seeing, in terms of actual listings, we're seeing an ongoing shift from subscription to pay per booking that's been going on for a while.

我認為在清單上，可以公平地說，就實際清單而言，我們看到從訂閱到按預訂付費的持續轉變已經持續了一段時間。

I think I mentioned last quarter it remains true.

我想我在上個季度提到過它仍然是正確的。

Now that -- in spite of that, we still do have a disproportionate skew of bookings to the subscription products, and that is to be expected as we -- or listings as we move through this transition.

現在——儘管如此，我們仍然對訂閱產品有不成比例的預訂，這是我們預期的——或者在我們經歷這一轉變時的上市。

And so that's kind of ongoing.

所以這是一種持續的。

I don't have the data on, and I'm not sure we would share it either on the -- how many of the members were members with new profiles.

我沒有相關數據，而且我不確定我們是否會分享這些數據——有多少成員是擁有新個人資料的成員。

I don't know, Mark, if you'd...

我不知道，馬克，如果你...

Well, I would just say that we continue to believe that on both sides of the platform, we're getting -- obviously, you can see it, we're getting many more hosts signed up to the platform based upon our traffic growth and our transaction growth.

好吧，我只想說，我們仍然相信，在平台的兩邊，我們正在——顯然，你可以看到，根據我們的流量增長，我們正在讓更多的主機註冊到該平台，並且我們的交易增長。

We think we're getting significantly stronger traveler growth as well.

我們認為我們的旅行者增長也明顯強勁。

And then, I guess, just a follow-up on the property manager comment on the outside growth or the skew.

然後，我想，只是對物業經理對外部增長或偏斜的評論的跟進。

I mean, how much of that is being driven by property managers, say, with over 1,000 of bookings on HomeAway or 1,000 of listings on HomeAway?

我的意思是，其中有多少是由物業經理推動的，例如，在 HomeAway 上有超過 1,000 個預訂或在 HomeAway 上有 1,000 個房源？

Yes, I don't think we want to get into that level of detail.

是的，我認為我們不想深入到那種程度的細節。

Yes, I mean, I would just say that generally, the large property managers are the ones that are generally more likely and were some of the earlier adopters to online bookability and to essentially commission-based pay per booking listings with the individual owners, particularly of large homes, generally preferring or sticking around for the longest time on the subscription model.

是的，我的意思是，我只想說，一般來說，大型物業經理通常更有可能並且是一些較早採用在線預訂的人，並且基本上是基於佣金支付的個人業主預訂清單，特別是的大房子，通常更喜歡或堅持使用訂閱模式的時間最長。

But it really is a pretty dynamic environment right now with the changes that HomeAway is making to their marketplace, the incentives are constantly shifting and the performance that property owners and property managers can get from being in the pay-for-performance model are increasing over time.

但隨著 HomeAway 正在對其市場進行更改，現在確實是一個非常動態的環境，激勵措施在不斷變化，物業所有者和物業經理可以從按績效付費模式中獲得的績效正在增加時間。

And so we expect to continue to see a continued shift across essentially all host categories.

因此，我們預計將繼續看到基本上所有主機類別的持續轉變。

Moving on, we'll take our next question from Naved Khan from SunTrust.

繼續，我們將接受來自 SunTrust 的 Naved Khan 的下一個問題。

Just a couple.

只是一對。

So was there any impact from the World Cup or GDPR on the room nights?

那麼世界杯或 GDPR 對間夜有什麼影響嗎？

And as we think about the back half, what's the right way to think about room night growth given that the first half was maybe a bit noisy?

當我們考慮後半部分時，考慮到前半部分可能有點嘈雜，考慮間夜增長的正確方法是什麼？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

So we've talked about this in the past.

所以我們過去談過這個。

I mean, when you have big events like this, it could be the Olympics, it could be the World Cup, sometimes it's natural disasters, there are changes in travel patterns.

我的意思是，當你有這樣的大事件時，可能是奧運會，可能是世界杯，有時是自然災害，旅行方式會發生變化。

We do think when you have an event as large as the World Cup, you do see a situation where a decent percentage of the population is preoccupied with that event.

我們確實認為，當你舉辦像世界杯這樣大型的活動時，你確實會看到相當一部分人全神貫注於該活動的情況。

And so you may see overall bookings slow a bit during a certain period of time.

因此，您可能會看到在特定時間段內整體預訂量有所放緩。

But usually, we would expect that to come back in the form of pent-up demand.

但通常，我們希望這種情況會以被壓抑的需求形式回歸。

And ultimately, we don't think it has anything to do with kind of the longer-term trajectory of the business or anything we're doing strategically.

最終，我們認為這與業務的長期軌跡或我們在戰略上所做的任何事情都沒有任何關係。

And I should say, too, when you have the event in a particular region or country, in this case, Russia, you do see a pickup in travel into that location as well.

我也應該說，當你在特定地區或國家舉辦活動時，在這種情況下，俄羅斯，你確實會看到前往該地點的旅行也有所增加。

As far as thinking about room night growth in the back half of the year, we're not going to get into the specifics.

至於考慮下半年的間夜增長，我們不打算討論具體細節。

I would say there are a couple of things to consider.

我想說有幾件事需要考慮。

One of them is that we will continue with this effort to optimize marketing spend.

其中之一是我們將繼續努力優化營銷支出。

Now I want to be clear that the effort there, first and foremost, is to root out marketing spend that we can test for and decide is not incremental.

現在我想明確一點，那裡的努力首先是根除我們可以測試並決定不是增量的營銷支出。

And if we're right, then when we don't make that spend, a decent portion of that volume still comes to us.

如果我們是對的，那麼當我們不進行這筆支出時，該數量的相當一部分仍然會流向我們。

Because by definition, what we're trying to do is take out spend that we -- for room nights, we would have gotten anyway.

因為根據定義，我們想要做的是拿出我們 - 房間之夜的花費，無論如何我們都會得到。

We probably do lose a little bit around the edges though, and around the margins.

不過，我們可能確實在邊緣和邊緣周圍損失了一點。

So we think that could have an impact on room night growth.

因此，我們認為這可能會對間夜增長產生影響。

The -- in terms of the contribution from priority markets, I think Mark mentioned earlier, first and foremost, we're going to look for the result of room night growth in total and for domestic travel in our priority markets and just monitor how that's impacting those markets.

關於優先市場的貢獻，我認為 Mark 之前提到過，首先，我們將尋找總體間夜增長的結果以及我們優先市場的國內旅行，並監測其增長情況影響這些市場。

At what point it gets big enough to move the needle on the whole business?

在什麼時候它變得大到足以對整個業務產生影響？

We're not entirely sure, but we're not counting on a big impact in the back half of the year.

我們不完全確定，但我們不指望在今年下半年產生重大影響。

And then the last factor I would probably throw out there is just, as a reminder, we had some tough storms in the back half of '17.

然後我可能會拋出的最後一個因素是，作為提醒，我們在 17 年的後半段經歷了一些強風暴。

That negative impact was more skewed towards EBITDA than it was room night growth because what happens in those storms is you end up with a lot of cancellations and refunds, you're giving customers for room nights that you booked and you actually had in the system.

與間夜增長相比，這種負面影響更傾向於 EBITDA，因為在那些風暴中發生的事情是你最終會收到大量取消和退款，你為客戶提供你預訂的間夜，而你實際上在系統中.

So bigger impact on profits than it had on the room night growth, but could provide a minor tailwind in the back half of the year.

對利潤的影響比對間夜增長的影響更大，但可能會在今年下半年提供輕微的推動力。

Okay, that's very helpful.

好的，這很有幫助。

And then just a quick follow up.

然後只是快速跟進。

So I guess, can you give us some additional color on the move to Progressive Web App for Brand Expedia.

所以我想，你能給我們一些關於 Brand Expedia 的 Progressive Web App 的額外顏色嗎？

Just on the hotel side, how much of the traffic was on this PWA previously?

就酒店這邊，之前這個 PWA 有多少流量？

And what are the benefits that you may have seen?

您可能已經看到了哪些好處？

Sure.

當然。

So we're -- we've now essentially got the whole hotel piece, at least hotel shopping for Brand Expedia on the Progressive Web App in terms of mobile.

所以我們 - 我們現在基本上已經獲得了整個酒店部分，至少就移動而言，在 Progressive Web App 上為 Brand Expedia 進行酒店購物。

And we are really ramping it up through the first -- actually, really throughout the quarter.

我們真的在第一個季度提高了它——實際上，真的在整個季度。

And really, the benefit -- the biggest benefits we see are largely in respect to just the speed.

實際上，好處——我們看到的最大好處主要在於速度。

So particularly in places outside the U.S. where we had latency issues speed is significantly faster.

因此，特別是在美國以外我們遇到延遲問題的地方，速度要快得多。

And then it really is just -- it's a coding framework, which allows us to really start to get closer to giving app-like experiences in mobile web experiences.

然後它真的只是 - 它是一個編碼框架，它使我們能夠真正開始接近在移動網絡體驗中提供類似應用程序的體驗。

And so that's harder for us to measure now, but it is something we expect will give us benefits over a long time to come.

因此，我們現在更難衡量這一點，但我們預計它會在未來很長一段時間內給我們帶來好處。

And we are now building more functionality and will be building more of the other lines of business and more of our applications on to the PWA app as well.

我們現在正在構建更多功能，並將在 PWA 應用程序上構建更多其他業務線和我們的更多應用程序。

So we can expect that to give more benefits for us as we move through this year and into 2019.

因此，我們可以預期，隨著今年和 2019 年的到來，這將為我們帶來更多好處。

Moving on, we'll take our next question from Peter Stabler from Wells Fargo Securities.

繼續，我們將從富國證券的 Peter Stabler 那裡回答下一個問題。

A couple on brand, if I could.

一對品牌，如果可以的話。

Mark, in the past, you've talked about the power of the Expedia brands and the percent of traffic and bookings that come to you directly.

馬克，過去，您談到了 Expedia 品牌的力量以及直接來到您這裡的流量和預訂的百分比。

Just wondering if you're able to offer a little color on how that might vary across the family, on the core brands versus the regional brands versus HomeAway and VRBO.

只是想知道您是否能夠提供一些關於核心品牌與區域品牌與 HomeAway 和 VRBO 的不同之處的顏色。

And whether you're seeing any impact in the market from the increased brand marketing efforts of some of your close competitors.

以及您是否看到一些緊密競爭對手加大品牌營銷力度對市場產生了任何影響。

And then just a quick follow-up on the cloud.

然後只是在雲上快速跟進。

You spoke earlier about the operational benefits.

您之前談到了運營優勢。

Is there any way to offer us any sort of quantification on improvement you might see -- expect in terms of conversion, whether it's 5 bps here, 10 bps there?

有什麼方法可以為我們提供您可能會看到的任何類型的改進量化 - 預計在轉換方面，這裡是 5 個基點，那裡是 10 個基點？

Or any sort of quantification that could help us understand these operational benefits?

或者任何可以幫助我們理解這些運營收益的量化方法？

Yes, you're welcome.

是的，不客氣。

So in terms of the power of the Expedia brands, again, the brands in our portfolio, we think, are really amongst the, if not, the world-leading brands in travel.

因此，就 Expedia 品牌的力量而言，我們認為，我們投資組合中的品牌確實屬於世界領先的旅遊品牌，如果不是的話。

Many of them, such as the Expedia, Hotels.com, have literally had billions of dollars of brand spend, spent to build up customer loyalty in addition to just giving customers great experiences over the long history of those brands.

他們中的許多人，例如 Expedia、Hotels.com，確實有數十億美元的品牌支出，除了在這些品牌的悠久歷史中為客戶提供出色的體驗外，還用於建立客戶忠誠度。

There is variations across the family.

整個家庭都有差異。

And a lot of the variation really comes down to how aggressively we're pushing international expansion.

很多變化實際上歸結為我們推動國際擴張的積極程度。

Because in the more mature markets, where you've got a fully locally relevant product, you really generally have a significantly larger portion of your business that comes to you directly.

因為在更成熟的市場中，您擁有完全與本地相關的產品，通常您的業務中有很大一部分是直接與您聯繫的。

So think about Brand Expedia U.S., Hotels.com U.S., Orbitz U.S., Travelocity U.S., really getting the lion's share of their business through direct and branded channel such as direct type in or the mobile applications or e-mail, et cetera.

因此，想想美國的 Brand Expedia、Hotels.com U.S.、Orbitz U.S.、Travelocity U.S.，真正通過直接輸入或移動應用程序或電子郵件等直接品牌渠道獲得最大份額的業務。

But as you move further away from your more mature markets and you get into markets, which you are sort of in a growth phase for or new markets, the percentage of direct branded traffic goes down and really, the game is to build locally relevant products in each of these markets.

但是，當您遠離更成熟的市場並進入處於增長階段或新市場的市場時，直接品牌流量的百分比會下降，實際上，遊戲是構建與本地相關的產品在這些市場中的每一個。

And when you do that, really start to push more of that traffic to come to you via branded channels and more direct.

當你這樣做時，真正開始推動更多流量通過品牌渠道更直接地來到你身邊。

I'd say in terms of competitor activity, it is not a major change.

我想說的是，就競爭對手的活動而言，這並不是一個重大變化。

I mean, we have seen over the course of the last particularly 5 or 6 years, various players come in and out of television advertising.

我的意思是，在過去特別是 5 或 6 年的過程中，我們看到了電視廣告中進進出出的各種玩家。

If you take the U.S. for example, you saw over the course of the last 5 years, trivago come in very significantly essentially backed by us.

如果你以美國為例，你會看到在過去 5 年的過程中，trivago 取得了非常顯著的進展，基本上得到了我們的支持。

You saw Orbitz and Travelocity pull back.

你看到 Orbitz 和 Travelocity 撤退了。

You saw Booking.com come in I think, first 2013.

我想你看到 Booking.com 進來了，首先是 2013 年。

And then you saw TripAdvisor come in and pull back.

然後你看到 TripAdvisor 進來並撤退。

So it's always been a very dynamic environment.

所以它一直是一個非常動態的環境。

But for us, I think television advertising, brand spend, it's always been a key part of our formula.

但對我們來說，我認為電視廣告、品牌支出一直是我們公式的關鍵部分。

And we're just going to keep doing our things.

我們將繼續做我們的事情。

And we think our capabilities there are -- really have the potential for us to really differentiate ourselves, not only in the U.S., where it has been, but as we increasingly become locally relevant in a lot of these other markets, also bringing our expertise globally.

我們認為我們的能力 - 真的有潛力讓我們真正脫穎而出，不僅在美國，而且隨著我們在許多其他市場中越來越與當地相關，也帶來了我們的專業知識全球範圍內。

In terms of the cloud operational benefits, it's hard for us to completely quantify this for you, largely because we're doing a ton of things to drive conversion rates up.

就雲運營優勢而言，我們很難為您完全量化這一點，這主要是因為我們正在做很多事情來提高轉化率。

What I will do, though, is just underscore for you the operational importance of this.

不過，我要做的只是向您強調此操作的重要性。

We are essentially rewriting our code base so that it can operate in the cloud, so they can move seamlessly between AWS and our own data centers and potentially from one cloud environment to another cloud environment over time.

我們實質上是在重寫我們的代碼庫，以便它可以在雲中運行，這樣它們就可以在 AWS 和我們自己的數據中心之間無縫移動，並可能隨著時間的推移從一個雲環境移動到另一個雲環境。

We have the brightest engineers, we think, in the industry.

我們認為，我們擁有業內最聰明的工程師。

No one is doing what we're doing at scale.

沒有人在大規模地做我們正在做的事情。

We are not taking this lightly.

我們不會掉以輕心。

But the reason we're doing it is not only because of the financial benefits that Alan is talking about, but it is the operational benefits.

但我們這樣做的原因不僅是因為艾倫所說的經濟利益，而且是運營利益。

And if you want to look at some quantification of this, I would just point you to the marketing optimization efforts that we're doing right now.

如果您想對此進行一些量化，我只想向您指出我們目前正在做的營銷優化工作。

We've got some of, we think, the leading data scientists now working on data sets up in the cloud environment who are getting to essentially real time recomputation of our algorithms.

我們認為，我們有一些領先的數據科學家現在正在研究雲環境中的數據設置，他們正在對我們的算法進行本質上實時的重新計算。

We're building self-learning algorithms and we're able to spool up massive amount of processing capacity essentially on-demand and then bring it back down, and that is actually helping us deliver some of these marketing optimization benefits that you're seeing.

我們正在構建自學習算法，我們能夠基本上按需增加大量處理能力，然後將其恢復，這實際上幫助我們實現了您所看到的一些營銷優化優勢.

So it goes beyond just conversion.

所以它不僅僅是轉換。

It goes right to the core of almost everything we do.

它幾乎是我們所做的一切的核心。

Our PWA application, for example.

例如，我們的 PWA 應用程序。

I mean, that is a cloud native app.

我的意思是，這是一個雲原生應用程序。

A lot of the speed benefits that we talked about, which do deliver conversion benefits outside of, particularly outside of the U.S., this is all enabled by the cloud.

我們談到的很多速度優勢，確實在國外，尤其是美國以外帶來了轉換優勢，這都是由雲實現的。

So again, we are at the cutting-edge of this.

因此，我們再次處於最前沿。

It's a big thing that we're doing.

這是我們正在做的一件大事。

We do already see the operational benefits.

我們確實已經看到了運營優勢。

But I think we're really just scratching the surface in terms of what we can do.

但我認為，就我們能做的事情而言，我們真的只是觸及表面。

(Operator Instructions) Moving on, we'll go with Douglas Anmuth from JPMorgan.

（操作員說明）繼續，我們將與摩根大通的 Douglas Anmuth 一起。

Mark, I know you talked about how the marketing landscape has pulled just the auction market back coming down on performance.

馬克，我知道你談到了營銷環境如何使拍賣市場的業績下滑。

Do you think this is the new normal going forward?

您認為這是未來的新常態嗎？

And recognizing that you're focused on optimizing efficiency, have this also created some opportunities now for you as well?

認識到您專注於優化效率，這是否也為您創造了一些機會？

Well, it's hard to say in the travel industry whether anything is the new normal.

好吧，很難說旅遊業是否有新常態。

It's always dynamic.

它總是動態的。

It's always been dynamic.

它一直是動態的。

I think the one thing, of course, that has created opportunities for us is just our increased capabilities.

我認為，當然，為我們創造機會的一件事就是我們能力的增強。

I mean, we have in terms of just bidding more effectively, measuring incrementality with more precision.

我的意思是，我們只是更有效地出價，更精確地衡量增量。

Again, largely driven by the data-driven approach and really massive data sets that we're being able to manipulate and compute up into the cloud environment.

同樣，這在很大程度上是由數據驅動方法和我們能夠操縱和計算到雲環境中的真正海量數據集驅動的。

And I think that's something that is the new normal.

我認為這是新常態。

I think the question is, of course, with all of this is you can build competitive advantage, but to sustain it, you've got to keep moving.

我認為問題是，當然，所有這些都是你可以建立競爭優勢，但要維持它，你必須繼續前進。

So we're not standing still.

所以我們並沒有停滯不前。

We're going to continue to evolve our capabilities in this area.

我們將繼續發展我們在這一領域的能力。

And assuming we do that, I think we can hold this as the new normal.

假設我們這樣做，我認為我們可以將其視為新常態。

But again, what happens in the overall competitive environment and what happens in these auctions, it's really hard for us to tell at this point.

但同樣，在整個競爭環境中會發生什麼，在這些拍賣中會發生什麼，我們現在真的很難說。

Moving on, we'll take our next question from Heath Terry from Goldman Sachs.

繼續，我們將接受來自高盛的希思特里的下一個問題。

This is maybe a little bit along the same lines as Doug's question.

這可能與道格的問題有點相似。

But to the extent that we've seen your competitors pulling back on their marketing spend, there's generally been a more negative impact to bookings growth for them.

但就我們看到您的競爭對手縮減營銷支出而言，這通常會對他們的預訂增長產生更大的負面影響。

Here, this quarter, bookings growth were essentially flat and you guys still saw a pretty significant improvement in sales and marketing efficiencies.

在本季度，預訂量增長基本持平，你們仍然看到銷售和營銷效率有了相當顯著的提高。

So is there something different about the strategy that you're using or the way that you're thinking about this in terms of how you're benefiting from the sort of systemwide reset in ROI targets?

那麼，就您如何從 ROI 目標的系統範圍重置中獲益而言，您正在使用的策略或您對此的思考方式有什麼不同嗎？

And then just if you could maybe update us on any progress that you're making in terms of your work with hotels on leveraging their direct booking pricing models as potentially something that's either having an impact on the business one way or the other or something that you guys could potentially incorporate into some of your channels over time?

然後，如果您可以向我們更新您在與酒店合作方面取得的任何進展，利用他們的直接預訂定價模型作為可能對業務產生影響的某種方式或其他方式或某種方式隨著時間的推移，你們有可能加入你們的一些頻道嗎？

Thanks, Heath.

謝謝，希思。

It's hard for us to compare what we're doing to what our competitors are doing because unfortunately for us, we don't know what they're doing.

我們很難將我們正在做的事情與我們的競爭對手正在做的事情進行比較，因為對我們來說不幸的是，我們不知道他們在做什麼。

But I can tell you a little bit about what we're doing and why we may be in a different spot.

但我可以告訴你一些關於我們正在做的事情以及為什麼我們可能處於不同的位置。

I think, first of all, when you think about hot advertising auctions, it's generally in auctions where you've got a couple of players who have comparable products, if you will, and they start to bid against each other and that can create situations where you sort of destroy industry economics.

我認為，首先，當你想到熱門廣告拍賣時，通常是在拍賣中，如果你願意的話，你有幾個擁有可比產品的玩家，他們開始相互競價，這會創造條件你在某種程度上破壞了行業經濟。

I think that -- there could have been some of that happening in markets where both us and our larger competitor and maybe some other players were both relatively strong.

我認為 - 在我們和我們更大的競爭對手以及其他一些參與者都相對強大的市場中可能會發生一些這種情況。

We're trying to find, of course, these auctions and situations where that type of activity isn't incremental to us and where, hey, the customer were to come back to us together.

當然，我們正在努力尋找這些拍賣和這種類型的活動對我們來說不是增量的情況，以及，嘿，客戶會一起回到我們身邊。

But the good news/bad news story for us is that there are very few markets where that's the case.

但對我們來說，好消息/壞消息是很少有市場會出現這種情況。

I mean, we have not built locally relevant product offerings in that many markets yet around the world.

我的意思是，我們還沒有在世界各地的那麼多市場建立與當地相關的產品。

If you look at the total number of hotel and alternative accommodations properties out there, there's millions of them.

如果您查看酒店和其他住宿設施的總數，就會發現有數百萬之多。

We talked about us having this quarter 750,000.

我們談到我們這個季度有 750,000。

So we've got a whole bunch of what I would call just global expansion to do outside of our core mature markets so that as we pull back or find marketing spend, which is not incremental, because we've already got such powerful brands in a lot of these markets and customers are going to come to us anyways.

所以我們有一大堆我稱之為全球擴張的事情要在我們的核心成熟市場之外做，這樣當我們撤回或找到營銷支出時，這不是增量的，因為我們已經擁有如此強大的品牌無論如何，很多這樣的市場和客戶都會來找我們。

We are able to pull that back, not have a significant impact to bookings, but at the same time be able to actually drive growth in a really healthy way, which is just get more customers and new customers to the platform and more properties to the platform and other products because simply, we're just adding more selection and more availability, and that creates great network effect.

我們能夠將其拉回，不會對預訂產生重大影響，但同時能夠真正以真正健康的方式推動增長，這只是讓更多的客戶和新客戶進入平台，並為平台帶來更多的財產。平台和其他產品，因為簡單地說，我們只是增加了更多的選擇和更多的可用性，這創造了巨大的網絡效應。

So that's what our -- that's what we're doing.

這就是我們的——這就是我們正在做的。

Listen, in terms of the hotel direct pricing model and any impact to our business.

聽著，關於酒店直接定價模式和對我們業務的任何影響。

Again, we've been saying this for a long time.

同樣，我們已經說了很長時間了。

We have not seen an impact to our business, our customers are brand agnostic.

我們沒有看到對我們業務的影響，我們的客戶與品牌無關。

That's why they come to us.

這就是他們來找我們的原因。

We don't like the practice.

我們不喜歡這種做法。

We think that it's not a great thing for the industry, it's not a great thing for our value proposition if there's a big message out there that you get lower prices elsewhere.

我們認為這對行業來說不是一件好事，如果有一個重要信息表明你在其他地方獲得更低的價格，這對我們的價值主張來說也不是一件好事。

But so far, our customers haven't really cared because they don't really look for a specific branded hotel.

但到目前為止，我們的客戶並不真正關心，因為他們並不真正尋找特定的品牌酒店。

We think that's a great opportunity for a lot of our partners, and a lot of our more forward thinking partners have taken advantage of that and have used our channel as a way to sign up new customers and new loyalty members.

我們認為這對我們的許多合作夥伴來說是一個很好的機會，我們許多更具前瞻性思維的合作夥伴已經利用了這一點，並使用我們的渠道作為註冊新客戶和新忠誠會員的方式。

And the partners that we have had signed up to that program have generally, and I think without exception, cited great results.

我們已經簽署該計劃的合作夥伴通常，我認為無一例外，都取得了很好的成果。

We are always having conversations with additional partners.

我們一直在與其他合作夥伴進行對話。

We love to test this stuff.

我們喜歡測試這些東西。

So I would invite all of our partners, large and small, to come forward, and we'll do a test with you and see if it works.

所以我會邀請我們所有的合作夥伴，無論大小，站出來，我們會和你一起做一個測試，看看它是否有效。

Again, for the most part, I think without exception, it's been a good thing for us.

同樣，在大多數情況下，我認為毫無例外，這對我們來說是一件好事。

So again, I think this is an evolving area for us.

因此，我再次認為這對我們來說是一個不斷發展的領域。

And we're hopeful, as with the large chains and the small chains, that we can collectively find win-win situations where we can drive incremental value for everyone across the platform.

我們希望，與大型連鎖店和小型連鎖店一樣，我們可以共同找到雙贏的局面，我們可以為平台上的每個人帶來增量價值。

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

我們將從 Piper Jaffray 的 Mike Olson 那裡接受我們的最後一個問題。

You talked about the priority markets for new inventory.

您談到了新庫存的優先市場。

What are those markets where you're adding and saw acceleration?

您正在添加並看到加速的那些市場是什麼？

I could take a guess, but if you could say more specifically.

我可以猜測，但如果你能說得更具體些。

And then looking beyond alternative accommodations, what's your appetite for other booking products, like tourist attractions, et cetera?

然後除了其他住宿之外，您對其他預訂產品（如旅遊景點等）有何胃口？

Is that maybe just there's too much fish to fry in hotel and alternative accommodations to bother with that at this point?

在這一點上，酒店和其他住宿可能只是有太多的魚要煎炸嗎？

Oh, Mike, I can't tell you my secret.

哦，邁克，我不能告訴你我的秘密。

So I won't tell you.

所以我不告訴你。

But it will -- I bet you, you've got a pretty, pretty good guess.

但它會——我敢打賭，你有一個非常非常好的猜測。

In any event, we're happy with the progress there.

無論如何，我們對那裡的進展感到滿意。

I would just tell you that they are important markets out there.

我只想告訴你，它們是重要的市場。

It's the beginning.

這是開始。

It's the wave one.

是第一波

We'll be doing other markets around the world and in future years.

我們將在世界各地和未來幾年做其他市場。

So for competitive reasons, I'm not going to call out exactly what they are.

所以出於競爭原因，我不會說出它們到底是什麼。

In terms of appetite for other products beyond hotel, alternative accommodations, listen, it's a voracious appetite.

就對酒店以外的其他產品的胃口而言，替代住宿，聽著，這是一種貪婪的胃口。

I mean, we have been the ones that have been building and investing this multiproduct platform for years.

我的意思是，我們多年來一直在構建和投資這個多產品平台。

We -- this year, we'll spend approaching $1 billion just on the P&L in our tech platform investments.

我們 - 今年，我們將在技術平台投資的損益表上花費近 10 億美元。

It's what we do.

這就是我們所做的。

And in doing that, we've built the world's travel platform and yet, we're still early days in terms of building real liquid marketplaces across all the lines of business.

在這樣做的過程中，我們已經建立了世界旅遊平台，但是，就跨所有業務線建立真正的流動性市場而言，我們仍處於早期階段。

Yes, we are investing right now and making sure that we've got a locally relevant product in the hotel and alternative accommodations marketplace in priority countries, and we're going to move that around the world.

是的，我們現在正在投資，並確保我們在優先國家的酒店和替代住宿市場上擁有與當地相關的產品，我們將把它推廣到世界各地。

But short to follow, we're making sure that we do that as well in those priority markets across air, car, activities, cruise.

但接下來，我們將確保我們在航空、汽車、活動、郵輪等優先市場也能做到這一點。

And we love the cruise business.

我們熱愛郵輪業務。

I think we're just at a very early, early stages.

我認為我們還處於非常早期的早期階段。

So we've gone through our multiyear investment cycle.

所以我們經歷了多年的投資週期。

I think we're uniquely positioned to build incredible marketplaces, not only in a standalone basis, but also increase the sophistication within which we can cross-sell and create network effects across all of these different product categories.

我認為我們具有獨特的優勢，可以建立令人難以置信的市場，不僅是在獨立的基礎上，而且還可以提高我們可以交叉銷售的複雜性，並在所有這些不同的產品類別中創造網絡效應。

I think if you look out over the course of the next 2 to 5 years, that's going to be an increased focus for us.

我認為，如果您在未來 2 到 5 年的過程中著眼，那將成為我們更加關注的焦點。

It's something that our customers love.

這是我們的客戶喜歡的東西。

And you can see a piece of it already with Add-On Advantage.

您可以通過 Add-On Advantage 看到它的一部分。

It's also something that our partners love as well.

這也是我們的合作夥伴也喜歡的東西。

And at this time, I'd like to turn the conference back over to Mark Okerstrom for any additional or closing remarks.

此時，我想將會議轉回給 Mark Okerstrom 以聽取任何補充或結束語。

Great.

偉大的。

Thanks.

謝謝。

Well, firstly, I just want to thank everyone for listening in today.

好吧，首先，我只想感謝大家今天的收聽。

And secondly, I just really want to thank the entire Expedia Group team.

其次，我真的要感謝整個 Expedia Group 團隊。

In a very short time, we have made some very significant changes in the way that we operate at Expedia Group, and I am more impressed than ever with our incredible employees around the world.

在很短的時間內，我們對 Expedia Group 的運營方式進行了一些非常重大的改變，我對我們在世界各地令人難以置信的員工的印像比以往任何時候都更加深刻。

I know I speak for all of them when I say that we are so excited about the enormous opportunities in front of us.

當我說我們對擺在我們面前的巨大機會感到非常興奮時，我知道我代表他們所有人。

With that, I'll turn it back over to the operator.

有了這個，我會把它轉回給接線員。

And at this time, that will conclude today's conference.

屆時，今天的會議將結束。

We do thank you for your participation, and you may now disconnect.

我們非常感謝您的參與，您現在可以斷開連接。