Expedia Group Inc (EXPE) 2018 Q3 法說會逐字稿

Good day, and welcome to the Expedia Group Q3 2018 Earnings Conference Call.

美好的一天，歡迎來到 Expedia Group 2018 年第三季度收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would 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 third quarter ended September 30, 2018.

下午好，歡迎參加 Expedia Group 截至 2018 年 9 月 30 日的第三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, October 25, 2018, only.

以下討論，包括對您問題的回答，僅反映截至 2018 年 10 月 25 日今天的管理層觀點。

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, we're optimistic that 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，通常以我們預期、我們相信、我們預期、我們樂觀或類似的聲明開頭。

Please refer to today's press 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.

請參閱今天的新聞稿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 網站以了解其他信息重要內容，包括今天的財報發布。

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.

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。

And all comparisons on this call will be against our results for the comparable period of 2017.

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。

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。

We continue to build on our operational and financial momentum in the third quarter, posting strong top and bottom line results.

我們在第三季度繼續鞏固我們的運營和財務勢頭，公佈了強勁的頂線和底線結果。

At the same time, our organization is focused on executing several key initiatives that underpin the 3 strategic themes I shared this time a year ago: being locally relevant on a global basis, being more customer-centric and speeding up the pace of execution and innovation.

與此同時，我們的組織正專注於執行多項關鍵舉措，以支持我在一年前的這個時候分享的 3 個戰略主題：在全球範圍內與當地相關，更加以客戶為中心，並加快執行和創新的步伐.

Though we are still in the early days of this journey, I'm pleased with our progress to date.

儘管我們仍處於此旅程的初期，但我對我們迄今為止取得的進展感到滿意。

We're collaborating across the company more than ever, and the organization is aligned around clear objectives squarely aimed at unlocking the full potential of our global travel platform.

我們在整個公司的合作比以往任何時候都多，而且整個組織都圍繞著明確的目標保持一致，這些目標正是為了釋放我們全球旅遊平台的全部潛力。

As we continue to push forward on these strategic priorities, we're optimistic that they will result in sustained growth and share gains in this massive travel market for a long time to come.

隨著我們繼續推進這些戰略重點，我們樂觀地認為它們將在未來很長一段時間內在這個龐大的旅遊市場中實現持續增長和份額增長。

In the third quarter, we grew gross bookings 11% and revenue 10% year-over-year.

第三季度，我們的總預訂量同比增長 11%，收入同比增長 10%。

Adjusted EBITDA increased a very strong 29%.

調整後的 EBITDA 增長了非常強勁的 29%。

Our brands are making nice strides optimizing direct marketing spend, balancing quality top line growth with profitability.

我們的品牌在優化直接營銷支出、平衡優質收入增長和盈利能力方面取得了長足進步。

That approach was evident in both our strong adjusted EBITDA growth and solid 13% increase in total lodging stayed room nights.

這種方法在我們調整後的 EBITDA 強勁增長和總住宿間夜數穩步增長 13% 方面都很明顯。

We continue to see very good execution on our supply acquisition efforts.

我們繼續看到我們的供應採購工作執行得非常好。

We added 40,000 properties to our core global lodging platform in the third quarter, bringing our total property count to approximately 595,000, excluding HomeAway, a 46% increase compared to Q3 last year.

我們在第三季度向我們的核心全球住宿平台增加了 40,000 處房產，使我們的房產總數達到約 595,000 處（不包括 HomeAway），與去年第三季度相比增長了 46%。

Year-to-date, though the third -- through the third quarter, we've now acquired over 150,000 properties and remain on pace to directly acquire at least 180,000 new properties for the full year.

年初至今，雖然是第三季度——到第三季度，我們現在已經收購了超過 150,000 處房產，並繼續保持全年直接收購至少 180,000 處新房產的步伐。

We also integrated 100,000 additional HomeAway listings onto our global lodging platform for the quarter and now count over 895,000 total properties in our core lodging portfolio.

我們還在本季度將 100,000 個額外的 HomeAway 列表整合到我們的全球住宿平台上，現在我們的核心住宿組合中共有超過 895,000 個物業。

Our concerted efforts to push into our priority markets continue to show promise.

我們進軍優先市場的共同努力繼續顯示出希望。

We still have a lot of work to do, but we're pleased with the progress.

我們還有很多工作要做，但我們對進展感到滿意。

We continue to add properties and work through everything it takes to be locally relevant in these markets.

我們將繼續增加物業，並竭盡全力在這些市場中與當地相關。

In addition to adding properties, our teams are laser focused on refining our product by enhancing areas like language translation and localized content, all aimed at making sure we provide a great experience for customers in each and every market.

除了增加屬性外，我們的團隊還專注於通過增強語言翻譯和本地化內容等領域來改進我們的產品，所有這些都是為了確保我們為每個市場的客戶提供出色的體驗。

As a reminder, this year is just the beginning of our new operating model calling for a much more focused approach to global expansion.

提醒一下，今年只是我們新運營模式的開始，我們需要一種更加集中的全球擴張方式。

We expect this new approach to drive better performance in the coming years as we improve our supply position and product in these initial markets and extend this strategy to other key geographies in 2019 and beyond.

我們預計這種新方法將在未來幾年推動更好的業績，因為我們會改善我們在這些初始市場的供應地位和產品，並在 2019 年及以後將這一戰略擴展到其他關鍵地區。

HomeAway delivered strong results, posting more adjusted EBITDA in the third quarter than it did in all of last year.

HomeAway 業績強勁，第三季度調整後的 EBITDA 超過去年全年。

That's a tribute to the tremendous progress the HomeAway team has made in transforming the business in the few years since our acquisition.

這是對 HomeAway 團隊在我們收購後的幾年裡在業務轉型方面取得的巨大進步的讚揚。

As we prepare for the next phase of growth at HomeAway, we want to welcome the teams of Pillow and ApartmentJet to the Expedia Group family.

在我們為 HomeAway 的下一階段發展做準備時，我們歡迎 Pillow 和 ApartmentJet 團隊加入 Expedia Group 大家庭。

We see the addition of these unique software platforms as a key step in establishing the foundation that will help embolden HomeAway and Expedia Group's urban expansion efforts in the coming years.

我們將添加這些獨特的軟件平台視為奠定基礎的關鍵一步，這將有助於在未來幾年加強 HomeAway 和 Expedia Group 的城市擴張努力。

Overall, the HomeAway team is executing very well and is on track for a great 2018, and we see a long runway ahead in the growing alternative accommodation space.

總體而言，HomeAway 團隊執行得非常好，並有望在 2018 年大放異彩，我們看到不斷增長的替代住宿空間還有很長的路要走。

Egencia continued its strong top line trajectory with gross bookings increasing 14% and revenue up 10% in the quarter.

Egencia 繼續保持強勁的營收軌跡，本季度總預訂量增長 14%，收入增長 10%。

With a strong sales pipeline and leading product offering, we believe Egencia can continue to take share in the managed corporate travel market for many years to come.

憑藉強大的銷售渠道和領先的產品供應，我們相信 Egencia 可以在未來許多年繼續在代管商務差旅市場佔據份額。

trivago delivered a significant improvement in adjusted EBITDA on the third quarter as it executed on its operational shift to focus more on profitability and began to see slightly easier comps.

trivago 在第三季度實現了調整後 EBITDA 的顯著改善，因為它執行其運營轉變以更多地關注盈利能力，並開始看到稍微容易的 comps。

The team is making good progress in adjusting its business model to reflect the new industry dynamics, and we're optimistic trivago can continue to deliver performance improvements going forward.

該團隊在調整其業務模式以反映新的行業動態方面取得了良好進展，我們樂觀地認為 trivago 可以繼續提供性能改進。

In closing, we're pleased with our execution and results to date, and I'm extremely impressed with how much our team has accomplished so far in 2018.

最後，我們對迄今為止的執行和結果感到滿意，我對我們的團隊在 2018 年迄今為止取得的成就印象深刻。

While we still have a lot of work ahead, we're confident that our new strategy, combined with rigorous execution, will translate into attractive growth for many years to come.

雖然我們還有很多工作要做，但我們相信，我們的新戰略與嚴格的執行相結合，將在未來許多年內轉化為有吸引力的增長。

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 delivered another strong quarter balancing solid top line trends with healthy growth in adjusted EBITDA.

我們又一個強勁的季度平衡了穩定的頂線趨勢和調整後的 EBITDA 的健康增長。

Total lodging revenue increased 12% on stayed room night growth of 13%.

住宿總收入增長 12%，入住間夜增長 13%。

Excluding HomeAway, the gap in revenue per room night and average daily rate growth was on the higher end of the 200 to 400 basis point range that we've discussed, in part due to foreign-currency headwinds.

不包括 HomeAway，每晚收入與平均每日房價增長之間的差距處於我們討論的 200 至 400 個基點範圍的較高端，部分原因是外匯逆風。

HomeAway posted solid 24% growth in gross bookings, a deceleration from last quarter, as we expected.

正如我們預期的那樣，HomeAway 的總預訂量實現了 24% 的穩健增長，較上一季度有所放緩。

Total HomeAway revenue increased 35% driven by over 50% growth in transaction revenue, while subscription revenue declined 18%.

在交易收入增長超過 50% 的推動下，HomeAway 總收入增長了 35%，而訂閱收入下降了 18%。

Combined with leverage on operating expenses, HomeAway posted a quarterly record $209 million in adjusted EBITDA, up 66% year-over-year.

結合運營支出的槓桿作用，HomeAway 公佈了季度調整後 EBITDA 的 2.09 億美元，同比增長 66%，創歷史新高。

With HomeAway's transition to an e-commerce business nearly complete, the combination of longer booking windows and a high concentration of stayed room nights during the summer months will drive increased seasonality in the P&L.

隨著 HomeAway 向電子商務業務的過渡接近完成，更長的預訂窗口和夏季月份高度集中的入住間夜相結合將推動損益表的季節性增加。

Given that, as a general rule of thumb, we expect HomeAway to see pressure on adjusted EBITDA in Q1 and Q4 of each year with solid profit generation in the second and third quarters.

鑑於此，作為一般經驗法則，我們預計 HomeAway 將在每年第一季度和第四季度看到調整後的 EBITDA 壓力，並在第二和第三季度產生可觀的利潤。

Overall, HomeAway is headed for strong revenue and profit growth in 2018, and we are focused on driving very healthy top and bottom line growth for a long time to come.

總體而言，HomeAway 將在 2018 年實現強勁的收入和利潤增長，我們將在未來很長一段時間內專注於推動非常健康的收入和利潤增長。

Total Advertising & Media revenue increased 1% for the quarter.

本季度廣告與媒體總收入增長 1%。

Our Media Solutions business was up over 20%, mostly offset by the year-over-year decline at trivago.

我們的媒體解決方案業務增長超過 20%，大部分被 trivago 的同比下滑所抵消。

Air revenue grew 11% on 6% growth in revenue per ticket and a 4% increase in air tickets sold.

航空收入增長 11%，每張機票收入增長 6%，機票銷量增長 4%。

Air revenue growth continues to benefit from the reclassification of distribution fees from contra revenue to cost of revenue.

航空收入增長繼續受益於分銷費用從對沖收入重新分類為收入成本。

As a reminder, this change is neutral to profitability, and Q4 will be the last quarter it impacts our results.

提醒一下，這一變化對盈利能力是中性的，第四季度將是它影響我們業績的最後一個季度。

We again saw leverage on overall costs with adjusted expense growth decelerating across each category, resulting in nearly 400 basis points of year-over-year adjusted EBITDA margin expansion in the quarter.

我們再次看到整體成本的槓桿作用，每個類別的調整後費用增長都在減速，導致本季度調整後的 EBITDA 利潤率同比增長近 400 個基點。

In line with our expectations, cost of revenue grew slightly faster than revenue.

與我們的預期一致，收入成本的增長略快於收入。

Similar to the last few quarters, the deleverage is due to the aforementioned accounting change related to air distribution fees and higher cloud expenses, each of which added over 100 basis points to growth.

與過去幾個季度類似，去槓桿化是由於上述與空氣分配費用和更高的雲費用相關的會計變化，每一項都增加了 100 多個基點的增長。

Our cloud migration is moving along nicely, and we continue to see some of the early operational benefits.

我們的雲遷移進展順利，我們繼續看到一些早期的運營優勢。

As we discussed last quarter, we have improved our cost optimization capabilities and are judiciously scaling traffic on our cloud-based lodging stack to ensure a seamless customer experience.

正如我們上個季度所討論的那樣，我們提高了成本優化能力，並明智地擴展了基於雲的住宿堆棧的流量，以確保無縫的客戶體驗。

Based on our current trajectory, we now expect total cloud cost to be around $150 million in 2018.

根據我們目前的軌跡，我們現在預計 2018 年的雲計算總成本約為 1.5 億美元。

We continue to expect cloud expense to exceed $250 million in 2019 as we complete the lodging stack migration and shift focus to our air stack.

隨著我們完成住宿堆棧遷移並將重點轉移到我們的空中堆棧，我們繼續預計 2019 年雲費用將超過 2.5 億美元。

Total selling and marketing expenses increased 3%.

總銷售和營銷費用增加了 3%。

Direct expenses were roughly flat in Q3 largely driven by the marketing rationalization efforts at trivago.

第三季度的直接支出大致持平，這主要是受 trivago 營銷合理化努力的推動。

Excluding trivago, direct selling and marketing expenses grew 6% as we continue to benefit from improved marketing efficiency.

不包括 trivago，直銷和營銷費用增長了 6%，因為我們繼續受益於營銷效率的提高。

Looking forward, we expect less direct selling and marketing leverage in the fourth quarter as we further lap the initial benefits from our optimization efforts and due to the seasonal timing of HomeAway marketing expenses.

展望未來，我們預計第四季度的直銷和營銷槓桿將減少，因為我們進一步利用優化工作帶來的初步收益以及 HomeAway 營銷費用的季節性時間。

Indirect selling and marketing growth remains elevated due to increased headcount associated with our supply initiative.

由於與我們的供應計劃相關的員工人數增加，間接銷售和營銷增長仍然很高。

For the full year, we now expect total adjusted selling and marketing expenses to grow slower than revenue.

對於全年，我們現在預計調整後的銷售和營銷費用總額增長將低於收入。

Technology and content expense grew 17% in the third quarter, primarily driven by investments in our e-commerce platform and continued product innovation.

技術和內容費用在第三季度增長了 17%，這主要是由於對我們的電子商務平台的投資和持續的產品創新。

General and administrative expenses increased 10% year-over-year, a further deceleration from the second quarter.

一般和行政費用同比增長 10%，較第二季度進一步放緩。

We expect G&A cost growth to continue to slow in the fourth quarter.

我們預計 G&A 成本增長將在第四季度繼續放緩。

But given the year-to-date increase, we now expect general and administrative expenses to grow slightly faster than revenue for the full year.

但考慮到今年迄今的增長，我們現在預計一般和行政費用的增長速度將略快於全年收入的增長速度。

While specific initiatives can occasionally drive it higher, we continue to expect to deliver a nice leverage in G&A over the long term.

雖然特定的舉措偶爾會推動它走得更高，但我們繼續期望在長期內為 G&A 提供一個很好的槓桿作用。

Depreciation expense was up 10% as growth continued to slow in part from the benefit of lower data center-related CapEx.

折舊費用增長了 10%，因為增長繼續放緩，部分原因是與數據中心相關的資本支出較低。

Net interest expense decreased year-over-year due in part to the redemption of our 7 1/2% coupon bonds that matured in August, while our adjusted tax rate declined to 17% in Q3 due to continued benefits from U.S. tax reform.

淨利息支出同比下降，部分原因是我們贖回了 8 月份到期的 7 1/2% 息票債券，而由於美國稅制改革的持續受益，我們調整後的稅率在第三季度下降至 17%。

All told, our solid operational performance and leverage down the income statement, combined with the lower share count, led to a very robust adjusted earnings per share growth of 46%.

總而言之，我們穩健的運營業績和槓桿率降低了損益表，再加上較低的股票數量，導致調整後每股收益非常強勁地增長了 46%。

Turning to capital allocation.

轉向資本配置。

Year-to-date, we've returned a total of over $770 million to shareholders.

年初至今，我們已向股東返還總計超過 7.7 億美元。

That includes over $630 million in share repurchases, already our highest amount for any full year in over a decade.

其中包括超過 6.3 億美元的股票回購，這已經是我們十多年來任何全年的最高金額。

In addition, as Mark mentioned, we continue to opportunistically invest in strategic M&A with the acquisitions of Pillow and ApartmentJet.

此外，正如 Mark 所提到的，我們繼續通過收購 Pillow 和 ApartmentJet 來機會主義地投資於戰略併購。

This is consistent with our approach to capital deployment, balancing attractive capital returns to shareholders through share repurchases and dividends with opportunistic M&A that complements our organic growth strategy.

這與我們的資本配置方法一致，即通過股票回購和股息為股東帶來有吸引力的資本回報與補充我們有機增長戰略的機會主義併購之間的平衡。

Turning to our financial expectations for the year.

談談我們今年的財務預期。

We are increasing the low end of our guidance range and now expect consolidated adjusted EBITDA growth of 10% to 12% in 2018.

我們正在提高指導範圍的下限，現在預計 2018 年綜合調整後 EBITDA 增長 10% 至 12%。

As a reminder, that growth would be 200 to 300 basis points higher, excluding cloud.

提醒一下，不包括雲計算，增長將高出 200 到 300 個基點。

Overall, we had a strong third quarter and are pleased with our performance to this point in the year.

總的來說，我們第三季度表現強勁，對今年到目前為止的表現感到滿意。

We believe the operational momentum we're building, balanced by continued investments in key strategic initiatives, will drive sustained healthy growth over the long term.

我們相信，我們正在建立的運營勢頭，加上對關鍵戰略計劃的持續投資，將推動長期持續的健康增長。

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) And our first question comes from Mark Mahaney with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Mark Mahaney。

I just want to drill down, please, just on the HomeAway business.

我只想深入了解 HomeAway 業務。

Could you talk about the sustainability of the profit levels that you've achieved there and the sustainability of the revenue growth, the bookings growth there?

你能談談你在那裡取得的利潤水平的可持續性以及收入增長的可持續性，那裡的預訂增長嗎？

Yes, Mark.

是的，馬克。

Thanks.

謝謝。

This is Alan.

這是艾倫。

Yes, on the margins, I think, first of all, it's important to point out that the EBITDA margin for HomeAway should be viewed not really on a quarterly basis but much more on a full year or trailing 12-month basis.

是的，在利潤率上，我認為，首先，重要的是要指出 HomeAway 的 EBITDA 利潤率不應真正按季度查看，而應更多地按全年或過去 12 個月的基礎查看。

For instance, if you look at the full year 2017, it was about 22% margin.

例如，如果您查看 2017 年全年，利潤率約為 22%。

There's just been -- through the transition, through the seasonality, there's been a bit of variability quarter-to-quarter, so I would really encourage you to look over a 12-month period.

剛剛 - 通過過渡，通過季節性，每個季度都有一些變化，所以我真的鼓勵你回顧 12 個月的時間。

We are not optimizing for the margin for HomeAway as we're not for the margin percentages; we're not for the rest of the business.

我們不是針對 HomeAway 的利潤率進行優化，因為我們不是針對利潤率百分比；我們不適合其他業務。

We prefer to take a balanced approach.

我們更願意採取平衡的方法。

We see a big global opportunity.

我們看到了巨大的全球機遇。

HomeAway, in particular, has opportunities both here in the U.S. as well as in international markets.

特別是 HomeAway，在美國和國際市場都有機會。

We want to make sure that we're making the right investments there to gain share and grow the business globally.

我們希望確保我們在那裡進行了正確的投資，以在全球範圍內獲得份額並發展業務。

At the same time, it's our philosophy that we should be able to do that while delivering healthy profits and profit growth.

與此同時，我們的理念是我們應該能夠在實現健康利潤和利潤增長的同時做到這一點。

So we really are taking a balanced approach.

所以我們確實採取了一種平衡的方法。

I wouldn't put a pin in a particular margin number at the moment, but that's our philosophy looking forward.

目前我不會在特定的保證金數字上加註，但這是我們期待的理念。

And our next question comes from Kevin Kopelman with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Kevin Kopelman。

Could you give us any, first, thoughts about how you're thinking about 29 EBITDA ahead of the planning process and any key things you want to call out there?

您能否首先告訴我們您如何在規劃過程之前考慮 29 EBITDA 以及您想在那裡提出的任何關鍵事項？

Sure.

當然。

Kevin, you said 29.

凱文，你說的是 29。

I think you meant '19 maybe?

我想你的意思可能是'19？

2019.

2019.

2019, yes.

2019，是的。

We've not finished our long long-range planning yet.

我們還沒有完成長期的長期規劃。

Just to be clear.

只是為了清楚。

No.

不。

Yes, this is Alan again.

是的，這又是艾倫。

We are in the middle of the planning process.

我們正處於規劃過程中。

We don't have a lot of color to provide today as regards 2019.

關於 2019 年，我們今天沒有太多顏色可以提供。

I would just reemphasize what I said in the prepared remarks, which is we are looking to build a business where we can have sustained healthy top and bottom line growth.

我只想再次強調我在準備好的發言中所說的話，即我們正在尋求建立一個我們可以持續健康的收入和利潤增長的業務。

We are looking at a global opportunity, and we're building a business in a way that to build it out globally, and we think we need to make appropriate investments in order to do that.

我們正在尋找一個全球機會，我們正在以一種在全球範圍內建立業務的方式建立業務，我們認為我們需要進行適當的投資才能做到這一點。

But we think we can -- as I mentioned on the HomeAway answer, I would say the same here, we think we can have a balanced approach where we are making those appropriate investments and setting this business up for success over a very long period of time while at the same time delivering healthy profits and profit growth.

但我們認為我們可以——正如我在 HomeAway 的回答中提到的，我也會在這裡說同樣的話，我們認為我們可以採用一種平衡的方法，在這種方法中我們進行適當的投資，並使這項業務在很長一段時間內取得成功時間，同時提供健康的利潤和利潤增長。

And I think you can kind of see that so far in what we've delivered in 2018, and we would seek to continue to do that as we move forward.

我認為你可以從我們 2018 年交付的成果中看到這一點，我們將在前進的過程中尋求繼續這樣做。

And our next question comes from Deepak Mathivanan with Barclays.

我們的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Just wanted to get some clarity around the full year 2018 guidance.

只是想弄清楚 2018 年全年的指導方針。

Even if you assume the high end of the guidance, it implies EBITDA growth rates for 4Q sort of moderate.

即使你假設指導的高端，也意味著第四季度的 EBITDA 增長率有點溫和。

Other than seasonality and some of like the performance efficiency gains that's being moderating and also the piece that's associated with the HomeAway, anything else that's going on that we should think about?

除了季節性和一些正在緩和的性能效率提升以及與 HomeAway 相關的部分之外，還有其他我們應該考慮的事情嗎？

And what would be some of those factors?

其中一些因素是什麼？

Yes, Deepak.

是的，迪帕克。

I think you got a few of them there.

我想你那裡有一些。

I think you're right to point out even though we don't guide quarterly, there is implied guidance for the Q4.

我認為你指出的是正確的，即使我們不提供季度指導，也有針對第四季度的隱含指導。

We are expecting a more subdued performance in terms of adjusted EBITDA growth in Q4 relative to year-to-date in Q3.

我們預計，與年初至今的第三季度相比，第四季度調整後的 EBITDA 增長表現更為疲軟。

A couple of things I would point out.

我要指出幾件事。

I think you did mention them.

我想你確實提到了他們。

But just to emphasize, the HomeAway seasonality is an important factor.

但需要強調的是，HomeAway 的季節性是一個重要因素。

The fact is that they are more seasonal than the rest of our business.

事實上，它們比我們的其他業務更具季節性。

They drive tremendous room nights and revenue and profitability in Q3 and less so in the other quarters, in Q4 and Q1, as I mentioned in my script.

正如我在腳本中提到的那樣，它們在第三季度帶來了巨大的間夜量、收入和盈利能力，而在其他季度、第四季度和第一季度則有所下降。

The other bit is that we do have the full impact in Q4 of the lodging supply investments, tech investments, other things that we've kind of been scaling up as we move through 2018.

另一點是，我們確實對住宿供應投資、技術投資以及我們在 2018 年期間一直在擴大的其他方面產生了全面影響。

That has an impact on Q4.

這對第四季度有影響。

And in a way, you could think of it as being an outsized impact just given the fact that it's fully scaled up and Q4 is a seasonally lower adjusted EBITDA quarter.

在某種程度上，你可以認為這是一個巨大的影響，因為它已經完全擴大了規模，而且第四季度是一個季節性調整後的 EBITDA 季度。

So I think those are the things to point out.

所以我認為這些是需要指出的事情。

Okay.

好的。

That's helpful.

這很有幫助。

Related to that, you have announced some new marketing programs like partnership with the UEFA Champions League.

與此相關的是，你們宣布了一些新的營銷計劃，例如與歐洲冠軍聯賽的合作夥伴關係。

Is that something that we should expect in 4Q?

這是我們應該在第四季度期待的事情嗎？

Or is that going to be largely in 2019?

或者這將主要發生在 2019 年？

Deepak, it's Mark.

迪帕克，是馬克。

I'll make my first -- answer my first question of the call, so thank you for giving me the opportunity.

我會做我的第一個 - 回答我的第一個問題，所以感謝你給我這個機會。

I think you see a little bit of that in Q4.

我想你在第四季度看到了一點。

It will be spread really throughout 2019.

它將真正傳播到整個 2019 年。

And it's a 3-year deal, so it'll continue on beyond.

這是一項為期 3 年的協議，因此它會在以後繼續。

And our next question comes from Naved Khan with SunTrust.

我們的下一個問題來自 SunTrust 的 Naved Khan。

Just maybe a clarification on the international room night growth.

也許只是對國際間夜增長的澄清。

I guess, sequentially, it grew a little bit slower in the third quarter versus second quarter.

我猜，與第二季度相比，第三季度的增長速度有所放緩。

Can you sort of parse out the growth in the focus markets in terms of room nights?

您能從間夜量的角度分析一下重點市場的增長情況嗎？

And did you continue to see good growth there and maybe a slowdown in other geos?

您是否繼續看到那裡的良好增長以及其他地區的放緩？

Sure, Naved.

當然，納維德。

So I think that the variation from Q2 to Q3 in room night growth would be nonmeaningful.

所以我認為從第二季度到第三季度間夜增長的變化是沒有意義的。

I wouldn't draw anything from it.

我不會從中汲取任何東西。

I would say that, on balance, the metasearch channels, which are running slower and in some places, you saw with trivago yesterday, actually declining year-on-year, can have a disproportionate impact on our international room night growth certainly compared to our domestic.

我想說的是，總的來說，元搜索渠道運行速度較慢，在某些地方，你昨天在 trivago 上看到，實際上同比下降，與我們的國際間夜增長相比，肯定會對我們的國際間夜增長產生不成比例的影響。國內的。

So I would call that out as a headwind even though it's pretty consistent from quarter-to-quarter.

所以我認為這是一個不利因素，儘管它在每個季度都非常一致。

In terms of our focus markets, we continue to be very happy with the progress there.

就我們的重點市場而言，我們繼續對那裡的進展感到非常滿意。

Overall, in those markets, room nights are growing nicely ahead of the overall average.

總體而言，在這些市場中，入住間夜數的增長遠遠超過整體平均水平。

We do have a number of those markets where we were starting from a decent position in terms of brand recognition where the numbers are looking very nice, particularly domestic room night growth showing very strong growth rates.

我們確實有一些這樣的市場，我們在品牌認知度方面從一個不錯的位置開始，這些市場的數字看起來非常好，特別是國內間夜增長顯示出非常強勁的增長率。

And other markets where we are really starting from a lower base, things are little bit slower to get going.

在我們真正從較低基數開始的其他市場，事情進展得有點慢。

But all told, we are happy with what we're seeing, and I would just remind you, it's a multiyear journey.

但總而言之，我們對所看到的一切感到滿意，我只想提醒你，這是一個多年的旅程。

I mean, the first thing you see in these markets is picked up room night growth largely because you're entering new auctions for traffic that having more properties allows you to do.

我的意思是，您在這些市場中看到的第一件事就是間夜量增長，這在很大程度上是因為您正在進入新的流量拍賣，而擁有更多房產可以讓您這樣做。

But really, the benefit here is producing a better customer product, and a better customer product produces better marketing efficiencies over time.

但實際上，這裡的好處是生產出更好的客戶產品，而隨著時間的推移，更好的客戶產品會產生更好的營銷效率。

So that's really the goal of this.

所以這才是真正的目標。

And I think with respect to our wave 1 markets, we would expect to see more of that type of benefit in the second and third years.

我認為就我們的第一波市場而言，我們希望在第二年和第三年看到更多此類收益。

Got it.

知道了。

That's very helpful.

這很有幫助。

And then maybe a quick follow-up.

然後可能會進行快速跟進。

I think in the last call, you guys talked about how you're able to use analytics to figure out where you don't need to necessarily bid for the traffic if it can come to you organically.

我想在上次通話中，你們討論瞭如何使用分析來找出您不需要為流量出價的地方，如果流量可以自然地來到您身邊。

How far along are you now in sort of honing that ability?

你現在在磨練這種能力方面走了多遠？

And does it continue to sort of hurt on the margin just because you're still sort of going through the process?

它是否會因為你仍在經歷這個過程而繼續在邊緣受到傷害？

Or how should we be thinking about that?

或者我們應該如何考慮？

Well, I'd say that it's a journey.

好吧，我會說這是一段旅程。

We continue to make solid progress.

我們繼續取得堅實的進展。

I think we originally started this work in the early days in Q3, Q4 of last year and really started to see some of the benefits show up in Q1.

我認為我們最初是在去年第三季度和第四季度的早期開始這項工作，並真正開始看到第一季度出現的一些好處。

But I think it's an ongoing level of sophistication.

但我認為這是一個持續的複雜程度。

There were really 2 things that we're doing here.

我們在這裡做了兩件事。

One is trying to identify marketing spend that is truly nonincremental, meaning that if we didn't spend it, we would see those bookings show up in cheaper channels such as direct type-in or mobile applications.

一個是試圖確定真正非增量的營銷支出，這意味著如果我們不花錢，我們會看到這些預訂出現在更便宜的渠道中，例如直接輸入或移動應用程序。

So that's goal number one.

所以這是第一個目標。

And in that respect, you really don't see if you do it well an impact to the top line.

在這方面，你真的看不到你做得好是否會對收入產生影響。

It's really just more efficient -- more efficiency in your sales and marketing line item.

它真的只是更有效率——銷售和營銷訂單項的效率更高。

The second piece of this, though, is really getting much more granular in looking at what efficiencies are certain ad buys actually delivering or what returns on ad spend.

不過，第二部分確實變得更加精細，可以查看某些廣告購買實際交付的效率或廣告支出的回報率。

And in those cases, if you find inefficient spend, it can be incremental, but it's just inefficient.

在那些情況下，如果你發現支出效率低下，它可以是增量的，但它只是效率低下。

And when you pull the efficiencies out and actually pull your bids down, there can be an impact on your room night growth.

當您提高效率並實際降低出價時，可能會對您的間夜增長產生影響。

And you can see some of that in our numbers, and I think that you could expect to see some of that going forward.

你可以在我們的數字中看到其中的一些，我認為你可以期待看到其中的一些向前發展。

But I think, again, we've developed a new capability here.

但我再次認為，我們在這裡開發了一項新功能。

I think it's going to be something that we will continue to build on and refine over time.

我認為這將是我們將隨著時間的推移繼續建立和完善的東西。

And our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自 Jed Kelly 和 Oppenheimer。

Just with the HomeAway, the deceleration in bookings, is that more self-inflicted on the marketing or competition from other players in the space?

就 HomeAway 而言，預訂量的下降更多是由於營銷本身造成的，還是來自該領域其他參與者的競爭？

And then on this morning's acquisition, do you expect to get more of that longer extended stays such as over 30 days?

然後在今天早上的收購中，您是否希望獲得更多的長期住宿，例如超過 30 天？

And do you intend to make that inventory exclusive to Expedia?

您打算讓該庫存專供 Expedia 使用嗎？

And how should be factor in the HomeAway's growth for next year?

明年 HomeAway 的增長應該如何考慮？

Yes.

是的。

I mean, the deceleration, as I said in my remarks, was largely in line with what we expected for their gross bookings growth, I think.

我的意思是，正如我在發言中所說，減速在很大程度上符合我們對其總預訂量增長的預期，我認為。

There are a few factors at play, one being that they are ramping -- excuse me, lapping over some of the -- the ramping up of their performance marketing that they did late last year.

有幾個因素在起作用，其中一個是他們正在加速——對不起，忽略了一些——他們去年年底所做的績效營銷的加速。

And just as they get further along that curve, the low-hanging fruit is more difficult to come by.

就在他們沿著這條曲線走得更遠時，唾手可得的果實更難獲得。

I think the other bit is they do continue to optimize just generally in the marketing area, and trying to make sure that they've got the right balance between returns on marketing spend and unit growth.

我認為另一方面是他們確實在營銷領域繼續進行總體優化，並試圖確保他們在營銷支出回報和單位增長之間取得適當的平衡。

So those are a couple of key factors.

所以這些是幾個關鍵因素。

In international, there are a couple of kind of nuanced factors.

在國際上，有一些微妙的因素。

One was that they had implemented some product enhancements in international markets last year that drove a bunch of gross bookings online, and they're comping over that.

其中之一是他們去年在國際市場上實施了一些產品改進，推動了大量在線預訂，他們正在努力解決這個問題。

They also have, in the not-too-distant past, migrated some of the international business on to the common platform.

在不久的將來，他們還將一些國際業務遷移到了通用平台上。

And typically, what happens when you see that is a bit of a disruption in current trends until the team can kind of optimize on the new platform and get things back to status quo.

通常情況下，當您看到當前趨勢有點中斷時會發生什麼，直到團隊可以在新平台上進行某種優化並將事情恢復原狀。

So those are some of the factors.

所以這些是一些因素。

But our -- the opportunity for HomeAway is quite big, and it's a long runway.

但是我們——HomeAway 的機會很大，而且跑道很長。

So we continue to expect them to grow at healthy rates for quite a while.

因此，我們繼續期望它們在相當長的一段時間內以健康的速度增長。

And Jed, just on the new acquisitions, so just to give a little more color, we're super excited about these 2 acquisitions that we made.

傑德，就新的收購而言，為了提供更多色彩，我們對我們進行的這兩項收購感到非常興奮。

Just great teams and really solid new platform capabilities that we've built.

只有優秀的團隊和我們構建的真正可靠的新平台功能。

And essentially, what these technologies do is allow apartment-type or multifamily owners and managers or communities, essentially, have a central way to manage all the alternative accommodations rental activity that's happening in the building and also allow them to rent out some of the hospitality suites that sometimes exist in these buildings, all in a way that can be tracked, and in a way that makes it quite easy for owners and managers to be compliant with whatever regulation is put in place over the years.

從本質上講，這些技術所做的是讓公寓類型或多戶家庭的業主和經理或社區，基本上，有一個集中的方式來管理建築物中發生的所有替代住宿租賃活動，並允許他們出租一些招待這些建築物中有時存在的套房，所有這些都可以進行跟踪，並且可以使所有者和管理人員很容易地遵守多年來製定的任何法規。

And certainly, that's a fast-moving area.

當然，這是一個快速發展的領域。

I wouldn't expect it to have any significant impact on length of stay or booking windows or really be a significant driver in the near term, 2019, of HomeAway booking volume.

我預計它不會對入住時間或預訂窗口產生任何重大影響，或者在 2019 年短期內真正成為 HomeAway 預訂量的重要推動力。

I think it's a -- these are foundational investments that's are going to build a platform on which that we can really start to build an urban business over time.

我認為這是一個 - 這些是基礎投資，將建立一個平台，我們可以在這個平台上隨著時間的推移真正開始建立城市業務。

But it is going to take some time.

但這需要一些時間。

And then in terms of exclusive or not, we haven't commented yet, I think.

然後關於獨家與否，我們還沒有發表評論，我想。

It's something that we'll look at over time.

隨著時間的推移，我們會看到這一點。

Generally, what we have seen, though, is that exclusivity in these markets has not been often a good thing, so I think we'll look at that very carefully.

不過，總的來說，我們所看到的是，這些市場的排他性通常不是一件好事，所以我認為我們會非常仔細地研究它。

And our next question comes from Lloyd Walmsley with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lloyd Walmsley。

I have 2, if I can.

如果可以的話，我有 2 個。

First, just on the direct marketing line, you saw another quarter of even better leverage.

首先，就在直接營銷線上，您看到了另外四分之一更好的槓桿作用。

Obviously, a lot of that is coming from HomeAway or at least, you're seeing a lot of EBITDA upside at HomeAway, a lot of leverage at trivago.

顯然，其中很多來自 HomeAway，或者至少，你在 HomeAway 看到了很多 EBITDA 上升空間，在 trivago 有很多槓桿作用。

So can you kind of give us a sense for how marketing efficiency trends are moving in the Core OTA business?

那麼，您能否讓我們了解一下核心 OTA 業務中營銷效率趨勢的變化情況？

And then secondly, I guess, going back to the focus markets for supply acquisition and localization, I think last quarter, you said you saw acceleration in bookings in terms of bookings and room nights stayed there.

其次，我想，回到供應獲取和本地化的重點市場，我想上個季度，你說你看到預訂和留宿方面的預訂加速。

Are you still seeing that in those markets?

你還在那些市場上看到這種情況嗎？

And then, is there anything else you can share around repeat behavior in those markets that can give us comfort the strategy is on track?

然後，關於這些市場中的重複行為，您還有什麼可以分享的，可以讓我們放心該戰略正在走上正軌嗎？

Lloyd, it's Alan.

勞埃德，是艾倫。

Yes, on your selling and marketing question, I think the color I would provide there is, obviously, it was a lot of leverage on the selling and marketing line in Q3.

是的，關於你的銷售和營銷問題，我想我會提供的顏色顯然是第三季度對銷售和營銷線的很大影響。

And as I said in my prepared remarks, the majority of that was driven by what you saw at trivago, so that's the largest single impact if you're thinking about direct selling and marketing relative to revenue growth.

正如我在準備好的發言中所說，其中大部分是由你在 trivago 上看到的東西驅動的，所以如果你考慮與收入增長相關的直銷和營銷，這是最大的單一影響。

The other 2 healthy contributors there were HomeAway and then the Core OTA business.

另外兩個健康的貢獻者是 HomeAway 和 Core OTA 業務。

And I'm not going to size them up specifically, but the contributions were in that order with the second-biggest help coming from the HomeAway business and then Core OTA in third.

我不打算具體衡量它們的大小，但貢獻是按順序排列的，第二大幫助來自 HomeAway 業務，然後是 Core OTA，排在第三位。

So those were the 3 components.

這就是 3 個組成部分。

And then, Lloyd, on the focus markets, what we saw was, essentially, after the step-up in growth rates from Q1 to Q2, we saw the markets sustain, essentially, the healthy growth rate that we saw.

然後，勞埃德，在重點市場上，我們看到的基本上是，在從第一季度到第二季度的增長率上升之後，我們看到市場基本上維持了我們看到的健康增長率。

And there was a mix between the markets.

市場之間存在混合。

Some of the markets did accelerate nicely.

一些市場確實加速了。

And I mentioned here, particularly in the domestic market, some of them were a little bit more challenged than others.

我在這裡提到，特別是在國內市場，其中一些比其他市場更具挑戰性。

In many cases because of things that were happening in the metasearch channel or other market-specific items, but we certainly have no question that this is the right direction.

在許多情況下是因為元搜索渠道或其他市場特定項目中發生的事情，但我們毫無疑問這是正確的方向。

And just as a reminder, we're doing this because we have seen very compelling evidence of a very high correlation between property coverage and repeat rate.

提醒一下，我們這樣做是因為我們已經看到非常有說服力的證據，證明財產覆蓋率和重複率之間存在非常高的相關性。

It's too early for us to give you any numbers in these particular markets.

我們現在為您提供這些特定市場的任何數字還為時過早。

It's always dependent on the actual travel cycle and repeat cycle of the customers that we're actually serving.

它始終取決於我們實際服務的客戶的實際旅行週期和重複週期。

But certainly, we have a long history of understanding this relationship, and we have no question that we will see stronger repeat rates as a result of this.

但可以肯定的是，我們對這種關係的理解由來已久，毫無疑問，我們會因此看到更高的重複率。

And our next question comes from Justin Post with Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

This is Akshay Bhatia, on for Justin.

我是賈斯汀的 Akshay Bhatia。

When we talk about the hotel supply investments, what is the time line to get these focus countries up to scale that you'd be happy with?

當我們談論酒店供應投資時，讓這些重點國家達到您滿意的規模的時間表是什麼時候？

And then, when should we expect you to move on to the next set of focus countries?

然後，我們應該期望您什麼時候轉移到下一組重點國家？

And will there be additional expense around that?

會不會有額外的費用？

Sure.

當然。

So we are going to launch another effort next year, in 2019.

因此，我們將在明年，即 2019 年發起另一項努力。

We did have a pretty big step-up this year, and so we're lapping over that.

今年我們確實取得了很大的進步，所以我們正在超越它。

And I wouldn't expect as big of a investment required in the next wave of markets.

而且我不希望在下一波市場中需要如此大的投資。

In a number of these markets, supply is not the biggest next thing to do.

在其中許多市場中，供應並不是接下來要做的最重要的事情。

It may be some sort of product enhancement or translation or some sort of marketing effort, and it really depends from market to market.

它可能是某種產品增強或翻譯或某種營銷努力，這實際上取決於市場與市場。

So we're going to continue to do this, but again, I wouldn't expect as large an investment as we saw in 2018.

所以我們將繼續這樣做，但同樣，我預計投資不會像 2018 年那樣大。

In terms of time line, it depends.

就時間線而言，這取決於。

I mean, generally, it depends upon how much inventory there is to acquire.

我的意思是，一般來說，這取決於要獲取多少庫存。

So in very large markets, it could make -- take 2 to 3 years.

因此，在非常大的市場中，它可能需要 2 到 3 年的時間。

In smaller markets where supply is less of a focus, we can get it done in 1. So it is really dependent as is all of the stuff on the specific market that we're focused on becoming locally relevant in.

在供應不太受關注的較小市場中，我們可以在 1 內完成。所以它真的取決於特定市場上的所有東西，我們專注於在其中變得與當地相關。

And our next question comes from Michael Olson with Piper Jaffray.

我們的下一個問題來自 Michael Olson 和 Piper Jaffray。

You have a lot of fish to fry with international inventory growth, and now you're just talking about an alternative accommodation growth.

隨著國際庫存的增長，你有很多魚可以炒，現在你只是在談論另一種住宿增長。

But how are you thinking about experiences and the potential area that could be an area of increased investment in 2019?

但是，您如何看待 2019 年可能增加投資的經驗和潛在領域？

And then second, Alan, I may have missed it, but you talked about trends for sales and marketing and G&A leverage or deleverage in Q4, but what about tech and content?

其次，艾倫，我可能錯過了，但你談到了第四季度的銷售和營銷趨勢以及 G&A 槓桿或去槓桿化，但技術和內容呢？

So activities is absolutely in the frying pan with all of the other fish.

因此，活動絕對是在與所有其他魚一起煎鍋中進行的。

We are pretty excited about the opportunity in activities.

我們對活動中的機會感到非常興奮。

We're not new to it.

我們並不陌生。

I gave you some numbers last quarter.

我上個季度給了你一些數字。

It's a big business.

這是一項大生意。

I think, obviously, mobile opens up a big opportunity.

我認為，顯然，移動帶來了巨大的機遇。

It has been one of those spaces as happens in this industry where suddenly, it has acquired or attracted a lot more attention and a lot more capital.

它一直是這個行業中發生的那些空間之一，突然間，它獲得或吸引了更多的關注和更多的資本。

So there's certainly much more competition in the space than there has been historically.

因此，該領域的競爭肯定比以往任何時候都多。

And there's a lot of pretty exciting players out there that are doing interesting things.

還有很多非常令人興奮的玩家正在做有趣的事情。

But for us, our focus is really about harnessing one of the big advantages that we have, which is we have an incredible install base of mobile applications, nearly 300 million across the portfolio.

但對我們來說，我們的重點實際上是利用我們擁有的一大優勢，那就是我們擁有令人難以置信的移動應用程序安裝基礎，整個產品組合中有近 3 億。

We have a multi-product offering, so we know where customers are going and can generally tell where they are.

我們提供多種產品，因此我們知道客戶要去哪裡，並且通常可以說出他們在哪裡。

And we will be working on building out our set of activities inventory, so that we can deliver the perfect activity to the perfect customer at the right time.

我們將致力於構建我們的活動清單集，以便我們能夠在正確的時間向完美的客戶提供完美的活動。

And that's the goal.

這就是目標。

And we'll be working on putting -- essentially, having execution follow that strategy over the course of the next several years, and we're pretty excited about the possibilities there.

我們將努力投入——本質上，在接下來的幾年裡讓執行遵循這一戰略，我們對那裡的可能性感到非常興奮。

And then, Mike, on your question on tech and content, I would just say a couple of things.

然後，邁克，關於你關於技術和內容的問題，我只想說幾件事。

One is that we are forecasting a bit of an increase in the pace of growth in tech and content in Q4.

一是我們預測第四季度技術和內容的增長速度會有所加快。

And just given the year-to-date impact plus that fact, you obviously would end up with meaningful deleverage in tech and content this year relative to revenue growth.

考慮到年初至今的影響加上這一事實，你顯然會在今年相對於收入增長在技術和內容方面實現有意義的去槓桿化。

Some of that is due to some of the investments that we've talked about over the course of the year.

其中一些是由於我們在這一年中談到的一些投資。

But just from a pure forecasting perspective, that's what we're expecting.

但僅從純粹的預測角度來看，這就是我們所期望的。

And our next question comes from Tom White with D.A. Davidson.

我們的下一個問題來自 Tom White 和 D.A.戴維森。

High-level one, you guys had another kind of nice quarter of year-over-year expansion of EBITDA margin in the Core OTA segment.

高級別的，你們在核心 OTA 領域有另一個 EBITDA 利潤率同比增長的好季度。

How should we think about direction of those margins for Core OTA kind of over the long term?

從長遠來看，我們應該如何考慮核心 OTA 的利潤率方向？

I realize there's a ton of puts and takes in there.

我意識到那裡有大量的投入和投入。

But can margins expand further from here over time?

但隨著時間的推移，利潤率能否進一步擴大？

Or in 5 years or so, are we kind of in the ballpark we're at now or lower?

或者在 5 年左右的時間裡，我們是處於現在還是更低的水平？

Yes.

是的。

As far as -- I would repeat some of the stuff I said earlier, which is we are not optimizing for margin.

至於——我會重複我之前說過的一些事情，那就是我們沒有針對保證金進行優化。

We've been pretty clear about that over time, and nothing has changed there.

隨著時間的推移，我們已經很清楚這一點，那裡沒有任何改變。

I think what's unique to 2018 and just the period that we're in is that we're finding this opportunity to eliminate marketing spend that's not incremental and/or that is highly inefficient.

我認為 2018 年和我們所處時期的獨特之處在於，我們正在尋找這個機會來消除非增量和/或效率極低的營銷支出。

And that's having a meaningful impact on the EBITDA margins for Core OTA.

這對核心 OTA 的 EBITDA 利潤率產生了重大影響。

I think our general model still exists, which is we want to get leverage on our fixed cost.

我認為我們的通用模型仍然存在，即我們希望利用我們的固定成本。

We think the business that we're in should allow for that.

我們認為我們所從事的業務應該允許這樣做。

And if we're effective at running the business, we should be able to see that leverage in fixed overhead cost.

如果我們有效地經營業務，我們應該能夠看到固定間接費用的影響力。

Selling and marketing, looking forward, we will eventually kind of get through the goodness of this period.

銷售和營銷，展望未來，我們最終會度過這段美好的時光。

And at that point, I would expect the relationship of selling and marketing to normalize to something closer to historical averages and/or revenue growth.

到那時，我預計銷售和營銷的關係會正常化，接近歷史平均水平和/或收入增長。

But it's a little hard to be specific on that particular line just because it's going to depend on the opportunities that are in front of us.

但是，僅僅因為這將取決於擺在我們面前的機會，就很難具體說明那條特定的路線。

We just need to make sure we're -- as long as there's returns on the selling and marketing in period or in the near term, then we're happy to continue spending there.

我們只需要確保我們——只要銷售和營銷在一段時間內或短期內有回報，那麼我們很樂意繼續在那裡消費。

And we're kind of optimizing there for global share gains at good returns.

我們正在優化那里以獲得良好回報的全球份額收益。

Our next question comes from Ron Josey with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Ron Josey。

Are you there, Ron?

你在嗎，羅恩？

Oh, yes.

哦是的。

Sorry about that.

對於那個很抱歉。

Can you hear me okay?

你能聽到我說話嗎？

Yes.

是的。

Yes.

是的。

Oh, perfect.

哦，完美。

Great.

偉大的。

So I just wanted to ask 2 questions.

所以我只想問2個問題。

I think, Mark, you talked a little bit about this with repeat rates on the new hotels out there.

我想，馬克，你談到了一些關於新酒店重複率的問題。

But I wanted to ask about just the language translation and how you see that sort of impacting results as we head in the year 2 and maybe where you are on that.

但我只想問一下語言翻譯，以及在我們進入第二年時你如何看待這種有影響的結果，也許你在這方面的進展如何。

And then also, as it relates to just lodging and HomeAway, pretty big step-up on HomeAway properties on Expedia getting to around 300,000.

然後，由於它僅與住宿和 HomeAway 相關，因此 Expedia 上的 HomeAway 物業數量大幅增加，達到 300,000 左右。

Is this enough -- is this like the right number of properties?

這夠了嗎——這就像正確數量的屬性嗎？

Or maybe you can start highlighting these more and more in the core Expedia product?

或者也許您可以開始在核心 Expedia 產品中越來越多地強調這些？

Sure.

當然。

Well, so language translation is just one of so many things that you've got to get right.

好吧，所以語言翻譯只是您必須做對的眾多事情之一。

And in many cases, it's not just about translating perfectly into the language but really starting to use local, more colloquial tone of voice, and that's, in many cases, where the nuance [is].

在許多情況下，這不僅僅是完美地翻譯成語言，而是真正開始使用當地的、更口語化的語氣，在許多情況下，這就是細微差別所在。

But again, it's just one piece of it.

但同樣，這只是其中的一部分。

You've got to have great marketing.

您必須進行出色的營銷。

You've got to have great landing pages and homepage content.

您必須擁有出色的著陸頁和主頁內容。

And you've got to have your geography systems right, some payment types right.

而且你必須有正確的地理系統，正確的一些支付類型。

And of course, you got to have translation in a format, or localized format, so it really feels like it's a local experience.

當然，你必須有一種格式的翻譯，或者本地化的格式，所以感覺真的像是一種本地體驗。

And we're going through each of these wave markets and just making sure that, that is the case.

我們正在研究這些波浪市場中的每一個，只是為了確保情況確實如此。

In terms of Away properties, yes, I think we're up to 300,000 Away properties on really the Core OTA brands right now.

就 Away 屬性而言，是的，我認為我們現在在核心 OTA 品牌上擁有多達 300,000 個 Away 屬性。

I think they are being highlighted.

我認為他們正在被強調。

In many cases, it's really getting a lot smarter, although it's a muscle we're building around identifying those use cases where this type of inventory is highly valuable.

在許多情況下，它確實變得更加智能，儘管我們正在圍繞識別此類庫存非常有價值的那些用例來構建它。

Some obvious ones are large groups.

一些明顯的是大群體。

We can present them with a large house, any sort of alternative accommodation in a period where there's high compression in terms of low availability for traditional lodging categories, for example.

例如，在傳統住宿類別可用性低的情況下，我們可以為他們提供一棟大房子，任何類型的替代住宿。

But again, it's still relatively early.

但同樣，現在還比較早。

And if you think about just the overall opportunity, it's significant.

如果你只考慮整體機會，那就很重要。

But 300,000 properties, if you compare it to the 1.8 million that HomeAway has or some of the larger numbers that we've heard our competitors talk about and you compare that number of units to the competitor or HomeAway's units compared to the gross booking opportunity, we're very much in the early stages here.

但是 300,000 個房產，如果你將它與 HomeAway 擁有的 180 萬個或我們聽到競爭對手談論的一些更大的數字進行比較，並且你將這個單元數與競爭對手或 HomeAway 的單元數與總預訂機會進行比較，我們還處於早期階段。

That makes a lot of sense.

這很有意義。

And Mark, just as a quick follow-up.

馬克，作為快速跟進。

On the language translation, you talked about all those things that you needed to get right for it to work.

在語言翻譯方面，您談到了使其正常工作所需的所有內容。

Is this more of a wave 2, phase 2 event?

這更像是第 2 波第 2 階段事件嗎？

Or I'm just curious where you are.

或者我只是好奇你在哪裡。

No, I mean, we're -- yes, we're -- we are doing it in the waves as we go.

不，我的意思是，我們 - 是的，我們 - 我們在前進的過程中正在做這件事。

So it just completely -- it's part of a formula.

所以它完全 - 它是公式的一部分。

And we're doing it in the wave 1 countries right now, and we'll move on and do it in the wave 2 countries.

我們現在正在第 1 波國家/地區這樣做，我們將繼續在第 2 波國家/地區這樣做。

And our next question comes from Eric Sheridan with UBS.

我們的下一個問題來自瑞銀集團的 Eric Sheridan。

Maybe to step back and have a bigger-picture question.

也許退後一步，提出一個更宏觀的問題。

I think the #1 issue we get from investors is sort of the way the travel funnel and the travel industry is sort of evolving.

我認為我們從投資者那裡得到的第一大問題是旅遊漏斗和旅遊業的發展方式。

When you think out, Mark, over the next couple of years at the product innovation you're seeing from Google, the intent from some of your hotel partners to get more direct traffic, your desire to get more direct traffic, shared accommodations, what are some of the investments you're making?

馬克，當你想到未來幾年你從谷歌看到的產品創新，你的一些酒店合作夥伴想要獲得更多直接流量的意圖，你想要獲得更多直接流量的願望，共享住宿，什麼您正在進行的一些投資是什麼？

And how should investors think about the output of growth and share as you're looking out multiple years?

展望未來幾年，投資者應該如何考慮增長和份額的產出？

Because I think that's the big investor debate right now on the group.

因為我認為這是目前關於該集團的大型投資者辯論。

Yes.

是的。

Well, I think, first of all, we think that the overall opportunity we're -- we were moving into remains very significant.

好吧，我認為，首先，我們認為我們正在進入的整體機會仍然非常重要。

You continue to have a massive industry.

你繼續擁有一個龐大的產業。

You've got offline-to-online trends.

你有線下到線上的趨勢。

And yes, we hear, "Oh, is this industry fully penetrated?" The answer to that is not even close.

是的，我們聽到，“哦，這個行業已經完全滲透了嗎？”答案甚至還差得遠。

I mean, if you look at where we are in the U.S., it's, call it, high 40s, 50% online penetration.

我的意思是，如果你看看我們在美國的位置，可以稱之為 40 多歲，50% 的在線滲透率。

It steps down from there the further you move away from, call it, Manhattan.

你離它越遠，它就從那裡向下走，稱之為曼哈頓。

And if you compare that with our corporate travel business, Egencia, where you're in an environment where everyone has a device, everyone has broadband access, online penetration there is anywhere, depending on the client, high 80s or 90s.

如果將其與我們的企業旅行業務 Egencia 進行比較，在 Egencia 的環境中，每個人都有設備，每個人都有寬帶接入，在線普及率無處不在，具體取決於客戶、80 後或 90 後。

Because the reality is that as long as the experience is good, people don't really want to talk to a human.

因為現實情況是，只要體驗良好，人們就不會真的想與人交談。

So we think that the offline-to-online opportunity is significant.

因此，我們認為線下到線上的機會非常重要。

And where we are investing to make sure that we continue to be the place where people go to for travel is in all of the places that you've heard us talk about.

我們正在投資以確保我們繼續成為人們旅行的地方，在您聽到我們談論的所有地方。

We continue to have a huge opportunity from the geographic expansion standpoint.

從地域擴張的角度來看，我們繼續擁有巨大的機會。

And just, again, to give you a sense of that, if you look at the number of alternative accommodations we've got and compare that to any of the huge numbers that the alternative accommodations competitors have mentioned, we just got a ton of room to go to put those properties on our platform.

再一次，為了讓您了解這一點，如果您查看我們提供的替代住宿的數量，並將其與替代住宿競爭對手提到的任何大量數字進行比較，我們就有大量的空間去把這些屬性放在我們的平台上。

And by the way, they're already getting bookings.

順便說一下，他們已經開始接受預訂了。

It's already online.

它已經在線了。

We just have to add them.

我們只需要添加它們。

And that's just alternative accommodations.

那隻是替代住宿。

In the hotel space, we've also got significant opportunity.

在酒店領域，我們也有重要的機會。

So geographic expansion is certainly one.

所以地理擴張當然是其中之一。

We sit on an incredible amount of data, and we've been working very hard on making sure that we are using that data to our full advantage, getting much more able to actually provide much more personalized results real-time, on the fly, through a lot of the work we've been doing in the machine learning and AI space.

我們擁有大量的數據，我們一直在非常努力地確保我們充分利用這些數據，從而更有能力實時、即時地提供更加個性化的結果，通過我們在機器學習和人工智能領域所做的大量工作。

We've been investing in voice, and we just launched a new application with Google, essentially, to allow us to answer questions and make bookings on Google Assistant, making sure that wherever customers are, however they want to interact, we're part of that.

我們一直在投資語音，我們剛剛與穀歌推出了一個新的應用程序，基本上，讓我們能夠回答問題並在谷歌智能助理上進行預訂，確保無論客戶身在何處，無論他們想如何互動，我們都是其中的一部分那個。

We've been investing in all of the chatbot technology and are currently [inaudible], some countries in Asia doing significant volume through our chatbots on Line and other applications.

我們一直在投資所有聊天機器人技術，目前 [聽不清]，亞洲一些國家/地區通過我們的在線聊天機器人和其他應用程序進行大量交易。

So we are staying at the forefront of this industry.

所以我們一直站在這個行業的最前沿。

We think the opportunity is very significant.

我們認為這個機會非常重要。

We watch very closely what others are doing in the industry, and we make sure that we're trying to ensure that we are 1 step ahead.

我們非常密切地關注業內其他人在做什麼，我們確保我們正在努力確保我們領先一步。

And we think that's going to be a growth formula for us that can sustain us for a very, very long time to come.

我們認為這將成為我們的增長公式，可以在未來非常非常長的時間內維持我們的發展。

And our next question comes from Mark May with Citi.

我們的下一個問題來自花旗銀行的馬克·梅。

Apologize if this has been asked already.

如果已經有人問過，請道歉。

But in terms of marketing and how you're thinking about the intensity of marketing going forward, it seems that there's the potential for the market dynamics to -- competitive dynamics to potentially get a little bit more competitive out there.

但就營銷以及你如何思考未來營銷的強度而言，市場動態似乎有可能——競爭動態可能會變得更具競爭力。

Plus, on top of that, you guys are strategically focusing on some international markets and now beginning to lean in there.

另外，最重要的是，你們在戰略上專注於一些國際市場，現在開始向那裡靠攏。

Just looking at it as a whole, should we be expecting maybe a bit more intensity on the marketing front going forward?

從整體上看，我們是否應該期待未來營銷方面的力度會更大一些？

Yes, I -- it's hard to say at this point.

是的，我——在這一點上很難說。

I think, certainly, we have gotten much more sophisticated in understanding specifically what we're getting for our marketing dollars.

我認為，當然，我們在理解我們的營銷資金得到什麼方面變得更加複雜。

And it feels like our other major competitor has done the same.

感覺我們的其他主要競爭對手也做了同樣的事情。

So there has been, I think, a shift in context here that I think could continue for a long time to come.

因此，我認為這裡的背景發生了變化，我認為這種變化可能會持續很長時間。

I think Alan made some comments around international markets that I think are important to keep in mind.

我認為 Alan 就國際市場發表了一些評論，我認為這些評論很重要，需要牢記在心。

But this is not expansion of international -- into international markets with irrational or exuberant or poorly returning marketing spend.

但這不是國際擴張——以非理性、旺盛或回報不佳的營銷支出進入國際市場。

This is us applying the same disciplined approach into essentially new auctions that exist in metasearch channels or other performance marketing channels that, in the first early days of the market, can produce marketing deleverage because those markets are less efficient overall than our core markets.

這是我們將相同的紀律方法應用於元搜索渠道或其他績效營銷渠道中存在的本質上新的拍賣，在市場的最初幾天，可以產生營銷去槓桿化，因為這些市場的整體效率低於我們的核心市場。

But over time, they get more efficient over time as well.

但隨著時間的推移，它們也會變得更有效率。

So I think, for us, as we push internationally, you may see optically some pressure on that line item, but it's really just a mix shift issue.

所以我認為，對於我們來說，當我們在國際上推進時，你可能會看到該項目的光學壓力，但這實際上只是一個混合轉變問題。

And the cohorts underneath continued to perform very well.

而下面的同夥繼續表現非常好。

So listen, I'm hopeful that we're in a world where the level of sophistication that we have just allows for there to be a new normal.

所以聽著，我希望我們處在一個我們所擁有的複雜程度允許出現新常態的世界。

And we're just focused on international expansion in a very responsible way that produces solid returns on our advertising spend.

我們只是專注於以一種非常負責任的方式進行國際擴張，從而為我們的廣告支出帶來可觀的回報。

And our next question comes from Brian Fitzgerald with Jefferies.

我們的下一個問題來自 Jefferies 的 Brian Fitzgerald。

In terms of the headcount that you're -- that you've added to address the hotel supply effort, can you give us some color on the dynamics you're seeing there in terms of productivity as you onboard new hires?

就您為解決酒店供應工作而增加的員工人數而言，您能否給我們一些關於您在新員工入職時在生產力方面看到的動態的顏色？

Is there any limitation on the gains that you're yielding out of that productivity effort?

您從這種生產力努力中獲得的收益是否有任何限制？

And maybe will that change as you have to add new heads into further supply expansion next year in new geographies?

也許這種情況會改變，因為明年您必須在新的地區增加新的負責人以進一步擴大供應？

Sure.

當然。

So we did hire up a significant amount of new heads.

所以我們確實聘請了大量新負責人。

I think we talked about investment levels in the range of $50 million or so.

我想我們談到了 5000 萬美元左右的投資水平。

We're pleased with the productivity so far.

我們對目前的生產力感到滿意。

It does take individuals a while to ramp up.

個人確實需要一段時間才能提高。

But once they ramp up, we've got a pretty good formula of getting them up and productive.

但是一旦他們開始成長，我們就有了一個很好的方法來讓他們成長起來並提高生產力。

Importantly, though, something that Alan mentioned is we've been also investing in our technical systems to actually help with the automation of a lot of the activity and really trying to drive much more productivity amongst this team and also looking at ways where we can significantly reduce the amount of human intervention that has to happen to either onboard a property or to actually manage a property going forward.

不過，重要的是，Alan 提到的一點是，我們也一直在投資我們的技術系統，以實際幫助實現許多活動的自動化，並真正努力提高這個團隊的生產力，並尋找我們可以的方法顯著減少在船上或實際管理財產時必鬚髮生的人為乾預量。

So it's something that we're very focused on.

所以這是我們非常關注的事情。

Those investments that we made in automation, along with the headcount, as Alan said, are -- they are a pressure on Q4 profitability simply because we didn't have those investments in Q4.

正如艾倫所說，我們在自動化方面所做的那些投資以及員工人數是 - 它們對第四季度的盈利能力構成壓力，僅僅是因為我們在第四季度沒有這些投資。

And as it relates to the technology investments, Q4 can be a seasonally low capitalization rate, so can have artificial pressure as well.

由於涉及技術投資，第四季度的資本化率可能處於季節性低位，因此也可能存在人為壓力。

So I just wanted to highlight that for you as well.

所以我也想為你強調這一點。

But really is, we are very much focused on productivity.

但實際上，我們非常關註生產力。

And a lot of the things that we've learned as we've added new heads and we've invested more in automation are things that are going to help propel us to better and better efficiency as we roll this out around the world in wave 2 and beyond.

隨著我們增加新的負責人以及我們在自動化方面投入更多，我們學到的很多東西將有助於推動我們在世界範圍內推廣這一浪潮時提高效率2及以上。

Our next question comes from Robert Coolbrith with Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Robert Coolbrith。

On the revised cloud guidance for '18, just wondering if you could talk a little bit about what's helped you come in under the initial guide on the hotel stack migration.

關於 18 年修訂後的雲指南，我想知道您是否可以談談在酒店堆棧遷移的初始指南下是什麼幫助了您。

And then on air, probably more computationally intensive, a bit less seasonal than hotel, is that migration more about performance and cost savings relative to the hotel migration?

然後在廣播中，可能計算量更大，季節性比酒店更小，與酒店遷移相比，這種遷移是否更多地涉及性能和成本節約？

And is there anything about that migration that makes you a little more conservative as you approach the cost guide for 2019?

當您接近 2019 年的成本指南時，這種遷移有什麼讓您變得更加保守的嗎？

I also just wanted to check on Egencia.

我也只是想檢查 Egencia。

It looked like a little bit of a slowdown in revenue there.

那裡的收入看起來有點放緩。

Just wondering if you can give us an update, anything to call out there.

只是想知道您是否可以向我們提供最新情況，有什麼可以說的。

Yes.

是的。

Great, Rob.

太好了，羅伯。

This is Alan.

這是艾倫。

So on the cloud spend, there's 2 main factors there at the moment.

因此，在雲支出方面，目前有兩個主要因素。

One is just the amount of compute that we move into the cloud, and that is largely in our control.

一個是我們轉移到雲中的計算量，這在很大程度上由我們控制。

So we, obviously, are trying to do this in a measured way.

所以，很明顯，我們正在嘗試以一種有節制的方式來做到這一點。

We're trying to make sure that we test and learn, that we offer our customers a seamless experience.

我們正在努力確保我們測試和學習，我們為我們的客戶提供無縫體驗。

And that's been part of that process all along, and that can lead to situations where you have either more than or less than the amount of compute moved over than you initially expected in a given period.

這一直是該過程的一部分，這可能會導致您在給定時期內移動的計算量多於或少於您最初預期的計算量。

The second component, which we have undertaken in 2018, has been key efforts just to make sure that we're being as efficient as we can be.

我們在 2018 年進行的第二個組成部分是確保我們盡可能高效的關鍵努力。

And I won't go into the nitty-gritty details here, but you can imagine that as you're moving compute into the cloud, there are things you can do to make sure that you're not leaving compute or code in the cloud that's not necessary, that if you're spinning up the instances that you need in the cloud, that you're taking them back down again when they're no longer needed and trying to make sure that you just have good processes in place.

我不會在這裡深入細節，但你可以想像，當你將計算轉移到雲中時，你可以做一些事情來確保你不會將計算或代碼留在雲中這不是必需的，如果你在雲中啟動你需要的實例，當它們不再需要時你會再次將它們取回並試圖確保你有良好的流程。

And that has been a component this year as well.

這也是今年的一個組成部分。

But as long as you're doing that well, then really, the question is just about how much compute do you have in the cloud.

但只要你做得很好，那麼實際上，問題就是你在雲中有多少計算能力。

And we'll -- the numbers I gave you for this year and for next year are based on our current estimates of how much of the compute will move into the cloud.

我們將——我給你的今年和明年的數字是基於我們目前對有多少計算將轉移到雲端的估計。

I don't have a lot of information for you to think about it in terms of like the air stack versus the hotel stack.

我沒有太多信息供您考慮，比如空氣堆棧與酒店堆棧。

I mean, ultimately, we plan to move the vast majority of the compute into the cloud, and there will be both operational and customer benefits across all of the products.

我的意思是，最終，我們計劃將絕大部分計算轉移到雲端，所有產品都將在運營和客戶方面受益。

But the cost savings that we'll compute and kind of, to the extent, share externally, I wouldn't expect them to be product by product.

但是，我們將計算並在某種程度上與外部共享的成本節約，我不希望它們是逐個產品的。

We'll look at that on an all-in basis.

我們將全面考慮這一點。

As far as Egencia is concerned, no, there's nothing I would point out there that's a big story.

就 Egencia 而言，不，沒有什麼我想指出的是一個大故事。

There's likely some FX impact this quarter that wasn't there last quarter.

本季度可能會產生一些上季度沒有的外匯影響。

We -- it can be a little bit choppy in terms of the growth because it depends -- their top line growth depends on a combination of the business that they're selling, the business that they're implementing and then the share of wallet that they're getting from their customers.

我們——在增長方面可能有點起伏不定，因為這取決於——他們的收入增長取決於他們銷售的業務、他們正在實施的業務以及錢包份額的結合他們從客戶那裡得到的。

And all of those play into the growth rate quarter-to-quarter.

所有這些都影響了季度增長率。

I would just remind you that even with the top line growth rates that we posted for Q3, it's well in excess of what you would expect to see the travel industry growing at.

我只想提醒您，即使我們發布的第三季度的最高增長率，也遠遠超過您對旅遊業增長的預期。

So no big story there.

所以那裡沒有什麼大故事。

I think you'll just see that ebb and flow from time to time.

我想你會不時地看到潮起潮落。

And our next question comes from Michael Millman with Millman Research Associates.

我們的下一個問題來自 Millman Research Associates 的 Michael Millman。

Touching or tailoring this discussion, I guess, on disruptive technology, is it possible to break out the impact on the volume of sales and marketing and the cost of sales and marketing?

觸摸或剪裁這個討論，我猜想，關於顛覆性技術，是否有可能打破對銷售和營銷數量以及銷售和營銷成本的影響？

And secondly, are the obvious names in the industry all at the same place or there's some leaders and -- well, [close] some leaders?

其次，行業中明顯的名字是否都在同一個地方，或者有一些領導者 - 嗯，[關閉] 一些領導者？

And Mike, sorry, on the volume and cost of marketing, are you thinking about it in terms of the various marketing channels out there?

邁克，抱歉，關於營銷的數量和成本，你是否考慮過各種營銷渠道？

No, I was thinking in terms of your total sales and marketing and the...

不，我在考慮你的總銷售和營銷以及......

Right.

正確的。

And breaking it out by marketing channel or?

並通過營銷渠道或？

No, just -- well, if you could do that, the more detail, the better.

不，只是——好吧，如果你能做到，越詳細越好。

But that wasn't -- I was more looking at it from 30,000 feet and in terms of what your total sales and marketing might become over time as this disruptive technology becomes better and more in place.

但那不是——我更多地是從 30,000 英尺的高度觀察它，隨著這種顛覆性技術變得更好和更到位，隨著時間的推移，你的總銷售和營銷可能會變成什麼樣。

Got it.

知道了。

Got it.

知道了。

Well, I think, first of all, I think sales and marketing is always going to be a big part of our business.

好吧，我認為，首先，我認為銷售和營銷始終是我們業務的重要組成部分。

The industry remains massive, $1.6 trillion, and we're single digits of it.

這個行業仍然龐大，1.6 萬億美元，而我們只是其中的個位數。

So we really do have a significant opportunity to expand.

所以我們確實有一個重要的擴張機會。

And part of having an amazing service like we do is being able to tell customers all about it.

像我們這樣提供出色服務的一部分就是能夠將所有相關信息告訴客戶。

Now I do think that our increased sophistication in sales and marketing will allow us to do that more efficiently over time.

現在我確實認為，我們在銷售和營銷方面的日益成熟將使我們能夠隨著時間的推移更有效地做到這一點。

I think that our focus on customer centricity and really building products that customers love to come back to and love to tell their friends about will help our marketing productivity and efficiency improve over time.

我認為，我們專注於以客戶為中心並真正打造客戶喜歡回來並喜歡告訴他們的朋友的產品將有助於我們的營銷生產力和效率隨著時間的推移而提高。

I think mobile app and the investments we're making in mobile app will help as well.

我認為移動應用程序和我們在移動應用程序方面的投資也會有所幫助。

So I think there is a lot of opportunity for us to spend sales and marketing long into the future.

所以我認為我們有很多機會在未來很長一段時間內進行銷售和營銷。

But I do think on the margin, we should be able to get more efficient as we grow.

但我確實認為，隨著我們的成長，我們應該能夠提高效率。

And certainly, that's a big focus for us.

當然，這對我們來說是一個重點。

And we have no further questioners in the queue at this time.

目前隊列中沒有其他提問者。

I would now like to turn the conference over to Mark Okerstrom, President and CEO, for closing remarks.

我現在想將會議轉交給總裁兼首席執行官 Mark Okerstrom 作閉幕詞。

Great.

偉大的。

Well, I want to thank everyone again for listening today.

嗯，我想再次感謝大家今天的收聽。

And obviously, a big thank you to the entire Expedia Group team for another solid quarter of progress.

顯然，非常感謝整個 Expedia Group 團隊又取得了穩固的進展。

Let's end the year strong.

讓我們堅強地結束這一年。

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

有了這個，我會把它轉回給接線員。

Ladies and gentlemen, this concludes today's conference.

女士們，先生們，今天的會議到此結束。

You may now disconnect.

您現在可以斷開連接。