Expedia Group Inc (EXPE) 2018 Q4 法說會逐字稿

Good day, and welcome to the Expedia Group Q4 2018 Earnings Conference Call.

美好的一天，歡迎來到 Expedia Group 2018 年第四季度收益電話會議。

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 Mr. 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 先生。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and welcome to Expedia Group's financial results conference call for the fourth quarter and full year ended December 31, 2018.

下午好，歡迎參加 Expedia Group 截至 2018 年 12 月 31 日的第四季度和全年財務業績電話會議。

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, February 7, 2019 only.

以下討論（包括對您問題的回答）反映了管理層截至今天（即 2019 年 2 月 7 日）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, 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 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，了解有關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 excludes 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.

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，因為我們無法在不付出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 were pleased with our overall financial performance for 2018.

我們對 2018 年的整體財務表現感到滿意。

Not only did we deliver excellent financial results that exceeded our expectations, but we also moved into execution mode on the transformational strategy that we laid out at the beginning of the year.

我們不僅取得了超出預期的出色財務業績，而且我們還進入了年初制定的轉型戰略的執行模式。

As part of that strategy, we articulated 3 key themes: being locally relevant on a global basis, being customer-centric and speeding up the pace of execution and innovation across our platform.

作為該戰略的一部分，我們闡明了 3 個關鍵主題：在全球範圍內與當地相關、以客戶為中心以及加快整個平台的執行和創新步伐。

We entered 2019 with solid operational and financial momentum and an organization more focused and aligned than ever before.

進入 2019 年，我們的運營和財務勢頭強勁，組織比以往任何時候都更加專注和一致。

I'm truly excited about the opportunities ahead as we have only just begun harnessing the true power and potential of our platform.

我對未來的機會感到非常興奮，因為我們才剛剛開始利用我們平台的真正力量和潛力。

For 2018, full year gross bookings grew 13%, reaching nearly $100 billion.

2018 年全年總預訂量增長 13%，達到近 1000 億美元。

We increased stayed room nights 13% and revenue was up 12%.

我們的入住間夜數增加了 13%，收入增加了 12%。

Our solid execution on marketing optimization led to even faster profit growth, with adjusted EBITDA increasing 15% and adjusted earnings per share up 35%.

我們在營銷優化方面的紮實執行帶來了更快的利潤增長，調整後的 EBITDA 增長了 15%，調整後的每股收益增長了 35%。

We delivered these results while at the same time making strategic investments in several key initiatives, including our cloud migration and accelerated pace of supply acquisition.

我們取得了這些成果，同時對幾個關鍵計劃進行了戰略投資，包括我們的雲遷移和加快供應採購步伐。

On that note, our team added approximately 200,000 new properties to our core lodging platform in 2018, roughly double the amount added in 2017.

在這一點上，我們的團隊在 2018 年為我們的核心住宿平台增加了大約 200,000 家新酒店，大約是 2017 年增加數量的兩倍。

We ended the year with over 1 million total properties, including over 370,000 HomeAway listings now integrated into our core platform.

到年底，我們擁有超過 100 萬處房產，其中包括超過 370,000 處 HomeAway 房源，現已整合到我們的核心平台中。

We continue to make solid progress on our priority markets.

我們繼續在我們的優先市場上取得穩步進展。

While we still have more work to do both on the supply and product side to be truly locally relevant for customers in these markets, we saw positive signs as we moved through the year.

雖然我們在供應和產品方面仍有更多工作要做，才能真正與這些市場的客戶在當地相關，但我們在這一年中看到了積極的跡象。

We expect to build on that momentum as we head into 2019, and we remain confident that as we drive deeper supply coverage, deliver a more locally relevant product and layer in brand and other marketing efforts to increase awareness, we can accelerate both the top and bottom line growth in these markets over a multiyear period.

我們希望在進入 2019 年時繼續保持這種勢頭，並且我們仍然有信心，隨著我們推動更深層次的供應覆蓋，提供更具本地相關性的產品和品牌層以及其他營銷努力以提高知名度，我們可以加速頂級和這些市場在多年期間的底線增長。

This focused market approach is now our standard international expansion strategy, and we plan to continue investing in the normal course of business.

這種專注於市場的方法現在是我們的標準國際擴張戰略，我們計劃繼續投資於正常的業務過程。

HomeAway posted healthy financial results for the full year, with revenue increasing 29% and adjusted EBITDA up a robust 43%.

HomeAway 公佈了全年穩健的財務業績，收入增長 29%，調整後的 EBITDA 強勁增長 43%。

Total online bookable listings increased 24% in 2018 to over 1.8 million, including over 1 million instantly bookable listings, which we think will provide a nice boost to conversion over time.

在線可預訂房源總數在 2018 年增長了 24%，超過 180 萬個，其中包括超過 100 萬個即時可預訂房源，我們認為隨著時間的推移，這將極大地促進轉化。

Given the attractive growth prospects, we plan to keep investing significantly in this business in 2019.

鑑於誘人的增長前景，我們計劃在 2019 年繼續對該業務進行大量投資。

That includes additional performance and brand marketing for HomeAway and VRBO as well as laying the groundwork to pursue the significant urban and international opportunities that we believe can unlock the next leg of growth for the business.

這包括 HomeAway 和 VRBO 的額外業績和品牌營銷，以及為追求重要的城市和國際機會奠定基礎，我們認為這些機會可以為業務的下一階段增長打開大門。

We remain focused on positioning HomeAway and Expedia Group to capitalize on the significant long-term opportunity in the alternative accommodations space, and we believe we have a long runway of healthy top and bottom line growth ahead.

我們仍然專注於 HomeAway 和 Expedia Group 的定位，以利用另類住宿領域的重要長期機​​會，我們相信我們在未來的收入和利潤增長方面有很長的路要走。

Egencia delivered solid results in 2018, growing gross bookings 14%, revenue 16% and adjusted EBITDA 13%.

易信達在 2018 年取得了穩健的業績，總預訂量增長了 14%，收入增長了 16%，調整後的 EBITDA 增長了 13%。

The sales team continues to sign new business at a healthy pace, and we're investing in customer service and product to further differentiate Egencia's offering.

銷售團隊繼續以健康的速度簽署新業務，我們正在投資於客戶服務和產品，以進一步區分 Egencia 的產品。

We're optimistic we can continue to take share in the managed corporate travel space while delivering attractive profit growth over the long term.

我們樂觀地認為，我們可以繼續在託管商務差旅領域佔據份額，同時實現有吸引力的長期利潤增長。

trivago is making nice progress on adjusting its strategic focus, posting strong profits for the second consecutive quarter.

trivago 在調整其戰略重心方面取得了不錯的進展，連續第二個季度實現強勁利潤。

The team is executing well on its shift to better balance revenue and profit growth.

該團隊在轉變以更好地平衡收入和利潤增長方面表現良好。

And as outlined on their call yesterday, we expect trivago to carry its operating momentum into 2019.

正如他們昨天在電話會議上概述的那樣，我們預計 trivago 將在 2019 年保持其運營勢頭。

Overall, our team achieved a lot in 2018, making solid progress on our transformation while delivering excellent results.

總體而言，2018年我們的團隊收穫頗豐，轉型紮實推進，成績斐然。

I'm impressed with the high level of execution we exhibited across the company, and I'm optimistic we can carry that into 2019 and beyond.

我對我們在整個公司展示的高水平執行力印象深刻，我樂觀地認為我們可以將其延續到 2019 年及以後。

The travel market is as competitive and as dynamic as ever, but the opportunity is large.

旅遊市場一如既往地充滿競爭和活力，但機會也很大。

And we're confident that by continuing to execute our strategy, we can deliver exceptional products and services to our customers and create value for our partners, resulting in share gains, healthy growth and attractive returns for our shareholders for a long time to come.

我們相信，通過繼續執行我們的戰略，我們可以為我們的客戶提供卓越的產品和服務，並為我們的合作夥伴創造價值，從而在未來很長一段時間內為我們的股東帶來份額收益、健康增長和有吸引力的回報。

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 finished the year with another strong quarter, growing gross bookings 11%, revenue 10% and adjusted EBITDA, 17%.

我們以另一個強勁的季度結束了這一年，總預訂量增長了 11%，收入增長了 10%，調整後的 EBITDA 增長了 17%。

Total lodging revenue grew 10% on stayed room night growth of 11%.

總住宿收入增長 10%，入住間夜增長 11%。

Across our core OTA segment, growth in both lodging revenue and stayed room nights were essentially in line with Q3 as we continued to execute on appropriately balancing healthy, quality top line growth with profitability.

在我們的核心 OTA 細分市場中，住宿收入和入住間夜的增長與第三季度基本一致，因為我們繼續在健康、優質的收入增長與盈利能力之間取得適當的平衡。

When analyzing room night growth, keep in mind that our focused international strategy involves building supply depth in key markets by pushing into secondary and tertiary destinations.

在分析間夜增長時，請記住，我們的重點國際戰略涉及通過進軍二級和三級目的地來建立關鍵市場的供應深度。

As a result, we're adding smaller properties than we historically have, and alternative accommodations are a growing portion of our overall property mix.

因此，我們正在增加比以往更小的房產，而替代住宿在我們的整體房產組合中所佔的比例越來越大。

We expect that pattern to continue going forward, and therefore expect room night growth to be less correlated with property growth than in the past.

我們預計這種模式將繼續向前發展，因此預計間夜增長與房地產增長的相關性將低於過去。

Based on what we've seen, we believe the increasing depth and breadth of our supply will drive better conversion and higher customer repeat rates, leading to improved marketing efficiency over time.

根據我們所看到的，我們相信我們供應的深度和廣度的增加將推動更好的轉化率和更高的客戶重複率，從而隨著時間的推移提高營銷效率。

At HomeAway, gross bookings growth moderated to 15%.

在 HomeAway，總預訂量增長放緩至 15%。

The deceleration was primarily due to slower international trends, headwinds in SEO and ADR growth continuing to normalize.

減速主要是由於國際趨勢放緩、SEO 和 ADR 增長持續正常化的逆風。

HomeAway's revenue and stayed room nights each increased 20%.

HomeAway 的收入和入住間夜數各增長了 20%。

Total advertising and media revenue increased 9% for the quarter.

本季度廣告和媒體總收入增長 9%。

Our Media Solutions business continued to perform well, growing 28% in Q4, partially offset by declines at trivago.

我們的媒體解決方案業務繼續表現良好，第四季度增長 28%，部分被 trivago 的下滑所抵消。

Air revenue grew 18%, with tickets sold increasing 10% and revenue per ticket up 7%.

航空收入增長了 18%，售出的機票增長了 10%，每張機票的收入增長了 7%。

We saw solid contributions from Brand Expedia and Egencia as well as some benefit from Expedia Partner Solutions' new partnership with Chase Ultimate Rewards.

我們看到了 Brand Expedia 和 Egencia 的堅實貢獻，以及 Expedia Partner Solutions 與 Chase Ultimate Rewards 的新合作夥伴關係帶來的一些好處。

Similar to the prior few quarters, air revenue also included a modest benefit from the reclassification of distribution fees from contra revenue to cost of revenue.

與前幾個季度類似，航空收入還包括將分銷費用從對沖收入重新分類為收入成本帶來的適度收益。

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

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

We continue to drive leverage in the overall P&L, delivering over 100 basis points of year-over-year adjusted EBITDA margin expansion in Q4.

我們繼續提高整體損益的槓桿率，第四季度調整後的 EBITDA 利潤率同比增長超過 100 個基點。

In the quarter, cost of revenue grew slightly slower than revenue.

本季度，收入成本增長略低於收入增長。

That includes continued impact from our cloud migration and the accounting change related to the reclassification of air distribution fees, which combined, contributed over 300 basis points to cost of revenue growth.

這包括我們的雲遷移帶來的持續影響以及與空氣分配費用重新分類相關的會計變更，它們加起來為收入增長成本貢獻了 300 多個基點。

Total selling and marketing and direct selling and marketing expenses each increased 7%.

銷售和營銷總額以及直銷和營銷費用各增長 7%。

Leverage on direct expenses was largely driven by the ongoing marketing rationalization efforts at trivago.

直接費用的槓桿作用主要是由 trivago 正在進行的營銷合理化工作推動的。

Excluding trivago, direct selling and marketing expenses grew 14%.

不包括 trivago，直銷和營銷費用增長了 14%。

That was faster than the past few quarters due to increased spending at HomeAway and higher brand marketing investments across some of our core OTA brands.

由於在 HomeAway 的支出增加以及對我們一些核心 OTA 品牌的品牌營銷投資增加，這比過去幾個季度要快。

Indirect selling and marketing growth decelerated in Q4 as we started to comp against the hiring ramp to support our supply initiative.

間接銷售和營銷增長在第 4 季度放緩，因為我們開始與招聘人數的增加進行比較以支持我們的供應計劃。

Technology and content costs continued to deleverage, although growth came in a bit lower than expected at 16%.

技術和內容成本繼續去槓桿化，儘管增長率為 16%，略低於預期。

General and administrative expense growth further decelerated from the past few quarters, increasing 8%.

與過去幾個季度相比，一般和行政費用的增長進一步放緩，增長了 8%。

We also continued to leverage below the line in Q4, with depreciation expense up only 2% and net interest expense down year-over-year, while our adjusted tax rate came in at 24%.

我們在第四季度的槓桿率也繼續低於該線，折舊費用僅增長 2%，淨利息費用同比下降，而我們調整後的稅率為 24%。

Those factors, along with a lower share count, led to strong adjusted earnings per share growth of 49%.

這些因素，加上較低的股票數量，導致調整後每股收益強勁增長 49%。

We expect adjusted EPS to grow faster than adjusted EBITDA again in 2019, as we continue to see leverage on our below-the-line items.

我們預計 2019 年調整後每股收益的增長速度將再次超過調整後的 EBITDA，因為我們繼續看到線下項目的槓桿作用。

Excluding CapEx investments for our new headquarters, free cash flow grew 7% in 2018 to $1.3 billion.

不包括我們新總部的資本支出投資，自由現金流在 2018 年增長了 7%，達到 13 億美元。

That came on top of 46% growth in free cash flow, excluding headquarters, in 2017.

2017 年，不包括總部在內的自由現金流增長了 46%。

The shift in timing of a couple of significant payments benefited 2017 and negatively impacted 2018.

幾筆大額付款時間的轉變使 2017 年受益，並對 2018 年產生負面影響。

Normalized for that timing shift, growth would have been more balanced across the 2 years and faster than adjusted EBITDA growth each year.

對於該時間轉移進行標準化，兩年內的增長將更加平衡，並且比每年調整後的 EBITDA 增長更快。

Our business continues to generate attractive free cash flow, and we see an opportunity to improve our free cash flow conversion in the coming years.

我們的業務繼續產生有吸引力的自由現金流，我們看到了在未來幾年改善自由現金流轉換的機會。

In terms of capital deployment, we returned nearly $1.1 billion of capital to our shareholders in 2018, primarily through share repurchases, along with our quarterly dividend.

在資本部署方面，我們在 2018 年向股東返還了近 11 億美元的資本，主要是通過股票回購以及季度股息。

In total, we bought back 7.7 million shares for $903 million, our highest amount in any year since 2007.

我們總共以 9.03 億美元回購了 770 萬股股票，這是自 2007 年以來的最高金額。

In addition, we deployed $186 million on acquisitions and strategic investments.

此外，我們還部署了 1.86 億美元用於收購和戰略投資。

Going forward, we intend to continue prudently balancing opportunistic M&A with returning capital to shareholders.

展望未來，我們打算繼續審慎地平衡機會主義併購與向股東返還資本。

Turning to our financial expectations for 2019.

談談我們對 2019 年的財務預期。

We expect total adjusted EBITDA growth of 10% to 15%.

我們預計調整後的 EBITDA 總額增長 10% 至 15%。

We expect the seasonality of our adjusted EBITDA growth to follow a similar pattern to 2018 with pressure on adjusted EBITDA in Q1 and the large majority of growth coming in the balance of the year.

我們預計調整後的 EBITDA 增長的季節性將遵循與 2018 年類似的模式，第一季度調整後的 EBITDA 面臨壓力，而大部分增長將出現在今年餘下時間。

One factor to keep in mind is that Easter fully shifts into Q2 this year, creating a drag on consolidated first quarter stayed room nights, revenue and profit.

需要記住的一個因素是，今年復活節將完全轉移到第二季度，這對第一季度的綜合住宿間夜數、收入和利潤造成了拖累。

In addition, as a reminder, we invest in selling and marketing to drive bookings ahead of the busy travel season, with lodging revenue recognized at the time of the stay, which peaks in summer months.

此外，提醒一下，我們在銷售和營銷方面進行投資，以在繁忙的旅遊旺季之前推動預訂，並在入住時確認住宿收入，而住宿收入在夏季達到頂峰。

This trend will continue to be even more pronounced at HomeAway due to its longer booking windows, and we expect that to result in an increase in losses in Q1 for HomeAway this year compared to last.

由於 HomeAway 的預訂窗口更長，這一趨勢將繼續更加明顯，我們預計這將導致 HomeAway 今年第一季度的虧損與去年相比有所增加。

For the full year at HomeAway, as Mark mentioned, we intend to continue investing back into the business, including brand and performance marketing to position HomeAway to capitalize on the significant long-term opportunity we see in alternative accommodations.

對於 HomeAway 的全年，正如 Mark 所提到的，我們打算繼續投資於業務，包括品牌和績效營銷，以使 HomeAway 能夠利用我們在替代住宿方面看到的重要長期機​​會。

We expect the increased investment levels to result in slower adjusted EBITDA growth for HomeAway in 2019, with the returns coming over time.

我們預計投資水平的提高將導致 HomeAway 2019 年調整後的 EBITDA 增長放緩，隨著時間的推移會帶來回報。

Turning to our expense expectations for 2019.

談談我們對 2019 年的支出預期。

We expect more significant deleverage in cost of sales compared to 2018.

與 2018 年相比，我們預計銷售成本將出現更顯著的去槓桿化。

The key drivers are the increased investment in cloud, customer operations cost related to new deals at Expedia Partner Solutions and HomeAway's shift to become merchant of record on more of its transactions.

關鍵驅動因素是對雲的投資增加、與 Expedia Partner Solutions 的新交易相關的客戶運營成本以及 HomeAway 轉變為更多交易的記錄商戶。

We also forecast tech and content expenses to deleverage due to higher cloud cost as well as continued investments in product enhancements and platform initiatives across the company.

我們還預測，由於更高的云成本以及整個公司對產品增強和平台計劃的持續投資，技術和內容支出將去槓桿化。

In total, we currently expect cloud expenses to increase from $141 million in 2018 to around $250 million in 2019.

總體而言，我們目前預計雲支出將從 2018 年的 1.41 億美元增加到 2019 年的約 2.5 億美元。

Excluding cloud expenses, adjusted EBITDA growth would be approximately 400 basis points higher.

不包括雲費用，調整後的 EBITDA 增長將高出約 400 個基點。

We project total selling and marketing expense to leverage again in 2019, mainly reflecting the cost rationalization efforts at trivago, which will have a bigger impact on the first half of the year.

我們預計 2019 年總銷售和營銷費用將再次槓桿化，主要反映了 trivago 的成本合理化努力，這將對上半年產生更大的影響。

Excluding trivago, we will lap the marketing optimization benefits we recognized in 2018 as we move through the year.

不包括 trivago，我們將在這一年中獲得我們在 2018 年認識到的營銷優化收益。

Overall, we intend to maintain a balanced approach, strategically investing in both performance and brand marketing, where we see opportunities to drive good returns over time, while continuing to look for areas to optimize spend.

總的來說，我們打算保持一種平衡的方法，戰略性地投資於績效和品牌營銷，我們看到了隨著時間的推移帶來良好回報的機會，同時繼續尋找優化支出的領域。

Meanwhile, we expect solid leverage on the general and administrative cost line.

同時，我們預計一般和行政成本線將有穩固的槓桿作用。

Looking below the line, while we continue to receive additional guidance related to the U.S. tax reform, we currently expect our adjusted tax rate to be in the low 20% range.

在線下看，雖然我們繼續收到與美國稅制改革相關的額外指導，但我們目前預計調整後的稅率將處於 20% 的較低範圍內。

Overall, I'm pleased with our performance in 2018 and believe we're entering 2019 with good momentum, leaving us well positioned to deliver solid growth this year and for years to come.

總的來說，我對我們 2018 年的表現感到滿意，並相信我們將以良好的勢頭進入 2019 年，讓我們在今年和未來幾年實現穩健增長。

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 Mark Mahaney.

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

Mark, you talked about these 3 factors that were driving -- or maybe, Alan, the 3 factors that are driving that gross bookings deceleration.

馬克，你談到了推動總預訂量下降的這 3 個因素——或者，艾倫，也許是推動總預訂量下降的 3 個因素。

Could you just go through those again in a little bit more detail?

你能更詳細地再看一遍嗎？

One of those was slower international trends.

其中之一是國際趨勢放緩。

And then one other big picture question, I always like the slides that you put out.

然後是另一個大問題，我總是喜歡你放的幻燈片。

And the one that shows this huge opportunity in the market, and one of the things that's glaring about that is how small your share is in EMEA, Asia Pacific and Latin America versus what you've been able to do in North America.

那個顯示了市場上巨大機會的人，其中一件引人注目的事情是你在歐洲、中東和非洲、亞太地區和拉丁美洲的份額與你在北美所能做的相比是多麼小。

Could you talk a little bit about how you can increase share?

你能談談如何增加份額嗎？

Is there a different strategy that you can use to increase share in those 3, in EMEA, Asia Pacific and Latin America?

在 EMEA、亞太地區和拉丁美洲，您是否可以使用不同的策略來增加這 3 個市場的份額？

I know it's a broad question, but it's one of the interesting takeaways from those slides.

我知道這是一個廣泛的問題，但這是從這些幻燈片中得出的有趣結論之一。

Yes, thanks, Mark.

是的，謝謝，馬克。

I'll have Alan answer the first one.

我會讓 Alan 回答第一個問題。

I'll take the second part.

我來做第二部分。

Yes.

是的。

So As far as HomeAway's gross booking trends are concerned, I think the first thing I would just talk about is just level-setting on kind of what's happened with that business over the last 3 years.

因此，就 HomeAway 的總預訂量趨勢而言，我想我要談的第一件事就是對該業務在過去 3 年中發生的事情進行水平設置。

And when we bought the business, just remember that 100% of their business was essentially off-line gross bookings.

當我們收購這家公司時，請記住，他們 100% 的業務基本上都是線下總預訂。

And so we've gone through this transformation at HomeAway, turning it into a true travel e-commerce player and pulling gross bookings online.

因此，我們在 HomeAway 經歷了這次轉型，將其轉變為真正的旅遊電子商務公司，並拉動了在線總預訂量。

And so obviously, when you do that, you're going to have a tailwind associated with a book of business that previously had been booked off-line that's now being booked online.

很明顯，當你這樣做時，你將獲得與以前在線預訂的業務簿相關的順風。

And that transformation has been quite successful, gotten us up to about $11.5 billion of online gross bookings for HomeAway in 2018 and shown pretty strong and healthy growth over that period.

這一轉型非常成功，使我們在 2018 年的 HomeAway 在線總預訂量達到約 115 億美元，並在此期間顯示出相當強勁和健康的增長。

We did see some deceleration in 2018 as we went through the quarters, and I mentioned that as far as Q4's results are concerned.

我們確實在 2018 年看到了一些減速，因為我們經歷了幾個季度，我提到就第四季度的結果而言。

And I would just point out a few factors there.

我只想指出幾個因素。

One is that the international business, we did some things last year that did pull gross bookings online, and we're comping over those things that we did while at the same time having international not be extreme focus for the team.

一是國際業務，我們去年做了一些確實拉動了在線總預訂量的事情，我們正在彌補我們所做的這些事情，同時國際業務並不是團隊的極端關注點。

International will be more of a next leg of growth for us along with urban.

國際將與城市一起成為我們下一階段的增長點。

And so that's gone from something that did create a bit of a tailwind to something that's now not contributing that much growth to HomeAway's overall gross bookings.

因此，這已經從確實創造了一點順風的東西變成了現在對 HomeAway 的整體總預訂量沒有太大貢獻的東西。

The second factor is we do have SEO headwinds.

第二個因素是我們確實有 SEO 逆風。

And what I would say there is we stood up a proper search engine marketing team in the past years.

我要說的是，在過去的幾年裡，我們建立了一個合適的搜索引擎營銷團隊。

They have done quite well and are driving significant growth and healthy growth in gross bookings.

他們做得很好，正在推動總預訂量的顯著增長和健康增長。

But at the same time, HomeAway is going through a period where they've got pressure on their SEO trends, and that's creating a headwind for them.

但與此同時，HomeAway 正在經歷一段他們對 SEO 趨勢施加壓力的時期，這給他們帶來了不利因素。

This is something that all travel businesses have had to endure, I would say.

我想說，這是所有旅遊企業都必須忍受的事情。

HomeAway is coming through that at a later date than some of the other ones because of the transition of their business, but it is creating a headwind.

由於 HomeAway 的業務轉型，HomeAway 比其他一些公司更晚地完成了這項工作，但它正在製造逆風。

The last thing I would just say is that the ADR contribution, historically, we had some periods where ADRs were a bigger contributor to gross bookings growth.

我要說的最後一件事是 ADR 的貢獻，從歷史上看，我們有一些時期 ADR 對總預訂量增長的貢獻更大。

That's because we had some larger properties coming online first, and those were coming on at high ADRs, and so it was driving a nice tailwind there.

那是因為我們有一些更大的房產首先上線，而且這些房產的 ADR 很高，所以它在那裡推動了順風。

We still are seeing growth in ADRs, but it's moderated and not quite as big of a contributor.

我們仍然看到 ADR 的增長，但它是緩和的並且不是那麼大的貢獻者。

But overall, I would just say that we're looking for HomeAway to be a good, healthy grower over a long period of time.

但總的來說，我只想說，我們希望 HomeAway 在很長一段時間內成為一個優秀、健康的種植者。

We're very happy with the transition that we've been through in the last 3 years.

我們對過去 3 年所經歷的轉變感到非常高興。

We think the market that the business is in is large and growing, and we've not even done anything really significant in the urban.

我們認為企業所在的市場很大而且還在增長，我們甚至沒有在城市做任何真正重要的事情。

We've not done anything very big in international.

我們在國際上沒有做過什麼大事。

And we think those things will provide kind of the next phase of growth for HomeAway.

我們認為這些東西將為 HomeAway 提供下一階段的增長。

Yes.

是的。

And then, Mark, in terms of our approach to international, it's really encapsulated in this first pillar of the 3-part transformational strategy we laid at the beginning of the year, which is this concept of being locally relevant on a global basis.

然後，馬克，就我們的國際化方法而言，它確實包含在我們年初制定的三部分轉型戰略的第一個支柱中，這是在全球範圍內與當地相關的概念。

We've been able to build up an incredibly strong position in the U.S. and in Canada and a few other markets around the world largely because we've delivered an incredible service, a service where everyone knows Expedia, Hotels.com, Orbitz, Travelocity are places where they can come, where they have all of the inventory in terms of lodging choices, increasingly alternative accommodations in the case of Expedia, cruise, car, activities, flights.

我們能夠在美國、加拿大和世界其他一些市場建立起令人難以置信的強大地位，這在很大程度上是因為我們提供了令人難以置信的服務，這種服務在 Expedia、Hotels.com、Orbitz、Travelocity 中廣為人知是他們可以來的地方，他們在住宿選擇方面擁有所有庫存，在 Expedia 的情況下，越來越多的替代住宿、郵輪、汽車、活動、航班。

You can find them all in one place.

您可以在一個地方找到它們。

There's great content.

有很棒的內容。

It's in your local language.

它使用您當地的語言。

You can use your payment types.

您可以使用您的付款方式。

You pay us now or you can pay us later.

您現在付款給我們，也可以稍後付款給我們。

And then if something goes wrong, we'll help you sort it out.

然後，如果出現問題，我們會幫助您解決問題。

And that's just an incredible customer experience.

這只是一種令人難以置信的客戶體驗。

So for the U.S. customer, the Canadian customer, we're truly locally relevant.

因此，對於美國客戶、加拿大客戶來說，我們真正與當地相關。

Outside of those countries, and again, a few others, we haven't concentrated on building incredible products.

在這些國家和其他一些國家之外，我們沒有專注於打造令人難以置信的產品。

We've been -- up until 15 months ago, going with really much more of a landgrab strategy, where we're expanding simultaneously in 30 to 60 countries around the world, depending on what brand you're looking at.

直到 15 個月前，我們一直在實施更多的土地掠奪戰略，我們在全球 30 到 60 個國家/地區同時擴張，具體取決於您正在尋找的品牌。

And even though we would have got there over a long period of time, it would have taken us a long period of time.

即使我們會在很長一段時間內到達那裡，我們也會花費很長時間。

So the approach now is really this focused strategy.

所以現在的方法實際上是這種集中戰略。

We talked about the Wave 1 markets.

我們談到了 Wave 1 市場。

And it's a focused strategy, making sure that we have incredibly easy-to-use websites that have great descriptions and photos, all translated into local tone of voice, promotional offers that talk about things that are locally relevant in a similar way that we do in the U.S. We've got all of the lodging and other inventory available on our sites.

這是一個集中的策略，確保我們擁有令人難以置信的易於使用的網站，這些網站有很好的描述和照片，所有這些都翻譯成當地的語調，促銷優惠以與我們類似的方式談論與當地相關的事情在美國，我們的網站上提供了所有住宿和其他庫存。

We've got local payment types.

我們有本地支付類型。

And then we layer on good marketing with locally relevant messages, both in performance marketing and brand channels.

然後，我們在績效營銷和品牌渠道中使用與當地相關的信息進行良好的營銷。

And that's the recipe for success.

這就是成功的秘訣。

And we have seen again very encouraging results in our Wave 1 push.

我們在第一波推動中再次看到了非常令人鼓舞的結果。

It's a multiyear journey when we prioritize these markets.

當我們優先考慮這些市場時，這是一個多年的旅程。

But now based on the historic data that let as to pursue this strategy, based upon the results that we've seen so far with the progress in 2018, this is now business as usual.

但現在根據讓我們實施這一戰略的歷史數據，根據我們迄今為止在 2018 年取得的進展所看到的結果，現在一切照常。

And we're just incredibly optimistic that, that now $1.7 trillion travel opportunity, based upon where we can go geographically, where we can go by segment across leisure, corporate, off-line travel agencies, powering airlines, et cetera, we're very comfortable that all of that, to us, it looks very addressable.

我們非常樂觀地認為，現在有 1.7 萬億美元的旅遊機會，基於我們可以在地理上去哪裡，我們可以通過休閒、企業、線下旅行社、航空公司等細分市場去哪裡，我們是對我們來說，所有這一切看起來非常容易解決，這讓我們感到非常欣慰。

We'll take our next question from Eric Sheridan with UBS.

我們將接受 Eric Sheridan 和 UBS 的下一個問題。

Maybe 2 if I can.

如果可以的話，也許是 2。

Following up on there.

跟進那裡。

As you continue to sort of ramp marketing investments behind the opportunity you see, can you talk about some of the experiences you've had about shifting in and out of different channels on the marketing side, definitely leaning in more on branded and direct?

隨著您繼續在您看到的機會背後加大營銷投資，您能否談談您在營銷方面進出不同渠道的一些經驗，肯定更傾向於品牌和直接？

What does that for ROI for the platform over the medium to long term?

從中長期來看，這對平台的投資回報率有何影響？

That's number one.

這是第一。

And then number two, I wanted to understand maybe some of the background or rationale behind the proposed or negotiation that's going on between yourselves and Liberty Media just so we can put that in the context of broader capital allocation.

然後第二，我想了解你們和 Liberty Media 之間正在進行的提議或談判背後的一些背景或理由，以便我們可以將其置於更廣泛的資本配置背景下。

Sure.

當然。

So in terms of marketing investment, you know, I think we've spoken a fair bit about our marketing rationalization approach and what we were up to in 2018.

因此，就營銷投資而言，我認為我們已經就我們的營銷合理化方法以及我們在 2018 年所做的工作談了很多。

And what we've done is essentially been able to get much more sophisticated in our ability to understand what type of marketing is truly incremental versus just shifting bookings from one channel to another.

我們所做的基本上是能夠更加複雜地理解什麼類型的營銷是真正的增量營銷，而不是僅僅將預訂從一個渠道轉移到另一個渠道。

And also, trying to get much more granular in the way that we -- essentially by marketing, not only in performance marketing channels, but also in other channels like television and digital video.

而且，試圖以我們的方式變得更加細化 - 主要是通過營銷，不僅在績效營銷渠道，而且在電視和數字視頻等其他渠道。

That has enabled us, I would say, just to get smarter in terms of understanding where we want to put our marketing dollars.

這讓我們，我想說，只是在理解我們想把營銷資金放在哪裡方面變得更聰明。

I would just say that as we have done that, we have observed that in markets like the U.S., where we have an incredibly strong product, where our mobile applications are excellent, our customers find us, and in many cases, where we are less aggressive in certain performance marketing channels, our customers find us by either downloading our app through some of those placements or if they've already got the app, just booking on there.

我只想說，正如我們所做的那樣，我們觀察到在美國這樣的市場，我們擁有令人難以置信的強大產品，我們的移動應用程序非常出色，我們的客戶找到了我們，而且在許多情況下，我們的表現不佳在某些績效營銷渠道中積極進取，我們的客戶通過其中一些展示位置下載我們的應用程序或者如果他們已經獲得該應用程序，只需在那裡預訂即可找到我們。

And you'll see we put a disclosure in our investor deck, which talks about our app transaction growth on Hotels.com and Brand Expedia, which is up 50% year-over-year in 2018.

你會看到我們在投資者平台上披露了一份信息，其中談到了我們在 Hotels.com 和 Brand Expedia 上的應用交易增長，2018 年同比增長 50%。

So we found that, again, in places where our product is excellent and where we are truly locally relevant that our customers find us, and it's allowing us to be much more efficient with our marketing spend.

因此，我們再次發現，在我們的產品優秀且我們真正與當地相關的地方，我們的客戶會找到我們，這讓我們的營銷支出更加高效。

So the strategy going forward, again, is to build a great product in all of these focus markets and then follow up that with exactly the same strategy: performance marketing, again, in prudent levels to support the strategy and to support the growth; and then where we've got a truly best-in-class product, layering on more brand spend.

因此，未來的戰略再次是在所有這些重點市場中打造一款出色的產品，然後以完全相同的戰略跟進：績效營銷，再次以審慎的水平支持戰略並支持增長；然後我們擁有真正一流的產品，增加品牌支出。

With respect to Liberty, we did file an 8-K.

關於 Liberty，我們確實提交了 8-K。

I would just refer you to that.

我只想讓你參考一下。

There's not a lot more that we can say at this time.

目前我們無話可說。

We'll take our next question from Kevin Kopelman with Cowen and Company.

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

Can you give us an update on the ad ROI environment?

您能否向我們介紹一下廣告投資回報率環境的最新情況？

And also on room nights trends, as you comp against the ad spend rationalization last year, are you expecting to see nights accelerate?

還有關於間夜趨勢，當你與去年的廣告支出合理化進行比較時，你是否期望看到間夜加速？

And then lastly, how will Easter impact the room nights in the first and second quarter?

最後，復活節將如何影響第一季度和第二季度的間夜量？

Sure.

當然。

So I'll take the first couple and then I'll have Alan talk to you about Easter.

所以我會帶第一對，然後我會讓艾倫和你談談復活節。

So in terms of ROIs, I'd say nothing remarkable for us.

因此，就投資回報率而言，我不會說對我們來說有什麼了不起的。

I mean, we have been, again, quite focused on optimization.

我的意思是，我們再次非常專注於優化。

And what that does is it allows you to drive essentially better ROIs.

這樣做的目的是讓您從根本上提高投資回報率。

As you mentioned, there are some situations where we were driving room nights that were in some cases unprofitable because we were dealing with averages.

正如您所提到的，在某些情況下，我們正在推動在某些情況下無利可圖的間夜，因為我們正在處理平均值。

And in those cases, some of those room nights go away and they get dispersed to the broader market.

在這些情況下，其中一些間夜會消失，它們會分散到更廣闊的市場。

That has been a headwind on our room night growth in 2018.

這一直是我們 2018 年間夜量增長的不利因素。

trivago itself has been a headwind on our room night growth certainly in the third quarter and fourth quarter as well, it was a headwind.

trivago 本身一直是我們間夜增長的逆風，當然在第三季度和第四季度也是如此，這是一個逆風。

In terms of whether that's going to result in acceleration, that's really hard for us to guide you on room nights.

就這是否會導致加速而言，我們真的很難在房間之夜指導您。

It's obviously a dynamic market.

這顯然是一個充滿活力的市場。

We just know that we've got a very clear strategy and focus and we hope to deliver very healthy room night growth and top line and bottom line growth over a long time to come.

我們只知道我們有一個非常明確的戰略和重點，我們希望在未來很長一段時間內實現非常健康的間夜增長以及收入和利潤增長。

Alan, you want to talk about Easter?

艾倫，你想談談復活節嗎？

Yes, just briefly, Kevin.

是的，只是簡單地說，凱文。

Last year, we had talked about the impact we saw of Easter moving partially into Q1, and we said it was about 150 -- we estimated it to be about 150 basis point benefit to Q1.

去年，我們談到了我們看到復活節部分進入第一季度的影響，我們說它大約是 150——我們估計它對第一季度有大約 150 個基點的好處。

That would be the range of what we would still expect to see this year.

這將是我們今年仍然期望看到的範圍。

The only thing I'll say, it's a bit of a nuance.

我唯一要說的是，這有點細微差別。

But the impact is usually a larger impact to the first quarter because it's a smaller quarter in terms of total room nights and a slightly smaller impact on Q2 because it's a larger quarter.

但影響通常是對第一季度的影響較大，因為就總間夜數而言，它是一個較小的季度，而對第二季度的影響略小，因為它是一個較大的季度。

But that's the range to think about.

但這是要考慮的範圍。

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

我們將與美林一起接受 Justin Post 的下一個問題。

We go back to last year, it seemed like pretty conservative EBITDA guidance, and you've exceeded it, so congrats on that.

我們回到去年，這似乎是相當保守的 EBITDA 指導，你已經超過了它，所以恭喜。

Just wondering about this year's guide.

只是想知道今年的指南。

It seems more aggressive with marketing leverage.

營銷槓桿似乎更具侵略性。

And just wondering if you've added any cushion in there for potential Google changes or potential actions by your competitors after a lot of people really did pull back last year.

只是想知道在去年很多人確實撤退之後，你是否為谷歌的潛在變化或競爭對手的潛在行動增加了緩衝。

And then, secondly, on the international bookings, I think you exited the year 11% growth.

然後，其次，在國際預訂方面，我認為你退出了今年 11% 的增長。

Maybe just give us some progress update on some of the new international markets and if you're seeing traction there and if there's a chance that could accelerate.

也許只是給我們一些新的國際市場的進展更新，如果你在那裡看到牽引力，如果有機會可以加速。

Thanks, Justin.

謝謝，賈斯汀。

This is Alan.

這是艾倫。

So as far as guidance, I don't want to add too much color.

所以就指導而言，我不想添加太多色彩。

I'd say just as regards how 2018 developed.

我想說的是 2018 年的發展情況。

Some of the things that turned out in our favor relative to our expectations coming into the year were trivago.

與我們今年的預期相比，一些對我們有利的事情是 trivago。

Certainly, their full year performance compared to where we thought they were at the beginning of the year has quite improved.

當然，與我們認為的年初相比，他們的全年業績有了很大改善。

Cloud is a bit -- turned out to be a little bit lower than we had originally anticipated.

云有點——結果比我們最初預期的要低一點。

We did have solid execution across the core OTA business, so that helped.

我們在核心 OTA 業務方面確實有穩固的執行力，所以這有所幫助。

Mark spoke a few minutes ago about the benefit that we saw from some of this marketing optimization provided some good tailwind.

馬克幾分鐘前談到我們從這種營銷優化中看到的好處提供了一些良好的順風。

And we also just undertook to make sure that we had good fixed cost control and overhead control.

而且我們還剛剛承諾確保我們有良好的固定成本控制和間接費用控制。

So all of those helped and kind of explain the difference between where we started the year and our expectations and how we delivered.

因此，所有這些都有助於解釋我們今年開始的地方與我們的期望以及我們如何交付之間的差異。

In terms of the guidance, going forward, I would say we feel comfortable with the 10% to 15% range.

就指導而言，展望未來，我想說我們對 10% 到 15% 的範圍感到滿意。

Some of the main factors in there are, of course, trivago.

其中的一些主要因素當然是 trivago。

trivago's performance.

特里瓦戈的表演。

They guided on their own, so you can take a look at the contribution they're expecting to provide.

他們自己指導，所以您可以看看他們期望提供的貢獻。

We do have a headwind associated with the increased investment in cloud spend.

我們確實遇到了與增加雲支出投資相關的不利因素。

But we're expecting good, solid contribution across the core business.

但我們期待核心業務做出良好、穩固的貢獻。

And I can't really get into like whether there were things in there factored into specific marketing channels or anything like that, but those are some of the main factors to think about.

而且我無法真正了解其中是否有特定營銷渠道或類似因素的因素，但這些是需要考慮的一些主要因素。

Yes.

是的。

And then in terms of international growth.

然後在國際增長方面。

Listen, I think one thing that we do expect to see in 2019 is we should see a larger contribution to our lodging revenue, essentially from the new properties that we added through 2018 because we were ramping them up through the year.

聽著，我認為我們確實希望在 2019 年看到的一件事是我們應該看到對我們的住宿收入有更大的貢獻，主要來自我們在 2018 年增加的新物業，因為我們全年都在增加。

Whether that's enough to actually drive acceleration in those markets, it's hard to tell.

這是否足以真正推動這些市場的加速發展，很難說。

As a reminder, in a number of these international markets, we're much more reliant on performance marketing channels like trivago, like other metasearch players.

提醒一下，在許多這樣的國際市場中，我們更依賴像 trivago 這樣的效果營銷渠道，就像其他元搜索玩家一樣。

And those players have, I think as you've seen with the trivago, have been in a position where, in some cases, qualified referrals have been down year-over-year.

我認為，正如你在 trivago 中看到的那樣，這些玩家在某些情況下，合格的推薦人數逐年下降。

So that is a headwind that is disproportionately hitting those markets in terms of their growth.

因此，就增長而言，這是不成比例地打擊這些市場的逆風。

But the underlying fundamentals look strong.

但潛在的基本面看起來很強勁。

And absent those impacts, again, we would expect those markets to deliver a better contribution and significantly so in 2019 than they did in 2018.

如果沒有這些影響，我們預計這些市場將在 2019 年做出比 2018 年更好的貢獻，而且顯著。

We'll take our next question from Anthony DiClemente with Evercore.

我們將接受 Evercore 的 Anthony DiClemente 的下一個問題。

I had a question about, in the slides.

我有一個關於幻燈片的問題。

You talked about the headquarters and the CapEx spend, $425 million to $475 million in '19.

你談到了總部和資本支出，19 年的支出為 4.25 億至 4.75 億美元。

Can you just talk about to what degree is that incremental versus '18 CapEx?

您能談談增量與 18 年資本支出相比的程度嗎？

And then, just had a question really about the macro outlook in Europe.

然後，我真的有一個關於歐洲宏觀前景的問題。

I know others have asked about international.

我知道其他人問過國際。

But some of your -- some of the traditional tour operators like Thomas Cook, for example, are calling for a tougher growth outlook.

但是你們中的一些 - 一些像 Thomas Cook 這樣的傳統旅遊運營商，例如，正在呼籲更艱難的增長前景。

You haven't mentioned macro conditions in Europe and the expectations for '19.

您沒有提到歐洲的宏觀狀況和對 19 年的預期。

So any more color on the environment would be helpful there.

因此，環境上的任何更多顏色都會在那裡有所幫助。

Great.

偉大的。

Well, I'll take the latter and Alan will talk about the headquarters.

好吧，我會選擇後者，Alan 將談論總部。

Yes, so I'll just give you some additional data points on the headquarters.

是的，所以我會給你一些關於總部的額外數據點。

Cumulatively, for the retrofit and the additional build through the end of 2018, we had spent just under $300 million.

截至 2018 年底，我們總共花費了不到 3 億美元用於改造和擴建。

About $190 million of that was in 2018.

其中約 1.9 億美元發生在 2018 年。

So that will go up to, as you mentioned, a range of $425 million to $475 million in '19 and then a range of $135 million to $185 million in 2020.

因此，正如您提到的那樣，19 年的收入將達到 4.25 億美元至 4.75 億美元，然後在 2020 年達到 1.35 億美元至 1.85 億美元。

Total project in the neighborhood of $900 million, plus or minus.

總項目在 9 億美元左右，上下浮動。

And then in terms of the macro environment in Europe, I'd say there's a ton of uncertainty there.

然後就歐洲的宏觀環境而言，我想說那裡有很多不確定性。

Certainly, we watched and heard Thomas Cook's results and some of their commentary.

當然，我們看到並聽到了 Thomas Cook 的結果和他們的一些評論。

Bank of England has taken their growth outlook down.

英國央行下調了增長前景。

I think Germany has expressed similar concerns.

我認為德國也表達了類似的擔憂。

We have seen a dropoff in U.K. flight bookings, both outbound as well as inbound.

我們發現英國的出境和入境航班預訂量有所下降。

We expect this uncertainty around Brexit and just overall uncertainty in Europe.

我們預計英國退歐的這種不確定性以及歐洲的整體不確定性。

So I think we are cautious on Europe.

所以我認為我們對歐洲持謹慎態度。

The great thing with our business, though, is that first of all, we're a very global business, and so we're broadly diversified across all of these movements.

不過，我們業務的偉大之處在於，首先，我們是一家非常全球化的企業，因此我們在所有這些運動中廣泛多元化。

Generally, people do continue to still travel in economic downturns.

一般來說，人們確實會在經濟低迷時期繼續旅行。

They often just take shorter trips.

他們通常只是短途旅行。

They stay closer to home.

他們離家更近。

They do often trim their budgets.

他們確實經常削減預算。

But if you look at how that has actually played out for us over history, and particularly if you look at 2008, 2009, one of the world's largest global financial crises ever, we actually had some of our strongest core profit growth across those years.

但如果你看看這在歷史上對我們的實際影響，特別是如果你看看 2008 年、2009 年，這是有史以來世界上最大的全球金融危機之一，我們實際上在那些年裡實現了一些最強勁的核心利潤增長。

And ultimately, what we see is essentially, we've got more unused capacity with our suppliers.

最終，我們看到的基本上是，我們的供應商有更多未使用的產能。

They start discounting into our channels.

他們開始打折進入我們的渠道。

Consumers get great deals.

消費者獲得超值優惠。

And maybe they change their travel patterns, but ultimately, they still take their trips.

也許他們改變了他們的旅行方式，但最終他們仍然會去旅行。

And so we're somewhat countercyclical.

所以我們有點反週期。

But I think again, the travel market exited 2018 in a very stable and healthy state, near record highs in occupancy, air tickets growing, ADRs still going up.

但我再次認為，旅遊市場以非常穩定和健康的狀態結束了 2018 年，入住率接近歷史新高，機票價格上漲，ADR 仍在上漲。

But I think as we sit here right now, particularly as we look at Europe, there's a little bit more uncertainty in the air.

但我認為，當我們現在坐在這裡，尤其是當我們審視歐洲時，空氣中存在更多的不確定性。

We'll take our next question from Lloyd Walmsley with Deutsche Bank.

我們將從德意志銀行的 Lloyd Walmsley 那裡回答下一個問題。

Two, if I can.

兩個，如果可以的話。

First, just can you guys perhaps give us an update on what percent of your business is direct versus acquired?

首先，你們能否向我們介紹一下您的業務中直接業務與收購業務的百分比？

I think it was about 2/3 direct at the Analyst Day you guys held in 2016.

我認為在你們 2016 年舉行的分析師日上，這大約是直接的 2/3。

So I'm wondering if you can just give us an update there.

所以我想知道你是否可以在那裡給我們更新。

And then, I guess, as you look to HomeAway and investment, how do you think about balancing marketing investment and the core business kind of ski and beach, whole home versus urban and international?

然後，我想，當您關注 HomeAway 和投資時，您如何看待平衡營銷投資和滑雪和海灘等核心業務、整個家庭與城市和國際之間的平衡？

It sounds like you're starting to think more about those markets, but it seems like there may be more competition there.

聽起來您開始更多地考慮這些市場，但似乎那裡可能存在更多競爭。

So how do you think about the company's competitive advantage as you look to expand into those markets?

那麼，當您希望擴展到這些市場時，您如何看待公司的競爭優勢？

Yes, Lloyd, this is Alan.

是的，勞埃德，這是艾倫。

On your first question, you're right, we did, in an investor deck, investor presentation, give that roughly 2/3 presentation.

關於你的第一個問題，你是對的，我們在投資者平台上做了大約 2/3 的投資者介紹。

And we were essentially, just for those that maybe haven't seen it, we were essentially indicating that roughly 2/3 of the business comes from direct/proprietary channels, including things like e-mail, loyalty programs, branded SEM, direct type-in, as examples.

我們基本上只是為了那些可能沒有看到它的人，我們基本上表明大約 2/3 的業務來自直接/專有渠道，包括電子郵件、忠誠度計劃、品牌 SEM、直接類型-in，例如。

We don't have an update for you on that today.

我們今天沒有關於這方面的更新。

We continue to look for good balance in growing new customer acquisition through some of the paid search channels such as Google and other metasearch players, while at the same time providing great products and services so that those customers will repeat.

我們繼續通過一些付費搜索渠道（如穀歌和其他元搜索玩家）尋求增加新客戶獲取的良好平衡，同時提供優質的產品和服務，以便這些客戶會回頭客。

And then as we've spoken about earlier, having a good mix of brand marketing so that we can drive direct traffic.

然後正如我們之前所說的那樣，將品牌營銷很好地結合起來，這樣我們就可以推動直接流量。

So no update on the specific numbers today, but we look for growth in both.

因此，今天沒有更新具體數字，但我們期待兩者都有增長。

Yes.

是的。

And I would just add to that, too, is that as you might expect, we essentially have 2 offsetting factors going on here.

而且我還要補充一點，正如您所料，我們基本上有 2 個抵消因素在這裡發生。

As we optimize our marketing spend, we are shifting, in many cases, more of our traffic over to our direct proprietary channels.

隨著我們優化營銷支出，在許多情況下，我們正在將更多流量轉移到我們的直接專有渠道。

You can certainly see that with the apps stat that we disclosed, but at the same time, as we get more aggressive in going into some of these international markets, where we're less well-known.

你當然可以通過我們披露的應用統計數據看到這一點，但與此同時，隨著我們更加積極地進入一些我們不太知名的國際市場。

In those cases, we are really stepping on the gas in performance marketing channels, and that skews things the other way.

在那些情況下，我們實際上是在踩油門在績效營銷渠道上，而這會反過來扭曲事情。

So I would think about it as an overall formula of the U.S. and our core markets where we're locally relevant.

因此，我會將其視為美國和我們與當地相關的核心市場的整體公式。

Very, very strong direct proprietary channel bookings volume.

非常非常強大的直接專有渠道預訂量。

In international markets, less so but always improving.

在國際市場上，雖然不那麼好，但總是在進步。

And the playbook essentially is to make them all look like the U.S., and we track those metrics very closely in terms of repeat customer usage, new customers versus existing cost of customer acquisition, et cetera.

劇本本質上是讓它們看起來都像美國，我們在重複客戶使用、新客戶與現有客戶獲取成本等方面非常密切地跟踪這些指標。

And generally, we feel very good about the trends that we're seeing there.

總的來說，我們對在那裡看到的趨勢感覺非常好。

In terms of HomeAway, I think you used the word balance.

就 HomeAway 而言，我認為您使用了平衡一詞。

We are absolutely going to balance.

我們絕對會平衡。

I think the HomeAway team has shown the ability to be very disciplined in their overall approach.

我認為 HomeAway 團隊展示了在整體方法上非常自律的能力。

Listen, the core resort and beach markets are highly important, and HomeAway is very strong there.

聽著，核心度假村和海灘市場非常重要，HomeAway 在那裡非常強大。

And those are markets that we just have to continue to support and invest in.

這些是我們必須繼續支持和投資的市場。

But also, those are markets where -- that are performing quite well.

而且，這些市場的表現也相當不錯。

And so we have the capability to take profits from that part of the business and reinvest it in urban and reinvest it in international and essentially balance both of things quite appropriately.

因此，我們有能力從這部分業務中獲利，並將其再投資於城市，再投資於國際，並從根本上適當地平衡這兩件事。

I would also say that part of HomeAway's urban and international expansion strategy is getting new property signed up on to the platform, and not only marketing them to VRBO and HomeAway customers, but also providing them to Expedia and Hotels.com, brands that have already strong urban demand and have strong international presence and then increasingly stronger international presence as we expand more around the world.

我還要說，HomeAway 的城市和國際擴張戰略的一部分是讓新物業在平台上註冊，不僅向 VRBO 和 HomeAway 客戶推銷它們，還向 Expedia 和 Hotels.com 提供它們，這些品牌已經強勁的城市需求和強大的國際影響力，隨著我們在世界各地的擴張，國際影響力也越來越大。

So that's part of it as well.

所以這也是其中的一部分。

They're not doing this alone.

他們不是單獨這樣做的。

They've got the power of the Expedia Group behind them.

他們得到了 Expedia Group 的支持。

We'll take our next question from Naved Khan with SunTrust.

我們將與 SunTrust 一起接受 Naved Khan 的下一個問題。

A couple from me.

我的一對。

How should we think about the growth in ADR versus revenue per night?

我們應該如何考慮 ADR 與每晚收入的增長？

I think in the past, you've talked about a disparity of maybe 200 to 400 basis points.

我想在過去，你曾談到過可能有 200 到 400 個基點的差異。

And then if I just look at the international room night growth, the deceleration there, what drove that?

然後，如果我只看國際間夜增長，那裡的減速，是什麼推動了它？

And how we should reconcile that with your focus market and the growth in those markets?

我們應該如何將其與您的重點市場和這些市場的增長相協調？

Yes.

是的。

So on the first one, Naved, we have spoken, as you said, of 200 to 400 basis point difference kind of expected in the rate of growth in revenue per room night relative to the rate of growth in ADRs.

所以在第一個問題上，Naved，正如你所說，我們已經說過，相對於 ADR 的增長率，每間夜收入的增長率預計會有 200 到 400 個基點的差異。

That has been the case for a while.

這種情況已經有一段時間了。

We did see that narrow this quarter, which we were quite happy with.

我們確實看到這個季度縮小了，我們對此非常滿意。

There's no major story there as far as a particular component.

就特定組件而言，那裡沒有重大故事。

As we've discussed before, some of the things that impact that obviously are just our overall margins and our geographic mix.

正如我們之前所討論的，一些影響的因素顯然只是我們的整體利潤率和我們的地理組合。

FX impacts can be in there.

外匯影響可能就在那裡。

Loyalty -- the impact of our loyalty program, any couponing and refunds that we do play into that as well.

忠誠度——我們的忠誠度計劃的影響，我們也參與其中的任何優惠券和退款。

But we were happy to see it kind of more on the narrow end this quarter, but no major change to the story.

但我們很高興在本季度看到它在狹窄的一端更多，但故事沒有重大變化。

As far as the international room night deceleration, I would just point out 2 factors.

至於國際間夜減速，我只想指出兩個因素。

One is, as I mentioned, HomeAway, and we did see decelerating bookings -- international bookings growth for HomeAway as we moved through the year.

一個是，正如我提到的，HomeAway，我們確實看到了預訂量的減速——隨著我們這一年的推進，HomeAway 的國際預訂量增長。

And you kind of start to see that impacting the room night growth.

你開始看到這會影響房間夜數的增長。

We had done some things last year to move a lot of the bookings online, and we did some platform migrations.

去年我們做了一些事情，將大量預訂轉移到網上，我們還進行了一些平台遷移。

That had an impact as well that we're comping over.

這也產生了影響，我們正在努力克服。

The other bit is that trivago is an important channel for us internationally as well.

另一方面，trivago 也是我們在國際上的一個重要渠道。

And with their reset and the fact that their volumes are essentially down, their qualified referrals are down year-over-year, that has created a headwind for us in our room night growth.

隨著他們的重置以及他們的數量基本下降的事實，他們合格的推薦人同比下降，這對我們的間夜增長造成了不利影響。

It became a headwind in Q3 and continued and was a bit more of a headwind in Q4.

它在第三季度成為不利因素並繼續存在，並且在第四季度更加不利。

We do expect that to continue in the first half of 2019 as well.

我們確實預計這種情況也會在 2019 年上半年繼續。

The important thing is that we've been able to pick some of that up through other channels, but that is having -- that is a net negative for us.

重要的是，我們已經能夠通過其他渠道獲得其中的一些，但這對我們來說是一個淨負面影響。

We'll take our next question from Brian Nowak with Morgan Stanley.

我們將接受來自摩根士丹利的 Brian Nowak 的下一個問題。

I have 2. Understanding you've been investing in the sales force for Wave 1, sort of increasing the supply in the new markets, can you just sort of talk to us about sort of the incremental step-up in the sales force investments as we go into 2019 to really capitalize on the next wave of the markets?

我有 2. 了解到您一直在為 Wave 1 投資銷售隊伍，增加新市場的供應，您能不能跟我們談談銷售隊伍投資的增量升級我們進入 2019 年才能真正利用下一波市場浪潮？

How do you think about the dollar in investment headcount there?

您如何看待那裡的投資人數？

And the second one, just thought philosophically about ways to reaccelerate HomeAway overall growth.

第二個，只是從哲學上思考重新加速 HomeAway 整體增長的方法。

How do you think about potentially reducing consumer take rates or sort of making it more competitive and have more compelling offering for consumers to drive faster growth at HomeAway?

您如何考慮潛在地降低消費者接受率或使其更具競爭力並為消費者提供更具吸引力的產品以推動 HomeAway 的更快增長？

Brian, it's Alan.

布賴恩，是艾倫。

I'll take the first question, then Mark can handle the HomeAway question.

我將回答第一個問題，然後 Mark 可以處理 HomeAway 問題。

Yes, so we did talk a lot last year in '18 about the investment that we needed for our Wave 1 and to add the supply.

是的，所以我們去年在 18 年確實談了很多關於我們的 Wave 1 和增加供應所需的投資。

It was -- the supply gap in those markets was significant and required meaningful investment.

這是——這些市場的供應缺口很大，需要有意義的投資。

We had talked about it being a $50 million range for that first push.

我們曾談到第一次推動的範圍是 5000 萬美元。

And so at that time, we felt like it was appropriate to share the details.

所以當時，我們覺得分享細節是合適的。

I think at this point, we've kind of fallen into, as Mark said earlier, kind of into a more of a business-as-usual mode.

我認為在這一點上，正如馬克之前所說，我們有點陷入了一種更像是一切照舊的模式。

We do have some additional wave markets that we're going to focus on in 2019.

我們確實有一些額外的波浪市場，我們將在 2019 年關注這些市場。

We've been able to consider the investments required for that within kind of the envelope of the guidance that we gave.

我們已經能夠在我們提供的指導範圍內考慮為此所需的投資。

And so we're not inclined to detail out what that specific investment is this year.

因此，我們不傾向於詳細說明今年的具體投資是什麼。

And then in terms of reaccelerating HomeAway growth, it's really the playbook that we've laid out.

然後就重新加速 HomeAway 的增長而言，這確實是我們制定的劇本。

Urban is a big opportunity for them.

城市對他們來說是一個巨大的機會。

International is largely an untapped opportunity.

國際在很大程度上是一個尚未開發的機會。

They've just really got the bulk of the international products now on the new platform, which we talked about last quarter and they're working on optimizing those and honing their performance marketing capabilities in international markets.

他們現在真的在新平台上獲得了大部分國際產品，我們在上個季度談到了這一點，他們正在努力優化這些產品並磨練他們在國際市場上的績效營銷能力。

But importantly, now that they've got the business re-platformed in addition to just entering into new, call it, categories or new segments, urban and international, they are very focused on front-end customer innovation, developing much better user experiences and planning tools.

但重要的是，現在他們已經對業務進行了重新平台化，除了進入新的、所謂的類別或新的細分市場、城市和國際市場之外，他們非常專注於前端客戶創新，開發更好的用戶體驗和規劃工具。

I think you'll see an increased pace of that type of innovation roll out here as we move through 2019.

我認為，隨著 2019 年的到來，您會看到此類創新的步伐加快。

And they're also working on making sure that they reach customers and that the investments that they're making in marketing are investments that really build the strength of some of the incredible brands that they've got in the portfolio.

他們還在努力確保他們能夠接觸到客戶，並且他們在營銷方面所做的投資是真正增強他們在投資組合中擁有的一些令人難以置信的品牌實力的投資。

So I think you'll see a little bit more of that and more to come on that in 2019.

所以我認為你會在 2019 年看到更多這樣的東西，而且還會更多。

We'll take our next question from Justin Patterson with Raymond James.

我們將與 Raymond James 一起接受 Justin Patterson 的下一個問題。

One on HomeAway.

一個在 HomeAway 上。

With the HomeAway business, you've taken a very measured pace toward listing inventory on Expedia.

通過 HomeAway 業務，您在 Expedia 上列出庫存方面採取了非常謹慎的步伐。

With over 1 million instantly bookable properties on the site now, how are you thinking about stepping up that integration and optimizing conversion?

現在網站上有超過 100 萬家可即時預訂的酒店，您如何考慮加強整合和優化轉化？

And then philosophically, is the consumer fee still the right approach for that business?

然後從哲學上講，消費者費用仍然是該業務的正確方法嗎？

Or are you open to considering other avenues?

還是您願意考慮其他途徑？

Yes, thanks, Justin.

是的，謝謝，賈斯汀。

So with 1 million instantly bookable properties, the opportunity is getting larger for us to do integration.

因此，有了 100 萬個可即時預訂的房產，我們進行整合的機會就越來越大。

I think you'll see us pick up the pace here as we move through 2019.

我想你會看到我們在 2019 年加快步伐。

That's certainly the plan.

這當然是計劃。

And then the goal is really to help customers pick between traditional accommodations and alternative accommodations and really solve the kind of search and navigation process.

然後，我們的目標實際上是幫助客戶在傳統住宿和替代住宿之間做出選擇，並真正解決搜索和導航過程。

The teams have been working on that a lot.

團隊一直在努力。

The 370,000 properties, it sounds like a lot.

370,000個屬性，聽起來很多。

But in the grand scheme of the millions that are available and the millions that are on HomeAway, it's really a small -- it's a small number.

但在 HomeAway 上可用的數百萬和數百萬的宏偉計劃中，它確實很小 - 這是一個很小的數字。

So we've got enough on there to do testing.

所以我們有足夠的資源來進行測試。

We're learning lots about the type of content you need to really merchandise whole homes well and how that's different from lodging.

我們正在學習很多關於真正推銷整個房屋所需的內容類型，以及這與住宿有何不同。

You're going to see that be an increased focus for us both on the full-line OTA businesses, like Brand Expedia, but also on Hotels.com as we move through 2019.

你會看到，隨著 2019 年的到來，我們將更加關注全線 OTA 業務，如 Brand Expedia，以及 Hotels.com。

But we're happy with what we see so far.

但我們對目前所看到的感到滿意。

I mean, when we have this inventory, it is absolutely a conversion grower.

我的意思是，當我們有這個庫存時，它絕對是一個轉化種植者。

More selection is absolutely the right thing to do.

更多的選擇絕對是正確的做法。

You just got to find the right way to merchandise it.

你只需要找到正確的方式來銷售它。

In terms of the monetization method.

在盈利方式上。

Again, we are in the position where we've got every monetization method on the planet and essentially in our menu of options.

再一次，我們處於擁有地球上所有貨幣化方法的位置，並且基本上在我們的選項菜單中。

We have pure supplier pay commission.

我們有純供應商支付佣金。

We've got consumer fee with very low credit card fee for the supplier side.

我們為供應商收取了消費者費用和非常低的信用卡費用。

We've got subscription plus consumer fee.

我們有訂閱費和消費費。

And really, we're experimenting with all of those monetization methods to find out which works, which works for customers, which works for the different supply types, whether it's whole home, whether it's urban, whether it's property managed or by owner.

事實上，我們正在試驗所有這些貨幣化方法，以找出哪些有效，哪些對客戶有效，哪些適用於不同的供應類型，無論是整個家庭，還是城市，無論是財產管理還是由所有者。

And I suspect that you're going to continue to see us evolve that over time.

而且我懷疑你會繼續看到我們隨著時間的推移而發展。

We don't have the answer to what the exact right approach is at this point, but we suspect that it is an approach that is closer to what we have right now, which is really a menu of options that we can tailor to suit the needs of both customers that are shopping for a given market and the suppliers that are providing accommodations for those customers.

目前我們還不知道什麼是正確的方法，但我們懷疑這是一種更接近我們現在所擁有的方法的方法，它實際上是一個選項菜單，我們可以根據為特定市場購物的客戶和為這些客戶提供住宿的供應商的需求。

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

我們將接受巴克萊銀行的 Deepak Mathivanan 的下一個問題。

You guys achieved good leverage in performance marketing last year through your own optimization efforts.

你們去年通過自己的優化努力在績效營銷中取得了很好的影響力。

Obviously, some of that is going to moderate in 2019.

顯然，其中一些將在 2019 年有所緩和。

But at what point can we expect similar step-up benefit in the future?

但在未來什麼時候我們可以期待類似的提升收益？

Or looking ahead, is it going to be more a continuous iteration?

或者展望未來，它是否會更加連續迭代？

And then second question on the cloud spend.

然後是關於雲支出的第二個問題。

What should we expect the cadence to be this year?

我們應該期待今年的節奏是什麼？

When do we have most of the assets fully migrated and the growth in expense should be in line with maybe revenue growth?

我們什麼時候可以完全遷移大部分資產並且費用的增長應該與收入的增長保持一致？

Yes, Deepak, so this is Alan.

是的，迪帕克，這就是艾倫。

I would say on the marketing leverage, we are expecting to see leverage from trivago in 2019.

關於營銷槓桿，我想說的是，我們預計 2019 年會看到 trivago 的槓桿作用。

As we lap the significant optimization that we did on the core business, those will be difficult comps.

當我們對核心業務進行重大優化時，這些將是困難的。

And so we don't think we'll see that same level of leverage in '19.

因此，我們認為我們不會在 19 年看到同樣水平的槓桿作用。

So the core business is looking for opportunities to continue to optimize, looking for opportunities to continue to find non-incremental or highly inefficient spend.

所以核心業務正在尋找機會繼續優化，尋找機會繼續尋找非增量或高度低效的支出。

And so there are opportunities, but we don't expect it to provide the same level of tailwind in '19 that we saw in '18.

所以有機會，但我們不希望它在 19 年提供我們在 18 年看到的相同水平的順風。

As far as the cloud spend in '19, I don't want to give you kind of a quarterly cadence.

至於 19 年的雲支出，我不想給你一個季度節奏。

I would say we just continue on somewhat of a routine path.

我會說我們只是繼續走某種常規路徑。

We're scaling up.

我們正在擴大規模。

We have our fair bit of the shopping and booking traffic for the lodging stack in the cloud.

對於雲中的住宿堆棧，我們有相當多的購物和預訂流量。

We continue to scale that up.

我們繼續擴大規模。

We've got additional components across air and the other lines of business to put into the cloud.

我們已經將空中和其他業務線的其他組件放入雲中。

It will just kind of continue to grow as we move through the year.

隨著我們度過這一年，它會繼續增長。

If we go according to plan, then we'll have a good share of the compute in the cloud as of the end of 2019, but there will be more to move in 2020.

如果我們按計劃進行，那麼到 2019 年底，我們將在雲計算中佔有相當大的份額，但到 2020 年會有更多需要轉移。

And so by 2020, we won't quite yet be to just a normalized rate, but we'll be getting closer.

因此，到 2020 年，我們還不會完全達到正常化率，但我們會越來越接近。

And then I would imagine, without being too specific, when we get into 2021, we'll annualize the step-up in 2020 and be a lot closer to that, just normalized rate and growing with the business.

然後我想，不用太具體，當我們進入 2021 年時，我們將在 2020 年實現年度化，並且更接近於正常化率並隨著業務增長。

I should say, too, though, that we are being -- we're trying to be very prudent and disciplined about the rollout to cloud.

不過，我也應該說，我們正在——我們正在努力對向雲的推出非常謹慎和自律。

We test things very carefully.

我們非常仔細地測試東西。

We'll roll things out and scale them back just to make sure that the customer experience is seamless and not disrupted.

我們將推出並縮減規模，以確保客戶體驗是無縫的且不會中斷。

We also in 2018 undertook efforts to get a lot better and smarter about how to be efficient at deploying into the cloud, and that includes things like just making sure that you don't have duplicate instances spun up in the cloud, that you're spinning up your compute only for the time that you need it and then pulling it back, and other ways of making sure that we're being as efficient as we can.

我們也在 2018 年努力在如何高效地部署到雲中方面做得更好、更聰明，這包括確保你沒有在雲中啟動重複的實例，你是僅在需要時啟動計算，然後將其拉回，以及其他確保我們盡可能高效的方法。

And I think we made some pretty good ground in that regard.

我認為我們在這方面取得了很好的成績。

I think we've got a better overall process in place now than we did it at the start of the year.

我認為我們現在已經有了比年初更好的整體流程。

We'll take our next question from Stephen Ju with Crédit Suisse.

我們將接受 Stephen Ju 與 Crédit Suisse 的下一個問題。

So stepping back a little bit, Mark.

所以退後一步，馬克。

You just announced that you have 1 million properties on site with, call it, 630,000 hotels or so.

你剛剛宣布你在網站上擁有 100 萬處房產，稱之為 630,000 家左右的酒店。

So from a selection perspective, you're probably where your competitor was about 2 years ago.

所以從選擇的角度來看，你可能處於你的競爭對手大約 2 年前的位置。

And I think at that point, they were through putting what seems like 2x the amount of room nights that you are now.

而且我認為在那個時候，他們通過將你現在的間夜量增加 2 倍來實現。

So it seems like your booking dollars should be much higher.

所以看起來你的預訂美元應該高得多。

So can you talk about how cloud, marketing and other products will all kind of tie together for you to raise the purchase velocity among the users that you have now?

那麼你能談談雲、營銷和其他產品將如何結合在一起，以提高你現在擁有的用戶的購買速度嗎？

Yes, I agree with you.

是的，我同意你的看法。

It should be much, much larger, and that is absolutely the goal.

它應該大得多，這絕對是目標。

Listen, it's just a playbook.

聽著，這只是一本劇本。

I mean, supply is just part of it.

我的意思是，供應只是其中的一部分。

It's also about the overall product experience and the effectiveness of reaching customers.

它還關係到整體產品體驗和接觸客戶的有效性。

And that is the locally relevant on a global basis playbook.

這就是在全球範圍內與當地相關的劇本。

We're happy with the penetration that we have into our existing hotel base.

我們對現有酒店基地的滲透感到滿意。

We're watching very closely that penetration level as we add new properties.

隨著我們添加新屬性，我們正在密切關注滲透水平。

And we are happy with the increased level of penetration that we're seeing into the new properties as we ramp them up.

我們很高興看到隨著新物業的增加，我們對新物業的滲透率有所提高。

But again, this is something that takes a little bit of time.

但同樣，這需要一點時間。

Particularly if you take some of the European destinations, these are highly seasonal destinations.

特別是如果你去一些歐洲目的地，這些都是季節性很強的目的地。

So as you build up your loyal repeat customer base, you may not see them again until a year later.

因此，當您建立忠實的回頭客群時，您可能要到一年後才能再次見到他們。

And so it goes with the travel cycle.

旅行週期也是如此。

It's going to take a little bit of time.

這需要一點時間。

But again, we really like what we see.

但同樣，我們真的很喜歡我們所看到的。

We think there's a ton of opportunity, and that went to Mark's question at the very beginning of this call.

我們認為有很多機會，這是馬克在本次電話會議一開始就提出的問題。

And our playbook works.

我們的劇本有效。

Ladies and gentlemen, at this time, we'll take our last question from Jed Kelly from Oppenheimer.

女士們，先生們，現在，我們將接受來自奧本海默的傑德凱利的最後一個問題。

How much more did macro indicators factor into your guide?

您的指南中還有多少宏觀指標因素？

Or how much did you build a cushion into your EBITDA guide for macro factors?

或者您在 EBITDA 指南中為宏觀因素建立了多少緩衝？

And then just on scaling HomeAway into urban and more international destinations.

然後將 HomeAway 擴展到城市和更多國際目的地。

Do you ever think about signing up exclusive relationships with property managers to get their inventory?

您是否考慮過與物業經理簽訂獨家合作關係以獲取他們的庫存？

Jed, it's Alan.

傑德，是艾倫。

I'll take the first one.

我要第一個。

Boy, it's tough to be super specific there.

男孩，很難在那裡超級具體。

I would say that on balance, we're not -- we don't try to put ourselves in the position of being prognosticators of ultimate macro outcomes.

我想說的是，總的來說，我們不是——我們不會試圖讓自己處於最終宏觀結果的預測者的位置。

We, of course, pay close attention to them, as you all do as well.

我們當然會密切關注它們，你們也一樣。

And I think as Mark spoke about earlier, on the one hand, we've come through a period where the macro looked pretty good.

我認為，正如馬克早些時候所說，一方面，我們已經度過了宏觀經濟看起來相當不錯的時期。

The hotel industry, the airline industry, they're all posting numbers through 2018 that looked pretty good.

酒店業、航空業，他們都發布了 2018 年的數字，看起來相當不錯。

But listen, there's lots of discussion about Brexit and the impact on Brexit -- from Brexit.

但是聽著，有很多關於英國退歐以及英國退歐對英國退歐的影響的討論。

There's weather impacts, there's trade rhetoric and trade war potential.

有天氣影響，有貿易言論和貿易戰的可能性。

And those are really difficult things for us to handicap.

對我們來說，這些都是非常困難的事情。

We give a 10% to 15% range to give us some room.

我們給出 10% 到 15% 的範圍，以便給我們一些空間。

But certainly, if things really went off the rails, we wouldn't be able to predict that.

但可以肯定的是，如果事情真的偏離軌道，我們將無法預測。

Yes.

是的。

I would just add, though, that we do have a highly variable cost structure.

不過，我只想補充一點，我們確實有一個高度可變的成本結構。

And so if top lines weaken, certainly, we've got a lot of discretionary spend items that we're able to pull the lever.

因此，如果收入下降，當然，我們有很多可自由支配的支出項目，我們可以拉動槓桿。

And I would just go back to, again, the commentary around 2008, 2009.

我想再次回到 2008 年、2009 年左右的評論。

Yes, This business is very resilient and able to adapt.

是的，這項業務非常有彈性並且能夠適應。

In terms of exclusivity, a great question, I think.

我認為，就排他性而言，這是一個很好的問題。

We have never been big fans of exclusivity at the property level or at the building level or the property manager level.

我們從來都不是物業級別、建築級別或物業經理級別的排他性的忠實擁護者。

And the reason is this: when you've got hard assets that have utilization factors, it seldom ends up being the right economic outcome and it can prevent a platform like ours from being essentially unbiased in the way that we treat essentially all of our partners and unbiased in terms of the way that we always want to serve up the best product for our customers.

原因是這樣的：當你擁有具有利用率的硬資產時，它很少會最終成為正確的經濟結果，並且它可以防止像我們這樣的平台在我們對待所有合作夥伴的方式上基本上不偏不倚並且在我們始終希望為客戶提供最佳產品的方式方面保持公正。

So absolute exclusivity has never been something we're a huge fan of.

因此，絕對排他性從來都不是我們的忠實擁護者。

It can be useful in very specific situations and situations where we have platforms that can drive a huge amount of demand and it makes sense.

它在非常特定的情況下和我們擁有可以驅動大量需求的平台並且有意義的情況下可能很有用。

So we'll look at it selectively.

所以我們會選擇性地看它。

But it's not -- it's never been really core to our strategy.

但它不是——它從來都不是我們戰略的真正核心。

And really, what we try to do is, generally speaking, is try to get unique offers.

實際上，一般來說，我們嘗試做的是嘗試獲得獨特的優惠。

Things like upgrades or things -- in hotels, or things like special amenities or things like special rates or certain packages that not at the property level but actually at the operating level are a little bit more unique.

諸如酒店升級之類的東西，或者諸如特殊設施之類的東西，或者諸如特價之類的東西，或者某些不在物業層面但實際上在運營層面的套餐更加獨特。

And we feel like that generally is a good path to get a similar type benefits that you might get with exclusivity without really compromising some of the desire to be neutral.

我們覺得這通常是獲得類似類型好處的好途徑，您可以通過排他性獲得類似類型的好處，而不會真正損害一些保持中立的願望。

But again, we look at, and this is not really a core part of our strategy.

但是，我們再次審視，這並不是我們戰略的核心部分。

Thank you.

謝謝。

Ladies and gentlemen, at this time, I would like to turn the floor back over to Mr. Mark Okerstrom for closing remarks.

女士們，先生們，現在，我想把發言權轉回給馬克·奧克斯特羅姆先生，讓他發表閉幕詞。

Great.

偉大的。

Thank you.

謝謝。

Well, I just want to thank everyone for listening today and a big thanks to all of the Expedia Group employees around the world.

好吧，我只想感謝大家今天的收聽，並非常感謝 Expedia Group 全球的所有員工。

Tons of hard work and great progress in 2018.

2018年艱苦奮鬥，取得長足進步。

I know you are as well, but I'm super excited about what we can do together in 2019 and beyond.

我知道你也是，但我對我們在 2019 年及以後可以一起做的事情感到非常興奮。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's teleconference.

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。