Expedia Group Inc (EXPE) 2019 Q1 法說會逐字稿

Good day, and welcome to the Expedia Group Q1 2019 Earnings Conference Call.

美好的一天，歡迎來到 Expedia Group 2019 年第一季度收益電話會議。

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 first quarter ended March 31, 2019.

下午好，歡迎參加 Expedia Group 截至 2019 年 3 月 31 日的第一季度財務業績電話會議。

I'm pleased to be joined on the call today by Mark Okerstrom, Expedia 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, May 2, 2019 only.

以下討論，包括對您問題的回答，僅反映了截至今天（2019 年 5 月 2 日）管理層的觀點。

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 are optimistic or confident 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，通常以我們期望、我們相信、我們預期、我們樂觀或有信心或類似的聲明開頭。

Please refer to today's earnings release and the company's filings with the SEC for information about factors which could cause our results -- our actual results to differ materially from these forward-looking statements.

請參閱今天的收益發布和公司向美國證券交易委員會提交的文件，了解可能導致我們的結果的因素的信息——我們的實際結果與這些前瞻性陳述存在重大差異。

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.

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 2018.

本次電話會議的所有比較都將與我們 2018 年同期的結果進行比較。

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.

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 and restructuring expenses.

這些項目包括但不限於外匯、投資支出回報以及收購相關和重組費用。

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。

In addition, please note that starting this quarter, we have renamed the HomeAway reporting segment to Vrbo.

此外，請注意，從本季度開始，我們已將 HomeAway 報告部門更名為 Vrbo。

Finally, on April 15, Expedia Group entered into a definitive agreement to acquire Liberty Expedia Holdings in an all-stock transaction, which remains subject to approval by Liberty Expedia stockholders.

最後，4 月 15 日，Expedia Group 達成最終協議，以全股票交易方式收購 Liberty Expedia Holdings，該交易仍需獲得 Liberty Expedia 股東的批准。

With regard to the deal, we refer you to the Form S-4 filing made with the SEC yesterday.

關於這筆交易，我們建議您參考昨天向美國證券交易委員會提交的 S-4 表格文件。

Note, we do not plan to take any questions related to this topic on today's call.

請注意，我們不打算在今天的電話會議上回答與此主題相關的任何問題。

Please refer to the information in the S-4 and the 8-K filings.

請參閱 S-4 和 8-K 文件中的信息。

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're pleased to come out of the gate strong in 2019 with robust profit growth and solid momentum.

我們很高興在 2019 年以強勁的利潤增長和穩健的勢頭走出大門。

Now into the second year of our transformation, teams across Expedia Group are more aligned and collaborating more than ever as we execute against our key strategic themes: Being customer-centric, being locally relevant on a global basis and speeding up the pace of innovation and execution.

現在進入我們轉型的第二年，Expedia Group 的團隊比以往任何時候都更加一致和協作，因為我們執行我們的關鍵戰略主題：以客戶為中心，在全球範圍內與當地相關，並加快創新步伐和執行。

With these strategic themes serving as the foundation, Q1 saw a continuation of the operating momentum we built through 2018 in our Core OTA segment.

以這些戰略主題為基礎，第一季度我們在核心 OTA 細分市場延續了 2018 年建立的運營勢頭。

Q1 Core OTA room night growth was healthy and, adjusted for the Easter impact, was a bit faster than we saw in Q4.

第一季度核心 OTA 間夜增長是健康的，並且根據復活節的影響進行調整，比我們在第四季度看到的要快一些。

We have a playbook in place and execution is continuously improving.

我們制定了劇本，執行力也在不斷提高。

Focused geographic expansion supported by rapid customer and partner-centric user innovation, locally relevant content, broad inventory assortment at excellent prices and disciplined data-driven marketing and investments add up to a formula that we believe can deliver sustained share gains and balanced growth for a long time to come.

以客戶和合作夥伴為中心的快速用戶創新、本地相關內容、價格優惠的廣泛庫存分類以及有紀律的數據驅動營銷和投資支持的集中地域擴張，我們相信可以為好久不見。

We remain pleased with our supply acquisition efforts, a key part of our playbook.

我們仍然對我們的供應採購工作感到滿意，這是我們劇本的關鍵部分。

Our elevated pace of new property acquisition continued in Q1 and we are on track to add a healthy number of new properties in 2019.

我們在第一季度繼續加快新物業收購步伐，我們有望在 2019 年增加大量新物業。

We ended the first quarter with over 1.1 million properties on our core lodging platform, including approximately 460,000 integrated Vrbo listings as we continue to make progress unlocking the potential of our alternative accommodations inventory on our Core OTA brands.

第一季度結束時，我們的核心住宿平台上擁有超過 110 萬處房產，其中包括大約 460,000 處綜合 Vrbo 房源，因為我們繼續取得進展，釋放我們核心 OTA 品牌的替代住宿庫存的潛力。

As you have likely noticed, we refreshed the brand positioning of Vrbo.

您可能已經註意到，我們刷新了 Vrbo 的品牌定位。

With high consumer awareness and brand loyalty, Vrbo is our strongest alternative accommodation brand and accounts for a majority of our U.S. business in this space.

憑藉較高的消費者意識和品牌忠誠度，Vrbo 是我們最強大的另類住宿品牌，占我們在該領域美國業務的大部分。

Vrbo will now be Expedia Group's primary global alternative accommodation brand and we intend to expand Vrbo to international markets in phases.

Vrbo 現在將成為 Expedia Group 的主要全球替代住宿品牌，我們打算分階段將 Vrbo 擴展到國際市場。

We spent the last several quarters laying the groundwork for this shift.

在過去的幾個季度中，我們為這一轉變奠定了基礎。

Although we are confident in our direction, our streamlining of brands and platforms has put increased near-term pressure on SEO trends, which has contributed to the deceleration we have seen in Vrbo's gross bookings growth.

儘管我們對我們的方向充滿信心，但我們對品牌和平台的精簡給 SEO 趨勢帶來了更大的短期壓力，這導致了我們在 Vrbo 的總預訂量增長中看到的減速。

Despite this near-term slowdown, consolidating the bulk of our efforts behind the Vrbo brand globally and operating on a unified, world-class e-commerce platform will allow us to maximize our potential in alternative accommodations in the coming years.

儘管近期經濟放緩，但整合我們在全球範圍內支持 Vrbo 品牌的大部分努力，並在統一的世界級電子商務平台上運營，將使我們能夠在未來幾年最大限度地發揮我們在替代住宿方面的潛力。

In addition to the refreshed brand, we launched several new product features, including Trip Boards, a customer-centric collaboration tool for family and friends traveling in groups.

除了煥然一新的品牌外，我們還推出了多項新產品功能，包括 Trip Boards，這是一款以客戶為中心的協作工具，適用於團體旅行的家人和朋友。

We also relaunched the mobile app to enhance the overall customer experience.

我們還重新推出了移動應用程序，以提升整體客戶體驗。

We still have a lot of work to do, but these branding changes and new product features are all aimed at strengthening our competitive positioning over the long term.

我們還有很多工作要做，但這些品牌變化和新產品功能都是為了加強我們的長期競爭地位。

And we are optimistic that we can deliver healthy growth and remain a global leader in alternative accommodations for many years to come.

我們樂觀地認為，我們能夠實現健康增長，並在未來許多年內保持替代住宿領域的全球領先地位。

Egencia posted solid double-digit room night growth in the first quarter, although FX had a pronounced negative impact on gross bookings and revenue given Egencia's significant international mix.

Egencia 在第一季度公佈了穩定的兩位數間夜增長，但考慮到 Egencia 的重要國際組合，外匯對總預訂量和收入產生了明顯的負面影響。

This strong room night growth reflects benefits from our supply acquisition efforts and enhancements in Egencia's product experience that are driving an encouraging increase in our hotel attach rate.

這一強勁的間夜增長反映了我們的供應採購努力和易信達產品體驗的改進帶來的好處，這些都推動了我們酒店附加率的令人鼓舞的增長。

Continued innovation at Egencia combined with a robust customer pipeline gives us confidence that we will continue to gain share in the corporate travel market.

Egencia 的持續創新與強大的客戶渠道相結合，使我們相信我們將繼續在商務旅行市場中獲得份額。

trivago continues to execute well on their marketing optimization efforts, delivering strong profits for the third consecutive quarter.

trivago 在營銷優化方面繼續表現出色，連續第三個季度實現強勁利潤。

As trivago discussed on its call yesterday, with its marketplace approaching stabilization and as they fully lap last year's changes and the team plans to lean back into certain marketing channels.

正如 trivago 昨天在其電話會議上所討論的那樣，隨著其市場趨於穩定並且他們完全適應了去年的變化，團隊計劃重新依賴某些營銷渠道。

We expect them to return to revenue growth in the back half of the year and to deliver on their profit expectations in 2019.

我們預計他們將在下半年恢復收入增長，並在 2019 年實現利潤預期。

All in, we're pleased with our Q1 results and happy with the progress we're making against our key strategic themes.

總而言之，我們對第一季度的業績感到滿意，並對我們在關鍵戰略主題方面取得的進展感到滿意。

The opportunity ahead of us is large and our potential is enormous.

我們面前的機遇是巨大的，我們的潛力是巨大的。

While we still have a lot of work ahead, we're carrying excellent operating momentum, which we intend to build on as we move through 2019 and beyond.

雖然我們還有很多工作要做，但我們正在保持良好的運營勢頭，我們打算在 2019 年及以後繼續發展。

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

有了這個，我會把它交給艾倫。

Thank you, Mark.

謝謝你，馬克。

Our 42% growth in adjusted EBITDA puts us on a good path early in the year.

我們調整後的 EBITDA 增長了 42%，這讓我們在今年年初走上了一條良好的道路。

Excluding close to 300 basis points of negative FX [impact] (added by the company after the call) to each, gross bookings grew 11% and revenue increased 7%.

剔除近 300 個基點的負面外匯[影響]（由公司在電話會議後添加），總預訂量增長 11%，收入增長 7%。

As expected, trends at trivago and the Easter shift negatively impacted revenue in the quarter.

正如預期的那樣，trivago 的趨勢和復活節轉變對本季度的收入產生了負面影響。

We expect revenue growth to accelerate in Q2 and remain healthy as we move through the year.

我們預計第二季度收入增長將加速，並在全年保持健康。

Stayed room nights grew 9% in Q1 while FX drove ADR declines, resulting in total lodging revenue growth of 7%.

第一季度入住間夜數增長 9%，而外匯導致 ADR 下降，導致總住宿收入增長 7%。

In our Core OTA segment, in addition to the healthy room night trends Mark noted, we also delivered solid adjusted EBITDA growth, especially notable given our usual first quarter seasonality.

在我們的核心 OTA 部分，除了 Mark 指出的健康間夜趨勢外，我們還實現了穩健的調整後 EBITDA 增長，尤其是考慮到我們通常的第一季度季節性。

Our balanced approach to marketing, along with benefit from strong performance in our direct proprietary channels, is contributing to the solid top and bottom line trends over the past year.

我們平衡的營銷方法，以及我們直接專有渠道的強勁表現，為過去一年穩固的頂線和底線趨勢做出了貢獻。

And our Core OTA business is on track for another strong year in 2019.

我們的核心 OTA 業務有望在 2019 年再創佳績。

Vrbo bookings increased 5%.

Vrbo 預訂量增加了 5%。

As Mark mentioned, the platform consolidation and brand streamlining related to making Vrbo our primary global alternative accommodation brand contributed to continued SEO headwinds.

正如 Mark 所提到的，與使 Vrbo 成為我們主要的全球替代住宿品牌相關的平台整合和品牌精簡導致了持續的 SEO 逆風。

That, along with tough comps in performance marketing channels, were the primary drivers of the deceleration from Q4.

這與績效營銷渠道中的艱難競爭一起，是第四季度減速的主要驅動因素。

We expect the slower gross bookings growth trends to persist in the near term as we work through these changes and lap the elevated performance marketing comps.

我們預計隨著我們努力應對這些變化並提高績效營銷組合，短期內總預訂量增長趨勢將持續放緩。

We have good visibility on what we need to do to optimize our SEO profile on our new platform and expect Vrbo's gross bookings trends to improve later this year.

我們很清楚我們需要做什麼來優化我們新平台上的 SEO 配置文件，並預計 Vrbo 的總預訂量趨勢將在今年晚些時候有所改善。

Revenue at Vrbo grew 14% in the quarter with transaction revenue up approximately 25% and subscription revenue down 10%.

Vrbo 本季度收入增長 14%，其中交易收入增長約 25%，訂閱收入下降 10%。

As expected, adjusted EBITDA came in at negative $40 million given a seasonally light top line and higher marketing investments in Q1.

正如預期的那樣，考慮到第一季度的季節性淡淡的收入和更高的營銷投資，調整後的 EBITDA 為負 4000 萬美元。

We plan to invest behind the Vrbo brand globally in 2019 as we position the business to drive strong growth over the long term.

我們計劃在 2019 年在全球投資 Vrbo 品牌，因為我們將業務定位為推動長期強勁增長。

Total advertising and media revenue decreased 6% for the quarter, including approximately 500 basis points of negative foreign currency impact.

本季度廣告和媒體總收入下降 6%，其中包括約 500 個基點的負面外匯影響。

Strong 23% growth from our Media Solutions business was more than offset by the declines at trivago.

我們的媒體解決方案業務 23% 的強勁增長被 trivago 的下滑所抵消。

Air revenue was up 3% in Q1 with tickets sold increasing 11%, partly offset by a 7% decline in revenue per ticket.

第一季度航空收入增長 3%，機票銷量增長 11%，部分被每張機票收入下降 7% 所抵消。

New partnerships at Expedia Partner Solutions and solid performance of Brand Expedia drove the strong volume increases.

Expedia Partner Solutions 的新合作夥伴關係和 Brand Expedia 的穩健表現推動了銷量的強勁增長。

The decline in revenue per ticket relates to the negative foreign currency impact, a shift in product mix and a reclassification of certain fees to other revenue.

每張機票收入的下降與不利的外匯影響、產品組合的轉變以及某些費用重新分類為其他收入有關。

On the expense side, we executed well on managing overhead costs in Q1 and saw a modest benefit from FX.

在費用方面，我們在第一季度管理間接費用方面表現良好，並從外匯中獲得適度收益。

While we anticipate adjusted expense growth will be above these levels going forward, we do expect to execute on the same formula, driving solid leverage on our fixed costs and strategically investing in marketing in order to deliver attractive profit growth.

雖然我們預計調整後的費用增長將高於這些水平，但我們確實希望執行相同的公式，推動我們固定成本的穩固槓桿作用，並戰略性地投資於營銷，以實現有吸引力的利潤增長。

Cost of revenue grew faster than revenue, as is our expectation for the full year.

正如我們對全年的預期，收入成本增長快於收入。

Increased customer service costs at Expedia Partner Solutions and higher cloud expenses accounted for the majority of the increase.

Expedia Partner Solutions 增加的客戶服務成本和更高的雲費用佔增長的大部分。

We forecast cloud expense growth to accelerate as we move through the year given the comps to last year and continued progress on our migration.

考慮到去年的比較以及我們在遷移方面的持續進展，我們預測雲費用增長將隨著我們度過這一年而加速。

Our full year estimate for around $250 million in total cloud spend is unchanged.

我們對雲計算總支出約為 2.5 億美元的全年估計保持不變。

Total selling and marketing expenses increased just 1% in the quarter.

本季度總銷售和營銷費用僅增長 1%。

trivago drove the leverage in direct selling and marketing and also contributed to a decline in indirect costs.

trivago 推動了直銷和營銷的槓桿作用，也有助於降低間接成本。

Excluding trivago, direct selling and marketing increased 11% due to higher spending at Vrbo and brand investments in our Core OTA brands.

不包括 trivago，直銷和營銷增長了 11%，這是由於 Vrbo 的支出增加以及對我們核心 OTA 品牌的品牌投資。

Indirect selling and marketing expenses, excluding trivago, were down 1%, reflecting a benefit from foreign currency and comping over last year's supply acquisition investments.

間接銷售和營銷費用（不包括 trivago）下降了 1%，反映了外匯帶來的好處，並超過了去年的供應收購投資。

Technology and content costs grew 6%.

技術和內容成本增長了 6%。

We expect technology and content expense growth to pick up over the next few quarters and we continue to anticipate deleverage for the full year as cloud cost growth accelerates and we invest in product and platform enhancements.

我們預計技術和內容費用增長將在未來幾個季度回升，並且隨著云成本增長加速以及我們投資於產品和平台增強，我們繼續預計全年去槓桿化。

General and administrative costs declined 4% overall and were down 2%, excluding trivago.

一般和行政成本總體下降了 4%，下降了 2%，不包括 trivago。

We are tightly managing our general and administrative expenses and seeing nice operational efficiency.

我們正在嚴格管理我們的一般和行政費用，並看到了良好的運營效率。

It's also worth noting that we benefited from a couple of nonrecurring items that impacted year-over-year comparisons.

還值得注意的是，我們受益於一些影響同比比較的非經常性項目。

We expect modest general and administrative expense growth the next few quarters and remain on track to deliver solid leverage in 2019.

我們預計未來幾個季度的一般和行政費用將適度增長，並有望在 2019 年實現穩健的槓桿作用。

In general, we are taking a more disciplined approach to overhead expenses, which is comprised of the indirect selling and marketing, tech and content and general and administrative expense lines.

總的來說，我們對管理費用採取更嚴格的方法，包括間接銷售和營銷、技術和內容以及一般和行政費用。

Collectively, overhead was essentially flat in Q1, reflecting our focus on closely managing these costs.

總的來說，第一季度的間接費用基本持平，反映出我們專注於密切管理這些成本。

I noted a few factors that will result in overhead growth in the next few quarters such as higher cloud spend and product and platform investments, but we do intend to remain disciplined on fixed costs to make sure we deliver leverage on overhead this year and going forward as we scale the business.

我指出了一些將導致未來幾個季度間接費用增長的因素，例如更高的雲支出以及產品和平台投資，但我們確實打算在固定成本方面保持紀律，以確保我們在今年和未來發揮對間接費用的槓桿作用隨著我們擴展業務。

Moving down the income statement.

向下移動損益表。

Depreciation expense increased 6% while interest expense was down year-over-year.

折舊費用增長 6%，而利息費用同比下降。

Those factors, along with our strong adjusted EBITDA growth, led to a 41% improvement in Q1 adjusted EPS.

這些因素，加上我們強勁的調整後 EBITDA 增長，導致第一季度調整後的每股收益提高了 41%。

Last month, we were pleased to announce the deal to acquire Liberty Expedia Holdings which, in addition to simplifying our corporate structure and governance, will enable us to reduce our share count by 3.1 million shares.

上個月，我們很高興地宣布收購 Liberty Expedia Holdings 的交易，除了簡化我們的公司結構和治理之外，這將使我們能夠減少 310 萬股股份。

We see this as an efficient and attractive outcome that aligns with our goal of reducing our share count over time.

我們認為這是一個高效且有吸引力的結果，符合我們隨著時間的推移減少股票數量的目標。

Overall, though it's still early in the year, we're off to a good start in 2019 and continue to expect adjusted EBITDA growth of 10% to 15% for the full year.

總的來說，雖然現在仍處於年初，但我們在 2019 年有了一個良好的開端，並繼續預計全年調整後的 EBITDA 增長 10% 至 15%。

We expect a combination of improving revenue trends, efficient strategic marketing investments and a disciplined approach to fixed cost to drive that growth.

我們預計收入趨勢的改善、有效的戰略營銷投資和嚴格的固定成本方法將推動這一增長。

And we are confident that executing that same formula while progressing on our key strategic initiatives will leave us well-positioned to deliver sustainable top and bottom line growth into the future.

我們相信，在推進我們的關鍵戰略計劃的同時執行相同的公式將使我們處於有利地位，可以在未來實現可持續的收入和利潤增長。

Operator, we're ready for our first question.

接線員，我們準備好回答我們的第一個問題。

(Operator Instructions) Our first question comes from Justin Post with Bank of America Merrill Lynch.

（操作員說明）我們的第一個問題來自美國銀行美林銀行的 Justin Post。

I'll ask 2. First, with Vrbo decelerating, how do you think you're doing in the category?

我會問 2. 首先，隨著 Vrbo 減速，您認為您在該類別中的表現如何？

Do you think the category has really decelerated and that's part of it?

你認為這個類別真的減速了嗎？這是其中的一部分？

Or is it really company-specific issues?

還是真的是公司特有的問題？

And then secondly, a lot of questions out there about your hotel take rates with some of the bigger hotel deals.

其次，關於您的酒店的很多問題都涉及一些較大的酒店交易。

It looks like they were stable at 9% room night growth and 9% revenue growth ex-FX, but could you talk about that?

看起來他們穩定在 9% 的間夜增長率和 9% 的收入增長（不含外匯），但你能談談嗎？

And do you expect any impact on your take rates in the back half?

您預計後半段對您的採用率有什麼影響嗎？

Thanks, Justin.

謝謝，賈斯汀。

Listen, with respect to Vrbo, not V-R-B-O, Vrbo's deceleration, yes, listen, I think it's largely company-specific factors.

聽著，關於 Vrbo，而不是 V-R-B-O，Vrbo 的減速，是的，聽著，我認為這主要是公司特定的因素。

If you take a look at the place where we are actually focusing our effort, which is the Vrbo brand in the U.S., that business was up nicely double digits and growing healthily.

如果你看一下我們真正集中精力的地方，那就是美國的 Vrbo 品牌，該業務增長了兩位數並且健康增長。

And really, what's causing the deceleration is a combination of the brand streamlining we've been doing, the re-platforming we've been doing as well as just more difficult comps.

事實上，導致減速的原因是我們一直在做的品牌精簡、我們一直在做的重新平台化以及更困難的組合。

So the underlying fundamentals of the business we think remain strong.

因此，我們認為該業務的基本面依然強勁。

2019 is going to be one of these years though until we get the SEO trends moving in the right direction from some -- pulling some of these re-platforming moves and we can really start investing much more aggressively on the urban opportunity, on the international opportunity, that we might just see some moderated growth rates here for a number of quarters and until we move to the back part of the year.

2019 年將是這些年份中的一年，直到我們讓 SEO 趨勢朝著正確的方向發展 - 拉動其中一些重新平台化的舉措，我們才能真正開始更積極地投資於城市機會，國際市場機會，我們可能會在幾個季度看到一些溫和的增長率，直到我們進入今年的下半年。

With respect to hotel take rates, listen, we have been very clear that with respect to, particularly our large global chains, that we were done resetting our compensation rates.

關於酒店的收費率，聽著，我們非常清楚，特別是我們的大型全球連鎖酒店，我們已經完成了重置我們的補償率。

That is, in fact, the case.

事實就是如此。

And I would just say that the overall dialogue with our global chain partners has just become significantly more constructive over the course of the last couple of years.

我只想說，在過去幾年中，我們與全球連鎖合作夥伴的整體對話變得更具建設性。

I think that we have all recognized that we all play a unique role in this ecosystem.

我認為我們都認識到我們都在這個生態系統中發揮著獨特的作用。

It turns out this Internet thing is here to stay and the big global marketplaces and platforms, of which Expedia Group and travel is kind of one of the biggest ones, we're here to stay.

事實證明，互聯網將繼續存在，大型全球市場和平台，其中 Expedia Group 和旅遊是最大的市場之一，我們將繼續存在。

And we have a lot of value to create, but also our partners who deliver incredible customer services and unique products, they have a lot of value to bring, too.

我們有很多價值可以創造，我們的合作夥伴也可以提供令人難以置信的客戶服務和獨特的產品，他們也可以帶來很多價值。

And so the dialogue has shifted away from us versus you and how do we redivide this pie towards how do we actually expand the pie?

因此，對話已經從我們轉移到你，我們如何重新劃分這個餡餅，轉向我們如何真正擴大餡餅？

How do we actually create new sources of value and both participate in that in a way that is accretive to both of us?

我們如何真正創造新的價值來源，並以對我們雙方都有利的方式參與其中？

We're super pleased with the way that, that has gone with virtually all of our global chains.

我們對幾乎所有全球連鎖店的發展方式感到非常滿意。

We're very pleased with the Marriott arrangement that we made.

我們對我們所做的萬豪安排感到非常滿意。

I think they are, too.

我認為他們也是。

And I'm hopeful that this is a sign of things to come across all of our global partnerships across all of our product categories.

我希望這是我們所有產品類別的所有全球合作夥伴關係的標誌。

Our next question comes from Mark Mahaney with RBC.

我們的下一個問題來自 RBC 的 Mark Mahaney。

Okay.

好的。

Two questions.

兩個問題。

One, just the usual one about geographic regions.

一，只是關於地理區域的常見問題。

I know last quarter you called out some -- a little bit of concern over Europe, especially in the U.K. Just give us an update there, please?

我知道上個季度你提出了一些 - 對歐洲的一些擔憂，特別是在英國。請告訴我們最新情況，好嗎？

And then you also talked about revenue improvements in the back half of the year.

然後你還談到了下半年的收入改善。

You know that stuff always gets me going.

你知道那些東西總是讓我前進。

You talked about -- is that more than just the comp issue related to the timing of Easter in Q2?

你談到 - 這不僅僅是與第二季度復活節時間相關的補償問題嗎？

Are there other reasons why revenue growth should accelerate or improve as we go through the back half of the year?

在今年下半年，收入增長應該加速或改善還有其他原因嗎？

Just lay those out.

把那些放好。

Sure.

當然。

I'll take first one and then Alan will take the second one.

我拿第一個，然後艾倫拿第二個。

On Europe, we did call out on our Q4 call that we were seeing some weakness in outbound U.K. travel and inbound U.K. travel.

在歐洲，我們確實在第四季度的電話會議上指出，我們發現英國出境游和英國入境游有些疲軟。

That really was something that was a theme for the quarter.

這確實是本季度的主題。

I think as April unfolded, it was really hard to tell with the Easter timing.

我認為隨著四月的到來，復活節的時間真的很難說。

Certainly, as the Brexit date has been extended out, there are, anecdotally, reports of better economic activity in the U.K. and we're hopeful that will translate into better trends, but it was a factor in the quarter.

當然，隨著英國脫歐日期的延長，有傳聞稱英國經濟活動有所改善，我們希望這將轉化為更好的趨勢，但這是本季度的一個因素。

With respect to the rest of Europe, I would say, generally, it looks stable to us.

關於歐洲其他地區，我想說的是，總體而言，對我們來說，它看起來很穩定。

There's always puts and takes from time to time, but it generally looks good.

總有不時的投入和投入，但它通常看起來不錯。

And I think we're going to get a good read here in May and June as we move into the high season, how things are generally looking out, but so far, so good.

而且我認為，隨著我們進入旺季，我們將在 5 月和 6 月在這裡得到很好的閱讀，總體情況如何，但到目前為止，一切都很好。

Yes.

是的。

And Mark, on the reasons to think about revenue trends in the back half of the year, there's a couple of things that are very applicable to Q1 and the first half, and those include the impact of foreign currency.

馬克，關於考慮下半年收入趨勢的原因，有幾件事非常適用於第一季度和上半年，其中包括外彙的影響。

That becomes less of a headwind as we move through the year.

隨著我們度過這一年，這變得不那麼不利了。

Obviously, Easter is only a first half phenomenon.

顯然，復活節只是上半場現象。

trivago, as they said and as we believe to be the case, they'll be on more normalized footing in terms of their revenue in the back half of the year.

trivago，正如他們所說，正如我們相信的那樣，他們將在今年下半年的收入方面處於更加正常化的基礎上。

And so we expect to see easing impact on our revenue and obviously even some growth.

因此，我們希望看到對我們收入的影響有所緩和，顯然甚至會有一些增長。

The other thing I'd say is just that the Core OTA business is performing quite well.

我要說的另一件事是，核心 OTA 業務表現相當不錯。

We're pleased with the trajectory there.

我們對那裡的軌跡感到滿意。

We do continue to do a lot of work around adding inventory and making sure that we're locally relevant.

我們確實會繼續圍繞增加庫存做很多工作，並確保我們與當地相關。

And we think that's going to start -- continue to have impact on the business and we're optimistic about that as well.

我們認為這將開始——繼續對業務產生影響，我們對此也持樂觀態度。

So I mean, I think those are some of the factors.

所以我的意思是，我認為這些是一些因素。

Our next question comes from Eric Sheridan with UBS.

我們的下一個問題來自瑞銀的 Eric Sheridan。

Maybe a couple, just following up on Justin's with Vrbo.

也許是一對，只是跟進 Justin 的 Vrbo。

When we think about the marketing investments you made starting in '17 through '18 and now, are you starting to see a yield or return on those investments?

當我們考慮您從 17 年到 18 年以及現在所做的營銷投資時，您是否開始看到這些投資的收益或回報？

Or is the rebranding of the platform now and unifying it under one brand going to sort of hide or mask those improvements?

或者現在對平台進行品牌重塑並將其統一在一個品牌下是否會隱藏或掩蓋這些改進？

And how should we think about those getting pushed out?

我們應該如何看待那些被排擠的人？

And then secondarily, it sounds like your expectation now is that business will stay relatively moderate through this year and recovering until the very end.

其次，聽起來您現在的期望是今年業務將保持相對溫和，直到年底才會恢復。

When you strip out some of the headwinds you're seeing in the business, what do you think the underlying market and your business are growing ex the headwinds you're facing so investors have a better sense of what we're trying to track back to in terms of a comp against the headwinds we see now?

當您剔除您在業務中看到的一些逆風時，您認為基礎市場和您的業務在您所面臨的逆風之外正在增長，以便投資者更好地了解我們正在努力追踪的內容就我們現在看到的逆風而言？

Yes.

是的。

Sure.

當然。

I think the marketing investments that we made in '17 and '18 were largely in 2 primary buckets.

我認為我們在 17 年和 18 年所做的營銷投資主要集中在兩個主要方面。

One was really ramping up our performance marketing efforts as we transition the business from being a listings business to being a real transactional business.

隨著我們將業務從上市業務轉變為真正的交易業務，其中之一是真正加大了我們的績效營銷力度。

That created a great opportunity for us to really build best-in-class capabilities there.

這為我們創造了一個真正建立一流能力的好機會。

We're very pleased with the results that we've seen, but as we went into the first quarter, we started to lap really the big push there.

我們對我們所看到的結果感到非常滿意，但是當我們進入第一季度時，我們開始真正地大力推動那裡。

And so that was a moderating factor on growth, but it is still a source of growth.

因此，這是增長的一個緩和因素，但它仍然是增長的源泉。

The other place was that we started to concentrate particularly our brand investments against then, at the time, the VRBO brand now the Vrbo brand..

另一個地方是我們開始特別關注我們的品牌投資，當時是 VRBO 品牌，現在是 Vrbo 品牌。

And again, we saw really strong returns for those investments.

再一次，我們看到了這些投資的強勁回報。

And in fact, some of those investments were some of the rationale for us choosing Vrbo as the primary global brand.

事實上，其中一些投資是我們選擇 Vrbo 作為主要全球品牌的一些理由。

We were running one television campaign with essentially the same creative, one with Vrbo branding and one with HomeAway, and the Vrbo brand just performed multiples of the performance that we saw with the HomeAway version.

我們用基本相同的創意投放電視廣告，一個使用 Vrbo 品牌，一個使用 HomeAway，而 Vrbo 品牌的表現是我們在 HomeAway 版本中看到的數倍。

And that, along with a bunch of consumer research globally, really drove us to pick that brand.

而且，連同一系列全球消費者研究，確實促使我們選擇了該品牌。

And you can see the results that I mentioned earlier that we are seeing in the Vrbo brand, solid double-digit growth.

你可以看到我之前提到的結果，我們在 Vrbo 品牌中看到了穩固的兩位數增長。

And I think that's a testament to the marketing investments, but also just the whole consumer experience improvements that we've made in the Vrbo division generally.

我認為這證明了營銷投資，但也證明了我們在 Vrbo 部門總體上所做的整體消費者體驗改進。

And really, the story here is that the things we've done to deprioritize certain brands, to consolidate platforms both on the consumer side and also on the partner side, are masking some underlying strength and goodness in the core Vrbo brand.

實際上，這裡的故事是，我們為降低某些品牌的優先級、整合消費者端和合作夥伴端的平台所做的事情，掩蓋了核心 Vrbo 品牌的一些潛在優勢和優點。

I think in terms of what is the steady state for this business, this is a highly popular category.

我認為就這項業務的穩定狀態而言，這是一個非常受歡迎的類別。

It's definitely growing faster than the overall industry.

它的增長速度肯定快於整個行業。

I think that Vrbo, at real steady state and certainly if we look at the trends that we see against the -- again, against the Vrbo brand here, should be able to grow gross bookings, I think, at multiples of the rates that it is right now.

我認為 Vrbo，處於真正穩定的狀態，當然如果我們看看我們看到的趨勢——再一次，針對 Vrbo 品牌，我認為應該能夠以它的倍數增長總預訂量是現在。

It may take us a a while a little bit -- it takes a little while to get clear of that as we move through the year, again, because of these other factors, but we think this is a growth category, not only on Vrbo, but also as we move more of the inventory on to our Core OTA brands.

這可能需要我們一點點時間——因為這些其他因素，我們在這一年中需要一點時間才能弄清楚這一點，但我們認為這是一個增長類別，不僅在 Vrbo 上，而且隨著我們將更多庫存轉移到我們的核心 OTA 品牌。

We think this remains a very attractive category and a very attractive opportunity for us for a long time to come.

我們認為這仍然是一個非常有吸引力的類別，並且在未來很長一段時間內對我們來說都是一個非常有吸引力的機會。

Our next question comes from Naved Khan with SunTrust.

我們的下一個問題來自 SunTrust 的 Naved Khan。

Just a couple.

只是一對。

I guess, on the Vrbo side, as you sort of consolidated the HomeAway and Vrbo just under Vrbo and lead with that, how do you address consumer retention and loyalty, those who might have been coming directly to HomeAway and now you're out, I guess, in a bigger fashion with Vrbo?

我想，在 Vrbo 方面，當你將 HomeAway 和 Vrbo 整合到 Vrbo 之下並以此為主導時，你如何解決消費者保留和忠誠度問題，那些可能直接來到 HomeAway 而現在你出局了，我想，以更大的方式與 Vrbo 一起？

And then secondarily, maybe on just the Core OTA, how should we think about this gap between ADR versus revenue per night over the next 1 to 2 years?

其次，也許僅就核心 OTA 而言，我們應該如何考慮未來 1 到 2 年 ADR 與每晚收入之間的差距？

Naved, on the customer retention question, our intention right now is not to shut down HomeAway, but rather just to focus a lot of our marketing and other innovative efforts on Vrbo.

Naved，關於客戶保留問題，我們現在的意圖不是關閉 HomeAway，而是將我們的大量營銷和其他創新工作集中在 Vrbo 上。

So the expectation is that the loyal customers of the HomeAway brand, of which there are many, will continue to enjoy that brand, but on margin, we'll take the bulk of the new customers against the Vrbo brand here in the U.S. and globally.

因此，預計 HomeAway 品牌的忠實客戶（其中有很多）將繼續享受該品牌，但在保證金方面，我們將在美國和全球範圍內吸引大部分新客戶來對抗 Vrbo 品牌.

And then, of course, as we get into this, we will probably look at ways where potentially we can incent customers, whether or not it's from HomeAway to Vrbo but certainly with respect to some of the other regional brands in international markets, really start to introduce them to the Vrbo brand in a way that is nonthreatening and gradually move them over.

然後，當然，當我們開始討論這個問題時，我們可能會研究潛在的激勵客戶的方法，無論是從 HomeAway 到 Vrbo，但肯定是關於國際市場上的其他一些區域品牌，真正開始以一種沒有威脅的方式向他們介紹 Vrbo 品牌，並逐漸將他們轉移過來。

Yes.

是的。

Naved, on the revenue per room night versus ADRs, I think the factors there are, as we've discussed before, loyalty is one.

Naved，關於每晚收入與 ADR，我認為有一些因素，正如我們之前討論的那樣，忠誠度是其中之一。

And loyalty costs are recorded as a contra revenue.

忠誠度成本被記錄為對沖收入。

And as long as our loyalty channel is growing faster than the rest of the business, that will be a net difference between revenue per room night and ADRs ongoing.

只要我們的忠誠度渠道比其他業務增長得更快，每間夜收入與正在進行的 ADR 之間就會出現淨差。

FX is a component too, but we don't read too much about that because it would come out in, over time, in the wash.

FX 也是一個組件，但我們不會對此讀得太多，因為隨著時間的推移，它會在洗滌過程中出現。

There are other factors in there that ebb and flow, things around customer refunds if there's particularly inclement weather.

還有其他因素會起伏不定，如果天氣特別惡劣，客戶會退款。

Again, those are things that tend to ebb and flow over time.

同樣，這些東西往往會隨著時間的推移而潮起潮落。

In terms of the core margins, I think the only things I'd mention is just that in terms of our global chain, contracted margins, we are -- we feel like we are where we need to be and we're providing value for the rates that are being charged.

就核心利潤率而言，我認為我唯一要提到的就是就我們的全球連鎖店而言，合同利潤率，我們是——我們覺得我們在我們需要的地方，我們正在為正在收取的費率。

We are constructive, as Mark mentioned earlier, with our partners and try to look for ways that we can add value there, but we don't expect big changes in our contracted rates with our global chain partners.

正如馬克之前提到的，我們與我們的合作夥伴是建設性的，並試圖尋找我們可以在那裡增加價值的方法，但我們預計我們與全球連鎖合作夥伴的合同費率不會發生重大變化。

In there too, there could be some mix factors over time.

隨著時間的推移，也可能會有一些混合因素。

If we're growing in particular countries where the economics are different than they are for the rest of the business, that could have an impact as well, but that, again, should be generally around the edges.

如果我們在經濟與其他業務不同的特定國家/地區發展，那也可能會產生影響，但同樣，這通常應該處於邊緣。

We've talked about a gap in the 200 to 400 basis point range.

我們已經討論了 200 到 400 個基點範圍內的差距。

It's been a little bit narrower than that these last couple of quarters, but there's nothing really changed significantly in our thinking about that gap and how to think about it.

與過去幾個季度相比，這個差距縮小了一點，但我們對這一差距的思考以及如何思考它並沒有真正發生重大變化。

Yes.

是的。

The only other thing I would add to that is we do have a couple of programs that we're seeing great traction on that could aid in our overall monetization and also aid our partners.

我要補充的唯一另一件事是，我們確實有幾個項目，我們看到它們有很大的吸引力，可以幫助我們的整體貨幣化，也可以幫助我們的合作夥伴。

One is the Accelerator program where we're just getting significantly more sophisticated in providing our tools partners to essential -- our partners tools to essentially get higher placements in the sort order to drive more incremental volume where they want to get it, when they want to get it.

一個是加速器計劃，我們在為我們的工具合作夥伴提供必要的工具方面變得更加複雜 - 我們的合作夥伴工具基本上在排序順序中獲得更高的位置，以在他們想要的時候推動更多的增量量。為拿到它，為實現它。

And that is something that is getting increased traction.

這是越來越受歡迎的事情。

We're happy to see that.

我們很高興看到這一點。

And of course, we do have our TravelAds product, which shows up in ad and media, which is also getting strong traction.

當然，我們確實有我們的 TravelAds 產品，它出現在廣告和媒體中，也越來越受歡迎。

And you can see that show up in our advertising and media revenue.

你可以在我們的廣告和媒體收入中看到這一點。

But I think, as Alan said, I think we feel good about where we are in terms of our margin trajectory.

但我認為，正如艾倫所說，我認為我們對我們的利潤率軌跡感到滿意。

There will be various puts and takes, but we think we're in a good spot.

會有各種各樣的投入和投入，但我們認為我們處於一個很好的位置。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Alan, you mentioned a more disciplined approach in expenses.

艾倫，你提到了一種更有紀律的開支方式。

I'm just curious if you could give us a sense of kind of where you're seeing the greatest efficiency this year maybe where you didn't have that last year.

我只是想知道你是否可以讓我們了解今年你在哪裡看到了最大的效率，或者你去年沒有看到的地方。

And for Mark, just a follow-up on Mahaney's question on Europe.

對於馬克，只是馬哈尼關於歐洲的問題的後續行動。

In the quarter, was Europe worse than what you had expected?

在本季度，歐洲是否比您預期的更糟？

Or did it decelerate from what you saw in the fourth quarter?

或者它是否比你在第四季度看到的有所減速？

I'm just curious, the trajectory that Europe is on from your perspective.

我只是好奇，從您的角度來看，歐洲的發展軌跡。

Yes, Brent.

是的，布倫特。

So on the first question, I think there's a couple of things to call out.

所以關於第一個問題，我認為有幾件事需要指出。

One is that we are -- one of the things we're trying to do -- and a lot of our overhead costs are people as I'm sure you're well aware -- is just to be very strategic and purposeful about where we're hiring, why we're hiring and make sure that's focused on the most strategic and value-add areas of the business.

一是我們 - 我們正在嘗試做的事情之一 - 我們的很多管理費用都是人員，我相信你很清楚 - 只是非常有戰略意義和有目的的地方我們正在招聘，我們為什麼要招聘並確保專注於業務中最具戰略性和增值性的領域。

At the same time, we are looking across Expedia Group and the teams, in fact, are looking across the company for opportunities where we can better leverage the technology and assets and get some efficiencies there as well.

與此同時，我們正在尋找整個 Expedia Group 和團隊，事實上，正在尋找整個公司的機會，我們可以更好地利用技術和資產，並在那裡獲得一些效率。

And I think we're starting to see some of that benefit as well.

我認為我們也開始看到其中的一些好處。

This was kind of a -- something that we started really focusing on late last year and I think we're starting to see some benefit now.

這有點——我們去年年底開始真正關注的事情，我認為我們現在開始看到一些好處。

We -- I was careful on the prepared remarks to say we don't expect the same level of growth that we saw in Q1 for the full year.

我們——我對準備好的言論很謹慎，說我們預計全年的增長水平不會與第一季度相同。

We have some investments that we are making.

我們正在進行一些投資。

We are doing some hiring.

我們正在招聘。

And so don't expect to see those same levels in the rest of the year, but we do expect to get leverage on fixed costs and overhead as we move forward.

因此，不要指望在今年餘下時間看到相同的水平，但我們確實希望在前進的過程中能夠利用固定成本和間接費用。

And on Europe, I'd say Europe was broadly in line with our expectations, grew broadly in line with the overall rest of the business.

在歐洲，我想說歐洲大致符合我們的預期，與其他業務的整體增長大致一致。

We did see nice growth in the domestic markets of most of the major -- major markets probably with the U.K. as an exemption.

我們確實看到大多數主要市場的國內市場都出現了不錯的增長——主要市場可能不包括英國。

So that would be the one thing I would call out.

所以這就是我要說的一件事。

But broadly, it was in line with our expectations and, like I said earlier, broadly stable from what we can tell.

但總的來說，它符合我們的預期，而且正如我之前所說，從我們所知道的情況來看，它大致穩定。

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。

So I wanted to ask another question about your supplier relationships and take rates so -- on the air side.

所以我想問另一個關於你的供應商關係的問題，並在空氣方面採取這種方式。

So can you talk about how you're approaching your dispute with United Airlines and what's going on there, and more generally with your air partners?

那麼你能談談你是如何處理與聯合航空公司的糾紛的嗎？那裡發生了什麼，更廣泛地說是與你的航空合作夥伴的糾紛？

And how do you expect those negotiations to impact your metrics and financials?

您希望這些談判如何影響您的指標和財務狀況？

Sure.

當然。

So I think, listen, on the air side of things, it's really a tale of 2 cities.

所以我認為，聽著，從表面上看，這真的是兩個城市的故事。

On one side, we've got some very strategic partners that not unlike our global lodging partners, over the last couple of years have really started to work with us on a much more constructive basis, recognizing the value that we bring, the value that they bring and all of the different areas that we can work together to add more value.

一方面，我們有一些非常具有戰略意義的合作夥伴，它們與我們的全球住宿合作夥伴沒有什麼不同，在過去的幾年裡，他們真正開始在更具建設性的基礎上與我們合作，認識到我們帶來的價值，他們帶來了我們可以共同努力以增加更多價值的所有不同領域。

Honestly, that is probably where the majority of our U.S. carriers are at -- are, including the big ones, the competitors of United.

老實說，這可能是我們大多數美國航空公司所處的位置——包括大航空公司在內，它們是聯合航空公司的競爭對手。

And to give you a sense of the breadth of places where we are working together, if you look at the traditional distribution business, the ticketing business, that has evolved significantly over the course of the last 5 years.

為了讓您了解我們合作的地方的廣度，如果您看一下傳統的分銷業務，即票務業務，它在過去 5 年中發生了顯著變化。

Not only are we significantly larger than we've ever been, we've got huge audiences in the hundreds of millions of visitors and customers that we can showcase brands to and showcase products to, but increasingly it's become a very cost-efficient channel as consumer credit card fraud has become an issue, as automation and customer service has become an issue.

我們不僅比以往任何時候都大得多，而且在數以億計的訪客和客戶中擁有龐大的受眾群體，我們可以向他們展示品牌和展示產品，而且它越來越成為一個非常具有成本效益的渠道，因為消費者信用卡欺詐已成為一個問題，因為自動化和客戶服務已成為一個問題。

And if you look at our major carriers, in many cases, we are driving billions and billions and billions and billions of dollars of revenue for them at the same time as doing it with lower fraud cast -- in fact, on fraud protection, we're covering that for our partners.

如果你看看我們的主要運營商，在許多情況下，我們正在為他們帶來數十億、數十億、數十億、數十億美元的收入，同時以更低的欺詐成本來實現——事實上，在欺詐保護方面，我們為我們的合作夥伴報導。

For customer service, we're covering that for our partners.

對於客戶服務，我們正在為我們的合作夥伴提供服務。

And that can add up to tens, if not more than that, millions of dollars per carrier.

每個運營商加起來可能高達數十億美元，甚至更多。

We also have great partners like American Airlines where we're working on ways to actually help them reduce their customer service costs.

我們還有很棒的合作夥伴，例如美國航空公司，我們正在努力尋找真正幫助他們降低客戶服務成本的方法。

And again, this is just kind of the beginning of things.

再一次，這只是事情的開始。

We're also working with, again, American Airlines on thinking about ways where we can be creative around upselling from economy or basic economy up into higher fare classes.

我們還再次與美國航空公司合作，思考我們可以創造性地圍繞從經濟艙或基礎經濟艙向上銷售到更高票價等級的方式。

But if you look across Expedia Group, there is more.

但是，如果您瀏覽 Expedia Group，就會發現更多。

We've got -- our strategic partners are using our advertising platform to target specific customers, to showcase the unique differentiators that each of our carriers bring to bear.

我們已經 - 我們的戰略合作夥伴正在使用我們的廣告平台來針對特定客戶，展示我們每個運營商所帶來的獨特差異化因素。

Air Canada has done some really incredible things on this front in conjunction with our MeSo or Media Solutions team.

加航與我們的 MeSo 或媒體解決方案團隊合作，在這方面做了一些非常了不起的事情。

Our Expedia Partner Solutions business drives the hotel portion of many, if not most of the major carriers' dot com websites, including providing them with packaging technology.

我們的 Expedia 合作夥伴解決方案業務驅動著許多（如果不是大多數）主要運營商的 .com 網站的酒店部分，包括為他們提供包裝技術。

That's been a really area of value creation.

這是一個真正創造價值的領域。

And our Egencia business, fourth largest corporate travel business in the world, has got preferred relationships with the likes of Delta, who's doing some super creative things around status matching, targeting meetings, business and being part of a preferred program.

我們的 Egencia 業務是世界第四大商務旅行業務，與 Delta 等公司建立了優先關係，後者在身份匹配、目標會議、業務和成為首選計劃的一部分方面做一些超級有創意的事情。

The other new thing I would say is that over the last year or so as we transitioned really into more of a platform company, we found new ways to use our real time review data to help our airline partners understand how they compare with their peers on customer service items, things like check-in experience, in-flight experience, in-flight entertainment, all of these things and enable our partners to drill down literally to the root level and understand how they're performing versus their peers.

我要說的另一件新事是，在過去一年左右的時間裡，隨著我們真正轉變為更多的平台公司，我們找到了使用實時評論數據的新方法，以幫助我們的航空公司合作夥伴了解他們與同行的比較客戶服務項目，諸如登機體驗、機上體驗、機上娛樂之類的東西，所有這些東西都使我們的合作夥伴能夠深入到根本層面，並了解他們與同行相比的表現如何。

We've also started working with partners to help provide them with some of our forward-looking demand data for revenue management.

我們還開始與合作夥伴合作，幫助他們向他們提供一些我們用於收入管理的前瞻性需求數據。

And I think, honestly, we're just getting started.

我認為，老實說，我們才剛剛開始。

So I think when you look at all of that and you think about what our more sophisticated players are doing in the airline space, I just think there's tons of opportunity for us to create value with United with all of our other carriers.

所以我認為，當你審視所有這些，並思考我們更老練的參與者在航空領域所做的事情時，我只是認為我們有很多機會與美聯航和我們所有其他航空公司一起創造價值。

I think we're about 5 months out from contract expiration.

我認為我們距離合同到期還有大約 5 個月的時間。

We've always been very excited about having this type of discussion with United.

我們一直對與曼聯進行此類討論感到非常興奮。

But listen, at the end of the day, this is a platform.

但是，歸根結底，這是一個平台。

It has market level economics.

它具有市場經濟水平。

And to the extent that United, for whatever reason, decides to go a different direction, no one of our carriers represents more than 1% of our revenue.

無論出於何種原因，如果美聯航決定轉向不同的方向，我們的任何一家航空公司的收入都不會超過我們收入的 1%。

We've got very strong relationships with our real lead carriers in the U.S. Our customers shop at Expedia because they're largely carrier-agnostic and certainly we have a lot of experience with what happens when we have certain outages or not.

我們與美國真正的主要運營商建立了非常牢固的關係。我們的客戶在 Expedia 購物，因為他們在很大程度上與運營商無關，而且我們當然對發生某些中斷時發生的情況有很多經驗。

So -- but when I look at the value that can be created by expanding the pie as opposed to focusing on dividing it, I think for both strategic and economic reasons, I would find it completely bewildering if United decided to not engage in that discussion.

所以——但是當我看到通過擴大蛋糕而不是專注於分割它可以創造的價值時，我認為出於戰略和經濟原因，如果聯合航空決定不參與該討論，我會感到完全困惑.

But at the end of the day, they've got to make their choice and we will just move on.

但歸根結底，他們必須做出自己的選擇，而我們將繼續前進。

And I think United's competitors would be very happy with the outcome, but I think it would be value-disruptive to both of us, and that's not a place where we particularly want to end up.

我認為 United 的競爭對手會對結果非常滿意，但我認為這對我們雙方都會造成價值破壞，而且這不是我們特別希望結束的地方。

And I suspect that they really, in their heart of hearts, probably don't want to end up there either.

而且我懷疑他們真的，在他們的內心深處，可能也不想在那裡結束。

Next question comes from Heath Terry with Goldman Sachs.

下一個問題來自高盛的希思特里。

Mark, just kind of curious, I mean, we're obviously in a moment in time as it relates to the way that many of the companies in the OTA space are creating marketing efficiency goals and the ROIs that they're trying to target within their advertising.

馬克，我只是有點好奇，我的意思是，我們顯然正處於一個時刻，因為它與 OTA 領域的許多公司創建營銷效率目標的方式以及他們試圖在其中實現的投資回報率有關他們的廣告。

We talked about it before.

我們之前談過。

You guys have clearly been a beneficiary of this.

你們顯然是這件事的受益者。

We saw this obviously in trivago's numbers yesterday and your results today.

我們在昨天的 trivago 數據和今天的結果中清楚地看到了這一點。

Curious how -- if you have a view on how stable this environment that we're in is and to what extent having other competitors for keyword buys, retargeting buys, pulling back from the market has sort of benefited Expedia's profitability or growth and what your expectations for that are going forward.

很好奇——如果您了解我們所處的這種環境有多穩定，以及其他競爭對手進行關鍵字購買、重新定位購買、退出市場在多大程度上有利於 Expedia 的盈利或增長，以及您的什麼對此的期望正在向前發展。

And just merchant side of things, well, I completely understand and have seen in your numbers that the take rate or commission piece of this has been relatively stable.

只是商家方面，好吧，我完全理解並從你的數字中看到，這方面的收費或佣金部分相對穩定。

We've seen in prior negotiations, structural changes, things around pricing parity and last room night availability.

我們在之前的談判中看到了結構性變化、價格平價和最後一晚空房情況。

I'm just curious to the extent that you can share with us or give us some direction whether or not you're seeing the hotel partners or Expedia pushing for certain structural changes within the operating agreements that you have with your hotel partners.

我很好奇您是否可以與我們分享或給我們一些指導，無論您是否看到酒店合作夥伴或 Expedia 推動您與酒店合作夥伴簽訂的運營協議中的某些結構性變化。

Yes.

是的。

I think, Heath, on the marketing efficiency side, I wouldn't say that we are at steady state right now.

我認為，希思，在營銷效率方面，我不會說我們現在處於穩定狀態。

I think we're currently benefiting from what has largely been a step change in our approach and some of our competitor's approach to marketing.

我認為我們目前正在受益於我們的方法和我們競爭對手的一些營銷方法的重大變化。

And I think we will, as we move through the back part of this year, get to more normalized levels where we've got the non-incremental spend out.

而且我認為，隨著我們在今年下半年的推進，我們將達到更加規範化的水平，在那裡我們已經獲得了非增量支出。

We understand with much more accuracy what our returns are and we can start to lean back in, in a more disciplined way.

我們更準確地了解我們的回報是什麼，我們可以開始以更有紀律的方式向後傾斜。

So again, I think we're not quite there, but I think it's been a good benefit, I think, for all of us.

所以，我認為我們還沒有完全做到這一點，但我認為這對我們所有人來說都是一個很好的好處。

Obviously, it has been a headwind on revenue because even inefficient marketing spend does generate some revenue.

顯然，這對收入不利，因為即使是低效的營銷支出也確實會產生一些收入。

And we're looking forward to the back half of this year, not only for our Core OTA business, but also for trivago to essentially start from this new base and start really pushing into efficient, balanced growth on a much more regular basis, on a go-forward basis.

我們期待著今年下半年，不僅是我們的核心 OTA 業務，還有 trivago 基本上從這個新的基礎開始，並開始真正地更規律地推動高效、平衡的增長，在前進的基礎。

I think as it relates to our relationships with our big chain partners, there's nothing specifically that I would call out.

我認為，由於它涉及到我們與大型連鎖合作夥伴的關係，因此我沒有什麼特別要說的。

I think, again, the general theme for us has been let's find new ways where we can tailor our arrangements to better match the value that ultimately these partners get from our channels.

我再次認為，我們的總主題是讓我們找到新的方法來調整我們的安排，以更好地匹配這些合作夥伴最終從我們的渠道中獲得的價值。

Let's find ways through programs like Accelerator, programs like TravelAds to give you more control around getting the volume when you need it.

讓我們通過 Accelerator 等程序和 TravelAds 等程序找到方法，讓您在需要時更好地控制獲取音量。

And I think beyond that, we are looking at other unique ways where we can work together beyond just powering packages and doing other unique things that leverage our platform capabilities.

而且我認為除此之外，我們正在尋找其他獨特的方式來合作，而不僅僅是為軟件包提供動力和做其他利用我們平台功能的獨特事情。

But it's not really one thing.

但這不是一回事。

It's really -- we're really trying to be very flexible and tailor our approach on a strategic partner by strategic partner basis.

這真的 - 我們真的在努力非常靈活，並根據戰略合作夥伴的戰略合作夥伴調整我們的方法。

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。

So first for Alan.

首先是艾倫。

Alan, regarding your comment on revenue acceleration in the back half, can we read the commentary as applicable to the room nights as well?

艾倫，關於你對下半年收入加速的評論，我們能否閱讀適用於間夜的評論？

And then secondly, on Vrbo bookings growth, I realize the headwinds from comps and the SEO issues from brand consolidation, but is the benefit of online bookability penetration gains fully achieved at this time?

其次，在 Vrbo 預訂量增長方面，我意識到來自 comps 的阻力和來自品牌整合的 SEO 問題，但此時在線可預訂性滲透收益的好處是否已完全實現？

And also, considering the scale of marketing investments, is it smaller compared to what you are doing at last year?

還有，考慮到營銷投入的規模，與去年相比，是不是變小了？

Wondering about this kind of deceleration in the face of ongoing investments.

面對持續的投資，想知道這種減速。

Yes, Deepak.

是的，迪帕克。

On the room night, I mean, there are some -- definitely some connections between my comments on revenue and room nights.

在間夜，我的意思是，在我對收入和間夜的評論之間肯定有一些聯繫。

There are things like Easter being a first half issue is comments to both.

有些事情像復活節是上半年的問題是對兩者的評論。

I think one thing we've talked about before is that from a room night growth perspective, trivago at meta generally and trivago specifically has been a reasonably meaningful headwind for us on room night growth as we've pulled back and as they've kind of reset the business.

我想我們之前討論過的一件事是，從間夜增長的角度來看，meta 的 trivago 和特別是 trivago 對我們的間夜增長來說是一個相當有意義的逆風，因為我們已經退縮了，因為他們很友善重置業務。

If that goes according to plan and they start to normalize in the back half of the year, get back to growth and just by virtue of the comps that we have there, that should start to ease and we should see some benefit from that in the back half of the year.

如果這按計劃進行並且他們在今年下半年開始正常化，恢復增長並且僅僅憑藉我們在那裡擁有的補償，那應該開始緩解並且我們應該從中看到一些好處回到半年。

We will have lapped the -- a lot of the marketing optimization that we did in 2018.

我們將完成 - 我們在 2018 年所做的許多營銷優化。

And so I think that can have an impact as well.

所以我認為這也會產生影響。

So definitely some connection between the revenue and the room night trends that we'll be seeing there.

因此，我們將在那裡看到的收入和間夜趨勢之間肯定存在某種聯繫。

And as I said before, we're quite happy with the core business.

正如我之前所說，我們對核心業務非常滿意。

It continues to just basically hum along.

它繼續基本上只是嗡嗡作響。

And so we think that will be as good or better as we move forward.

因此，我們認為隨著我們的前進，這將一樣好或更好。

I mean, Deepak, on Vrbo, listen, the team, over the course of the last 3 years, has done just an exceptional job of getting a big book of offline business online.

我的意思是，Deepak，在 Vrbo 上，聽著，在過去 3 年的過程中，該團隊完成了出色的工作，將大量線下業務在線上。

I think what you're seeing right now is getting to some of those harder yards associated with getting that offline and online starting to actually reach a flatter part of that penetration curve.

我認為你現在看到的是一些與離線和在線相關的更難的碼，實際上開始達到滲透曲線的平坦部分。

I think that's absolutely happening.

我認為這絕對會發生。

But again, the real story on gross bookings and online gross bookings deceleration has really been around these platform changes that we've made that has taken some of that business because it was offline and maybe we've lost it to other parts of the industry and, of course, platform and brand streamlining as well.

但同樣，關於總預訂量和在線總預訂量減速的真實故事實際上是圍繞著我們所做的這些平台變化，這些變化已經採取了一些業務，因為它是離線的，也許我們已經把它輸給了行業的其他部分當然，還有平台和品牌精簡。

So that's really been the story.

所以這真的是故事。

And then in terms of marketing investments, I think we're still pleased with the return that we're seeing at the marketing -- with the marketing investments.

然後在營銷投資方面，我認為我們仍然對我們在營銷中看到的回報感到滿意——營銷投資。

I think the story there is, again, we're just lapping over something that went from 0 to 60 pretty quickly and now we're at cruising altitude.

我認為這裡的故事又是這樣的，我們只是在從 0 到 60 的速度上快速重疊，現在我們處於巡航高度。

Our next question comes from Anthony DiClemente with Evercore.

我們的下一個問題來自 Evercore 的 Anthony DiClemente。

I had 2. How much of the performance or the strength that you saw in the quarter outside the U.S. is being driven by improvements as a result of the property supply growth and acquisition that you've embarked upon in Europe and other areas and any corresponding marketing around?

我有 2. 你在美國以外的季度看到的業績或實力有多少是由你在歐洲和其他地區以及任何相應地區開始的房地產供應增長和收購帶來的改善所推動的營銷圍繞？

I'm just trying to get a sense for how much of the strength is sort of year 2 or that as opposed to better stability in the macro environment.

我只是想了解第 2 年的實力有多大，或者與宏觀環境中更好的穩定性相反。

And then my other question is just in terms of Vrbo and the investments there.

然後我的另一個問題是關於 Vrbo 和那裡的投資。

I know that you're trying to compete in urban and international and growing supply in urban and international.

我知道你們正試圖在城市和國際市場上競爭，並在城市和國際市場上不斷增長的供應。

And so -- but just wondering, is the goal to drive consumer engagement with those newer listings primarily on Vrbo?

所以——但只是想知道，推動消費者參與主要在 Vrbo 上的那些新列表的目標是什麼？

Or to what degree are you thinking about integration of those listings on Expedia.com as well?

或者您也在多大程度上考慮將這些列表整合到 Expedia.com 上？

Thanks, Anthony.

謝謝，安東尼。

The new inventory that we've added is performing very nicely.

我們添加的新庫存表現非常好。

I think though it's really just part of the overall formula, which is adding new inventory, making sure that inventory is actually selling through, through good, solid disciplined performance and marketing and then having much more locally relevant user experiences, getting content right, getting translation right, making sure we've got local payments.

我認為，雖然這實際上只是整個公式的一部分，但它正在添加新庫存，通過良好、紮實的紀律績效和營銷確保庫存確實在銷售，然後擁有更多與本地相關的用戶體驗、獲得正確的內容、獲得翻譯正確，確保我們有本地付款。

So I think it's a combination of all of those things really starting, again, starting, we're still early stages here, starting to show some real promise in terms of better customer engagement and repeat rates and more efficient growth.

所以我認為這是所有這些事情的結合真正開始，再次開始，我們還處於早期階段，開始在更好的客戶參與度和重複率以及更有效的增長方面顯示出一些真正的希望。

And we're hopeful that we can just keep this going.

我們希望我們能夠繼續下去。

As we mentioned last quarter, we really have ruled this effort into business as usual.

正如我們在上個季度提到的那樣，我們確實已經將這項工作照常進行。

We are targeting a broader set of markets here in 2019 in addition to continuing to improve in our initial wave one markets.

除了繼續改善我們最初的第一波市場之外，我們還打算在 2019 年瞄準更廣泛的市場。

With respect to Vrbo in terms of where we're investing and the goals in terms of driving consumer engagement with alternative accommodations, I think it's really going to be a combo of driving Vrbo and expanding it globally as a really best-in-class single product type focused player and then also bringing that inventory on to our Core OTA brands.

關於我們投資的 Vrbo 以及推動消費者參與替代住宿的目標，我認為這真的將是推動 Vrbo 並將其作為真正一流的單一產品在全球範圍內擴展的組合以產品類型為中心的玩家，然後將該庫存帶到我們的核心 OTA 品牌中。

Our Core OTA brands have incredible urban demand already.

我們的核心 OTA 品牌已經擁有令人難以置信的城市需求。

In general, they've got very strong and actually strengthening international demand footprints.

總的來說，它們的國際需求足跡非常強大，而且實際上在加強。

So I think in the initial stages when we add new properties -- alternative accommodations properties, having integration on to the Core OTA brands is going to be a big boost, but we have no question that Vrbo with their unique user experiences, their focus on family and friends, the collaboration tools that they're building that are truly unique and best-in-class, we have no question that Vrbo does have the potential to be a real strong growth driver and generate real strong customer loyalty in its own right both here and the U.S. and then importantly, in international markets and really extend it back into the urban markets on its own.

所以我認為在我們添加新屬性的初始階段 - 替代住宿屬性，與核心 OTA 品牌的整合將是一個巨大的推動力，但我們毫無疑問 Vrbo 憑藉其獨特的用戶體驗，他們專注於家人和朋友，他們正在構建的真正獨特且一流的協作工具，我們毫不懷疑 Vrbo 確實有潛力成為真正強大的增長動力，並憑藉自身的力量產生真正強大的客戶忠誠度在這里和美國，然後重要的是，在國際市場上，並真正將其擴展回城市市場。

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。

Yes.

是的。

This is Chris on for Lloyd.

這是勞埃德的克里斯。

Maybe a few, if I can.

如果可以的話，也許有一些。

We've seen some of your peers migrate away from the traveler fee model.

我們已經看到您的一些同行放棄了差旅費模式。

Just curious how disruptive a change like that would be for Vrbo and if you think industry forces would really kind of move you in that direction.

只是好奇這樣的變化對 Vrbo 有多大的破壞性，如果你認為行業力量真的會把你推向那個方向。

And then we've seen a little bit of news lately that some of the hotel brands are starting to compete in the vacation rental space.

然後我們最近看到一些新聞，一些酒店品牌開始在度假租賃領域展開競爭。

And was just curious if that inventory is something you guys would expect to get on the platform and how those take rates would look relative to a like your core lodging business.

並且很好奇這些庫存是否是你們希望在平台上獲得的東西，以及這些庫存與您的核心住宿業務相比如何。

And then maybe one on your Add-On Advantage product.

然後可能是您的 Add-On Advantage 產品中的一個。

I think it's been about a year since you guys have rolled it out.

我想你們推出它已經大約一年了。

And I was just curious if you could give us an update on what markets that product is currently in, some of your early learnings there and maybe how we should be thinking about the program rolling out to additional markets and the potential integration of other products like vacation rental into it.

我只是想知道您是否可以向我們提供有關該產品目前所處市場的最新信息，您在那裡的一些早期學習以及我們應該如何考慮將該計劃推廣到其他市場以及其他產品的潛在整合，例如度假出租。

Sure.

當然。

On the traveler fee, Vrbo is in a fortunate position in that they've got the complete menu of monetization options between traveler fee plus subscription and traveler fee plus pay-per-booking, pure pay-per-booking model.

在差旅費方面，Vrbo 處於一個幸運的位置，因為他們擁有差旅費加訂閱和差旅費加按預訂付費、純按預訂付費模式之間的完整貨幣化選項菜單。

And they're really looking at trying to find ways where they can match the monetization model with the inventory type, what the supplier is interested in doing, what consumers are willing to do.

他們真的在尋找方法，將貨幣化模型與庫存類型、供應商感興趣的事情、消費者願意做的事情相匹配。

So I think any sort of migration to or from the traveler fee is something that essentially Vrbo is very well equipped to handle and is, in fact, driving a lot of these changes and testing itself across its own supply base.

因此，我認為任何類型的進出差旅費的遷移基本上都是 Vrbo 非常有能力處理的事情，事實上，它正在推動許多這些變化並在其自己的供應基礎上進行自我測試。

In terms of the hotel brands competing in the VR space, certainly we have seen that.

就在 VR 領域競爭的酒店品牌而言，我們當然已經看到了這一點。

The recent announcement by Marriott is not particular -- it's new for them, but we have had other players, including the core, be active in this space.

萬豪最近的聲明並不特別——這對他們來說是新的，但我們有其他參與者，包括核心，活躍在這個領域。

I think it's super interesting.

我認為這非常有趣。

I think that the alternative combination space is one that is right for some degree of professionalization.

我認為另一種組合空間適合某種程度的專業化。

If you look at the big hotel operating companies and chains, boy, they are really good at this stuff and really providing a great guest experience.

如果你看看大型酒店運營公司和連鎖店，男孩，他們真的很擅長這方面的東西，真的提供了很棒的客人體驗。

So I think it -- generally, it could be a really good thing for the industry to add this type of professionalization to the space.

所以我認為——一般來說，將這種專業化添加到該領域對行業來說可能是一件非常好的事情。

And I think we're very hopeful that we can help our partners as they develop these new inventory types just like we have with all of their other ones, help them to get them to market and get them in front of the right consumers and at the right time.

而且我認為我們非常希望我們能夠幫助我們的合作夥伴開發這些新的庫存類型，就像我們開發他們的所有其他庫存類型一樣，幫助他們將它們推向市場並讓它們出現在合適的消費者面前並在合適的時間。

With respect to Add-On Advantage, it's live here in the U.S. It has been for a while.

關於 Add-On Advantage，它在美國已經有一段時間了。

We have rolled it out to a number of international markets.

我們已將其推廣到多個國際市場。

It has been pretty darn successful here in the U.S. It's been moderately successful in other parts of the world.

它在美國取得了相當大的成功。在世界其他地區也取得了一定的成功。

But getting this right is a combination of 2 important things.

但要做到這一點是兩件重要事情的結合。

One is getting the product right.

一是正確選擇產品。

And the product is super compelling.

而且該產品非常引人注目。

Buy a product and then ultimately you can add other things to it over time.

購買產品，然後最終您可以隨著時間的推移添加其他東西。

It incents people to essentially get these bundled deals.

它激勵人們從根本上獲得這些捆綁交易。

And then, of course, once they've got everything in one place, it's super easy to change and cancel.

然後，當然，一旦他們將所有內容都放在一個地方，更改和取消就非常容易了。

We can handle everything at once.

我們可以一次處理所有事情。

We update itineraries.

我們更新行程。

I mean, the value proposition is there and the product is really getting significantly better over time.

我的意思是，價值主張就在那裡，而且隨著時間的推移，產品確實變得越來越好。

But the second piece, of course, is merchandising and marketing.

但第二部分當然是商品銷售和營銷。

And that's where the team continues to experiment with Add-On Advantage and does that resonate with consumers in other parts of the world as much as it does in the U.S. But like everything, I mean, we are just continually testing.

這就是團隊繼續試驗 Add-On Advantage 的地方，並在世界其他地區和美國一樣引起消費者的共鳴。但就像所有事情一樣，我的意思是，我們只是在不斷測試。

We're continually striving for better.

我們不斷追求更好。

We like what we see go far -- so far.

我們喜歡我們所看到的——到目前為止。

We know the product is super compelling and we're just evolving the way that we market it over time.

我們知道該產品非常引人注目，我們只是隨著時間的推移不斷改進我們的營銷方式。

Our next question comes from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. You guys are a very data-driven company, sort of very analytical.

我有 2。你們是一家非常數據驅動的公司，有點非常分析。

I guess, could you sort of talk us through some of the main KPIs that you're watching in the markets where you've rolled out the new inventory and the new supply you've added over the last couple of years just so that investors would kind of get an understanding for your -- the merits of your investments sort of paying off.

我想，您能否通過您在過去幾年中推出新庫存和增加的新供應的市場中觀察到的一些主要 KPI 來告訴我們，以便投資者會有點理解你的——你的投資的優點有點回報。

What are you watching and what are you seeing in these markets?

你在看什麼，你在這些市場上看到了什麼？

And then, Mark, can you talk to us about the way you think about loyalty, the importance in sort of investing in loyalty program to potentially build a stickier customer base?

然後，馬克，你能和我們談談你對忠誠度的看法，以及投資忠誠度計劃以建立更粘性客戶群的重要性嗎？

Sure.

當然。

So as you can imagine, being a data-driven company, we just look at a ton of KPIs in terms of success, but let me just give you some highlights.

所以你可以想像，作為一家數據驅動的公司，我們只看大量關於成功的 KPI，但讓我給你一些重點。

Really, at the core of what we're trying to do here is be locally relevant.

真的，我們在這裡嘗試做的核心是與當地相關。

And locally relevant is a piece of customer centricity.

與當地相關的是一種以客戶為中心的理念。

So how do you measure that?

那麼你如何衡量呢？

Well, we take a look at customer repeat rates and try to understand, are we creating more sticky products with what we're doing in terms of everything, from inventory acquisition to being more locally relevant?

好吧，我們看看客戶的重複率並嘗試了解，我們是否正在通過我們所做的一切來創造更具粘性的產品，從庫存獲取到更貼近當地？

We're looking at does adding more inventory give us access to new customers as we add essentially new destinations with real competitiveness, new keywords, new metasearch placements.

我們正在研究增加更多庫存是否能讓我們接觸到新客戶，因為我們基本上添加了具有真正競爭力的新目的地、新關鍵字、新元搜索展示位置。

We're taking a look at room night growth.

我們正在研究間夜增長。

And importantly, we're taking a look at domestic room night growth and saying, hey, are we actually driving incremental room nights?

重要的是，我們正在研究國內間夜量的增長，然後說，嘿，我們真的在推動增量間夜量嗎？

Or are we just shifting share amongst our partners?

或者我們只是在轉移合作夥伴之間的份額？

We're taking a look at marketing efficiencies.

我們正在研究營銷效率。

And importantly, we're also taking a look at -- for the partners that we add, are we driving bookings to them?

重要的是，我們也在研究——對於我們添加的合作夥伴，我們是否在推動他們的預訂？

Are we becoming more relevant for them?

我們是否變得與他們更相關？

So those are just some of the metrics that I would call out.

所以這些只是我要提到的一些指標。

I would say that, generally speaking, in all of these markets, the metrics are moving in the right direction.

我想說的是，一般來說，在所有這些市場中，指標都在朝著正確的方向發展。

We're learning as we go.

我們邊走邊學。

We don't get everything right, but it is a constant optimization effort.

我們並沒有把所有事情都做對，但這是一個不斷優化的過程。

And as you can tell from us baking this into business as usual, this is absolutely the right way to go.

正如您從我們那裡看到的那樣，一切照常進行，這絕對是正確的方法。

In terms of loyalty and the importance of building that, building a stickier customer base, listen, I'll just say that we're strong believers in the fact that the best loyalty program is an incredible product and that we are dead focused on providing a customer-centric product, a locally relevant product.

就忠誠度和建立忠誠度的重要性而言，建立更粘性的客戶群，聽著，我只想說，我們堅信最好的忠誠度計劃是一個令人難以置信的產品，我們專注於提供以客戶為中心的產品，與當地相關的產品。

And that is the core focus.

這是核心焦點。

But we do believe that our loyalty programs, the Hotels.com program stay 10 nights, get one free is super additive to that story.

但我們確實相信我們的忠誠度計劃，Hotels.com 計劃入住 10 晚，免費贈送一晚，是對這個故事的超級補充。

In addition to having a great product that Hotels.com does have, it adds that extra thing that is a real value and a real differentiator for them.

除了擁有 Hotels.com 確實擁有的出色產品外，它還增加了額外的東西，這對他們來說是真正的價值和真正的差異化因素。

And I think for the Expedia, the Brand Expedia program, the Orbitz program, also similar stories.

我認為對於 Expedia、Brand Expedia 計劃、Orbitz 計劃，也有類似的故事。

They're very focused on building a great product, but again, that caret of moving up the loyalty tiers and getting better status with maybe a bit better treatment, a bit better amenities when you show up at the properties are all just little things that make the product just a little bit different, a little bit more differentiated and ultimately we believe can turn into better customer share of wallet and better customer retention over time.

他們非常專注於打造一款出色的產品，但再次強調，當您出現在酒店時，提升忠誠度等級並獲得更好的地位以及更好的待遇，更好的便利設施都是小事使產品稍有不同，更加差異化，最終我們相信可以隨著時間的推移轉化為更好的客戶錢包份額和更好的客戶保留率。

Our final question will come from Stephen Ju with Credit Suisse.

我們的最後一個問題將來自瑞士信貸的 Stephen Ju。

So I wanted to dig in a little bit more on the SEO headwinds you called out for HomeAway from the brand consolidation.

因此，我想深入了解您從品牌整合中為 HomeAway 呼籲的 SEO 不利因素。

Our recollection from back when HomeAway was an independent company was that this was an issue that they had to navigate slowly.

我們對 HomeAway 還是一家獨立公司時的回憶是，這是一個他們必須慢慢解決的問題。

So are the headwinds you're calling out, I guess, a more rapid pace of brand consolidation you have put in, so at some point you just have to comp these?

那麼，你所說的逆風，我猜，你已經投入了更快的品牌整合步伐，所以在某些時候你只需要對這些進行比較？

Or are you consolidating the sites one at a time into mainly Vrbo?

還是您一次將一個站點合併為主要是 Vrbo？

Sure, Stephen.

當然，斯蒂芬。

So I would say SEO headwinds for every player in the Internet have been a story for a long time.

所以我想說互聯網上每個玩家的 SEO 阻力已經存在很長時間了。

Google is absolutely taking free and moving it to paid and moving from paid to more qualified like they're during in hotel ads products.

谷歌絕對是免費的，然後把它變成付費的，然後從付費變成更有資格的，就像他們在酒店廣告產品中一樣。

What we've done with Vrbo though, of course, has been on top of that.

當然，我們對 Vrbo 所做的一切都是最重要的。

And Vrbo and essentially HomeAway and all of the brands that they've had internationally traditionally been actually quite dependent on SEO.

而 Vrbo，本質上是 HomeAway，以及他們在國際上傳統上擁有的所有品牌實際上都非常依賴 SEO。

And as we have consolidated platforms, it has changed essentially the linking structure of those brands and ultimately resulted in bigger headwinds for them.

隨著我們整合平台，它從根本上改變了這些品牌的鏈接結構，並最終給他們帶來更大的阻力。

In some cases, there are places where we can recapture this.

在某些情況下，有些地方我們可以重新捕捉到這一點。

I think in Vrbo, for example, the teams have got great playbooks in place.

例如，我認為在 Vrbo 中，團隊已經制定了很棒的劇本。

And even as Vrbo has changed platform structures, we're marching up.

即使 Vrbo 改變了平台結構，我們也在前進。

We're seeing good metrics and there are signs that things are moving in the right direction.

我們看到了良好的指標，並且有跡象表明事情正在朝著正確的方向發展。

But with some of these brands, some of these regional brands, it will be something where, by and large, we're just going to have to comp it and lap it over time.

但是對於其中一些品牌，其中一些區域品牌，總的來說，我們將不得不對其進行比較並隨著時間的推移進行重疊。

And we'll move past this.

我們會過去的。

Again, we're a long-term player.

同樣，我們是一個長期參與者。

We're very much focused on building great brands and building great customer relationships and growing them internationally.

我們非常專注於打造偉大的品牌、建立良好的客戶關係並在國際上發展它們。

We're backing Vrbo as the primary brand and we're optimistic that Vrbo has got a long runway ahead of us and it will move past some of these transitional issues like we're seeing with SEO.

我們支持 Vrbo 作為主要品牌，我們樂觀地認為 Vrbo 在我們面前還有很長的路要走，它將克服一些過渡性問題，就像我們在 SEO 中看到的那樣。

And at this time, I would like to turn the conference back to Mr. Mark Okerstrom for closing remarks.

此時，我想將會議轉回 Mark Okerstrom 先生作閉幕詞。

Great.

偉大的。

Well, a big thanks to all of you for listening today.

非常感謝大家今天的收聽。

I especially want to thank all of the Expedia Group employees around the work -- around the world for your hard work this past quarter.

我特別要感謝 Expedia Group 全球各地的所有員工在上個季度的辛勤工作。

I'm just incredibly impressed with the collaboration that's happening and the progress I'm seeing across the company.

我對正在發生的合作以及我在整個公司看到的進步印象深刻。

I'm just so excited about what we can achieve together.

我對我們可以共同取得的成就感到非常興奮。

I look forward to speaking to all of you next quarter.

我期待著在下個季度與大家交談。

And with that, we'll turn it back to the operator.

然後，我們會將其返回給運營商。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's presentation.

女士們，先生們，今天的演講到此結束。

You may now disconnect.

您現在可以斷開連接。