Expedia Group Inc (EXPE) 2019 Q2 法說會逐字稿

Good day, and welcome to the Expedia Group Q2 2019 Earnings Conference Call.

美好的一天，歡迎來到 Expedia Group 2019 年第二季度收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

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

此時，我想將會議轉交給投資者關係副總裁 Michael Senno。

Please go ahead.

請繼續。

Good afternoon, and welcome to Expedia Group's Financial Results Conference Call for the Second Quarter Ended June 30, 2019.

下午好，歡迎參加 Expedia Group 截至 2019 年 6 月 30 日的第二季度財務業績電話會議。

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

我很高興 Expedia 集團首席執行官兼總裁 Mark Okerstrom 今天加入電話會議；和我們的首席財務官 Alan Pickerill。

The following discussion, including responses to your questions, reflects management's views as of today, July 25, 2019, only.

以下討論，包括對您問題的回答，僅反映截至 2019 年 7 月 25 日今天的管理層觀點。

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

我們不承擔任何更新或修改這些信息的義務。

As always, some of the statements made on today's call are forward-looking, typically preceded by words such as we expect, we believe, we anticipate, we 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 actual results to differ materially from these forward-looking statements.

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

You will find reconciliations of non-GAAP measures to the most comparable GAAP measures discussed today in our earnings release, which is posted on the company's Investor Relations website at ir.expediagroup.com.

您會在我們的收益發布中找到非 GAAP 措施與今天討論的最具可比性的 GAAP 措施的對賬，該發布發佈在公司的投資者關係網站 ir.expediagroup.com 上。

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

我鼓勵您定期訪問我們的 IR 網站以獲取其他重要內容，包括今天的收益發布。

Unless otherwise stated, all references to cost of revenue, selling and marketing expense, general and administrative expense and technology and content expense 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，因為我們無法在沒有不合理努力的情況下預測某些重要項目的最終結果。

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

這些項目包括但不限於外匯、投資支出回報和收購相關或重組費用。

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。

Finally, on April 15, Expedia Group entered into a definitive agreement to acquire Liberty Expedia Holdings in an all-stock transaction.

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。

For details on the proposed transaction, we will refer you to the information in our SEC filings.

有關擬議交易的詳細信息，我們將向您推薦我們提交給美國證券交易委員會的文件中的信息。

The deal is currently pending approval from Liberty Expedia stockholders with the shareholder vote scheduled for tomorrow Friday, July 26.

該交易目前正在等待 Liberty Expedia 股東的批准，股東投票定於明天（7 月 26 日）星期五舉行。

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

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。

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。

In Q2, we, once again, saw solid execution across the company and built on our operating momentum.

在第二季度，我們再次看到整個公司的穩健執行並建立在我們的運營勢頭之上。

Our strong results through the first half of the year are evidence of the continued progress we're making on our transformation underpinned by our key strategic themes.

我們今年上半年的強勁業績證明了我們在關鍵戰略主題的支持下在轉型方面取得的持續進展。

Being locally relevant on a global basis is guiding our focused market approach where we're seeing nice progress in international markets.

在全球範圍內與當地相關正在指導我們專注於市場的方法，我們在國際市場上看到了良好的進展。

We're focusing on being more customer-centric, adding features and functionality to better serve travelers.

我們專注於更加以客戶為中心，增加特性和功能以更好地為旅行者服務。

For example, we're rolling out a virtual agent platform, which is already driving improved customer satisfaction and increasing the efficiency of our customer service.

例如，我們正在推出一個虛擬代理平台，該平台已經在推動提高客戶滿意度並提高我們客戶服務的效率。

This year, our efforts to increase the speed of execution and innovation have evolved into a new third strategic theme around fully leveraging the power of our global platform.

今年，我們為提高執行速度和創新所做的努力已經演變成新的第三個戰略主題，即充分利用我們全球平台的力量。

We're collaborating across the company and operating more and more as 1 group than ever before.

我們在整個公司開展合作，並且比以往任何時候都更加團結一致地開展業務。

We're increasingly unlocking opportunities to cross-sell between brands.

我們越來越多地釋放品牌之間交叉銷售的機會。

For example, Vrbo customers are now able to book rental cars and other products powered by Brand Expedia.

例如，Vrbo 客戶現在可以預訂由 Brand Expedia 提供支持的租車和其他產品。

Our teams are also leveraging best-in-class systems and technologies across divisions.

我們的團隊還跨部門利用一流的系統和技術。

For instance, Hotels.com recently migrated to Brand Expedia's system for collecting post-stay reviews, and is already benefiting from additional features and an improvement in content.

例如，Hotels.com 最近遷移到 Brand Expedia 的系統來收集入住後評論，並且已經從附加功能和內容改進中受益。

And these are just the tip of the iceberg.

而這些只是冰山一角。

We have many other opportunities to drive customer and partner-facing innovation and increase operating efficiency by better leveraging the scale of our platform across Expedia Group.

通過更好地利用我們整個 Expedia Group 的平台規模，我們還有許多其他機會來推動面向客戶和合作夥伴的創新並提高運營效率。

To that end, we've recently begun a design process with the goal of realigning certain teams across the company to enable them to better execute on this platform approach.

為此，我們最近開始了一個設計過程，目標是重新調整公司內的某些團隊，使他們能夠更好地執行這種平台方法。

All of these efforts are squarely aimed at driving better customer and partner experiences as well as stronger long-term growth and value creation.

所有這些努力都是為了推動更好的客戶和合作夥伴體驗以及更強勁的長期增長和價值創造。

Our continued progress on these key strategic themes contributed to healthy financial performance in Q2 with top line growth accelerating and adjusted EBITDA increasing 23% year-over-year.

我們在這些關鍵戰略主題上的持續進展促成了第二季度健康的財務業績，營收增長加速，調整後的 EBITDA 同比增長 23%。

Our Core OTA segment continues to lead the way as we see positive results from the playbook we're executing to drive our lodging business.

我們的核心 OTA 細分市場繼續引領潮流，因為我們看到了我們為推動住宿業務而執行的行動手冊的積極成果。

Core OTA room night growth was a healthy 12% in the quarter.

本季度核心 OTA 間夜量增長 12%，保持健康。

We're confident that continuing to push targeted supply acquisition along with focusing on locally relevant content, product innovation and strategic marketing investments will lead to healthy top and bottom line results across our Core OTA business going forward.

我們相信，繼續推動有針對性的供應收購以及專注於本地相關內容、產品創新和戰略營銷投資，將使我們的核心 OTA 業務在未來取得健康的頂線和底線結果。

A key tenet of our playbook is our supply acquisition effort where we continue to see nice results.

我們劇本的一個關鍵原則是我們的供應採購工作，我們繼續看到不錯的結果。

Excluding Vrbo listings, we added over 40,000 properties to our core lodging platform for the sixth consecutive quarter and expect that elevated pace to continue as we move through the year.

不包括 Vrbo 房源，我們連續第六個季度向我們的核心住宿平台增加了 40,000 多處房產，並預計隨著我們今年的推進，這一增長速度將繼續下去。

Including now approximately 570,000 integrated Vrbo listings, we ended the quarter with nearly 1.3 million total properties on our core lodging platform.

包括現在大約 570,000 個集成的 Vrbo 房源，我們在本季度結束時在我們的核心住宿平台上擁有近 130 萬處房產。

Vrbo eclipsed 2 million online bookable listings in the second quarter, and over 1.3 million of those are now instantly bookable.

Vrbo 在第二季度的在線可預訂房源數量超過 200 萬，其中超過 130 萬現在可以即時預訂。

The team continues to navigate the brand and platform transition we discussed last quarter.

該團隊繼續推進我們上個季度討論的品牌和平台轉型。

And although, gross bookings growth remained modest, we saw growth trends improve throughout the quarter.

儘管總預訂量增長仍然溫和，但我們看到整個季度的增長趨勢有所改善。

While we still have a lot of work to do, we continue to see an attractive long-term growth opportunity, both at Vrbo and across Expedia Group in the alternative accommodation space.

雖然我們還有很多工作要做，但我們繼續看到一個有吸引力的長期增長機會，無論是在 Vrbo 還是整個 Expedia Group 的另類住宿領域。

Egencia delivered healthy profits in Q2 with adjusted EBITDA increasing 24%.

Egencia 在第二季度實現了穩健的利潤，調整後的 EBITDA 增長了 24%。

The Egencia team continues to be disciplined in cost management while enhancing its product offering with new machine learning-driven features and increasingly leveraging the Expedia Group platform capabilities to provide a better customer experience.

Egencia 團隊繼續嚴格控製成本管理，同時通過機器學習驅動的新功能增強其產品供應，並越來越多地利用 Expedia Group 平台功能來提供更好的客戶體驗。

As we further differentiate our product, we're confident we can deliver strong growth and share gains over the long term in the managed corporate travel segment.

隨著我們進一步差異化我們的產品，我們有信心在託管商務旅行領域實現強勁增長並長期分享收益。

Trivago posted another quarter of healthy profitability, while revenue decline slowed as its marketplace continue to stabilize and trivago started to lap last year's marketing optimization effort.

Trivago 公佈了又一個季度的健康盈利能力，而收入下降放緩，因為其市場繼續穩定，並且 trivago 開始超越去年的營銷優化工作。

With comps largely normalized heading into the second half of the year, the team is making targeted marketing investments to drive growth.

隨著 comps 在進入下半年時基本正常化，該團隊正在進行有針對性的營銷投資以推動增長。

In addition, as trivago highlighted yesterday, it continues to evolve its product and test new features aimed at enhancing its marketplace, which should provide a benefit over time.

此外，正如 trivago 昨天強調的那樣，它繼續發展其產品並測試旨在增強其市場的新功能，隨著時間的推移，這應該會帶來好處。

Overall, we expect trivago to return to revenue growth in the second half of the year, and they remain on track to deliver healthy profits for the full year.

總體而言，我們預計 trivago 將在下半年恢復收入增長，並且他們仍有望在全年實現可觀的利潤。

In closing, we're making nice strides in transforming the company as we push forward on our key strategic priorities.

最後，隨著我們推進關鍵戰略重點，我們在公司轉型方面取得了長足進步。

Our operating momentum and healthy financial results throughout 2018 and now into the first half of this year are evidence of our enormous potential.

我們在整個 2018 年和今年上半年的經營勢頭和健康的財務業績證明了我們巨大的潛力。

While we are still early in our journey as the world's travel platform, we are confident that continuing to rigorously execute on our plan will lead to sustained growth for many years to come.

雖然我們作為世界旅遊平台的旅程仍處於早期階段，但我們相信，繼續嚴格執行我們的計劃將帶來未來許多年的持續增長。

With that, I'll turn over to Alan.

有了這個，我會轉向艾倫。

Thank you, Mark.

謝謝你，馬克。

We are pleased with our performance in Q2 with both gross bookings and revenue increasing 9%.

我們對第二季度的表現感到滿意，總預訂量和收入均增長了 9%。

Excluding the negative foreign currency impact to each, gross bookings grew 11% and revenue was up 12%.

排除外匯對兩者的負面影響，總預訂量增長 11%，收入增長 12%。

Both total lodging revenue and stayed room nights also grew at solid 12% in the quarter.

本季度總住宿收入和入住間夜數也穩步增長 12%。

We continue to see nice momentum in our core OTA segment.

我們繼續在我們的核心 OTA 領域看到良好的勢頭。

The healthy room night growth Mark mentioned contributed to an acceleration in revenue growth and an 11% increase in adjusted EBITDA despite tougher comps as we started to lap the marketing optimization benefits from last year.

Mark 提到的健康間夜增長促進了收入增長的加速和調整後 EBITDA 的增長 11%，儘管隨著我們開始利用去年的營銷優化收益而進行了更嚴格的補償。

Our approach to marketing remains balanced and disciplined, strategically investing in key marketing channels to drive growth, particularly, as we expand our supply base and attract new customers.

我們的營銷方法保持平衡和有紀律，戰略性地投資於關鍵營銷渠道以推動增長，特別是在我們擴大供應基礎和吸引新客戶時。

That balanced approach has our Core OTA segment well positioned to deliver solid growth for full year 2019.

這種平衡的方法使我們的核心 OTA 部門處於有利地位，可以在 2019 年全年實現穩健增長。

Vrbo gross bookings increased 2% in the quarter as we continued to work through the brand and platform changes that we have discussed previously.

Vrbo 本季度的總預訂量增長了 2%，因為我們繼續努力完成我們之前討論過的品牌和平台變更。

Stayed room nights grew 8% in Q2 and we expect continued modest room night growth in the back half of the year.

第二季度入住間夜數增長了 8%，我們預計下半年間夜數將繼續溫和增長。

Revenue at Vrbo was up 17% year-over-year due to approximately 25% growth in transaction revenue, while the decline in subscription revenue moderated to 7%.

由於交易收入增長約 25%，Vrbo 的收入同比增長 17%，而訂閱收入的降幅放緩至 7%。

Transaction revenue benefited from continued optimization of our fees and further mix shift of transactions to pay per booking listings.

交易收入受益於我們費用的持續優化以及交易的進一步混合轉移以按預訂列表付費。

Adjusted EBITDA increased 8% in the quarter as we invested behind the Vrbo brand across marketing channels.

本季度調整後的 EBITDA 增長了 8%，因為我們在營銷渠道中對 Vrbo 品牌進行了投資。

We plan to continue investing in the business as we navigate this transition period to position Vrbo to capitalize on the significant opportunity in alternative accommodations longer term.

我們計劃在這個過渡時期繼續投資該業務，以使 Vrbo 能夠長期利用替代住宿的重要機會。

Total advertising and media revenue was up 4% in Q2 and increased 8%, excluding a negative foreign currency impact.

第二季度廣告和媒體總收入增長 4%，不包括不利的外匯影響，增長 8%。

Media Solutions posted another quarter of over 20% growth, while the revenue decline at trivago moderated as the comps began to ease.

Media Solutions 又公佈了一個超過 20% 的增長季度，而 trivago 的收入下降隨著競爭開始放緩而放緩。

In our air business, ticket volume increased 10% benefiting from new enterprise partnerships at Expedia Partner Solutions that launched in late 2018 along with growth at Brand Expedia.

在我們的航空業務中，得益於 Expedia Partner Solutions 於 2018 年底推出的新企業合作夥伴關係以及 Brand Expedia 的增長，機票數量增長了 10%。

Revenue per ticket declined 7% due to a reclassification of certain fees to Other revenue, in addition to a negative FX impact and a shift in product mix.

由於將某些費用重新分類為其他收入，以及負面的外匯影響和產品組合的轉變，每張機票的收入下降了 7%。

As a result, total air revenue was up 2% in the quarter.

因此，本季度航空總收入增長了 2%。

Turning to expenses.

談到開支。

We saw a nice leverage on overall cost, resulting in almost 200 basis points of adjusted EBITDA margin expansion in the quarter.

我們看到了對總體成本的良好槓桿作用，導致本季度調整後的 EBITDA 利潤率擴大了近 200 個基點。

While total expense growth was above Q1 levels, it was in line with our expectations as we continue to execute on the same formula: combining strategic marketing investments with disciplined overhead cost management to deliver attractive profit growth.

雖然總費用增長高於第一季度水平，但符合我們的預期，因為我們繼續執行相同的公式：將戰略營銷投資與嚴格的間接成本管理相結合，以實現有吸引力的利潤增長。

We saw nice leverage on cost of revenue, which grew 6% in Q2, primarily due to higher cloud expenses.

我們看到收入成本的槓桿作用很好，第二季度收入成本增長了 6%，這主要是由於更高的雲費用。

We continue to expect cost of revenue growth to accelerate in the back half of the year, but we now expect cost of revenue to grow approximately in line with revenue for the full year.

我們繼續預計下半年收入成本增長將加速，但我們現在預計收入成本將與全年收入大致同步增長。

Total selling and marketing expense increased 7% in the second quarter.

第二季度總銷售和營銷費用增長了 7%。

Similar to last quarter, trivago accounted for the leverage with declines in both direct and indirect selling and marketing.

與上一季度類似，trivago 在直接和間接銷售及營銷方面的槓桿作用均有所下降。

Excluding trivago, direct selling and marketing increased 15% due to higher brand investments and performance marketing costs in part to support our international expansion efforts along with partner commissions related to the growth at Expedia Partner Solutions.

不包括 trivago，直銷和營銷增長了 15%，原因是品牌投資和績效營銷成本增加，部分原因是為了支持我們的國際擴張努力以及與 Expedia Partner Solutions 增長相關的合作夥伴佣金。

As I mentioned earlier, we started to lap the marketing optimization benefits we saw last year, which were most notable in the second and third quarters creating tougher comps and direct selling and marketing this year.

正如我之前提到的，我們開始利用去年看到的營銷優化收益，這在第二季度和第三季度最為顯著，今年創造了更強大的競爭以及直銷和營銷。

Technology and content expenses were up 9% year-over-year driven primarily by increased headcount as we invest in product and platform enhancements across the business.

技術和內容費用同比增長 9%，這主要是由於我們投資於整個業務的產品和平台增強，從而增加了員工人數。

General and administrative costs grew 7%.

一般和行政成本增長了 7%。

As expected, cost growth was above Q1 levels mainly due to more difficult comps and higher growth in professional fees in Q2.

正如預期的那樣，成本增長高於第一季度水平，這主要是由於第二季度更困難的補償和更高的專業費用增長。

We remain on track to see nice leverage on general and administrative costs in 2019.

我們仍然有望在 2019 年看到對一般和行政成本的良好影響。

In total, overhead expenses increased 4%, as we continued to take a disciplined approach to managing these costs.

總的來說，間接費用增加了 4%，因為我們繼續採取嚴格的方法來管理這些成本。

As Mark highlighted earlier, we are increasingly operating as a platform company by leveraging technology to drive automation and collaborating to reduce duplicative activities.

正如馬克之前強調的那樣，我們越來越多地作為一家平台公司運營，利用技術推動自動化並通過協作減少重複活動。

We are starting to see some early benefits and expect additional efficiency gains in 2020 and beyond.

我們開始看到一些早期的好處，並預計在 2020 年及以後會進一步提高效率。

Importantly, we expect our platform approach to spur further innovation and contribute to healthy revenue trends over time.

重要的是，我們希望我們的平台方法能夠激發進一步的創新，並隨著時間的推移為健康的收入趨勢做出貢獻。

Moving down the P&L, we also saw nice leverage below the line.

向下移動損益表，我們也看到線下方的良好槓桿作用。

Depreciation expenses increased just 4% as we continued to benefit from lower data center CapEx.

由於我們繼續受益於較低的數據中心資本支出，折舊費用僅增加了 4%。

Net interest expense declined year-over-year and our adjusted tax rate was 22% in Q2.

淨利息支出同比下降，我們在第二季度調整後的稅率為 22%。

These factors, taken together with our strong operational performance, led to very healthy adjusted EPS growth of 29%.

這些因素，再加上我們強勁的運營業績，導致調整後的每股收益增長 29%，非常健康。

In terms of capital allocation, our overall approach is the same as it's been for several years: balancing opportunistic M&A with share repurchases and our dividend.

在資本配置方面，我們的總體方法與幾年來一樣：平衡機會主義併購與股票回購和股息。

Looking ahead, the strong organic growth potential for our business and declining capital intensity leave us well positioned to deliver attractive free cash flow over the next few years.

展望未來，我們業務強勁的有機增長潛力和不斷下降的資本密集度使我們處於有利地位，可以在未來幾年提供有吸引力的自由現金流。

As demonstrated last year and based on the landscape we see today, we currently have an incremental bias toward deploying a greater portion of our excess capital to share repurchases in the coming years.

正如去年所證明的那樣，根據我們今天看到的情況，我們目前越來越傾向於在未來幾年將更多的過剩資本用於股票回購。

Also note, we remain on track to close Liberty Expedia acquisition pending their shareholder vote tomorrow, which will reduce our share count by 3.1 million shares.

另請注意，我們仍有望在明天的股東投票之前完成對 Liberty Expedia 的收購，這將使我們的股份數量減少 310 萬股。

Turning to our financial expectations for the full year...

轉向我們對全年的財務預期......

We are increasing the low end of our guidance range and now expect consolidated adjusted EBITDA growth of 12% to 15% in 2019.

我們正在提高指導範圍的下限，現在預計 2019 年綜合調整後 EBITDA 增長 12% 至 15%。

Looking at the back half of the year, we expect modest adjusted EBITDA growth in the third quarter due to the expected retroactive impact of the French digital services tax as well as tougher comps at trivago and from the ramp-up of our marketing optimization efforts last year.

展望今年下半年，我們預計第三季度調整後的 EBITDA 將適度增長，這是由於法國數字服務稅的預期追溯影響以及 trivago 的更嚴格補償以及我們去年加大營銷優化力度年。

We then expect adjusted EBITDA growth to reaccelerate in the fourth quarter.

然後，我們預計調整後的 EBITDA 增長將在第四季度重新加速。

One other item to note, we anticipate our adjusted tax rate will be a bit higher in the second half of the year than it was in Q2.

另一個需要注意的事項是，我們預計下半年調整後的稅率將比第二季度略高。

Overall, the formula that led to our strong performance in the first half healthy revenue growth combined with strategic marketing investments and disciplined overhead cost management, is the same formula we plan to execute going forward.

總的來說，導致我們上半年健康收入增長的強勁表現加上戰略營銷投資和嚴格的間接成本管理的公式，與我們計劃在未來執行的公式相同。

And we believe continuing to progress on our key strategic initiatives, which are all aimed directly at driving that same growth algorithm, will position us to deliver healthy growth in 2019 and beyond.

我們相信繼續推進我們的關鍵戰略舉措，這些舉措都是直接旨在推動相同的增長算法，將使我們能夠在 2019 年及以後實現健康增長。

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) And we'll take our first question today from Kevin Kopelman with Cowen and Company.

（操作員說明）今天我們將與 Cowen and Company 一起回答 Kevin Kopelman 的第一個問題。

I had a question about the advertising ROI environment.

我對廣告投資回報率環境有疑問。

Can you give us more color on ad ROI trends?

你能給我們更多關於廣告投資回報率趨勢的顏色嗎？

As it looks like your room nights accelerated but your ad spend also accelerated above that.

看起來你的房間夜數加速了，但你的廣告支出也加速了。

So how much was Expedia kind of getting more aggressive versus changes to the environment or just seeing more volume?

那麼 Expedia 在多大程度上變得更加激進，而不是環境變化或只是看到更多的流量？

Kevin, I think it's been largely consistent with the trends that we've seen over the course of the last number of quarters.

凱文，我認為這與我們在過去幾個季度中看到的趨勢基本一致。

The same factors exist in our business as they have in the past, which is we continue to optimize our marketing spend, making sure that we're getting the incremental bookings and that we're being very disciplined around the rest of the whole marketing piece.

我們的業務中存在與過去相同的因素，即我們繼續優化我們的營銷支出，確保我們獲得增量預訂，並且我們在整個營銷部分的其餘部分非常自律.

But as we expand internationally, ultimately you end up with countries that you're expanding into that have a greater proportion of their mix being in more performance channels.

但隨著我們在國際上的擴張，最終你會發現你正在擴張的國家有更大比例的組合在更多的績效渠道中。

And as those markets are growing faster than domestic, ultimately they can result in the acceleration of sales and marketing growth.

由於這些市場的增長速度快於國內市場，最終它們會導致銷售和營銷增長的加速。

And certainly, that's something you could expect to see from us over time.

當然，隨著時間的推移，您可以期望從我們這裡看到這一點。

But again, the formula here is that you build a position in a new market over time, you start getting more and more loyal repeat customers.

但同樣，這裡的公式是，隨著時間的推移，你在新市場中建立了自己的地位，你開始獲得越來越多的忠實回頭客。

And each of these markets, which maybe from the start less efficient than a mature market like the U.S., actually becomes more and more efficient over time as you build your brand position.

這些市場中的每一個，可能從一開始就不如美國這樣的成熟市場有效，但隨著時間的推移，隨著您建立品牌地位，實際上變得越來越有效。

So the overall environment largely similar and really -- it's really a geographic mix story for us.

所以整體環境在很大程度上相似而且真的 - 這對我們來說真的是一個地理混合的故事。

And Kevin, I would just add some of my commentary around the direct marketing spend last year.

凱文，我只想添加一些關於去年直接營銷支出的評論。

Q2 and Q3 are particularly tough comps there.

Q2 和 Q3 在那里特別艱難。

Those were quarters when we were really getting after the overall marketing optimization.

那些是我們真正追求整體營銷優化的季度。

And there was quite a lot of goodness there in terms of leverage and we're comping over that.

在槓桿方面有很多好處，我們正在努力解決這個問題。

So that's part of the relationship between direct selling and marketing in this Q2 if you're comparing it to kind of what you saw in Q1.

因此，如果您將它與您在第一季度看到的那種情況進行比較，那麼這就是第二季度直銷和營銷之間關係的一部分。

Next, we'll hear from Deepak Mathivanan with Barclays.

接下來，我們將聽取巴克萊銀行的 Deepak Mathivanan 的意見。

Two quick ones.

兩個快的。

So first one on Vrbo.

所以第一個在 Vrbo 上。

As you navigate through the challenges in the business and then as you move toward brand integration efforts that you talked about in the last quarter under the Vrbo brand internationally, how should we think about the magnitude on timing of sort of the marketing investments that you're required to make this push internationally?

當您應對業務中的挑戰，然後朝著上個季度在國際 Vrbo 品牌下談到的品牌整合努力邁進時，我們應該如何考慮您所進行的各種營銷投資的時間規模？是否需要在國際上推動這一進程？

It doesn't sound like there is incremental investments in 2019.

2019年好像沒有增量投資。

Is that more a 2020 event?

這更像是 2020 年的活動嗎？

Or should we expect a more gradual investment?

還是我們應該期待更漸進的投資？

And then second one on core.

然後是核心的第二個。

The 12% growth was really good improvement from last quarter.

與上一季度相比，12% 的增長確實是一個很好的進步。

There was obviously some noise with Easter timing benefit, et cetera.

顯然有一些關於復活節時間優勢的噪音，等等。

But with international business particularly showing good results from the all the initiatives that are put in place over the past few quarters, do you think the core business is on track to kind of deliver improving growth continuously over the back half?

但是，隨著國際業務在過去幾個季度實施的所有舉措中取得了特別好的成果，您認為核心業務是否有望在下半年持續實現增長？

Thanks, Deepak.

謝謝，迪帕克。

I'll take the first one and then I'll turn it over to Alan for the second one.

我會拿第一個，然後我會把它交給 Alan 做第二個。

The plan for Vrbo around international expansion is really we'll be looking through the back half of this year and then into 2020 to really start to do the bulk of the, call it, brand consolidation work internationally.

Vrbo 圍繞國際擴張的計劃實際上是我們將在今年下半年，然後到 2020 年，真正開始做大部分的國際品牌整合工作。

As we do that, we will start to put more money against the Vrbo brand.

當我們這樣做時，我們將開始對 Vrbo 品牌投入更多資金。

But again, as we do with the rest of the business, I mean, we're really looking to take a balanced approach here.

但是，正如我們處理其他業務一樣，我的意思是，我們真的希望在這裡採取平衡的方法。

We do it at Vrbo, we do it across the Core OTA business.

我們在 Vrbo 這樣做，我們在核心 OTA 業務中這樣做。

I would also say that our international expansion efforts and our urban expansion efforts, as it relates to alternative accommodations, are in part Vrbo, but they are also part of the Brand Expedia and Hotels.com story.

我還要說的是，我們的國際擴張努力和我們的城市擴張努力，因為它與替代住宿有關，部分是 Vrbo，但它們也是 Brand Expedia 和 Hotels.com 故事的一部分。

So Brand Expedia, Hotels.com have or building meaningful positions in places outside of the U.S., places like Europe, places like Asia, Latin America where Vrbo doesn't have a presence.

因此，品牌 Expedia、Hotels.com 在美國以外的地方擁有或建立有意義的位置，例如歐洲、亞洲、拉丁美洲等 Vrbo 沒有存在的地方。

A lot of that demand is real-quality urban demand.

很多需求是真正優質的城市需求。

But they've also got great demand in resort and other destinations.

但他們在度假勝地和其他目的地也有很大的需求。

So as we build the Vrbo brand and as we start to add international and urban inventory over the course of the next 18 to 24 months, the story is build Vrbo but also drive demand into those new partners as they come on the platform through the rest of the Core OTA brand.

因此，當我們建立 Vrbo 品牌並在接下來的 18 到 24 個月內開始增加國際和城市庫存時，故事就是建立 Vrbo，同時也推動對這些新合作夥伴的需求，因為他們通過其餘的平台進入核心 OTA 品牌。

And that will help essentially us do this in the most efficient and effective way.

這將從根本上幫助我們以最有效的方式做到這一點。

Yes.

是的。

And Deepak, on your second question.

Deepak，關於你的第二個問題。

I mean, I think the first answer really is that we're quite pleased with the execution in the Core OTA business.

我的意思是，我認為第一個答案確實是我們對核心 OTA 業務的執行感到非常滿意。

We're happy with that 12% room night growth that we saw there in the second quarter.

我們對第二季度 12% 的間夜增長率感到滿意。

We do have significant efforts, as you know, underway to grow the business internationally.

如您所知，我們確實在努力發展國際業務。

And we think that we are seeing good execution there and benefits from that.

我們認為我們在那裡看到了良好的執行並從中受益。

As far as how to think about the trajectory into the back half of the year, I would say that we have many initiatives underway to help continue to deliver healthy room night growth as well as acceleration where we can find it.

至於如何考慮下半年的發展軌跡，我想說的是，我們正在進行許多舉措，以幫助繼續實現健康的間夜增長以及我們可以找到的加速。

But I wouldn't necessarily count on vast acceleration in the back half of the year.

但我不一定指望今年下半年會出現大幅加速。

We're comfortable with where we are.

我們對自己所在的地方很滿意。

But the long-term story is that we're looking to drive as faster room night growth as we can.

但從長遠來看，我們正在尋求盡可能快地推動間夜增長。

Next, we'll hear from Naved Khan with SunTrust.

接下來，我們將聽取 SunTrust 的 Naved Khan 的意見。

Two questions.

兩個問題。

One on Vrbo and one on international.

一個在 Vrbo 上，一個在國際上。

On Vrbo, I think, Mark, you talked about some improvement during the quarter in the booking growth trajectory.

關於 Vrbo，我想，馬克，你談到了本季度預訂增長軌蹟的一些改善。

Can you shed some light on it?

你能解釋一下嗎？

And also in the face of these SEO headwinds, the platform changes, and when do you expect to start to see sort of return to more normalized growth trend in the Vrbo business?

面對這些 SEO 逆風，平台發生了變化，你預計什麼時候開始看到 Vrbo 業務恢復到更正常的增長趨勢？

And then on the international front, if I look at the international room nights, there was a nice pickup.

然後在國際方面，如果我看一下國際房間之夜，會有一個很好的回升。

Obviously, Easter probably contributed to that.

顯然，復活節可能促成了這一點。

But even ex that, it looks really strong.

但即便如此，它看起來真的很強大。

What are the factors contributing to that other than Easter, I would ask?

我會問，除了復活節之外，還有哪些因素促成了這種情況？

Great.

偉大的。

So on Vrbo, we did see some acceleration in the quarter sequentially from month to month.

因此，在 Vrbo 上，我們確實看到該季度逐月有所加速。

But I would say, listen, the overall story for Vrbo is that if you adjust for Easter and a few other factors, the Q1-to-Q2 story was broadly consistent.

但我想說，聽著，Vrbo 的總體情況是，如果你根據復活節和其他一些因素進行調整，那麼第一季度到第二季度的情況大致是一致的。

The team is working hard on all of the tactical improvements that they need to make to get predominantly the SEO volume back on track in addition to continuing to drive essentially best-in-class marketing efforts and delivering amazing products to both their customers on the travelers' side and then also their hosts.

該團隊正在努力進行他們需要進行的所有戰術改進，以主要使 SEO 量重回正軌，此外繼續推動本質上一流的營銷工作並為旅行者的客戶提供令人驚嘆的產品' 一邊，然後也是他們的主人。

And the team has come a very, very long way on that front.

團隊在這方面已經走了很長一段路。

So we're comfortable with the activity the team is doing.

所以我們對團隊正在進行的活動感到滿意。

How that plays out in terms of growth rates, we're kind of expecting more of the same for the next couple of quarters.

這在增長率方面如何發揮作用，我們預計未來幾個季度會有更多相同的情況。

We're going to try to do our best and the teams are doing their best to do better.

我們將盡力做到最好，而各支球隊也在盡最大努力做得更好。

But we're probably into 2020 before we see a meaningful pickup.

但我們可能要到 2020 年才能看到有意義的回升。

And I will tell you again that underneath all of this is very healthy growth we're seeing at the Vrbo brand itself.

我會再次告訴你，在所有這一切的背後，我們在 Vrbo 品牌本身看到了非常健康的增長。

This really is a flanker brand story and underneath is kernel of a real healthy business.

這確實是一個側翼品牌故事，其背後是真正健康業務的核心。

Yes.

是的。

And then as far as the international room nights, I think that you hit the nail on the head, Naved.

然後就國際房間之夜而言，我認為你一語中的，Naved。

The execution is good.

執行力很好。

We're seeing progress internationally in our focus market.

我們在我們的重點市場上看到了國際上的進步。

We've talked extensively about all the efforts underway to close supply gap to make sure we've got locally relevant content across the board.

我們已經廣泛討論了為縮小供應缺口而正在進行的所有努力，以確保我們擁有全面的本地相關內容。

And there's still a ton of work to do around the world but we do think that we're starting to see some good results there.

世界各地仍有大量工作要做，但我們確實認為我們開始在那裡看到一些好的結果。

Easter was a contributor factor as well and plays a decent role, especially in Europe.

復活節也是一個促成因素，發揮著重要作用，尤其是在歐洲。

But overall, quite pleased with the execution there.

但總的來說，對那裡的執行非常滿意。

Next, we'll hear from Justin Patterson with Raymond James.

接下來，我們將聽取 Justin Patterson 和 Raymond James 的講話。

I wanted to double click on Mark's earlier comments on the third strategic theme, leveraging the global platform.

我想雙擊 Mark 之前關於第三個戰略主題的評論，即利用全球平台。

You've had many of these brands for a while.

你已經有很多這樣的品牌了。

Could you talk more about why you're focusing on collaboration now?

你能談談為什麼你現在專注於協作嗎？

And any investment or conversely savings that you expect to realize around this?

您希望圍繞此實現的任何投資或相反的節省？

Conceptually, it seems like this could be a net benefit to conversion rates, marketing ROI and your local relevance initiatives.

從概念上講，這似乎對轉化率、營銷投資回報率和您的本地相關性計劃有淨收益。

Yes.

是的。

Listen, we're super encouraged by what we're doing.

聽著，我們對我們正在做的事情感到非常鼓舞。

And the real goal of this is that as we look across the company, we've just built some incredible technologies that exist throughout, some incredible capabilities on the marketing side.

這樣做的真正目標是，當我們審視整個公司時，我們剛剛建立了一些貫穿始終的令人難以置信的技術，以及營銷方面的一些令人難以置信的能力。

And aside from the fact that they exist, which is great, there is this huge opportunity for us to actually leverage that across the business.

除了它們存在這一事實之外，這很棒，我們還有這個巨大的機會在整個業務中實際利用它。

And historically, how we would manage this business was largely and essentially brand silos.

從歷史上看，我們管理這項業務的方式主要是品牌孤島。

And our belief is that by leveraging actually not just best practices, but really sharing the technologies across our businesses, it will actually be able to do things that none of us could do independently that make the product better for our customers and do so in a more efficient way.

我們的信念是，通過實際上不僅利用最佳實踐，而且真正在我們的業務中共享技術，它實際上能夠做我們任何人都無法獨立完成的事情，從而使產品更好地服務於我們的客戶，並在更有效的方式。

And the great thing is, if you take, for example, the Hotels.com post-stay review example that I mentioned, where they're using Brand Expedia's post-stay review platform, they got essentially a better product, better content, more features.

很棒的是，如果你舉個例子，我提到的 Hotels.com 入住後評論的例子，他們使用 Brand Expedia 的入住後評論平台，他們基本上得到了更好的產品、更好的內容、更多特徵。

And the team at Hotels.com that was working on that actually was able to go and work on something else that actually our customers can see as well.

Hotels.com 的團隊正在做這方面的工作，實際上能夠繼續做其他我們的客戶也能看到的事情。

So it's one of these things where as long as you do it, as long as you do it right, you set things up the right way organizationally, you can get the -- sort of the magic of more effective and more efficient.

所以這是其中的一件事情，只要你去做，只要你做對了，你在組織上以正確的方式設置事情，你就可以獲得 - 更有效和更有效率的魔力。

I think for now, as it relates to brand strategy, we're happy with the brands that we have and what we're not saying is that we're doing some big consolidation effort.

我認為就目前而言，因為它與品牌戰略有關，我們對我們擁有的品牌感到滿意，我們沒有說的是我們正在做一些大的整合工作。

But what we're saying is that a lot of our brands have very unique value propositions.

但我們要說的是，我們的很多品牌都有非常獨特的價值主張。

And there are ways where we can cross-sell amongst them and treat each other like essentially partners almost like third parties would do as opposed to being super focused on just competing with one another.

並且有一些方法可以讓我們在他們之間進行交叉銷售，並像對待第三方一樣本質上像合作夥伴一樣對待彼此，而不是僅僅專注於相互競爭。

And we think that is unlocking opportunities like the example I mentioned with respect to Vrbo actually putting Brand Expedia offerings available for Vrbo customers.

我們認為這是釋放機會，就像我提到的關於 Vrbo 的例子，實際上是為 Vrbo 客戶提供 Brand Expedia 產品。

So again, it's early in all of this, but we're very optimistic about what we can unleash across Expedia Group by doing this more effectively over time.

所以，這一切都還處於早期階段，但我們非常樂觀地認為，隨著時間的推移，我們可以通過更有效地做到這一點，在整個 Expedia Group 中釋放出什麼。

Next, we'll hear from Mark Mahaney with RBC Capital Markets.

接下來，我們將聽取 RBC Capital Markets 的 Mark Mahaney 的意見。

This is Ben Wheeler on for Mark.

這是馬克的本·惠勒。

I was just wondering if you could please provide any commentary on the macro environment in Europe, travel landscape in terms of what you saw in Q2, maybe your outlook heading into Q3, any specific commentary on regions like the U.K. given delayed Brexit decision.

我只是想知道您是否可以就歐洲的宏觀環境、您在第二季度所看到的旅遊景觀、您對第三季度的展望以及對英國等地區的任何具體評論提供任何評論，因為英國退歐決定被推遲。

And secondly, I think you mentioned in the comments about continued modest growth in room nights in the Vrbo for the rest of the year, is that relative to the 8%, meaning does that imply a deceleration or is this just kind of more of the same?

其次，我想你在評論中提到今年餘下時間 Vrbo 間夜量持續適度增長，相對於 8%，這是否意味著減速，或者這只是更多相同的？

Thanks, Ben.

謝謝，本。

With respect to overall macro, I think it's largely a continuation of the same.

關於整體宏觀，我認為這在很大程度上是相同的延續。

I mean we've been seeing for some time healthy RevPARs but a slowdown in RevPAR growth, healthy airline metrics but a slowdown in a lot of the key metrics and a slowdown in the growth rates.

我的意思是，一段時間以來，我們一直看到 RevPAR 健康，但 RevPAR 增長放緩，航空公司指標健康，但許多關鍵指標放緩，增長率放緩。

So I don't know if whether we're at the top or we've sort of reached the plateau, I think the longer we go down this road, the more it feels like we might be set for a softening period.

所以我不知道我們是處於頂峰還是已經達到了高原，我認為我們在這條路上走的時間越長，就越感覺我們可能會進入一個軟化時期。

But it's nothing that we would call out right now.

但我們現在不會大聲疾呼。

With respect to Europe specifically, again, it was largely a continuation of the same thing, the U.K. softness that we saw around the initial, call it, drama around Brexit, really did subside a fair bit once they extended the date.

就歐洲而言，這主要是同一件事的延續，我們在最初看到的英國軟弱，稱之為圍繞英國退歐的戲劇性事件，在他們延長日期後確實有所消退。

I wouldn't say that it's back up to full strength.

我不會說它已經恢復到全部強度。

But it is better than it was.

但它比以前好多了。

And then with respect to the rest of Europe, again, it seems relatively stable to us and there wouldn't be much change that we would call out.

然後關於歐洲其他地區，對我們來說似乎相對穩定，不會有太多我們會呼籲的變化。

Yes.

是的。

And Ben on the Vrbo outlook, as you know, we don't guide on room night growth.

Ben 關於 Vrbo 的前景，正如你所知，我們不指導間夜增長。

And so I don't want to be very specific here.

所以我不想在這裡非常具體。

I think for us, modest is not relative to any of the other quarters.

我認為對於我們來說，謙虛與其他任何方面都沒有關係。

It's just an objective term.

這只是一個客觀術語。

And I would just encourage you to take a look at the recent trends across the business and come up with your estimates.

我只是鼓勵你看一下整個行業的最新趨勢並提出你的估計。

But we're expecting modest room night growth and -- sorry, gross bookings growth, as Mark said, for the rest of the year until we get into 2020.

但我們預計，在進入 2020 年之前的今年餘下時間裡，間夜量會適度增長，而且——抱歉，總預訂量會增長，正如馬克所說。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自 Jed Kelly 和 Oppenheimer。

You're optimizing revenue pretty nice for Vrbo.

您正在優化 Vrbo 的收入。

Your commissions are still, I guess, smaller or lighter than what your competitors are.

我猜你的佣金仍然比你的競爭對手少或少。

How much more room do you think you have to optimize for commissions?

您認為您還有多少空間可以優化佣金？

And then my second question, you're sort of seeing some larger companies start to get decent investments that are optimizing around Vrbo and some of the other alternative accommodation platforms.

然後我的第二個問題，你看到一些大公司開始獲得體面的投資，這些投資正在圍繞 Vrbo 和其他一些替代住宿平台進行優化。

Do you ever think about investing in some of these platforms and just trying to get closer to your supplier base, particularly, as you think about growing internationally?

您是否考慮過投資其中一些平台並試圖更接近您的供應商群，特別是當您考慮在國際上發展時？

Yes.

是的。

Thanks, Jed.

謝謝，傑德。

So on the revenue and the take rates for Vrbo, as you know, the team has continued to test and learn to adjust and optimize as we've moved through the periods.

因此，關於 Vrbo 的收入和採用率，正如您所知，隨著我們在各個時期的發展，團隊一直在繼續測試和學習調整和優化。

And that continues to be part of the story here.

這仍然是這裡故事的一部分。

Where we've got opportunity, we'll test that out.

在我們有機會的地方，我們將對其進行測試。

And if it looks like it works, then we'll go ahead and take advantage of that.

如果它看起來可行，那麼我們將繼續並利用它。

But we're trying to just make sure that we've got a real reason and tested way of adjusting those.

但我們只是想確保我們有真正的理由和經過測試的調整方法。

And I think the take rate on a trailing 12-month basis is about 10.7%, revenue divided by gross bookings for Vrbo.

我認為過去 12 個月的採用率約為 10.7%，收入除以 Vrbo 的總預訂量。

I think our understanding is that the industry envelope there looks to be kind of in the 10% to 15% range.

我認為我們的理解是，那裡的行業範圍似乎在 10% 到 15% 的範圍內。

And so we'll continue to navigate kind of in and around there.

因此，我們將繼續在那里和周圍導航。

And then, Jed, with respect to some of the, call it, alternative accommodations, kind of, professionalized property management platform type things, and I think I know the ones you're talking about, we've looked at it from time to time.

然後，傑德，關於一些，稱之為替代住宿，專業化的物業管理平台類型的東西，我想我知道你在說的那些，我們不時地研究過它時間。

To be honest, it's not our core business.

老實說，這不是我們的核心業務。

And so we have to date shied away from getting too deeply involved in it.

因此，迄今為止，我們必須避免過於深入地參與其中。

I think some of them are interesting.

我認為其中一些很有趣。

We've never been a huge fan of exclusive inventory arrangements because we're not sure they're kind of sustainable over the long term for the asset owners and often those are the types of things that go along with platform like us investing in one of those type players.

我們從來都不是排他性庫存安排的忠實擁護者，因為我們不確定它們對於資產所有者來說是否具有長期可持續性，而且通常這些是與我們這樣的平台一起投資的類型那些類型的球員。

So I think do we -- have we thought about it?

所以我認為我們 - 我們考慮過嗎？

Yes.

是的。

Have we done it?

我們做到了嗎？

No.

不。

And listen, never say never.

聽著，永遠不要說永遠。

As we look forward, we're always interested in looking at interesting opportunities in the space.

展望未來，我們總是有興趣在這個領域尋找有趣的機會。

Next, we'll hear from Heath Terry with Goldman Sachs.

接下來，我們將聽取高盛的希思特里 (Heath Terry) 的意見。

Wondering -- I know there've been a lot of questions along the lines of advertising efficiencies, but wondering if you can give us a little bit of a sense of sort of what your view of the competitive landscape is.

想知道——我知道有很多關於廣告效率的問題，但想知道你是否可以讓我們了解一下你對競爭格局的看法。

Obviously, you guys have been able to do a really good job of maintaining the kind of bookings growth that you have and getting marketing efficiencies at the same time, whereas across the rest of the space, we've generally seen a more negative impact to bookings or revenue growth from these efficiency initiatives.

顯然，你們在保持現有的預訂量增長並同時提高營銷效率方面做得非常好，而在其他領域，我們通常看到對預訂的負面影響更大這些效率舉措帶來的預訂量或收入增長。

Just kind of curious, to the extent that you can give us a sense of what you feel like is driving that and sort of what role the competitive landscape plays there?

只是有點好奇，在某種程度上，你可以讓我們了解你的感受是什麼在推動它，以及競爭格局在那裡扮演什麼角色？

Would appreciate that.

將不勝感激。

And then to the extent that -- the headlines in recent days about the growth in metasearch and the hotel direct channel sort of leveraging that, how you're seeing your relationships with hotels, particularly, around things like, as we've asked about before, the loyalty rate programs and direct booking initiatives evolving, particularly, given Google's continued push into travel?

然後在某種程度上——最近幾天關於元搜索增長的頭條新聞和酒店直接渠道有點利用它，你如何看待你與酒店的關係，特別是圍繞諸如我們詢問的事情以前，忠誠度計劃和直接預訂計劃不斷發展，特別是考慮到谷歌繼續推動旅遊？

Thanks, Heath.

謝謝，希思。

I think with respect to ad efficiencies, there is one story that has been around for a while and remains consistent.

我認為關於廣告效率，有一個故事已經存在了一段時間並且保持一致。

And that is there is a large advertising channel in the space, which is Google, who on one side is an absolutely great partner of ours and we're very happy with our work with them on international expansion.

那就是在這個領域有一個很大的廣告渠道，那就是谷歌，一方面，谷歌是我們絕對偉大的合作夥伴，我們對與他們在國際擴張方面的合作感到非常高興。

On the other side, they are a big player in the space.

另一方面，他們是該領域的重要參與者。

And they continue to do what you would expect, which is try to optimize their revenue over time.

他們繼續做你所期望的，即隨著時間的推移努力優化他們的收入。

And that means that SEO is getting smaller, traditional, SEM is taking up more of the page and traditional SEM is being replaced with metasearch type product.

這意味著 SEO 變得越來越小，越來越傳統，SEM 正在佔用更多的頁面，傳統的 SEM 正在被元搜索類型的產品所取代。

And that has an impact essentially on the overall industry.

這從根本上影響了整個行業。

For us, and I won't comment on what others have done, our position is a bit unique, which is we have some incredibly strong brands and properties in certain parts of the world.

對我們來說，我不會評論其他人所做的事情，我們的立場有點獨特，我們在世界某些地區擁有一些非常強大的品牌和資產。

And we can be very disciplined about our marketing spend in these performance marketing channels, and understand with pretty good levels of granularity, what is incremental and what is not, and just get much better at optimizing our marketing spend.

我們可以非常嚴格地控制我們在這些績效營銷渠道中的營銷支出，並以相當好的粒度級別了解什麼是增量的，什麼不是，並且在優化我們的營銷支出方面做得更好。

You saw us do this last year and we continue to do it today.

你看到我們去年這樣做，我們今天繼續這樣做。

But on the flip side of that, we also have got a huge growth opportunity for us in that we just don't have the property coverage that we could have across the globe.

但另一方面，我們也有一個巨大的增長機會，因為我們只是沒有我們可以在全球範圍內擁有的財產保險。

And as we've ramped up our property acquisition efforts and started to add more properties onto the platform and have been able to enter new auctions that we weren't in before, we're able to build this growth factor underneath that essentially fills the gap that you might otherwise be created by the marketing efficiency or optimization efforts.

隨著我們加大房產收購力度並開始在平台上添加更多房產，並且能夠進入我們以前沒有參加過的新拍賣，我們能夠在本質上填補這一基礎上的增長因素營銷效率或優化工作可能造成的差距。

And then it's not to say that there hasn't been some impact to the top line, I think there certainly has.

然後並不是說對收入沒有影響，我認為肯定有。

But it has been offset by just the underlying growth factor that we're driving with a lot of our locally relevant, globally themed push.

但它已經被我們通過許多與當地相關的、全球主題的推動所推動的潛在增長因素所抵消。

With respect to our relationship with the large chains, listen, I think it's a good.

關於我們與大型連鎖店的關係，聽著，我認為這是一件好事。

I think we've got -- and I would hope they would say the same thing, we've gotten to a point where I think we both realize that everyone brings something unique to the table.

我想我們已經 - 我希望他們會說同樣的話，我們已經到了一個地步，我認為我們都意識到每個人都會帶來一些獨特的東西。

We think they do a lot of great things for the industry, they do a lot of great things for customer.

我們認為他們為行業做了很多偉大的事情，他們為客戶做了很多偉大的事情。

And we do a lot of things that aren't in their wheelhouse.

我們做了很多不在他們掌控範圍內的事情。

And so the conversation is really about how do we leverage each other's strengths and create shared value as opposed to some sort of tug-of-war fight.

因此，談話實際上是關於我們如何利用彼此的優勢並創造共享價值，而不是某種拔河比賽。

It's a conversation that we started a couple of years ago with our great chain partners, it continues today.

這是我們幾年前與我們偉大的連鎖合作夥伴開始的對話，今天仍在繼續。

And it's a conversation that we increasingly have been having with our airline and other partners as well.

這是我們越來越多地與我們的航空公司和其他合作夥伴進行的對話。

And we think it's absolutely the right way forward.

我們認為這絕對是正確的前進方向。

We'll hear from Eric Sheridan with UBS.

我們將聽到來自瑞銀的 Eric Sheridan 的消息。

Maybe 2, if I can.

也許 2，如果可以的話。

One, there's been a lot of talk in the industry about getting more exposure to local and experiences and increasing basket size and sort of evolving the shopping experience for people on your platform.

第一，業內有很多關於更多地接觸當地和體驗、增加購物籃大小以及為平台上的人們改進購物體驗的討論。

Maybe just give us a check-in on where you are on the asset front there?

也許只是讓我們檢查一下您在資產方面的位置？

How you're investing against that opportunity?

你是如何針對這個機會進行投資的？

And then I just want to make sure I understood some of the key messages.

然後我只想確保我理解了一些關鍵信息。

As you look at maybe starting to reap some of the rewards from some of the investments on the hotel side from Europe, where could we expect you might make other investments globally to think about increasing supply and with it 6, 12, 18 months later possibly and hopefully increasing efficiency?

正如您所看到的，也許開始從歐洲的酒店方面的一些投資中獲得一些回報，我們可以期望您在全球範圍內進行其他投資以考慮增加供應，並可能在 6、12、18 個月後並希望提高效率？

Thanks, Eric.

謝謝，埃里克。

With respect to experiences, just as a reminder, I think the last time we disclosed a number, we were north of $0.5 billion in bookings in terms of activities.

關於體驗，提醒一下，我認為上次我們披露數字時，我們在活動方面的預訂額超過 5 億美元。

The team, over the course of the last year or so, has really done a great job just reimagining the strategy there, building capabilities and starting to put us in a position where we can start to really ramp this up in a more effective way, and ramp it up in a way where we're adding more providers essentially to the platform at a faster pace.

在過去一年左右的時間裡，該團隊確實做得很好，只是重新構想了那裡的戰略，建立了能力並開始使我們處於能夠開始以更有效的方式真正提升這一點的位置，並以我們以更快的速度向平台添加更多供應商的方式來提升它。

And on the other side of the platform, we're more intelligent about how we're offering it to people that have made bookings across the Expedia Group host of brands.

在平台的另一端，我們更清楚地知道我們如何向在 Expedia Group 眾多品牌中進行預訂的人們提供它。

So I think we got a big business.

所以我認為我們得到了一筆大生意。

I think it can be a lot bigger.

我認為它可以更大。

Very happy with the strategy we've seen in place from the team.

我們對團隊實施的策略非常滿意。

And I think it's a great opportunity for us.

我認為這對我們來說是一個很好的機會。

And again, this is one of these products that just has a lot of potential, but in a big business like ours, where lodging ends up really in the roof, sometimes these things get underfunded.

再一次，這是這些產品中的一種，具有很大的潛力，但在像我們這樣的大企業中，住宿最終真的在屋頂上，有時這些東西會資金不足。

We are putting more capital into it right now and we're optimistic that it can be a bigger driver going forward.

我們現在正在投入更多資金，我們樂觀地認為它可以成為未來更大的推動力。

In terms of where else we can make investment to increase supply, listen, I think as we said on the last quarter or the quarter before, this whole locally relevant globally thing supply push, it has become business as usual.

就我們可以在其他地方進行投資以增加供應而言，聽著，我認為正如我們在上個季度或前一個季度所說的那樣，整個本地相關的全球事物供應推動，它已經成為常態。

So the answer to your question is kind of everywhere.

所以你的問題的答案無處不在。

And we do have a road map in terms of where we want to go next.

我們確實有一個關於我們下一步要去哪裡的路線圖。

It's dictated by size of the untapped opportunity, ease of going after it, network effects between from country to country.

這取決於未開發機會的大小、抓住它的難易程度、國家與國家之間的網絡效應。

And we're executing a pretty clear playbook here.

我們正在執行一個非常清晰的劇本。

And we think there is lots of opportunity in pockets all over the globe.

我們認為全球各地都有很多機會。

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。

This is Chris on for Llyod.

這是 Llyod 的 Chris。

Maybe going back to market said about your mix moving more towards international, as you guys start to get some of the traction with your supply acquisition efforts.

也許回到市場上說你們的組合更傾向於國際化，因為你們開始通過供應採購工作獲得一些牽引力。

Some of those markets are skewed more towards -- you'd call out that some of the markets are skewed more towards performance versus direct bookings.

其中一些市場更傾向於 - 你會說一些市場更傾向於性能而不是直接預訂。

So maybe how should we be thinking about the growth at direct versus performance bookings on a global basis over the next 12 to 24 months?

那麼，在未來 12 到 24 個月內，我們應該如何考慮全球範圍內直接預訂與績效預訂的增長？

Sure.

當然。

Well, I think direct is a channel where it does continue to get stronger in our mature market.

好吧，我認為直銷是一個渠道，它在我們的成熟市場中確實會繼續變得更強大。

It's also something that gets -- it gets stronger in every market in which we focus on.

它也是一種得到的東西——它在我們關注的每個市場中都變得更強大。

And the only issue, if you can call it an issue, is that when you're going into these new markets, you're building brand presence, you're introducing yourself to customers, and then they have a great experience, and you deposit them into your direct channel going forward.

唯一的問題，如果你可以稱之為問題的話，就是當你進入這些新市場時，你正在建立品牌影響力，你在向客戶介紹自己，然後他們會有很好的體驗，你將它們存入您的直接渠道。

Our app transactions, the last time we disclosed it, Hotels.com and Expedia were growing at 50% year-over-year last year.

我們的應用程序交易，上次我們披露時，Hotels.com 和 Expedia 去年同比增長 50%。

So it's working.

所以它的工作。

But you do see essentially as you drive into these international markets, even though the spend that you're making most cases is basically profitable on a unit basis, is not as profitable as the base business.

但是，當你進入這些國際市場時，你確實看到了本質，即使你在大多數情況下的支出基本上在單位基礎上是有利可圖的，但並不像基礎業務那樣有利可圖。

So when those international markets are growing faster than domestic, it just takes a while to get the overall international picture to look more like the domestic period.

因此，當這些國際市場的增長速度快於國內市場時，需要一段時間才能使國際市場的整體情況看起來更像國內時期。

I mean, it takes multiple, multiple, multiple years.

我的意思是，這需要多年，多年。

So we could see again, as we start to get traction, sales and marketing deleverage.

所以我們可以再次看到，因為我們開始獲得牽引力、銷售和營銷去槓桿化。

But again, remember that in each individual country we're going after, the goal is to make sales and marketing get more and more efficient over time.

但請再次記住，在我們追求的每個國家/地區，目標是隨著時間的推移使銷售和營銷變得越來越高效。

We'll hear from Brent Thill with Jefferies.

我們將聽取 Jefferies 的 Brent Thill 的意見。

You there, Brent?

你在嗎，布倫特？

Yes, sorry about that.

是的，對此感到抱歉。

Just on the comment about leaning into the share repurchase a little harder, can you just remind us what you have left on the plan?

關於更努力地進行股票回購的評論，你能提醒我們你在計劃中還剩下什麼嗎？

Where you're at it?

你在哪裡？

I think that is the (inaudible).

我認為那是（聽不清）。

Can you just give us the recap of where you're at right now?

你能給我們回顧一下你現在所處的位置嗎？

Yes.

是的。

I think there's a -- we've got an existing authorization of 12.2 million shares outstanding.

我認為有一個——我們已經獲得了 1220 萬股已發行股票的現有授權。

So -- and I think the authorization is discussed periodically at the Board level.

所以——我認為授權會在董事會層面定期討論。

So it's not necessarily a gating factor in any event.

所以在任何情況下它都不一定是一個門控因素。

Ron Josey with JP Securities has our next question.

JP Securities 的 Ron Josey 有我們的下一個問題。

It's Andrew Boone on for Ron.

安德魯·布恩替羅恩上場。

I think Expedia transitioned Air to the cloud in 2019.

我認為 Expedia 在 2019 年將 Air 過渡到了雲端。

Can you provide an update there whether you're seeing any additional benefits of cross-selling or conversion?

無論您是否看到交叉銷售或轉化的任何額外好處，您能否在那裡提供更新？

And then secondly, I think you talked about car rentals now cross-selling on Vrbo.

其次，我想你談到了現在在 Vrbo 上交叉銷售的汽車租賃。

Could you just add any additional color on conversion or anything else you're seeing with kind of cross-selling on Vrbo?

您能否在轉換時添加任何其他顏色或您在 Vrbo 上看到的交叉銷售的任何其他內容？

Sure.

當然。

So this year, we are putting ourselves in a position to essentially be capable of putting our entire lodging business essentially end-to-end and our Air business into the cloud.

因此，今年，我們使自己處於一個基本上能夠將我們的整個住宿業務基本上端到端和我們的航空業務放入雲中的位置。

We're ramping up volume both on lodging and Air as we speak, and we're going to continue to do that through the back half of the year.

正如我們所說，我們正在增加住宿和航空的數量，我們將在今年下半年繼續這樣做。

I would say moving to the cloud on Air has the similar benefits that it does across the business, which is better resiliency, less downtime, higher speeds and then also it just unleashes a whole bunch of capabilities around AI and other things that ultimately need more elastic compute capability than is generally efficient to do within your own data centers that have fixed capacity.

我想說遷移到雲上的 Air 具有與它在整個業務中所做的相似的好處，即更好的彈性、更少的停機時間、更高的速度，然後它還釋放了圍繞 AI 和其他最終需要更多東西的一大堆能力彈性計算能力比通常在您自己的具有固定容量的數據中心內更有效。

So again, it's -- we're in the process of rolling out the Air platform.

再次重申，我們正在推出 Air 平台。

We're putting traffic into the cloud.

我們正在將流量放入雲端。

But we expect there to be a good positive story there as we have seen in the other parts of the business.

但正如我們在業務的其他部分所看到的那樣，我們希望那裡有一個積極的好故事。

With respect to cross-selling on Vrbo, what we've done is essentially as customers go and book their vacation homes on a Vrbo, they are presented with the opportunity to book a rental car or a flight or any of the other product or activity, any other products that Brand Expedia offers basically right there on the side.

關於 Vrbo 上的交叉銷售，我們所做的基本上是當客戶去 Vrbo 上預訂他們的度假屋時，他們有機會預訂租車或航班或任何其他產品或活動，Brand Expedia 提供的任何其他產品基本上就在旁邊。

And it's branded Brand Expedia.

它的品牌是 Brand Expedia。

And we've seen a good uptake of it.

我們已經看到了很好的吸收。

It's just makes things easier.

它只是讓事情變得更容易。

Obviously, Expedia is a very trusted brand.

顯然，Expedia 是一個非常值得信賴的品牌。

And again, it's a really -- it's a great example of what we can do.

再一次，這是一個真正的 - 這是我們可以做的一個很好的例子。

But it's encouraging.

但這是令人鼓舞的。

Next, we'll hear from Tom White with D.A. Davidson.

接下來，我們將聽到 Tom White 和 D.A.戴維森。

I just wanted to dig into the international room night growth pick up a bit.

我只是想深入了解一下國際間夜增長的回升情況。

I feel like maybe a couple of quarters ago, you sort of tried to maybe disavow a little bit of the notion that because some of these priority markets were smaller that we shouldn't expect that they were necessarily going to have a big impact on kind of consolidated room night growth.

我覺得也許幾個季度前，你可能有點試圖否認這樣一種觀點，即因為其中一些優先市場規模較小，我們不應該期望它們必然會對同類產品產生重大影響綜合間夜增長。

Is that -- is your view of that changing for some reason?

那是——您對此的看法是否出於某種原因而改變？

Or is there kind of something else maybe helping out international as well?

還是有其他的東西也可以幫助國際化？

I guess, specifically I'm wondering maybe you guys benefiting from sort of moderating competitive intensity on some of the variable marketing platforms from some of your competitors.

我想，具體來說，我想知道你們可能會從一些競爭對手的一些可變營銷平台上緩和競爭強度中受益。

Right.

正確的。

Well, the 2 major dynamics that have been happening in international room night growth over the last couple of years, put Easter aside, all these quarter-to-quarter movements, is that we have been adding incremental supply, lodging supply.

好吧，過去幾年國際間夜增長發生的兩個主要動態，除了復活節，所有這些季度到季度的變動，就是我們一直在增加增量供應，住宿供應。

That has really fueled incremental room night growth for the business.

這確實推動了企業間夜量的增長。

But the international markets that we're going into are markets where the metasearch channel is also pretty significant.

但是我們要進入的國際市場是元搜索渠道也非常重要的市場。

So you've got basically a headwind on room night growth, which has been driven by what's been happening with the big metasearch platforms slowing down that again has been masking, if you will, the growth that we see underneath from us adding new inventory and executing on the locally relevant playbook.

所以你基本上在間夜增長方面遇到了逆風，這是由大型元搜索平台正在發生的事情所驅動的，這種放緩再次掩蓋了，如果你願意的話，我們看到的增長來自我們增加新的庫存和在本地相關的劇本上執行。

So as we move through the back half of the year, the trivago comps get a little bit better, And you started to see a little bit of that this quarter as well, not a ton.

因此，當我們進入今年下半年時，trivago comps 變得更好了一點，你也開始在本季度看到一點點，而不是一噸。

But in any event, those are the 2 factors.

但無論如何，這是兩個因素。

And once the trivago and another metasearch channel comps ease, we should be in clear skies.

一旦 trivago 和另一個元搜索渠道輕鬆整合，我們就應該萬事如意了。

Okay.

好的。

Great.

偉大的。

And actually one quick follow-up, if I may, just on the guidance.

實際上，如果可以的話，只是根據指導進行快速跟進。

So if my arithmetic is right, it looks like kind of the implied second half growth rate of EBITDA is a bit of an acceleration versus the first half.

因此，如果我的算法是正確的，那麼 EBITDA 的隱含下半年增長率似乎比上半年有所加快。

But it seems like you guys have a bunch of sort of tailwinds that would be kind of helping you guys in the back half of the year.

但似乎你們有一些順風，可以在今年下半年幫助你們。

Alan, maybe could you just walk us through kind of the moving pieces to the guidance, and maybe what's changed as far as how you're going to do this...?

艾倫，也許你能引導我們通過一些移動部分到指南，也許就你打算如何做這件事而言發生了什麼變化......？

Yes.

是的。

Tom, if you are looking at Expedia Group in total, including all of the businesses and trivago too, which is the way we guide, then, the all-in guide assumes much faster growth in the first half than you would see in the back half.

Tom，如果您總體上看 Expedia Group，包括所有業務和 trivago，這是我們的指導方式，那麼綜合指南假設上半年的增長速度比您在後面看到的要快得多一半。

Now that is coming entirely -- almost entirely from the comps for trivago and just how their year is developing.

現在這完全來自 - 幾乎完全來自 trivago 的比賽以及他們今年的發展情況。

So they're delivering healthy profits throughout the year.

因此，他們全年都在提供可觀的利潤。

But they are delivering it on a comp of loss-making EBITDA in the first half of '18 compared to profits in the second half of '18.

但他們將 18 年上半年虧損的 EBITDA 與 18 年下半年的利潤進行對比。

So that's the biggest difference.

所以這是最大的區別。

If you look at it excluding that, then you would see that the growth rates are in and around similar ranges first half to second half.

如果你不考慮它，那麼你會發現上半年和下半年的增長率在相似的範圍內或附近。

Some puts and takes obviously in there, but not any real start differences.

一些明顯的投入和投入在那裡，但沒有任何真正的開始差異。

Next we'll hear from Lee Horowitz with Evercore ISI.

接下來我們將聽取 Evercore ISI 的 Lee Horowitz 的意見。

Two, if I could.

兩個，如果可以的話。

I guess, on domestic, you've seen kind of steady room night growth, 8%, 9% over a number of quarters now.

我想，在國內，你已經看到了穩定的間夜增長，現在幾個季度分別增長了 8% 和 9%。

I guess, to what do you owe the stability of room night growth in your core U.S. market?

我想，您認為美國核心市場間夜量增長的穩定性有何原因？

And then one on international, if I could.

如果可以的話，還有一個關於國際的。

Take rates have come under pressure a bit over the last couple of quarters, perhaps, as you've expanded into your focus markets.

在過去的幾個季度中，隨著您擴展到您的重點市場，利率可能會受到一些壓力。

I guess how you're thinking about how take rates should evolve as you take share in some of these focus markets?

我猜你是如何考慮在你在這些重點市場中佔有份額時應該如何演變的？

Thanks, Lee.

謝謝，李。

Listen, the domestic story is essentially us just -- honestly, it's just executing on the playbook in the U.S. that we've had for a very long time.

聽著，國內的故事本質上就是我們——老實說，它只是在我們已經擁有很長時間的美國劇本上執行。

And that playbook results in share gains.

該劇本會帶來份額收益。

It is us putting money behind our big brands and we have many big brands that are very relevant in the U.S. It's us continuing to innovate on product features and functionality as we have been doing.

是我們在我們的大品牌背後投入資金，我們有許多在美國非常相關的大品牌。這是我們繼續在產品特性和功能上進行創新，就像我們一直在做的那樣。

You can see the Brand Expedia app, for example, now versus what it was 3 or 4 years ago.

例如，您可以看到 Brand Expedia 應用程序現在與 3 或 4 年前的對比。

It's just phenomenally improved.

它只是顯著改善。

It's us continuing to add incremental lodging inventory, both just inventory that is traditional conventional lodging and there is -- there continues to be some of that, that we don't have and then also alternative accommodations.

這是我們繼續增加增量住宿庫存，既只是傳統傳統住宿的庫存，還有 - 仍然有一些我們沒有的庫存，然後還有其他住宿。

And it's us particularly on our multiproduct or multiline of business brands such as Brand Expedia getting much better at essentially cross-selling and bundling activity through features like the quasi-shopping cart type functionality that we've introduced over the course of last couple of years.

尤其是我們的多產品或多線業務品牌，例如 Brand Expedia，通過我們在過去幾年中引入的類似購物車類型的功能，在本質上的交叉銷售和捆綁活動方面做得更好.

So it really is the playbook for us and it enables us to grow faster than the market and we -- our goal is to -- for that to continue to be the case for a long time to come.

因此，這確實是我們的劇本，它使我們能夠比市場增長得更快，而且我們——我們的目標是——在未來很長一段時間內繼續保持這種情況。

Yes.

是的。

Lee, and then your second question about our international revenue margins.

李，然後你的第二個問題是關於我們的國際收入利潤率。

I don't think there's any big story there.

我不認為那裡有什麼大故事。

You're right that they have been kind of inching down over time.

你是對的，隨著時間的推移，他們一直在慢慢下降。

I think there is a couple of factors that play year.

我認為有幾個因素影響了這一年。

Overall product mix in international markets plays a role.

國際市場的整體產品組合發揮了作用。

I think mix between countries obviously can play a role because we don't have the same exact margins in every country.

我認為國家之間的混合顯然可以發揮作用，因為我們在每個國家的確切利潤率並不相同。

And in certain countries and areas, we do continue to make some minor adjustments here and there to our overall take rates with our hotel partners as we add the supply, making sure that we're going into those countries at market levels.

在某些國家和地區，隨著我們增加供應，我們確實會繼續在這里和那裡對我們與酒店合作夥伴的整體收費率進行一些小的調整，以確保我們在市場層面進入這些國家。

But nothing major going on there.

但是那裡沒有什麼大事發生。

We have a question with Mark May with Citi

我們有一個問題要問 Mark May 和 Citi

This is Zach on for Mark.

這是馬克的紮克。

I believe Google recently made some algo changes in the May or June time frame so just curious what kind of impact you're seeing in your share traffic, if any, for both your Core OTA and Vrbo segments.

我相信谷歌最近在 5 月或 6 月的時間範圍內對算法進行了一些更改，所以很好奇你在共享流量中看到了什麼樣的影響，如果有的話，對於你的 Core OTA 和 Vrbo 細分市場。

And second, raising the low end of your EBITDA guidance, just curious if we look at any of the major expense items whether it be cloud migration or marketing.

其次，提高 EBITDA 指導的下限，只是好奇我們是否會查看任何主要費用項目，無論是雲遷移還是營銷。

Have there been any significant changes relative to your initial plan you set out in the beginning of the year?

與年初制定的初始計劃相比，是否有任何重大變化？

Thanks, Zach.

謝謝，扎克。

With respect to the Google algo changes, this is just business as usual for Google and it's kind of business as usual for a large internet player.

關於谷歌算法的變化，這對谷歌來說就像往常一樣，對大型互聯網播放器來說也是一樣。

So there's nothing specific that I would call out from that.

所以我沒有什麼特別的要說的。

And then Alan, do you want to take the second one?

然後是艾倫，你想參加第二個嗎？

Yes, I think the primary factors there is really around the fact that we've just had a strong start to the year.

是的，我認為主要因素確實是我們今年剛剛有了一個良好的開端。

And we started the year with a wide range of 10% to 15%.

今年年初，我們的增幅範圍很廣，在 10% 到 15% 之間。

Given what we've seen in the first half of the year, we're comfortable going to a tighter range and kind of taking the low end off the table.

鑑於我們在今年上半年所看到的情況，我們很樂意進入一個更窄的範圍，並將低端從桌面上移除。

There are some factors that are at play here that can go either direction.

這裡有一些因素在起作用，可以向任一方向發展。

Clearly, trivago's year is panning out as they had -- as they -- largely as they had expected and described at the beginning of the year.

顯然，trivago 的這一年正如他們所經歷的那樣 - 就像他們一樣 - 很大程度上正如他們在年初所預期和描述的那樣。

But it is still relatively new territory for them, so some variability there.

但這對他們來說仍然是一個相對較新的領域，因此存在一些可變性。

FX and macro obviously can work for us or against us.

外彙和宏觀顯然可以對我們有利或不利。

There's this new digital services tax in France that when enacted is going to be actually a headwind for us in the back half of the year.

法國有一項新的數字服務稅，一旦實施，實際上將在今年下半年對我們造成不利影響。

And then lastly, we just -- in terms of our guidance, we like to maintain some of flexibility to make some additional decisions as we move through the year to make investments where we think are appropriate.

最後，我們只是 - 就我們的指導而言，我們希望保持一些靈活性，以便在我們通過這一年在我們認為合適的地方進行投資時做出一些額外的決定。

And so we kind of consider all of that as we put the range together.

因此，當我們將範圍放在一起時，我們會考慮所有這些。

But overall, I'd say we're really executing -- we feel like the teams are executing well, and we're pleased with the momentum that we've seen so far in the year.

但總的來說，我想說我們真的在執行——我們覺得團隊執行得很好，我們對今年迄今為止看到的勢頭感到滿意。

That will conclude today's question-and-answer session.

今天的問答環節到此結束。

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

此時，我想將會議轉交給首席執行官 Mark Okerstrom，聽取任何補充或結束語。

Great.

偉大的。

Well, I'd just like to say again thank you for joining the call, and a huge thanks to all the Expedia Group employs around the world just for your continued dedication and hard work as we press forward on our transformation efforts.

好吧，我想再次感謝您加入電話會議，並非常感謝 Expedia Group 在世界各地的所有員工，感謝您在我們推進轉型工作的過程中的持續奉獻和辛勤工作。

We've made huge progress.

我們取得了巨大進步。

But I'm incredibly excited about the opportunity in front of us.

但我對擺在我們面前的機會感到無比興奮。

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

有了這個，我會把它轉回給接線員。

Thank you.

謝謝。

That does conclude today's conference call.

這確實結束了今天的電話會議。

Thank you for your participation.

感謝您的參與。