Expedia Group Inc (EXPE) 2019 Q3 法說會逐字稿

Good day, and welcome to the Expedia Group, Inc.

美好的一天，歡迎來到 Expedia Group, Inc.

Q3 2019 Earnings Conference Call.

2019 年第三季度收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I'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 third quarter ended September 30, 2019.

下午好，歡迎參加 Expedia Group 截至 2019 年 9 月 30 日的第三季度財務業績電話會議。

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

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

The following discussion, including responses to your questions, reflects management's views as of today, November 6, 2019, only.

以下討論，包括對您問題的回答，僅反映截至 2019 年 11 月 6 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'll 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, ir.expediagroup.com.

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

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

我鼓勵您定期訪問我們的 IR 網站以獲取其他重要內容，包括今天的收益發布。

Unless otherwise stated, all references to cost of revenue, selling and marketing expense, general and administrative expense and technology and content expense exclude stock-based compensation and depreciation expense, and all comparisons on this call will be against our results for the comparable period of 2018.

除非另有說明，否則所有提及的收入成本、銷售和營銷費用、一般和行政費用以及技術和內容費用均不包括基於股票的補償和折舊費用，並且本次電話會議的所有比較都將與我們在可比期間的結果進行比較2018.

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 restructuring expenses.

這些項目包括但不限於外匯、投資支出回報和與收購相關的重組費用。

As such, the items that are excluded from our non-GAAP guidance are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period.

因此，從我們的非 GAAP 指南中排除的項目是不確定的，取決於各種因素，並可能對指南期間的 GAAP 結果產生重大影響。

And with that, let me turn the call over to Mark.

就這樣，讓我把電話轉給馬克。

Thanks, Michael.

謝謝，邁克爾。

Although room night growth was in a healthy range in Q3, adjusted EBITDA was lower than we expected, primarily due to a few key factors.

儘管第三季度間夜量增長處於健康範圍內，但調整後的 EBITDA 低於我們的預期，這主要是由於幾個關鍵因素。

We saw incremental weakness in SEO volumes and a related shift to high-cost marketing channels.

我們看到 SEO 量逐漸疲軟以及向高成本營銷渠道的相關轉變。

We saw lower average daily rates than we expected, which weighed on our lodging results, and profit was softer than expected at trivago and Vrbo.

我們發現平均每日房價低於我們的預期，這對我們的住宿業績造成了壓力，並且 trivago 和 Vrbo 的利潤低於預期。

The majority of the ADR impact was in North America, which slowed more than we anticipated, while ADRs also came in light in Asia due to negative macro and geopolitical events.

大部分 ADR 影響發生在北美，其放緩速度超過我們的預期，而由於負面的宏觀和地緣政治事件，亞洲的 ADR 也受到關注。

We expect the softer local currency ADR environment and mix shift to high-cost marketing channels to continue to have an impact over at least the next few quarters.

我們預計本幣 ADR 環境疲軟以及向高成本營銷渠道的混合轉移將至少在未來幾個季度繼續產生影響。

As discussed on their call yesterday, trivago saw volatility in their marketplace related to new advertiser features they introduced.

正如他們在昨天的電話會議上所討論的那樣，trivago 發現他們的市場波動與他們引入的新廣告商功能有關。

That contributed to lower-than-expected revenue and a significant year-over-year decline in Q3 adjusted EBITDA.

這導致收入低於預期，並且第三季度調整後的 EBITDA 同比大幅下降。

Gross booking and room night trends at Vrbo also remained muted, and we incurred additional costs related to our payment processing migration.

Vrbo 的總預訂量和間夜趨勢也保持低迷，我們產生了與支付處理遷移相關的額外成本。

As a result, we have reduced our 2019 profit expectations for both trivago and Vrbo.

因此，我們下調了 trivago 和 Vrbo 的 2019 年利潤預期。

Given our third quarter results and the expectation for continued impact from the factors we experienced in Q3, we are lowering our full year 2019 guidance for adjusted EBITDA growth to 5% to 8%.

鑑於我們第三季度的業績以及對我們在第三季度經歷的因素的持續影響的預期，我們將 2019 年全年調整後 EBITDA 增長率的指導下調至 5% 至 8%。

Over the past several months, we've been in the process of realigning teams across the organization.

在過去的幾個月裡，我們一直在重新調整整個組織的團隊。

And over time, we expect these changes to improve our operational efficiency and effectiveness.

隨著時間的推移，我們希望這些變化能夠提高我們的運營效率和效力。

That said, with many people focused on that effort, it did likely impact our ability to anticipate and react to the dynamics we saw during the quarter.

也就是說，由於許多人都專注於這項工作，它確實可能影響我們預測和應對我們在本季度看到的動態的能力。

In terms of the changes we've made, we brought several customer-facing functions closer together to help us collaborate more effectively and scale our international expansion efforts.

就我們所做的改變而言，我們將幾個面向客戶的職能更緊密地結合在一起，以幫助我們更有效地協作並擴大我們的國際擴張努力。

We brought supplier-facing teams closer together to better serve our travel partners and realign many of our tech and product teams to drive increased collaboration, innovation and scale.

我們讓面向供應商的團隊更緊密地聯繫在一起，以更好地為我們的旅行合作夥伴服務，並重新調整我們的許多技術和產品團隊，以推動加強協作、創新和擴大規模。

These changes position us to drive better top and bottom line growth over the long term.

這些變化使我們能夠在長期內推動更好的收入和利潤增長。

And though it will take time to realize the full benefits of this effort, the teams are eager to begin driving improvements.

雖然實現這項工作的全部好處需要時間，但團隊渴望開始推動改進。

In spite of the disappointing results, we saw several positives in the quarter.

儘管結果令人失望，但我們在本季度看到了一些積極因素。

Volume trends in Q3 were solid as we delivered an 11% increase in total stayed room nights, led by healthy 12% room night growth in our Core OTA segment.

第三季度的成交量趨勢穩健，因為我們的總入住間夜數增加了 11%，這主要得益於我們的核心 OTA 細分市場間夜量的健康增長 12%。

Domestic room night growth accelerated in Core OTA, and we continue to gain share in the U.S. Our execution on supply acquisition remains solid as we added, again, over 40,000 properties to our core lodging platform in Q3.

核心 OTA 的國內間夜增長加速，我們繼續在美國獲得份額。我們在供應採購方面的執行力依然穩健，因為我們在第三季度再次向我們的核心住宿平台增加了 40,000 多處房產。

We also increased the number of integrated Vrbo listings to over 650,000.

我們還將集成 Vrbo 列表的數量增加到 650,000 多個。

And in total, we ended the quarter with more than 1.4 million listings on our core lodging platform.

總的來說，我們在本季度結束時在我們的核心住宿平台上列出了超過 140 萬個房源。

We're seeing progress on our initiatives to increase customer centricity and local relevancy, which are aimed at building customer loyalty and increasing our direct business.

我們在提高以客戶為中心和本地相關性方面的舉措取得了進展，這些舉措旨在建立客戶忠誠度並增加我們的直接業務。

In total, the direct channels at our OTA brands are growing faster than the overall business, led by strong growth in mobile app.

總的來說，在移動應用程序的強勁增長的帶動下，我們 OTA 品牌的直接渠道增長速度快於整體業務。

Expedia Partner Solutions continues to deliver solid results, is also growing room nights ahead of the overall business.

Expedia Partner Solutions 繼續取得穩健的業績，房間間夜數的增長也領先於整體業務。

Our recent agreement to become Marriott's exclusive optimized wholesale distributor is a great example of the power of our platform and technological capabilities, and we see a long runway of opportunity at our Partner Solutions business going forward.

我們最近同意成為萬豪的獨家優化批發分銷商，這是我們平台和技術能力強大的一個很好的例子，我們看到我們的合作夥伴解決方案業務在未來有很長的路要走。

And Egencia had a healthy quarter of new client signings and delivered double-digit room night growth as it benefits from increasing hotel attach rates.

Egencia 有一個健康的季度新客戶簽約，並實現了兩位數的間夜增長，因為它受益於增加的酒店附加率。

Although we're disappointed with our results in the third quarter, we understand the near-term challenges and are actively working to navigate them.

儘管我們對第三季度的業績感到失望，但我們了解近期的挑戰，並正在積極努力應對這些挑戰。

At the same time, we're encouraged with our progress in many areas and are optimistic that we can further build on those trends as we execute on our key strategic themes: being customer centric, being locally relevant on a global basis and unlocking the full power of our global platform.

與此同時，我們對我們在許多領域取得的進展感到鼓舞，並樂觀地認為我們可以在執行我們的關鍵戰略主題時進一步鞏固這些趨勢：以客戶為中心，在全球範圍內與當地相關，並釋放全部我們全球平台的力量。

Despite near-term pressures, we remain confident that this strategy will position Expedia Group to capitalize on the significant opportunity ahead of us, leading to healthy growth and attractive returns over the long term.

儘管近期面臨壓力，但我們仍然相信這一戰略將使 Expedia Group 能夠利用擺在我們面前的重大機遇，從而實現健康增長和有吸引力的長期回報。

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

有了這個，我會把它交給艾倫。

Thanks, Mark.

謝謝，馬克。

In Q3, we increased both gross bookings and revenue 9%.

在第三季度，我們的總預訂量和收入均增長了 9%。

Total lodging revenue growth was 11%, in line with stayed room night growth.

住宿總收入增長 11%，與入住間夜增長一致。

But given the factors Mark discussed, in addition to the headwinds we previously mentioned for the quarter, our adjusted EBITDA was flat in Q3.

但考慮到馬克討論的因素，除了我們之前提到的本季度不利因素外，我們調整後的 EBITDA 在第三季度持平。

At Vrbo, gross bookings increased 5% in the quarter.

在 Vrbo，本季度的總預訂量增長了 5%。

Revenue was up a solid 14% driven by approximately 20% growth in transactional revenue, which represented more than 90% of Vrbo's revenue for the first time.

在交易收入增長約 20% 的推動下，收入穩步增長 14%，交易收入首次佔 Vrbo 收入的 90% 以上。

Revenue growth was partly offset by continued investments in both performance and brand marketing to support the Vrbo brand and higher payment processing costs as Vrbo accelerated the shift to Expedia Group's payment platform.

由於 Vrbo 加速向 Expedia Group 支付平台的轉移，為支持 Vrbo 品牌而對績效和品牌營銷的持續投資以及更高的支付處理成本部分抵消了收入增長。

As a result, adjusted EBITDA for Vrbo increased just 3% in the quarter.

因此，本季度 Vrbo 的調整後 EBITDA 僅增長了 3%。

We expect a similar dynamic in Q4 with higher marketing investments as we head into the peak booking season and additional costs related to payment processing putting pressure on adjusted EBITDA.

我們預計第四季度會有類似的動態，隨著我們進入預訂旺季以及與支付處理相關的額外成本給調整後的 EBITDA 帶來壓力，營銷投資會增加。

Total advertising and media revenue grew 3% year-over-year and was up 6%, excluding the impact of foreign currency.

廣告和媒體總收入同比增長 3%，不計外幣影響增長 6%。

Similar to the past few quarters, revenue declines at trivago were more than offset by strong 18% growth at our Media Solutions business.

與過去幾個季度類似，trivago 的收入下降被我們媒體解決方案業務 18% 的強勁增長所抵消。

Looking ahead, we see a nice runway of growth for Media Solutions as we increasingly leverage the reach of our global platform.

展望未來，隨著我們越來越多地利用我們的全球平台的影響力，我們看到了媒體解決方案的良好增長。

Air revenue declined 3% in Q3 with lower revenue per ticket, partly offset by solid growth in tickets sold.

航空收入在第三季度下降了 3%，每張機票的收入減少，部分被售出機票的穩健增長所抵消。

Revenue per ticket was down 10%, largely reflecting a reclassification of certain fees to other revenue in addition to a shift in product mix and FX headwinds.

每張票的收入下降了 10%，主要反映了除了產品組合的轉變和外匯逆風之外，某些費用被重新分類為其他收入。

That was partly offset by 8% ticket volume growth as we continue to benefit from new enterprise partnerships at Expedia Partner Solutions.

由於我們繼續受益於 Expedia Partner Solutions 的新企業合作夥伴關係，8% 的票務量增長部分抵消了這一增長。

Turning to expenses.

談到開支。

Cost of revenue grew 14%.

收入成本增長了 14%。

Cloud expenses contributed 500 basis points to growth as we migrate more compute to the cloud.

隨著我們將更多計算遷移到雲端，雲費用為增長貢獻了 500 個基點。

The inorganic addition of Bodybuilding.com, which we acquired in the Liberty transaction, added over 400 basis points to growth, although it did not have a meaningful impact on adjusted EBITDA in Q3.

我們在 Liberty 交易中收購的 Bodybuilding.com 的無機加入為增長增加了 400 多個基點，儘管它對第三季度調整後的 EBITDA 沒有產生重大影響。

In addition, the French digital services tax contributed nearly 300 basis points to cost of revenue growth as we recognized the full year-to-date amount since the tax was retroactive to the beginning of the year.

此外，法國數字服務稅為收入成本增長貢獻了近 300 個基點，因為我們確認了年初至今的全部金額，因為該稅追溯至年初。

Because of the addition of Bodybuilding.com and the digital services tax, we now expect cost of revenue to grow faster than revenue for the full year.

由於增加了 Bodybuilding.com 和數字服務稅，我們現在預計全年收入成本的增長速度將快於收入。

It's worth noting that the global tax environment is rapidly evolving, and several other countries are currently considering adding transactional-level taxes.

值得注意的是，全球稅收環境正在迅速演變，其他幾個國家目前正在考慮增加交易層面的稅收。

It's still too early to know the specific implications, but we are continuing to closely monitor these developments.

現在了解具體影響還為時過早，但我們將繼續密切關注這些事態發展。

Total selling and marketing expense grew 11% with direct selling and marketing up 14%.

總銷售和營銷費用增長了 11%，其中直銷和營銷費用增長了 14%。

The increase in direct selling and marketing was due to partner commissions at Expedia Partner Solutions related to growth in that business and higher investments in both brand and performance marketing, in part because of the shift into high-cost marketing channels we mentioned earlier.

直銷和營銷的增長是由於 Expedia Partner Solutions 的合作夥伴佣金與該業務的增長以及品牌和績效營銷的更高投資有關，部分原因是我們之前提到的向高成本營銷渠道的轉變。

Indirect selling and marketing declined 5%, reflecting a reclassification of certain expenses to technology and content and lower people-related costs along with declines at trivago.

間接銷售和營銷下降了 5%，反映出將某些費用重新分類為技術和內容以及與人員相關的成本降低以及 trivago 的下降。

Technology and content cost growth was essentially in line with revenue for the quarter.

技術和內容成本的增長與本季度的收入基本一致。

Cloud expenses contributed approximately 250 basis points to growth.

雲支出為增長貢獻了大約 250 個基點。

We continue to expect technology and content expenses to deleverage for the full year.

我們繼續預計全年技術和內容支出將去槓桿化。

In terms of our cloud migration, we continue to progress as planned.

就我們的雲遷移而言，我們繼續按計劃進行。

We are on track to largely complete the lodging stack by the end of this year and expect to be positioned to complete the air migration next year as well as push further on our other products and back-end systems.

我們有望在今年年底前基本完成住宿堆棧，並有望在明年完成空中遷移，並進一步推動我們的其他產品和後端系統。

We expect 2019 cloud cost to come in slightly lower than $250 million.

我們預計 2019 年的云成本將略低於 2.5 億美元。

We are still completing the planning for 2020.

我們還在完成2020年的規劃。

But based on what we know at this point, we anticipate cloud expenses to be in the neighborhood of $350 million next year.

但根據我們目前所知，我們預計明年的雲支出將達到 3.5 億美元左右。

General and administrative expenses increased 8% year-over-year, largely due to higher professional fees and approximately 150 basis points of inorganic impact from Bodybuilding.com.

一般和行政費用同比增長 8%，這主要是由於專業費用增加以及來自 Bodybuilding.com 的無機影響約 150 個基點。

Looking below the line, depreciation expense growth remains muted, increasing just 3% as we continue to benefit from the lower data center CapEx over the past few years.

從線下看，折舊費用增長仍然緩慢，僅增長 3%，因為我們在過去幾年繼續受益於較低的數據中心資本支出。

Adjusted net interest expense decreased year-over-year while our adjusted tax rate increased to 25% in Q3, which resulted in adjusted EPS declining 7% year-over-year.

調整後的淨利息支出同比下降，而我們調整後的稅率在第三季度增加到 25%，導致調整後的每股收益同比下降 7%。

Year-to-date through Q3, excluding CapEx investments for our new headquarters, free cash flow increased a solid 15%.

從年初至今到第三季度，不包括我們新總部的資本支出投資，自由現金流穩步增長了 15%。

In the third quarter, free cash flow decreased more than usual due to a shift in the timing of certain payables and the comparison to settlement payments received last year.

在第三季度，由於某些應付賬款時間的變化以及與去年收到的結算付款的比較，自由現金流量比往常減少更多。

The balance of the change in Q3 related to supplier payments for merchant bookings from the first half of the year given the normal seasonality of our business.

考慮到我們業務的正常季節性，第三季度的變化餘額與上半年的商家預訂的供應商付款有關。

Looking ahead, we see an opportunity to drive further improvement in cash flow conversion over time.

展望未來，我們看到了隨著時間的推移進一步改善現金流轉換的機會。

Turning to the balance sheet.

轉向資產負債表。

We took advantage of favorable market conditions to issue a $1.25 billion 10-year note with a 3.25% coupon.

我們利用有利的市場條件發行了 12.5 億美元的 10 年期票據，票面利率為 3.25%。

Our approach to managing the balance sheet is unchanged, and we continue to operate within an investment-grade credit rating.

我們管理資產負債表的方法沒有改變，我們繼續在投資級信用評級下運營。

In addition, during the quarter, we redeemed the $400 million convertible notes that we held following the Liberty Expedia deal.

此外，在本季度，我們贖回了 Liberty Expedia 交易後持有的 4 億美元可轉換票據。

On the capital allocation front, we resumed share repurchases following the completion of the Liberty Expedia deal, repurchasing $418 million in stock since Q2 earnings.

在資本配置方面，我們在 Liberty Expedia 交易完成後恢復了股票回購，自第二季度收益以來回購了 4.18 億美元的股票。

Together with the Liberty Expedia transaction, we are pleased to have brought in a total of 6.3 million shares so far this year.

加上與 Liberty Expedia 的交易，我們很高興今年迄今為止總共引進了 630 萬股股票。

Moving to our financial expectations for 2019.

轉向我們對 2019 年的財務預期。

As Mark noted earlier, our updated guidance of 5% to 8% adjusted EBITDA growth reflects the mix shift into high-cost channels and the lower-than-expected ADRs, both of which we expect to continue to play a role over the next few quarters.

正如馬克之前指出的那樣，我們更新後的調整後 EBITDA 增長 5% 至 8% 的指引反映了向高成本渠道的組合轉變和低於預期的 ADR，我們預計這兩者將在未來幾年繼續發揮作用宿舍。

In addition, we now expect lower full year 2019 contributions from Vrbo and trivago.

此外，我們現在預計 Vrbo 和 trivago 的 2019 年全年貢獻較低。

Overall, we are not satisfied with our results, and we'll continue to navigate these changes over the coming quarters.

總的來說，我們對我們的結果並不滿意，我們將在未來幾個季度繼續應對這些變化。

We do, however, remain confident that executing our strategy will strengthen Expedia Group's position in the market and lead to share gains and healthy growth over the long term.

然而，我們仍然相信，執行我們的戰略將加強 Expedia Group 在市場上的地位，並帶來長期的份額增長和健康增長。

Operator, we're ready to take 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 from Lloyd Walmsley with Deutsche Bank.

（操作員說明）我們將從德意志銀行的 Lloyd Walmsley 那裡回答我們的第一個問題。

A couple, if I can.

一對，如果可以的話。

First, just on the SEO challenges, can you maybe give us a sense of which brands or which geos or maybe which Google products are causing the most disruption?

首先，就 SEO 挑戰而言，您能否告訴我們哪些品牌或哪些地理位置或哪些 Google 產品造成的破壞最大？

Any color you can give us there would be helpful.

您可以給我們的任何顏色都會有所幫助。

And I guess as a follow-up, specifically looking at the vacation rental category and Google moving to kind of mimic what they did in hotel with vacation rental, wondering, does your strong presence in their new unit, their metasearch unit offset some of the SEO challenges from moving kind of organic links down the page?

我想作為後續行動，特別關注度假租賃類別，谷歌開始模仿他們在度假租賃酒店所做的事情，想知道，你在他們的新部門中的強大影響力，他們的元搜索部門抵消了一些將有機鏈接移到頁面下方會帶來 SEO 挑戰嗎？

And when Google -- what do you expect in terms of the time line for Google starting to charge for that product and kind of what kind of impact could we expect from that?

當谷歌 - 你對谷歌開始對該產品收費的時間表有什麼期望以及我們可以從中期待什麼樣的影響？

Thanks, Lloyd.

謝謝，勞埃德。

So the SEO challenges were, I would say, things that we saw across multiple product categories.

因此，我想說，SEO 挑戰是我們在多個產品類別中看到的事情。

They were things that, in some cases, we saw across multiple regions.

在某些情況下，它們是我們在多個地區看到的東西。

So the impact was -- is really something we felt a little bit more broadly across our multiline of business brand than we did lodging-specific brands.

因此，影響是 - 我們在多線業務品牌中感受到的確實比我們在住宿特定品牌中感受到的更廣泛。

And generally, what we saw was a continued shift of essentially the freed links further down the page by other modules that were inserted and ultimately a shift of traffic from the SEO channel over to some of the other products, whether it's flight metasearch or hotel metasearch over time.

通常，我們看到的是，通過插入的其他模塊，釋放的鏈接在頁面下方繼續轉移，最終流量從 SEO 渠道轉移到其他一些產品，無論是航班元搜索還是酒店元搜索隨著時間的推移。

Now of course, as it related to the hotel product, the lodging product, we were able to pick up some of that volume, and that ultimately resulted in us spending more on sales and marketing than we otherwise would have.

現在當然，由於它與酒店產品、住宿產品相關，我們能夠獲得部分銷量，最終導致我們在銷售和營銷上的支出比其他情況下多。

We're happy with the returns that we saw on it but ultimately not as good returns as we would see from the SEO channel.

我們對在其上看到的回報感到滿意，但最終回報不如我們從 SEO 渠道看到的那樣好。

With respect to the VR category, right now, it's pretty small.

就 VR 類別而言，目前還很小。

And it's something that we are actively looking at in terms of evaluating that product and looking at whether it's something that we think is going to be a good thing for us over the long term or not.

這是我們在評估該產品方面積極關注的事情，並研究我們認為從長遠來看這對我們來說是否是一件好事。

But right now, it's still pretty small.

但是現在，它仍然很小。

Our next question comes from Mark Mahaney, RBC Capital Markets.

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

A little more color, please, behind the lower ADR trends in Asia.

請在亞洲較低的 ADR 趨勢背後多一點色彩。

Is that just -- a lot of that is just political turbulence around Hong Kong, but any other color there?

這只是——其中很多只是香港周圍的政治動盪，但那裡還有其他顏色嗎？

And then any update on the ability to diversify more into social marketing channels, Facebook and the like, and whether there's possible -- there are any improvements there?

然後是關於更多地進入社交營銷渠道、Facebook 等的能力的任何更新，以及是否有可能——那裡有任何改進嗎？

Are you seeing the ability to tap into commercial intent?

您是否看到了利用商業意圖的能力？

Or is that still far away?

還是那還很遠？

Yes.

是的。

Mark, this is Alan.

馬克，這是艾倫。

So on your first question on the ADRs.

那麼關於您關於 ADR 的第一個問題。

I would just say a few things as you dissect those numbers.

當你剖析這些數字時，我只想說幾件事。

First is on a reported basis, the ADRs we're reporting are pretty consistent through the year.

首先是在報告的基礎上，我們報告的 ADR 全年都非常一致。

The key there is that the foreign currency impact was much more of a negative in the first half and much less of a negative in the back half year.

關鍵在於，上半年的外匯影響更多是負面的，而下半年的負面影響要小得多。

And so that kind of masks the actual kind of decline we're seeing in terms of local currency.

因此，這種情況掩蓋了我們在當地貨幣方面看到的實際下降。

Relative to our expectations, we did not forecast the degree of slowdown in ADRs in North America that we ultimately ended up seeing.

相對於我們的預期，我們沒有預測我們最終看到的北美 ADR 放緩的程度。

And in the industry, you can see that industry analysts and hotel companies also are just kind of systematically reducing their expectations on room night economics as we move through this period.

在行業中，您可以看到，隨著我們度過這段時期，行業分析師和酒店公司也只是系統地降低了他們對間夜經濟的預期。

So that's the largest area.

所以這是最大的區域。

In APAC, I think you're exactly right to point out the protest in Hong Kong.

在亞太地區，我認為你指出香港的抗議活動是完全正確的。

Some tensions between other countries is having some impact on travel and on ADRs, and we're certainly seeing that in our business as well.

其他國家之間的一些緊張局勢正在對旅行和 ADR 產生一些影響，我們當然也會在我們的業務中看到這一點。

And then, Mark, in terms of social media marketing channels, we have seen some interesting progress in some of the social media channels, Instagram, for example, to some extent, Facebook, largely around influencer-type campaigns.

然後，馬克，就社交媒體營銷渠道而言，我們已經看到一些社交媒體渠道取得了一些有趣的進展，例如 Instagram，在某種程度上，Facebook，主要圍繞有影響力的活動。

It's much harder to measure than traditional performance marketing channels.

它比傳統的績效營銷渠道更難衡量。

So it's tough to get a real read on the ROI.

因此很難真正了解投資回報率。

But in terms of just some of the softer metrics we're seeing around awareness and some of the other social metrics that you can take a look at, they are interesting, but still in the grand scheme of things relative to other performance channels are pretty small.

但是，就我們在意識方面看到的一些較軟的指標以及您可以查看的其他一些社交指標而言，它們很有趣，但與其他績效渠道相關的宏偉計劃仍然很不錯小的。

We continue to see good progress around digital video.

我們繼續看到圍繞數字視頻的良好進展。

We see good progress and we continue to like brand marketing, which has been something that's been part of our overall toolkit for a very long period of time.

我們看到了良好的進展，並且我們繼續喜歡品牌營銷，這在很長一段時間內一直是我們整體工具包的一部分。

But again, on social, nothing that's significantly sort of needle-moving at this point.

但同樣，在社交方面，目前還沒有什麼明顯的針鋒相對。

Our next question comes from Justin Post with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Justin Post。

Could you give us an update on the Vrbo rebranding?

你能給我們介紹一下 Vrbo 品牌重塑的最新情況嗎？

And do you think you can start seeing better results next year?

您認為明年可以開始看到更好的結果嗎？

Are we near a bottom?

我們接近底部了嗎？

And then secondly, you mentioned the cloud expenses up $100 million next year.

其次，你提到明年的雲支出將增加 1 億美元。

Anything else we should be thinking about when we do our 2020 models on a big-picture basis?

當我們在大局基礎上製作 2020 年模型時，還有什麼我們應該考慮的？

Justin, on Vrbo, listen, we continue to be happy with the trends we're seeing at Vrbo.

賈斯汀，在 Vrbo，聽著，我們繼續對我們在 Vrbo 看到的趨勢感到滿意。

They continue to see growth rates in the double digits, continues to be healthy.

他們繼續看到兩位數的增長率，繼續保持健康。

Unfortunately, even that is swamped by some of the SEO impacts and some of the replatforming work and sort of pulling spend away from some of the regional brands.

不幸的是，即使這樣也被一些 SEO 影響和一些重新平台化工作以及一些區域品牌的支出所淹沒。

The plan is to roll out the Vrbo brand in more markets over the course of the next couple of quarters, and Vrbo does plan to put some marketing spend against those rollouts and then there'll be further rollouts across 2020.

該計劃是在接下來的幾個季度內在更多市場推出 Vrbo 品牌，Vrbo 確實計劃針對這些推出投入一些營銷支出，然後將在 2020 年進一步推出。

In terms of better results, I think we're going to see the next several quarters, we expect there to be continued muted growth rates.

就更好的結果而言，我認為我們將在接下來的幾個季度看到，我們預計增長率將持續低迷。

And then we're optimistic that once we get past the lapping over some of these changes that became more acute in the first half of this year, that we should be in a spot where we're able to return to growth rates that we're more satisfied with.

然後我們樂觀地認為，一旦我們克服了今年上半年變得更加尖銳的一些變化，我們應該能夠恢復到我們的增長率。更滿意。

Yes.

是的。

And then, Justin, on your question about things to think about as we head into 2020.

然後，賈斯汀，關於你關於我們進入 2020 年時要考慮的事情的問題。

I would just say to be clear and as is usual for us at this time, we are right in the middle of our planning for 2020.

我只想說清楚，就像我們目前的慣例一樣，我們正處於 2020 年計劃的中間。

So nothing specific to share.

所以沒有什麼具體要分享的。

You mentioned the cloud impact.

你提到了雲的影響。

That is one factor.

這是一個因素。

These factors that we laid out in our prepared remarks on SEO headwinds, mix into higher-cost channels and the lower ADRs are things that we think will continue to impact us for the next few quarters.

我們在準備好的關於 SEO 逆風的評論中列出的這些因素，混合到成本更高的渠道和更低的 ADR 中，我們認為這些因素將在未來幾個季度繼續影響我們。

The -- as Mark mentioned, it will take a little while, we think, for Vrbo to get back going the way we want it to be going and certainly contributing from a profit perspective.

正如馬克所提到的，我們認為，Vrbo 需要一段時間才能回到我們希望的方式，當然也可以從利潤的角度做出貢獻。

And so those are some of the things that would be, I guess, in the category of headwinds.

因此，我猜這些是逆風類別中的一些事情。

On the other hand, we are pushing forward on international expansion efforts.

另一方面，我們正在推進國際擴張工作。

We're seeing good results from our supply acquisition efforts.

我們從我們的供應採購工作中看到了良好的結果。

As you can see from our sustained room night growth, we continue to focus on driving direct business and seeing good results there.

正如您從我們持續的間夜增長中看到的那樣，我們繼續專注於推動直銷業務並在那裡取得了良好的成果。

And as we've mentioned, the Expedia Partner Solutions is doing well.

正如我們所提到的，Expedia 合作夥伴解決方案表現良好。

We also will obviously work to manage our overhead costs very tightly as we have this year, and we'll continue to do that as we move through 2020.

我們顯然也將像今年一樣非常嚴格地管理我們的管理費用，並且我們將在 2020 年繼續這樣做。

So I think those are some of the factors that I would consider.

所以我認為這些是我會考慮的一些因素。

Yes.

是的。

I would just add too that was in the long-term opportunity here.

我還要補充一點，這是這裡的長期機會。

The playbook we're executing still very much does remain intact.

我們正在執行的劇本在很大程度上仍然完好無損。

I mean the focus areas we have around customer centricity, for example, are really focused on helping us deliver much better loyal customer relationships, squarely aimed at actually decreasing our reliance on a lot of these performance marketing channels that are causing us some angst.

我的意思是我們圍繞以客戶為中心的重點領域，例如，真正專注於幫助我們建立更好的忠誠客戶關係，直接旨在減少我們對許多讓我們感到焦慮的績效營銷渠道的依賴。

I think our locally relevant, globally effort, I think, is -- again, as Alan mentioned, we're going to continue to move out into international markets, and we continue to be happy with the progress we're making on the supply efforts.

我認為我們在本地相關的全球努力是——再次，正如艾倫提到的，我們將繼續進軍國際市場，我們繼續對我們在供應方面取得的進展感到滿意努力。

And listen, the recent organizational changes that we -- that I spoke about in my prepared remarks are going to set us up well to much more effectively leverage a lot of the technical assets we've got across the organization, the data assets we've got and, at the same time, align our customer-facing and partner-facing teams just to better execute on the full strategy we've got in place.

聽著，我在準備好的發言中談到的最近的組織變革將使我們做好準備，更有效地利用我們在整個組織中獲得的大量技術資產，我們的數據資產。我們已經得到並同時調整我們面向客戶和麵向合作夥伴的團隊，以便更好地執行我們已經制定的完整戰略。

So long-term opportunity remains very much intact and we've got some near-term headwinds that we're certainly navigating right now, but we're confident we'll be able to get through this.

因此，長期機會仍然完好無損，我們有一些近期的逆風，我們現在肯定正在航行，但我們有信心我們能夠度過難關。

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 2, if I can.

也許 2，如果可以的話。

One, just following up on Vrbo.

第一，只是跟進 Vrbo。

I guess just trying to discern out how much of this really is about the rebranding versus is there a changed competitive landscape in shared accommodations?

我想只是想弄清楚這其中有多少是關於品牌重塑的，而共享住宿的競爭格局是否發生了變化？

Obviously, some of your competitors are trying to go after growth, some trying to highlight that growth in some of their own comments.

顯然，您的一些競爭對手正試圖追求增長，有些則試圖在他們自己的評論中強調這種增長。

Just trying to understand how much of this is within your control on the inventory level, on the execution-level branding versus what you might be seeing from the broader competitive landscape for those that are likely to book shared accommodations.

只是想了解其中有多少是您在庫存級別、執行級別品牌方面的控制範圍內，以及您可能會從更廣泛的競爭格局中看到的那些可能預訂共享住宿的人。

That's number one.

這是第一。

And then number two, I'd love to get a little bit color on the Marriott agreement.

然後第二，我很想對萬豪協議有一點了解。

I thought that was sort of an interesting nuance and highlighted by the company inter-quarter.

我認為這是一個有趣的細微差別，並在季度間被公司強調。

Maybe give us a little bit of color on the underlying premise behind the agreement and how you think it plays out in what you're able to bring to market via your partnership with Marriott.

也許給我們一些關於協議背後的基本前提的顏色，以及你認為它如何發揮你通過與萬豪的合作夥伴關係能夠推向市場的作用。

Sure.

當然。

So listen, with respect to Vrbo, we can certainly point to things that we have done in terms of platform consolidation, reducing spend on certain flanker brands and point to direct impact on our top line trends.

所以聽著，關於 Vrbo，我們當然可以指出我們在平台整合方面所做的事情，減少對某些側翼品牌的支出，並指出對我們的頂線趨勢的直接影響。

That said, I think it's hard to ignore the fact that the overall competitive environment continues to be, well, competitive.

就是說，我認為很難忽視這樣一個事實，即整體競爭環境繼續具有競爭力。

But that said, Vrbo has got a -- it's got an excellent brand.

但話雖如此，Vrbo 擁有一個——它擁有一個優秀的品牌。

Particularly here in the U.S., we're pleased with the growth rates we're seeing against that brand.

特別是在美國，我們對該品牌的增長率感到滿意。

They have got a great value proposition in terms of a lot of these large whole homes that exist that are great for groups and family.

就許多適合團體和家庭的大型整棟住宅而言，他們擁有巨大的價值主張。

And certainly, they're working on continued customer-facing and partner-facing innovation to really press on that advantage.

當然，他們正在致力於持續面向客戶和麵向合作夥伴的創新，以真正發揮這一優勢。

So again, I think to the core question, is it competitive or is it internal?

因此，我再次思考核心問題，它是競爭性的還是內部的？

I think it's a combination of both.

我認為這是兩者的結合。

But we remain optimistic that through great execution on product development, continued international rollout of the Vrbo brand, getting the inventory from Vrbo onto the core OTA business to help bolster that international expansion with ultimately more demand, all of these things are things that point to a brighter future in Vrbo than certainly we've seen over the course of the last couple of quarters.

但我們仍然樂觀地認為，通過產品開發的出色執行、Vrbo 品牌的持續國際推廣、將 Vrbo 的庫存轉移到核心 OTA 業務以幫助支持國際擴張並最終帶來更多需求，所有這些都指向Vrbo 的未來肯定比我們在過去幾個季度中看到的更光明。

With respect to Marriott, listen, we're very pleased with that relationship and that deal.

關於萬豪，聽著，我們對這種關係和交易非常滿意。

I think it's a unique, first-of-its-kind-type arrangement.

我認為這是一種獨特的、首創的安排。

And I think it's just an example of how we can bring the power of our platform to bear for our partners.

我認為這只是我們如何利用我們平台的力量為我們的合作夥伴提供支持的一個例子。

We've really established an incredible network of connectivity and distribution reach across Expedia Group.

我們確實在 Expedia Group 中建立了一個令人難以置信的連通性和分銷範圍網絡。

And what we're able to do is help Marriott basically make sure that they are having their rates and inventory displayed in a way that they intend them to be displayed for their customers.

我們能夠做的是幫助萬豪基本上確保他們以他們希望向客戶展示的方式展示他們的房價和庫存。

And we think it's a great leverage of what we've got, and I think it helps them achieve what they want to.

我們認為這是對我們現有資源的一個很好的利用，我認為它可以幫助他們實現他們想要的目標。

And we're optimistic that, ultimately, this will be the first of many because we think it's a great relationship.

我們樂觀地認為，最終這將是眾多合作中的第一個，因為我們認為這是一種很好的關係。

Our next question comes from Kevin Kopelman, Cowen and Company.

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

Just had a couple of follow-up questions on the change in the EBITDA trajectory.

只是有幾個關於 EBITDA 軌跡變化的後續問題。

First, could you talk about the increased payment processing costs?

首先，你能談談增加的支付處理成本嗎？

And what were those?

那是什麼？

And are those ongoing or more onetime in nature?

那些本質上是持續的還是一次性的？

Yes.

是的。

Thanks.

謝謝。

Yes.

是的。

So Vrbo has been using a third-party for payment processing.

所以 Vrbo 一直在使用第三方進行支付處理。

And we made the decision to move the payments onto the Expedia Group stack, so that we'll become the merchant of record for those.

我們決定將支付轉移到 Expedia Group 堆棧中，這樣我們將成為這些的記錄商家。

In order to make sure that we had a seamless transition there and that it went well, we put in place some incentive payments, if you will, for the third-party processor.

為了確保我們在那裡進行無縫過渡並且順利進行，如果您願意的話，我們為第三方處理商提供了一些獎勵金。

And that's what we're referring to.

這就是我們所指的。

Those were accelerated based on the pace at which we were moving the volumes over.

這些是根據我們移動卷的速度加速的。

So not only were there expenses, but we pulled some of them forward from what maybe would have been in 2020.

因此，不僅有費用，而且我們將其中一些費用從 2020 年可能會發生的情況中提前。

So that's the nature of what we're seeing there.

這就是我們在那裡看到的本質。

There will be an impact of those in Q4 as well.

這些也會對第四季度產生影響。

And again, I think that the rationale for getting on to the Expedia payment stack, we've got an excellent payments platform that has a broad array of payments methods, international exposure, world-class fraud detection, very good merchant arrangements with all of our providers.

再一次，我認為進入 Expedia 支付堆棧的理由是，我們擁有一個出色的支付平台，該平台具有廣泛的支付方式、國際曝光率、世界級的欺詐檢測、非常好的商家安排以及所有我們的供應商。

So we're confident this will unlock more growth for Vrbo going forward and we just need to get through this transition period.

所以我們相信這將為 Vrbo 帶來更多的增長，我們只需要度過這個過渡期。

Great.

偉大的。

And then just a follow-up on Lloyd's question earlier about SEO.

然後只是跟進 Lloyd 之前關於 SEO 的問題。

Can you give us just more details on kind of the specific changes that you saw in the search channel that led to some of that SEO traffic ending up more on paid traffic?

您能否向我們提供更多詳細信息，說明您在搜索渠道中看到的導致部分 SEO 流量更多地轉向付費流量的具體變化？

Sure.

當然。

Again, a lot of it was around either different modules that they were introducing into search results that we're putting traditional SEO links down the page and then, in some cases, just steering more queries over to the hotel ads module or to the Google flights module than they had been doing historically, which ultimately just resulted in a traffic shift.

同樣，很多都是圍繞著他們在搜索結果中引入的不同模塊，我們將傳統的 SEO 鏈接放在頁面下方，然後在某些情況下，只是將更多查詢引導到酒店廣告模塊或 Google航班模塊比他們過去所做的要多，最終導致交通轉移。

And as we were prominently featured in the Google hotel ads product, of course, we were the recipient of that traffic.

由於我們在 Google 酒店廣告產品中佔據顯著位置，當然，我們是該流量的接收者。

Again, pretty pleased with the returns that we see in that channel, but not as good as they were in the place the traffic was coming from.

同樣，我們對我們在該渠道中看到的回報感到非常滿意，但不如他們在流量來源的地方那麼好。

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。

Great.

偉大的。

Mark, sorry to beat the dead horse on the SEO issue.

馬克，很抱歉在 SEO 問題上打敗了死馬。

This has been obviously a recurring and kind of highly volatile theme for several years now.

多年來，這顯然是一個反復出現且高度不穩定的主題。

Can you help quantify the exposure right now?

您現在可以幫助量化曝光嗎？

I mean do you have more SEO traffic at this time?

我的意思是你此時有更多的 SEO 流量嗎？

And then you noted that you expect the issue to sustain for a few quarters, but what is the broader, long-term strategy to steadily mitigate the exposure from a traffic standpoint?

然後您指出，您預計該問題將持續幾個季度，但從流量的角度來看，穩步減輕風險的更廣泛、長期的戰略是什麼？

Do you think is it more branding?

你認為這是更多的品牌？

Or is there any other kind of marketing programs that you can scale to offset some of the impacts from this?

或者是否有任何其他類型的營銷計劃可以擴展以抵消由此產生的一些影響？

Yes.

是的。

Thanks, Deepak.

謝謝，迪帕克。

Well, I'll tell you, the SEO exposure is shrinking all the time.

好吧，我告訴你，SEO 曝光率一直在下降。

It is one of many sources for us, and we haven't gotten into the specifics of how big it is, but it is becoming less important to us over time for better or for worse.

它是我們的眾多來源之一，我們還沒有詳細了解它有多大，但隨著時間的推移，無論好壞，它對我們的重要性都在降低。

Listen, the strategy to mitigate is really what we've been talking about, is being much more customer-centric.

聽著，緩解策略確實是我們一直在談論的，更加以客戶為中心。

And for us, that means ultimately developing better loyal customer relationships so that we have customers come back to us directly.

對我們來說，這意味著最終要發展更好的忠誠客戶關係，這樣我們才能讓客戶直接回到我們身邊。

We've been very focused on, for example, building out great feature functionality in our apps and then across many of our brands, working to ultimately provide differentiated features in the apps that -- or differentiated offers in the apps that lead customers to come back to us directly.

我們一直非常專注於，例如，在我們的應用程序中構建強大的功能，然後在我們的許多品牌中構建，努力最終在應用程序中提供差異化的功能——或者在應用程序中提供差異化的服務來吸引客戶直接返回給我們。

Obviously, just having great product and -- across the board, whether it's in the app or elsewhere is part of the strategy as well.

顯然，擁有出色的產品——無論是在應用程序中還是在其他地方，都是全面的，也是該戰略的一部分。

We've got great rewards programs both at Hotels.com, stay 10 nights get 1 free; and then the Expedia rewards program, again, another reason for people to come back to us ultimately directly.

我們在 Hotels.com 都有很棒的獎勵計劃，住 10 晚送 1 晚；然後是 Expedia 獎勵計劃，這又是人們最終直接回到我們這裡的另一個原因。

And then in terms of channels, again, we have been ultimately optimizing our marketing spend in some of these performance channels over the course of the last 1.5 years or so and ultimately putting more money into more of the branded channels.

然後在渠道方面，在過去 1.5 年左右的時間裡，我們一直在最終優化我們在其中一些績效渠道中的營銷支出，並最終將更多資金投入更多品牌渠道。

We mentioned some of the things we've been doing around influencers, which is not huge yet, but that's part of it.

我們提到了我們圍繞有影響力的人所做的一些事情，這些事情還不是很大，但這是其中的一部分。

But also just television and digital advertising where we can really feature more prominently the brand and build the brand and really scream what's different about the brand has been part of the formula as well.

但也只是電視和數字廣告，我們可以真正更突出地展示品牌並建立品牌，真正大聲疾呼品牌的不同之處也是公式的一部分。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自 Jed Kelly 和 Oppenheimer。

Great.

偉大的。

Just with the success you're having rolling out core OTA outside the U.S., do you ever think about unifying your vacation rentals more through the Expedia brand or the Hotels.com brand?

隨著您在美國境外推出核心 OTA 取得的成功，您是否考慮過通過 Expedia 品牌或 Hotels.com 品牌更多地統一您的度假租賃？

And then on your comments on ADR, do you think that's more macro-driven?

然後關於您對 ADR 的評論，您認為這更受宏觀驅動嗎？

Or are we finally seeing some of the alternative accommodation providers have more of an impact?

或者我們終於看到一些替代住宿提供者產生了更大的影響？

Thanks, Jed.

謝謝，傑德。

Listen, in terms of unifying the VR through BEX or HCOM, we're taking a bit of a hybrid strategy.

聽著，就通過 BEX 或 HCOM 統一 VR 而言，我們正在採取一些混合策略。

So one of the things that we have done as part of our recent organizational realignment is brought the partner-facing or host-facing teams closer together between the main OTA team and the Vrbo team with a view, at a minimum, of having a more consistent go-to-market strategy and more alignment.

因此，作為我們最近的組織調整的一部分，我們所做的其中一件事是讓面向合作夥伴或面向主機的團隊在主要 OTA 團隊和 Vrbo 團隊之間更緊密地聯繫在一起，至少要有一個更一致的上市策略和更多的一致性。

So that as it relates to our partners, they really don't have multiple places to go to.

因此，就我們的合作夥伴而言，他們真的沒有多個地方可去。

They've got one.

他們有一個。

I think that's part of the equation.

我認為這是等式的一部分。

The other side of it is as we get more of the inventory from Vrbo onto Brand Expedia and Hotels.com over time, it will provide us with the opportunity to drive more incremental volume to new properties internationally as we sign them up.

另一方面，隨著時間的推移，隨著我們從 Vrbo 獲得更多庫存到 Brand Expedia 和 Hotels.com，這將為我們提供機會，在我們簽約時為國際新酒店帶來更多增量。

Our plan is to still roll out the Vrbo brand, and we'll be thoughtful about how we do that, how quickly we do it, how much money we put against it.

我們的計劃仍然是推出 Vrbo 品牌，我們會仔細考慮如何做、多快做、投入多少資金。

But really, the end state here is that we do end up having, at least in a number of markets, a pretty broad portfolio of brands where we've got the multiproduct brand and Brand Expedia that has alternative accommodations.

但實際上，這裡的最終狀態是，至少在許多市場上，我們最終擁有相當廣泛的品牌組合，我們擁有多產品品牌和具有替代住宿的 Brand Expedia。

You've got some of our single-lodging providers like Hotels.com also providing them.

我們的一些單一住宿供應商，如 Hotels.com 也提供它們。

Of course, you've got Vrbo, which is dedicated to it as well.

當然，你還有專用於它的 Vrbo。

But again, part of the goal is to harmonize on the partner side and then distribute where we can through as many brands as we can.

但同樣，部分目標是在合作夥伴方面進行協調，然後通過盡可能多的品牌在我們可以分發的地方進行分發。

And then, Jed, this is Alan.

然後，傑德，這是艾倫。

On your ADR question, I would say that the big factor there is going to be the macro trends, and you can kind of see that throughout the industry.

關於你的 ADR 問題，我想說的一個重要因素是宏觀趨勢，你可以在整個行業中看到這一點。

I would say our exact ADR trends do not match exactly with the industry, and I do think that's because of mix.

我會說我們確切的 ADR 趨勢與行業不完全匹配，我確實認為這是因為混合。

You referenced if there's an impact from vacation rental.

你提到了度假租賃是否有影響。

I think to the extent that we're integrating Vrbo's vacation rentals and our core lodging team is adding alternative accommodations as well, around the edges, that could have a little bit of an impact.

我認為，就我們正在整合 Vrbo 的度假租賃服務以及我們的核心住宿團隊也在邊緣添加替代住宿而言，這可能會產生一點影響。

But I don't think it would be meaningful at this point.

但我認為在這一點上沒有意義。

The other factor is there some geo mix in there.

另一個因素是那裡有一些地理混合。

So certain countries where we're strong versus other countries where we're weaker do have different ADR -- just different overall ADRs.

因此，我們強大的某些國家與我們較弱的其他國家相比，確實有不同的 ADR——只是總體 ADR 不同。

And so that plays into it as well.

所以這也起到了作用。

But really, the big story here is the macro slowing.

但實際上，這裡的大故事是宏觀經濟放緩。

Our next question comes from Naved Khan with SunTrust.

我們的下一個問題來自 SunTrust 的 Naved Khan。

It's Naved Khan from SunTrust.

我是 SunTrust 的 Naved Khan。

Maybe a clarification on the ADR.

也許是對 ADR 的澄清。

How much of the decline -- I mean I guess it's macro related, but how much of that is really travelers sort of trading down, meaning booking lower price point hotels versus a lowering in price point by the hotels across the board?

有多少下降——我的意思是我想這與宏觀相關，但其中有多少是真正的旅行者交易下降，這意味著預訂價格較低的酒店與酒店全面降低價格點？

And then you talked about sort of the SEO changes impacting maybe more of the nonlodging kind of products versus lodging?

然後你談到了一些 SEO 變化可能會影響更多的非住宿類產品而不是住宿類產品？

Is that a fair characterization?

這是一個公平的表徵嗎？

And how should we think about that impact across different geos?

我們應該如何考慮這種對不同地域的影響？

So Naved, on the first one, it's really hard to say how much is travelers booking lower price point hotels versus the broader slowing that we're seeing.

所以 Naved，首先，很難說旅行者預訂低價酒店與我們看到的更廣泛的放緩有多少。

I would say that the slowing that we saw is not dramatically different from what we're seeing across the overall industry.

我想說的是，我們看到的放緩與我們在整個行業中看到的並沒有太大的不同。

So even though Alan called out rightly that there may be some mix impact in our channel, it's hard to call it specifically that it's consumer behavior or a trade-down at this point.

因此，即使艾倫正確地指出我們的渠道可能存在一些混合影響，但目前很難具體稱之為消費者行為或折衷。

In terms of the SEO impact, I think the impact is pretty broad.

就 SEO 影響而言，我認為影響非常廣泛。

It's just that when you have a lodging-only provider, they only see it in one channel versus if you've got multi-lines of business like air, activities, car, et cetera, you can feel it in other lines of business.

只是當你有一個只提供住宿的供應商時，他們只會在一個渠道中看到它，而如果你有多個業務線，如航空、活動、汽車等，你可以在其他業務線中感受到它。

And in some cases, those other lines of business can drive lodging business as well in terms of attach, so it can have a bit of a larger impact on the overall business, even though between lodging and the other products in total, it's not that big of a difference.

在某些情況下，其他業務線也可以在附加方面推動住宿業務，因此它可以對整體業務產生更大的影響，即使在住宿和其他產品之間，也並非如此差別很大。

Our next question comes from Justin Patterson with Raymond James.

我們的下一個問題來自 Justin Patterson 和 Raymond James。

Great.

偉大的。

Can you talk about how OTA sensitivity differs today versus the last lodging cycle?

你能談談今天的 OTA 敏感度與上一個住宿週期有何不同嗎？

It does seem like there's some more incremental headwinds this time through, and it doesn't seem like some of the counter-cyclical elements of OTAs are kicking in.

這次似乎確實有一些更多的逆風，而且似乎 OTA 的一些反週期因素正在發揮作用。

And then secondly, on the organizational realignments.

其次，關於組織調整。

Could you highlight how this realignment is different from some of the past ones?

您能否強調這次重新調整與過去的一些調整有何不同？

And how we should think about the time line towards seeing operational efficiencies?

我們應該如何考慮實現運營效率的時間表？

Thanks, Justin.

謝謝，賈斯汀。

Listen, I think OTAs in this cycle in terms of what we saw during the last slowdown, I think we continue to be in a good spot.

聽著，我認為就我們在上一次經濟放緩期間所看到的情況而言，這個週期中的 OTA，我認為我們繼續處於有利地位。

I think we are much larger than we have been historically, and therefore, our importance as a channel is more significant.

我認為我們比以往任何時候都大得多，因此，我們作為渠道的重要性更為重要。

What we've seen in past cycles is that corporate and meetings business starts to essentially get shrunk essentially as corporates start to tighten the belt.

我們在過去的周期中看到的是，隨著企業開始勒緊褲腰帶，企業和會議業務基本上開始萎縮。

And that ends up creating more of a spot market in our channel where our partners are able to discount and, in many cases, discount in more opaque ways either through our Hotwire product or through our packages product, so that ultimately, they can offer incredible deals to our customers in a way that doesn't undermine their overall pricing structure.

這最終在我們的渠道中創造了更多的現貨市場，我們的合作夥伴可以通過我們的 Hotwire 產品或我們的套餐產品打折，在許多情況下，以更不透明的方式打折，這樣他們最終可以提供令人難以置信的以不破壞客戶整體定價結構的方式與客戶交易。

I think that continues to be a big opportunity for us.

我認為這對我們來說仍然是一個巨大的機會。

I don't think that we're necessarily at that point in the cycle yet.

我認為我們不一定處於週期中的那個點。

You continue to see occupancy rates continue to be pretty healthy for us and healthy for the overall industry.

您繼續看到入住率對我們和整個行業來說仍然非常健康。

So I think if we were going to see it, it's a bit earlier.

所以我認為，如果我們要看到它，那就早一點。

I would also say that in terms of our position in a downturn, we have introduced a bunch of new products that help our -- particularly our lodging partners target customers more effectively in a way that goes beyond just traditional discounting.

我還要說的是，就我們在經濟低迷時期的地位而言，我們推出了一系列新產品，以超越傳統折扣的方式幫助我們——尤其是我們的住宿合作夥伴更有效地瞄準客戶。

Our TravelAds product, for example, is a product that is more of a sponsored listings product, which allows our lodging partners to get demand in a really targeted way when they need it.

例如，我們的 TravelAds 產品更像是一種贊助商列表產品，它使我們的住宿合作夥伴能夠在需要時以真正有針對性的方式獲得需求。

And that's just significantly more sophisticated today than it was in the prior year, so I think represents an opportunity.

今天的情況比前一年復雜得多，所以我認為這是一個機會。

In terms of the organizational alignment, listen, we have not done a ton of organizational realignment over the years.

在組織調整方面，聽著，多年來我們沒有進行大量的組織調整。

But this one is significant in that it does bring a number of teams together in a way that does really align well with our overall strategy, bringing the partner-facing teams together.

但這一個很重要，因為它確實以一種真正符合我們整體戰略的方式將許多團隊聚集在一起，將面向合作夥伴的團隊聚集在一起。

For example, I talked about the way that we'll have a much more unified go-to-market approach between Vrbo and our lodging team that -- and our traditional lodging team, and I think that's going to bear benefits over time and really allows us to unleash a lot of the benefits that we can deliver across the whole platform to our partners like we have with Marriott, like we have with United Airlines, for example.

例如，我談到了我們將在 Vrbo 和我們的住宿團隊以及我們的傳統住宿團隊之間採用更加統一的上市方法，我認為隨著時間的推移，這將帶來好處，而且真的使我們能夠釋放我們可以在整個平台上為我們的合作夥伴提供的許多好處，例如我們與萬豪合作的合作夥伴，例如我們與聯合航空公司合作的合作夥伴。

Bringing together more of our tech and data teams or aligning them more closely really allows them to be more effective in collaborating with one another and finding opportunities where they can leverage each other's technology, leverage each other's code and redeploy resources against things that are more differentiated in terms of what our customers and partners might see.

將我們更多的技術和數據團隊聚集在一起或更緊密地協調他們，確實可以讓他們更有效地相互協作，並找到機會，讓他們可以利用彼此的技術、利用彼此的代碼，並針對更具差異化的事物重新部署資源就我們的客戶和合作夥伴可能看到的內容而言。

And then we brought across some of the functions in our customer-facing team to be more effective in terms of international expansion, to find more opportunities to collaborate with one another in ways like we have done between Vrbo and Brand Expedia, for example, where in Vrbo, you're able to book hotels and cars; on Brand Expedia, you're able to log in with your Brand Expedia log-in credentials.

然後我們在面向客戶的團隊中引入了一些功能，以便在國際擴張方面更有效，以找到更多的合作機會，就像我們在 Vrbo 和 Brand Expedia 之間所做的那樣，例如，在 Vrbo，您可以預訂酒店和汽車；在 Brand Expedia 上，您可以使用您的 Brand Expedia 登錄憑據登錄。

So these are all changes that are aimed at unlocking new opportunities that are aligned squarely with our strategy in terms of how long it's going to take to scale these things.

因此，這些都是旨在釋放新機會的變化，這些變化與我們的戰略完全一致，即需要多長時間才能擴展這些東西。

Listen, it is going to take some time to realize the full benefit of what we're able to do here, but we're confident that it's going to make us much more effective and efficient as we realize those benefits over time.

聽著，我們需要一些時間才能意識到我們在這裡所做的事情的全部好處，但我們相信，隨著時間的推移，我們會意識到這些好處，這將使我們更加有效和高效。

Our next question comes from Heath Terry with Goldman Sachs.

我們的下一個問題來自高盛的希思特里。

This is Daniel Powell on for Heath.

這是希思的丹尼爾鮑威爾。

Just a couple of quick ones from us.

我們只是幾個快速的。

First, we'd love to get sort of an update about where you feel you are on your international supply expansion.

首先，我們很樂意了解您對國際供應擴張的看法。

Should we continue to expect to see pretty elevated growth in those supply adds?

我們是否應該繼續期望看到這些供應增加的增長相當高？

Or do you feel like you're getting to a point where you have pretty competitive coverage across major markets?

還是您覺得自己已經到了在主要市場上具有相當競爭力的覆蓋範圍的地步？

And then, secondly, just curious if you could give us an update on what you're seeing on the reward side, both from your perspective and what you run through Hotels.com, but also on the hotel side of things or the branded side of things and injecting rewards rates onto your platform.

然後，其次，只是想知道您是否可以從您的角度和您通過 Hotels.com 運營的角度，以及酒店方面或品牌方面，向我們介紹一下您在獎勵方面所看到的最新情況事物並將獎勵率注入您的平台。

Sure.

當然。

So in terms of international supply expansion, we're pleased with what we see.

因此，就國際供應擴張而言，我們對我們所看到的感到滿意。

We continue to add properties at a healthy rate onto the core platform.

我們繼續以健康的速度在核心平台上添加屬性。

These include traditional conventional lodging and also include alternative accommodations.

這些包括傳統的傳統住宿，也包括替代住宿。

I think we're again pleased with the progress we're making in the priority markets on that front and pleased with a lot of the work we're doing to actually enhance our product to make it more locally relevant.

我認為我們再次對我們在這方面的優先市場取得的進展感到高興，並對我們為實際增強我們的產品以使其更具本地相關性所做的許多工作感到高興。

As you've seen with our international room night growth, adjusting for Easter, it's broadly consistent with what we saw the last quarter.

正如您所看到的我們的國際間夜增長，針對複活節進行調整，這與我們上個季度的情況大致一致。

And I think it's a testament to some of the benefits that we're seeing.

我認為這證明了我們所看到的一些好處。

That said, we have seen mixed results in some of these markets, depending on what's happening in various marketing channels.

也就是說，我們看到其中一些市場的結果好壞參半，這取決於各種營銷渠道的情況。

And as we add new properties, we have to be mindful of making sure that we balance both supply and demand.

當我們增加新的房產時，我們必須注意確保我們平衡供需。

So I think the good news is we've got the capability to add more properties.

所以我認為好消息是我們有能力添加更多屬性。

We continue to add to our assortment, which is fantastic.

我們繼續增加我們的分類，這太棒了。

And I think as we continue to expand international, we're going to blend those efforts with putting resources against other efforts that ultimately might move the needle more effectively to help us be more locally relevant.

我認為，隨著我們繼續向國際擴張，我們將把這些努力與投入資源的其他努力結合起來，最終可能會更有效地推動針頭，幫助我們更貼近當地。

In terms of the rewards programs, again, we remain very happy with the Hotels.com rewards program, results in higher customer loyalty, nice repeat rates that we see in that business.

在獎勵計劃方面，我們仍然對 Hotels.com 獎勵計劃感到非常滿意，它帶來了更高的客戶忠誠度和我們在該業務中看到的不錯的重複率。

We do think that it is overall accretive to the P&L, and we're happy to have that program.

我們確實認為它總體上會增加損益，我們很高興擁有該計劃。

It is a very strong program.

這是一個非常強大的程序。

In terms of putting loyalty rates -- other partners' loyalty rates on our platform, we've had good success with a lot of the partners that we have rolled out with.

在將忠誠度——其他合作夥伴的忠誠度放在我們的平台上，我們已經與我們推出的許多合作夥伴取得了良好的成功。

And again, we're eager to continue to work in that way and other ways with our hotel partners as we move forward.

再一次，我們渴望在我們前進的過程中繼續以這種方式和其他方式與我們的酒店合作夥伴合作。

And 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. Just to go back to the SEO issues.

我有 2。只是回到 SEO 問題。

I guess I think you guys last updated guidance on July 25.

我想我認為你們上次更新指南是在 7 月 25 日。

Can you just sort of let us know around what period you saw the SEO issues start, just so we can sort of think about the sizing of a partial quarter impact on your ad spend for bookings, the way to think about full quarter impact in Q4 and to 2020?

您能否讓我們知道您看到 SEO 問題是從什麼時候開始的，這樣我們就可以考慮部分季度對您的預訂廣告支出的影響大小，以及考慮第四季度整個季度影響的方式到 2020 年？

And then on the comment about higher-cost marketing channels.

然後是關於成本更高的營銷渠道的評論。

Can you just help us understand what are the largest 1 or 2 marketing channels you're moving dollars toward?

您能否幫助我們了解您將資金投入的最大的 1 或 2 個營銷渠道是什麼？

And then sort of bigger picture, what marketing channel are you sort of most optimistic about longer term that can maybe help you diversify your overall paid bookings mix away from Google?

然後從更大的角度來看，從長遠來看，您最看好哪種營銷渠道可以幫助您將整體付費預訂組合從 Google 轉移出去？

Yes.

是的。

Brian, this is Alan.

布賴恩，這是艾倫。

Just in terms of kind of how the factors that we talked about on the call developed, we were -- you referenced our last earnings call, we were just finishing up the first half of the year that was a pretty terrific start to the year.

就我們在電話會議上討論的因素如何發展而言，我們是——你提到了我們上次的財報電話會議，我們剛剛結束了今年上半年，這是今年一個非常好的開端。

We were ahead of our expectations at that moment and felt like the things that we saw in the business in the first half would carry out into the second half.

在那一刻，我們超出了我們的預期，感覺我們在上半年的業務中看到的事情將延續到下半年。

As we moved through third quarter, we could start to see the impact from these SEO challenges and we also started to see the trends in ADRs working against us and with particular strength as we got to the very tail end of the quarter.

當我們進入第三季度時，我們可以開始看到這些 SEO 挑戰的影響，我們也開始看到 ADR 的趨勢對我們不利，並且在我們進入本季度末時尤其強勁。

So that's how I would think about it in terms of the challenges and the timing.

這就是我在挑戰和時機方面的想法。

As I said, we do expect them to continue to be a headwind for us in Q4 and into 2020.

正如我所說，我們確實希望它們在第四季度和 2020 年繼續成為我們的逆風。

On the -- just the last part of that SEO question in terms of where is the traffic going, I mean I don't have a specific answer for you other than to say if you're just thinking about the Google platform, to the extent that SEO is pushed lower on the page and people who normally maybe would have transacted through those links are moving to paid links, you're looking at SEM and Google Hotel ads.

關於 - 關於流量去向的 SEO 問題的最後一部分，我的意思是我沒有具體的答案給你，只是說如果你只是在考慮谷歌平台，到SEO 在頁面上被推低的程度，通常可能會通過這些鏈接進行交易的人正在轉向付費鏈接，你正在查看 SEM 和谷歌酒店廣告。

And as Mark said, it's -- we see good returns on those volumes except for the fact that volumes through SEO are essentially free to us.

正如馬克所說，它是 - 我們看到這些數量的良好回報，除了通過 SEO 的數量對我們來說基本上是免費的。

And so going from free to anything, especially the other Google paid placements, can create a sizable headwind for us.

因此，從免費到任何東西，尤其是其他谷歌付費展示位置，會給我們帶來相當大的阻力。

And then, Brian, in terms of other channels, I mean we're actively spending more in digital video.

然後，布賴恩，就其他渠道而言，我的意思是我們正在積極地在數字視頻上投入更多資金。

We're spending more in traditional television.

我們在傳統電視上花費更多。

I mentioned experimenting with some of the influencer-type things on Instagram and other social channels.

我提到過在 Instagram 和其他社交渠道上嘗試一些有影響力的東西。

As I think you know, we've got a sponsorship for Champions League in Europe, which we've been pretty happy with so far.

我想你知道，我們獲得了歐洲冠軍聯賽的讚助，到目前為止我們對此非常滿意。

So the goal here is to help start basically accelerating our direct business, and we were happy with the growth in our direct channels in the quarter.

所以這裡的目標是幫助開始基本上加速我們的直接業務，我們對本季度直接渠道的增長感到滿意。

And overall, our strategy is to continue to actually differentiate the product and build more direct business over time.

總的來說，我們的戰略是繼續真正區分產品並隨著時間的推移建立更直接的業務。

So I think you'll see us continue to find new channels that are more branded in nature to help build our direct business.

因此，我認為您會看到我們繼續尋找本質上更具品牌化的新渠道，以幫助建立我們的直接業務。

Our next question comes from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

A couple of quick ones.

幾個快速的。

You mentioned that lodging stack fully cut over by the end of the year.

你提到住宿堆棧在年底前完全削減。

How does that match up with your original plans?

這與您最初的計劃相符嗎？

Do you see accelerating trends as you apply best practices or get scale or optimized tools?

當您應用最佳實踐或獲得規模或優化工具時，您是否看到加速趨勢？

And then related, does the air stack switch make for a lighter shift?

然後相關的是，空氣堆棧開關是否可以實現更輕的換檔？

So that's the first question.

這是第一個問題。

Second one was just simply around, Mark, you mentioned removing friction with a unified sign-on at point of sales across Expedia and Vrbo.

第二個只是圍繞，馬克，你提到通過 Expedia 和 Vrbo 的銷售點統一登錄來消除摩擦。

Is that predicated on -- did you have to do the move off of the Vrbo third payment provider?

這是基於——你是否必須離開 Vrbo 第三支付提供商？

And then we'd imagine you get incremental or better or fresher data as you unify those 2?

然後我們想像一下，當你統一這兩個數據時，你會得到增量的、更好的或更新的數據？

And do you see that levered into better first-party data, means better targeting amongst the whole platform, so tailwinds in targeting?

你是否看到利用更好的第一方數據，意味著在整個平台中更好地定位，所以定位順風？

Thanks, Brian.

謝謝，布萊恩。

I'd say broadly, the cloud migration is moving along nicely.

我想說的是，雲遷移進展順利。

It's always impossible to estimate exactly when you're going to get it done.

總是無法準確估計何時完成。

So we're pleased with the progress.

所以我們對進展感到滿意。

And I think where we thought we'd be at the end of the year versus where we are, I think we're broadly in line with where we want it to be.

而且我認為我們認為我們將在年底與我們現在的位置相比，我認為我們大致符合我們想要的位置。

In terms of the air stack, I think the team has done a lot of great work to actually get ourselves cloud-ready there.

在 air stack 方面，我認為團隊已經做了很多出色的工作來真正讓我們自己在那里為雲做好準備。

Obviously, the lodging business for us is one of the biggest lifts.

顯然，住宿業務對我們來說是最大的提升之一。

And so the air business, again, the team has done a great job, and I think that's something that we'll be moving in towards the end of this year and into the following year as well.

因此，航空業務，團隊再次做得很好，我認為這是我們將在今年年底和明年進行的工作。

In terms of removing friction, really, what we're talking about is enabling Vrbo users to log in using their Expedia credentials.

在消除摩擦方面，實際上，我們正在談論的是讓 Vrbo 用戶能夠使用他們的 Expedia 憑據登錄。

From that point on, yes, we're able to collect more information on them and tag more of their intent towards their particular user profile.

從那時起，是的，我們能夠收集更多關於他們的信息，並標記更多他們對特定用戶個人資料的意圖。

And we are interested in making sure that we can deliver the most tailored and relevant experiences to our customers.

我們有興趣確保我們能夠為我們的客戶提供最量身定制和最相關的體驗。

So I think that type of thing represents an opportunity for us to do that better.

所以我認為這類事情代表了我們做得更好的機會。

It is not related to the payment side of things.

它與事物的支付方面無關。

So it's completely different.

所以這是完全不同的。

And our question comes from Stephen Ju with Crédit Suisse.

我們的問題來自瑞士信貸銀行的 Stephen Ju。

So Mark, anything you can share about the consumer awareness as well as the willingness to transact in the 650,000 Vrbo properties you've now integrated?

那麼馬克，關於消費者意識以及在您現在整合的 650,000 個 Vrbo 物業中進行交易的意願，您有什麼可以分享的嗎？

And is that improving quarter-on-quarter, year-over-year?

這是否環比改善，同比改善？

Are you seeing any sort of conversion rate headwinds?

您是否看到任何類型的轉化率逆風？

Because it seems like, conceptually, if you present people with more choice, they should respond positively.

因為從概念上講，如果你給人們更多的選擇，他們應該會積極回應。

And also trying to think about when some of the SEO headwinds for Vrbo should and could end?

還要考慮 Vrbo 的一些 SEO 不利因素何時應該結束？

Because our recollection for when it was a publicly traded company was that Google will derate one property versus another if they see the same inventory on both.

因為我們對它是一家上市公司時的回憶是，如果谷歌在兩者上看到相同的庫存，谷歌就會對一個資產進行降價。

So where are you in terms of integrating what properties that can't be integrated from Vrbo to Brand Expedia?

那麼，在整合哪些無法從 Vrbo 整合到 Brand Expedia 的資產方面，您處於什麼位置？

Yes.

是的。

Stephen, so on the, basically, the performance of the Vrbo properties on the core OTA side of things, it's still relatively small.

Stephen，基本上，Vrbo 屬性在核心 OTA 方面的性能仍然相對較小。

It's growing very quickly.

它的增長速度非常快。

And the teams have continued to test on when the right thing -- the right time to present the properties.

並且團隊繼續測試什麼時候是正確的事情——展示這些屬性的正確時間。

I think as a reminder, each of these properties essentially represents one unit as opposed to a traditional hotel that may be, call it, 50 different units.

我想作為一個提醒，這些屬性中的每一個本質上代表一個單元，而不是一個傳統的酒店，可以稱之為 50 個不同的單元。

So the total volume potential of these is just smaller than a traditional property.

因此，這些資產的總容量潛力僅小於傳統資產。

But certainly, when you present these to the right customer at the right time, they definitely improve conversion.

但可以肯定的是，當您在正確的時間向正確的客戶展示這些內容時，它們肯定會提高轉化率。

You just got to be smart about when you present them and do it in a very targeted way because customers also definitely want to have some curated results that are relevant just to them.

您只需要在展示它們時保持聰明，並以非常有針對性的方式進行展示，因為客戶肯定也希望獲得一些與他們相關的精選結果。

In terms of SEO headwinds for Vrbo, listen, I think the key here is that we are really putting our weight behind the Vrbo brand and as a result of that have done a bunch of platform consolidation work.

就 Vrbo 的 SEO 逆風而言，聽著，我認為這裡的關鍵是我們真的把我們的重心放在了 Vrbo 品牌上，因此我們做了很多平台整合工作。

Really, we saw the step-up in the headwinds from SEO really start at the beginning of this year, and I think we're into the end of 2020 before we see those types of things lapping.

確實，我們看到 SEO 的逆風從今年年初開始真正加劇，而且我認為我們已經進入 2020 年底才能看到這些類型的事情出現。

But I think, listen, SEO is a headwind for everyone in the Internet.

但我認為，聽著，SEO 對互聯網上的每個人來說都是一個不利因素。

I think you saw us call it out, and that's why Vrbo has been pretty focused on defining the real differentiated value proposition, being smart about their brand spend and exploring more digital video-type advertising.

我想你看到我們大聲疾呼了，這就是為什麼 Vrbo 一直非常專注於定義真正的差異化價值主張，明智地對待他們的品牌支出並探索更多數字視頻類型的廣告。

And again, against the Vrbo brand itself, which is growing double digits, we like the progress we're seeing there.

再一次，與增長兩位數的 Vrbo 品牌本身相比，我們喜歡我們在那裡看到的進步。

Our next question comes from Ron Josey with JMP Securities.

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

This is Andrew Boone on for Ron.

這是羅恩的安德魯布恩。

I'd like to go first to your supply strategy.

我想先談談你們的供應戰略。

Just with 1.4 million properties that are now on the platform, can you talk about your strategy with priority markets?

平台上現在有 140 萬個房產，您能談談您在優先市場上的策略嗎？

Are there more priority markets today versus, say, 1 year or 1.5 years ago?

與 1 年或 1.5 年前相比，今天是否有更多優先市場？

Are you going deeper?

你要深入嗎？

Or are you guys adding more priority markets?

還是你們要添加更多優先市場？

And then secondly, Google rolled out BERT a few weeks ago.

其次，谷歌幾週前推出了 BERT。

Just with all the talk on SEO, have you guys seen any impacts there?

就所有關於 SEO 的討論，你們有沒有看到任何影響？

Sure.

當然。

So in terms of priority markets, we did expand the number of priority markets from the first wave that we did.

因此，就優先市場而言，我們確實從第一波開始就擴大了優先市場的數量。

And we are essentially going not completely broad.

而且我們基本上不會完全廣泛。

We have expanded the numbers, but we are trying to go deep and make sure that, ultimately, we have a broad selection not only in the primary markets, but the secondary and tertiary markets, which is important to make sure that you can develop a locally relevant product that ultimately customers will go back to again and again and again.

我們已經擴大了數量，但我們正在努力深入，並確保最終我們不僅在一級市場，而且在二級和三級市場都有廣泛的選擇，這對於確保您可以開發一個與當地相關的產品，最終客戶會一次又一次地回來。

So with respect to BERT, listen, I think Google continues to experiment with new products.

所以關於 BERT，聽著，我認為谷歌會繼續試驗新產品。

I think where we see the biggest impact is when those products ultimately take away real estate from what was traditionally free channel.

我認為我們看到的最大影響是當這些產品最終從傳統的免費渠道中奪走房地產時。

So I think it's too early to call an impact on that particular product.

因此，我認為現在就對特定產品產生影響還為時過早。

But generally, the trend is that Google does continue to push for more revenue per visitor.

但總的來說，趨勢是谷歌確實繼續推動每位訪問者獲得更多收入。

And I think it's just the reality of where the world is in the Internet and the importance of Google at the top of the funnel.

而且我認為這只是世界在互聯網中所處的現實以及谷歌在漏斗頂端的重要性。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Mark, in Europe, I'm just curious how that's fared relative to your plan and your outlook, Alan, for Q4, directionally, how you're thinking about the region.

馬克，在歐洲，我只是好奇相對於你的計劃和你的展望，艾倫，對於第四季度，你如何看待該地區。

Yes.

是的。

I think Europe saw a similar type of ADR softening that we saw across the U.S. and some of the regions.

我認為歐洲看到了我們在美國和一些地區看到的類似類型的 ADR 軟化。

I think -- so that was a factor for us.

我認為 - 所以這對我們來說是一個因素。

We were broadly happy with our volumes in Europe.

我們對我們在歐洲的銷量普遍感到滿意。

Again, we've been in a number of those markets with our Champions League sponsorship and some of the supply acquisition efforts that we've been pushing, I think, maybe a little bit isolated from some of the things that may have been happening there, but it was mixed.

再一次，我們已經進入了很多這樣的市場，贊助了歐洲冠軍聯賽，並且我們一直在推動一些供應採購工作，我認為，可能與那裡可能發生的一些事情有點孤立，但它是混合的。

I mean we saw weaker in the U.K., again, I think on Brexit concerns.

我的意思是我們再次看到英國的疲軟，我認為是關於英國脫歐的擔憂。

And country by country, there were mixed results.

逐個國家，結果好壞參半。

Either because of things that we were doing in performance marketing channels or whether it was because of macro environment, it was hard for us to tell.

是因為我們在績效營銷渠道做的事情，還是因為宏觀環境的原因，我們很難說。

But broadly speaking, we were comfortable with the way that Europe played out.

但從廣義上講，我們對歐洲的表現感到滿意。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I have 2. First, just if you could talk about competition and the dynamics there in APAC in particular, just with some of the local players that are really getting more aggressive from a global perspective.

我有 2 個。首先，如果你能談談亞太地區的競爭和動態，特別是與一些從全球角度來看確實變得更具侵略性的本地玩家。

And then second, on holistic travel, it feels like the market and other players are kind of just shifting more in your direction.

其次，在整體旅行方面，感覺市場和其他參與者都在朝著你的方向轉變。

Can you just talk about what you're able to do there just to continue to differentiate the products and platforms?

你能談談你能做什麼來繼續區分產品和平台嗎？

Yes.

是的。

Listen, the competition in Asia continues to be fierce.

聽著，亞洲的競爭依然激烈。

You've got a number of regional players that continue to do really significant discounting.

您有許多區域性參與者繼續提供非常重要的折扣。

And a couple of pan-regional and global players that are doing the same, in many cases, leveraging rates that maybe shouldn't be online and actually putting them online.

一些泛區域和全球參與者也在做同樣的事情，在許多情況下，利用可能不應該在線的利率並將其實際放在網上。

So it does continue to be a pretty fierce environment for us and for, I think, everyone in the region.

因此，對於我們以及我認為對於該地區的每個人來說，它確實仍然是一個非常激烈的環境。

We are having success in a number of markets in Asia.

我們在亞洲的許多市場都取得了成功。

But in other markets, it does end up being a little bit more challenging.

但在其他市場，它最終確實更具挑戰性。

We do have, however, with our Expedia Partner Solutions business, the ability to tap into that market.

然而，我們的 Expedia 合作夥伴解決方案業務確實有能力進入該市場。

And we are powering a number of players in the Asia Pacific region with our inventory, both in APAC and then around the world as well.

我們正在通過我們的庫存為亞太地區的許多參與者提供支持，無論是在亞太地區還是在世界各地。

So we are able to benefit from what's happening there.

所以我們能夠從那裡發生的事情中受益。

But for our consumer brands, it does continue to be a pretty competitive environment for us.

但對於我們的消費品牌來說，它確實仍然是一個競爭激烈的環境。

And sorry, on holistic travel.

抱歉，關於整體旅行。

So we continue to innovate on finding ways where we can leverage our flights and car rental and hotel advantage not only in terms of just actually being able to offer discounts, but also ultimately being able to, in the future, provide just more information on flight -- flight delays, et cetera, even for hotel bookers.

因此，我們繼續創新，尋找可以利用我們的航班、汽車租賃和酒店優勢的方法，不僅在實際能夠提供折扣方面，而且在未來最終能夠提供更多有關航班的信息-- 航班延誤等，即使對於酒店預訂者也是如此。

So the team's got a bunch of plans to actually build more in the way of the connected trip's experience beyond what is our traditional core competitive advantage, which is being able to bundle things together, have your itinerary all in one place and do so in a way that ultimately can deliver great savings for our customers.

因此，該團隊制定了一系列計劃，以實際構建更多互聯旅行體驗，超越我們傳統的核心競爭優勢，即能夠將事物捆綁在一起，將您的行程安排在一個地方，並在最終可以為我們的客戶節省大量資金的方式。

Our next question comes from Tom White with D.A. Davidson.

我們的下一個問題來自 Tom White 和 D.A.戴維森。

Great.

偉大的。

Just a clarifying question on the mix shift to higher-cost marketing channels.

只是一個關於向成本更高的營銷渠道轉變的澄清問題。

Was that more just sort of a passive event, Alan, you mentioned resulting from the search platforms kind of prioritizing their own vertical search experiences and that impacting your mix?

這是否更像是一種被動事件，艾倫，你提到搜索平台會優先考慮他們自己的垂直搜索體驗並影響你的組合？

Or was it also -- was there any sort of proactive steps that you guys were taking to maybe lean into CPC bids or specific higher-priced channels to kind of try and preserve unit growth in the face of some of the pressures you talked about?

或者它也是——你們是否採取了任何積極主動的措施，可能會傾向於 CPC 出價或特定的高價渠道，以在面對您談到的一些壓力時嘗試保持單位增長？

And then just secondly, on the free cash flow conversion comment.

其次，關於自由現金流量轉換的評論。

Alan, I'm just hoping you maybe you could provide a little bit more color there.

艾倫，我只是希望你可以提供更多的顏色。

Any thoughts on magnitude or potential timetable that you can share?

您可以分享關於規模或潛在時間表的任何想法嗎？

Yes.

是的。

Tom, so on the first question, I would say more of the former than the latter.

湯姆，關於第一個問題，我想多說前者而不是後者。

I mean it's -- if you think about what we described here, it's principally Google pushing SEO down the page, and there's just a natural outcome of that.

我的意思是——如果你考慮一下我們在這裡描述的內容，主要是谷歌將搜索引擎優化推向頁面下方，這是一個自然的結果。

Obviously, the team is very dynamic and is constantly looking at opportunities and trying to do a good job of balancing room night growth with our overall profitability.

顯然，團隊充滿活力，不斷尋找機會，努力在間夜增長與我們的整體盈利能力之間取得平衡。

So there are elements of that.

所以有這樣的元素。

But for the most part, I think it's more just the natural shift as SEO gets tougher to come by.

但在大多數情況下，我認為這更像是隨著 SEO 變得越來越難實現而發生的自然轉變。

On the free cash flow bit, I mean, I think we've been clear that we do expect over the long term to continue to deliver healthy and solid adjusted EBITDA, which is where it all starts.

在自由現金流方面，我的意思是，我認為我們已經很清楚，我們確實希望從長遠來看繼續提供健康穩健的調整後 EBITDA，這就是一切的起點。

The next main factor here is that we will be moving through and completing our Seattle facility.

這裡的下一個主要因素是我們將搬遷並完成我們的西雅圖設施。

And so that will provide a tailwind on our free cash flow.

因此，這將為我們的自由現金流提供順風。

We expect to continue to see a good tailwind on our working capital flows as our merchant business continues to grow.

隨著我們的商業業務持續增長，我們預計將繼續看到營運資金流動的良好順風。

So all of that together, we think, adds up to a situation where we can drive healthy free cash flow and good cash flow conversion going forward.

因此，我們認為，所有這些加在一起，我們可以推動健康的自由現金流和良好的現金流轉換。

This will conclude our Q&A session for today's call.

這將結束我們今天電話會議的問答環節。

I will now turn it over to Mark Okerstrom for closing remarks.

我現在將把它交給 Mark Okerstrom 作結束語。

Well, thank you all for listening today and a huge thanks to Expedia employees around the world.

好吧，感謝大家今天的收聽，也非常感謝世界各地的 Expedia 員工。

While core did not play out as we had planned and we've got lots of work ahead, we're seeing great progress across many areas and remain well positioned to capitalize on the significant long-term opportunity in the travel market ahead.

雖然核心業務沒有像我們計劃的那樣發揮作用，而且我們還有很多工作要做，但我們看到許多領域都取得了巨大進展，並且仍然處於有利地位，可以利用未來旅遊市場的重要長期機會。

We look forward to talking to you next quarter.

我們期待在下個季度與您交談。

Thank you.

謝謝。

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。