Expedia Group Inc (EXPE) 2021 Q3 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q3 2021 Financial Results Teleconference.

大家好，歡迎參加 Expedia Group 2021 年第三季度財務業績電話會議。

My name is Charlie, and I'll be the operator for today's call.

我叫查理，我是今天電話的接線員。

(Operator Instructions) For opening remarks, I will turn the call over to SVP and CFO Retail, Patrick Thompson.

（操作員說明）對於開場白，我將把電話轉給零售高級副總裁兼首席財務官 Patrick Thompson。

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, 2021.

下午好，歡迎參加 Expedia Group 截至 2021 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 our CEO, Peter Kern; and our CFO, Eric Hart.

我很高興今天我們的首席執行官彼得·克恩 (Peter Kern) 加入了電話會議；以及我們的首席財務官 Eric Hart。

The following discussion, including responses to your questions, reflect management's views as of today, November 4, 2021 only.

以下討論，包括對您問題的回答，僅反映截至 2021 年 11 月 4 日今天為止管理層的觀點。

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

我們不承擔任何更新或修改這些信息的義務。

As always, some of the statements made on today's call are forward-looking, typically preceded by words such as we plan, 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，通常以我們計劃、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，了解有關可能導致我們的實際結果與這些前瞻性陳述存在重大差異的因素的信息。

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

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.

我鼓勵您定期訪問我們的 IR 網站以獲取其他重要內容。

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.

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。

And all comparisons on this call will be against our results for the comparable period of 2019.

本次電話會議的所有比較都將與我們在 2019 年同期的結果進行比較。

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

有了這個，讓我把電話轉給彼得。

Thanks, Pat.

謝謝，帕特。

Thank you all for joining us today.

感謝大家今天加入我們。

Eric and I will make some brief comments and then, of course, take questions.

埃里克和我會做一些簡短的評論，然後當然會回答問題。

Let me begin by saying we're very pleased with the quarter we had in Q3, nearly matching our adjusted net income and EBITDA from 2019.

首先讓我說，我們對第三季度的季度非常滿意，幾乎與 2019 年調整後的淨收入和 EBITDA 相當。

But I would add that -- but for Delta, this would have been our most profitable quarter ever.

但我要補充一點——如果不是達美航空，這將是我們有史以來最賺錢的一個季度。

And I think it's a tremendous milestone for the company to be here while we are still on the throes of COVID and still coming out.

而且我認為，在我們仍處於 COVID 的陣痛中並且仍在走出來的時候，這對公司來說是一個巨大的里程碑。

And a testament really to the work we've done to simplify the company, to focus on technology and to run the business more efficiently.

這確實證明了我們為簡化公司所做的工作，專注於技術並更有效地運營業務。

And with that performance and what we're seeing in the market, we have the confidence to further pay down our preferred stock, which we did a few weeks ago, as you would have noted and which, of course, is another big milestone for us, putting COVID behind us.

憑藉這種表現以及我們在市場上看到的情況，我們有信心進一步支付我們幾週前所做的優先股，正如您所注意到的那樣，這當然是我們的另一個重要里程碑我們，把 COVID 拋在身後。

As far as the trends for the quarter go, I'll do a high level and Eric will give a little more detail.

就本季度的趨勢而言，我會做一個高層次的，Eric 會提供更多細節。

But we went into the quarter following a strong Q2 and good momentum.

但是我們在強勁的第二季度和良好的勢頭之後進入了本季度。

But as we remarked last quarter, Delta had begun to have impact.

但正如我們上個季度所說，達美航空已經開始產生影響。

We saw it impact cancellations.

我們看到它影響取消。

We saw it impact booking trends.

我們看到它影響了預訂趨勢。

And -- but as we got through August and into September, the Delta fears, particularly in the U.S. began to wane, and we ended stronger in the back half of September.

而且——但隨著我們度過八月和九月，對三角洲的恐懼，尤其是在美國的恐懼開始減弱，我們在九月下半月結束時變得更加強大。

And that has continued through into the fourth quarter with even greater strength.

這種情況一直持續到第四季度，而且強度更大。

We've seen improvement across all segments, really.

我們確實看到了所有細分市場的改善。

Well, leisure and domestic have led.

嗯，休閒和國內領先。

Even those segments, which have been harder hit like corporate and international travel, have been coming back.

甚至那些受到更嚴重打擊的細分市場，如商務和國際旅行，也已經恢復。

Cities have been returning as well.

城市也在回歸。

And so all in all, it's been a broad-based recovery.

因此，總而言之，這是一次基礎廣泛的複蘇。

but it has been led, obviously, still by leisure and domestic travel.

但顯然，它仍然由休閒和國內旅行主導。

And for us, Vrbo has been a particular highlight and beneficiary of that.

對我們來說，Vrbo 一直是其中的一個特別亮點和受益者。

A few highlights on Vrbo since you always ask.

Vrbo 上的一些亮點，因為你總是問。

We've seen a strong share growth in our focus markets, and in particular, in the U.S. About half of our customers so far in 2021, more than half have been new customers.

我們在我們的重點市場看到了強勁的份額增長，尤其是在美國。到 2021 年為止，我們大約有一半的客戶，超過一半是新客戶。

We expect to book in excess of $2 billion of earnings for new Vrbo hosts who came on the platform this year.

我們預計今年進入該平台的新 Vrbo 主機的收入將超過 20 億美元。

And looking ahead, we're already seeing better bookings for next summer than we saw at this time last year.

展望未來，我們已經看到明年夏天的預訂量比去年這個時候要多。

So the trends continue to be quite strong there.

因此，那裡的趨勢仍然非常強勁。

And while the story will continue to be impacted greatly by mix effect, which I've talked about before, we are feeling more and more confident.

雖然這個故事將繼續受到我之前談到的混合效應的巨大影響，但我們越來越有信心。

And as international vectors open up, which you've no doubt all read about, this is a particular strength of ours historically.

隨著國際渠道的開放，你們肯定都讀過，這是我們歷史上的一個特殊優勢。

And we think, again, that is a mix effect, which will generally benefit us.

我們再次認為，這是一種混合效應，通常會使我們受益。

And COVID recovery, of course, remains somewhat bumpy and is unpredictable to say the least, but we are feeling good.

當然，COVID 的恢復仍然有些坎坷，至少可以說是不可預測的，但我們感覺很好。

And at every turn, we are seeing demonstrated that when people can travel, they will travel for business, for pleasure and everything in between, and we are looking forward to seeing the rest of our business return.

在每一個轉折點，我們都看到證明，當人們可以旅行時，他們會為商務、休閒和介於兩者之間的一切而旅行，我們期待看到我們其餘的業務回歸。

In terms of some of the details in the business.

在業務的一些細節方面。

On the marketing and brand side, our focus continues to be on bringing customers efficiently back to the platform and retain those customers for the long term and building those long-term direct relationships.

在營銷和品牌方面，我們的重點仍然是有效地將客戶帶回平台並長期留住這些客戶並建立長期的直接關係。

Obviously, the better our product is, the better our customer experience is and the proposition, all those things add to that direct relationship, and we are feeling confident about the work we are doing on all fronts.

顯然，我們的產品越好，我們的客戶體驗和主張就越好，所有這些都增加了這種直接關係，我們對我們在各個方面所做的工作充滿信心。

But marketing, of course, is the tip of the spear.

但營銷當然是矛尖。

And with our new focus on being a family of brands, we have launched -- announced that we will be launching 1 loyalty program, which will actually cross all our brands and all our products.

隨著我們對成為品牌家族的新關注，我們已經推出——宣布我們將推出一項忠誠度計劃，該計劃實際上將涵蓋我們所有的品牌和所有產品。

We think it will be the most powerful loyalty program in the industry.

我們認為這將是業內最強大的忠誠度計劃。

And we are really excited about bringing that extra usability and added value to our customers through that loyalty plan.

我們非常高興能夠通過該忠誠度計劃為我們的客戶帶來額外的可用性和附加值。

Because when we get to a place where people can use it across all brands, across all products, we think that just adds tremendous value to the customer.

因為當我們到達一個人們可以在所有品牌、所有產品中使用它的地方時，我們認為這只會為客戶增加巨大的價值。

And you should expect to see us do more of that.

你應該期待看到我們做更多這樣的事情。

We will be looking for more ways to unify our brands in the united front of bringing value to the customer in every way we can.

我們將尋找更多的方式來統一我們的品牌，以盡我們所能為客戶帶來價值的統一戰線。

We spent the better part of the last 6 quarters building out the organization, and in particular, in the last few months, building our creative organization.

在過去 6 個季度的大部分時間裡，我們都在建設組織，特別是在過去幾個月裡，我們在建設我們的創意組織。

We've improved, as I've talked about before, all our performance marketing tools and technology.

正如我之前所說，我們已經改進了我們所有的績效營銷工具和技術。

And we're very excited about our position right now.

我們對我們現在的位置感到非常興奮。

But we went into the third quarter and specific with a much more aggressive posture, Delta hit, we have -- we pulled back somewhat.

但是我們進入了第三節，具體來說，我們採取了更具侵略性的姿態，Delta 擊中了——我們有所退縮。

And now again, that we are seeing things growing and the recovery building again.

現在又一次，我們看到事情在增長，復甦再次建立。

We are leaning back in.

我們正在向後傾斜。

We intend to go on the offense with all the new tools we have in our arsenal and our marketing group, and we expect to go on offense and expand share across the world.

我們打算利用我們武器庫和營銷團隊中擁有的所有新工具繼續進攻，我們希望繼續進攻並擴大全球份額。

On the B2B front, which we haven't talked about a lot in the past quarters, I just want to highlight a few things here.

在 B2B 方面，我們在過去幾個季度沒有過多討論，我只想在這裡強調幾件事。

We brought our groups together.

我們把我們的小組聚集在一起。

As I remarked last quarter, our supply team and our business, we had called Expedia Partner Solutions, which is a business we have used to power other partners in the travel industry.

正如我在上個季度所說，我們的供應團隊和我們的業務稱為 Expedia 合作夥伴解決方案，這是我們用來為旅遊行業的其他合作夥伴提供支持的業務。

We brought those together officially in the last few months.

我們在過去幾個月正式將它們聚集在一起。

And we're seeing lots and lots of opportunity for those businesses to build on the relationships we have with our supply partners, with our B2B partners and find increasing ways to drive their business and drive their success on our platform.

我們看到這些企業有很多機會建立我們與供應合作夥伴、B2B 合作夥伴的關係，並找到越來越多的方式來推動他們的業務並在我們的平台上取得成功。

But in particular, EPS itself has done well even during COVID.

但特別是，即使在 COVID 期間，EPS 本身也表現良好。

We've won wallet share with our partners.

我們已經贏得了與合作夥伴的錢包份額。

We've had many new signings.

我們有很多新簽約。

And for the first time in late October, we actually booked more business than we did in 2019 in that business, and that has continued into November.

在 10 月下旬，我們實際上第一次在該業務中預訂了比 2019 年更多的業務，而且這種情況一直持續到 11 月。

So great signs there.

那裡有很好的標誌。

And then finally, on the Egencia front, you've all seen earlier this week, we announced the conclusion of our transaction with Amex GBT.

最後，在 Egencia 方面，你們都在本週早些時候看到了，我們宣布完成與 Amex GBT 的交易。

We have merged Egencia and the Amex GBT.

我們合併了 Egencia 和 Amex GBT。

We will retain a significant equity interest.

我們將保留重要的股權。

We feel really good about that.

我們對此感覺非常好。

Corporate, we believe will become coming roaring back.

公司，我們相信會捲土重來。

And Egencia even during this time of transition had its highest signings this year that is ever signed in terms of new clients in the first half.

即使在這段過渡時期，Egencia 在今年上半年的新客戶簽約數量也是有史以來最高的。

So we'll have some good signs there.

所以我們會有一些好的跡象。

But I think that deal is also emblematic, as I said before, of our desire to power more of the industry.

但我認為，正如我之前所說，這筆交易也像徵著我們希望為該行業提供更多動力的願望。

We want to power Amex GBT with our Expedia Partner Solutions business, with our technology, with our supply, and that is something we will continue to build on as the months and years unfold.

我們希望通過我們的 Expedia 合作夥伴解決方案業務、我們的技術、我們的供應為 Amex GBT 提供動力，隨著時間的推移，我們將繼續在這一基礎上發展。

So very exciting.

非常令人興奮。

And I just want to thank the Egencia team who did a tremendous job building that business, getting it to a place where we could find such a great transaction to put it together with someone else and in working through the time we had during the transaction and doing just a terrific job.

我只想感謝 Egencia 團隊，他們在建立該業務方面做了大量工作，將其帶到了一個地方，我們可以找到如此出色的交易，將其與其他人放在一起，並度過了交易期間的時間，做得很好。

So I thank them and our Expedia team who helped close that transaction.

所以我感謝他們和我們的 Expedia 團隊幫助完成了這筆交易。

And then finally, while I've talked a lot about technology in the past, and I will keep this brief, I am as excited as I've ever been since I started about 18 months ago about where we are in terms of our technology evolution.

最後，雖然我過去談了很多關於技術的話題，但我會保持簡短，自從大約 18 個月前我開始談論我們在技術方面所處的位置以來，我一直很興奮進化。

We certainly have a lot of work left to do.

我們當然還有很多工作要做。

But it can't be understated the importance of finally being aligned on our technology, on our road map, on our architecture.

但不能低估最終在我們的技術、路線圖和架構上保持一致的重要性。

We have one plan, and everybody is growing together and our velocity is increasing.

我們有一個計劃，每個人都在共同成長，我們的速度也在提高。

And I think delivery, most importantly, to the customer will increase along with it.

而且我認為交付，最重要的是，對客戶的交付將隨之增加。

But just for clarity, on the front end, we're focused on being at first data and design driven and focused really on personalization and using all the data and machine learning and the opportunities to create better and better experiences for the customer and for our suppliers.

但為了清楚起見，在前端，我們首先專注於數據和設計驅動，真正專注於個性化，並使用所有數據和機器學習以及為客戶和我們創造越來越好的體驗的機會供應商。

And on the back end, we're really rearchitecting everything.

在後端，我們真的在重新設計一切。

As I've talked about, we're moving from this many technical stacks to one stack on one pool of data that serves all the outcomes, all our partners, all our customers.

正如我所說，我們正在從這麼多的技術堆棧轉移到一個數據池上的一個堆棧，為所有結果、我們所有的合作夥伴、我們所有的客戶提供服務。

And it's really getting exciting.

它真的越來越令人興奮。

And finally, I just want to say this moment for us is really important as we move into 2022.

最後，我只想說，隨著我們進入 2022 年，這一刻對我們來說非常重要。

Getting all of this aligned, getting the work stream aligned, getting everybody on the same road map is a really powerful opportunity.

讓所有這些保持一致，讓工作流保持一致，讓每個人都在同一個路線圖上，這是一個非常強大的機會。

And it reminds us that we're finally getting to what we wanted to be getting to, which is delivering new value to the customer.

它提醒我們，我們終於實現了我們想要實現的目標，即為客戶提供新的價值。

We've been internally focused for a lot of COVID.

我們一直在內部關注很多 COVID。

COVID was a tough thing to get through, but we are now in a position where the entire company is aligned.

COVID 是一件很難度過的事情，但我們現在處於整個公司一致的位置。

We can see the light at the end of the tunnel in terms of COVID and the opportunity to innovate for the customer and bring great new products and value are really exciting to us, and we're looking forward to doing that.

我們可以看到 COVID 隧道盡頭的曙光，為客戶創新並帶來偉大的新產品和價值的機會讓我們非常興奮，我們期待著這樣做。

And with that, I will pass it over to Eric.

有了這個，我會把它傳遞給埃里克。

Right.

正確的。

Thank you, Peter.

謝謝你，彼得。

I'm also pleased with Peter mentioned with the overall recovery of our business.

我也很高興彼得提到我們業務的整體復甦。

As you will see, it includes 2 quarters in a row of positive adjusted EBITDA.

正如您將看到的，它包括連續兩個季度的正調整 EBITDA。

And in Q3, excluding Egencia was roughly on par with the third quarter of 2019.

在第三季度，不包括 Egencia 與 2019 年第三季度大致持平。

And with that, I wanted to start by providing an update on the booking trends that we have seen and we are seeing.

因此，我想首先提供有關我們已經看到和正在看到的預訂趨勢的最新信息。

Following the pullback we witnessed for much of the third quarter and into the first part of September due to the Delta variant, we saw a notable broad-based improvement across geos and product lines.

在我們見證了第三季度的大部分時間和 9 月上旬由於 Delta 變體而出現的回調之後，我們看到了跨地域和產品線的顯著廣泛改進。

Overall total bookings for all products net of cancels were down 30% versus third quarter of 2019, which was slightly worse than the 26% decline we saw last quarter.

與 2019 年第三季度相比，所有產品（扣除取消）的總預訂量下降了 30%，略低於上一季度 26% 的降幅。

Given the continued volatility of the recovery, we also want to provide additional monthly detail on our total lodging bookings net of cancels.

鑑於經濟復甦的持續波動，我們還希望提供額外的月度詳細信息，說明扣除取消後的總住宿預訂量。

That, of course, includes both hotel and Vrbo.

當然，這包括酒店和 Vrbo。

And those were down approximately 17% in July, approximately 25% in August, 19% in September and further improved to down -- negative 2% in October.

7 月份下降了約 17%，8 月份下降了約 25%，9 月份下降了 19%，並進一步下降——10 月份下降了 2%。

And again, that September was also down, of course.

當然，那個 9 月也同樣下跌。

The trends in October that we saw, again, that was negative 2%, they did improve throughout that month, so we exited at a much improved rate relative to the start of that month.

我們再次看到 10 月份的趨勢是負 2%，它們在那個月確實有所改善，因此我們的退出率相對於那個月初有了很大的改善。

Moving to the P&L, starting with revenue.

轉到損益表，從收入開始。

It was down approximately 17% versus third quarter of 2019, which was a meaningful improvement from last quarter with revenue down approximately 33%.

與 2019 年第三季度相比下降了約 17%，與上一季度相比是一個有意義的改善，收入下降了約 33%。

We saw a significant improvement in both Vrbo and hotel revenue, which benefited from seasonally strong summer travel.

我們看到 Vrbo 和酒店收入都有顯著改善，這得益於季節性強勁的夏季旅遊。

Revenue margin for the third quarter was approximately 16%, up from approximately 10% last quarter.

第三季度的收入利潤率約為 16%，高於上一季度的約 10%。

This was primarily due to typical third quarter seasonality in the business and product mix weighted towards lodging.

這主要是由於第三季度典型的業務季節性和偏重於住宿的產品組合。

On sales and marketing.

關於銷售和營銷。

Direct spend in Q3 was approximately $1.1 billion, which is down approximately 19% versus third quarter of 2019 levels.

第三季度的直接支出約為 11 億美元，與 2019 年第三季度的水平相比下降了約 19%。

And as Peter mentioned, we reduced spending given the reversal in trends we witnessed in the third quarter.

正如彼得所提到的，鑑於我們在第三季度看到的趨勢逆轉，我們減少了支出。

However, going forward, given the more positive recent trends that we've discussed, we are again leaning in the marketing spend in Q4.

然而，展望未來，鑑於我們討論過的更積極的近期趨勢，我們再次傾向於第四季度的營銷支出。

Moving on to overhead costs.

繼續管理費用。

They totaled approximately $530 million, a slight decrease versus last quarter and below our expectations.

他們的總收入約為 5.3 億美元，與上一季度相比略有下降，低於我們的預期。

We saw lower-than-anticipated discretionary spend, which was down roughly 90% versus the third quarter of 2019 as employees continue to largely work from home in the quarter.

我們看到可自由支配支出低於預期，與 2019 年第三季度相比下降了約 90%，因為該季度員工繼續主要在家工作。

I would also call out lower-than-anticipated hiring as there continues to be a high degree of competition for talent, especially for technology roles.

我還要指出低於預期的招聘，因為對人才的競爭仍然很激烈，尤其是技術職位。

Looking ahead, we expect overhead to increase by approximately $40 million sequentially in the fourth quarter, primarily due to lower capitalized labor due to the holidays as well as higher anticipated head count and people costs.

展望未來，我們預計第四季度間接費用將增加約 4000 萬美元，這主要是由於假期導致資本化勞動力減少以及預期人數和人員成本增加。

In total, adjusted EBITDA was approximately $855 million which is approximately $650 million improvement over the last quarter, driven primarily by typical seasonality.

總體而言，調整後的 EBITDA 約為 8.55 億美元，比上一季度增加了約 6.5 億美元，主要受典型季節性因素的推動。

Moving on to free cash flow, which showed negative $1.4 billion in Q3 on a reported basis.

轉向自由現金流，根據報告，第三季度顯示負 14 億美元。

If we exclude the change in restricted cash, which is primarily driven by the change in Vrbo's deferred merchant bookings, free cash flow was negative approximately $450 million.

如果我們排除主要由 Vrbo 延期商家預訂的變化驅動的受限現金的變化，則自由現金流為負約 4.5 億美元。

As a reminder, the third quarter is traditionally a low quarter for free cash flow due to seasonality.

提醒一下，由於季節性，第三季度傳統上是自由現金流量較低的季度。

In terms of the balance sheet, we continue to be investment grade-rated today and remain committed to deleveraging back to more historical levels as well as further reducing our cost of capital.

在資產負債表方面，我們今天繼續被評為投資級，並繼續致力於去槓桿化以回到更多的歷史水平，並進一步降低我們的資本成本。

As you may recall, we refinanced some debt earlier this year, which yielded $80 million in annual interest rate savings.

您可能還記得，我們今年早些時候為一些債務再融資，每年節省 8000 萬美元的利率。

And last month, as Peter mentioned, given the improving trends and continued confidence in our liquidity position, we paid off the remainder of the preferred stock.

上個月，正如彼得所提到的，鑑於趨勢的改善和對我們流動性狀況的持續信心，我們還清了剩餘的優先股。

In total, paying off all the preferred stock this year, it will save us approximately $115 million in annual dividend payout going forward.

總的來說，今年還清所有優先股，這將為我們節省大約 1.15 億美元的年度股息支付。

Finally, on to Egencia.

最後，來到易信達。

I want to echo Peter's comments and thank the Egencia's team as well as all of those Expedia employees who are involved with Egencia for their dedication and hard work.

我想附和 Peter 的意見，並感謝 Egencia 的團隊以及參與 Egencia 的所有 Expedia 員工的奉獻精神和辛勤工作。

I would also like to point out Page 17 of the earnings press release, which provides details on Egencia's financials.

我還想指出收益新聞稿的第 17 頁，其中詳細介紹了 Egencia 的財務狀況。

For the third quarter, Egencia generated $55 million in revenue and negative $18 million in adjusted EBITDA for the -- again, the third quarter.

對於第三季度，Egencia 產生了 5500 萬美元的收入和負 1800 萬美元的調整後 EBITDA - 同樣是第三季度。

As it relates to Egencia costs in the third quarter 2021 rough numbers, but approximately $35 million was recorded in cost of sales, $20 million in sales and marketing and the remaining roughly $20 million spread across tech, content and G&A.

由於它與 Egencia 2021 年第三季度的粗略成本相關，但大約 3500 萬美元記錄在銷售成本中，2000 萬美元用於銷售和營銷，其餘大約 2000 萬美元分佈在技術、內容和 G&A 上。

Going forward, we will report our minority stake in the combined company within the other net line of our income statement.

展望未來，我們將在損益表的另一淨額中報告我們在合併後公司的少數股權。

And in terms of the 10-year lodging supply agreement with our Expedia Partner Services business has entered with the combined company, we will account for it like any other standard EPS deal.

根據我們與合併後公司簽訂的 Expedia 合作夥伴服務業務的 10 年住宿供應協議，我們將像任何其他標準 EPS 交易一樣對其進行會計處理。

As a reminder, at 2019 volumes, we expect this deal, the EPS deal, to be worth in excess of $60 million on an annualized basis for EBITDA.

提醒一下，按 2019 年的交易量計算，我們預計這筆交易（即 EPS 交易）的 EBITDA 年化價值將超過 6000 萬美元。

In closing, as Peter and I both mentioned, we're quite encouraged by recent trends, and the pace of recovery is clearly improving.

最後，正如彼得和我都提到的那樣，我們對最近的趨勢感到非常鼓舞，復甦的步伐明顯加快。

Things are getting better.

情況正在好轉。

And I remain truly and very optimistic about the future of travel and our company.

我對旅遊業和我們公司的未來仍然非常樂觀。

And so with that, Charlie, we are ready for our first question.

因此，查理，我們準備好回答第一個問題了。

(Operator Instructions) Our first question comes from Naved Khan of Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Naved Khan。

A couple of questions.

幾個問題。

Maybe, Peter, maybe you can give us some color on your thoughts around marketing spend.

也許，彼得，也許你可以給我們一些關於營銷支出的想法。

Do you continue to see scope for more efficiencies here going forward?

您是否繼續看到未來提高效率的空間？

Where do we stand today on this?

我們今天在這方面的立場是什麼？

And then the second question I had is just around the organizational structure going forward.

然後我的第二個問題是關於未來的組織結構。

I think you guys had outlined cost savings from the reorg, $750 million in fixed cost and $200 million in variable.

我想你們已經概述了重組帶來的成本節約，7.5 億美元的固定成本和 2 億美元的可變成本。

As we think about the organization build-out from here on, where do you stand with respect to these?

當我們考慮從現在開始組織擴建時，您對這些有何看法？

Sure.

當然。

I'll go first, and Eric can take on the cost issues.

我先走了，Eric 可以解決成本問題。

I would say we are still working towards a better marketing world for the company overall, which, yes, means more efficiently being able to get customers.

我想說的是，我們仍在努力為公司整體打造一個更好的營銷世界，這意味著能夠更有效地吸引客戶。

But it's a many-pronged attack.

但這是一次多管齊下的攻擊。

It's the performance marketing issues that I've talked about before.

就是之前講過的效果營銷問題。

We have come a huge way in terms of the tools, the data and the algorithms, et cetera.

我們在工具、數據和算法等方面取得了巨大進步。

But COVID has been a bumpy time.

但 COVID 一直是一個坎坷的時期。

And we have not found normalized times to really get everything tuned exactly how we want.

而且我們還沒有找到標準化的時間來真正讓一切都完全按照我們想要的方式進行調整。

So yes, we believe there's opportunity ahead for that.

所以是的，我們相信未來會有機會。

We also believe there's significant opportunity for our brand teams to really be much more impactful than they have historically.

我們還相信，我們的品牌團隊有很大的機會真正發揮比以往更大的影響力。

And that has impact not only on driving direct-to-customers, but it has an impact on how people respond to performance marketing and other things.

這不僅會影響直接面向客戶，還會影響人們對績效營銷和其他事物的反應。

So there's many places where those teams can have more impact and ultimately be more efficient in attracting customers.

因此，這些團隊可以在很多地方產生更大的影響，並最終更有效地吸引客戶。

But it's not entirely on them, right?

但這並不完全取決於他們，對吧？

We've got to build better products.

我們必須打造更好的產品。

We've got to have better engagement circles for the customer.

我們必須為客戶建立更好的參與圈子。

We've got improve our service.

我們已經改進了我們的服務。

Every -- we need to improve in every part of our game to continue to make the customer stickier and bring them back and want them -- make this their place to come for travel.

每個 - 我們需要在我們遊戲的每個部分進行改進，以繼續讓客戶更粘並讓他們回來並想要他們 - 讓這裡成為他們旅行的地方。

So marketing can be more efficient.

所以營銷可以更有效率。

But it's really a virtuous cycle of how we string marketing together with the experience and that -- and with the new efficiencies that your second question goes to.

但這確實是一個良性循環，我們如何將營銷與體驗結合在一起——以及你的第二個問題所涉及的新效率。

All of that gives us more opportunity to reinvest in more profitable long-term customers and create long-term value for the enterprise.

所有這些都讓我們有更多機會再投資於更有利可圖的長期客戶，為企業創造長期價值。

Great.

偉大的。

I'll take the second part of the question regarding the costs.

我將回答有關成本的問題的第二部分。

So just to remind everyone, it was the program at both fixed and variable costs.

所以提醒大家，這是固定成本和可變成本的計劃。

On the fixed side, we -- the most recent update that we provided was $700 million to $750 million, and we expect it to land in the higher end of the range.

在固定方面，我們 - 我們提供的最新更新是 7 億至 7.5 億美元，我們預計它會落在該範圍的高端。

And on the variable side, we said to achieve greater than $200 million.

在變量方面，我們說要實現超過 2 億美元。

But remember that's at, call it, normalized level or 2019 levels because we need the volume to come back to be able to see that fall into the P&L.

但請記住，這是正常化水平或 2019 年的水平，因為我們需要交易量恢復才能看到它落入損益表。

I would say both of those are substantially complete.

我會說這兩個都基本完成了。

There's been a ton of work by the teams to simplify the business.

團隊為簡化業務做了大量工作。

And I think we're feeling really good about the fixed and the variable side.

而且我認為我們對固定和可變方面感覺非常好。

But I'll also add, we are a technology company.

但我還要補充一點，我們是一家科技公司。

We're going to continue to invest and improve our services for our customers and in the way that we operate this business.

我們將繼續投資和改進我們為客戶提供的服務以及我們經營這項業務的方式。

So while this program, I think, has been a tremendous accomplishment of ours in simplifying our business, we don't expect to stop there, and we'll keep going.

因此，我認為，雖然這個計劃是我們在簡化業務方面取得的巨大成就，但我們不希望就此止步，我們將繼續前進。

But I think from a program perspective, I think we can put the $1 billion to rest.

但我認為從計劃的角度來看，我認為我們可以擱置這 10 億美元。

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

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

Great.

偉大的。

Could you dig in a little bit into this -- the significant improvement that you saw in booking trends in October?

您能否深入探討一下您在 10 月份的預訂趨勢中看到的顯著改善？

If you could talk about kind of key segments, geographies at all, maybe Vrbo versus hotel?

如果你能談談關鍵細分市場、地理區域，也許是 Vrbo 與酒店？

Yes.

是的。

Thanks, Kevin.

謝謝，凱文。

I would just say generally, I know it feels bland, but we've seen it everywhere.

我只是籠統地說，我知道感覺平淡無奇，但我們到處都看到過。

Cities are picking up, International has picked up.

城市在復蘇，國際也在復蘇。

There are -- virtually every area has seen growth.

有——幾乎每個領域都出現了增長。

I will say that some of the benefit we have seen -- I've talked about mix effects before.

我要說的是我們已經看到的一些好處——我之前談到過混合效果。

When cities were forbidden places, that obviously hurt us.

當城市成為禁地時，這顯然傷害了我們。

Cities have been a great market for us.

城市對我們來說是一個巨大的市場。

And as we've seen cities come back, now there's great -- they're still greatly lagging major leisure destinations like beaches, but they're coming back and that return benefits us probably disproportionately compared to some others.

正如我們看到的城市回歸，現在有很棒的——它們仍然大大落後於海灘等主要休閒目的地，但它們正在回歸，與其他一些人相比，這種回歸給我們帶來的好處可能不成比例。

So that mix effect thing -- we had some winners and some losers as always, but we've seen cities come back more.

所以混合效應的事情——我們一如既往地有一些贏家和一些輸家，但我們看到城市回歸更多。

We've seen relative to the growth we've seen in sort of the consistently strong leisure areas and the opening of international channels, the announcements from the U.S. from Singapore, et cetera, about allowing international travel, we see that lift up basically as soon as it's announced.

我們已經看到，相對於我們在持續強勁的休閒區和國際渠道的開放中看到的增長，美國從新加坡等地發布的關於允許國際旅行的公告，我們看到這種增長基本上是一旦宣布。

We see search queries go up.

我們看到搜索查詢上升。

And again, in places like EMEA, where we're traditionally stronger in international travel as compared to domestic, those openings, I think, all go well for us going forward.

再一次，在像歐洲、中東和非洲這樣的地方，與國內相比，我們傳統上在國際旅行方面更強大，我認為，這些空缺對我們的前進來說都很順利。

So it really is a broad-based recovery.

所以這確實是一次廣泛的複蘇。

I mean it is every -- I mean, not down to every country because there are blips in countries that have COVID spikes, et cetera, but down to every region.

我的意思是它是每一個——我的意思是，不是每個國家都存在，因為在 COVID 峰值等國家中存在一些小問題，但每個地區都有。

And some regions are trailing dramatically like APAC and Latin America, but they're improving, too.

一些地區明顯落後，如亞太地區和拉丁美洲，但它們也在進步。

And so it's really broad-based, and it's just what the base you're building off of and some are different than others.

因此，它的基礎非常廣泛，這正是您構建的基礎，有些與其他基礎不同。

The only I'd add to that, that is as we've talked about over multiple quarters now, there will be volatility in the recovery of a series of many stories and a lot of the intersection points that Peter just mentioned.

我唯一要補充的是，正如我們現在已經討論了多個季度一樣，一系列許多故事的恢復以及彼得剛才提到的許多交叉點都會出現波動。

So we'll continue to monitor, manage our marketing spend appropriately.

因此，我們將繼續監控、適當管理我們的營銷支出。

As we did in Q3, we tap the brakes on some areas of that just because of -- we saw a bit of a slowdown.

就像我們在第三季度所做的那樣，我們在某些領域踩下了剎車——我們看到了一些放緩。

But so far, so good in October and going forward.

但到目前為止，十月份和未來都很好。

Our next question comes from Deepak Mathivanan from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

This is Zach on for Deepak.

這是迪帕克的紮克。

Just 2 questions.

只有2個問題。

First, your kind of large main competitor in the space reported less -- your room rates are still lagging, I think, down 33% in the third quarter versus 2019, that's lagging kind of bookings performance.

首先，你在該領域的主要競爭對手報告較少——我認為你的房價仍然落後，第三季度與 2019 年相比下降了 33%，這是一種落後的預訂表現。

I just -- is there any kind of driving force or explanation that's driving that delta in performance?

我只是 - 是否有任何驅動力或解釋在推動性能差異？

Is it mix, certain markets lagging?

它是混合的，某些市場滯後嗎？

Is there a timing delay?

有時間延遲嗎？

I know there's a difference in reporting structure.

我知道報告結構有所不同。

So any kind of color there would be helpful.

所以任何一種顏色都會有幫助。

And then just on COVID restrictions, I know it's very dynamic and hard to predict, but are you seeing any differences in terms of travel restrictions and implications on demand when we see COVID cases rising in certain markets now versus 6 or 12 months ago?

然後就 COVID 限製而言，我知道它非常動態且難以預測，但是當我們看到現在某些市場的 COVID 病例增加與 6 或 12 個月前相比時，您是否看到旅行限制和對需求的影響方面有任何差異？

Yes.

是的。

Thanks, Zach.

謝謝，扎克。

A lot of good questions in there.

裡面有很多好問題。

I would say, first off, yes, you have to remember that they report on booked.

我會說，首先，是的，你必須記住他們報告的是預訂。

We report on stays.

我們報告停留時間。

So it's sometimes challenging to compare.

因此，有時比較具有挑戰性。

But I would say, as I've said before, and I mentioned regarding cities, the mix has helped them.

但我會說，正如我之前說過的，我提到過城市，這種混合對他們有幫助。

They've always been better in smaller markets, long-tail markets, et cetera.

他們在較小的市場、長尾市場等方面總是做得更好。

We've always been really strong in big cities when cities were dragging, cities get built by international travelers.

我們在大城市一直很強大，當城市被拖延時，城市是由國際旅行者建造的。

So we also have been strong in long-haul air for those travelers like all those mix effects actually impact things.

因此，我們在長途航空方面也很強大，因為所有這些混合效應實際上都會影響事物。

And so some of them, we won in.

所以其中一些，我們贏了。

Vrbo has been a beneficiary.

Vrbo 是受益者。

Some of them we lost in big cities and international travel.

其中一些我們在大城市和國際旅行中丟失了。

So it's always been a balance.

所以這一直是一個平衡點。

We are less focused on room nights rather than room dollars, if you will.

如果您願意的話，我們不太關注房晚而不是房費。

I mean, it's a little misleading.

我的意思是，這有點誤導。

We could book 1 million more 1-star hotels nights and it wouldn't mean much to our P&L, and we could book 100,000 5-star hotels, those would mean a lot.

我們可以再預訂 100 萬個 1 星級酒店住宿，這對我們的損益表意義不大，但我們可以預訂 100,000 個 5 星級酒店，這些意義重大。

So you have to take it all in balance, but we are feeling good about the recovery.

所以你必須平衡一切，但我們對複蘇感覺良好。

And in general, our numbers domestically are running ahead in lodging of where we were 2 years ago.

總的來說，我們在國內的人數領先於 2 年前的住宿。

So I think we're in good shape there, and we feel good about that.

所以我認為我們在那裡的狀態很好，我們對此感覺很好。

And again, we have had a somewhat conservative bent along the game with COVID.

再一次，我們在與 COVID 的遊戲中有一些保守的傾向。

We've been -- Eric mentioned tapping the brakes, we tried to respond.

我們一直 - 埃里克提到踩剎車，我們試圖回應。

Sometimes we get over our skis, sometimes we're behind the recoveries.

有時我們克服了滑雪板的問題，有時我們落後於恢復。

It's a balancing act.

這是一種平衡行為。

But we are getting more confident, more aggressive.

但是我們變得更加自信，更加積極進取。

And I think you'll see us continue to lean in to gain share across the globe.

而且我認為你會看到我們繼續傾斜以在全球範圍內獲得份額。

In terms of the COVID question, it remains to be seen.

就 COVID 問題而言，還有待觀察。

And every -- as Eric said, every story is its own.

每個——正如埃里克所說，每個故事都是它自己的。

But I will tell you, if you look at recent news, for example, of the COVID cases in the U.K. spiking from recent openings.

但是我會告訴你，如果你看一下最近的新聞，例如，英國的 COVID 病例從最近的開放中激增。

And I was in London and it was amazingly open.

我當時在倫敦，那裡非常開放。

I would say that queries have remained elevated since the international announcements to the U.S., and they remain elevated, and we have not seen a pullback from the caseload news.

我想說的是，自從向美國發出國際公告以來，查詢一直在增加，而且一直在增加，而且我們還沒有看到案件數量新聞出現回落。

So I think that remains strong.

所以我認為這仍然很強勁。

And of course, science is helping us out along the way.

當然，科學一直在幫助我們。

We just announced that kids will be able to be vaccinated in the U.S., which is a great benefit for society, let alone our business.

我們剛剛宣布，孩子們將能夠在美國接種疫苗，這對社會來說是一個巨大的好處，更不用說我們的業務了。

And likewise, the announcement today about the U.K. approving the Merck pill for treatment.

同樣，今天宣布英國批准默克藥丸用於治療。

This is, I think we all agree, is probably going to be an endemic not a pandemic.

我想我們都同意，這可能會成為一種地方病，而不是大流行病。

And the more treatments we get and the more ways we get to deal with it, the better off we're all going to be.

我們得到的治療越多，我們處理它的方法越多，我們都會過得越好。

Our next question comes from Eric Sheridan of Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe following up first on the growth initiatives when you're looking out against the recovery.

當您關注復甦時，也許首先跟進增長計劃。

Are there any things we should be keeping in mind in terms of the ability to continue to grow supply or align some of your supply priorities, especially outside of North America to capture as much of that growth as you can?

在繼續增加供應或調整您的一些供應優先事項的能力方面，我們應該牢記什麼，特別是在北美以外的地區，以盡可能多地獲得增長？

And second question, guys.

第二個問題，伙計們。

Coming back to capital return and how you're thinking about a more normalized environment, Booking called out the ability to possibly return capital to shareholders as we get into early 2022.

回到資本回報以及您如何考慮更正常化的環境，Booking 呼籲在我們進入 2022 年初時可能將資本返還給股東。

Any updates there on how you're thinking about return of capital on the balance sheet over the medium to long term?

關於您如何考慮中長期資產負債表上的資本回報的任何更新？

Sure, Eric.

當然，埃里克。

I'll take the first one, and Eric can comment on the second one.

我選第一個，Eric 可以評論第二個。

But I would say that we continue to look tactically around the globe at what the right vectors are to focus on in terms of supply.

但我要說的是，我們繼續在全球範圍內從戰術上著眼於在供應方面應該關注哪些正確的方向。

I don't think we feel like we're terribly deficient, but we've been a little bit peanut buttered around the globe.

我不認為我們覺得自己非常缺乏，但我們在全球範圍內有點花生醬。

As we did with Vrbo during COVID, we were very focused on those compression markets, freeing up supply there, making that supply really successful right out of the gate and that is the virtuous cycle that we think is most valuable.

正如我們在 COVID 期間對 Vrbo 所做的那樣，我們非常關注那些壓縮市場，釋放那裡的供應，使供應真正成功，這是我們認為最有價值的良性循環。

So we -- you will continue to see us do that for Vrbo, but you will also see us do that in a very targeted way around the globe.

所以我們 - 你會繼續看到我們為 Vrbo 這樣做，但你也會看到我們在全球範圍內以非常有針對性的方式這樣做。

And that's with the focus that's tied into where we are marketing, where we are driving our brands, where we think we have the opportunity to win.

這與我們營銷的重點、我們推動品牌的地方、我們認為我們有機會獲勝的地方有關。

And again, remember, in many markets around the globe, our B2B business, our Expedia Partner Solutions business drives those markets more than our direct relationship with consumers.

再次記住，在全球許多市場，我們的 B2B 業務，我們的 Expedia 合作夥伴解決方案業務比我們與消費者的直接關係更能推動這些市場。

And so driving the right supply to feed those businesses as well is a critical piece.

因此，推動正確的供應來滿足這些企業的需求也是一個關鍵部分。

So we will continue to drive into it.

因此，我們將繼續努力。

I would say, if anything, we've been relatively modest in terms of supply growth during COVID with a particular focus, again, on Vrbo, which was a different use case.

我想說，如果有的話，我們在 COVID 期間的供應增長方面相對溫和，再次特別關注 Vrbo，這是一個不同的用例。

But as things are reopening, we're seeing more demand.

但隨著事情的重新開放，我們看到了更多的需求。

You will see us go after in a targeted way more supply, and again, in a very targeted end-to-end way keying on the markets we're focusing on growing and where those markets want to travel to.

你會看到我們以有針對性的方式追求更多的供應，並再次以一種非常有針對性的端到端方式鎖定我們專注於增長的市場以及這些市場想要前往的地方。

So we feel very good about that opportunity.

所以我們對這個機會感覺很好。

It's just a question of focus.

這只是一個重點問題。

It wasn't a big focus during COVID.

在 COVID 期間，這不是重點。

But as things improve, we will continue to roll that out.

但隨著情況的改善，我們將繼續推出它。

Yes.

是的。

And thanks for the question, Eric.

感謝埃里克的提問。

I'll take the second component of that.

我將採取其中的第二個組成部分。

And I would say just from a macro level that our philosophy is -- and strategy is consistent.

我想從宏觀層面上說，我們的理念是——而且戰略是一致的。

First and foremost, want to remain -- we are and want to remain investment-grade rated, and we'll commit to that, of course, going forward.

首先，最重要的是，我們希望繼續保持投資級評級，當然，我們會繼續努力。

Second, is our commitment to continuing to lower our leverage ratios and get our cost of capital down.

其次，我們承諾繼續降低杠桿率並降低資本成本。

We've taken some great steps on that this year, and we'll continue to make progress as we move forward on it.

今年我們已經在這方面採取了一些重要步驟，並且我們將繼續在前進的過程中取得進展。

And third, we, as a company, have traditionally been committed to returning capital to shareholders in different forms.

第三，作為一家公司，我們一直致力於以不同形式向股東返還資本。

I would say right now is, again, not necessarily the right time for us to do it, but it's certainly something that we're committed to doing over the long haul, and we'll just continue to serve and make what we deem to be, if you will, the right choices at the right time going forward.

我要說的是，現在不一定是我們這樣做的正確時機，但這肯定是我們長期致力於做的事情，我們將繼續服務並做出我們認為的事情如果您願意，可以在正確的時間做出正確的選擇。

Our next question comes from Mark Mahaney of Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

Just 2 quick questions.

只需 2 個快速問題。

You referred to those growth rates for the 4 months, July, August, September, October.

你提到了 4 個月的增長率，即 7 月、8 月、9 月、10 月。

I'm sorry, was that room nights or was that bookings?

抱歉，是房晚還是預訂？

And then secondly, I know you've said that generally, all the regions are recovering just to be specific about it.

其次，我知道你說過，一般來說，所有地區都在恢復，只是為了具體說明。

And I know that there are flare-ups in countries, markets here or there.

而且我知道這里或那裡的國家和市場都在爆發。

But in the major European markets like Germany, you didn't see a -- you have not seen a, whatever, a dampening of demand at the end of October recently?

但在德國等主要歐洲市場，你沒有看到 - 你沒有看到最近 10 月底的需求減弱？

Yes.

是的。

I'll take the second part first, Mark.

我先講第二部分，馬克。

There are some blips here and there.

到處都有一些光點。

For better or worse, I wish our business were bigger in domestic EMEA, but we don't feel those blips in quite the same way.

不管是好是壞，我希望我們的業務在國內 EMEA 更大，但我們並沒有以完全相同的方式感受到這些光點。

And we had the countervailing issue of more interest in international.

我們有對國際更感興趣的抵消問題。

So that has probably offset some of what others may have seen.

所以這可能抵消了其他人可能看到的一些內容。

But yes, there are blips here and there.

但是，是的，到處都是光點。

And -- but as I mentioned, even in countries that are more COVID-challenged, in general, we have seen sustained interest probably buoyed by the international vector as opposed to perhaps what was going on in the summer.

而且——但正如我所提到的，即使在受 COVID 挑戰更大的國家，一般來說，我們也看到持續的興趣可能受到國際媒介的推動，而不是夏季發生的情況。

And then, Mark, on the first question, it is lodging gross bookings net of cancels.

然後，馬克，關於第一個問題，它是扣除取消後的總預訂量。

Our next question comes from Mario Lu of Barclays.

我們的下一個問題來自巴克萊銀行的 Mario Lu。

So I just wanted to ask you about your comment on continuing to gain share in alternative accommodations in your key markets.

所以我只想問問您對繼續在您的主要市場中獲得替代住宿份額的看法。

Can you expand on the initiatives that you guys have made on your end to allow you guys to gain share and whether you think that is sustainable?

您能否擴展你們為讓你們獲得份額而採取的舉措，以及您是否認為這是可持續的？

Yes.

是的。

Thanks, Mario.

謝謝，馬里奧。

Look, I think it's a combination of good work we've done and popular use cases.

看，我認為這是我們所做的出色工作和流行用例的結合。

We know that the whole home solution has been a very popular solution during COVID, and that has helped us as compared to say, apartments in cities where we might be less strong.

我們知道，整個家庭解決方案在 COVID 期間一直是一個非常受歡迎的解決方案，與我們可能不那麼強大的城市公寓相比，這對我們有所幫助。

But on the -- what are we doing side, we've done a tremendous amount to work on the brand, to land the brand, to make people really think about it as a primary source of -- Vrbo as a primary source of vacation options.

但在 - 我們在做什麼方面，我們已經做了很多工作來打造品牌，讓品牌落地，讓人們真正將其視為主要來源 - Vrbo 作為度假的主要來源選項。

We've invested more than ever -- much more than ever in that brand.

我們對這個品牌的投資比以往任何時候都多——比以往任何時候都多。

And we've really driven it hard.

我們真的很努力。

And as I mentioned, more than half our users so far this year, our customers, have been new customers to the experience, and we think the experience is great.

正如我所提到的，今年到目前為止，我們一半以上的用戶，我們的客戶，都是這種體驗的新客戶，我們認為這種體驗很棒。

So we do think we have sustainably landed the experience and the use case and the brand, and that will continue to benefit us for many years to come.

所以我們確實認為我們已經可持續地獲得了經驗、用例和品牌，這將在未來許多年繼續使我們受益。

How share exactly shakes out when the market moves back or people are going to cities, if things will change -- we're not strong everywhere.

當市場回落或人們去城市時，如果情況會發生變化，市場份額究竟會如何變化——我們並非處處強大。

In terms of Vrbo supply, we are more focused on leisure destinations.

在Vrbo供應方面，我們更專注於休閒目的地。

But we think we have sustainably put Vrbo in the minds of many people and other brands in other parts of the world that are strong, like Stayz in Australia, et cetera, and that is really a powerful long-term benefit for us.

但我們認為，我們已經可持續地將 Vrbo 置於世界其他地區的許多人和其他強大品牌的腦海中，例如澳大利亞的 Stayz 等，這對我們來說確實是一個強大的長期利益。

Great.

偉大的。

And just a quick follow-up.

并快速跟進。

In terms of the new users on to the platform, have those user behavior kind of match those of prior users?

就平台上的新用戶而言，這些用戶行為是否與之前用戶的行為相符？

Or have they been stronger during this time?

還是他們在這段時間變得更強大了？

How should we think about the new cohort?

我們應該如何看待新的隊列？

Yes, I think it's early to say.

是的，我認為現在說還為時過早。

I'd like to tell you that people use Vrbo every 2 weeks, but they tend to need vacation time in the -- in school vacations and other things.

我想告訴你，人們每 2 週使用一次 Vrbo，但他們往往需要假期——在學校假期和其他事情上。

We'll know more as things unfold.

隨著事情的發展，我們會知道更多。

But again, as I said, bookings for next year are already running well ahead of this time last year when there was a lot of pent-up demand for Vrbos already.

但是，正如我所說，明年的預訂已經遠遠超過去年這個時候，當時已經有很多對 Vrbos 的被壓抑的需求。

So I think we are seeing the multiplication effect of adding new successful customers to the experience and piling those things up and people figuring out that they better book next summer, they better book next Christmas, they better book spring break.

所以我認為我們正在看到將新的成功客戶添加到體驗中並將這些東西堆積起來的乘數效應，人們發現他們最好在明年夏天預訂，他們最好在明年聖誕節預訂，他們最好在春假預訂。

And that's really a powerful wheel cycle that works for us.

這真的是一個非常適合我們的強大輪式循環。

So we're really excited that we've added so many happy customers, the experience.

所以我們真的很高興我們增加了這麼多快樂的客戶，體驗。

And we believe there will be tremendous long-term value from that.

我們相信這將帶來巨大的長期價值。

Our next question comes from Doug Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

This is Dae Lee on for Doug Anmuth.

我是 Dae Lee 代替 Doug Anmuth。

I have 2. So first, you talked about improving the user experience a few times in your prepared remarks.

我有 2 個。首先，您在準備好的發言中多次談到了改善用戶體驗。

So I assume combining the loyalty program with all of those.

所以我假設將忠誠度計劃與所有這些結合起來。

But curious to hear where you see the biggest opportunity looking ahead.

但很想听聽您在哪裡看到未來最大的機會。

And then secondly, could you guys talk a little bit about how your book-to-stay window looks like today and how that compares to what you saw earlier in the year and historically?

其次，你們能不能談談你們的預訂到入住窗口今天的樣子，以及與今年早些時候和歷史上看到的情況相比如何？

Sure.

當然。

I'll take the number 1 again and let Eric do number 2. I would say, frankly, we see enormous opportunities across a wide swath of work to improve the customer experience.

我會再次選擇第 1 位，讓 Eric 做第 2 位。坦率地說，我們在廣泛的工作領域看到了巨大的機會來改善客戶體驗。

Some of that is, yes, things like loyalty, things that we can do to enhance what it means to be part of our platform.

是的，其中一些是忠誠度之類的事情，我們可以做些什麼來增強成為我們平台的一部分的意義。

But it's also in the product.

但它也在產品中。

It's also in payments.

它也在付款中。

It's in our CRM relationship with customers, how we give them information, how we reveal and give them discovery and find the right products and the right value at the right time.

這是我們與客戶的 CRM 關係，我們如何向他們提供信息，我們如何揭示並讓他們發現並在正確的時間找到正確的產品和正確的價值。

All of those things are real opportunities and ripe for innovation.

所有這些都是真正的機會，創新的時機已經成熟。

We invented this industry 25 years ago, and I wish we had done more along the way to innovate for the customer.

我們在 25 年前發明了這個行業，我希望我們在為客戶創新的道路上做得更多。

So I feel there's tremendous opportunity ahead for us in virtually everything we do, from service to -- on the product, to how they discover and book multiple products in a trip, to how they get informed about cancellations or delays or other things in the trip and how the app becomes their companion in terms of the experience.

因此，我覺得我們所做的幾乎所有事情都面臨著巨大的機遇，從服務到產品，再到他們如何在一次旅行中發現和預訂多種產品，再到他們如何獲得有關取消或延誤或其他事情的信息。旅行以及該應用程序如何在體驗方面成為他們的伴侶。

We are working across all those fronts and determine to keep bringing innovation to the customer.

我們正在所有這些方面開展工作，並決心不斷為客戶帶來創新。

Every week, month, quarter, for the next many years in a way at a velocity that we haven't done in a long time.

在接下來的許多年裡，每週、每月、每季度都以我們很久沒有做到的速度進行。

And then on the -- to your second question, just on booking windows, we continue to see it revert back and trend towards more of what we would have seen or expected in 2019 though it still is a bit skewed.

然後關於 - 關於你的第二個問題，就預訂窗口而言，我們繼續看到它恢復並趨向於我們在 2019 年看到或預期的更多，儘管它仍然有點傾斜。

So for example, on the hotel side, it continues to be a little bit on the shorter-term side and Vrbo a bit on the longer-term side at the macro level.

因此，例如，在酒店方面，它繼續在短期方面有一點點，而 Vrbo 在宏觀層面上有一點在長期方面。

So still a little bit impacted by COVID and booking patterns but generally trending back to more normal levels.

因此，仍然受到 COVID 和預訂模式的一點影響，但總體上趨於回到更正常的水平。

Our next question comes from Jed Kelly of Oppenheimer & Co.

我們的下一個問題來自奧本海默公司的傑德凱利。

Just what you mentioned on the loyalty program across all the brands.

正是您在所有品牌的忠誠度計劃中提到的內容。

Can you sort of talk about how your tech stack is going to be able to do that and sort of merchandise, say, flights with Vrbo and then developing more of like a vertically integrated tech stack around your loyalty program?

你能談談你的技術棧將如何做到這一點，以及某種商品，比如與 Vrbo 的航班，然後圍繞你的忠誠度計劃開發更多類似垂直整合的技術棧嗎？

Yes.

是的。

I wouldn't describe it quite that way, Jed.

我不會那樣描述它，傑德。

But what -- the way I would think about it is we're building every domain where we -- that we own.

但是，我的想法是，我們正在構建我們擁有的每個領域。

So I think loyalty, checkout, et cetera, to be multi-tenet and to work across our brands and our partners because we have many, many B2B partners.

所以我認為忠誠度、結帳等是多原則的，並且要跨我們的品牌和合作夥伴開展工作，因為我們有很多很多 B2B 合作夥伴。

And in doing so, we enable our brands -- our multiple of brands to live on one stack, to live in one currency if they wish to allow you to burn that -- earn that currency and burn that currency wherever you want.

在這樣做的過程中，我們使我們的品牌——我們的多個品牌能夠生活在一個堆棧上，以一種貨幣生活，如果他們希望允許你燃燒它——賺取這種貨幣並在任何你想要的地方燃燒這種貨幣。

And this is one of the powerful things that we talked about new Vrbo customers coming on the platform.

這是我們談到平台上新的 Vrbo 客戶的強大功能之一。

But imagine when they're not only in the Vrbo product stream and enjoying that, but then they're earning value that they can use across air and other things when they have different travel needs.

但是想像一下，當他們不僅在 Vrbo 產品流中享受它，而且當他們有不同的旅行需求時，他們正在賺取可以在空中和其他事物上使用的價值。

And likewise, the inverse, the Expedia and Hotels.com travelers who might want to rent a Vrbo for a vacation.

同樣，相反，Expedia 和 Hotels.com 旅行者可能想租 Vrbo 度假。

So that expansion of being able to spend across all those brands, that architecture for our technology, which is really building everything we do into multi-tenet, ultimately, having all our -- one app all on one stack and one way -- that doesn't mean we will have separate brands, but they'll run on the same technical infrastructure.

因此，能夠在所有這些品牌上消費的擴展，我們技術的架構，這實際上是將我們所做的一切構建成多原則，最終，讓我們所有的——一個應用程序都在一個堆棧上，以一種方式——並不意味著我們將擁有不同的品牌，但它們將在相同的技術基礎架構上運行。

They'll have their own differentiation for brand, et cetera, or products.

他們將在品牌等方面或產品方面有自己的差異化。

But it's all going to be built for multi-tenant.

但這一切都是為多租戶構建的。

It's all going to be built for us and for our partners.

這一切都是為我們和我們的合作夥伴建造的。

And we have the richest data set really -- travel data set in the world.

我們確實擁有最豐富的數據集——世界上的旅行數據集。

And that data set powers all our machine learning, all our AI and our ability to innovate constantly in terms of what the customer sees, how the partners participate.

該數據集為我們所有的機器學習、我們所有的人工智能以及我們在客戶所見、合作夥伴參與方式方面不斷創新的能力提供支持。

And that's just super powerful once we get it right.

一旦我們做對了，那將是非常強大的。

Now there's a lot of work still to do, but we can see the path now, and we are all aligned on that path.

現在還有很多工作要做，但我們現在可以看到路徑，而且我們都在這條路徑上對齊。

And then any update on where you are in terms of having more Vrbo supply on Brand Expedia?

然後，關於在 Brand Expedia 上提供更多 Vrbo 供應的最新情況？

Yes.

是的。

I mean it's tied up in the same question, Jed, which is we have Vrbo supply on Brand Expedia, but the experience isn't terrific.

我的意思是它與同一個問題有關，Jed，我們在 Brand Expedia 上有 Vrbo 供應，但體驗並不好。

It's a little disjointed for the customer.

這對客戶來說有點脫節。

We can't do everything.

我們不能什麼都做。

This is the -- one of the many things that are the power of bringing these tech stacks together that allow us to seamlessly move content around onto different stacks, make the checkout process seamless, make the servicing seamless.

這是 - 將這些技術堆棧結合在一起的眾多力量之一，使我們能夠無縫地將內容移動到不同的堆棧，使結賬過程無縫，使服務無縫。

They can all feel like it's coming from the right place.

他們都能感覺到它來自正確的地方。

It's not just one piece.

這不僅僅是一件。

It's not just about getting the content up.

這不僅僅是關於獲取內容。

It's got to work all the way through the customer experience because we're in the business of getting and retaining customers, not just getting transactions.

它必須貫穿客戶體驗，因為我們從事的是獲得和留住客戶的業務，而不僅僅是獲得交易。

So that is a process we need to solve end-to-end, and it is more than just what you've historically heard about on, hey, can we get the content on Brand Expedia.

所以這是一個我們需要端到端解決的過程，它不僅僅是你過去聽說過的，嘿，我們能在 Brand Expedia 上獲得內容嗎？

Now we need to do it.

現在我們需要這樣做。

It's a big opportunity.

這是一個很大的機會。

Frankly, it's one of a dozen of equal opportunity, but all of it is enabled by getting the tech, right?

坦率地說，這是一打平等機會之一，但所有這一切都是通過獲得技術來實現的，對吧？

Our next question comes from Andrew Boone of JMP Securities.

我們的下一個問題來自 JMP Securities 的 Andrew Boone。

So with travel coming back and Booking, calling out, leaning into marketing channels yesterday, can you talk about any changes you're seeing to the competitive dynamics within performance marketing?

因此，隨著昨天旅行回歸和預訂、呼喚、轉向營銷渠道，你能談談你在績效營銷中看到的競爭動態的任何變化嗎？

And then question #2 is with -- it sounds like nice progress being made on the technology rebuild kind of restacking.

然後問題 #2 是——聽起來在技術重建類重新堆疊方面取得了不錯的進展。

Can you help us just more tangibly understand what this unlocks?

你能幫助我們更具體地了解這解鎖了什麼嗎？

Do you have any examples that you can call out?

你有什麼可以舉出的例子嗎？

Yes.

是的。

You're on my favorite topic there, Andrew, on the second one, which is there are myriad opportunities.

你是我最喜歡的話題，安德魯，關於第二個話題，那就是有無數的機會。

We have massive opportunities on the CRM front.

我們在 CRM 方面擁有大量機會。

We are not at first adequately and the app is not a seamless product across all our brands, that's a huge opportunity.

我們一開始做得不夠好，而且該應用程序並不是我們所有品牌的無縫產品，這是一個巨大的機會。

The ability to sell multiproduct, which we've been the leader in, in the industry for years, but honestly, it could be so much better at in terms of how our checkout paths work and how we get there.

多年來我們一直處於行業領先地位的多產品銷售能力，但老實說，就我們的結賬路徑如何運作以及我們如何到達那里而言，它可能會做得更好。

So there's -- I mean -- and everything I just said is measured in the billions or tens of billions of GBT opportunity, in my opinion.

因此，我的意思是，在我看來，我剛才所說的一切都是以數十億或數百億的 GBT 機會來衡量的。

So I think they're really all over the place and many of them unlock and enable really big opportunities on the B2B front and our ability to power partners, power our suppliers, et cetera.

所以我認為他們真的無處不在，他們中的許多人在 B2B 方面解鎖並實現了真正的巨大機會，以及我們為合作夥伴、供應商等提供支持的能力。

So it's really -- I could give a dissertation for the next 2 hours on it, if you want to miss the Airbnb call.

所以這真的 - 如果你想錯過 Airbnb 電話，我可以在接下來的 2 小時內寫一篇論文。

But in the meantime, suffice it to say that there are dozens of them around the company, and they are big rocks and big opportunities.

但與此同時，可以說公司周圍有幾十個人，他們是大石頭和大機會。

As far as travel coming back and our friends leaning into marketing, we've kept a pretty consistent model.

就旅行回歸和我們的朋友傾向於營銷而言，我們一直保持著非常一致的模式。

We've leaned into brand marketing.

我們已經轉向品牌營銷。

And frankly, we've been leaned into brand marketing even when maybe our brand marketing could be better and sharper, and that's why we've rebuilt that team.

坦率地說，我們已經傾向於品牌營銷，即使我們的品牌營銷可能會更好、更敏銳，這就是我們重建該團隊的原因。

We're bringing the creative teams in-house now and really going at it in a different way.

我們現在將創意團隊引入內部，並真正以不同的方式進行。

But we expect to be balanced.

但我們希望保持平衡。

We've seen our competitors move around and gyrate a bit.

我們已經看到我們的競爭對手四處走動並稍微旋轉。

We've kind of kept to a balance between brand and performance.

我們一直在品牌和性能之間保持平衡。

We feel like there's opportunity to be more aggressive as our performance marketing machine gets sharper and better and all the tools, right, we're seeing vectors of opportunity that we can lean into.

我們覺得有機會變得更加積極，因為我們的績效營銷機器變得越來越好，所有的工具，正確的，我們看到了我們可以利用的機會向量。

And so we definitely will have opportunities to lean in, and I'm really excited about what our brand teams are going to do.

因此，我們肯定會有機會參與進來，我對我們的品牌團隊將要做的事情感到非常興奮。

Our brand teams are second to none in the industry.

我們的品牌團隊在業內首屈一指。

We will be the best in the industry.

我們將成為行業中的佼佼者。

And our performance marketing is phenomenal, and finally brought together in a way that will be really powerful.

我們的績效營銷是驚人的，最終以一種非常強大的方式匯集在一起。

So I think what that balance is, we'll have to -- as I mentioned, the market's got to normalize.

所以我認為這種平衡是什麼，我們必須——正如我提到的，市場必須正常化。

We don't exactly know yet.

我們還不知道。

But it is a virtuous cycle.

但這是一個良性循環。

And the better our brand marketing is, the better our performance marketing will do.

我們的品牌營銷做得越好，我們的績效營銷就會做得越好。

And we believe strongly in both, and we'll continue to kind of lean in, in a balanced way.

我們堅信兩者，我們將繼續以平衡的方式傾斜。

I think our friends have gyrated a little more than us in and out of some of those things.

我認為我們的朋友在其中一些事情上的進出比我們多一點。

And our penultimate question comes from Brian Fitzgerald of Wells Fargo.

我們的倒數第二個問題來自富國銀行的布賴恩菲茨杰拉德。

Very thorough call.

非常徹底的電話。

We wanted to ask a little more color on the mechanics of the GBT Egencia deal.

我們想就 GBT Egencia 交易的機制詢問更多顏色。

We think Egencia traditionally has gone to market with low air fees and make up for that by making margin on hotels, leveraging the supply footprint.

我們認為 Egencia 傳統上以低機票價格進入市場，並通過利用供應足跡在酒店賺取利潤來彌補這一點。

Just wanted to check on the mechanics and see if the margin there would be comparable to Partner Solutions as a whole or any other color there.

只是想檢查一下機制，看看那裡的利潤率是否可以與合作夥伴解決方案作為一個整體或那裡的任何其他顏色相媲美。

Brian, it's Eric.

布賴恩，是埃里克。

I'll take it.

我要買它。

So thanks for the question.

所以謝謝你的問題。

And I don't mean to be flippant in my response.

我的回答並不是輕率的。

But ultimately, I think you got to ask GBT and Egencia going forward what their ultimate strategy is around how they plan to monetize and develop customer solutions.

但最終，我認為你必須問問 GBT 和 Egencia，他們未來的最終戰略是什麼，圍繞他們計劃如何貨幣化和開發客戶解決方案。

I can say that they plan to run Egencia to be a core part of their offering.

我可以說他們計劃將易信達作為其產品的核心部分來運營。

In fact, they expanded it into some of their existing customer base.

事實上，他們將其擴展到一些現有的客戶群中。

So we see a great opportunity with that relationship that we have.

因此，我們看到了我們擁有的這種關係的巨大機會。

We see a great opportunity in the equity component that we have, and we also see it on the EPS side, not only for the existing Egencia volume but also potentially upside with some of their other volume as well.

我們在我們擁有的股票部分看到了巨大的機會，我們也在 EPS 方面看到了它，不僅是現有的 Egencia 銷量，而且還有一些其他銷量的潛在上升空間。

Yes.

是的。

And I would just add, Brian, that our goal longer term is to continue to export more of our technology to power more of our partners, and we think that is our true advantage.

我只想補充一點，布萊恩，我們的長期目標是繼續出口更多的技術，為更多的合作夥伴提供動力，我們認為這是我們真正的優勢。

And so as a partner, we hope that we find more ways to help Amex GBT monetize their customers better long term and serve their customers better.

因此，作為合作夥伴，我們希望找到更多方法來幫助 Amex GBT 更好地長期從客戶中獲利，並更好地為客戶服務。

We'll do work on it.

我們會努力的。

Our final question comes from Dan Wasiolek of Morningstar.

我們的最後一個問題來自晨星的 Dan Wasiolek。

Just 2. So on the Vrbo booking strength you talked about for summer '22, wondering if you have any comments looking at rate and occupancy, the split between that.

只是 2. 所以關於 Vrbo 預訂強度，你談到了 22 年夏天，想知道你是否有任何關於利率和入住率的評論，以及它們之間的差異。

And then the second one, just direct mix, kind of maybe how that's been trending and how you see that direct mix evolving with the investments you're making in tech structure, Vrbo and loyalty.

然後是第二個，只是直接混合，這可能是一種趨勢，以及你如何看待直接混合隨著你在技術結構、Vrbo 和忠誠度方面的投資而演變。

Yes.

是的。

So I'll kind of take those in reverse, Dan, I think, which is Vrbo has consistently had a very strong direct business.

所以我會把那些倒過來，丹，我想，這是 Vrbo 一直有非常強大的直接業務。

I mentioned our continued investment in brand across the globe, really, on Vrbo or its sister brands.

我提到了我們在全球範圍內對品牌的持續投資，實際上是在 Vrbo 或其姊妹品牌上。

We mentioned, I think, 2 or 3 quarters ago that we got out of -- we got out of performance marketing for Vrbo in the U.S., and it benefited from that with more direct traffic and having felt the effects of it.

我認為，我們在 2 或 3 個季度前提到我們退出了——我們退出了美國 Vrbo 的績效營銷，它從中受益，獲得了更多的直接流量，並感受到了它的影響。

So I think we feel very good about the direct nature of that business.

所以我認為我們對該業務的直接性質感到非常滿意。

As far as how the product will continue to improve, how loyalty will add to it.

至於產品將如何繼續改進，忠誠度將如何增加。

Again, that's just other veins of opportunity for us across our Expedia customer base or Hotels customer base, et cetera.

同樣，這只是我們在 Expedia 客戶群或酒店客戶群等方面的其他機會。

So we want to create the universe of people that want to move between our brands and use them and build value and use that value.

因此，我們希望創造一個希望在我們的品牌之間移動並使用它們並創造價值並使用該價值的人們的世界。

So I think we will continue to see that.

所以我認為我們會繼續看到這一點。

As far as rates and occupancy goes, rates have been -- ADR has been very strong throughout COVID.

就利率和入住率而言，利率一直是——ADR 在整個 COVID 期間一直非常強勁。

There's been a lot of competition for the product, and owners and managers know that, and they have pushed price where they could.

該產品的競爭非常激烈，所有者和管理者都知道這一點，因此他們盡可能地提高了價格。

And so we've seen a lot of price increases, and those have helped.

所以我們看到了很多價格上漲，這些都起到了作用。

There seems to be no abating of those.

這些似乎沒有減弱。

And likewise, occupancy in those compressed markets.

同樣，這些壓縮市場的入住率。

If you want to be on a beach in the Southeast or on a beach in Hawaii at Christmas, good luck, it can't be done.

如果你想在東南部的海灘上或聖誕節在夏威夷的海灘上，祝你好運，這是不可能的。

So we're going to keep seeing that.

所以我們將繼續看到這一點。

I think that's why you're seeing this effect of, okay, I want to get out in front of next summer and get the house I want.

我想這就是為什麼你會看到這種效果，好吧，我想在明年夏天之前離開並得到我想要的房子。

And that's a great -- that's smart for the consumer, and it's great for the business, and it gives us a lot of confidence going into next year that this use case will continue to be highly top of mind for many consumers, and we are well positioned.

這太棒了——這對消費者來說很聰明，對企業也很好，它給了我們很大的信心進入明年，這個用例將繼續成為許多消費者的首要考慮，我們是位置很好。

So with that, I will thank you.

因此，我會感謝你。

Thanks, Dan.

謝謝，丹。

Thanks, everybody.

謝謝大家。

I hope you all stay safe.

我希望你們都安全。

Looking forward to watching travel recover, and feel free to start that corporate travel now that it's safe out there.

期待看到旅行恢復，既然那裡很安全，請隨時開始公司旅行。

Thanks for your time.

謝謝你的時間。

Thanks, everyone.

感謝大家。

Ladies and gentlemen, this concludes today's call.

女士們，先生們，今天的電話會議到此結束。

You may now disconnect your lines.

您現在可以斷開線路。

Have a nice day.

祝你今天過得愉快。