Expedia Group Inc (EXPE) 2021 Q2 法說會逐字稿

Hello, and welcome to the Expedia Group Q2 2021 Earnings Call. My name is Emma, and I will be the operator for today's call. (Operator Instructions)

大家好，歡迎來到 Expedia Group 2021 年第二季度財報電話會議。我叫艾瑪，我是今天電話的接線員。 （操作員說明）

I'll now hand over to SVP and CFO, Retail, Patrick Thompson. Please go ahead.

我現在將交給零售高級副總裁兼首席財務官 Patrick Thompson。請繼續。

Good afternoon, and welcome to Expedia Group's financial results conference call for the second quarter ended June 30, 2021. I'm pleased to be joined on the call today by our CEO, Peter Kern; and our CFO, Eric Hart.

下午好，歡迎參加 Expedia Group 截至 2021 年 6 月 30 日的第二季度財務業績電話會議。我很高興我們的首席執行官 Peter Kern 今天加入電話會議；以及我們的首席財務官 Eric Hart。

The following discussion, including responses to your questions, reflects management's views as of today, August 5, 2021 only. We do not undertake any obligation to update or revise this information. 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. 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.

以下討論，包括對您問題的回答，僅反映了管理層截至 2021 年 8 月 5 日今天的觀點。我們不承擔任何更新或修改這些信息的義務。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。請參閱今天的收益發布和公司向美國證券交易委員會提交的文件，了解可能導致我們的實際結果與這些前瞻性陳述存在重大差異的因素的信息。

You will find reconciliations of non-GAAP measures to the most comparable GAAP measures discussed today in our earnings release, which is posted on the company's Investor Relations website at ir.expediagroup.com. And I encourage you to periodically visit our IR website for other important content.

您會在我們的收益發布中找到非 GAAP 措施與今天討論的最具可比性的 GAAP 措施的對賬，該發布發佈在公司的投資者關係網站 ir.expediagroup.com 上。我鼓勵您定期訪問我們的 IR 網站以獲取其他重要內容。

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

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。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. Good afternoon, everybody, and thank you for joining us today for our Q2 earnings call. I'll be relatively brief. And then Eric will take over, and we'll take some questions.

謝謝，帕特。大家下午好，感謝您今天加入我們的第二季度財報電話會議。我會相對簡短。然後 Eric 將接手，我們將回答一些問題。

I'll open with saying that, in general, Q2 was quite strong and a major improvement on Q1, and we were pleased with the progress we made with particular strength in North America and the U.S. As I've said before, the market has been driven by a lot of COVID-related changes in patterns. Domestic travel has been stronger; VR, stronger, whereas international travel, corporate travel, even big city travel has been relatively muted comparatively. The good news in that is that we find ourselves in a relatively stronger position in the U.S., our largest market and the largest travel market. But in places like APAC where we have a largely international business, that obviously has not responded as quickly.

我首先要說的是，總的來說，第二季度非常強勁，比第一季度有了重大改進，我們對我們在北美和美國取得的特別強勁的進展感到滿意。正如我之前所說，市場已經受到許多與 COVID 相關的模式變化的驅動。國內旅遊更強勁； VR，比較強，而國際遊、公務遊，甚至大城市遊都相對比較冷淡。好消息是，我們發現自己在美國這個我們最大的市場和最大的旅遊市場處於相對有利的地位。但在像亞太地區這樣我們擁有大量國際業務的地方，顯然沒有那麼快做出反應。

So as we look across our performance, there's all those moving parts in the mix. And together, what that delivered in the second quarter was general improvement in the April, May time period and another step up and a significant step up in June, not unlike what we saw in the first quarter with a step up in March. July has been impacted somewhat by Delta -- the Delta variant, and we've seen some backwards movement in July, but in general, still relatively stronger performance compared to earlier parts of COVID.

因此，當我們審視我們的表現時，混合中有所有這些移動部件。總之，第二季度實現的是 4 月、5 月期間的普遍改善，以及 6 月的又一次進步和重大進步，這與我們在第一季度看到的 3 月進步沒有什麼不同。 7 月在一定程度上受到了 Delta 的影響——Delta 的變體，我們在 7 月看到了一些倒退，但總的來說，與 COVID 的早期部分相比，表現仍然相對強勁。

As it pertains to travel patterns, I think it's important to keep in mind that, obviously, we don't know where Delta is going. Places like Australia have had shutdowns. Whereas other parts of the world, including parts for EMEA, things are opening up somewhat more. But there's a lot of unknowns, including in the U.S., and we're starting to see some of that percolate through cancellation rates and more volatility in the numbers.

由於它與旅行模式有關，我認為重要的是要記住，很明顯，我們不知道達美航空的發展方向。澳大利亞等地已經停工。而世界其他地區，包括 EMEA 的部分地區，情況正在變得更加開放。但是有很多未知數，包括在美國，我們開始看到其中一些通過取消率和更多的數字波動來滲透。

I think it's also important to keep in mind that as we move into the fourth quarter, where traditional trends would have had leisure coming off and corporate coming up, et cetera, there remain a bunch of unknowns across the globe in terms of back to school, back to work and how people will travel in this portion of our COVID times.

我認為同樣重要的是要記住，當我們進入第四季度時，傳統趨勢本來是休閒活動結束，企業活動開始等等，但在返校方面，全球仍然存在許多未知數，重返工作崗位，以及人們在 COVID 時代的這一部分將如何出行。

That being said, as we focused on marketing, Q2 was obviously a time of relative strength, and we aggressively pushed into marketing. We saw the opportunity to get in front of the building momentum in travel. And as we've talked about before, we have a long-term goal of building more brand recognition and pushing more into brand marketing, creating longer-term relationships with customers.

話雖如此，當我們專注於營銷時，第二季度顯然是一個相對強勢的時期，我們積極推進營銷。我們看到了走在旅遊發展勢頭前的機會。正如我們之前談到的那樣，我們的長期目標是建立更多的品牌知名度並更多地推動品牌營銷，與客戶建立更長期的關係。

Performance marketing, on the other hand, remained considerably volatile, especially as we've seen cancellation rates more recently growing slightly. So, we were relatively leaned in, in Q2. We expect to be leaned in, in Q3, but with a bias towards brand building for the long-term relationships with customers. And we do believe whenever COVID subsides in a way that gives people real comfort, there's so much pent-up demand that travel will outstrip anything we've really ever seen before around the globe.

另一方面，績效營銷仍然相當不穩定，尤其是我們最近看到取消率略有上升。因此，我們在第二季度相對傾斜。我們預計將在第三季度投入使用，但偏向於與客戶建立長期關係的品牌建設。我們確實相信，每當 COVID 以一種讓人們真正感到舒適的方式消退時，就會有如此多的被壓抑的需求，以至於旅行將超過我們之前在全球範圍內真正見過的任何事物。

And as we move [brand] building, I just want to emphasize that this is an area where we felt there was opportunity to be stronger. Jon Gieselman joined us in middle of the quarter. Jon is a great talent, coming to us from Apple. He is a terrific brand builder. And brand and performance marketing work together. We have to really define and build our brands and I've talked extensively in the past about rationalizing the brands, making them work together and allocating capital appropriately. And we have great confidence in what Jon will bring and has already brought to the organization.

在我們推進 [品牌] 建設時，我只想強調，這是一個我們認為有機會變得更強大的領域。 Jon Gieselman 在本季度中期加入了我們。喬恩是一位偉大的天才，從 Apple 來到我們這裡。他是一個了不起的品牌建設者。品牌和效果營銷一起工作。我們必須真正定義和打造我們的品牌，我過去曾廣泛討論過品牌合理化、讓它們協同工作並適當分配資本。我們對 Jon 將為組織帶來以及已經為組織帶來的東西充滿信心。

Likewise, on the tech side, we brought in a new CTO, Rathi Murthy from Verizon Media. This again, is an emphasis, I've spoken about this several times, but we have to be a technology-first company. And to do that, we need great technology leadership. Rathi brings a world of experience to us. And as we move from our multi-stack, multi-domain enterprise that we've had historically into one platform that can service all our brands and all our business partners, it was really important to have great technical leadership across the organization. So, I won't belabor every technical gain, but we are making real progress. We have plenty of work still to do, but we are feeling quite optimistic about Rathi and the changes that she is bringing.

同樣，在技術方面，我們從 Verizon Media 引進了一位新的首席技術官 Rathi Murthy。這又是一個強調，我已經多次談到這一點，但我們必須成為一家技術第一的公司。為此，我們需要強大的技術領導力。 Rathi 為我們帶來了豐富的經驗。當我們從過去擁有的多堆棧、多領域企業轉變為一個可以為我們所有品牌和所有業務合作夥伴提供服務的平台時，在整個組織中擁有出色的技術領導力非常重要。因此，我不會誇大每一項技術成果，但我們正在取得真正的進步。我們還有很多工作要做，但我們對 Rathi 和她帶來的變化感到非常樂觀。

So in general, as we watch COVID play out, we're focusing really on investing in our technology and people, organizing our brands and out getting capital appropriately among them, simplifying our business and of course, maintaining the rigor we've had around driving margin improvement. And more broadly, we believe that as vaccines continue to roll out across the globe, that will bring greater security, greater comfort and greater willingness to travel, but the road may still be bumpy for a while as we watch all the variants play out and various government responses to them.

所以總的來說，當我們看到 COVID 結束時，我們真正專注於投資我們的技術和人員，組織我們的品牌並從中適當地獲得資金，簡化我們的業務，當然，保持我們一直以來的嚴謹性推動利潤率改善。更廣泛地說，我們相信，隨著疫苗繼續在全球範圍內推廣，這將帶來更大的安全性、更大的舒適度和更大的旅行意願，但隨著我們觀察所有變體的發展，這條路可能在一段時間內仍然崎嶇不平政府對他們的各種回應。

I'll just close by saying we launched today something very important to us that our employees are passionate about, which is a partnership with UNICEF wherein we will drive for every app transaction we have in the company, we will donate to UNICEF to drive vaccination into the developing world. It's clear that not everyone has the access that the Western world has to vaccines, and it's our view that until the world is more fully vaccinated, we really can't expect travel broadly to be back to normal. So we believe in the movement, we believe in the equitable distribution of vaccines, we want to drive that for all the obvious societal benefits and ultimately because it's good for our long-term business goals.

最後我要說的是，我們今天推出了一些對我們來說非常重要的東西，我們的員工對此充滿熱情，這是與聯合國兒童基金會的合作夥伴關係，我們將推動我們在公司進行的每一筆應用程序交易，我們將捐贈給聯合國兒童基金會以推動疫苗接種進入發展中國家。很明顯，並不是每個人都能像西方世界那樣獲得疫苗，我們認為，在全世界接種疫苗之前，我們真的不能指望廣泛的旅行能恢復正常。因此，我們相信這場運動，我們相信疫苗的公平分配，我們希望推動這一運動以獲得所有明顯的社會利益，並最終因為它有利於我們的長期業務目標。

So, with that, I will turn it over to Eric. Thank you.

因此，有了這個，我將把它交給埃里克。謝謝。

Thanks, Peter. In early 2020, I outlined multiple areas of focus, and I wanted to provide updates on them. This is around driving margin expansion through better unit economics. And since that time, we've made significant progress reshaping our cost structure through the fixed and variable cost initiatives we've outlined in detail on previous calls. Another major focus has and will continue to be on simplifying our business to help enable the company to do it faster and also ensure we're focusing on the most attractive opportunities for future growth and profitability. This has included selling or shutting down businesses we viewed as non-core to the business going forward. To put this into perspective, since the beginning of 2020, we have either shut down or sold eight businesses, and these simplification efforts have continued with the sale of Alice last month, which I would point out will have an immaterial impact to our financials.

謝謝，彼得。在 2020 年初，我概述了多個重點領域，我想提供有關它們的更新。這是圍繞通過更好的單位經濟性來推動利潤率擴張。從那時起，我們通過我們在之前的電話會議上詳細概述的固定和可變成本計劃，在重塑成本結構方面取得了重大進展。另一個主要重點已經並將繼續放在簡化我們的業務上，以幫助公司更快地做到這一點，並確保我們專注於未來增長和盈利的最具吸引力的機會。這包括出售或關閉我們認為對未來業務非核心的業務。從這個角度來看，自 2020 年初以來，我們已經關閉或出售了 8 家企業，並且隨著上個月出售 Alice，這些簡化工作仍在繼續，我想指出這對我們的財務狀況影響不大。

In addition, in early May, we announced the binding offer from Amex GBT to acquire our Egencia business. Since then, we have been diligently working through different aspects of the offer, and this week, we officially accepted GBT's offer. Based on where things currently stand, including all relevant regulatory, authorities have cleared the transaction and all relevant employee consultations have been completed, we now anticipate closing the transaction during this year 2021. As a reminder, the deal includes two major pieces we outlined last quarter and remain very excited about. First, we will have a minority position -- ownership position in the combined business. And second, we will also enter into a 10-year lodging supply agreement between Amex GBT and EPS. Finally, this deal further illustrates the continued progress on simplifying our business.

此外，在 5 月初，我們宣布了美國運通 GBT 提出的具有約束力的要約，以收購我們的 Egencia 業務。從那以後，我們一直在努力解決各方面的問題，本週，我們正式接受了GBT的報價。根據目前的情況，包括所有相關監管機構，當局已經批准了交易並且所有相關的員工諮詢都已經完成，我們現在預計將在 2021 年完成交易。提醒一下，該交易包括我們上文概述的兩個主要部分季度，仍然很興奮。首先，我們將擁有少數股權——在合併後的業務中的所有權地位。其次，我們還將與 Amex GBT 和 EPS 簽訂為期 10 年的住宿供應協議。最後，這筆交易進一步說明了我們在簡化業務方面取得的持續進展。

Now shifting to the P&L. On revenue, total revenue was down approximately 33% versus Q2 2019, which was a meaningful improvement from last quarter with revenue down approximately 52%. We saw continued strength from Vrbo and improving trends within our hotel business, while ADRs were effectively up across the board from last quarter. From a geography perspective, on a revenue basis, the U.S. showed meaningful sequential improvement Q2. EMEA revenue also improved and LatAm and APAC revenue remained roughly flat versus Q1.

現在轉向損益表。在收入方面，總收入與 2019 年第二季度相比下降了約 33%，與上一季度相比有了顯著改善，收入下降了約 52%。我們看到 Vrbo 的持續實力和我們酒店業務的改善趨勢，而 ADRs 從上個季度開始全面上升。從地理角度來看，在收入基礎上，美國在第二季度顯示出有意義的環比改善。 EMEA 收入也有所改善，LatAm 和 APAC 收入與第一季度大致持平。

On our cost basis and overhead, we have significantly improved our cost basis versus pre-pandemic levels, which is reflective on the considerable progress we've made on the cost initiatives outlined in detail over the past 18 months or so. While we won't see full benefit in the financials until we return to more normalized business levels, we remain confident in realizing largely all of the fixed and variable cost savings targets by the end of this year. Overhead costs totaled approximately $544 million in Q2, an increase of approximately $40 million versus last quarter, which was in line with our expectations. The increase sequentially was largely a result of the shift in compensation structure from bonus to salary, which took effect April 1, and we outlined on previous calls.

在我們的成本基礎和間接費用方面，與大流行前的水平相比，我們的成本基礎有了顯著改善，這反映了我們在過去 18 個月左右的時間裡詳細概述的成本計劃取得了相當大的進展。雖然在我們恢復到更正常的業務水平之前我們不會看到財務方面的全部好處，但我們仍然有信心在今年年底之前實現大部分固定和可變成本節約目標。第二季度間接費用總計約為 5.44 億美元，比上一季度增加約 4000 萬美元，符合我們的預期。環比增長主要是由於薪酬結構從獎金轉變為工資，該轉變於 4 月 1 日生效，我們在之前的電話會議上進行了概述。

As it relates to sales and marketing, we increased our spend in Q2 driven by signs of a recovery, although total marketing spend was still well below pre-pandemic levels. For Q3, we are balancing investing into the recovery to build our brands with recent softening trends and bookings that we've observed in July that Peter mentioned. The net of all of this is we anticipate that we will further close the gap versus pre-pandemic spend, although it will still be well below Q3 of 2019.

由於與銷售和營銷相關，我們在復蘇跡象的推動下增加了第二季度的支出，儘管營銷總支出仍遠低於大流行前的水平。對於第三季度，我們正在平衡對複甦的投資，以建立我們的品牌與彼得提到的我們在 7 月份觀察到的近期疲軟趨勢和預訂。綜上所述，我們預計我們將進一步縮小與大流行前支出的差距，儘管仍將遠低於 2019 年第三季度。

In total, adjusted EBITDA was $201 million and included a negative contribution from Egencia, which showed some improvement but continued to lag our retail business. We attribute the approximately $260 million of sequential improvement in adjusted EBITDA to typical seasonality as well as the improving trends we've mentioned throughout the call. On the free cash flow, which totaled approximately $2.3 billion in Q2 on a reported basis, excluding the change in restricted cash, which is primarily driven by the change of Vrbo's deferred merchant bookings, free cash flow was approximately $1.8 billion.

總的來說，調整後的 EBITDA 為 2.01 億美元，其中包括來自 Egencia 的負貢獻，這顯示出一些改善，但仍然落後於我們的零售業務。我們將調整後 EBITDA 的大約 2.6 億美元的連續改善歸因於典型的季節性以及我們在整個電話會議中提到的改善趨勢。根據報告，第二季度的自由現金流總額約為 23 億美元，不包括主要由 Vrbo 延期商家預訂的變化驅動的受限現金的變化，自由現金流約為 18 億美元。

Moving on to the capital structure. In terms of the balance sheet, we continue to be investment-grade rated today and would point out that Moody's recently changed our outlook to stable from negative. There is also no change in our financial strategy going forward. We remain committed to delevering back to more historical levels as the recovery continues to progress, while also continuing to look for ways to reduce our cost of capital, with the underlying goal to be in a strong enough position to restart our capital return program to shareholders.

轉向資本結構。在資產負債表方面，我們今天繼續保持投資級評級，並指出穆迪最近將我們的展望從負面調整為穩定。我們未來的財務戰略也沒有改變。隨著復甦的繼續推進，我們仍然致力於去槓桿化以回到更多的歷史水平，同時也在繼續尋找降低資本成本的方法，其基本目標是處於足夠強大的地位以重新啟動我們對股東的資本回報計劃.

In May, given the positive trends we were witnessing combined with the confidence in our liquidity position, we paid down 50% of the preferred stock that we issued in 2020. We have the right to pay off the remaining balance at any time, and we're closely monitoring and intend to pay off when it's prudent to do so. So that's again something that we'll continue to watch over the course of the year and going forward. That said, I remain confident in our liquidity position, which includes approximately $5.5 billion in unrestricted cash as well as $2 billion untapped revolver.

5 月，鑑於我們看到的積極趨勢以及對流動性狀況的信心，我們支付了 2020 年發行的優先股的 50%。我們有權隨時支付剩餘餘額，我們我們正在密切監控，並打算在審慎的情況下獲得回報。所以這又是我們將在今年和未來繼續關注的事情。也就是說，我對我們的流動性狀況仍然充滿信心，其中包括大約 55 億美元的非限制性現金以及 20 億美元的未動用循環。

In closing, we're pleased with the further stabilization of our business in Q2 and remain optimistic about the future of travel, and that it will come back, as Peter mentioned earlier, and will be like something that we haven't quite seen before.

最後，我們對第二季度業務的進一步穩定感到高興，並對旅行的未來保持樂觀，正如彼得之前提到的那樣，它會捲土重來，並且會像我們以前從未見過的那樣.

And with that, Emma, we're ready to take our first question. Emma are you there?

有了這個，艾瑪，我們準備好回答我們的第一個問題。艾瑪你在嗎

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

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

Yes. A couple of questions. Maybe just one for Eric. If I look at the deferred merchant bookings, they're up 25% versus 2019. Reported bookings are down 26% versus 2019. Can you just maybe help us understand the gap there? What is driving the differences in the two numbers? And then I have a quick follow-up, maybe just on the simplification of the business. Are there other opportunities that you see on the horizon to simplify the business further?

是的。幾個問題。也許只是一個給埃里克的。如果我看一下延期的商家預訂，它們比 2019 年增長了 25%。報告的預訂比 2019 年下降了 26%。你能幫我們了解一下那裡的差距嗎？是什麼導致了這兩個數字的差異？然後我有一個快速跟進，也許只是關於簡化業務。您是否看到了進一步簡化業務的其他機會？

How about if I take the first one and, Peter, perhaps you take the second one. So, on the first one, we -- our deferred merchant bookings balance was approximately $8.24 billion as of the end of June. And if you compare to June in the previous year, it was approximately $4.6 billion. There was an increase in what we call the core deferred merchant bookings, which is our more traditional or conventional lodging business, and that reflects, obviously, improvement on our -- I guess, that's compared to 2020.

如果我拿第一個怎麼樣，彼得，也許你拿第二個。因此，在第一個方面，截至 6 月底，我們的延期商家預訂餘額約為 82.4 億美元。如果與去年 6 月相比，則約為 46 億美元。我們稱之為核心延期商家預訂的業務有所增加，這是我們更傳統或傳統的住宿業務，這顯然反映了我們的改進——我想，與 2020 年相比。

So, I think you'll see on the core business that it's largely in line with. Where the real difference is, is coming on the Vrbo side of the business that ultimately -- and remember, that is restricted. So, there's approximately $4.26 billion that's in that deferred merchant bookings for Vrbo, and that just reflects the healthy growth that we've seen in Vrbo that we've talked about a number of times before. But I would say that there's no increased risk, if you will, in that core DMB relative to, I think, where we were in 2019.

所以，我認為你會看到它在很大程度上符合核心業務。真正的區別在於，業務的 Vrbo 方面最終——請記住，這是受限制的。因此，Vrbo 的延期商家預訂中大約有 42.6 億美元，這恰好反映了我們在 Vrbo 中看到的健康增長，我們之前已經多次討論過。但我想說，如果你願意的話，相對於我們在 2019 年的情況，核心 DMB 的風險沒有增加。

Yes. Thanks, Eric, and I'll just add that in terms of continue to simplify, I don't think that we expect many more sales or mergers or those kinds of simplifications. But there continue to be opportunities for us to simplify how we do business. And I think what I referenced about some of our new leadership, the opportunity to simplify how our brands work together, what we're doing on the technology side. We believe we'll continue to unlock opportunity for us, but it's not as simplistic perhaps as a sale of a business or something like that. I don't think we have many of those left.

是的。謝謝，埃里克，我只想補充一點，就繼續簡化而言，我認為我們不會期望有更多的銷售或合併或類似的簡化。但我們仍然有機會簡化我們的業務方式。我認為我提到了我們的一些新領導層，簡化我們品牌合作方式的機會，以及我們在技術方面所做的事情。我們相信我們會繼續為我們釋放機會，但這可能不像出售企業或類似的東西那麼簡單。我認為我們剩下的已經不多了。

Our next question today comes from Kevin Kopelman from Cowen.

我們今天的下一個問題來自 Cowen 的 Kevin Kopelman。

Great. Could you give us a sense of where lodging bookings shook out relative to 2019, both in the second quarter, and then what you're seeing in the Q3 quarter-to-date?

偉大的。您能否讓我們了解一下與 2019 年相比，第二季度的住宿預訂量以及您在第三季度迄今看到的情況？

Yes. So, I'll take it and Eric can add color. Basically, we saw, as I mentioned, a good step function improvement in the second quarter, particularly into June. And we're feeling quite good about that. July started out a little down, and as Delta had -- relative to June, and as Delta has reared its head, we've seen some more volatility and July is sort of in line with the earlier part of the quarter -- of the second quarter.

是的。所以，我會接受它，Eric 可以添加顏色。基本上，正如我所提到的，我們在第二季度看到了階躍函數的良好改進，尤其是進入 6 月。我們對此感覺很好。 7 月開始時略有下降，正如達美航空一樣——相對於 6 月，隨著達美航空抬頭，我們看到了更多的波動，7 月與本季度早些時候的情況基本一致——第二季度。

So hard to tell how the rest of Q3 will shake out. It's been very responsive to the new cycles. But we're obviously optimistic that more openings, talk of the U.S. opening to international vaccinated travel, et cetera, will create more opportunities, particularly, as I mentioned, in the international business, which has been a relative strength of ours. So, June was a high point, July is looking a lot like April and May.

很難說第三季度的其餘部分將如何擺脫困境。它對新周期非常敏感。但我們顯然樂觀地認為，更多的開放，關於美國開放國際疫苗接種旅行等的討論，將創造更多的機會，特別是正如我提到的，在國際業務中，這一直是我們的相對優勢。所以，6 月是一個高點，7 月看起來很像 4 月和 5 月。

Yes. And then in regards to Vrbo in particular, and we're not going to go into the detail, if you will, on the trends in Q2, but as you think about it going forward, the business continues to perform well. We continue to be excited about it. We're seeing terrific consumer engagement. And one of the things that we are seeing is that there continue to be longer booking windows associated with Vrbo. And as we project forward into Q3 and beyond with those longer bookings, our hypothesis is, is that people have been exposed to the category. They've had a great experience. They're looking to book again. They also saw compression that was occurring, particularly during the summer. So, people are going in and reserving the house that they want for, whether it's the holiday season or even into next year as well.

是的。然後特別是關於 Vrbo，如果你願意的話，我們不會詳細介紹第二季度的趨勢，但是當你考慮它的未來時，業務繼續表現良好。我們繼續對此感到興奮。我們看到了極好的消費者參與度。我們看到的一件事是，與 Vrbo 相關的預訂窗口繼續延長。當我們預測第三季度及以後的預訂時間更長時，我們的假設是，人們已經接觸過該類別。他們有很棒的經歷。他們希望再次預訂。他們還看到了正在發生的壓縮，尤其是在夏季。因此，無論是假期還是明年，人們都會進去預訂他們想要的房子。

So again, time will tell in Q3 and Q4 going forward what seasonality looks like in the state of the world that we're in, but we continue to see some really interesting trends from longer date of bookings for Vrbo.

因此，時間將在第三季度和第四季度再次說明我們所處世界的季節性情況，但我們繼續從 Vrbo 的更長預訂日期中看到一些非常有趣的趨勢。

Our next question today comes from Mark Mahaney from Evercore ISI.

我們今天的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Okay. Maybe I'll try two. One, I just want to ask, just a numbers question. Sales and marketing as a percentage of revenue, and I know this is a shortcut, but it was higher in the June quarter than we've seen in quite some time. I think it was the highest we've seen in the June quarter in several years. I know you've gone through a lot of efficiencies. I think, Peter, I think the expression you used was volatility in performance marketing. So just talk about how illustrative the June quarter was in terms of the optimization that you want out of your brand and performance marketing spend. You look at that number and you say, well, that's the opportunity and -- or do those -- do that level of sales and marketing spend come in largely as you had expected?

好的。也許我會嘗試兩個。第一，我只想問，只是一個數字問題。銷售和營銷佔收入的百分比，我知道這是一條捷徑，但在 6 月這個季度，它比我們很長一段時間以來看到的要高。我認為這是幾年來我們在 6 月季度看到的最高水平。我知道你已經經歷了很多效率。我認為，彼得，我認為你使用的表達方式是績效營銷的波動性。因此，請談談 6 月季度在您希望從品牌和績效營銷支出中進行優化方面的說明。你看看那個數字，你會說，好吧，那是機會，而且 - 或者說那些 - 銷售和營銷支出的水平是否基本符合你的預期？

Yes. I think -- sorry, go ahead.

是的。我想——抱歉，請繼續。

Yes. Peter, maybe I'll just give a little bit of context. I think one of the things to keep in mind, Mark, is that remember that our revenue is on a stayed basis and oftentimes our marketing spend is generating bookings that we're not going to get revenue for until another period, if you will. And as I just talked about on the Vrbo side, we're continuing to see very long booking windows as a higher mix of our overall transactions. So it is quite -- and we're seeing other shifts in booking windows across different products as well. And so being able to compare quarter-over-quarter to, again, historical quarters, it is quite difficult. So I just caution you that, that simplified form that you admittedly said was simplified, we have to be a little careful of that because of those booking windows looking around and the difference between marketing spend, booking and stay days.

是的。彼得，也許我會提供一些背景信息。馬克，我認為要記住的一件事是，記住我們的收入是穩定的，而且我們的營銷支出通常會產生預訂，如果你願意的話，我們要等到另一個時期才能獲得收入。正如我剛才在 Vrbo 方面談到的那樣，我們繼續看到非常長的預訂窗口是我們整體交易的更高組合。所以這是相當的 - 我們也看到不同產品的預訂窗口發生了其他變化。因此，再次將季度與歷史季度進行比較是非常困難的。所以我只是提醒你，你承認說的簡化形式是簡化的，我們必須小心一點，因為那些預訂窗口環顧四周，以及營銷支出、預訂和停留天數之間的差異。

Fair enough. And then the second question has to do with -- go ahead, please.

很公平。然後第二個問題與 - 請繼續。

No, no, go ahead. Go ahead, Mark.

不，不，繼續。來吧，馬克。

The second question has to do with brands. And you still have this stable of brands and you talk about different strengths in different regions, and you talked a little bit about Vrbo. What about some of the other brands? And would you call out ones that you think are doing -- in this environment are doing particularly well and those that seem most challenged from a -- just comment on the business just from a brand perspective and the brands other than Vrbo?

第二個問題與品牌有關。你仍然擁有這個穩定的品牌，你談到了不同地區的不同優勢，你談到了一點 Vrbo。其他一些品牌怎麼樣？你會說出你認為正在做的事情——在這種環境下做得特別好，而那些似乎面臨最大挑戰的人——只是從品牌角度和 Vrbo 以外的品牌對業務發表評論嗎？

Sure. I think broadly, the brands are acting within a range, I would say, of performance. But we have seen, as I've mentioned, I think, before, opportunities, for example, in Australia, where our local brand, Wotif, and our local VR brand have performed very well because they had a domestic travel bias in that market and therefore, in a world where there was much more domestic travel, we leaned into those brands relative to leaning into, let's say, Expedia brand, which has more international appeal or an international travel appeal.

當然。我認為，從廣義上講，這些品牌的行為在一定範圍內，我會說，表現。但正如我之前提到的，我認為我們已經看到了機會，例如在澳大利亞，我們的本地品牌 Wotif 和我們的本地 VR 品牌在該市場表現非常好，因為他們在該市場偏向國內旅遊因此，在一個國內旅行更多的世界裡，我們傾向於這些品牌，而不是傾向於 Expedia 品牌，後者俱有更多的國際吸引力或國際旅遊吸引力。

So we've seen regional moves like that. I think broadly, though, and you see some reactions and we believe Hotels.com has a slightly higher percentage of unmanaged corporate travel within it. And of course, corporate travel has been greatly reduced during COVID. So we're seeing some movements like that. But I would say, broadly, the brands have performed within a range of one another. We are doing a lot of work to figure out long term how we want the brands to work together as a family of brands rather than as competitors. I've mentioned some of that within performance marketing, but I think you'll see that broadly across the enterprise as Jon and the team get to rationalizing how those -- how we can make those brands all additive to one another as opposed to competitive.

所以我們已經看到了這樣的區域性舉措。不過，我認為從廣義上講，你會看到一些反應，我們認為 Hotels.com 中未管理的公司旅行所佔的比例略高。當然，在 COVID 期間，公司差旅已大大減少。所以我們看到了一些這樣的動作。但我想說，從廣義上講，這些品牌的表現在一定範圍內。我們正在做很多工作來弄清楚我們希望品牌如何作為一個品牌家族而不是競爭對手一起合作。我已經在績效營銷中提到了其中的一些內容，但我認為隨著喬恩和團隊開始合理化這些——我們如何使這些品牌相互補充而不是競爭，你會在整個企業中廣泛地看到這一點.

And we are continuing to market, again, fairly aggressively behind the brand spend. And my comment about the volatility in performance marketing is just to say there continues to be a lot of risk in getting over your SKUs in performance marketing because of the volatility and cancellation rates, shutdowns, other things. So on balance, we are slightly more biased towards brand building. And yes, this is a time where we feel, for the reasons I said, that travel is going -- when it can rebound fully, it is going to be extremely robust, and this is not a time where we want to be quiet in the market.

我們將繼續在品牌支出的背後相當積極地進行營銷。我對績效營銷的波動性的評論只是說，由於波動性和取消率、停工等因素，在績效營銷中超越你的 SKU 仍然存在很大的風險。所以綜合來說，我們稍微偏向於品牌建設。是的，由於我說過的原因，這是一個我們覺得旅行正在發生的時代——當它可以完全反彈時，它將非常強勁，這不是我們想要安靜的時候市場。

So we are doing lots of things, including our recent move to support UNICEF, et cetera, to get in line with our customer base, get them invested in our brands and in the relationship and drive that for when the future comes pouring in. And while that is volatile, and we don't exactly know when that will be, we know it's coming. So we want to make sure we're there for it.

因此，我們正在做很多事情，包括我們最近採取行動支持聯合國兒童基金會等，以與我們的客戶群保持一致，讓他們投資於我們的品牌和關係，並在未來湧入時推動這一點。和雖然這是不穩定的，而且我們不確切知道那會是什麼時候，但我們知道它即將到來。所以我們想確保我們在那裡。

Our next question today comes from Deepak Mathivanan from Wolfe.

我們今天的下一個問題來自 Wolfe 的 Deepak Mathivanan。

Great. Just a couple of ones. So first, Eric, can you help us think about take rates and booking window dynamic for the second half? With all the moving pieces, it's a little bit of a challenge to kind of translate bookings to revenues. Any additional color that you can provide there on take rates and booking windows, based on what you're seeing in July, would be great.

偉大的。只有幾個。那麼首先，埃里克，你能幫我們考慮一下下半年的收費率和預訂窗口動態嗎？對於所有移動的部分，將預訂轉化為收入有點挑戰。根據您在 7 月份看到的情況，您可以在費率和預訂窗口中提供任何其他顏色，這將是很棒的。

And then the second question, can you talk about the supply acquisition campaigns on the Vrbo side? How has supply side generally has been at Vrbo? And how should we think about the benefit of this translating into bookings maybe in the back half and then also into next year?

然後是第二個問題，你能談談 Vrbo 方面的供應採購活動嗎？ Vrbo 的供應方一般情況如何？我們應該如何考慮這可能會在下半年和明年轉化為預訂的好處？

Yes. Thanks for the question. Listen, I understand your question on the first part when it comes to take rates and booking windows, and it's something that we -- causes a lot of work and volatility, if you will, in our assessment on our side as well. And I would love to be able to give you more granular responses on what that projection would look like into Q3 and beyond. But truth be told that things are just moving around quite a bit when it comes to those booking windows.

是的。謝謝你的問題。聽著，我理解你在第一部分提出的關於利率和預訂窗口的問題，這是我們 - 如果你願意的話，在我們這邊的評估中也會造成大量的工作和波動。我很樂意能夠就第三季度及以後的預測情況向您提供更詳細的答复。但說實話，當涉及到這些預訂窗口時，事情就發生了很大變化。

And then from a take rate standpoint, it's really going to depend on those mix. And as Peter and I both mentioned, Vrbo continues to be strong. We've seen conventional hotels come back. Sequentially, we've seen that in air. We continue to see that in car, which has been quite strong as well and has a nice take rates associated with it. And again, we'll kind of stop there, but you get the point through the various products. And so between a combination...

然後從採用率的角度來看，這真的取決於這些組合。正如彼得和我都提到的那樣，Vrbo 仍然很強大。我們已經看到傳統酒店捲土重來。隨後，我們已經在空中看到了這一點。我們繼續在汽車中看到這一點，它也非常強勁，並且有一個與之相關的不錯的接受率。再說一次，我們會就此打住，但您可以通過各種產品了解重點。所以在組合之間...

I don't know what happened there. Apologies. I think Eric cut out on us. Hopefully, you can still hear me. I'll just finish by saying where he was going is the combination of mix has been really different during COVID. So it's a hard thing to tie back to historic levels. Air and other things are down more considerably than lodging, car, et cetera. So it's a little hard to give you much guidance there, except to say we expect to see continued mix shift during this somewhat COVID period we are in, but we also believe that over time, and broadly, everything will revert to the mean in terms of mix, and we should see more predictable take rates in that period.

我不知道那裡發生了什麼。道歉。我認為 Eric 與我們脫節了。希望你還能聽到我的聲音。最後我要說他要去的地方是在 COVID 期間混合的組合真的很不同。所以很難回到歷史水平。與住宿、汽車等相比，空氣和其他東西的下降幅度更大。因此，很難在那裡給你很多指導，除了說我們希望在我們所處的這個有點 COVID 的時期看到持續的混合轉變，但我們也相信隨著時間的推移，從廣義上講，一切都會恢復到均值的混合，我們應該看到那個時期更可預測的採用率。

Okay. And then the second one on supply acquisition campaigns related to Vrbo, can you talk a little bit about that?

好的。然後是關於與 Vrbo 相關的供應採購活動的第二個，你能談談嗎？

Yes. Sorry about that. Yes. We have been focused -- I think we said it last quarter, but we've -- our principal focus has been on compressed markets, and we've seen good growth there and good additions. And when we can add inventory there. We see very good return on that effort. We have not gone to sort of a broad global, return to everywhere acquisition strategy because we just don't think it's a prudent use of resources and so many places are still closed down, but we are taking a much more targeted approach. And as the world opens up, I think you'll see us expand those targets. But in general, when we've been able to add inventory, again, focused on compressed areas, that has been quite productive for us.

是的。對於那個很抱歉。是的。我們一直專注於——我想我們上個季度說過，但我們——我們的主要重點是壓縮市場，我們已經看到那裡的良好增長和良好的增長。以及我們何時可以在那裡添加庫存。我們看到了這項努力的良好回報。我們還沒有採取某種廣泛的全球性、回歸無處不在的收購戰略，因為我們認為這不是對資源的審慎使用，而且很多地方仍然關閉，但我們正在採取更有針對性的方法。隨著世界的開放，我想你會看到我們擴大這些目標。但總的來說，當我們能夠再次增加庫存時，專注於壓縮區域，這對我們來說非常有成效。

Our next question today comes from Justin Post from Bank of America.

我們今天的下一個問題來自美國銀行的 Justin Post。

Great. I think we're all trying to figure out what your earnings could look like on the other side of this. And so market share is important. People are going to compare. You're down 26% bookings versus 19% to booking, which is in the low double digits. So just wondering if you can help us understand how you think about market share in your core U.S. and Europe markets right now. And second, maybe you could explain some of the differences, maybe your percent of air bookings or how much of your bookings are international versus domestic?

偉大的。我想我們都在努力弄清楚你的收入在這方面的另一面會是什麼樣子。因此，市場份額很重要。人們會比較。您的預訂量下降了 26%，而預訂量下降了 19%，下降了兩位數。所以只是想知道您是否可以幫助我們了解您現在如何看待核心美國和歐洲市場的市場份額。其次，也許你可以解釋一些差異，也許你的航空預訂百分比或你的國際預訂與國內預訂有多少？

Yes. Thanks for the question, Justin. And I'll just say, so a couple of things to think about there. First of all, as I mentioned, broadly, when you look at conventional lodging plus VR, we believe our position is stronger in the U.S. than pre-COVID. But again, that's not the same for all markets. And if you look at a market like EMEA, which came back strong over the summer and came back principally in domestic, that obviously favors some of the other players. And our business in places like EMEA and APAC, as I mentioned, are more international focused. Now that goes to airlift as well because we're very good at delivering long-haul air, which has been virtually nonexistent during the COVID period.

是的。謝謝你的問題，賈斯汀。我只想說，有幾件事需要考慮。首先，正如我提到的，從廣義上講，當您查看傳統住宿加 VR 時，我們相信我們在美國的地位比 COVID 之前更強。但同樣，並非所有市場都一樣。如果你看看像歐洲、中東和非洲這樣的市場，它在夏季強勢回歸併且主要在國內回歸，這顯然有利於其他一些參與者。正如我提到的，我們在 EMEA 和 APAC 等地的業務更加國際化。現在這也適用於空運，因為我們非常擅長提供長途航空，這在 COVID 期間幾乎不存在。

So you've seen, again, a bunch of these principles at play where we benefited from some, others who have benefited from others. And we generally believe that international will be the next major thing to open up, and that favors our position in many of those markets. And we will see that rebound through that side of our business and through air and all the pieces that are attached to that. But that's really what's going on in market share. More than anything is this domestic versus international exercise.

所以你又一次看到了這些原則在發揮作用，我們從一些原則中受益，其他人也從其他原則中受益。我們普遍認為，國際市場將是下一個要開放的重要領域，這有利於我們在其中許多市場中的地位。我們將看到通過我們業務的這一方面和空氣以及與之相關的所有部分的反彈。但這就是市場份額的真實情況。最重要的是這場國內與國際的較量。

There's also more bookings into small markets as people have stayed domestic and gone to the equivalent in the U.S. of the small motel near a national park, et cetera. That has not been a traditional strength of ours. We have been better in big cities. Big cities have lagged somewhat, New York, San Francisco, et cetera, Paris, London. So those factors are all at play. And I would just say that there's been a lot of activity at the lower end of the market because of the domestic thing, and that's been driving a lot of room nights, but not necessarily a lot of dollars. So you're seeing shifts like that.

隨著人們留在國內並前往美國國家公園附近的小型汽車旅館等地，小型市場的預訂也越來越多。這不是我們的傳統優勢。我們在大城市做得更好。紐約、舊金山、巴黎、倫敦等大城市有些落後。所以這些因素都在起作用。我只想說，由於國內的原因，低端市場有很多活動，這帶來了很多間夜，但不一定是很多美元。所以你看到了這樣的轉變。

We feel pretty good about our position definitely in the U.S. We'd obviously love to be strong in all dimensions of our game across the globe. But we think, again, that most of this reverts to the mean over time. And as it does, we will benefit from the return of international travel significantly where in many places in the world, that is the biggest part of our business.

我們對我們在美國的地位感到非常滿意。我們顯然希望在全球遊戲的各個方面都表現出色。但我們再次認為，隨著時間的推移，其中大部分會恢復到均值。與此同時，我們將從國際旅行的回歸中受益，在世界許多地方，這是我們業務的最大部分。

Great. And maybe one follow-up. Have you disclosed ever how much air bookings were as a percent in 2019?

偉大的。也許還有一個後續行動。您是否披露過 2019 年的機票預訂量百分比？

No, no. This is Eric. Am I back? Can I get a thumbs up?

不，不。這是埃里克。我回來了嗎我可以豎起大拇指嗎？

Yes, you are. Yes. Yes.

是的，你是。是的。是的。

No, we've not broken that into detail at this point.

不，我們目前還沒有將其分解為細節。

Our next call today comes from Brian Nowak from Morgan Stanley.

我們今天的下一個電話來自摩根士丹利的布賴恩諾瓦克。

I have two. Just to go back a little bit, kind of drill into the U.S. Can you just help us better understand where your U.S. lodging business, excluding Vrbo is now versus 2019? And then secondly, kind of again focusing on the U.S. ex-Vrbo and lodging. What can you sort of tell us about the customer dynamics? Are you -- is it mostly existing customers? Talk about contribution from new people you're bringing into the platform? What has sort of driven the growth of the core lodging business in the U.S. ex-Vrbo so far?

我有兩個。稍微回顧一下，深入了解美國。您能否幫助我們更好地了解您的美國住宿業務（不包括 Vrbo）與 2019 年相比的情況？其次，再次關注美國前 Vrbo 和住宿。關於客戶動態，您能告訴我們什麼？您是——主要是現有客戶嗎？談談您為平台帶來的新人的貢獻？到目前為止，是什麼推動了美國前 Vrbo 核心住宿業務的增長？

Yes.

是的。

Perhaps I'll take the front end of that. Peter, if you want to take the back end of it. I understand the part of trying to parse Vrbo and the conventional lodging, we're not going to go into detail on it at this time. On the Vrbo side, I think you've heard us a couple of times anyways, continue to see -- we're seeing nice performance. We continue to gain share in our primary markets in that business and feel really good about it.

也許我會把它放在前端。彼得，如果你想接受它的後端。我理解嘗試解析 Vrbo 和傳統住宿的部分，我們現在不打算詳細介紹它。在 Vrbo 方面，我想你已經聽過我們幾次了，繼續看——我們看到了不錯的表現。我們繼續在該業務的主要市場中獲得份額，並且對此感覺非常好。

And on the conventional lodging side, we have seen continued improvement each month of Q2. We've seen a bit of a softening in July. But again, at this time, we're not going to go into detail on the breakdown between those two. But net-net of both of those is how we feel good about where we are and the recovery that we're seeing during the quarter.

在傳統住宿方面，我們看到第二季度每個月都在持續改善。我們在 7 月份看到了一些軟化。但同樣，在這個時候，我們不打算詳細討論這兩者之間的細分。但是，這兩者的淨值是我們對我們所處的位置以及我們在本季度看到的複蘇感到滿意的方式。

Yes. And I'll just go into the customer dynamics a little bit here, Brian, which is to say, I think during COVID broadly as everybody was marketing somewhat less, we saw a lot of direct business. We all -- we're happy about that, but it's more of a function of not going out and searching the market unless we let people out in the market searching. I think as it has rebounded, it's headed more towards usual norms. But again, we've been perhaps somewhat more conservative on the performance marketing side because we -- with cancellation rates so high and other factors going on and closures, et cetera. It's easy to spend a lot on performance marketing and not get the return because people don't end up traveling.

是的。布賴恩，我只是在這裡稍微談談客戶動態，也就是說，我認為在 COVID 期間，由於每個人的營銷都少了一些，我們看到了很多直接業務。我們所有人 - 我們對此感到高興，但這更多的是不出去搜索市場的功能，除非我們讓人們進入市場搜索。我認為隨著它的反彈，它更接近於通常的規範。但同樣，我們在績效營銷方面可能更加保守，因為我們 - 取消率如此之高以及其他因素正在發生和關閉等等。很容易在績效營銷上花費很多而得不到回報，因為人們最終不會去旅行。

So we are seeing, I would say, a mix relatively towards existing customers. I think that's what you see across the industry. It's why app usage is up and other things are growing. But again, I think as the market is rebounding and more people are out in the market searching, you'll start to see us get back to more normal relationship between old and new.

因此，我想說，我們看到的是相對於現有客戶的組合。我認為這就是你在整個行業看到的情況。這就是為什麼應用程序使用率上升而其他因素在增長的原因。但同樣，我認為隨著市場反彈，越來越多的人在市場上尋找，你會開始看到我們恢復到新舊之間更正常的關係。

Now I will say, a big part of our focus as an enterprise is to create longer-term relationships and greater lifetime value and stickiness and love for our brands with our customers. That involves many things. Obviously, on the marketing side, on the product side, on the service side, all things we're focused on improving. So that sort of 360 kind of enterprise effort, but we do intend and we do plan to build those customer relationships in a different way, we hope than historically, where we've all had to go fishing in the Google pond or whatever, and that was the only place to find their business. So we're hoping to change those dynamics over time. But we have been -- we have seen, in general during COVID, a greater performance from existing customers.

現在我要說的是，作為一家企業，我們關注的很大一部分是與客戶建立長期關係和更大的終生價值以及對我們品牌的粘性和熱愛。這涉及到很多事情。顯然，在營銷方面，在產品方面，在服務方面，我們都專注於改進所有方面。所以那種 360 度的企業努力，但我們確實打算並且我們確實計劃以不同的方式建立這些客戶關係，我們希望與歷史上不同，我們都不得不去谷歌池塘或其他地方釣魚，並且那是找到他們生意的唯一地方。所以我們希望隨著時間的推移改變這些動態。但我們已經——我們已經看到，總的來說，在 COVID 期間，現有客戶的表現更好。

Got it. And just to go back to Eric's -- that's really helpful. Just going back to Eric's answer. So the bit of softening in July, is that more pronounced on the traditional lodging side than it is the Vrbo side? Or is it sort of evenly spread between the product sets?

知道了。只是回到埃里克的 - 這真的很有幫助。回到埃里克的回答。那麼 7 月份的軟化在傳統住宿方面是否比在 Vrbo 方面更明顯？還是在產品集之間均勻分佈？

Yes. I think we're seeing it largely across even expanded beyond the lodging across all of the product types and whether that persists or not, TBD.

是的。我認為我們看到它在很大程度上跨越甚至擴展到所有產品類型的住宿之外，無論這種情況是否持續存在，待定。

Our next question today comes from Stephen Ju from Credit Suisse.

我們今天的下一個問題來自瑞士信貸的 Stephen Ju。

Okay. So Peter, I think you wanted to talk about potential permanent changes to consumer behavior. I think vacation rentals versus hotel is fairly well understood. But are you noticing any change in terms of folks favoring agency versus merchant because I'm sure they probably learned last year, they're paying ahead of time and trying to get refunds later on. It's probably something that they probably don't want to do again. So are there kind of, hence, sort of meaningful differences in the conversion rate between the two types of transactions you can call out? And does that positively or negatively influence your customer acquisition strategies going forward?

好的。所以彼得，我想你想談談消費者行為的潛在永久性變化。我認為假期租賃與酒店的比較是很容易理解的。但是你是否注意到人們更喜歡代理而不是商家的任何變化，因為我相信他們可能在去年了解到，他們提前付款並試圖在以後獲得退款。這可能是他們可能不想再做的事情。因此，您可以調用的兩種類型的交易之間的轉換率是否存在某種有意義的差異？這會對您未來的客戶獲取策略產生積極還是消極的影響？

Yes. Stephen -- go ahead.

是的。斯蒂芬——繼續。

Yes. I'll take the front end of that as well. I would think about it less about merchant and agency that we have seen continued. I think we talked about this a couple of quarters ago, waiting to the agency side of the business as consumers want more flexibility. But ultimately, what they're looking for is that flexibility. So it's more of nonrefundables -- or sorry, refundables is what they're looking for, given the uncertainty in the environment.

是的。我也會把它放在前端。對於我們看到的繼續存在的商人和代理，我會更少地考慮它。我想我們在幾個季度前討論過這個問題，等待業務的代理方面，因為消費者想要更多的靈活性。但最終，他們尋求的是這種靈活性。所以更多的是不可退款——或者抱歉，考慮到環境的不確定性，可退款是他們正在尋找的東西。

And here, feel free to add, but that hasn't necessarily changed our customer acquisition strategy, our sort strategy or whatever else. In the end, we're a marketplace running a travel company, and our job here is to meet with customers and what they're looking for, that meets the needs and the use cases that they have, and we'll continue to do that. But as I said on the front end, there is continued waiting to the refundable side and the agency side.

在這裡，請隨意添加，但這並不一定會改變我們的客戶獲取策略、我們的分類策略或其他任何策略。最後，我們是一個經營旅遊公司的市場，我們在這裡的工作是會見客戶以及他們正在尋找的東西，滿足他們的需求和用例，我們將繼續做那。但是正如我在前端所說的那樣，退還方和代理方仍在繼續等待。

Yes. And I would just add, Stephen, that we're not trying to drive -- as Eric said, we're not trying to drive the customer to any particular outcome. We provide choice by and large, and we let the customers do what they want. There has been a relative bias during COVID for pay later, as you say, perhaps just a greater sense of security around the idea. But there's nothing that I think suggests that that's necessarily a permanent thing. I don't think we know enough yet and we'll see as we come out of COVID. But certainly, we've seen merchant rebound considerably and that may well persist.

是的。我只想補充一點，斯蒂芬，我們並不是要推動——正如埃里克所說，我們不是要推動客戶取得任何特定結果。我們大體上提供選擇，我們讓客戶做他們想做的事。正如你所說，在 COVID 期間，人們對以後的薪酬存在相對偏見，也許只是圍繞這個想法有了更大的安全感。但我認為沒有任何跡象表明這一定是永久性的。我認為我們還不夠了解，等我們走出 COVID 時就會看到。但可以肯定的是，我們已經看到商家大幅反彈，而且這種情況很可能會持續下去。

Our next question today comes from Mario Lu from Barclays.

我們今天的下一個問題來自巴克萊銀行的 Mario Lu。

Great. I have two on ADRs. They're up 21% this quarter year-on-year, I believe, 22% versus 2019 levels. So any further breakdown you can provide in terms of this growth, whether it's deal mix, organic rate increases or shift to Vrbo? And how sustainable do you think this is for the back half of the year?

偉大的。我有兩個 ADR。他們本季度同比增長 21%，我相信，與 2019 年的水平相比增長 22%。因此，您可以就這種增長提供任何進一步的細分，無論是交易組合、有機利率增長還是轉向 Vrbo？您認為這在今年下半年的可持續性如何？

Yes. Peter, I'll take that one. Thanks for the question. And I think the 3 categories that you laid out, the answer is yes, yes and yes. So it is a geo mix into the U.S. It's a mix into Vrbo, which typically has higher ADRs as well. And then we're seeing for core ADRs increase in some products more than others. So a bit more color there. On the Vrbo and car side, I would say, in particular, I have seen meaningful increases in their ADRs, whereas air has started to recover, but clearly not to the extent of those other two and would say the same for conventional lodging as sort of somewhere in between, let's say, higher than air, but not to the Vrbo and car side.

是的。彼得，我要那個。謝謝你的問題。我認為你列出的 3 個類別，答案是肯定的，是的，是的。所以它是美國的地理組合。它是 Vrbo 的組合，通常也有更高的 ADR。然後我們看到某些產品的核心 ADR 增長超過其他產品。所以那裡有更多的顏色。在 Vrbo 和汽車方面，我特別要說的是，我看到他們的 ADR 顯著增加，而空氣已經開始恢復，但顯然沒有達到其他兩個的程度，並且對於傳統住宿來說也是如此介於兩者之間，比方說，比空氣高，但不在 Vrbo 和汽車一側。

Projecting forward, we are, as I mentioned earlier, on the Vrbo side, for instance, continue to see bookings with those long booking windows. And if you end up with any kind of supply compression and/or that, that's what customers are comfortable traveling with. And again, as I mentioned earlier, I think people have really enjoyed that product experience. You can continue to expect that -- it's very possible to expect that you would see that in Vrbo going forward.

展望未來，正如我之前提到的，我們在 Vrbo 方面，例如，繼續看到那些長預訂窗口的預訂。而且，如果您最終遇到任何類型的供應壓縮和/或那樣，這就是客戶旅行時會感到舒服的情況。而且，正如我之前提到的，我認為人們真的很享受這種產品體驗。你可以繼續期待——很有可能你會在 Vrbo 中看到這一點。

On the car side, listen, they got a supply issue. I think that's been discussed in various forms before, and that's going to take some time to work through. But how much demand remains for car as we get out of the summer season is a bit TBD. And as -- generally, presuming that July is a bit of an anomaly, if things start to recover again, I think you would continue to see ADR increases or healthy levels, if you will, going forward. So again, I'm not going to get into specific. I'm trying to predict where exactly those are going to land, but that gives you a sense of the trends that we're seeing across the different products.

在汽車方面，聽著，他們遇到了供應問題。我認為之前已經以各種形式對此進行了討論，這需要一些時間才能完成。但是，隨著夏季的結束，對汽車的需求還有多少尚待確定。而且——一般來說，假設 7 月有點反常，如果情況再次開始恢復，我認為你會繼續看到 ADR 增加或健康水平，如果你願意的話。再說一遍，我不打算具體說明。我正在嘗試預測這些產品的確切位置，但這可以讓您了解我們在不同產品中看到的趨勢。

Our next question today comes from Jed Kelly from Oppenheimer.

我們今天的下一個問題來自奧本海默的傑德凱利。

Great. Two, if I may. Just can you give us an update on the Vrbo integration with Brand Expedia? How is that trending? And how are you trying to think about that ahead of the winter? And then as you kind of look out in terms of like the international travel recovery, I mean, has your thoughts changed and you even see countries like Iceland and Israel that are really highly vaccinated dealing with higher spikes, higher case counts? How is like the change in the interim? How do you view the international recovery, if it looks like we're going to have changing -- a multitude of different government policies towards COVID?

偉大的。兩個，如果可以的話。您能否向我們介紹一下 Vrbo 與 Brand Expedia 集成的最新情況？趨勢如何？你打算如何在冬天到來之前考慮這個問題？然後，當您關注國際旅行複蘇時，我的意思是，您的想法是否改變了，您甚至看到像冰島和以色列這樣的疫苗接種率很高的國家應對更高的峰值、更高的病例數？這期間的變化怎麼樣？你如何看待國際復甦，如果看起來我們要改變——針對 COVID 的大量不同政府政策？

Yes. Thanks, Jed. I think I'll do your second one first. It's frustrating and confusing and complicated. Countries have taken different approaches even within the EU. We spent a lot of time with EU commissioners about trying to synthesize the rules and make them consistent because people traveling within the EU have issues with what the protocols are. So it remains a big unknown. I would say we know that vaccines are definitely the biggest part of the answer, at least that we can see so far. And of course, there's lots of work going on, on other treatment protocols, et cetera, for COVID. So I think we'll continue to see improvements and ultimately, COVID will be something the world learns to live with. And people will be traveling again.

是的。謝謝，傑德。我想我會先做你的第二個。這令人沮喪、困惑和復雜。即使在歐盟內部，各國也採取了不同的方法。我們花了很多時間與歐盟委員一起嘗試綜合規則並使它們保持一致，因為在歐盟內部旅行的人對協議內容有疑問。所以這仍然是一個很大的未知數。我想說我們知道疫苗絕對是最大的答案，至少到目前為止我們可以看到。當然，還有很多工作正在進行，針對 COVID 的其他治療方案等。因此，我認為我們將繼續看到改進，最終，COVID 將成為世界學會與之共存的東西。人們將再次旅行。

So we're starting to see international travel. It's not zero. We're starting to see conversations. Today, the U.S. government -- it was quoted that Biden is considering opening up the U.S. to foreign travelers who are vaccinated. So I think we'll continue to see that push as countries want to get their tourism businesses back and their business travel businesses back. So they're countervailing issues, and I think there will continue to be pressure for people to find ways to make it happen. But we're clearly not done seeing pockets of issues with COVID and reactions from local or national governments to that issue. So I think that's why I say there's a variety of unknowns out there, and we're just playing it out and trying not to end up upside down over marketing to a market that ends up with a problem. So that's one part of it.

所以我們開始看到國際旅行。它不是零。我們開始看到對話。今天，據報導，美國政府稱拜登正在考慮向接種疫苗的外國遊客開放美國。所以我認為我們會繼續看到這種推動，因為各國希望恢復他們的旅遊業務，他們的商務旅行業務也會恢復。所以它們是相互抵消的問題，我認為人們將繼續面臨壓力，要求他們找到實現這一目標的方法。但我們顯然還沒有看到 COVID 的一些問題以及地方或國家政府對該問題的反應。所以我認為這就是為什麼我說那裡有各種各樣的未知數，我們只是在嘗試，並儘量避免在市場營銷上顛倒過來，最終出現問題。這就是其中的一部分。

And then on the Vrbo integration, I would say, it's work that continues. It's not where we want it to be. We have more content on BEX and actually on Hotels.com. But the end-to-end customer experience is not where we want it to be. So we are iterating on that as we continue to make progress towards unifying our tech stacks for our lodging business. It's a core part of that process. But I would say it's not the most important thing in that, rather it is a good opportunity for us and something we believe in, but there's a series of steps as we bring those stacks together. And it continues unabated, but it is -- but it's not where we want it to be yet.

然後關於 Vrbo 集成，我會說，它的工作仍在繼續。這不是我們想要的地方。我們在 BEX 和 Hotels.com 上都有更多內容。但端到端的客戶體驗並不是我們想要的。因此，隨著我們在統一住宿業務的技術堆棧方面繼續取得進展，我們正在對此進行迭代。這是該過程的核心部分。但我想說這不是其中最重要的事情，而是對我們來說是一個很好的機會和我們相信的東西，但是在我們將這些堆棧整合在一起時有一系列步驟。它繼續有增無減，但它是 - 但它還不是我們想要的地方。

Our next question today comes from James Lee from Mizuho.

我們今天的下一個問題來自瑞穗的 James Lee。

Can you talk about, with the new CTO coming in, maybe talk about some of the top priorities that you'll be undertaking? And also, secondly, I think last quarter, you guys talked about the success of integrating the marketing platform. Something like 75% on that platform. Can you give us an update and maybe a little bit of implication on the efficiency of the marketing in the back half?

隨著新 CTO 的上任，您能否談談您將要處理的一些首要任務？其次，我認為上個季度，你們談到了整合營銷平台的成功。該平台上大約有 75%。你能給我們更新一下，也許對後半部分的營銷效率有一點暗示嗎？

Yes. So thanks, James. In terms of the CTO's top priorities, it's really as we move to one unified technology team and one unified architecture, the role of the CTO is to define where we're going, how we're doing it, what the rules of the road are and how we do this integration from going many stacks to few and we create this multi-tenet extensible kind of set of capabilities. And I think that's a -- it's a broad process. It cuts across all the technology in our enterprise. And Rathi is hard at work driving that.

是的。所以謝謝，詹姆斯。就 CTO 的首要任務而言，當我們轉向一個統一的技術團隊和一個統一的架構時，CTO 的角色是定義我們要去哪裡，我們如何做，道路規則是什麼是以及我們如何進行這種集成，從許多堆棧到少數堆棧，我們創建了這種多原則可擴展的功能集。我認為這是一個 - 這是一個廣泛的過程。它跨越了我們企業中的所有技術。 Rathi 正在努力推動這一點。

There's also -- as we get the back end, right, there's also the customer-facing side, which is all about the UI and UX. We want to be an app first company, and we're driving progress to be there. We want to be design focused and we have a focus on a new Head of Design, building our back capability in the enterprise. So it cuts across many things. And it's really about bringing excellence to all those disciplines so that we can just give the best customer experience we can and drive improvements across all the pieces, conversion, engagement, all the things we want to have.

還有——當我們得到後端時，對的，還有面向客戶的一面，這都是關於 UI 和 UX 的。我們希望成為一家應用至上的公司，並且我們正在推動進步以實現這一目標。我們希望以設計為中心，我們專注於新的設計主管，以建立我們在企業中的支持能力。所以它跨越了很多東西。這真的是為所有這些學科帶來卓越，這樣我們就可以提供最好的客戶體驗，並推動所有方面的改進，轉換，參與，以及我們想要擁有的所有東西。

As far as the marketing question goes and bringing our performance marketing together, I would say that number is up from 75% to probably closer to 85% to 90%. But again, that's sort of a benchmark, which is to say it's how we're getting everything, common tools, common data sets, common algorithms, but it is -- what's exciting now is the opportunity to begin to test new algorithms, test opportunities across brands, test the opportunity to gain efficiencies and how we market multiple brands in performance marketing, et cetera. We're in the early days of that, but that is what these achievements of getting to the state have given us.

就營銷問題而言，將我們的績效營銷結合在一起，我會說這個數字從 75% 上升到可能接近 85% 到 90%。但同樣，這是一種基準，也就是說我們如何獲得一切，通用工具，通用數據集，通用算法，但現在令人興奮的是有機會開始測試新算法，測試跨品牌的機會，測試獲得效率的機會以及我們如何在績效營銷中營銷多個品牌，等等。我們還處於早期階段，但這就是進入該州的這些成就給了我們什麼。

And I would say we're in a funny time where traffic patterns are unusual because of COVID. So you're sort of testing it, the new algorithms and doing a lot of new performance marketing against a backdrop that's a little bit unusual and confusing. So we don't always have the volumes to test everything. But there's a lot of exciting work going on there. And as I said, we believe that will generate meaningful efficiencies and better operation in terms of performance marketing, but it is hard to benchmark because we don't have normal traffic levels and normal patterns. So it's hard to say it's going to give us x percent more efficiency or y. We have to see it in action against a more typical backdrop. So more to come on that, but we're making steady and strong progress, and we're a long way down the consolidation of tools and data and all the things that those percentages referenced.

我想說我們正處於一個有趣的時代，由於 COVID，交通模式變得異常。所以你在某種程度上測試它，新算法，並在一個有點不尋常和令人困惑的背景下做很多新的績效營銷。所以我們並不總是有足夠的體積來測試所有的東西。但是那裡正在進行許多令人興奮的工作。正如我所說，我們相信這將在績效營銷方面產生有意義的效率和更好的運營，但很難進行基準測試，因為我們沒有正常的流量水平和正常模式。所以很難說它會給我們帶來 x% 或 y 的效率。我們必須在更典型的背景下看到它的作用。所以還有更多的事情要做，但我們正在取得穩步和強勁的進展，而且我們在整合工具和數據以及這些百分比所引用的所有內容方面還有很長的路要走。

Our next question is from Andrew Boone from JMP Securities.

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

On marketing, on brand spend specifically, can you talk about what brands and where you're investing? Is this supporting brands that are a strength? Or are you guys building brands anywhere else? And also, should we think of this as more of a permanent change to your marketing strategy? Or if cancellation rates normalize, are you guys going to shift the spend back to more of just four whole type levels?

在營銷方面，特別是在品牌支出方面，你能談談你投資的品牌和地點嗎？難道這個配套品牌就是實力？或者你們在其他地方建立品牌？而且，我們是否應該將此視為對您的營銷策略的永久性改變？或者，如果取消率正常化，你們是否打算將支出轉移回四個整體水平？

Yes. Thanks, Andrew. I would say a couple of things. One, yes, we're investing in relative strength. So for example, Vrbo has been an area of considerably increased investment. During the past several quarters, other opportunities regionally where we've put money, whether that's in traditional brand spend or social or other things. So regional brands, in some cases, have seen increases as well. I would say while we are leaning into that, and we are leaning into our biggest brands, obviously, in strong markets like the U.S., we believe we can do a lot better in terms of brand messaging, getting cleaner on the brand propositions.

是的。謝謝，安德魯。我會說幾件事。第一，是的，我們正在投資於相對實力。因此，例如，Vrbo 一直是投資大幅增加的領域。在過去的幾個季度中，我們投入資金的區域性其他機會，無論是傳統品牌支出還是社交或其他方面。因此，在某些情況下，區域品牌也出現了增長。我想說的是，當我們傾向於這一點時，我們正在傾向於我們最大的品牌，顯然，在像美國這樣的強大市場中，我們相信我們可以在品牌信息方面做得更好，讓品牌主張更清晰。

And as I mentioned, getting all the brands to work together as a family of brands as opposed to as sort of traditional almost competitors. So we think there's a lot of opportunity to not just spend into brand with a bias towards brand building, but spend that money more efficiently against even stronger creative and more efficient ways to build brands. So I think there's a lot of opportunity there. And yes, we intend to also grow in new geos as we refine our capabilities there and pick markets where we are going to go on the offensive.

正如我提到的，讓所有品牌作為一個品牌家族一起工作，而不是作為傳統的幾乎競爭對手。因此，我們認為有很多機會不僅可以在偏向於品牌建設的品牌上投入資金，而且可以更有效地將這筆錢用於更有創意和更有效的品牌建設方式。所以我認為那裡有很多機會。是的，我們也打算在新的地理區域發展，因為我們在那裡改進我們的能力，並選擇我們將要進攻的市場。

And then I think as far as performance goes. I think what we're talking about when I say we have a bias towards brand building is we want to build long-term relationships. But brand spend and performance work together. The stronger your brands are, the better performing your performance marketing is. And as long as performance marketing can return the kind of returns and bring us the kinds of customers that are sticky and build long-term value, we will spend into that, and we will spend as much as that makes economic sense to do.

然後我認為就性能而言。我認為當我說我們對品牌建設有偏見時，我們在談論的是我們想要建立長期關係。但品牌支出和績效是協同作用的。您的品牌越強大，績效營銷的表現就越好。只要績效營銷能夠帶來回報，為我們帶來具有粘性和建立長期價值的客戶類型，我們就會投入其中，而且我們會在經濟上有意義的情況下投入盡可能多的錢。

So I don't think it's an either-or question. It's a question of right now having a bias again towards that brand building while we see how performance marketing shakes up. But as we get better, we believe we will be able to continue to invest in performance marketing more efficiently than we ever have and bring it right down to customers with the backdrop of brand building that really creates sticky customers for the future.

所以我不認為這是一個非此即彼的問題。這是一個問題，當我們看到績效營銷如何動搖時，現在再次偏向於品牌建設。但隨著我們變得更好，我們相信我們將能夠比以往任何時候都更有效地投資績效營銷，並在真正為未來創造粘性客戶的品牌建設背景下將其直接帶給客戶。

So I think you'll see us do both. Don't exactly know where the ratios will bear out. We think the company was over biased towards performance marketing because we just didn't have all the tools, we needed across the brand enterprise, but we think now we are in a much different place. So that's where we're going to go.

所以我想你會看到我們兩者都做。不知道這些比率會在哪裡得到證實。我們認為該公司過於偏向於績效營銷，因為我們只是沒有所有的工具，我們需要整個品牌企業，但我們認為現在我們處於一個非常不同的地方。這就是我們要去的地方。

And I think with that, I thank you, Andrew. I think we're at the end. So, I just want to say thank you, everybody. Thanks for your time, and I hope we got all your questions answered, and we'll speak to you in a quarter. Take care.

我想，我感謝你，安德魯。我想我們已經結束了。所以，我只想說謝謝大家。感謝您抽出寶貴時間，我希望我們已經回答了您所有的問題，我們將在一個季度內與您交談。小心。

That concludes today's call. You may now disconnect your lines and have a nice day.

今天的電話會議到此結束。您現在可以斷開線路並度過愉快的一天。

Thank you, operator.

謝謝你，運營商。