Expedia Group Inc (EXPE) 2021 Q1 法說會逐字稿

Good afternoon. My name is Ann, and I will be your conference operator today. At this time, I would like to welcome everyone to the Expedia Group First Quarter 2021 Conference Call. (Operator Instructions) Thank you.

下午好。我叫安，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Expedia Group 2021 年第一季度電話會議。 （操作員說明）謝謝。

I would now like to turn the call over to Patrick Thompson, Senior Vice President and CFO of Retail. Thank you. Please go ahead.

我現在想把電話轉給零售高級副總裁兼首席財務官帕特里克湯普森。謝謝。請繼續。

Good afternoon, and welcome to Expedia Group's financial results conference call for the first quarter ended March 31, 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 3 月 31 日的第一季度財務業績電話會議。我很高興今天我們的首席執行官 Peter Kern 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, May 6, 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 5 月 6 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 over the call to Peter.

就這樣，讓我把電話轉給彼得。

Thank you, Pat. Good afternoon, everybody, and thank you for joining our call. We have some brief remarks and then we'll take questions.

謝謝你，帕特。大家下午好，感謝您加入我們的電話會議。我們有一些簡短的評論，然後我們將回答問題。

I'll start by talking about the Egencia deal, which we announced a few days ago. That proposed deal is extremely exciting to us. And in a few minutes, Eric will share the details. But I'll just say, it really highlights 3 core things we're trying to do. One is find the best opportunity for all our businesses. And in this case, we felt that putting Egencia together with Amex GBT created a great new combined corporate enterprise that could focus entirely on the corporate customer and really provide a best-in-class suite of services to serve those customers. And our ownership in that company, we're very excited to have.

我將從幾天前宣布的 Egencia 交易開始。擬議的交易對我們來說非常令人興奮。幾分鐘後，埃里克將分享細節。但我只想說，它確實突出了我們正在嘗試做的 3 件核心事情。一是為我們所有的企業找到最好的機會。在這種情況下，我們認為將 Egencia 與 Amex GBT 合併在一起會創建一個偉大的新聯合企業，它可以完全專注於企業客戶，並真正提供一流的服務套件來為這些客戶服務。我們對那家公司的所有權感到非常興奮。

Secondly, we signed a long-term lodging supply and tech agreement with the company. And you'll recall, we have a big B2B business, Expedia Partner Services. It is core to our strategy long term and driving and powering the industry broadly is an important move for us. So this deal enhances significantly and just gives us more throughput to continue to innovate, both on the supply and technology side to provide great services to the entire travel ecosystem.

其次，我們與公司簽訂了長期的住宿供應和技術協議。你會記得，我們有一個很大的 B2B 業務，Expedia Partner Services。這是我們長期戰略的核心，廣泛推動和推動行業發展對我們來說是一個重要舉措。因此，這筆交易顯著增強，只是給了我們更多的吞吐量，讓我們在供應和技術方面繼續創新，為整個旅游生態系統提供優質服務。

And finally, as we've talked about endlessly in the past year, we are trying to simplify our company so we can focus on the most important and largest opportunities. And with Egencia in a great new home, should this deal proceed, we will be in a great position to focus on our B2C and B2B businesses and our core technology platform, and that's really a great chance for us to get simpler and get agility and speed in the rest of our core business.

最後，正如我們在去年無休止地談論的那樣，我們正在努力簡化我們的公司，以便我們能夠專注於最重要和最大的機會。易信達搬進了一個很棒的新家，如果這筆交易繼續進行，我們將能夠很好地專注於我們的 B2C 和 B2B 業務以及我們的核心技術平台，這確實是我們變得更簡單、更敏捷和更靈活的好機會加快我們其他核心業務的速度。

Moving on to recent trends. I would say, as I've said, travel remains a study in contrasts for different geographies. Some are still shut down, some like the U.S. are quite open now. And equally, a study in differences between vacation rentals, domestic travel versus international travel. Business travel is more challenged. Conventional lodging, particularly in big cities, is more challenged. So it's really a study in contrasts. It depends where you're strongest. We have benefited greatly in our vacation rental business and our domestic U.S. business, but other parts of the business still remain challenged.

繼續最近的趨勢。正如我所說，我想說的是，旅行仍然是一項針對不同地區的對比研究。有些仍然關閉，有些像美國現在已經相當開放了。同樣，研究度假租賃、國內旅行與國際旅行之間的差異。商務旅行更具挑戰性。傳統住宿，尤其是在大城市，面臨更大的挑戰。所以這真的是一項對比研究。這取決於你最強的地方。我們在度假租賃業務和美國國內業務中受益匪淺，但該業務的其他部分仍面臨挑戰。

I would say and many have reported already, but the summer looks strong, particularly in the U.S. and in other markets where vaccinations are well along the way. We are already seeing booking trends well above 2019 levels for leisure destinations, beach, mountains, et cetera. And that goes for not only vacation rentals, but also for conventional lodging.

我想說，很多人已經報導過，但夏季看起來很強勁，尤其是在美國和其他疫苗接種進展順利的市場。我們已經看到休閒目的地、海灘、山脈等的預訂趨勢遠高於 2019 年的水平。這不僅適用於度假租賃，也適用於傳統住宿。

To give a little more color on bookings themselves, we said on our last call that we were down somewhere in the high 40% in the gross bookings, net of cancellations, in the January period. That has moderated to down around 20% in March and has improved on that in April. So the trends remain strong, again, driven largely by the strongest markets, but still the trends are very good, and we're excited about that.

為了給預訂本身多一點顏色，我們在上次電話會議上表示，在 1 月份期間，我們的總預訂量下降了 40%，扣除取消。 3 月份下降了 20% 左右，比 4 月份有所改善。因此，趨勢仍然強勁，主要是由最強勁的市場推動的，但趨勢仍然非常好，我們對此感到興奮。

I would just keep in mind, while summer looks great and we are ambitious and feeling good about the overall recovery, that the calendar is still a question mark. We don't know what seasonality will look like as long as COVID is here. And the usual trends that might come in the fall and winter are still unknown. So while we're extremely excited about summer, it's a little too early to predict how those trends, like work-from-home, whether school is in session, et cetera, will change travel behavior going into the following quarters.

我只想記住，雖然夏天看起來很棒，我們雄心勃勃，對整體復甦感覺良好，但日曆仍然是一個問號。只要 COVID 還在，我們就不知道季節性會是什麼樣子。秋季和冬季可能出現的通常趨勢仍然未知。因此，儘管我們對夏季感到非常興奮，但現在預測這些趨勢（如在家工作、學校是否開課等）將如何改變接下來幾個季度的旅行行為還為時過早。

On the Vrbo front and vacation rentals in general, we continue to lean into that business. We have grown share in all our strongest markets and invested heavily in marketing and in acquiring hosts. And we feel like that continues to be a great opportunity for us, not just in this moment, but in the future as we capitalize on landing the brand and getting more people to experience Vrbo and staying in vacation rentals.

在 Vrbo 方面和一般的度假租賃方面，我們繼續傾向於該業務。我們在所有最強大的市場中的份額都在增長，並在營銷和收購主機方面投入了大量資金。我們覺得這對我們來說仍然是一個很好的機會，不僅在這一刻，而且在未來我們利用品牌登陸並讓更多人體驗 Vrbo 併入住度假出租屋。

We are seeing some compression in summer. People ask about that frequently. And I'll just say, so far, we have seen replacement as a pretty good solution. Most people look for something. If they can't find it, they'll find something nearby. And increasingly, as more people are vaccinated, they are willing and happy to stay in resorts and in conventional lodging. And I would say, some portion of them would actually prefer it that way, and we're seeing in those leisure destinations for the summer very strong conventional lodging numbers.

我們在夏季看到一些壓縮。人們經常問這個問題。我只想說，到目前為止，我們認為替換是一個很好的解決方案。大多數人都在尋找一些東西。如果找不到，他們會在附近找東西。隨著越來越多的人接種疫苗，他們越來越願意並樂於入住度假村和傳統住宿。我會說，他們中的一部分人實際上更喜歡那樣，而且我們在夏季的休閒目的地看到非常強勁的傳統住宿數量。

On the marketing side, I've mentioned in past quarters that we have taken a relatively conservative bias on how we've approached marketing, rather leave a little money on the table than get too far out over our skis. But in the course of the first quarter, we have sort of changed that bias and moved more, particularly in the back half of the quarter, towards investing and getting in front of the wave of demand we think is coming. That's taken the form of a number of brand marketing rollouts, including a brand-new Expedia brand marketing campaign that started at the Academy Awards. We've relaunched our Orbitz brand with a focus on LGBTQIA+. And that's sort of, again, a push as we try to differentiate brands and really focus each brand on who their market is. And later this month, we have a great new summer ad campaign coming from Vrbo that we think will be really impactful.

在營銷方面，我在過去幾個季度提到過，我們對如何進行營銷採取了相對保守的偏見，寧願在桌面上留下一點錢，也不願在滑雪板上走得太遠。但在第一季度期間，我們在某種程度上改變了這種偏見，並採取更多行動，尤其是在本季度後半段，轉向投資和應對我們認為即將到來的需求浪潮。這採取了許多品牌營銷推廣的形式，包括在奧斯卡頒獎典禮上開始的全新 Expedia 品牌營銷活動。我們重新推出了 Orbitz 品牌，重點關注 LGBTQIA+。這又是一種推動力，因為我們試圖區分品牌並真正將每個品牌的注意力集中在他們的市場上。本月晚些時候，我們有一個來自 Vrbo 的全新夏季廣告活動，我們認為這將非常有影響力。

So that investment in brand building is really important to us. We've talked before about going up-funnel, creating that brand love, pushing for direct interactions, direct consumption. But keep in mind, it's not a quick twitch tool like performance marketing, so we have to invest over time to build that. But we think it does have returns ultimately for performance marketing as the brands become more well-loved and more highly thought of.

因此，對品牌建設的投資對我們來說非常重要。我們之前已經討論過向上漏斗，創造品牌喜愛，推動直接互動，直接消費。但請記住，它不是像績效營銷那樣的快速抽動工具，因此我們必須隨著時間的推移進行投資來構建它。但我們認為，隨著品牌變得更受喜愛和更受重視，它最終會為績效營銷帶來回報。

We are starting to see wins. I've talked at some length in the past about combining our performance marketing teams. They've been doing yeoman's work and a terrific job. We've actually put in a new leader who came from the outside and is a great new addition to the team. But I just wanted to, I've said that before, I wanted to give one stat to give you a sense of the acceleration we're finally starting to get, which is that 75% of our SEM spend is now on a new consolidated technical and data platform. And just for a point of reference, at the end of last year, that was at 15%. So it is starting to accelerate. We're starting to get the wins we hoped to get as we combine these platforms. And as we invest more and get more aggressive and we're getting these wins, we're seeing our click share go back to historic levels or higher in our main products and our key markets.

我們開始看到勝利。我過去曾詳細討論過合併我們的績效營銷團隊。他們一直在做自耕農的工作，而且做得非常出色。我們實際上已經任命了一位來自外部的新領導，他是團隊的新成員。但我只是想，我之前說過，我想提供一個統計數據，讓您了解我們終於開始獲得的加速，即我們 75% 的 SEM 支出現在用於新的整合技術和數據平台。僅供參考，去年年底，該比例為 15%。所以它開始加速。當我們結合這些平台時，我們開始獲得我們希望獲得的勝利。隨著我們投入更多，變得更積極，我們正在取得這些勝利，我們看到我們的主要產品和主要市場的點擊份額回到歷史水平或更高。

We continue to refine our marketing spend in general, and we will continue to test and learn, and there will be balancing as we learn. But I will say, we mentioned last time on our last call that we went off the Google meta product for vacation rentals. And actually, over this last quarter, we have pulled back from other vacation rental meta players. And so far, the results have been excellent and as good or better than we could have hoped for in terms of the returns we have seen in getting more direct traffic and traffic other ways more efficiently. So that has been a great move, and we will continue to focus on that. But again, we will be up-funnel more. We will be focused and leaning into the wave ahead. But it could be bumpy and we may be a little early, but we believe now is the time to lean in, and we will be leaning in accordingly.

我們將繼續完善我們的總體營銷支出，我們將繼續測試和學習，並且在我們學習的過程中取得平衡。但我要說的是，我們上次在上次電話會議上提到我們不再使用谷歌元產品進行度假租賃。實際上，在上個季度，我們已經退出了其他度假租賃元玩家。到目前為止，就我們在獲得更多直接流量和其他更有效的流量方面所看到的回報而言，結果非常好，並且比我們希望的更好或更好。所以這是一個偉大的舉措，我們將繼續關注這一點。但同樣，我們將更多地向上漏斗。我們將專注於前進的浪潮。但這可能是坎坷的，我們可能來得有點早，但我們相信現在是向前邁進的時候了，我們也會相應地向前邁進。

On the platform and technical side, I made a promise that I'm not going to get into the business of telling 100 great stories about our technical platform. We are making great strides every day in it. It is definitely where we are putting the most energy, time and money. But I just wanted to point out one area of wins because it really goes to how this is going to affect not just us as a business but the customers. And that's in our AI and data products. We recently launched a reinforcement learning algorithm, which allows us to power different shopping journeys on a given page for different customers. And we are using it now, not universally because, again, all of the tech is coming along, and it will be launched as it can be in more places, but we're using it to adapt and improve the customer experience to the specific customer journey, opportunity for conversion and improving the business. But most of all, it's a great opportunity to improve the experience for the customer and make it easier for them to find what they want.

在平台和技術方面，我承諾我不會從事講述 100 個關於我們技術平台的精彩故事的業務。我們每天都在取得長足進步。這絕對是我們投入最多精力、時間和金錢的地方。但我只想指出一個成功的領域，因為它真的涉及到這將如何影響我們作為一家企業，以及客戶。這就是我們的人工智能和數據產品。我們最近推出了一種強化學習算法，使我們能夠在給定頁面上為不同的客戶提供不同的購物旅程。我們現在正在使用它，但不是普遍使用，因為所有的技術都在不斷湧現，它會在更多地方推出，但我們正在使用它來適應和改善客戶體驗以適應特定的需求客戶旅程、轉換和改善業務的機會。但最重要的是，這是改善客戶體驗並讓他們更容易找到所需內容的絕佳機會。

And in a related point, we're also using AI and telemetry data to track customer experience, to track friction points and again focus on taking that friction out of the customer experience and making it great. So these are first-tier technologies that the best e-commerce companies in the world use, and we are now using it to make our consumer experiences better. And that's really exciting, right, for the business, but in many ways even more exciting that we can drive customer love and a better customer experience.

在相關的一點上，我們還使用人工智能和遙測數據來跟踪客戶體驗，跟踪摩擦點，並再次專注於消除客戶體驗中的摩擦並使其變得更好。所以這些是世界上最好的電子商務公司使用的一流技術，我們現在正在使用它來改善我們的消費者體驗。這對企業來說真的很令人興奮，對吧，但在很多方面更令人興奮的是，我們可以推動客戶的喜愛和更好的客戶體驗。

And so finally, I'd just say, we are clearly benefiting from our relative strength in some of the best markets, VR, the U.S., et cetera, but it's a bumpy ride and we're hoping for reopenings. I would say the announcement about New York City. You'll remember, we're very strong in big cities and in international travel, neither of which have been doing well, but the announcement about New York opening up, hopefully, some international travel between EMEA and the U.S. this summer will start to open even more as we go forward.

最後，我只想說，我們顯然受益於我們在一些最好的市場、VR、美國等市場的相對實力，但這是一段坎坷的旅程，我們希望重新開放。我會說關於紐約市的公告。你會記得，我們在大城市和國際旅行方面非常強大，兩者都做得不好，但關於紐約開放的公告，希望今年夏天 EMEA 和美國之間的一些國際旅行將開始隨著我們前進，打開更多。

And I'd just like to say, it's nice to report that we're making progress, but we are mindful of our friends and colleagues and everybody really in India. We have a big operation in India. We've got many sick colleagues and family members, and our thoughts are with them every day. And whatever the world can do to help, we are doing everything we can to help, but we all should do more. And I would finally say, that's a reminder that this is an unpredictable time. We still don't know what's happening in many markets. Anything could happen. Things could get worse before they get better, but we are optimistic. We are seeing a lot of improvement across the globe, and we are feeling good about the work we're doing at the company.

我只想說，很高興報告我們正在取得進展，但我們很關心我們的朋友和同事以及印度的每個人。我們在印度有很大的業務。我們有很多生病的同事和家人，我們每天都牽掛著他們。無論世界能提供什麼幫助，我們都在竭盡所能提供幫助，但我們都應該做得更多。最後我要說的是，這提醒我們這是一個不可預測的時期。我們仍然不知道許多市場正在發生什麼。什麼事情都可能發生。事情在好轉之前可能會變得更糟，但我們很樂觀。我們在全球範圍內看到了很大的進步，我們對我們在公司所做的工作感覺良好。

So with that, I'll just say, hopefully, vaccines continue to roll out. Hopefully, you all have your vaccines and tell everybody you know to get a vaccine. And we have little doubt that as that continues, the world will open up and travel will come roaring back.

因此，我只想說，希望疫苗能繼續推出。希望你們都接種了疫苗，並告訴所有認識的人接種疫苗。我們毫不懷疑，隨著這種情況的繼續，世界將開放，旅行將捲土重來。

So with that, I will pass it off to Eric. Thank you.

因此，我將把它傳遞給埃里克。謝謝。

Thanks, Peter.

謝謝，彼得。

I'd like to start by providing more details on the binding offer we received from Amex GBT to acquire Egencia. I echo Peter's earlier comments. We are very excited about the deal, and I'm optimistic about the success we would see from the combined company. Now on the offer which includes 2 major pieces. First, we have approximately 14% ownership in the combined business, presuming close, which we currently estimate is valued at approximately $750 million. Second, we would also enter into a 10-year lodging supply agreement between Amex GBT and EPS, as Peter mentioned earlier. And then to put this commercial deal into perspective, the supply agreement would have generated in excess of $60 million in EBITDA at 2019 volumes. We anticipate the proposed deal would close in 9 to 12 months.

首先，我想提供有關我們從 Amex GBT 收到的收購易信達的具有約束力的要約的更多詳細信息。我贊同彼得之前的評論。我們對這筆交易感到非常興奮，我對我們將從合併後的公司中看到的成功感到樂觀。現在提供包括 2 個主要部分。首先，我們在合併後的業務中擁有大約 14% 的所有權，假設關閉，我們目前估計其價值約為 7.5 億美元。其次，正如彼得之前提到的，我們還將在 Amex GBT 和 EPS 之間簽訂為期 10 年的住宿供應協議。然後從這個商業交易的角度來看，供應協議將在 2019 年產生超過 6000 萬美元的 EBITDA。我們預計擬議的交易將在 9 至 12 個月內完成。

Next, I wanted to provide an update on our cost-saving initiatives. In 2020, we made considerable progress on rightsizing our cost base, and these efforts continued in Q1. We still expect to be towards the higher end of our $700 million to $750 million range for fixed cost savings relative to our 2019 exit rate, and we have now achieved approximately $700 million on a run rate basis. We remain confident we will realize largely all of those target cost savings by the end of 2021. As we have spoken about previously, when looking forward, we will have annual increases in the remaining cost basis from items like annual comp increases and we expect to invest in areas of the business where we see attractive opportunities.

接下來，我想介紹一下我們的成本節約計劃的最新情況。 2020 年，我們在調整成本基礎方面取得了長足進展，這些努力在第一季度繼續進行。相對於我們 2019 年的退出率，我們仍然預計將達到 7 億美元至 7.5 億美元的固定成本節約範圍的較高端，我們現在已經實現了大約 7 億美元的運行率。我們仍然有信心，到 2021 年底，我們將在很大程度上實現所有這些目標成本節約。正如我們之前所說，展望未來，我們將通過年度補償等項目每年增加剩餘成本基礎，我們預計投資於我們認為有吸引力機會的業務領域。

On variable cost of revenue, we remain on track for over $200 million in annual savings based on 2019 volume levels. As a reminder, the 3 key drivers are improved economics through our payments platform, expansion of our conversations platform to reduce customer service costs and lower variable cloud costs. Similar to the fixed initiatives, we still expect to realize largely all of these variable cost savings by the end of 2021. Although given the costs are volume-based, the savings will not be fully evident until we reach more normalized business levels.

在可變收入成本方面，根據 2019 年的銷量水平，我們有望每年節省超過 2 億美元。提醒一下，3 個關鍵驅動因素是通過我們的支付平台提高經濟性、擴展我們的對話平台以降低客戶服務成本和降低可變云成本。與固定舉措類似，我們仍然預計到 2021 年底將實現大部分可變成本節約。儘管考慮到成本是基於數量的，但在我們達到更正常的業務水平之前，節約不會完全明顯。

We've also spoken in the past about driving marketing efficiencies. And we've continued to make improvements in Q1, but I want to be very clear, we are spending into the recovery, as Peter mentioned. As it relates to Q1, we increased our investments, particularly in the back half of the quarter, and that continued as well. And we also expect a further increase in Q2 as we look to further capitalize on the pace of travel recovery, particularly within the U.S. As a reminder, we incur the marketing expense in the quarter it occurs, but we don't realize any associated lodging revenue until the stay actually happens.

我們過去也談到過提高營銷效率。我們在第一季度繼續做出改進，但我想非常清楚，正如彼得提到的那樣，我們正在為複蘇支出。與第一季度相關，我們增加了投資，尤其是在本季度後半段，而且這種情況還在繼續。我們還預計第二季度將進一步增長，因為我們希望進一步利用旅行複甦的步伐，特別是在美國。提醒一下，我們在發生的那個季度承擔了營銷費用，但我們沒有意識到任何相關的住宿收入，直到實際發生為止。

In terms of the balance sheet, we are investment-grade rated today. And as the recovery continues to unfold, we remain committed to delevering back to more historical leverage levels, while also continuing to reduce our cost of capital. Our ultimate goal of being in a strong position -- to be in a strong position to restart our capital return program to shareholders, as we talked about at the early part of last year. To that end, we recently took advantage of compelling market conditions and raised $1 billion in 10-year unsecured notes, which have a coupon of 2.95% and $1 billion in 0 coupon 5-year convertible debt with a 72.5% conversion premium. Together, we used the proceeds of the new debt issuances to redeem $1.7 billion of debt due in 2025 at coupons of 7% and 6.25%. This will yield approximately $80 million in annual interest rate savings.

就資產負債表而言，我們今天的評級為投資級。隨著復甦的繼續展開，我們將繼續致力於將槓桿率降低到更高的歷史槓桿水平，同時繼續降低我們的資本成本。正如我們在去年初談到的那樣，我們處於強勢地位的最終目標是處於強勢地位，重新啟動我們對股東的資本回報計劃。為此，我們最近利用令人信服的市場條件籌集了 10 億美元的 10 年期無擔保票據，票面利率為 2.95%，以及 10 億美元的零票面 5 年期可轉換債券，轉換溢價為 72.5%。我們共同使用新發債券的收益以 7% 和 6.25% 的息票贖回 2025 年到期的 17 億美元債務。這將產生大約 8000 萬美元的年利率節省。

From a liquidity standpoint, we have $4.3 billion in unrestricted cash and short-term investments, which is about $1 billion higher than we ended Q4, with the increase primarily due to positive free cash flow. We also have essentially $2 billion in untapped revolver capacity. As it relates to deferred merchant bookings, it has improved in each quarter since the height of the pandemic and with a total of $6 billion at the end of Q1.

從流動性的角度來看，我們有 43 億美元的不受限制的現金和短期投資，比第四季度末高出約 10 億美元，增加的主要原因是自由現金流為正。我們還有 20 億美元的未開發左輪手槍產能。由於涉及延期商戶預訂，自大流行高峰以來每個季度都有所改善，第一季度末總計達到 60 億美元。

We have witnessed positive recent trends and are cautiously optimistic about the pace and shape of the recovery. We are also confident in our liquidity position. And therefore, we have elected to pay down 50% of the preferred stock issued in 2020 later this month. And as a reminder, regarding the preferred stock, we also have the ability to pay off that balance at any time we choose to do so and is something that we'll be watching over the coming months.

我們目睹了近期的積極趨勢，並對複甦的速度和形式持謹慎樂觀態度。我們也對我們的流動性狀況充滿信心。因此，我們選擇在本月晚些時候支付 2020 年發行的優先股的 50%。提醒一下，關於優先股，我們也有能力在我們選擇這樣做的任何時候還清該餘額，這是我們將在未來幾個月內關注的事情。

Now shifting to the P&L. Total revenue was down 52% versus first quarter of '19, which was a notable improvement from last quarter, with revenue down approximately 62% year-on-year. And that's normalized for the insurance contra revenue impact that occurred in Q4 of 2020 that we spoke about last quarter. Overhead expenses totaled approximately $500 million in Q1 and came in slightly better than anticipated due to some timing benefits. As a reminder, we define overhead as G&A, tech and content, indirect sales and marketing, while excluding stock-based compensation.

現在轉向損益表。與 19 年第一季度相比，總收入下降了 52%，與上一季度相比有了顯著改善，收入同比下降了約 62%。對於我們上個季度談到的 2020 年第四季度發生的保險收入影響，這是正常化的。第一季度的間接費用總計約為 5 億美元，由於一些時間優勢，略好於預期。提醒一下，我們將管理費用定義為 G&A、技術和內容、間接銷售和營銷，同時不包括基於股票的薪酬。

Moving on, we made a change during Q1 in managing our software licensing and maintenance costs, which led to a modest reclassification to prior results. We have moved from a decentralized approach, which we've talked about previously, where each individual team manages their own spend, which resulted in increased costs and duplicative tools, to a much more centralized approach across EG. In 2020, the change resulted in approximately $60 million in costs being reallocated to tech and content, with the majority coming from cost of sales and the remainder from sales and marketing and G&A. There was no change to total costs or EBITDA from this reclassification. In total, adjusted EBITDA was negative $58 million for the quarter, which was slightly better than our expectations. On an absolute basis, adjusted EBITDA was down approximately $235 million versus Q1 2019, while revenue was down approximately $1.4 billion over the same time period.

繼續前進，我們在第一季度對管理我們的軟件許可和維護成本進行了更改，這導致對先前結果進行了適度的重新分類。我們已經從我們之前討論過的去中心化方法轉變為在 EG 中採用更加集中的方法，在這種方法中，每個團隊都管理自己的支出，這會導致成本增加和重複工具。 2020 年，這一變化導致約 6000 萬美元的成本被重新分配給技術和內容，其中大部分來自銷售成本，其餘來自銷售和營銷以及 G&A。此次重新分類對總成本或 EBITDA 沒有影響。總的來說，本季度調整後的 EBITDA 為負 5800 萬美元，略好於我們的預期。按絕對值計算，調整後的 EBITDA 與 2019 年第一季度相比下降了約 2.35 億美元，而同期收入下降了約 14 億美元。

On the free cash flow, which totaled $2 billion in Q1 on a reported basis. If you exclude the change in restricted cash, which is primarily driven by Vrbo's deferred merchant bookings, free cash flow was approximately $800 million. Looking forward, we mentioned it last quarter, we do expect our overhead cost to step up by approximately $50 million sequentially from Q1 to Q2 of this year relative to the bonus payments and other issues we talked about last quarter.

關於自由現金流，根據報告，第一季度總計 20 億美元。如果排除主要由 Vrbo 的延期商家預訂驅動的受限現金的變化，自由現金流約為 8 億美元。展望未來，我們在上個季度提到過，我們確實預計，相對於上個季度我們談到的獎金支付和其他問題，我們的間接費用將從今年第一季度到第二季度依次增加約 5000 萬美元。

In closing, continue to be very encouraged by the recent trends within the business, have increasing confidence in our liquidity position given the change that we just made, especially in paying down the preferred, but we remain cautiously optimistic about further improvements in travel recovery as we head throughout the rest of the year.

最後，繼續受到業務近期趨勢的鼓舞，鑑於我們剛剛做出的改變，尤其是在支付優先股方面，我們對流動性狀況的信心增強，但我們對旅行恢復的進一步改善保持謹慎樂觀，因為我們在今年剩下的時間裡都會去。

Operator, we are ready for our first question.

接線員，我們準備好回答我們的第一個問題。

(Operator Instructions) Our first question comes from the line of Mark Mahaney.

（操作員說明）我們的第一個問題來自 Mark Mahaney。

I had 2 questions. One, just a clarification, Peter, on your comments about the down 40% in January, down 20% in March, improved on that in April. I think you're just referring to domestic bookings. If that's so, could you just give those same sort of trends on a global bookings basis? And maybe I misunderstood that. And then secondly, kind of a high-level question. If you think about what you're doing with the business to help, you've done a lot of things to improve the cost structure as you're going into and then out of COVID. How would you describe what you've done to try to improve the bookings growth and the revenue growth pre versus post-COVID? What do you think are the best ways to get the growth to reaccelerate from where the business was prior to COVID?

我有兩個問題。第一，彼得，澄清一下你對 1 月份下降 40%，3 月份下降 20%，4 月份有所改善的評論。我認為你只是指國內預訂。如果是這樣，您能否在全球預訂的基礎上給出同樣的趨勢？也許我誤解了這一點。其次，這是一個高級問題。如果你想一想你正在為企業做些什麼來提供幫助，你已經做了很多事情來改善成本結構，因為你進入和離開 COVID。您如何描述您為改善 COVID 前後的預訂增長和收入增長所做的工作？您認為從 COVID 之前的業務狀態重新加速增長的最佳方法是什麼？

Thank you, Mark. Sure. I'm happy to answer those. First of all, the answer to your first question is, those numbers are global. That is our entire business collectively, not just the U.S. The U.S. is stronger for sure, helping that number up, but those are global numbers.

謝謝你，馬克。當然。我很樂意回答這些問題。首先，第一個問題的答案是，這些數字是全球性的。這是我們的整體業務，而不僅僅是美國。美國肯定更強大，幫助這個數字上升，但這些是全球數字。

As for beyond the cost structure, I'd say we're doing tons of work, and I'll start by, unfortunately, reiterating all the work we're doing on the marketing side, the work we're doing to simplify and combine our performance marketing team, tools, capabilities, data analytics. That's a huge benefit for us as we go into the future, into the post-COVID time and our ability to compete in the performance channels in the most effective ways. We believe we can do better and do more on the brand building side and to create that direct customer relationship.

至於成本結構之外，我想說我們正在做大量的工作，不幸的是，我首先要重申我們在營銷方面所做的所有工作，我們正在做的工作是簡化和結合我們的績效營銷團隊、工具、能力、數據分析。這對我們來說是一個巨大的好處，因為我們進入未來，進入後 COVID 時代，以及我們以最有效的方式在績效渠道中競爭的能力。我們相信我們可以在品牌建設方面做得更好，做得更多，並建立直接的客戶關係。

And then that bleeds all the way down through, of course, the importance of doing the product right, getting the engagement right, improving the apps, improving the technology, using AI to improve the customer experience. So all of those things are the classic sort of virtuous cycle of, can you get them in the door? Can you make them love you? Is the experience great? Does it help them find what they want? So there's a ton of work. All that work I talk about on the platform side is not about efficiencies, although it does create efficiencies. What it really creates is agility and the ability to serve the customer better and create a stronger tie to that customer and repeat and loyalty and lifetime value.

當然，這一切都滲透到正確做產品、正確參與、改進應用程序、改進技術、使用 AI 改善客戶體驗的重要性。所以所有這些都是經典的良性循環，你能把它們弄進來嗎？你能讓他們愛上你嗎？體驗很棒嗎？它能幫助他們找到他們想要的東西嗎？所以有大量的工作。我在平台方面談論的所有工作都與效率無關，儘管它確實創造了效率。它真正創造的是敏捷性和更好地為客戶服務的能力，並與該客戶建立更牢固的聯繫、回頭客、忠誠度和終生價值。

So it's really an exercise in all the pieces, but we are getting sharper on all elements, whether it's the brand proposition for every brand, whether it's the geographic proposition for every geo and brand and then what that customer experience is like all the way to the end, through service. And it's all those pieces. So we're investing across the board in terms of our energy and time. And I think those pieces will start to multiply on themselves as we get more and more of them sort of across the road as it were. So lots of good work going on. Some things are a lot further along than others, but I think you'll continue to see improvement across all those categories.

所以這真的是所有部分的練習，但我們在所有元素上都變得更加敏銳，無論是每個品牌的品牌主張，還是每個地理和品牌的地理主張，以及一直以來的客戶體驗是什麼樣的最後，通過服務。這就是所有這些部分。因此，我們在精力和時間方面進行了全面投資。而且我認為，隨著我們越來越多地穿過馬路，這些作品將開始自我繁殖。很多好的工作正在進行中。有些事情比其他事情走得更遠，但我認為你會繼續看到所有這些類別的改進。

Your next question comes from the line of Justin Post from BofA.

你的下一個問題來自美國銀行的 Justin Post。

A couple of questions. First on Vrbo, obviously, high valuations in that sector. Wondering if you can help us understand the percentage of bookings and maybe the growth rates in the quarter for bookings or revenue. And then secondly, obviously, very interesting disclosure about the Expedia marketing spend. And I believe you said it could be the biggest in the last 5 years. So can you help us understand, first of all, how you think about that affecting EBITDA in the second quarter? And are you seeing very positive marketing returns that give you, kind of are encouraging you to spend that much?

幾個問題。首先是 Vrbo，顯然，該行業的估值很高。想知道您是否可以幫助我們了解預訂百分比以及本季度預訂或收入的增長率。其次，很明顯，關於 Expedia 營銷支出的披露非常有趣。我相信你說過這可能是過去 5 年中最大的一次。那麼，您能否首先幫助我們了解您如何看待這對第二季度 EBITDA 的影響？你是否看到非常積極的營銷回報給你，有點鼓勵你花那麼多錢？

Yes. Thanks, Justin. I'll maybe take the second one first. Yes. I mean, we've spent a fair amount of time getting to a new brand proposition, a bunch of new capabilities and things we wanted to talk to the consumers about and are just at the early stages of rolling out our Expedia brand campaign. That is a heavy brand campaign across multiple markets, and we think it has great opportunity.

是的。謝謝，賈斯汀。我可能會先拿第二個。是的。我的意思是，我們已經花了相當多的時間來製定一個新的品牌主張、一系列新功能以及我們想與消費者談論的事情，並且還處於推出 Expedia 品牌活動的早期階段。這是一個跨多個市場的大型品牌活動，我們認為它有很大的機會。

But to be clear, brand marketing is somewhat art, not just all science. And it does take time to pay its rewards. We do believe, though, that by being more up-funnel, by being more efficient in performance and allowing us to put more money up-funnel, we can drive greater long-term returns. Now it's not a quick twitch muscle. As I said, brand marketing is not like you run a great ad and tomorrow everybody books. It takes repeat. It takes sinking in that brand proposition and getting everybody focused on your name, and then it starts to pay rewards in performance. It starts to pay rewards in direct. It starts to pay rewards across a lot of things. So we believe in that opportunity. We will invest in that opportunity. And it will take some time to pay out. It's not like performance. It's not like you're buying the transaction every time you do it.

但需要明確的是，品牌營銷在某種程度上是一門藝術，而不僅僅是一門科學。它確實需要時間來支付它的回報。不過，我們確實相信，通過更靠上的渠道、更高效的績效並允許我們在渠道上投入更多資金，我們可以帶來更大的長期回報。現在它不是快速收縮的肌肉。正如我所說，品牌營銷不像你投放了一個很棒的廣告，明天每個人都會預訂。需要重複。它需要沉浸在品牌主張中，讓每個人都關注你的名字，然後它開始在績效上付出回報。它開始直接支付獎勵。它開始在很多事情上付出回報。所以我們相信這個機會。我們將投資於這個機會。並且需要一些時間才能付款。這不像表演。這不像你每次都在購買交易。

On the Vrbo front, let me just look at the percent of bookings and growth rates. So I think we don't break those numbers out separately. I would say Vrbo is doing great. The U.S. is particularly strong. But as I said, in all our strongest markets, we are showing share gains. And Vrbo is clearly and vacation rentals in general are clearly in very positive territory, and that is helping bring up all our numbers, no doubt. But we don't break them out separately. And so I think it's just we view it as part of the business. And as I've said before, the long-term plan for Vrbo or vacation rentals more generally is to have them available through all our brands in the most optimal way for the customer. So that's where we are.

在 Vrbo 方面，讓我看看預訂百分比和增長率。所以我認為我們不會單獨分解這些數字。我會說 Vrbo 做得很好。美國尤其強大。但正如我所說，在我們所有最強大的市場中，我們都在展示份額增長。 Vrbo 顯然和度假租金總體上顯然處於非常積極的領域，毫無疑問，這有助於提高我們所有的數字。但我們不會將它們分開。所以我認為只是我們將其視為業務的一部分。正如我之前所說，Vrbo 或更普遍的度假租賃的長期計劃是通過我們所有的品牌以最佳方式為客戶提供它們。這就是我們的處境。

Yes. And 2 quick things to add. This is Eric. Also on distributing that inventory from a vacation rental standpoint, ultimately through EPS or Expedia Partner Services as well, we think that's a meaningful opportunity for us as well. And then on the marketing side, if you look at year-over-year going to 2018, 2019 and then 2021, our marketing spend as a percent of revenue has come down quite a bit when you compare against those. And yet we are spending heavily into brand, and we're continuing to spend in performance channels as well. And we're also seeing given all the work that the teams have done, where we're getting good share of voice, share of wallet, if you will, at ROAS that are higher than we've traditionally seen. So still a lot to learn how that's going to flow through the P&L over time, as Peter mentioned, but we feel pretty good about the investments that we're making at this time.

是的。和 2 快速添加的東西。這是埃里克。此外，從度假租賃的角度來看，最終通過 EPS 或 Expedia 合作夥伴服務分配庫存，我們認為這對我們來說也是一個有意義的機會。然後在營銷方面，如果你看一下 2018 年、2019 年和 2021 年的同比情況，與這些相比，我們的營銷支出佔收入的百分比已經下降了很多。然而，我們在品牌上投入巨資，我們也將繼續在績效渠道上投入資金。我們還看到，鑑於團隊所做的所有工作，我們在 ROAS 上獲得了良好的話語權和錢包份額，如果你願意的話，這比我們傳統上看到的要高。正如彼得所提到的，隨著時間的推移，這將如何影響損益還有很多要了解，但我們對目前正在進行的投資感到非常滿意。

Your next question comes from the line of Lloyd Walmsley from Deutsche Bank.

你的下一個問題來自德意志銀行的 Lloyd Walmsley。

If we start on the cost side, you've taken the business kind of down to the studs during the pandemic. How are you feeling about your positioning as the tempo increases in the market? Are you able to handle strong upticks in volume? Do you feel like things are running in a stable fashion kind of operationally? Any areas that might need investment? And then secondly, kind of as you lean into the new brand campaign, would you characterize your posture on the performance ad side as kind of leaning in or more kind of neutral there and focus on the brand side and hoping that, that will have benefits in the performance channel that allow you to kind of get some efficiencies there? Anything you could share there would be helpful.

如果我們從成本方面入手，那麼在大流行期間，你已經把業務搞得一團糟。隨著市場節奏的加快，您如何看待自己的定位？您是否能夠應對交易量的強勁增長？您是否覺得事情以穩定的方式運行？有哪些領域可能需要投資？然後其次，當你傾向於新的品牌活動時，你會把你在效果廣告方面的姿態描述為有點傾向於還是更中立，並專注於品牌方面並希望這會帶來好處在績效渠道中，您可以在那裡獲得一些效率嗎？您可以在那里分享的任何內容都會有所幫助。

Yes. Thanks. Lloyd, I would say, first of all, we didn't take it down to the studs. We did a lot of things that we thought were the right things to do for the long-term health of the company. But we have invested in lots of people, talent, marketing, all kinds of things, technology. So I think we've done the right stuff across what we thought was the right way to shape the business. And as you'll recall, we set out to do that before COVID even hit. So that was the plan. That has been the plan. And we feel good about where we've gone to.

是的。謝謝。勞埃德，我會說，首先，我們沒有把它記下來。我們做了很多我們認為對公司的長期健康發展是正確的事情。但我們已經投資了很多人、人才、營銷、各種各樣的東西、技術。所以我認為我們在我們認為塑造業務的正確方式上做了正確的事情。你會記得，我們甚至在 COVID 來襲之前就著手這樣做了。這就是計劃。這就是計劃。我們對我們去過的地方感覺很好。

Now are there places we want to invest in? Absolutely. Do we want to bring in and retain the best talent at our company? Absolutely. We are making those moves. We've brought in lots of great new talent. We have changed, as Eric alluded to, our equity and bonus structure to reward our people for growth. So we will continue to invest in the things that will drive our business, much of which is people and their ability to build great tech and tools and products and services and then people to help externalize all the great stuff we're building on the B2B side and of course, on the consumer side. So we don't feel like, in any way, we're in an unstable position. We have a lot of moving parts. We're trying to change a lot. There's no question. And we think all of it has great opportunities. And will we break something along the way, stumble once or twice, I'm sure we will. But in general, we are feeling like we are in a good position. And if anything, we'll continue to invest into the growth as the returns come in.

現在有我們想投資的地方嗎？絕對地。我們是否想引進並留住公司最優秀的人才？絕對地。我們正在採取這些行動。我們引進了許多優秀的新人才。正如埃里克所暗示的那樣，我們已經改變了我們的股權和獎金結構，以獎勵我們的員工的成長。因此，我們將繼續投資於能夠推動我們業務發展的事物，其中大部分是人才及其構建偉大技術、工具、產品和服務的能力，然後是幫助我們將我們在 B2B 上構建的所有偉大事物外部化的人才一方面，當然還有消費者方面。所以我們不覺得，無論如何，我們處於一個不穩定的位置。我們有很多活動部件。我們正在努力改變很多。毫無疑問。我們認為所有這些都有很好的機會。我們會不會在這個過程中打破某些東西，絆倒一次或兩次，我相信我們會的。但總的來說，我們感覺自己處於有利位置。如果有的話，隨著回報的到來，我們將繼續投資於增長。

As far as brand campaigns are concerned, no, we are not about hoping that works and just shifting money around. Our whole proposition is that we believe we can do better on the performance marketing side. We can be better, be more efficient, be more competitive. And by doing so free up capital, if you will, to go upstream, up-funnel to push into the brand side. We test our way through all that just as we've tested coming off Google meta for VR and other meta for VR. That's had a really positive impact. We will test more things. We will get smarter. And as I alluded to quarters ago, we are getting into being able, our goal is getting to the point where we can build algorithms to maximize for multi-brand and do things we've just never been able to do before. So that's the opportunity. And we are leaning into both of that from a technical standpoint.

就品牌活動而言，不，我們並不是希望它奏效並只是轉移資金。我們的整個主張是，我們相信我們可以在績效營銷方面做得更好。我們可以做得更好、更有效率、更有競爭力。這樣做可以釋放資金，如果你願意的話，可以向上游、向上漏斗推進品牌方面。我們測試了所有這些方法，就像我們測試了 VR 的 Google 元數據和 VR 的其他元數據一樣。這產生了非常積極的影響。我們會測試更多的東西。我們會變得更聰明。正如我在幾個季度前提到的那樣，我們正在變得有能力，我們的目標是達到我們可以構建算法以最大化多品牌並做我們以前從未做過的事情的地步。這就是機會。從技術的角度來看，我們正傾向於這兩者。

And yes, we are spending up more now that the market is coming back. So both of those things are true, but we believe we can do it more efficiently. As Eric said, maintain higher ROAS in that and then redeploy some of that capital back to the front end to drive that brand awareness, where we think we can also do better than we have historically and spend that money more efficiently. So it's sort of, again, a virtuous cycle. We got to do all those parts. It's a lot, but it's not a hope and a prayer and just moving money around. We want to be as efficient as we can and buy good growth in performance marketing, and we want to use brand to its greatest effect.

是的，現在市場正在回歸，我們正在增加支出。所以這兩件事都是真的，但我們相信我們可以更有效地做到這一點。正如 Eric 所說，在這方面保持較高的 ROAS，然後將部分資本重新部署回前端以提高品牌知名度，我們認為我們也可以比以往做得更好，並更有效地花錢。所以這又是一種良性循環。我們必須完成所有這些部分。很多，但這不是希望和祈禱，也不是轉移資金。我們希望盡可能提高效率，並在績效營銷中獲得良好的增長，我們希望利用品牌發揮最大的作用。

Your next question comes from the line of Naved Khan from Truist Securities.

你的下一個問題來自 Truist Securities 的 Naved Khan。

A couple of questions. So maybe, Peter, you talk about ROAS. As you are discovering where the optimum ROAS can be, how should we think about the split of your ad budget between performance and brand advertising as we look forward? How do you think it compares to where it has been in the past? And then secondarily, you are making a big push towards loyalty. I think you, in your recent announcement, talked about gaining around 25 million new loyalty members. How does that affect the P&L in terms of how you accrue for the loyalty rewards?

幾個問題。所以也許，彼得，你談論的是廣告支出回報率。當您發現最佳 ROAS 在哪裡時，我們應該如何考慮您的廣告預算在我們期待的效果和品牌廣告之間的分配？你認為它與過去相比如何？其次，您正在大力推動忠誠度。我認為您在最近的公告中談到了獲得大約 2500 萬新忠誠會員。就忠誠度獎勵的累積方式而言，這對損益有何影響？

Yes. So maybe I'll take those in reverse again, Naved. Which is, on the loyalty side, we felt like there's a big opportunity, particularly in Brand Expedia, to drive loyalty. And those learnings will no doubt help other brands for us. But we felt like we were leaving a lot of customers on the side because of how we made them sign up, what they had to go through, et cetera. And the truth is, for a customer, it's a much better experience if they become a loyalty member. They get to see loyalty rates. They get a lot of benefits. And in general, they consume more.

是的。所以也許我會再次把它們倒過來，Naved。也就是說，在忠誠度方面，我們覺得有很大的機會來提高忠誠度，尤其是在 Brand Expedia 中。這些經驗無疑會為我們幫助其他品牌。但我們覺得我們讓很多客戶站在一邊，因為我們讓他們註冊的方式、他們必須經歷的事情等等。事實上，對於客戶來說，成為忠誠會員會帶來更好的體驗。他們可以看到忠誠度。他們得到很多好處。一般來說，他們消耗更多。

And the returns on those loyal customers are higher than the returns on people who are not members. So while there may be accounting that has to get accrued for over time, the return on that customer's performance is much greater. It's been proven over and over again in our brands. So this is really just opening up a window, making it easier and better for the customer, helping them see the benefits, allowing them to see the benefits earlier, if you will. And I think there's nothing but upside and good stuff there so, both for the company and for the customer.

那些忠實客戶的回報高於非會員的回報。因此，雖然隨著時間的推移可能需要累積會計費用，但客戶績效的回報要大得多。我們的品牌一再證明了這一點。所以這真的只是打開了一扇窗，讓客戶更容易、更好，幫助他們看到好處，讓他們更早地看到好處，如果你願意的話。而且我認為，對於公司和客戶來說，只有好處和好東西。

As far as the ROAS goes, we talk about this a lot. We don't really know where it's going to balance out. We are trying to take as scientific an approach as we can to driving returns through our marketing area. So it will be a bunch of learn as we go. We are testing and learning, even as we speak, a bunch of things across on and off different brands and different geographies and seeing what happens. From a performance marketing standpoint, we will be testing into brand spend as well by geography and by brand. So we're going to learn. It's going to take some time, but we believe with the benefit of a really strong team on the brand side and a really strong team on the performance marketing side, for the first time, once we get all these things consolidated and the technology working the right way, we are going to have, it's going to be a fair fight, and we're going to be in a position to outperform the competition in a way we just haven't been for a long time.

就 ROAS 而言，我們談論了很多。我們真的不知道它會在哪里平衡。我們正在努力採用盡可能科學的方法來通過我們的營銷領域推動回報。因此，隨著我們的進行，這將是一大堆學習。就在我們說話的時候，我們正在測試和學習不同品牌和不同地區的一系列事情，看看會發生什麼。從績效營銷的角度來看，我們將按地域和品牌對品牌支出進行測試。所以我們要學習。這將需要一些時間，但我們相信，憑藉品牌方面非常強大的團隊和績效營銷方面非常強大的團隊的優勢，一旦我們將所有這些東西整合在一起，並且技術發揮作用，這將是第一次正確的方式，我們將擁有，這將是一場公平的戰鬥，我們將能夠以一種我們很長時間以來從未有過的方式超越競爭對手。

This is Eric. Yes. I would add on the loyalty side, we are working through ultimately how to account for those going forward. We have robust teams. We actually have 3 different teams that look at and quantify it separately. We have an internal team, a third-party provider, and then our auditors go through it as well. And so we're going to be going through that math to effectively, say, there's going to be a lot more points perhaps with a respective lower probability of redemption, at least for those that don't get actively engaged, which again, the point is getting them actively engaged in that journey, but we'll provide updates as we go through, but it is something that we're working through.

這是埃里克。是的。我想在忠誠度方面補充一點，我們正在研究最終如何解釋那些向前發展的問題。我們有強大的團隊。我們實際上有 3 個不同的團隊分別查看和量化它。我們有一個內部團隊，一個第三方供應商，然後我們的審計員也會檢查它。因此，我們將有效地進行數學計算，比如說，將會有更多的積分，也許贖回的可能性分別較低，至少對於那些沒有積極參與的人來說是這樣，這又是重點是讓他們積極參與這一旅程，但我們會在過程中提供更新，但這是我們正在努力的事情。

Your next question comes from the line of Brian Nowak from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. First one, Peter, sort of a high level one, when you came into your role, you outlined a number of strategic priorities, brand reorg, cost reductions, improved product merchandising, et cetera. Just sort of help us understand which of your priorities you think you've made the most progress on. And then as you sort of look into '21, '22, where are there still sort of the most low-hanging fruit to continue to improve the execution of the company, both top line and within OpEx? Then the second one, just a little bit on marketing. Talk to us about what you're seeing on the performance marketing ROIs and your mix of overall direct traffic as you sort of head into the spring and summer.

我有 2 個。第一個，彼得，有點高級別，當你進入你的角色時，你概述了一些戰略重點，品牌重組，降低成本，改進產品銷售等等。只是幫助我們了解您認為自己在哪些優先事項上取得了最大進展。然後，當您回顧 21 和 22 年時，哪裡仍然有一些最容易實現的成果可以繼續提高公司的執行力，包括頂線和 OpEx？然後是第二個，只是一點點營銷。與我們談談您在績效營銷 ROI 上看到的情況，以及在您進入春季和夏季時整體直接流量的組合。

Yes. Thanks, Brian. So on the strategic priority standpoint, I think we've made a lot of headway in many fronts. I think the hardest, biggest lift is really on the platform and the technology and the product. And a lot of that's been organizational, getting the right pieces of the company together in the right way and organized under the right leaders so that we could drive this journey we have to drive from getting to this complicated siloed technology we had before to a much more clean, high efficiency, agile construct. So that's where the most, I would say, the most energy is going in. And frankly, it's a tale of 1,000 stories. Different parts of that journey are in different states of completeness.

是的。謝謝，布萊恩。因此，從戰略重點的角度來看，我認為我們在許多方面都取得了很大進展。我認為最困難、最大的提昇實際上是在平台、技術和產品上。其中很多都是組織性的，以正確的方式將公司的正確部分聚集在一起，並在正確的領導下組織起來，這樣我們就可以推動我們必須推動的旅程，從我們以前擁有的這種複雜的孤立技術發展到更廣泛的技術。更乾淨、高效、敏捷的構建。所以這就是最多的地方，我想說，最多的能量正在進入。坦率地說，這是一個由 1,000 個故事組成的故事。該旅程的不同部分處於不同的完成狀態。

But that creates, to your second question, I would say, the most opportunity going forward because every time we get a win there, and I've talked in the past, whether it's about multiple checkouts becoming one checkout or multiple identity features becoming one identity, it gives you both speed and better consumer experience and better ability to improve on that as well as efficiency and the ability to redeploy that resource to other higher return opportunities. So that's both an efficiency opportunity, but I would think of it more as the opportunity to invest that talent into new growth as we go forward. So we are still in the middle of many of those things still being fully equipped as if they were run as 6 or 8 or 10 separate things. We will get to a place where we have one strong, robust thing and those resources can, some of those resources can get to higher-value returns.

但是，對於你的第二個問題，我會說，這創造了最多的機會，因為每次我們在那裡取得勝利，我過去曾說過，無論是多個結賬成為一個結賬還是多個身份特徵成為一個身份，它為您提供速度和更好的消費者體驗以及更好的改進能力，以及效率和將該資源重新部署到其他更高回報機會的能力。所以這既是一個提高效率的機會，但我認為它更多的是在我們前進的過程中將人才投入到新的增長中的機會。所以我們仍然處於其中許多東西的中間，這些東西仍然配備齊全，就好像它們作為 6 或 8 或 10 個獨立的東西運行一樣。我們將到達一個地方，在那裡我們擁有一個強大、健壯的東西，而這些資源可以，其中一些資源可以獲得更高價值的回報。

And then as far as marketing and the other and cutting costs, again, the cost side will come from what I just described. We continue to see opportunities. Many of the things Eric's talked about that have already borne fruit in terms of cost savings, like our voice platform, et cetera, have much more opportunity to go and more running room. So we see that continuing to happen. We're creating great new tools on the service side, which are creating the opportunity to serve our customers much more efficiently, not just through technology, but also through technology assisting humans. So there's all kinds of places that I think there's more opportunity to get more efficient. But we really view, I think Eric and I think about it as, it's really the opportunity to reinvest back in the business when we have those efficiencies as opposed to, do we just keep cutting for more margins. So there's plenty of opportunity on the margin side, I would say, as we reinflate with travel. And on the flip side, we believe we've made good progress, but there's still a long way to go and a lot of opportunity.

然後就營銷和其他方面以及削減成本而言，成本方面將再次來自我剛才描述的內容。我們繼續看到機會。埃里克談到的許多事情已經在節省成本方面取得了成果，比如我們的語音平台等，有更多的機會和更多的運行空間。所以我們看到這種情況繼續發生。我們正在服務方面創建出色的新工具，這正在創造機會更有效地為我們的客戶提供服務，不僅通過技術，而且通過技術協助人類。所以我認為有很多地方可以提高效率。但我們真的認為，我認為埃里克和我認為，當我們擁有這些效率時，這真的是重新投資業務的機會，而不是我們是否只是繼續削減以獲得更多利潤。因此，我想說，隨著我們通過旅行重新膨脹，利潤方面有很多機會。另一方面，我們相信我們已經取得了很好的進展，但還有很長的路要走，還有很多機會。

What did I miss? And sorry, on the ROIs for direct traffic, for mix and direct traffic, I would say, sort of a warning here. I think during COVID, it can be very misleading. Most of us in the travel space have seen really good numbers on direct traffic, on mobile use and all that because our most loyal customers, when we weren't marketing as much were a bigger part of our mix than they might otherwise be. I think as we start to reinflate again in terms of a more natural travel market, those dynamics may shift somewhat. But definitely, we continue to push all-in on app usage, on direct relationships, on getting out of the auctions as much as we can. So the mix has definitely shifted in our favor in terms of direct traffic, in terms of app and mobile use, et cetera, but I don't want to put too much on it because I'm not sure where it's going to normalize out when the market returns globally.

我錯過了什麼？抱歉，關於直接流量、混合流量和直接流量的投資回報率，我想說，這裡有點警告。我認為在 COVID 期間，它可能非常具有誤導性。我們大多數在旅遊領域的人都看到了直接流量、移動使用等方面非常好的數字，因為我們最忠實的客戶，當我們沒有進行如此多的營銷時，他們在我們的組合中所佔的比例比其他情況下要大。我認為，隨著我們在更自然的旅遊市場方面再次開始重新膨脹，這些動態可能會有所改變。但可以肯定的是，我們會繼續全力推動應用程序的使用、直接關係以及盡可能多地退出拍賣。因此，在直接流量、應用程序和移動使用等方面，這種組合肯定對我們有利，但我不想在這方面投入太多，因為我不確定它會在哪裡正常化當市場在全球範圍內回歸時。

Your next question comes from the line of Deepak Mathivanan from Wolfe Research.

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

So first on Vrbo, can you talk about your efforts on the supply side? You talked about rotation into traditional lodging a little bit. How are you optimizing for on the supply side during this period where demand is spiking? And then the second one, I wanted to ask about the booking window trends. Is there any notable changes now that you're seeing recovery nicely coming up? Are these mostly attributable to kind of summer bookings or is it more near-term bookings? Any color you can provide there would be helpful.

那麼首先在Vrbo上，您能談談您在供給端的努力嗎？你談到了一點點輪換到傳統住宿的問題。在這個需求激增的時期，您如何優化供應方？然後是第二個，我想問一下預訂窗口的趨勢。現在您看到恢復很好，是否有任何顯著變化？這些主要歸因於夏季預訂還是更近期的預訂？您可以提供的任何顏色都會有所幫助。

Yes. Thanks, Deepak. I'll take the Vrbo part of it. So we've amped up our investment in marketing and attracting Vrbo hosts, if you will, or owners. It has been successful. We are driving it as fast as we can. There is a lot of demand, and we're focused, as you would imagine, in the most high-traffic areas where we need and can sell as much new inventory as we can get. We introduced a new product, which we called the Fast Start program, where we essentially take successful hosts that are highly rated from other platforms and we launch them quickly into our platform and instead of having to rebuild their stature as a highly reviewed host, we sort of take as a proxy their experience elsewhere, and we put them, if you will, very high in the sort and allow them to start up their business with us.

是的。謝謝，迪帕克。我將使用它的 Vrbo 部分。因此，我們加大了在營銷和吸引 Vrbo 主機（如果您願意）或所有者方面的投資。它已經成功了。我們正在盡可能快地駕駛它。有很多需求，正如您想像的那樣，我們專注於我們需要並且可以銷售盡可能多的新庫存的最繁忙的地區。我們推出了一個新產品，我們稱之為“快速啟動”計劃，我們基本上是從其他平台上獲得高度評價的成功主機，然後我們將它們快速發佈到我們的平台上，而不是必須重建他們作為高度評價主機的地位，我們某種程度上將他們在其他地方的經驗作為代理，如果您願意，我們將他們放在非常高的位置，並允許他們與我們開展業務。

But the reality is that Vrbo hosts on balance make more than Airbnb hosts on average. And it's a great opportunity for people to monetize their assets. We think it's better than any other similarly situated one. And we think owners of properties are increasingly becoming aware of that as our brand becomes more ubiquitous and as people become more used to the products. So all our stats make for a great sales story. We just have to get it out there, and we're spending more to get that story out there. Do you want?

但現實情況是，Vrbo 房東的平均收入高於 Airbnb 房東。這是人們將資產貨幣化的絕佳機會。我們認為它比任何其他類似位置的更好。我們認為，隨著我們的品牌變得越來越無處不在以及人們越來越習慣我們的產品，業主們越來越意識到這一點。因此，我們所有的統計數據都構成了一個偉大的銷售故事。我們只需要把它傳出去，我們正在花更多的錢把這個故事傳出去。你想要？

Yes. And I'll just add to that. This is Eric as well. There's also, listen, as there are compression or when there's supply selling out, if you will, there are alternatives that we're then providing. That's part of the product experience on whether it's a nearby alternative or a peer or whatever else. So it's something that we're working from a product standpoint.

是的。我會補充一點。這也是埃里克。還有，聽著，因為有壓縮或者當供應售罄時，如果你願意的話，我們會提供其他選擇。這是產品體驗的一部分，無論它是附近的替代品、同行還是其他任何東西。所以這是我們從產品的角度來看的事情。

In regards to your question on the booking trends, we continue to see elevated in the next 30 days unconventional lodging, but it has come down from what we saw during the, call it, the depths of the pandemic. We're continuing to see, obviously, very strong demand for the summer. And even off a very small base, we're seeing healthy demand for the holiday period as well. So we're starting to see it extend into away from the 0 to 7 days or very near term into more healthy time periods as well and more distributed to what we have seen historically. And I would say that's a similar story on the Vrbo side as well. But typically, it has longer booking cycles, and we continue to see that as well.

關於您關於預訂趨勢的問題，我們繼續看到在接下來的 30 天內非常規住宿有所增加，但它已經低於我們在大流行最嚴重時期所看到的情況。顯然，我們繼續看到夏季的需求非常強勁。即使基數很小，我們也看到假期期間的健康需求。因此，我們開始看到它從 0 到 7 天或非常近期延伸到更健康的時間段，並且更多地分佈到我們歷史上看到的情況。我想說 Vrbo 方面也有類似的故事。但通常情況下，它的預訂週期更長，我們也繼續看到這一點。

Your next question comes from the line of Kevin Kopelman from Cowen.

你的下一個問題來自 Cowen 的 Kevin Kopelman。

Great. I had a follow-up on the April trends that you mentioned. So you saw a pretty dramatic improvement between January and March. Can you give us any additional color on to what extent April improved versus March because you did note that it was better. And then within that, can you talk about the U.S. a little bit more? And have you seen the total U.S. market return to growth yet versus 2019?

偉大的。我對你提到的 4 月趨勢進行了跟進。所以你看到了 1 月和 3 月之間的顯著改善。你能給我們任何額外的顏色來說明 4 月與 3 月相比改善了多少，因為你確實注意到它更好。然後，你能再談談美國嗎？與 2019 年相比，您是否看到美國市場總體恢復增長？

Yes, sorry. Kevin, as far as April goes, I would say that we've seen modest improvement off of March. It's not linear from the negative high 40s to 20s and keep going, so don't get too excited, but it is directionally positive, and we hope and believe that will continue. Obviously, there's a lot of summer bookings through that spring period, and you can assume appropriately that has a lot to do with Americans getting vaccinated and being more comfortable booking their holidays for the summer. So we expect something like that trend to continue for a while.

是的，對不起。凱文，就四月份而言，我會說我們已經看到三月份的適度改善。從負高 40s 到 20s 並繼續保持非線性，所以不要太興奮，但方向是積極的，我們希望並相信這種情況會繼續下去。顯然，整個春季都有很多夏季預訂，你可以適當地假設這與美國人接種疫苗和更願意為夏季預訂假期有很大關係。所以我們預計這種趨勢會持續一段時間。

But again, as I mentioned in my remarks, we need cities to open. We need international travel up. We need other things to open. U.S. domestic travel itself cannot get us back to where we used to be on a stand-alone basis. Having said that, U.S. domestic travel is higher than U.S. domestic travel used to be and was in 2019. We've seen that effect. And we're not disclosing the U.S. market, the market's growth or not in terms of our performance, but yes, the U.S. is strong. It's driving a lot and it's carrying the weight for a lot of other markets that are still closed, frankly. So we feel very good about where the U.S. is. We hope for a lot of reasons that the rest of the world comes back, not just for our business but for their own lives. But that's where we need more to open up.

但同樣，正如我在發言中提到的，我們需要開放城市。我們需要國際旅行。我們需要打開其他東西。美國國內旅行本身並不能使我們回到過去孤立無援的狀態。話雖如此，美國國內旅遊比過去和 2019 年的美國國內旅遊都要高。我們已經看到了這種影響。而且我們沒有透露美國市場，市場的增長與否，但是，是的，美國很強大。坦率地說，它推動了很多，並且為許多其他仍處於關閉狀態的市場帶來了壓力。所以我們對美國的位置感覺很好。出於多種原因，我們希望世界其他地方的人回來，不僅是為了我們的事業，也是為了他們自己的生活。但這就是我們需要更多開放的地方。

That's really helpful. And then just on Amex, did you mention expected timing on the close here?

這真的很有幫助。然後就美國運通而言，你有沒有提到預期的收盤時間？

Expect 9 to 12 months.

預計 9 到 12 個月。

Your next question comes from the line of Brian Fitzgerald from Wells Fargo.

你的下一個問題來自富國銀行的 Brian Fitzgerald。

A couple of clarifications on Egencia. I want to ask about the enterprise value for either Egencia or all of the combined entity on the deal. And then clarification on the supply agreement. Does that apply just to Egencia's slice of the biz or will all of that organization be relying on EPS going forward? So first one on Egencia. And then the second one was just a follow-up to Naved's question at Vrbo. If you're seeing any indications of other long-term shifts in travel behavior, maybe have you seen repeat usage, hey, what we rented last summer, we're doing again this summer or tailwinds with the inventory making inroads in urban centers and resort areas where the competition has been tougher, like California.

關於 Egencia 的一些說明。我想詢問易信達或交易中所有合併實體的企業價值。然後澄清供應協議。這是否僅適用於 Egencia 的業務部分，還是所有該組織都將依賴 EPS 向前發展？所以第一個關於 Egencia。然後第二個只是 Naved 在 Vrbo 的問題的後續。如果您看到任何其他旅行行為長期變化的跡象，也許您看到重複使用，嘿，我們去年夏天租的東西，今年夏天我們又在做，或者隨著庫存進入城市中心和競爭更加激烈的度假區，例如加利福尼亞。

Great. This is Eric. I'll take the first part of that question just around Egencia. We did mention or I mentioned in the call that we have approximately 14% ownership in the combined entity, and we estimate that to be worth $750 million. So I think you can essentially do the backwards math to get to the overall estimated enterprise value and equity value for the business.

偉大的。這是埃里克。我將圍繞 Egencia 回答該問題的第一部分。我們在電話中確實提到或我提到我們在合併後的實體中擁有大約 14% 的所有權，我們估計價值 7.5 億美元。因此，我認為您基本上可以進行逆向計算，以獲得企業的總體估計企業價值和股權價值。

On the commercial agreement itself, that in excess of $60 million based on 2019 volume. That is for the entire supply relationship that we will have with the combined business. And there are components of that, that's obviously Egencia and distribution that we're putting in. And obviously, we want to have a much larger relationship with them as well. So it does represent the combined and the full estimate of that agreement.

就商業協議本身而言，基於 2019 年的交易量超過 6000 萬美元。這是針對我們將與合併後的業務建立的整個供應關係。其中有一些組成部分，這顯然是我們正在投入的 Egencia 和分銷。顯然，我們也希望與他們建立更廣泛的關係。所以它確實代表了該協議的綜合和完整估計。

Great. And I'll jump in on the last one, which is, we haven't seen a ton to suggest that things are changing. And as you've heard me say many times, I'm loath to extrapolate too much from this COVID period. But for sure, there are a lot of new users of the Vrbo experience. And in general, I think the data suggests they are going back to it more frequently. But again, we are in COVID and as long as you're comfortable with that use case, you're still comfortable with it.

偉大的。我會跳到最後一個，也就是說，我們還沒有看到很多跡象表明事情正在發生變化。正如你多次聽到我所說的那樣，我不願意從這個 COVID 時期推斷太多。但可以肯定的是，有很多 Vrbo 體驗的新用戶。總的來說，我認為數據表明他們回歸的頻率更高。但同樣，我們處於 COVID 中，只要您對那個用例感到滿意，您仍然會感到滿意。

Now is that sustainable? Will people go back to resorts and other things? I've said publicly that I believe, in general, the trends of the past will continue. But one of the trends of the past was that people were getting more and more into the use case of vacation rentals. So I think we have accelerated that. We've exposed more people to the product. And that's a good long-term trend for that category. But I don't think -- and will make people consider vacation rental as part of their choices where maybe before they had not. But I don't think we're necessarily going to be seeing a huge shift that sustains itself long-term so much as maybe a reset at a higher level for vacation rentals and then growing off of that.

現在這是可持續的嗎？人們會回到度假村和其他地方嗎？我曾公開表示，我相信，總的來說，過去的趨勢將繼續下去。但過去的趨勢之一是人們越來越多地關注度假租賃的用例。所以我認為我們已經加快了速度。我們已經讓更多人接觸到該產品。對於該類別來說，這是一個很好的長期趨勢。但我不認為 - 並且會讓人們將度假租賃視為他們選擇的一部分，而以前他們可能沒有。但我認為我們不一定會看到長期維持自身的巨大轉變，甚至可能會在更高水平上重置度假租金，然後隨之增長。

Your next question comes from the line of Stephen Ju from Credit Suisse.

你的下一個問題來自瑞士信貸的 Stephen Ju。

Okay. So Peter, I guess, more of a macro question here. So as we look to maybe next year, I think there may be reasons to believe that the travel industry may be seeing elevated growth for the next few years, especially as the personal savings rate in our country seems to be at the highest it's been in probably 50, 60 years. So maybe the consumers are ready to go out there and maybe do some revenge travel. So anything you're seeing so far in the data at the customer-by-customer level or otherwise that can either confirm or deny the notion in the activity that you're seeing? Whether they seem more willing to splash out for more luxurious accommodations or staying longer, that sort of thing? And I think you brought up reducing friction, I think in your prepared remarks. Anything you can share in terms of where you may be now in terms of rolling out real-time bookings among your Vrbo property owners and how much of the Vrbo inventory has been integrated into your OTA brands so far?

好的。所以彼得，我想，這裡更多的是一個宏觀問題。因此，當我們展望明年時，我認為可能有理由相信旅遊業在未來幾年可能會出現高速增長，尤其是在我們國家的個人儲蓄率似乎處於歷史最高水平的情況下大概50、60年。因此，也許消費者已經準備好走出去，也許會進行一些報復性旅行。那麼到目前為止，您在逐個客戶級別或其他方面的數據中看到的任何可以確認或否認您所看到的活動中的概念的東西？他們似乎更願意花錢住更豪華的住宿還是住得更久，諸如此類？我認為你提出了減少摩擦，我想是在你準備好的發言中。關於在您的 Vrbo 業主中推出實時預訂以及到目前為止有多少 Vrbo 庫存已整合到您的 OTA 品牌中，您現在可以分享什麼？

Sorry, my mic was off. I'll take a crack at the first one. Thanks for the question, Stephen. I'm rooting for revenge travel, whatever that is. Whatever kind of travel people want to do, we're happy to accommodate it, revenge or otherwise. I think we definitely were seeing earlier in the pandemic these longer stays, certainly in the vacation rental space, et cetera. I think things have normalized somewhat from that. But in general, those stays are longer still on an average basis. And I think we're seeing ADRs are higher for us and people are spending more.

抱歉，我的麥克風已關閉。我會嘗試第一個。謝謝你的問題，斯蒂芬。我支持復仇旅行，不管那是什麼。無論人們想進行什麼樣的旅行，我們都很樂意滿足，無論是報復還是其他。我認為我們肯定在大流行的早期就看到了這些更長的停留時間，當然是在度假租賃空間等。我認為事情已經正常化了。但總的來說，平均停留時間更長。而且我認為我們看到 ADR 對我們來說更高，人們的支出也更多。

Now that's a little bit of mix, but it's also that hotels and vacation rentals and desirable places have been able to push price and consumers have been willing to pay for it. And I would say that revenge or otherwise, places like Miami demonstrate that there is huge pent-up demand to go to places where people can experience a relatively normal travel experience. And I don't know if you've been to Miami recently, but it is packed. The hotels are full. People are out everywhere. Restaurants are full. So I think that and their booking levels are well above 2 years ago.

現在有點複雜，但酒店和度假租賃以及令人嚮往的地方已經能夠推高價格，消費者也願意為此買單。我要說的是，無論是複仇還是其他方式，像邁阿密這樣的地方都表明，人們有巨大的被壓抑的需求，去那些人們可以體驗相對正常的旅行體驗的地方。我不知道你最近是否去過邁阿密，但那里人滿為患。酒店客滿。人們到處都是。餐廳客滿。所以我認為他們的預訂水平遠高於 2 年前。

So if you just think about that in a macro way, you say, okay, where people can travel, where they can have a normal experience, where they feel like they're comfortable, free, whatever your words are, there is a huge amount of demand for that. So obviously, it will spread out across the globe as more places are like Miami, but I think that demonstrates in a sense that there is pent-up demand for the places and the things where people can spend money.

所以如果你只是從宏觀的角度考慮，你會說，好吧，人們可以去哪裡旅行，在那裡他們可以有正常的體驗，在那裡他們感覺舒適、自由，無論你怎麼說，都有一個巨大的對此的需求量。很明顯，隨著越來越多的地方像邁阿密這樣，它會在全球範圍內傳播，但我認為這在某種意義上表明，人們對可以花錢的地方和事物存在被壓抑的需求。

And this is Eric. I'll take the second part of the question just around Vrbo and getting distribution on the OTA brands. We don't disclose the number of properties that are live on our other OTA brands. But what I will say is 2 things. One is, we continue to add more properties. It was higher in Q4 than Q3, and it's higher in Q1 than it was in Q4, and so we continue to make progress. And also, we continue to increase the number of OTA brands where we're distributing that inventory. So making good progress on both of those.

這是埃里克。我將圍繞 Vrbo 回答問題的第二部分，並在 OTA 品牌上進行分銷。我們不會透露我們其他 OTA 品牌上線的房產數量。但我要說的是兩件事。一是，我們繼續添加更多屬性。第四季度高於第三季度，第一季度高於第四季度，因此我們繼續取得進展。而且，我們繼續增加我們分發該庫存的 OTA 品牌的數量。所以在這兩個方面都取得了很好的進展。

What we ultimately need to do though is continuing to improve the customer experience. It is a different product. It has a different use case. As Peter mentioned, it has a different operational flow and customer experience. And we've made progress there. We need to make more. And it is our full intention to continue to invest behind that, get that better user experience, which I think will then continue to get more properties and again, higher booking and a better customer experience. So all in all, making progress, more to do.

不過，我們最終需要做的是繼續改善客戶體驗。這是一個不同的產品。它有一個不同的用例。正如彼得所提到的，它具有不同的運營流程和客戶體驗。我們在那裡取得了進展。我們需要做更多。我們的全部意圖是繼續投資，獲得更好的用戶體驗，我認為這將繼續獲得更多的房產，並再次獲得更高的預訂和更好的客戶體驗。所以總而言之，在進步中，要做的事更多。

Your next question comes from the line of Jed Kelly from Oppenheimer.

你的下一個問題來自奧本海默的傑德凱利。

Just following up on some of the Vrbo. Where would you think, I guess, since you've talked to property managers over the last 5 years, sort of the integration with Vrbo into Expedia has probably been a little slower than they like. So could you just give an update on how you're doing with integrating Vrbo with Expedia? And then it seems that some of these work-from-home trends could actually benefit leisure travel by giving people more flexibility. So I mean, as stuff opens up, I mean, is there any brand campaigns? Or how are you thinking of sort of leaning into this work from anywhere trend and how can you benefit from that?

只是跟進一些 Vrbo。你會怎麼想，我猜，自從你在過去 5 年裡與物業經理交談過，將 Vrbo 整合到 Expedia 的過程可能比他們希望的要慢一些。那麼，您能否介紹一下將 Vrbo 與 Expedia 集成的最新情況？然後，似乎這些在家工作的趨勢中的一些實際上可以通過給人們更多的靈活性來有益於休閒旅行。所以我的意思是，隨著事情的發展，我的意思是，是否有任何品牌活動？或者你是如何考慮從任何趨勢中學習這項工作的？你如何從中受益？

Thanks for the question. This is Eric. Just to touch on, I think, I was giving some components of your first question a few moments ago, but we are improving the customer experience and to invest in it. It's something we have made progress and continue to invest on and need further improvement, but we're excited about the product. And I think we don't disclose the number of properties that we're distributing through our OTA brands. However, we are increasing the number. As I mentioned a couple of minutes ago, Q4 was higher than Q3, Q1 is higher than Q4, and we're also increasing the number of OTA brands where we're distributing that inventory. So we're making progress. I think everyone on this call will agree, it was slower than we would have wanted it to be, but we're certainly putting the organization's weight behind it because we think it's a big opportunity for us.

謝謝你的問題。這是埃里克。我想，我剛才提到了你第一個問題的一些組成部分，但我們正在改善客戶體驗並對其進行投資。這是我們已經取得進展並繼續投資並需要進一步改進的東西，但我們對該產品感到興奮。而且我認為我們不會透露我們通過 OTA 品牌分銷的物業數量。但是，我們正在增加數量。正如我幾分鐘前提到的，第四季度高於第三季度，第一季度高於第四季度，我們也在增加我們分配庫存的 OTA 品牌的數量。所以我們正在取得進展。我想這次電話會議的每個人都會同意，它比我們希望的要慢，但我們肯定會把組織的重量放在後面，因為我們認為這對我們來說是一個巨大的機會。

Yes. This is Peter. I would echo that. The management companies were right. It's taken us too long. We're working hard on it. We want to change it for them, for us and for the consumer. But getting the right consumer experience, as Eric said, is the key thing to making it successful for all of us, and that's what we're really working on.

是的。這是彼得。我會回應。管理公司是對的。我們花了太長時間了。我們正在努力。我們想為他們、為我們和消費者改變它。但正如 Eric 所說，獲得正確的消費者體驗是讓我們所有人都獲得成功的關鍵，而這正是我們真正努力的方向。

As far as the work-from-home trends go, yes, we've been leaning into this from the beginning. Vrbo was pushing a lot of sort of staycations, stay nearby, school from home and making sure people understood what the WiFi and other things were. So we've understood these trends to the extent we could, and we've tried to lean into that consumer interest. I think longer term, we, like every company, and certainly like every tech company, are dealing with the work-from-home questions and the flexible work of the future. I think, clearly, what we've seen suggests that the world will be more flexible. And whether that means people will have the opportunity to work from other places, take longer weekends and work from somewhere, et cetera, we're going to have to see how that plays out. We hope it adds to travel, obviously, but it's too early to tell.

就在家工作的趨勢而言，是的，我們從一開始就傾向於這樣做。 Vrbo 推動了很多類型的居家度假，住在附近，在家上學，並確保人們了解 WiFi 和其他東西是什麼。因此，我們已盡我們所能了解這些趨勢，並試圖迎合消費者的興趣。我認為從長遠來看，我們和每家公司一樣，當然也像每家科技公司一樣，正在處理未來在家工作和靈活工作的問題。我認為，很明顯，我們所看到的表明世界將更加靈活。這是否意味著人們將有機會在其他地方工作、需要更長的周末和在某個地方工作等等，我們將不得不看看結果如何。顯然，我們希望它能促進旅行，但現在下結論還為時過早。

We will take our final question coming from the line of Mario Lu from Barclays.

最後一個問題來自巴克萊銀行的 Mario Lu。

Great. So just one on the revenue per room night. This quarter, you mentioned it was up 10% year-on-year driven by the mix shift to alternative accommodations. Just curious, what was the revenue per room night if we kind of looked at it on the same room basis? Is that trending higher based off of pent-up demand? And how sustainable do you think these trends are as we continue to approach 2019 levels?

偉大的。所以只有一個關於每間房晚的收入。本季度，您提到在向替代住宿的混合轉變的推動下，同比增長 10%。只是好奇，如果我們在同一房間的基礎上看的話，每房晚的收入是多少？基於被壓抑的需求，這種趨勢會更高嗎？隨著我們繼續接近 2019 年的水平，您認為這些趨勢的可持續性如何？

Yes. This is Eric. As you mentioned, what we have in the release is the revenue per room night was up 10%. That is due to 2 primary factors: mix to Vrbo and then mix to the U.S. as well, where there's typically higher ADRs. We don't get into the detail of breaking out individual components. But I would say, anecdotally, we're certainly seeing ADRs improve. They continue to be down relative to, call it, 2019 levels, but sequentially improving. And Vrbo is obviously seeing some nice ADR improvements just given the demand in that sector.

是的。這是埃里克。正如您所提到的，我們在新聞稿中看到的是每間夜的收入增長了 10%。這是由於 2 個主要因素：混合到 Vrbo，然後混合到美國，那里通常有更高的 ADR。我們不會詳細討論分解單個組件的細節。但我會說，有趣的是，我們肯定會看到 ADR 有所改善。相對於 2019 年的水平，它們繼續下降，但隨後有所改善。鑑於該行業的需求，Vrbo 顯然看到了一些不錯的 ADR 改進。

There will be no question at this time. I will now turn the call over to Peter Kern for closing remarks.

這時候不會有疑問了。我現在將把電話轉給 Peter Kern 作結束語。

Thank you, operator. Thanks, everyone, for joining us. I hope we got your questions answered. We're feeling really good about our improvement, and we hope the world continues to open up, please get your vaccines or tell your friends, and please keep your thoughts with all our friends in India. And thank you for joining us. We'll talk to you next quarter. Thank you.

謝謝你，運營商。謝謝大家加入我們。我希望我們能回答您的問題。我們對我們的進步感覺非常好，我們希望世界繼續開放，請接種疫苗或告訴您的朋友，請與我們在印度的所有朋友保持聯繫。感謝您加入我們。我們將在下個季度與您交談。謝謝。

This concludes today's conference call. Thank you all for participating. You may now disconnect.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。