Expedia Group Inc (EXPE) 2020 Q2 法說會逐字稿

Good afternoon. My name is Frederica, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Expedia Group Second Quarter 2020 Conference Call. (Operator Instructions)

下午好。我叫 Frederica，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 2020 年第二季度電話會議。 （操作員說明）

I would now like to turn the call over to Michael Senno, Vice President, Investor Relations and Treasurer.

我現在想把電話轉給投資者關係副總裁兼財務主管 Michael Senno。

Thank you. Good afternoon, and welcome to Expedia Group's financial results conference call for the second quarter ended June 30, 2020. I'm pleased to be joined on the call today by our Vice Chairman and CEO, Peter Kern; and our CFO, Eric Hart.

謝謝。下午好，歡迎參加 Expedia Group 截至 2020 年 6 月 30 日的第二季度財務業績電話會議。我很高興今天我們的副董事長兼首席執行官 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, reflect management's views as of today, July 30, 2020, 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 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. 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.

以下討論，包括對您問題的回答，僅反映截至 2020 年 7 月 30 日今天的管理層觀點。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。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 網站以了解其他信息重要內容。

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. Please note that depreciation expense is now reported in a separate line item, and prior periods have been restated to reflect this change.

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。此次電話會議的所有比較都將與我們 2019 年同期的結果進行比較。請注意，折舊費用現在在單獨的項目中報告，並且之前的期間已經重述以反映這一變化。

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

有了這個，讓我把電話轉給彼得。

Thank you very much, Michael, and good afternoon, everyone. I hope everyone has been safe and sound during this difficult time. As we said in our release, the second quarter was obviously a very challenging one for the travel industry and for us. But we were pleased to see, generally speaking, that after April, we had consistent growth out of the trough. And May and June got considerably better. I'd point out that we view this not simply as a positive for the business in the short term because, obviously, our numbers remain very challenged relative to prior periods. But I think it speaks to humanity's demand and desire to travel and that when they can and when the opportunity avails itself and when they feel safe and there are no restrictions, people are really dying to travel. And we've seen that this summer. And I have every expectation that we'll continue to see that, hopefully, as the world opens up more.

非常感謝，邁克爾，大家下午好。我希望每個人在這個困難時期都平安無事。正如我們在新聞稿中所說，第二季度對於旅遊業和我們來說顯然是一個非常具有挑戰性的季度。但我們很高興看到，總的來說，在 4 月之後，我們已經走出低谷，實現了持續增長。五月和六月的情況明顯好轉。我要指出的是，我們認為這不僅僅是短期內對業務有利，因為很明顯，我們的數字與前期相比仍然非常具有挑戰性。但我認為這說明了人類對旅行的需求和渴望，當他們可以並且有機會利用自己並且當他們感到安全且沒有限制時，人們真的非常渴望旅行。我們已經在今年夏天看到了這一點。我滿懷希望地希望，隨著世界更加開放，我們將繼續看到這一點。

But we will have a bouncy recovery. There's no question. We've seen virus numbers go up in certain places. We've seen new restrictions come into certain geographies, and it appears like that will be the state of the union until things change scientifically. And so we expect this not to be a linear recovery, obviously, and we expect some bumps in the road. Having said that, there's a lot of things there we can't control. And so as I said in our last call, we are keenly focused on everything we can control. We're focused on helping our customers and suppliers, obviously, get through a challenging and complicated time. We're focused on our own cost structure and making sure we are being efficient. But more broadly, we're just focused on our internal functioning, our structure, our speed and agility and building for the future. And while we recognize it will take time for all of you to see the benefits of all that effort, that is really our focus.

但我們將有一個有彈性的複蘇。毫無疑問。我們已經看到病毒數量在某些地方上升。我們已經看到某些地區出現了新的限制，而且在事情發生科學變化之前，這似乎將是聯盟的狀態。因此，我們預計這顯然不會是線性複蘇，而且我們預計道路上會出現一些顛簸。話雖如此，有很多事情是我們無法控制的。因此，正如我在上次電話會議中所說，我們非常專注於我們可以控制的一切。顯然，我們專注於幫助我們的客戶和供應商度過充滿挑戰和復雜的時期。我們專注於我們自己的成本結構，並確保我們的效率。但更廣泛地說，我們只關注我們的內部運作、我們的結構、我們的速度和敏捷性以及為未來建設。雖然我們認識到你們所有人都需要時間才能看到所有這些努力的好處，但這確實是我們的重點。

So in a little bit here, Eric will take you through our second quarter numbers. They are noisy obviously and, frankly, I don't think terribly telling. I would not try to dissect them. I think it's a waste of a lot of energy. Most of what's happened is really a function of whatever is going on in the macro world, and we are a reflection of that. And we are keenly focused on our long-term fixes and strategy and less focused on the day-to-day tactics of finding another dollar in the marketplace. It doesn't mean we don't care. We just think there's so much more upside in doing the real foundational work that we need to do. So if you don't see us chasing every last dollar, that's why we're doing that work.

因此，在這裡，Eric 將帶您了解我們第二季度的數據。他們顯然很吵，坦率地說，我不認為很能說明問題。我不會試圖剖析它們。我認為這是浪費了很多能量。大多數發生的事情實際上是宏觀世界中正在發生的事情的函數，而我們就是這一點的反映。我們非常關注我們的長期修復和戰略，而不是關注在市場上尋找另一美元的日常策略。這並不意味著我們不在乎。我們只是認為做我們需要做的真正的基礎工作還有更多的好處。因此，如果您沒有看到我們竭盡全力，那就是我們開展這項工作的原因。

As far as the work goes, I just want to spend a little time on the things you can't see through the numbers, which is we talked about simplifying, we talked about accelerating our business, we talked about pushing through initiatives during the COVID time that might be harder to do in regular times. And we've made a lot of progress on this front, and there are threads all over our company working towards this. But just to give you a sense, we took down our HomeAway brand in the U.S., which was something that was scheduled to take probably another year to do. And we deprecated it just a few weeks ago and have moved all that traffic to Vrbo, and now we will be a single brand in the U.S., and it will allow us to go much faster and do more around Vrbo.

就工作而言，我只想花一點時間在你無法通過數字看到的事情上，我們談到了簡化，我們談到了加速我們的業務，我們談到了在 COVID 期間推動舉措在正常時間可能更難做的時間。我們在這方面取得了很大進展，我們公司各處都在為此努力。但為了讓您了解一下，我們取消了在美國的 HomeAway 品牌，這可能需要一年的時間才能完成。就在幾週前，我們棄用了它，並將所有流量轉移到了 Vrbo，現在我們將成為美國的一個品牌，這將使我們能夠更快地圍繞 Vrbo 做更多事情。

We folded our car rentals business in Europe into Brand Expedia, again, a smaller initiative, but just a way to simplify and allow us to go faster and put our talent against more important projects. We sold Bodybuilding.com and shut down Pillow and ApartmentJet, which were in our Vrbo business. Again, just small distracting interesting things we tried but didn't have long-term benefit, we believe. And so we took the action to simplify the company. And that's really on the brand side and the business side. On the tech side, perhaps even more importantly, we were able to accelerate a lot of technical projects we had in the works. And just to name a few here, our Media Solutions business had relied on a third-party vendor for its auction technology. We brought that technology onto our own platform just a couple of weeks ago here, that was about a quarter earlier than we expected to. And our teams were able to push that across the line and now we have that much more time to optimize that platform. And that's not just the cost savings from no longer licensing a third-party platform, but it also gives us much more latitude to grow that business and we believe there's a lot of upside there.

我們將我們在歐洲的汽車租賃業務併入 Brand Expedia，這也是一項規模較小的計劃，但只是一種簡化方式，讓我們能夠更快地開展業務，並將我們的人才投入到更重要的項目中。我們出售了 Bodybuilding.com 並關閉了 Pillow 和 ApartmentJet，它們屬於我們的 Vrbo 業務。同樣，我們認為，我們嘗試過的只是一些分散注意力的有趣事情，但沒有帶來長期利益。所以我們採取了簡化公司的行動。這確實是在品牌方面和業務方面。在技術方面，也許更重要的是，我們能夠加速我們正在進行的許多技術項目。僅舉幾例，我們的媒體解決方案業務依賴第三方供應商提供其拍賣技術。幾週前，我們將這項技術帶到了我們自己的平台上，這比我們預期的時間早了大約四分之一。我們的團隊能夠將其推向生產線，現在我們有更多時間來優化該平台。這不僅僅是因為不再許可第三方平台而節省的成本，而且還讓我們有更多的自由來發展該業務，我們相信那裡有很多好處。

Our Hotels.com brand was able to move its mobile traffic to a new platform, again, a project that was scoped for to take another 6 -- up to another 6 months that we finished in about a month ago. Again, another opportunity to just accelerate, get things done during the virus and get to the other side.

我們的 Hotels.com 品牌能夠將其移動流量轉移到一個新平台，同樣，這個項目預計需要另外 6 個月——我們大約一個月前完成的最多 6 個月。再一次，這是另一個加速的機會，在病毒期間完成工作並到達另一邊。

And finally, just to name one more. We've talked about the opportunity for our virtual agents to help us on the cost and the customer satisfaction side. It's something you'll hear again and again because it's a big opportunity for us in one of our better platform technologies. But we launched that on our Egencia corporate brand. We launched it in the U.S. and France, and that was literally 2 years -- practically, 2 years ahead of schedule. So we've just been moving on every front we can to try to accelerate. And that's really all about being faster, getting simpler and being able to move the business much more quickly and agilely. And that's because we really want to be able to attack our big strategic goals. And those revolve much more around how we use our platform, particularly data, where we have a unique competitive advantage with the best data set of travel data in the world, where we believe we can help our customers, our B2B partners and our suppliers make much better decisions, be happier and drive their own businesses or their business customers and help the customer -- the end customer just make better decisions that make them happier and make our products stickier, and generally drive the long-term appeal of our business to a third party. So we are keenly focused on that. That is our long-term goal, and we have a bunch of tactical work we are pushing through the cleanup runway, if you will, to get there.

最後，再舉一個例子。我們已經討論了我們的虛擬代理在成本和客戶滿意度方面幫助我們的機會。這是你會一次又一次聽到的事情，因為它是我們更好的平台技術之一的巨大機會。但我們在我們的 Egencia 企業品牌上推出了它。我們在美國和法國推出了它，實際上是 2 年——實際上，比計劃提前了 2 年。因此，我們一直在努力加快步伐。而這實際上是為了更快、更簡單以及能夠更快、更敏捷地推動業務發展。那是因為我們真的希望能夠實現我們的重大戰略目標。這些更多地圍繞著我們如何使用我們的平台，尤其是數據，我們擁有獨特的競爭優勢，擁有世界上最好的旅行數據集，我們相信我們可以幫助我們的客戶、我們的 B2B 合作夥伴和我們的供應商做出更好的決策，更快樂並推動他們自己的業務或他們的業務客戶並幫助客戶 - 最終客戶只是做出更好的決策，讓他們更快樂並使我們的產品更具粘性，並且通常會推動我們業務的長期吸引力第三方。所以我們非常關注這一點。這是我們的長期目標，如果您願意的話，我們正在通過清理跑道推進一系列戰術工作以實現目標。

And on the supplier side, of course, we continue to push to help our supply partners get stronger and come out of the COVID times. It's obviously been a challenging time for hoteliers and airlines. We've put in a relief and recovery program for hotels to help them get back up and running, to help them better utilize our tools. And likewise, we are looking at air, and we're rebuilding our own air product in a large part to make it just a better, more fulfilling product for our suppliers. So we are driving a lot there, and we believe in obviously helping our supply partners get out of it. But longer term, again, we believe in helping these partners all make better decisions and drive their business through our platform.

當然，在供應商方面，我們繼續努力幫助我們的供應合作夥伴變得更強大並走出 COVID 時代。對於酒店經營者和航空公司來說，這顯然是一個充滿挑戰的時期。我們已經為酒店實施了一項救濟和恢復計劃，以幫助他們恢復正常運營，幫助他們更好地利用我們的工具。同樣，我們正在研究空氣，我們正在很大程度上重建我們自己的空氣產品，以使其成為我們供應商更好、更令人滿意的產品。所以我們在那裡開了很多車，我們相信顯然可以幫助我們的供應合作夥伴擺脫困境。但從長遠來看，我們再次相信幫助這些合作夥伴做出更好的決策並通過我們的平台推動他們的業務發展。

On the more nuts and bolts of it, we know you're all interested in the cost side. We continue to drive our efficiency programs throughout the company. We've told you before that we had a target of $500 million that we expected to exceed. We've achieved about $400 million of that on a run rate basis. And again, we expect to do much better than our targets. The reason we're not being highly specific about how much better is that we're really attacking everything, and there are timing implications to a lot of what we're doing: contracts that need to be run out, things like re-leasing real estate and other things that just take time to come into effect. So rather than get caught up in some debate about how much and over what period, we feel strongly that we'll do better than the $500 million. And I would point out that there is much more to it than just the $500 million of cost savings that we scope to you before because that doesn't really take into account the variable side of our business. And that's a place where we have the opportunity to drive efficiency through bringing down customer service costs with our virtual agents that we've talked about; bringing down transaction costs by focusing on our payments platform technology and opportunities there; and then, of course, bringing down our variable marketing costs, where we have recently put these teams together.

關於它的更多細節，我們知道你們都對成本方面感興趣。我們繼續在整個公司推動我們的效率計劃。我們之前已經告訴過你，我們的目標是 5 億美元，我們預計會超過。按運行率計算，我們已經實現了其中約 4 億美元。再一次，我們期望比我們的目標做得更好。我們沒有高度具體說明好到什麼程度的原因是我們真的在攻擊一切，而且我們正在做的很多事情都有時間影響：需要用完的合同，比如重新租賃房地產和其他需要時間才能生效的東西。因此，我們不會陷入關於多少和在什麼時期的爭論中，我們強烈認為我們會做得比 5 億美元更好。我要指出的是，這不僅僅是我們之前為您節省的 5 億美元成本，因為這並沒有真正考慮到我們業務的可變方面。在這裡，我們有機會通過我們討論過的虛擬代理降低客戶服務成本來提高效率；通過專注於我們的支付平台技術和機會來降低交易成本；然後，當然，降低我們最近將這些團隊放在一起的可變營銷成本。

As we've told you before, we've merged our brand groups. We've merged their performance marketing groups. And there's big opportunities ahead, we believe, in doing the work as a portfolio of brands and optimizing for that portfolio as opposed to optimizing each brand by itself. Now that is hard work. It is foundational. Some of you may have noted that we gave up some share in some of the performance marketing lines in meta and SEM. That is something we willingly have done. As I said, we are not worried about the nickels right now in a market where there isn't a lot of volume. We are much more focused on the long-term foundational work to drive the long-term benefits when the volumes really are back at full scale. But we will continue to refine that. I wouldn't get used to scale the share we were at. I know there is often debate about can we grow and still be more profitable on the performance side. We believe, absolutely, we can. But there is a lot of foundational work to get these brands together, to get their strategies unified and their data unified, and we are doing that work right now as fast as we can. So as we come out, we will be in the best position to take advantage of that.

正如我們之前告訴您的那樣，我們已經合併了我們的品牌集團。我們合併了他們的績效營銷團隊。我們相信，未來有很大的機會，將工作作為品牌組合進行，並針對該組合進行優化，而不是單獨優化每個品牌。現在這是艱苦的工作。這是基礎。你們中的一些人可能已經註意到，我們在元和 SEM 中放棄了一些效果營銷線的一些份額。這是我們心甘情願做的事情。正如我所說，我們現在並不擔心在一個交易量不大的市場上的五分錢。我們更專注於長期的基礎工作，以在銷量真正恢復到全面規模時推動長期利益。但我們會繼續完善它。我不會習慣於擴大我們所處的份額。我知道經常有人爭論我們能否在性能方面實現增長並且仍然更有利可圖。我們相信，我們絕對可以。但是，要將這些品牌整合在一起，統一他們的戰略，統一他們的數據，還有很多基礎工作，我們現在正在盡快做這些工作。因此，當我們出來時，我們將處於利用這一優勢的最佳位置。

And finally, what is probably the main event to most of you, which is, what is the recovery really looking like? And is there anything to glean from what we've seen? I would say, by and large, we've seen exactly what you'd expect. April was very tough for everybody. It was the bottom of the trough. We have seen consistent growth coming out of that. We were down on a net basis 90% for the quarter. But by June, that was less than down 70%. And booking -- the lodging side of that was considerably better, down less than 60%. So all of that is a very good trend, but still obviously well below anything we'd like to see in the business.

最後，對你們大多數人來說，最重要的事件可能是，復甦的真實情況如何？從我們所看到的情況中有什麼可以收集的嗎？我會說，總的來說，我們已經看到了您所期望的。四月對每個人來說都非常艱難。這是低谷的底部。我們已經看到了由此帶來的持續增長。本季度我們的淨利潤下降了 90%。但到 6 月，下降了不到 70%。預訂——住宿方面要好得多，下降了不到 60%。因此，所有這些都是一個非常好的趨勢，但顯然仍遠低於我們希望在業務中看到的任何趨勢。

As for July, I would say, it's roughly in line with June, slightly off those numbers. And just, Eric will get into it some more. But just to give you some flavor, what we've seen is Vrbo had a ton of business and has been a great leader for us out in the recovery. As we got into summer, people obviously have a real interest in the whole home model and being able to have their families alone and not in shared space, and so Vrbo really led the way for us. There was a lot of compression in the early part of the booking window in the early part of the summer. And so as we've got into July, there's a lot of -- it's still quite a strong business for us and way ahead of our other businesses, but that compression has softened a little bit. On the flip side, the hotel business has been slightly stronger even into July.

至於 7 月，我會說，它與 6 月大致一致，略微偏離這些數字。只是，埃里克會更深入地了解它。但只是為了給你一些味道，我們所看到的是 Vrbo 有大量的業務，並且在我們的複蘇中一直是一個偉大的領導者。當我們進入夏天時，人們顯然對整個家庭模式真正感興趣，並且能夠讓他們的家人獨自一人而不是在共享空間，所以 Vrbo 真的為我們帶路了。夏季初期的預訂窗口早期有很多壓縮。因此，當我們進入 7 月時，有很多 - 它對我們來說仍然是一項非常強大的業務，並且遠遠領先於我們的其他業務，但這種壓縮已經有所緩和。另一方面，即使進入 7 月，酒店業務也略有走強。

So there are some puts and takes and there's some geographical differences. But in general, July has plateaued. Cancellation rates have stayed consistent. So we haven't seen a real rise in those in July, so I think the world has sort of stabilized here. And we'll see what the next few months bring in terms of restrictions, virus growth, et cetera. And I think that will largely tell the tail.

所以有一些投入和投入，並且存在一些地理差異。但總的來說，7 月已經趨於平穩。取消率保持一致。所以我們在 7 月份沒有看到真正的增長，所以我認為世界已經穩定下來了。我們將看到接下來幾個月在限制、病毒增長等方面會帶來什麼。我認為這將在很大程度上說明尾巴。

On the good side, I would just say, in addition to Vrbo being a great driver and the strongest part of our story. We also saw terrific new customer growth which is just -- this has proven a great opportunity to introduce a whole new group of people, the Vrbo experience. And I think that will pay longer-term dividends and help cement the Vrbo brand, which, as you know, we pivoted to not that long ago. And I think that's, again, a great opportunity longer term.

從好的方面來說，我只想說，除了 Vrbo 是一個偉大的車手和我們故事中最強大的部分。我們還看到了驚人的新客戶增長——事實證明，這是一個引入全新人群 Vrbo 體驗的絕佳機會。我認為這將帶來長期紅利，並有助於鞏固 Vrbo 品牌，正如你所知，我們不久前就轉向了 Vrbo 品牌。我認為，從長遠來看，這又是一個很好的機會。

So to wrap up, I would just say, again, we've seen nice recovery from the bottom. It was strong through May and June and flattish through July. We expect it to be bumpy. Hopefully, we'll have some good and some bad in there. And it won't be linear. I happen to be a huge believer in the scientific community and expect them to, with all the great minds working on this, to save us all from ourselves. And we have seen clearly that the world and -- wants to travel again, wants to get back out and move around. And we believe as soon as -- every time those opportunities become greater and safer, that people will indeed take the opportunity to travel.

所以總結一下，我只想說，我們已經從底部看到了很好的複蘇。它在 5 月和 6 月表現強勁，在 7 月表現平平。我們預計它會崎嶇不平。希望我們會有一些好的和一些壞的。而且它不會是線性的。我碰巧是科學界的忠實信徒，並希望他們能夠與所有致力於此的偉大思想一起，將我們所有人從自我中拯救出來。我們已經清楚地看到，這個世界——想要再次旅行，想要出去走走。我們相信，只要這些機會變得更多、更安全，人們就會真正抓住機會去旅行。

So with that, again, I would encourage you not to get too caught up in the ups and downs of small numbers. Broadly, we are focused on the longer term. And we believe we're making real headway, even though we acknowledge it will take a little while for all of you to see it in the numbers.

因此，我再次鼓勵您不要過於關注少數人的起起落落。從廣義上講，我們關注的是長期。我們相信我們正在取得真正的進展，儘管我們承認你們所有人都需要一段時間才能從數字中看到它。

And I will turn it over to Eric. Thank you.

我會把它交給埃里克。謝謝。

Thanks, Peter, and thank you, everyone, for joining as well. As you can see, our financial results this quarter are indicative of the severe impact COVID-19 has had on our business and also the rest of the travel industry as well. As Peter mentioned, we've been focusing our energy on what we can control. And coming into the year, I discussed several priorities aimed at delivering margin expansion, and that includes resetting our fixed cost base, improving variable cost of revenue and driving marketing efficiency. The impact from COVID have made these priorities even more important for us, and I'm pleased with the progress our teams have already made across these areas, and I expect it will become increasingly evident in our P&L as our business recovers.

謝謝 Peter，也謝謝大家的加入。如您所見，我們本季度的財務業績表明 COVID-19 對我們的業務以及旅遊業的其他部門產生了嚴重影響。正如彼得所提到的，我們一直將精力集中在我們可以控制的事情上。進入這一年，我討論了幾個旨在實現利潤率擴張的優先事項，其中包括重置我們的固定成本基礎、提高可變收入成本和提高營銷效率。 COVID 的影響使這些優先事項對我們來說更加重要，我對我們的團隊在這些領域取得的進展感到高興，我預計隨著我們的業務復甦，這將在我們的損益表中變得越來越明顯。

Peter also noted, we're running ahead of our initial cost savings target, and we now expect to exceed $500 million on a run rate basis. Over the last several months, as we've accelerated and deepened our work across our cost initiatives and identified additional opportunities across the board, whether that's in cloud, real estate, licensing, procurements, people-related costs. That pushed the expected savings higher. We're still working across these areas and continue to look for more potential opportunities as we drive efficiency and simplify how we operate the company.

Peter 還指出，我們正在提前實現最初的成本節約目標，我們現在預計按運行率計算將超過 5 億美元。在過去的幾個月裡，隨著我們加速和深化我們在成本計劃方面的工作，並全面發現了更多機會，無論是在雲、房地產、許可、採購、人員相關成本方面。這推高了預期的節省。我們仍在這些領域開展工作，並在提高效率和簡化公司運營方式的過程中繼續尋找更多潛在機會。

The progress to date is already evidenced in our overhead cost categories, which collectively declined 22% in Q2. About half of that year-on-year decline reflects savings achieved thus far from these cost initiatives, while temporary cost measures related to COVID-19 accounted for the rest. We expect that over the next few quarters, the temporary benefits will phase out, while the savings from our cost initiatives will increase.

迄今為止的進展已經在我們的管理費用類別中得到證明，這些類別在第二季度共同下降了 22%。同比下降的大約一半反映了迄今為止這些成本舉措實現的節省，而與 COVID-19 相關的臨時成本措施佔其餘部分。我們預計在接下來的幾個季度中，臨時收益將逐步消失，而我們的成本舉措帶來的節省將會增加。

In addition to the progress on the cost savings initiatives, we're also making nice strides on improving variable cost of sales. It's not evident in the P&L yet, given the low booking volumes, but we expect the progress we're making to drive efficiency and customer service, among other areas, and to be another source of leverage on the P&L as revenue recovers.

除了在成本節約計劃方面取得進展外，我們還在改善可變銷售成本方面取得了長足進步。鑑於預訂量較低，這在損益表中尚不明顯，但我們預計我們在提高效率和客戶服務等方面取得的進展，並隨著收入的恢復成為損益表的另一個槓桿來源。

Looking at our cost of revenue, as mentioned, it did not scale down with revenue, which is -- given it was 22% decline. One factor is that only some of the costs are directly variable with revenue. Credit card processing-related fees are the biggest component and will fluctuate with our merchant revenue. And for context, that accounted for roughly 1/4 of our cost of revenue in 2019. In Q2, we also had higher bad debt and customer charge backs related to COVID and also had costs related to Bodybuilding.com before it was sold.

如前所述，看看我們的收入成本，它並沒有隨著收入的減少而減少，也就是說——考慮到它下降了 22%。一個因素是只有部分成本直接隨收入變化。與信用卡處理相關的費用是最大的組成部分，並將隨著我們的商戶收入而波動。就上下文而言，這約占我們 2019 年收入成本的 1/4。在第二季度，我們還有與 COVID 相關的更高壞賬和客戶退款，並且在 Bodybuilding.com 被出售之前也有相關成本。

Customer service costs are tied more to call volume and particularly early in Q2, we saw unprecedented levels of call volume due to cancellations that required additional staffing. Since April, these costs have started to decline year-over-year as the environment has stabilized, and we deploy more automation and self-service tools. Longer term, we believe this is going to be a big opportunity for us to improve variable costs through further innovation on our virtual agent platform. We expect cost of revenue will remain a source of deleverage, while revenue remains depressed, but we do expect it to scale nicely as the business recovers and contribute to better gross margins as we return to more normalized volumes.

客戶服務成本更多地與呼叫量相關，尤其是在第二季度初，由於取消需要額外的工作人員，我們看到了前所未有的呼叫量。自 4 月以來，隨著環境趨於穩定以及我們部署了更多自動化和自助服務工具，這些成本開始逐年下降。從長遠來看，我們相信這將是我們通過進一步創新虛擬代理平台來改善可變成本的大好機會。我們預計收入成本仍將是去槓桿化的一個來源，而收入仍然低迷，但我們確實希望隨著業務的複蘇它能很好地擴展，並隨著我們恢復到更正常的銷量而有助於提高毛利率。

On direct marketing expense, which is another area we're focusing on to drive efficiency, we slowly restarted marketing as the quarter progressed and demand began to increase. We plan to continue working our way back into performance and brand marketing as we see demand signals in different geographies, but we intend to remain disciplined and operate at higher ROIs than in the past, both near-term and going forward.

在直接營銷費用方面，這是我們關注的另一個提高效率的領域，隨著季度的進展和需求開始增加，我們慢慢地重新開始營銷。當我們看到不同地區的需求信號時，我們計劃繼續努力回到績效和品牌營銷領域，但我們打算保持紀律並以比過去更高的投資回報率運營，無論是近期還是未來。

As Peter mentioned, the results this quarter are distorted in several ways due to the impact of COVID, and I want to spend a few minutes going through a few key areas to help you understand what's happening to the business.

正如 Peter 所提到的，由於 COVID 的影響，本季度的結果在幾個方面都被扭曲了，我想花幾分鐘時間來了解幾個關鍵領域，以幫助您了解業務正在發生的事情。

In terms of our lodging results, ADRs were up 1% and revenue per room night increased 15%. On ADRs, Vrbo which carries higher ADRs and saw ADR growth given the strong demand that Peter talked about previously, it accounted for a much higher mix of room night than it has historically and more than offset declines in hotel ADR, a similar dynamic impacted revenue per room night and with the growth driven by the increase in mix and improved monetization of Vrbo.

就我們的住宿業績而言，ADR 增長了 1%，每間房晚的收入增長了 15%。在 ADR 方面，Vrbo 具有更高的 ADR 並且由於 Peter 之前談到的強勁需求而看到 ADR 增長，它所佔的間夜組合比歷史上高得多，並且超過了酒店 ADR 的下降，類似的動態影響了收入每個房間每晚的增長，以及由 Vrbo 的組合增加和貨幣化改善推動的增長。

Revenue take rate was abnormally high at 21%. While there's a lot of noise in the quarter, the biggest factor was the impact of lodging cancellations, which are netted out of gross bookings, but do not impact revenue contributed to the distorted take rate. This metric could remain volatile in the coming quarters with seasonality and product mix taking a different shape than we usually see.

收入抽成率異常高，為 21%。雖然本季度有很多噪音，但最大的因素是住宿取消的影響，這從總預訂量中扣除，但不影響收入，導致了扭曲的收入率。由於季節性和產品組合呈現出與我們通常看到的不同的形狀，該指標在未來幾個季度可能會保持波動。

Air revenue was negative in the quarter, unlike lodging. We recognize air revenue at the time of booking and make an assumption on cancellation rates. Given the unprecedented disruption to the air business during the last few months, cancellations were in excess of what we previously estimated. And for certain types of bookings, we refunded customers their airfare. We also reversed previously recognized revenue that was based on reaching certain volume thresholds. All of these factors were offset -- the revenue, which exceeded the low volume of new revenue in the quarter.

與住宿不同，該季度航空收入為負。我們在預訂時確認航空收入，並對取消率做出假設。鑑於過去幾個月航空業務出現前所未有的中斷，取消航班的數量超出了我們之前的估計。對於某些類型的預訂，我們為客戶退還了機票。我們還撤銷了之前基於達到特定數量閾值而確認的收入。所有這些因素都被抵消了——收入超過了本季度較低的新收入。

Moving on to cash flow and the balance sheet. Free cash flow in the quarter was negative $2.1 billion. And if you exclude Vrbo's merchant business, most of which goes to restricted cash, free cash flow is closer to negative $2.2 billion, largely due to the negative working capital impact to fund the decline in deferred merchant bookings and our adjusted EBITDA loss in the quarter. The negative free cash flow was heavily weighted to April and improved dramatically by June as booking trends improved and our cost actions took hold.

繼續討論現金流量和資產負債表。本季度的自由現金流為負 21 億美元。如果你排除 Vrbo 的商戶業務，其中大部分用於受限制的現金，自由現金流接近負 22 億美元，這主要是由於為延期商戶預訂減少和我們調整後的本季度 EBITDA 損失提供資金而產生的負面營運資金影響.負自由現金流在 4 月份佔很大比重，隨著預訂趨勢的改善和我們的成本行動的實施，到 6 月份大幅改善。

On deferred merchant bookings, the decline occurred mostly in April when we faced unprecedented cancellations and hit trough levels in new bookings. As booking trends improved, deferred merchant bookings started to increase in June and ended the quarter at $4.6 billion in total or $3.8 billion, excluding deferred loyalty with Vrbo accounting for most of the increase. Given the portion of Vrbo deferred merchant bookings, a lot of partners sit in restricted cash, the growth in Vrbo bookings resulted in restricted cash increasing to $1.3 billion during Q2. Meanwhile, our total unrestricted cash and short-term invested -- investments ended the second quarter at $5.5 billion, excluding the $1.25 billion debt raise we closed in July. If you exclude the financing we completed back in May, the decline in cash moderated each month in Q2 and was down only modestly during June, thanks to the stabilization in deferred merchant bookings and moderating profit loss. In addition to cash holdings, at the end of the quarter, we held amounts in restricted cash and other balance sheet assets that covered approximately 60% of outstanding deferred merchant bookings, excluding deferred loyalty.

在延期商戶預訂方面，下降主要發生在 4 月份，當時我們面臨前所未有的取消訂單，新預訂量觸及低谷。隨著預訂趨勢的改善，延期商家預訂在 6 月開始增加，本季度末總計 46 億美元或 38 億美元，不包括延期忠誠度，其中 Vrbo 佔增長的大部分。考慮到 Vrbo 延期商戶預訂的部分，許多合作夥伴持有受限現金，Vrbo 預訂量的增長導致受限現金在第二季度增加到 13 億美元。與此同時，我們不受限制的現金和短期投資總額 - 投資在第二季度結束時為 55 億美元，不包括我們在 7 月份結束的 12.5 億美元的債務融資。如果不包括我們在 5 月份完成的融資，由於延期商家預訂的穩定和利潤損失的減少，第二季度現金的下降幅度每個月都在放緩，並且在 6 月份僅小幅下降。除現金持有外，截至本季度末，我們持有的受限現金和其他資產負債表資產約佔未償還的延期商家預訂的 60%，不包括延期忠誠度。

Turning to our capital structure. Earlier this month, we opportunistically raised a total of $1.25 billion and senior unsecured notes across 3- and 7-year tranches with a weighted average coupon of 4.2%. We currently plan to use these proceeds to redeem the outstanding preferred equity stock when the redemption premium steps down in May of 2021, which would deliver significant cost savings and reduce our cost of capital. We continue to have flexibility in our capital structure to reduce our debt load over the next couple of years, which will be a key capital allocation priority and provides a path to return to our historical levels as the business recovers.

轉向我們的資本結構。本月早些時候，我們機會主義地籌集了總計 12.5 億美元的高級無抵押票據，分 3 年期和 7 年期，加權平均票面利率為 4.2%。我們目前計劃在 2021 年 5 月贖回溢價下降時使用這些收益贖回未償還的優先股，這將節省大量成本並降低我們的資本成本。我們繼續保持資本結構的靈活性，以減少未來幾年的債務負擔，這將是一項關鍵的資本配置優先事項，並提供了一條隨著業務復甦恢復到歷史水平的途徑。

Overall, we're excited by the improvement in travel demand over the last few months. As Peter talked about, it shows that consumers love and have a strong desire for travel, and we'll find a way when they get comfort to do so. Nonetheless, there's still a lot of uncertainty about the virus, and we expect the recovery will have ups and downs along the way and look different in different geographies depending on the ability to control the virus, travel restrictions and consumers' general comfort with traveling.

總體而言，我們對過去幾個月旅行需求的改善感到興奮。正如彼得所說，這表明消費者熱愛旅行並有強烈的旅行願望，當他們感到舒適時，我們會找到一種方法。儘管如此，該病毒仍存在很多不確定性，我們預計復甦過程將有起有落，並且根據控制病毒的能力、旅行限制和消費者對旅行的總體舒適度，不同地區的情況會有所不同。

We feel like we are in a great position to participate as travel recovers. But right now, we're primarily focused on what we can control internally. We're rapidly continuing down the path of reshaping how we do business. We're on track to come out of this disruption a stronger, more nimble company with better margins and positioned to deliver attractive growth for the long term.

隨著旅行的恢復，我們覺得我們處於一個很好的參與位置。但現在，我們主要關注我們可以在內部控制的內容。我們正迅速沿著重塑我們經營方式的道路前進。我們有望從這場顛覆中走出來，成為一家更強大、更靈活、利潤率更高的公司，並有能力實現有吸引力的長期增長。

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) And your first question comes from the line of Naved Khan with SunTrust.

（操作員說明）您的第一個問題來自 Naved Khan 與 SunTrust 的合作。

I just have a few. Maybe just on V-R-B-O or Vrbo first. Is there enough supply available to you to fulfill demand as you look out into the back half? Or is it mostly booked? And then I have a follow-up.

我只有幾個。也許先在 V-R-B-O 或 Vrbo 上。當您展望後半部分時，您是否有足夠的供應來滿足需求？還是大部分都是預定的？然後我有一個後續行動。

Sure. Thanks for the question. I would say it's definitely not mostly booked. We have seen certain compression in a few markets. And in fact, you may have heard that pricing has been higher as our suppliers have been able to get higher pricing as there's more demand in their markets, but there's very few markets where we have real issues with sufficient supply to satisfy demand. And certainly, as you look out over the next several months and into the fall, Christmas season, there's no shortage of supply. This summer has gotten a little tighter, again, in a few spots, but by and large, there's ample supply around the globe.

當然。謝謝你的問題。我會說它絕對不是大部分都被預訂了。我們在一些市場看到了一定程度的壓縮。事實上，您可能聽說定價更高，因為我們的供應商能夠獲得更高的定價，因為他們的市場需求更多，但很少有市場存在我們有足夠供應來滿足需求的真正問題。當然，在接下來的幾個月和秋季、聖誕節期間，您都不會發現供應短缺。今年夏天在一些地方再次變得有點緊張，但總的來說，全球供應充足。

That's helpful. And then maybe just on the performance of different geos, as you look back into the July trends. Anything to call out with respect to performance of Europe and Asia and how that compares with the U.S. business?

這很有幫助。然後，當您回顧 7 月的趨勢時，也許只是關於不同地理位置的表現。關於歐洲和亞洲的表現以及與美國業務相比如何，有什麼值得一提的嗎？

Sure. I'll just say quickly, and Eric can jump in. I think what we've seen, again, it's one of those things that rarely surprises you. It's kind of what you think it would be. The U.S. has been strong. And with the increase in viruses slowed a bit. Europe and Asia have been less strong but slow and steady and kind of beginning to continuing to improve. We're seeing a few spots of virus issues in Europe. So you never know. And LatAm has been a little bit more like the U.S., but it's quite small for us.

當然。我會說得很快，Eric 可以插話。我認為我們再次看到的是很少讓您感到驚訝的事情之一。這就是你認為的那樣。美國一直很強大。並且隨著病毒的增加速度變慢了一點。歐洲和亞洲沒有那麼強大，但緩慢而穩定，並且開始繼續改善。我們在歐洲看到了一些病毒問題。所以你永遠不知道。拉美有點像美國，但對我們來說很小。

So I would say it's pretty much exactly what you think it would be based on what you're hearing about virus and openings, et cetera, and there's no real investor ramp out of that anywhere. I don't know, Eric, if you want to add anything?

所以我想說的是，這幾乎就是你所認為的，這取決於你所聽到的關於病毒和空缺等等的信息，而且在任何地方都沒有真正的投資者從中脫穎而出。我不知道，埃里克，如果你想補充什麼？

Yes. The only thing that I would add to it is that the story as we evolve over time, is going to be a series of micro stories and intersections of different geographies. And just to give you a flavor of that, when you look at air, that ultimately, if you just look at our overall number, you'd see an improvement from April through to June and then a slight weakening in July. But if you then split between the various geographies, North America and LatAm look pretty similar, which will follow a very similar curve that I just mentioned, whereas EMEA and APAC really haven't recovered very well yet from an air perspective.

是的。我唯一要補充的是，隨著我們隨著時間的推移而發展，故事將成為一系列微觀故事和不同地域的交集。只是為了讓你體會一下，當你看空氣時，最終，如果你只看我們的總體數字，你會發現從 4 月到 6 月有所改善，然後在 7 月略有減弱。但是，如果您然後在各個地區之間進行劃分，北美和拉美看起來非常相似，它們將遵循我剛才提到的非常相似的曲線，而從空氣的角度來看，歐洲、中東和非洲和亞太地區確實還沒有很好地恢復。

If you then look at lodging then, however, it's somewhat of a different story where North America and EMEA looked the same. So they would follow a curve where April was down quite significantly, but has rebounded a bit through June and the order of magnitude mentioned previously, but whereas APAC and LatAm aren't.

然而，如果你再看看住宿，北美和歐洲、中東和非洲看起來是一樣的，情況就有點不同了。因此，他們將遵循一條曲線，其中 4 月下降幅度相當大，但在 6 月和之前提到的數量級有所反彈，而亞太地區和拉美則不然。

So it's going to be a story of comfort on domestic travel, how much of a given market historically? And in this environment has domestic versus international, how comfortable people are across lodging versus air. But hopefully, that will give you a sense for the various curves across 2 major geographies and products.

所以這將是一個關於國內旅行的舒適故事，歷史上給定的市場有多大？在這種有國內與國際的環境中，人們對住宿與空氣的舒適程度。但希望這能讓您了解 2 個主要地區和產品的各種曲線。

Yes. And I would just add before we take another question that on the Vrbo side, one interesting part is that we have seen historically when you get economic downturns, you often get more people come -- more supply coming into the market. So we do have a hope that we will see, and we have seen some early signs of more supply coming into the market. So that should help alleviate any inventory issues as well.

是的。在我們提出另一個問題之前，我想補充一點，在 Vrbo 方面，一個有趣的部分是，我們從歷史上看到，當經濟衰退時，通常會有更多的人來——更多的供應進入市場。所以我們確實有希望看到，我們已經看到更多供應進入市場的一些早期跡象。因此，這也應該有助於緩解任何庫存問題。

Your next question comes from the line of Deepak Mathivanan.

你的下一個問題來自 Deepak Mathivanan。

Peter, I wanted to ask you a little bit of a big picture question. Given the trends that you have seen over the past few months, do you think there is a secular change in consumer behavior towards alternative accommodations in a more permanent way? Obviously, you have Vrbo, but where do you see incremental opportunity if this theme becomes sticky and significant for the whole travel industry?

彼得，我想問你一個大問題。鑑於您在過去幾個月中看到的趨勢，您認為消費者行為是否會以更持久的方式轉向替代住宿？顯然，你有 Vrbo，但如果這個主題對整個旅遊行業變得具有粘性和重要性，你在哪裡看到增量機會？

And then the second question is on the market share. You noted that you are willing to lose share gains in the near-term on the performance marketing channels. How do you think about that share, specifically something where you would like it to sustain? And is there a level where you would like demand to get to before you become aggressive in the performance marketing channels?

然後第二個問題是關於市場份額。您指出，您願意在短期內失去績效營銷渠道的份額收益。您如何看待該份額，特別是您希望它維持的份額？在您積極參與績效營銷渠道之前，您是否希望需求達到一個水平？

Sure. On the first question, I would say I personally don't think there is -- I know there's been a lot of comments out there from my peers and others about the future of travel. I don't think we've seen anything to suggest that people's travel behavior will materially change.

當然。關於第一個問題，我想說我個人認為沒有——我知道我的同行和其他人對旅行的未來發表了很多評論。我認為我們沒有看到任何跡象表明人們的旅行行為會發生重大變化。

I do think that, to your question specific to Vrbo, we are getting a lot of people experimenting with and hopefully, being very happy and satisfied with the alternative accommodation experience and in particular for us, Vrbo's main emphasis on the whole home. So I think there may well be people out there who are not as familiar, either with our brand or with the experience who are now getting to experience it and having very satisfying great trips. And I think that's a great opportunity for us to create long-term customer stickiness and value. And as you may know, we've been working over the last couple of years to get more and more of that alternative product available through our main OTA brands, still a work in progress, but we are making real inroads there as well.

我確實認為，對於您針對 Vrbo 的問題，我們正在讓很多人嘗試並希望對替代住宿體驗感到非常高興和滿意，特別是對我們來說，Vrbo 主要強調整個家庭。因此，我認為可能會有一些人對我們的品牌或體驗不那麼熟悉，但他們現在正在體驗它並享受非常令人滿意的旅行。我認為這是我們創造長期客戶粘性和價值的絕佳機會。正如您所知，在過去的幾年裡，我們一直在努力通過我們的主要 OTA 品牌獲得越來越多的替代產品，這項工作仍在進行中，但我們也在這方面取得了真正的進展。

So I think it will continue to be a great alternative for travelers. But again, I am not one to believe that anything about what we're going through will be permanent. I recall very well people's commentaries about the future of travel after 9/11, and the future of New York City after 9/11, all of which turned out to be untrue. So I am a general optimist in this regard. I think, again, people have shown -- I think travel is like water, it finds its way. If I can't go international, I'll go domestic. If I don't want to fly, I'll drive. If I don't want to stay in a hotel, I'll stay in an alternative accommodation, but I don't think we've really seen long term -- any reason to believe there's long-term behavioral change.

所以我認為它將繼續成為旅行者的絕佳選擇。但同樣，我不相信我們正在經歷的任何事情都是永久性的。我清楚地記得人們對 9/11 之後旅行的未來以及 9/11 之後紐約市的未來的評論，所有這些都被證明是不真實的。所以我在這方面是一個普遍的樂觀主義者。我認為，人們再次表明——我認為旅行就像水一樣，它會找到自己的路。如果我不能去國際，我就去國內。如果我不想坐飛機，我會開車。如果我不想住在酒店，我會住在其他住所，但我認為我們沒有真正看到長期的——任何相信長期行為改變的理由。

Sorry. And then to your second question on performance marketing. I would say, my comments were really about the short-term week-to-week little differences. There are blips all over the world, blips in demand, as Eric talked about, and you can spend all day chasing all of those little blips or you can work on the foundational work, and we are working on the foundational work. That does not mean, in any way, that we're willing or desirous of yielding share. It just means that we're trying to keep the team focused on the bigger long-term pot of money as opposed to getting an extra share point in a market that's doing a little better, but it's still down 70% or something.

對不起。然後是關於績效營銷的第二個問題。我會說，我的評論實際上是關於短期的每周小差異。正如 Eric 所說，世界各地都有 blips，需要 blips，你可以花一整天時間追逐所有這些小 blips，或者你可以從事基礎工作，而我們正在從事基礎工作。無論如何，這並不意味著我們願意或渴望放棄份額。這只是意味著我們正努力讓團隊專注於更大的長期資金，而不是在一個表現稍好但仍下跌 70% 左右的市場中獲得額外的份額點。

So we are willing to make those short-term little changes. We still want to have share. We still want to drive our rifle share of market, if anything, and I said it last time we spoke, I believe that we can grow share while growing profitability. That is my strong belief, but we have to do a lot of work to do the foundational stuff to get there. And I've talked about it before, but being able to optimize for multi-brand is a complicated exercise. Being able to figure out geographically where we push and where we pull back. All of those things are going on right now.

所以我們願意做出那些短期的小改變。我們還是想分一杯羹。我們仍然想提高我們步槍的市場份額，如果有的話，我在上次談話時說過，我相信我們可以在增加盈利能力的同時增加份額。這是我的堅定信念，但我們必須做很多工作才能做到這一點。我之前已經談過，但是能夠針對多品牌進行優化是一項複雜的工作。能夠從地理上弄清楚我們在哪裡推進和撤退。所有這些事情現在都在發生。

So I think, again, we won't land until we come out of this, but we have no general thesis that we're going to give up x many share points for x much profit. We would like to keep our share and just be much, much more profitable and thereby be able to drive even more share. And that is our goal.

所以我再次認為，在我們走出這一步之前我們不會著陸，但我們沒有一般的論點，即我們將放棄 x 許多份額點數以獲得 x 的利潤。我們希望保持我們的份額，並獲得更多、更多的利潤，從而能夠推動更多的份額。這就是我們的目標。

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

我們的下一個問題來自 Jed Kelly 與 Oppenheimer & Co. 的合作。

Can you just talk about the flexibility in your brand spending in the latter part of 4Q? If hopefully, I'm optimistic here that we get some positive data on the vaccine news and travel could be recovering your flexibility on brand.

您能否談談您在第四季度後期的品牌支出的靈活性？如果有希望的話，我在這裡很樂觀，我們得到了一些關於疫苗新聞的積極數據，旅行可能會恢復你在品牌上的靈活性。

And then just on Vrbo. Can you talk about -- are you benefiting on the shoulder seasons and fall bookings with people being able to work from home? And can you talk about the Vrbo booking window?

然後就在 Vrbo 上。你能談談——你是否從淡季和秋季預訂中受益，人們可以在家工作？你能談談 Vrbo 預訂窗口嗎？

Sure. Thanks for the questions. I would say on the Vrbo part, we are focusing on the new realities around working from home. We have been pushing a variety of campaigns around helping people with that idea, homework, home school, the importance of WiFi and kinds of products like that in this changed world. And as many of you are probably experiencing, the question of the school year and how kids will go back-to-school, varies greatly across the U.S., let alone the world. And so I think there will be kind of different and unique opportunities to capitalize on that.

當然。感謝您的提問。我想說，在 Vrbo 部分，我們正在關注在家工作的新現實。我們一直在推動各種活動來幫助人們實現這一想法、家庭作業、家庭學校、WiFi 的重要性以及在這個變化的世界中類似的產品。正如你們中的許多人可能正在經歷的那樣，學年的問題以及孩子們將如何重返學校，在美國各地差異很大，更不用說全世界了。因此，我認為將會有一些不同且獨特的機會來利用它。

We are using some campaigns, testing some things out. We do think the fall will be different than it has historically been. We do think the Christmas season could well be different, whether it's just longer or we have seen over the summer, these extended booking windows, where people are booking for longer periods of time as they just decamp to somewhere different with their family for a month. And I think we'll still see some trends like that. But it's too early to tell what that fall -- honestly, what the fall will really look like.

我們正在使用一些活動，測試一些東西。我們確實認為秋季將與以往不同。我們確實認為聖誕節可能會有所不同，無論是更長的時間還是我們在整個夏天都看到的這些延長的預訂窗口，人們預訂更長的時間，因為他們只是與家人一起去不同的地方住一個月.我認為我們仍然會看到這樣的趨勢。但現在說秋天會怎樣還為時過早——老實說，秋天會是什麼樣子。

And I think, candidly, that's because of all the uncertainty in the world. But people still don't know if their kids are physically going to go to school or not or are they going to need to go into work or not, all of those things. So I think as we get some clarity on that, which, of course, is coming in the month of August. In large part, I think we'll start to get a better picture.

坦率地說，我認為這是因為世界上所有的不確定性。但是人們仍然不知道他們的孩子是否真的要上學，或者他們是否需要上班，所有這些事情。所以我認為，當我們對此有所了解時，這當然會在 8 月份到來。在很大程度上，我認為我們將開始獲得更好的畫面。

As far as the brand spring goes, it's a lot of tools to push our brands. Some of them are historically the classic linear television or, to that matter, all the new on demand or streaming services that include advertising. There's obviously digital products that can be used for branding and video as well as performance. So we have a lot of different levers to push on. I would say we have a fair amount of latitude to dial things up. We want to. We have obviously dialed things down considerably.

就品牌之春而言，有很多工具可以推動我們的品牌。其中一些是歷史上經典的線性電視，或者就此而言，包括廣告在內的所有新的點播或流媒體服務。顯然有數字產品可用於品牌和視頻以及性能。所以我們有很多不同的槓桿可以推動。我想說我們有相當大的自由度來調整事情。我們想。我們顯然已經大大減少了事情。

But again, during the period, going back to sort of being really internally maniacally focused, and we're focused on brand separation. We're doing a lot of work around our branding around -- particularly our brand in Brand Expedia to really define a brand stands for us, separate and apart from hotels and Vrbo, et cetera. So there's a lot of really good work going on, and I think we'll be in an excellent position to kind of go through the stages of recovery as people start to get more comfortable and we land some messaging around that. And then with a big push when things get more normalized, about where we want to put and place each brand and what each brand is going to stand for.

但同樣，在此期間，我們又回到了真正的內部瘋狂關注，我們專注於品牌分離。我們正在圍繞我們的品牌做很多工作——特別是我們在 Brand Expedia 中的品牌，以真正定義一個代表我們的品牌，獨立於酒店和 Vrbo 等。所以有很多非常好的工作正在進行，我認為我們將處於一個很好的位置來經歷恢復階段，因為人們開始變得更加舒適，我們會圍繞這一點傳達一些信息。然後在事情變得更加正常化時大力推動，關於我們想要放置和放置每個品牌的位置以及每個品牌將代表什麼。

So that's important work. Candidly, we haven't done it that way ever as one group, defining each brand and each brand proposition. We're busily doing that work. We just put those groups together a couple, maybe not even 2 months ago.

所以這是一項重要的工作。坦率地說，作為一個團隊，我們從來沒有這樣做過，定義每個品牌和每個品牌主張。我們正忙著做這項工作。我們只是將這些小組放在一起，可能甚至不到 2 個月前。

So we will be ready. We will have ample capital when the market's ready, and I think we will have much better brand separation and positioning for the future when we're ready to pull the trigger on all. So -- but certainly, we have many ways to do it. And frankly, each brand is effective in different ways and different lanes. So some brands have had great success with YouTube, others have been strong in classic television, and others have found other ways. So we have a lot of tools to use.

所以我們會做好準備。當市場準備就緒時，我們將擁有充足的資本，而且我認為，當我們準備好啟動所有業務時，我們將擁有更好的品牌分離和未來定位。所以 - 但當然，我們有很多方法可以做到這一點。坦率地說，每個品牌都以不同的方式和不同的渠道發揮作用。因此，一些品牌在 YouTube 上取得了巨大成功，另一些品牌在經典電視領域表現強勁，還有一些品牌則找到了其他方式。所以我們有很多工具可以使用。

And your next question comes from the line of Kevin Kopelman.

你的下一個問題來自 Kevin Kopelman。

So a question on the revenue trend. You noted that new bookings in June were down about 45%, and then, fell off a little in July. Can you help us translate that new bookings metric directionally into what it would mean for revenue given some of the puts and takes there?

所以關於收入趨勢的問題。您注意到 6 月份的新預訂量下降了約 45%，然後在 7 月份略有下降。您能否幫助我們將新的預訂指標定向轉化為在給定一些看跌期權的情況下對收入的意義？

Yes. I'll take that one. I mean generally -- I guess there's a couple of components I would point to in there. Cancellations -- just going back in time and the impact of COVID, cancellations obviously spiked in the April and March time line. Those have largely come back down to near but still elevated historical levels. I point that out because obviously that was a big driver of volatility in our P&L. There's -- when you look at the ADRs and revenue, rev per room night, the reason I'm pointing -- I'm pointing out a couple of current areas that may be different than historical so that there may be some noise. On the ADR side, you saw that go up or increase 1% and that 45% number that you mentioned. That ADR is driven by Vrbo. ADR is higher because of strong demand, where mix in the Vrbo, but our -- that offsets double-digit decreases in hotel. And then revenue per room night has some of the similar impacts as well, so I would say that the P&L is going to be noisy. And I just gave you a few examples of how the amount of noise that has flowed through in Q2. So I would love to say that it's got -- that whatever the range falls in July and for the rest of the quarter, we'll hit our P&L in a way that it has historically or as we've seen in last year, if you will. But as Peter and I both mentioned, there is a bunch of noise. I think Q2, at least the latter part of Q2, probably gives us some indication, but it's going to be a bit noisy over the next few months. So I can't give you a definitive answer, if you will.

是的。我會拿那個。我的意思是一般來說——我想我會指出其中的幾個組件。取消——回到過去和 COVID 的影響，取消明顯在 4 月和 3 月的時間線上飆升。這些已基本回落至接近但仍處於歷史高位的水平。我指出這一點是因為這顯然是我們損益表波動的一個重要驅動因素。有——當你查看 ADR 和收入、每間房夜的收入時，我指出的原因——我指出的幾個當前領域可能與歷史不同，因此可能會有一些噪音。在 ADR 方面，你看到上升或增加 1% 以及你提到的 45% 的數字。該 ADR 由 Vrbo 驅動。由於需求強勁，ADR 較高，Vrbo 的混合需求，但我們的 - 這抵消了酒店兩位數的下降。然後每間夜的收入也有一些類似的影響，所以我想說 P&L 會很吵。我剛剛給你舉了幾個例子，說明第二季度的噪音量是如何流過的。因此，我想說的是，無論 7 月份和本季度剩餘時間的範圍如何，我們都會以歷史上或去年所見的方式實現我們的損益，如果你會。但正如彼得和我都提到的那樣，有很多噪音。我認為第二季度，至少是第二季度的後半部分，可能會給我們一些跡象，但在接下來的幾個月裡會有點嘈雜。所以我不能給你一個明確的答案，如果你願意的話。

Got it. That's helpful. And then if I could just ask one other question. Can you talk about what you're seeing in Europe? And to what extent has Europe travel been picking up? And is that having a meaningful impact for Expedia in terms of offsetting their kind of recent role in the U.S.?

知道了。這很有幫助。然後我能不能再問一個問題。你能談談你在歐洲看到的情況嗎？歐洲旅行的回暖程度如何？就抵消他們最近在美國扮演的角色而言，這對 Expedia 有有意義的影響嗎？

Yes. I was going to say -- I would say Europe was a bit slower than the U.S. to pick up. I think we've mentioned that a number of different times during the fundraising process, et cetera., where the U.S. started rebounding earlier, particularly in lodging, particularly, as Peter mentioned, and the intersection of domestic drive to and whole homes, whereas EMEA was slower. Now we have seen EMEA, on the lodging side start to recover a bit. It's just more of a methodical improvement over time. I mentioned earlier on air, air is challenged more so than hotel in both geographies. And I would say what we've seen thus far in Europe is -- continues to be quite challenged. There's a different mix between domestic and international in Europe versus the U.S. And even though in the U.S. air is still quite low; in EMEA, you just got the high rate of international travel and there's just a lot of uncertainty that remains. So Europe continues to be pretty tepid on the air side. So good signals in EMEA. Time will tell. Slow on the air side.

是的。我想說——我想說歐洲的起步比美國慢一點。我想我們在籌款過程中已經多次提到，美國較早開始反彈，特別是在住宿方面，特別是正如彼得提到的，以及國內駕車和整棟房屋的交集，而歐洲、中東和非洲較慢。現在我們已經看到 EMEA，在住宿方面開始有所恢復。隨著時間的推移，這更像是一種有條不紊的改進。我之前在空中提到過，在這兩個地區，空中比酒店面臨更大的挑戰。我想說的是，到目前為止，我們在歐洲看到的是——繼續面臨相當大的挑戰。歐洲與美國的國內和國際混合情況不同。即使在美國，空氣仍然很低；在歐洲、中東和非洲，國際旅行率很高，而且仍然存在很多不確定性。因此，歐洲在空氣方面仍然很不溫不火。歐洲、中東和非洲地區的信號非常好。時間會證明一切。在空氣側緩慢。

And your next question comes from the line of Eric Sheridan with UBS.

你的下一個問題來自瑞銀的 Eric Sheridan。

Maybe one for each of you. Peter, just understanding the industry dynamic, with demand where it is, anything you're seeing interesting on the supply side of either more alternative accommodations being listed broadly on a global basis or hotels more willing to work with the OTAs? Typically, if you go back and look historically, those are periods of time where the OTAs tend to gain some share of supply when end demand has never been as low as this, but low generally. So I'm just curious what you might be seeing on the supply side as opposed to the demand side, looking at the marketplace.

也許給你們每個人一個。彼得，只要了解行業動態，需求在哪裡，你在供應方面看到任何有趣的東西，無論是在全球範圍內廣泛列出的更多替代住宿，還是更願意與 OTA 合作的酒店？通常情況下，如果你回顧歷史，當終端需求從未像現在這樣低但普遍較低時，OTA 往往會獲得一些供應份額的時期。所以我很好奇你在供應方面可能會看到什麼，而不是需求方面，看看市場。

And then, Eric, you made a point in the 8-K of the merchant liabilities starting to improve. Wanted to just get a check in on the balance sheet, how you guys are thinking about merchant liabilities, is it a drag? Has that stabilized? And how should we be thinking about aligning the balance sheet against both your growth goals and your capital return potential goals over the medium to long term?

然後，埃里克，你在 8-K 中指出了商家負債開始改善的觀點。只想檢查一下資產負債表，你們是如何考慮商家負債的，這是拖累嗎？穩定了嗎？我們應該如何考慮使資產負債表與您的中長期增長目標和資本回報潛在目標保持一致？

Yes. Thank you very much. So I'll take the first one and say it's a couple of different buckets. I mentioned the opportunity we think there is around more supply coming into the Vrbo rental base. People are all looking for ways to monetize their assets and we do believe and we have seen some early signs, nothing -- not a tidal wave or anything, but some early signs that there is opportunity there. And we do market to that audience, and we do try to build that side of the platform. So that's ongoing. I think there's solid opportunity there, but it's relatively early days. And I think, again, you'll all have your own views about what the economy will look like coming out of this and -- and globally, et cetera, but we think there's opportunity there. As for the big players on the air and on the lodging side, look, our main goal is to get everybody back in business and drive as much business as we can to all of those players. We are trying to be as collaborative as we can. But I would say, yes, there is, by and large, a willingness and openness to work together on new ideas, things that have been sitting on the shelf for a while that have been talked about but never moved on. I think there's some interesting things we can do with some of our lodging partners that we're looking at.

是的。非常感謝。所以我會拿第一個說它是幾個不同的桶。我提到了我們認為有更多供應進入 Vrbo 租賃基地的機會。人們都在尋找將他們的資產貨幣化的方法，我們確實相信並且我們已經看到了一些早期跡象，什麼都沒有 - 不是潮汐或任何東西，而是一些早期跡象表明那裡有機會。我們向這些受眾進行營銷，我們確實嘗試構建平台的那一側。所以這正在進行中。我認為那裡有很好的機會，但現在還比較早。而且我認為，你們都會對由此而產生的經濟前景以及全球範圍內的情況等都有自己的看法，但我們認為那裡有機會。至於空中和住宿方面的大玩家，看，我們的主要目標是讓每個人恢復業務，並儘可能多地為所有這些玩家帶來業務。我們正在努力盡可能地協作。但我會說，是的，總的來說，人們願意並開放地就新想法進行合作，這些想法已經擱置了一段時間，但一直在談論但從未進行過。我認為我們可以與我們正在尋找的一些住宿合作夥伴一起做一些有趣的事情。

There's a lot of opportunity for air, and we're working to improve our air product. And we're working with our air suppliers, so they -- so we can make that good for everybody. And yes, there is a general sense of collaboration and willingness to work on new ideas to drive business for everybody. And I would say that in times like this, you would expect and we are making up more share of everybody's wallet on the supply side. So we're not trying to put the screws to anybody, we're trying to collaboratively look at how we can grow their business, help grow our business, and we are keenly focused on that. So there is definitely opportunity. Again, I don't think it's about leveraging a moment. It's really about an openness that you get at a time like this where everybody is in a bit of a crisis to look at opportunities, to work together to grow the business to improve both sides and that's what we're focused on.

空氣有很多機會，我們正在努力改善我們的空氣產品。我們正在與我們的空氣供應商合作，所以他們 - 所以我們可以讓每個人都受益。是的，存在普遍的協作意識，並願意研究新想法來推動每個人的業務。我要說的是，在這樣的時代，你會期望我們在供應方面佔據每個人錢包的更多份額。因此，我們不會試圖對任何人施加壓力，我們正在努力合作研究如何發展他們的業務，幫助發展我們的業務，我們非常專注於此。所以肯定有機會。同樣，我認為這不是利用時間。這真的是關於你在這樣的時候獲得的開放性，在這個時候每個人都處於尋找機會的危機中，共同努力發展業務以改善雙方，這就是我們所關注的。

This is Eric. I'll take the second half of the question, and thanks for the question. I'm going to get slightly longer update because I think there's a fair number of questions I suspect we'll get during the call. So let me try to give a bit of a holistic update on the balance sheet and cash. So if you look at the deferred merchant bookings. And again, for everyone's edification, deferred merchant bookings is where we accept customers' cash. We then hold on to that and remit it to suppliers post stay, if you will. It did decrease $1.3 billion during the quarter. But if you look at the trend over that quarter, it was a significant drop in April, a slight decline in May and then actually increased in June. The increase in June is driven by Vrbo, which we've talked a lot about. The strong bookings growth actually year-on-year, that occurred in Vrbo. If you look at non-Vrbo within that deferred merchant booking, it was essentially flat between May and June. So if you -- if we go in reverse and we look back and what we are observing in the April and -- March, April, May time line, where that DMB, or that deferred merchant booking, was really declining, I would say we feel pretty darn good about how the latter part of the quarter looked from a deferred merchant bookings standpoint.

這是埃里克。我會回答問題的後半部分，謝謝你的提問。我將獲得稍長的更新時間，因為我認為我懷疑我們會在通話期間收到很多問題。因此，讓我嘗試對資產負債表和現金進行一些整體更新。因此，如果您查看延期的商家預訂。再一次，為了大家的啟發，延期商戶預訂是我們接受客戶現金的地方。然後，如果您願意，我們會保留並在入住後將其匯給供應商。它在本季度確實減少了 13 億美元。但如果你看一下那個季度的趨勢，4 月份大幅下降，5 月份略有下降，然後 6 月份實際上有所上升。 6 月份的增長是由 Vrbo 推動的，我們已經談了很多。 Vrbo 的預訂量實際上同比增長強勁。如果您查看延期商家預訂中的非 Vrbo，它在 5 月和 6 月之間基本持平。因此，如果你 - 如果我們倒退，我們回顧一下我們在 4 月和 - 3 月、4 月、5 月的時間線中觀察到的情況，即 DMB 或延期商戶預訂確實在下降，我會說從延期商家預訂的角度來看，我們對本季度後半部分的表現感到非常滿意。

If I then move to cash, I know a lot of this is in the financials that we published. But essentially, we started the quarter with $4.1 billion, essentially a change, call it, operating of net $1.4 billion. We then raised the approximately $4 billion of financing. Obviously, it was a little -- a bit less than that from a net standpoint. So at the end of the quarter, we had $5.5 billion, and that's excluding the $1.25 billion incremental raise that we did earlier this month.

如果我隨後轉向現金，我知道其中很多都在我們發布的財務報告中。但從本質上講，我們本季度開始時的收入為 41 億美元，本質上是一個變化，可以稱之為淨運營 14 億美元。然後我們籌集了大約 40 億美元的資金。顯然，從淨值的角度來看，它比那要少一點。所以在本季度末，我們有 55 億美元，這還不包括我們本月早些時候進行的 12.5 億美元增量融資。

And then lastly, which is related to all of this is -- and I suspect there's a question coming just around the $275 million cash burn rate that we talk about over the -- what we've talked about over the last couple of months and quarters. Remember, this is effectively contribution-neutral, revenue less cost of revenue less marketing. We assume that's 0. And then what is the cost to run the business, so i.e., what is the cost to keep the side up? What is the cost to keep the lights on? We had said previously that we would be at approximately $275 million burn rate per month, and we said we would get to that by the end of the year. I'm happy to say that we are operating broadly in that range right now. So we have achieved it faster than we anticipated.

最後，與所有這一切相關的是——我懷疑我們在過去幾個月談論的 2.75 億美元現金消耗率會引發一個問題——宿舍。請記住，這實際上是貢獻中性的，收入減去收入成本減去營銷。我們假設它是 0。那麼經營業務的成本是多少，也就是說，維持運營的成本是多少？保持燈亮的成本是多少？我們之前曾說過，我們每月的燒錢率約為 2.75 億美元，我們說我們會在年底前達到這一目標。我很高興地說，我們現在在這個範圍內廣泛運營。所以我們實現它的速度比我們預期的要快。

Just one point of clarification because I know it comes up occasionally is it does exclude restructuring costs associated with our cost program. And then because we raised the $1.25 billion, we will have about $5 million of incremental interest expense. But sort of net-net, feel very good about DMB and where the trend is. We're in a strong cash position and feel really good about our overall cost program and what that burn looks like.

只是澄清一點，因為我知道它偶爾會出現，因為它確實不包括與我們的成本計劃相關的重組成本。然後因為我們籌集了 12.5 億美元，我們將有大約 500 萬美元的增量利息支出。但是有點像 net-net，對 DMB 和趨勢在哪裡感覺很好。我們的現金狀況良好，對我們的整體成本計劃以及燒錢情況感覺非常好。

And your next question comes from the line of Lee Horowitz with Evercore ISI.

你的下一個問題來自 Lee Horowitz 與 Evercore ISI 的合作。

So sticking with Vrbo with -- obviously, booking trends remaining really strong through the pandemic, I guess, is there anything you're seeing there as it relates to traffic mix in terms of paid traffic versus direct to Vrbo? And how you would expect that to perhaps evolve over the course of this crisis?

所以堅持使用 Vrbo - 顯然，在大流行期間預訂趨勢仍然非常強勁，我想，你在那裡看到了什麼，因為它與付費流量和直接到 Vrbo 的流量組合有關？在這場危機的過程中，你會如何預期它可能會演變？

Yes. Absolutely. One of the things that I think I have heard other places as well is many of us retrenched that out of competitive advertising and out of the auctions to a large extent, when things got really bad in March and April. We have been waiting back in with all our brands, but much more delicately with Vrbo because, candidly, Vrbo has been the beneficiary. We have a huge amount of direct traffic and essentially organic traffic. So the mix of business has been extremely profitable on a relative basis for Vrbo, and that has been terrific. We're not against using performance marketing in Vrbo, and we certainly are trying to use it deftly. But our mix and our returns on marketing are at massively higher levels than they -- we were historically running at in, call it, late 2019.

是的。絕對地。我想我在其他地方也聽說過的一件事是，當 3 月和 4 月情況變得非常糟糕時，我們中的許多人在很大程度上削減了競爭性廣告和拍賣。我們一直在等待我們所有品牌的回歸，但對 Vrbo 的等待要微妙得多，因為坦率地說，Vrbo 一直是受益者。我們有大量的直接流量和基本的自然流量。因此，相對於 Vrbo 而言，業務組合已經非常有利可圖，而且非常棒。我們並不反對在 Vrbo 中使用績效營銷，我們當然會嘗試巧妙地使用它。但是我們的組合和我們的營銷回報率遠遠高於他們——我們歷史上一直在運行，稱之為 2019 年末。

So yes, there's definitely been -- I don't want to say it's a structural shift, we'll see what the world look like when everything normalizes. But we have seen that the brand is quite strong, that people can find us and that we're important as an organic option and a great option for travelers. So I think the mix is terrific there right now. And no doubt as we grow -- as we continue to grow and other players get a little healthier, we may see that mix change a bit. But right now, that mix is terrific.

所以是的，肯定有——我不想說這是結構性轉變，我們會看到一切正常化後世界會是什麼樣子。但我們已經看到該品牌非常強大，人們可以找到我們，而且我們作為有機選擇很重要，也是旅行者的絕佳選擇。所以我認為現在的組合非常棒。毫無疑問，隨著我們的成長——隨著我們繼續成長，其他球員變得更健康，我們可能會看到這種組合發生一些變化。但現在，這種組合非常棒。

Our next question comes from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Brent Thill 與 Jefferies 的對話。

This is James on for Brent. I just had one for Eric. Can you give us an update on what your CapEx spend is looking like for the back half of 2020 and then first half of '21? I know you have the headquarters, which should be completed by early next year, but just want to know what your other CapEx spend might look like and how we should think about that from a modeling perspective.

這是詹姆斯替補布倫特。我剛給埃里克買了一個。您能否向我們介紹一下您在 2020 年下半年和 21 年上半年的資本支出情況的最新情況？我知道你有總部，應該在明年初完工，但只是想知道你的其他資本支出可能是什麼樣子，以及我們應該如何從建模的角度考慮這一點。

Yes. Our CapEx, I presume you saw, was $206 million, of that $34 million was of headquarters. Again, we gave an update last quarter that we had restarted on headquarters and that's been $115 million for the first half of the year. Excluding headquarters, it's $172 million. Just to give you the components up there at a high -- of it at a high level, the vast majority is in capitalized labor. That's essentially employees that are doing site developments. And we should see some improvement in that capitalized labor, just given the cost program and some of the actions that we've taken to date. We've got the data center. As we continue to move more into cloud, that data center CapEx should moderate as well. And then essentially, the cap labor and data center captures most of it.

是的。我想你看到了，我們的資本支出為 2.06 億美元，其中 3400 萬美元用於總部。同樣，我們在上個季度更新了我們已經在總部重新啟動的更新，今年上半年的收入為 1.15 億美元。不包括總部，是 1.72 億美元。只是為了給你高層次的組成部分——在高層次上，絕大多數是資本化的勞動力。這基本上是進行站點開發的員工。考慮到成本計劃和我們迄今為止採取的一些行動，我們應該看到資本化勞動力有所改善。我們有數據中心。隨著我們繼續更多地轉向雲計算，數據中心的資本支出也應該有所緩和。然後基本上，上限勞動力和數據中心捕獲了其中的大部分。

So what I would say, not giving you too specific numbers, if you will, but for 2020, we should come in less than we were in 2019 with all the various moving parts. And then as we go into 2021, as that headquarters rolls off, we should be much more efficient. We should require less CapEx and ultimately see better cash conversion. But hopefully, that gives you an order of magnitude on 2020. And then over time, it should get more efficient too.

所以我要說的是，如果你願意的話，我不會給你太具體的數字，但到 2020 年，我們的收入應該比 2019 年少，因為所有的活動都在變化。然後當我們進入 2021 年時，隨著總部的撤離，我們應該更有效率。我們應該需要更少的資本支出，並最終看到更好的現金轉換。但希望這能在 2020 年給你一個數量級。然後隨著時間的推移，它也應該變得更有效率。

Your next question comes from the line of Chris Kuntarich with Deutsche Bank.

你的下一個問題來自德意志銀行的 Chris Kuntarich。

Maybe just start on the vacation rental side and then just kind of parsing out the difference of what's going on in vacation rental and hotel. I think you guys mentioned that Vrbo was growing, so just maybe for -- since you guys have seen sort of the plateau in July, is there any difference going on in the cancellation in new bookings from the 2?

也許只是從度假租賃方面開始，然後只是分析度假租賃和酒店的不同之處。我想你們提到 Vrbo 正在增長，所以也許是因為你們在 7 月份看到了某種平穩狀態，從 2 開始取消新預訂有什麼不同嗎？

Yes. I would say broadly, cancellation rates have stayed pretty consistent. We don't -- I wouldn't say there's anything noteworthy between how hotels and vacation rental was performing, except that hotels have taken longer -- is on a slower trajectory to recovery. Clearly, vacation rental was very strong. We saw demand exceed prior years during some of these compression periods, which, in a world like this, is great to see. And hotels have just been on a slower pace to recovery. But I think on the cancellation side, we haven't seen anything noteworthy. And again, broadly, cancellations have remained stable for the last -- for July, June, et cetera. It's not -- there's no big uptick in cancellations that we've seen. So the real difference is that compression of early bookings that were in the vacation rental space that the hotels didn't see, I would say. And then the easing of that compression period into July and whereas the hotels have been slowly making up ground on a more linear basis.

是的。我想說的是，取消率一直保持一致。我們沒有——我不會說酒店和度假租賃的表現之間有什麼值得注意的，除了酒店花了更長的時間——復甦的軌跡較慢。顯然，假期租金非常強勁。在這些壓縮期中，我們看到需求超過了往年，在這樣的世界中，這是很高興看到的。酒店的複蘇步伐剛剛放緩。但我認為在取消方面，我們沒有看到任何值得注意的事情。再一次，從廣義上講，7 月、6 月等的最後一次取消一直保持穩定。它不是 - 我們看到的取消沒有大的增加。所以真正的區別在於酒店沒有看到的假期租賃空間中的早期預訂壓縮，我會說。然後到 7 月，壓縮期有所緩和，而酒店一直在更線性的基礎上慢慢收復失地。

Got it. And maybe just a follow-up. As it relates to cloud costs, I think you guys had called out previously that 2020 level should be below 2019. I was curious, as you guys have gotten further into the year, if you could put any bit of a finer point on that.

知道了。也許只是一個後續行動。關於云成本，我想你們之前曾呼籲 2020 年的水平應該低於 2019 年。我很好奇，隨著你們進入今年的時間越來越長，是否可以對此提出更精細的觀點。

Yes. I think the story remains the same. Just to recap for those that may not have the full story, we brought all of our cloud teams into a single unit. They have the ability to optimize, to rightsize the commute -- the compute, excuse me. So we've been able to really push and accelerate that in the COVID environment. So it gave us some short term benefits, and we think that will really bear fruit over the long term as well, better economics and with our vendors, et cetera. But overall, FY 2020, we do expect it to be down. However, when volume starts to increase, it does obviously have a variable component to it. And so as that volume comes back, you would expect it to grow along with it as well. But I think the sort of order of magnitude or the story that we told before still holds.

是的。我認為這個故事仍然是一樣的。為了讓那些可能沒有完整故事的人回顧一下，我們將所有云團隊整合到一個單元中。他們有能力優化、調整通勤——計算，對不起。所以我們已經能夠在 COVID 環境中真正推動和加速它。因此，它給了我們一些短期利益，我們認為從長遠來看，這也會真正產生成果，更好的經濟效益以及我們的供應商等等。但總體而言，2020 財年，我們確實預計它會下降。然而，當交易量開始增加時，它顯然具有可變成分。因此，當該數量恢復時，您會期望它也隨之增長。但我認為我們之前講過的那種數量級或故事仍然成立。

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

你的下一個問題來自富國銀行的 Brian Fitzgerald。

We wanted to ask -- test out a hypothesis. Generally, when consumers travel closer to home, I think you see shorter durations and less expensive accommodations versus when you're traveling farther and internationally. Is that valid? Is that valid in old days? But are you seeing those dynamics change now with more local travel coming back, replacing longer international trips? Do you see consumers trading up versus what they would normally spend staying longer on durations? Anything you could tell us about kind of the propensity to spend as local starts first versus international?

我們想問——檢驗一個假設。一般來說，當消費者在離家較近的地方旅行時，我認為你會看到更短的時間和更便宜的住宿，而不是更遠的國際旅行。那有效嗎？這在過去有效嗎？但是，隨著更多的本地旅行回歸，取代更長的國際旅行，您是否看到這些動態發生了變化？您是否看到消費者與他們通常會花費更長的時間進行交易？您能告訴我們關於本地優先與國際優先的消費傾向嗎？

Eric, do you want me to go first? I'll take a whack at it, if you want.

埃里克，你想讓我先走嗎？如果你願意，我會試一試。

Yes. Sure. Sure.

是的。當然。當然。

There's a lot going on in that question. But I would say a few things. We have seen pricing and propensity to pay, et cetera, and long duration, very evident in the vacation rental business. People in compressed markets have been able to push what they charge and suppliers, that is. And people, as I mentioned, have been staying longer and so that, if anything, is driving up. If you think about it from an ADR standpoint, et cetera, I think, broadly, we find in the hotel space, there has been not the inverse, but there is more pressure on pricing and more discounting widely because people's comfort and propensity to go to hotels has been less robust. So it's kind of exactly what you'd expect from a supply and demand standpoint. I think in terms of local versus nonlocal and duration on the hotel side, I don't know if Eric has any good data there. But I don't think we've seen dramatic change there. I think that's been similar.

在這個問題上發生了很多事情。但我想說幾句。我們已經看到了定價和支付傾向等，以及長期租賃業務，這些在度假租賃業務中非常明顯。壓縮市場中的人們已經能夠推動他們收取的費用和供應商，也就是說。正如我所提到的，人們停留的時間更長，因此，如果有的話，正在增加。如果你從 ADR 等角度考慮，我認為，從廣義上講，我們在酒店領域發現，情況並非相反，但由於人們的舒適度和出行傾向，定價壓力和折扣力度更大去酒店一直不太穩健。因此，從供需的角度來看，這正是您所期望的。我認為就本地與非本地以及酒店方面的持續時間而言，我不知道 Eric 是否有任何好的數據。但我不認為我們在那裡看到了戲劇性的變化。我認為那是相似的。

And yes, in terms of total wallet share, the domestic trip tends to be smaller than an international trip. But again, I think this is just everyone's finding their opportunity. So of course, air is suffering more than lodging, even though, as far as I know, nobody has yet said they've gotten sick on an airplane. But air still is something people are less comfortable with, and so people are driving and finding other ways to get to hotels and things. And -- but I think domestic -- local domestic is sort of slowly filling up the holes of international. So I think it's really just a volume game. I think the ADR question is really just a function of overall supply and demand. And it's acting exactly as you would expect it, which is if you're in a compressed market on the Florida Coast and there aren't enough homes and a lot of interested people, you can push pricing, and you do. And if you're a hotel somewhere where not a lot of tourists are going, maybe like New York right now, you have to compete and, therefore, you try to compete on price.

是的，就總錢包份額而言，國內旅行往往小於國際旅行。但同樣，我認為這只是每個人都在尋找自己的機會。所以當然，空氣比住宿更痛苦，儘管據我所知，還沒有人說他們在飛機上生病了。但空氣仍然是人們不太舒服的東西，所以人們開始開車並尋找其他方式去酒店和其他地方。而且——但我認為國內——本土國內正在慢慢填補國際的空缺。所以我認為這真的只是一個容量遊戲。我認為 ADR 問題實際上只是整體供需的函數。它的行為完全符合您的預期，也就是說，如果您在佛羅里達海岸的壓縮市場中並且沒有足夠的房屋和很多感興趣的人，您可以提高價格，而您確實這樣做了。如果你是一家遊客不多的地方的酒店，比如現在的紐約，你就必須競爭，因此，你會嘗試在價格上進行競爭。

Yes. Yes. Peter, I think, covered it. I'd be careful extrapolating too much on any of the trends you'd see. It's really people solving for the travel that they can and still want to travel. I think the real positive, though, is that, and Peter mentioned it earlier, that we've just got a lot of people that are getting exposed to the Vrbo brand and alternative accommodations. And it's a bit of a fast toward in that exposure, and we're going to take the approach to build the relationship with those individuals. And I think people are having a great experience, at least that's what I can -- in my conversations anecdotally. So I think that it's a very positive outcome for Vrbo from that perspective.

是的。是的。我認為，彼得涵蓋了它。我會小心地過度推斷你會看到的任何趨勢。這真的是人們解決了他們可以並且仍然想旅行的旅行問題。不過，我認為真正積極的是，彼得之前提到過，我們剛剛有很多人開始接觸 Vrbo 品牌和替代住宿。而且這種曝光有點快，我們將採用這種方法與這些人建立關係。而且我認為人們正在獲得很好的體驗，至少這是我能做到的——在我的談話中是有趣的。所以我認為從這個角度來看，這對 Vrbo 來說是一個非常積極的結果。

Yes. And apologies. I would just triple down. Don't extrapolate too much from any of this. I think this is really a unique moment. And I said it before, but I don't think this portends any difference in how people think about things. It may expose them more, may make them open to things they weren't open to before. But I don't think we're seeing some structural shift in people's views about hotels or other things. It's just a moment, and it's just about their comfort and their safety and what they're able to do.

是的。和道歉。我會減三倍。不要從任何一個中推斷太多。我認為這真的是一個獨特的時刻。我之前說過，但我不認為這預示著人們對事物的看法有任何不同。它可能會更多地暴露他們，可能會讓他們對以前不接受的事物持開放態度。但我認為我們沒有看到人們對酒店或其他事物的看法發生結構性轉變。這只是片刻，這只是關於他們的舒適和安全以及他們能夠做什麼。

We will now turn the call back over to CEO, Peter Kern.

我們現在將把電話轉回給首席執行官彼得克恩。

Okay. Thank you, everybody, for your questions. I hope we gave you a good perspective on the business. I just want to reiterate, we're feeling really good about the internal work we're doing. I commend our teams who have done amazing work in impossible circumstances, where everybody is working from home and everything is harder. So I can't thank all of them enough and appreciate all your questions. As Eric and I said, we hope that you'll see the benefit of all this hard work we've been doing as the numbers come back. And we look forward to talking to you in another quarter. So thank you for your time. And everybody, stay safe. Take care.

好的。謝謝大家的提問。我希望我們為您提供了有關業務的良好視角。我只想重申，我們對正在進行的內部工作感覺非常好。我讚揚我們的團隊，他們在不可能的情況下完成了出色的工作，每個人都在家工作，一切都更加艱難。所以我對他們所有人的感謝都不為過，也感謝你提出的所有問題。正如埃里克和我所說，我們希望隨著數據的恢復，您會看到我們一直在努力所做的所有工作帶來的好處。我們期待在另一個季度與您交談。謝謝你的時間。每個人，注意安全。小心。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。