Expedia Group Inc (EXPE) 2020 Q1 法說會逐字稿

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

美好的一天，歡迎來到 Expedia Group, Inc.

Quarter 1 2020 Earnings Conference Call.

2020 年第一季度收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Michael Senno, Vice President of Investor Relations.

此時，我想將會議轉交給投資者關係副總裁 Michael Senno。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and welcome to Expedia Group's financial results conference call for the first quarter ended March 31, 2020.

下午好，歡迎參加 Expedia Group 截至 2020 年 3 月 31 日的第一季度財務業績電話會議。

I'm pleased to be joined on the call today by our Vice Chairman and CEO, Peter Kern; and our CFO, Eric Hart.

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

The following discussion, including responses to your questions, reflects management's views as of today, May 20, 2020, only.

以下討論，包括對您問題的回答，僅反映了管理層截至 2020 年 5 月 20 日今天的觀點。

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

我們不承擔任何更新或修改這些信息的義務。

As always, some of the statements made on today's call are forward-looking, typically preceded by words such as we expect, we believe, we anticipate, we are optimistic or confident that or similar statements.

與往常一樣，在今天的電話會議上發表的一些聲明是前瞻性的，通常以我們期望、我們相信、我們預期、我們樂觀或有信心或類似的聲明開頭。

Please refer to today's earnings release and the company's filings with the SEC for information about factors which could cause our actual results to differ materially from these forward-looking statements.

請參閱今天的收益發布和公司向美國證券交易委員會提交的文件，了解可能導致我們的實際結果與這些前瞻性陳述存在重大差異的因素的信息。

You 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, including today's earnings release.

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，包括今天的財報發布。

Unless otherwise stated, all references to cost of revenue, selling and marketing expense, general and administrative expense and technology and content expense exclude stock-based compensation and 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都不包括基於股票的補償，並且本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。

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

請注意，折舊費用現在在一個單獨的項目中報告，並且之前的期間已經重述以反映這一變化。

Starting in the first quarter, we have updated our segment reporting to reflect our platform operating model and align our reporting with customer segments.

從第一季度開始，我們更新了細分報告以反映我們的平台運營模式並使我們的報告與客戶細分保持一致。

Our new segments are: Retail, which includes our consumer-facing brands; B2B, which includes Expedia Partner Solutions and Egencia; trivago; and Corporate.

我們的新細分市場是： 零售，包括我們面向消費者的品牌； B2B，包括 Expedia Partner Solutions 和 Egencia；胡言亂語；和企業。

Services provided by our technology platform and supply organizations are primarily allocated to the retail and B2B segments.

我們的技術平台和供應組織提供的服務主要分配給零售和 B2B 細分市場。

Please see the 8-K we issued earlier this week for restated segment data for the prior 2 years.

請參閱我們本週早些時候發布的 8-K，了解前 2 年的重述分部數據。

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

有了這個，讓我把電話轉給彼得。

Thanks very much, Michael, and good afternoon, everyone.

非常感謝，邁克爾，大家下午好。

I hope you are all safe wherever you are and your families and loved ones or likewise.

無論您身在何處，我都希望您以及您的家人和親人或類似的人都安全。

Let me start by saying this is our first virtual earnings call.

首先讓我說這是我們的第一次虛擬收益電話會議。

So if we have any technical difficulties, apologies in advance.

因此，如果我們遇到任何技術困難，請提前致歉。

And likewise, apologies that our Chairman will not be joining us.

同樣，很抱歉我們的主席不會加入我們。

Eric and I will do our best to be as informative and transparent, but we may not be quite as quote worthy.

埃里克和我會盡最大努力提供信息和透明度，但我們可能不那麼值得引用。

So I hope you can live with that.

所以我希望你能忍受。

As for Eric and I, we are doing our first formal call today.

至於埃里克和我，我們今天要進行第一次正式通話。

And I want to first say that the company is lucky to have Eric in his seat as CFO.

我想首先說公司很幸運有埃里克擔任首席財務官。

He's been with the company for quite a long time in a number of roles and has been a great partner for Barry and I as we set up on this journey late last year in trying to simplify and reorganize the company to be as effective as possible.

他在公司工作了很長時間，擔任過多個職位，在我們去年底開始這段旅程時，他一直是我和巴里的好夥伴，試圖簡化和重組公司，以盡可能提高效率。

And we're lucky to have him.

我們很幸運擁有他。

And as for me, first of all, I'm grateful to the Board for their support for putting me in the role.

至於我，首先，我感謝董事會支持讓我擔任這個角色。

I'm really excited about the opportunities ahead of us.

我對我們面前的機會感到非常興奮。

I'm not crazy.

我沒瘋。

I know it seems like an odd time to take on running a travel company, but the opportunities I saw, as Barry and I dug into the business, are just tremendous.

我知道現在經營一家旅遊公司似乎有些奇怪，但在我和巴里深入開展業務的過程中，我看到的機會是巨大的。

And I think great things are ahead for us.

我認為偉大的事情就在我們面前。

And looking forward to telling you some more about that.

並期待與您分享更多相關信息。

First off, I'd like to talk about COVID and our response to it.

首先，我想談談 COVID 以及我們對此的回應。

It goes without saying that as a company and as human beings, we are obviously keenly aware of the health and societal impact of the virus.

不用說，作為一家公司和人類，我們顯然敏銳地意識到該病毒對健康和社會的影響。

And of course, that is the most important thing going on in the world.

當然，這是世界上最重要的事情。

But the human side goes beyond that because many of our partners, people in the lodging business and the travel industry, are suffering mightily.

但人性的一面不止於此，因為我們的許多合作夥伴，住宿業和旅遊業的人都在承受著巨大的痛苦。

And in addition to the health issues, we've got a lot of partners and friends with issues of their business survival, their jobs, et cetera, and we have been trying to do whatever we can to help however many people we can.

除了健康問題之外，我們還有很多合作夥伴和朋友面臨著企業生存、工作等方面的問題，我們一直在盡我們所能幫助盡可能多的人。

Our primary focus initially was, of course, on the health of our people and on our customers and our supply partners.

當然，我們最初的主要關注點是我們員工以及我們的客戶和供應合作夥伴的健康。

We did everything we could to try to make that as easy on everyone as possible, though, of course, it was not easy on anybody.

我們竭盡全力讓每個人都盡可能輕鬆地做到這一點，當然，這對任何人來說都不容易。

We saw enormous cancellation levels come in, as did the entire travel industry.

我們看到了巨大的取消數量，整個旅遊業也是如此。

We had customers stranded.

我們讓客戶陷入困境。

We had supply partners who had all kinds of issues with cancellations and policy issues, and we were scrambling like everybody else.

我們有供應合作夥伴，他們在取消和政策問題方面遇到各種問題，我們和其他人一樣手忙腳亂。

But our teams did tremendous work, I would say, on a number of fronts, not least of all trying to help the customers.

但我想說，我們的團隊在許多方面做了巨大的工作，尤其是在幫助客戶方面。

I would just point out, we had levels of cancellations that were many multiples of our highest cancellation levels on any day ever experienced, and at the same time, at certain points, because of government closures and the inability for our teams to get to the office and our service people to get to the phone centers, we had as low as 30% of our available call center capabilities.

我只想指出，由於政府關閉和我們的團隊無法到達辦公室和我們的服務人員去電話中心，我們只有 30% 的可用呼叫中心功能。

So it was a real struggle.

所以這是一場真正的鬥爭。

But our teams on the technology side did a great job of helping to solve that and quickly put in place a number of cancellation tools, self-cancel tools.

但是我們的技術團隊在幫助解決這個問題方面做得很好，並迅速部署了一些取消工具，自我取消工具。

We deployed our voice platform more widely and really helped a lot of people take the burden off of our customer service representatives.

我們更廣泛地部署了我們的語音平台，確實幫助很多人減輕了我們客戶服務代表的負擔。

And frankly, installed in a very short time, a lot of great work that will pay huge dividends down the road for us.

坦率地說，在很短的時間內安裝了很多偉大的工作，將為我們帶來巨大的回報。

We've also been working closely with our supply partners, and I would commend them all in working through a terrible, difficult time with us in trying to smooth the customer experience, make the policies work in an almost -- in a really unheard of time when no one knew exactly what to do.

我們也一直在與我們的供應合作夥伴密切合作，我要讚揚他們與我們一起度過了一段可怕、困難的時期，努力改善客戶體驗，使政策以幾乎——以一種真正聞所未聞的方式發揮作用沒有人確切知道該做什麼的時候。

We were not perfect.

我們並不完美。

We certainly learned a lot from this.

我們當然從中學到了很多東西。

I don't think any company could have been prepared for this.

我認為沒有任何公司可以為此做好準備。

And it is frustrating that we could not make every customer perfectly happy or service everybody at the speeds we wanted.

令人沮喪的是，我們無法讓每位客戶都非常滿意或以我們想要的速度為每個人提供服務。

But I think we learned a lot, and we will be in much, much better shape for the future.

但我認為我們學到了很多東西，未來我們的狀態會好得多。

And as I say, we will reap a lot of benefit from what was done.

正如我所說，我們將從所做的事情中獲益良多。

And finally, our other sort of immediate response to the virus was to raise additional capital.

最後，我們對病毒的另一種直接反應是籌集額外資金。

You all saw our announcement last month, we raised close to $4 billion of incremental capital, which we believe gives us ample resource to survive whatever might come from the virus.

你們都看到了我們上個月的公告，我們籌集了近 40 億美元的增量資本，我們相信這為我們提供了充足的資源來應對病毒可能帶來的任何後果。

I'm not going to belabor the first quarter.

我不會對第一季度進行詳細說明。

I know you've seen the numbers.

我知道你已經看到了這些數字。

Suffice it to say that the first couple of months, were looking pretty good.

可以說前幾個月看起來還不錯。

We were feeling quite good about the business.

我們對這項業務感覺非常好。

From a performance standpoint, we were installing a new cost plan to take out significant costs.

從性能的角度來看，我們正在製定一項新的成本計劃以削減大量成本。

And then the virus became quite real for us as it started to shut down the globe, and we, of course, suffered like everybody else as those shutdowns sort of dominoed through the globe.

然後，當病毒開始關閉全球時，它對我們來說變得非常真實，當然，隨著這些關閉在全球範圍內形成多米諾骨牌，我們也像其他人一樣遭受痛苦。

But as it spread, the numbers started to become less and less meaningful.

但隨著它的傳播，這些數字開始變得越來越沒有意義。

And really, the response was the only thing that mattered.

事實上，回應是唯一重要的事情。

And so I would encourage you not to get terribly caught up in the noise of the first quarter, only that we were in a good spot before it happened.

所以我鼓勵你不要被第一季度的噪音所困擾，只是我們在它發生之前就處於一個好的位置。

The virus has been painful.

病毒一直很痛苦。

We'll talk a little bit about how much damage it did and where the trough was, but I'd encourage you not to focus too much on those numbers.

我們將稍微討論一下它造成的損失有多大以及波谷在哪裡，但我建議您不要過分關注這些數字。

On the plus side, we had begun, as we mentioned in our last conversation at the end of last year, to make changes to simplify the company.

從好的方面來說，正如我們在去年年底的最後一次談話中提到的那樣，我們已經開始進行變革以簡化公司。

We have done a large reorg of our tech capabilities and created a platform to serve both our consumer and business-to-business facing enterprises.

我們對我們的技術能力進行了大規模重組，並創建了一個平台來為我們的消費者和麵向企業的企業提供服務。

And that work has been terrific.

這項工作非常棒。

Our teams have done a great job.

我們的團隊做得很好。

We are already starting to see significant benefit from that.

我們已經開始從中看到顯著的好處。

And that's not just on the bottom line, on cost savings, but that's also just in capabilities.

這不僅體現在成本節約方面，還體現在功能方面。

Our data teams have done remarkable work.

我們的數據團隊做了出色的工作。

And again, all of those things will be hugely powerful on the other side of this virus.

再一次，所有這些都將在這種病毒的另一面發揮巨大的作用。

We were ahead of the game because we also, as I mentioned in February, began installing our plan to save on the cost side.

我們領先於遊戲，因為正如我在二月份提到的那樣，我們也開始實施我們的計劃以節省成本。

You'll remember that this was a plan that went across the waterfront.

你會記得這是一個橫跨海濱的計劃。

It was people, real estate licenses, you name it.

這是人，房地產許可證，隨便你說。

We were looking at every part of the business.

我們正在研究業務的每個部分。

And at the time, we've scoped that at about a $300 million to $500 million annualized savings.

當時，我們將其範圍定為每年約 3 億至 5 億美元的節省。

And all I would say about that is that since the virus hit, it obviously created even more urgency and focus in the organization.

關於這一點，我只想說，自從病毒襲擊以來，它顯然在組織中造成了更大的緊迫感和關注度。

And I would say our ambition has increased significantly, and our speed has increased significantly.

我想說我們的野心大大增加了，我們的速度也大大提高了。

And let me just head off questions for later, we are not going to put a new number on it.

讓我先把問題留到以後再說，我們不會在上面加上新的數字。

We are focused on going as fast as we can and taking out as much as we can wherever excess exists.

我們專注於盡可能快地前進，並在存在多餘的地方盡可能多地取出。

But we are not going to rescope that number for you this quarter.

但我們不會在本季度為您重新調整該數字。

And when we know more, you will know more about the scale of that opportunity.

當我們了解得更多時，您就會更多地了解這個機會的規模。

We also began pushing the organization to drive change as fast as it could.

我們還開始推動組織盡快推動變革。

What we saw was, as everyone has seen, that our volumes have been significantly impacted.

我們所看到的是，正如每個人所看到的，我們的銷量受到了重大影響。

And we have had a history of being quite careful about changing technology, pushing technology changes through, as one would expect, with very high volumes and very high throughput all the time.

我們一直非常謹慎地改變技術，推動技術變革，正如人們所期望的那樣，一直以非常高的數量和非常高的吞吐量。

But since we've had these lower levels of throughput, we felt the unique opportunity to try to push through significant technology change and things that might have taken months and months or years to push through and put them on an agenda to push them through much more quickly.

但由於我們的吞吐量水平較低，我們感到有獨特的機會來嘗試推動重大技術變革和可能需要數月、數月或數年才能完成的事情，並將它們列入議程以推動它們完成更多更快速。

So the company is just way more focused on changing, changing quickly and getting to the other side of a lot of what had been thorny technology issues as rapidly as we can.

因此，公司更加專注於改變，快速改變並儘可能快地解決許多棘手的技術問題。

We also, last week, announced that we were reorganizing our retail group.

上週，我們還宣布重組我們的零售集團。

This is the next stage in our simplification.

這是我們簡化的下一階段。

It's a big step for us.

這對我們來說是一大步。

You all know that we have operated as brands for a long time.

你們都知道我們作為品牌運營了很長時間。

And beginning last week, we are operating as one retail-facing organization.

從上週開始，我們作為一個面向零售的組織運營。

We will have a marketing group that is focused entirely on marketing the whole suite of brands in the most effective way possible all over the globe.

我們將擁有一個營銷團隊，完全專注於以最有效的方式在全球範圍內營銷整套品牌。

And we have a product and tech group on retail, which is focused entirely on building the best products, the best consumer interfaces and the best tools for our consumers that can be marketed down through the retail group.

我們有一個零售產品和技術小組，它完全專注於為我們的消費者打造最好的產品、最好的消費者界面和最好的工具，這些可以通過零售小組進行營銷。

So we've taken down those boundaries.

所以我們取消了這些界限。

Again, we think there's efficiency there.

同樣，我們認為那裡有效率。

But as much as there may be efficiency, we think there's this huge opportunity to have the product teams working together to build the best products, deploying them as widely as possible across our consumer-facing fronts.

但是，儘管效率可能很高，但我們認為這是一個巨大的機會，可以讓產品團隊共同努力構建最好的產品，並在我們面向消費者的前沿盡可能廣泛地部署它們。

And we think that our marketing teams will have a great opportunity to stop competing with each other and start optimizing for the group of brands instead of for a single brand against another.

我們認為我們的營銷團隊將有很好的機會停止相互競爭，並開始針對品牌組進行優化，而不是針對單個品牌與另一個品牌進行優化。

You'll note, as Michael said, that we've changed our segment reporting to reflect that our real view of things today is that there's a consumer-facing retail business, there's a B2B-facing business, and then there's the platform and the corporate organization that serves all of that.

你會注意到，正如邁克爾所說，我們已經改變了我們的細分報告，以反映我們今天對事物的真實看法是，有一個面向消費者的零售業務，一個面向 B2B 的業務，然後是平台和為所有這些服務的公司組織。

And I will say, for the record, we believe that all of those revenues and all those pockets of demand are equally valuable.

我要鄭重聲明，我們相信所有這些收入和所有這些需求都同樣有價值。

We think both businesses filling gaps in the market.

我們認為這兩家公司都填補了市場空白。

And we think that we can reach as the most demand possible by having those big chunks of business in retail and B2B to find all the demand all over the globe.

我們認為，通過在零售和 B2B 領域開展大量業務，我們可以滿足盡可能多的需求，從而在全球範圍內找到所有需求。

On the marketing point, I just want to amplify, you've heard a lot of conversation about direct customer relationships.

在營銷方面，我只想強調一下，你已經聽過很多關於直接客戶關係的談話。

It's a nice thing to say.

這是一個很好的說法。

We believe in it.

我們相信它。

But this is more than just an emphasis point.

但這不僅僅是一個強調點。

This is about building better products, doing better brand and direct marketing, better merchandising, which has not been a great strength of ours.

這是關於打造更好的產品，做更好的品牌和直接營銷，更好的營銷，這並不是我們的強項。

And in general, using the data we have, which, again, had never been pulled together as a company and has only been together for the last few months to power our ability to do all of those things to understand our customer better, to serve them better, to serve up choices for them better, everything.

總的來說，使用我們擁有的數據，再一次，這些數據從未作為一家公司聚集在一起，只是在過去幾個月才聚集在一起，以增強我們做所有這些事情的能力，以更好地了解我們的客戶，為客戶提供服務他們更好，為他們提供更好的選擇，一切。

So we believe we have huge opportunities on that front.

所以我們相信我們在這方面有巨大的機會。

And we equally believe that we've been overly reliant, and we've heard this before, on performance marketing.

我們同樣認為，我們過分依賴績效營銷，我們以前也聽說過這種情況。

We've not been disciplined about it.

我們沒有受到紀律處分。

We've chased unhealthy growth over the years.

多年來，我們一直在追求不健康的增長。

And Google and other performance marketing channels have tried to disintermediate us and we've made some not terribly smart choices along the way.

谷歌和其他績效營銷渠道試圖讓我們脫媒，我們在此過程中做出了一些不太明智的選擇。

We believe that this reset of the virus will give us an opportunity.

我們相信這次病毒的重置會給我們一個機會。

I mean, we've been talking about this for a while that as we wade back into the marketplace, to be much more disciplined to only chase real growth, real valuable growth, healthy growth and not be stuck chasing performance marketing and entering into dis-economic auctions.

我的意思是，我們已經討論了一段時間，當我們涉足市場時，要更加自律，只追求真正的增長，真正有價值的增長，健康的增長，而不是被困在追求績效營銷和進入dis -經濟拍賣。

So we intend to be much better about that.

所以我們打算在這方面做得更好。

We intend to keep those customers longer.

我們打算讓這些客戶更長時間。

We intend to serve them better and keep those direct relationships going strong.

我們打算更好地為他們服務，並保持這些直接關係的牢固。

And finally, I'm sure you're all interested in the recent business trends.

最後，我相信你們都對最近的商業趨勢感興趣。

Like some of the other companies in our space, you probably heard that late March into April was the trough of the business.

像我們這個領域的其他一些公司一樣，您可能聽說 3 月下旬到 4 月是業務的低谷期。

That is true for us.

這對我們來說是正確的。

We saw gross bookings, new lodging bookings down about 85% year-on-year, which, of course, was terrible.

我們看到總預訂量、新住宿預訂量同比下降約 85%，這當然很糟糕。

And cancellations were extremely high.

取消率非常高。

Since then, I'm pleased to say, though I would not get overly excited about it, that we've seen nice growth coming into May.

從那時起，我很高興地說，雖然我不會對此過於興奮，但我們已經看到 5 月份出現了不錯的增長。

And essentially, what we've seen is both growing out green shoots in the areas you would expect, places where movement has become possible, where people can now start to think about their summer holidays, et cetera, we see that very quickly when that happens.

從本質上講，我們所看到的是在您期望的區域長出了綠芽，在這些區域可以移動，人們現在可以開始考慮他們的暑假等等，我們很快就會看到發生。

And cancellations have settled down.

取消已經解決。

They're still at elevated levels, but they have stabilized.

它們仍處於較高水平，但已經穩定下來。

So the combination of those things has May looking considerably better than the trough.

因此，這些因素的結合使 May 看起來比低谷時期要好得多。

We're not making any predictions.

我們不做任何預測。

We, of course, cannot control the virus.

我們當然無法控制病毒。

So we are merely adapting to it as it comes and trying to be smart about where the business is, what we can do to help the business along in places where it exists and be smart again about how we attract the demand that is out there.

因此，我們只是在它到來時對其進行適應，並試圖對業務所在的位置、我們可以做些什麼來幫助業務在它存在的地方保持聰明，並再次聰明地了解我們如何吸引那裡的需求。

I'd say it's important to keep in mind that because we have a global footprint and because we are essentially in every line of travel business that's significant, we get demand wherever it lives.

我想說重要的是要記住，因為我們的足跡遍布全球，而且因為我們基本上涉足重要的旅遊業務的每一個領域，所以我們在任何地方都能得到需求。

So I know there's been a lot of questions about international versus domestic, local, regional, et cetera, the truth is we have a way to capture whatever demand is out there, wherever it exists in the world.

所以我知道有很多關於國際與國內、本地、區域等等的問題，事實是我們有辦法捕捉那裡的任何需求，無論它存在於世界的哪個地方。

And whether it is local, regional, domestic or international, we have a way to participate.

無論是本地的、區域的、國內的還是國際的，我們都有辦法參與。

So I would say we're well-hedged against however it comes back.

所以我想說我們已經很好地對沖了，但它又回來了。

And what we're seeing clearly is what you've been hearing that local, regional, domestic is certainly coming back stronger sooner.

我們清楚地看到的是你一直聽到的本地、區域、國內肯定會更快地恢復強勢。

And I would just point out a bright spot for us has been Vrbo, where we have seen really markedly better performance, and that clearly seems to be around people who have been stuck in their city dwellings or wherever and are looking forward to being able to get away from those cities to some place for a vacation with their families this summer.

我只想指出 Vrbo 對我們來說是一個亮點，我們在那裡看到了明顯更好的表現，而且顯然這似乎是圍繞那些被困在城市住宅或任何地方並期待能夠今年夏天遠離這些城市，與家人一起去某個地方度假。

And we're pleased to see the demand.

我們很高興看到需求。

It's clear that the Vrbo focus on the whole home experience is a real advantage over the competition right now.

很明顯，Vrbo 專注於整個家庭體驗是目前在競爭中的真正優勢。

Vrbo is not big in cities.

Vrbo 在城市裡並不大。

It's not big in rooms in other homes and those kinds of things.

它在其他家庭的房間和諸如此類的東西中並不大。

It is really a 4 wall whole home experience, and we've seen some really nice signal out of that vacation rental business.

這真的是一個 4 牆的整體家庭體驗，我們已經從度假租賃業務中看到了一些非常好的信號。

So with that, I would pass it over to Eric and say thank you for your time.

因此，我會把它傳遞給埃里克，並感謝您抽出寶貴時間。

Again, don't get too focused on the quarterly numbers, I don't think they're meaningful.

同樣，不要太關注季度數據，我認為它們沒有意義。

We are entirely internally focused right now trying to do the most good we can to both navigate the situation, help our customers, help our partners reignite their businesses, and most importantly, from our perspective, get our business right and our product right and our offerings right.

我們現在完全專注於內部，努力盡我們所能來應對這種情況，幫助我們的客戶，幫助我們的合作夥伴重振他們的業務，最重要的是，從我們的角度來看，把我們的業務和我們的產品做好，我們的供品對。

So when we come out of this, as tried as it is, we will be stronger and better than we were before.

因此，當我們走出困境時，儘管經過嘗試，我們會比以前更強大、更好。

So with that, Eric?

那麼，埃里克？

Great.

偉大的。

Thank you, Peter.

謝謝你，彼得。

I appreciate it and the kind words as well.

我很感激它和客氣話。

So before I get started, I also wanted to echo Peter's comments around thanking the employees.

因此，在我開始之前，我還想附和彼得關於感謝員工的評論。

It's a very stressful time.

這是一個非常緊張的時期。

It's quite difficult.

這是相當困難的。

And I have seen heroic efforts across the organization to tackle some pretty difficult problems for fellow employees and customers and partners as well.

我還看到整個組織為解決同事、客戶和合作夥伴的一些相當困難的問題所做的英勇努力。

So thank you to all those involved and that have really put in tons of effort in a very stressful time.

因此，感謝所有相關人員，感謝他們在壓力非常大的時期付出了巨大的努力。

And I just want to say thank you on behalf of myself and TLT and Peter and Barry as well.

我只想代表我自己、TLT 以及 Peter 和 Barry 向你們表示感謝。

So thank you.

所以謝謝。

Coming into the year, and as I mentioned in Q1, driving margin expansion and improving unit economics were key priorities for us.

進入這一年，正如我在第一季度提到的那樣，推動利潤率擴張和改善單位經濟效益是我們的首要任務。

And with COVID hitting, we moved with even more urgency on these efforts and took additional actions to further improve our cost structure and preserve capital in the near term.

隨著 COVID 的到來，我們更加緊迫地採取了這些努力，並採取了額外的行動來進一步改善我們的成本結構並在短期內保留資本。

I want to tick through the major cost items, just to give you a sense for what we're seeing and some of the actions that we're taking.

我想列出主要成本項目，只是為了讓您了解我們所看到的以及我們正在採取的一些行動。

So from an overhead perspective, the cost savings initiative that we started earlier this year is driving significant savings in overhead costs, and it's putting us on a path to reset our fixed cost basis.

因此，從管理費用的角度來看，我們今年早些時候開始的成本節約計劃正在推動管理費用的顯著節省，並使我們走上了重置固定成本基礎的道路。

And then in addition to that, shifting to the platform operating model that Peter talked about really positions us to scale the business far more efficiently going forward.

除此之外，轉向彼得談到的平台運營模式確實使我們能夠更有效地擴展業務。

During COVID, we've made additional cost cuts to help preserve capital, but that's within the context of trying to reset the cost basis of our business.

在 COVID 期間，我們進行了額外的成本削減以幫助保留資本，但這是在試圖重置我們業務的成本基礎的背景下進行的。

From a cost of revenue standpoint, those are mostly variable or semi-variable expenses.

從收入成本的角度來看，這些主要是可變或半可變費用。

So as you can imagine, as our volumes have decreased, there's a natural offset to those reduced volumes.

所以你可以想像，隨著我們的數量減少，這些減少的數量自然會被抵消。

We have unlocked significant cloud savings through optimization efforts, benefiting from centralizing the cloud management in our platform, which we've talked about last quarter.

我們通過優化努力釋放了大量的雲節省，受益於我們在上個季度討論過的平台中的集中云管理。

We've also made temporary changes to lower cloud costs as well during COVID and now expect cloud costs for 2020 to be well below 2019 levels for this year.

在 COVID 期間，我們還進行了臨時更改以降低云成本，現在預計 2020 年的云成本今年將遠低於 2019 年的水平。

We're also accelerating progress on virtual agent and self-service tools to make customer service more efficient.

我們還在加快虛擬代理和自助服務工具的進展，以提高客戶服務效率。

And if you take the cloud plus the customer service efficiencies, we do expect those to continue to contribute to better unit economics as volume comes back.

如果你把雲加上客戶服務效率，我們確實希望隨著銷量的回升，這些將繼續為更好的單位經濟做出貢獻。

From a direct marketing standpoint, it's clearly our largest expense, and it's almost entirely variable.

從直接營銷的角度來看，這顯然是我們最大的支出，而且幾乎完全是可變的。

Starting in mid-March, we cut spend to nearly zero.

從 3 月中旬開始，我們將支出削減到幾乎為零。

Now as we started to see green shoots and as we expect the market to rebound and we start marketing efforts, we will remain very disciplined and run performance marketing channels at much higher ROIs going forward, as Peter mentioned.

現在，隨著我們開始看到新芽，我們預計市場會反彈，我們開始營銷工作，我們將保持非常自律，並在未來以更高的投資回報率運行績效營銷渠道，正如彼得提到的那樣。

Regarding cash burn, the headcount reduction that we've talked about previously as part of the overall cost plan, it also drives savings in capitalized labor.

關於現金消耗，我們之前談到的裁員是整體成本計劃的一部分，它也推動了資本化勞動力的節省。

So that's incremental to the P&L benefit.

所以這是對損益收益的增量。

In addition, we did defer several real estate capital projects and other nonessential CapEx to preserve liquidity.

此外，我們確實推遲了幾個房地產資本項目和其他非必要的資本支出以保持流動性。

However, we recently restarted construction on our new headquarters, since it is more efficient to do so, and we now expect it to complete in the first half of 2021.

但是，我們最近重新啟動了新總部的建設，因為這樣做效率更高，我們現在預計它會在 2021 年上半年完工。

Across overhead, CapEx and interest expense, pro forma for the recent debt issuances, we expect our monthly cash usage during the COVID crisis to be below $275 million within the next couple of months.

在間接費用、資本支出和利息支出中，我們預計在未來幾個月內，我們在 COVID 危機期間的每月現金使用量將低於 2.75 億美元。

If COVID were to have a protracted impact, we do have additional cost levers that we can pull, and we will do so at the appropriate time.

如果 COVID 產生長期影響，我們確實有額外的成本槓桿可以拉動，我們將在適當的時候這樣做。

Our Q1 results did not fully reflect this cost structure given the impact of COVID and timing of our cost initiatives.

鑑於 COVID 的影響和我們成本計劃的時間安排，我們的第一季度結果並未完全反映這種成本結構。

So a couple of specific areas I want to call out.

所以我想指出幾個具體領域。

Costs of revenues grew 28% due to a higher provision for bad debt related to future collection risk from the impact of COVID-19 on customers, as well as inorganic impact from Bodybuilding.com and higher cloud expenses.

由於 COVID-19 對客戶的影響以及 Bodybuilding.com 的無機影響和更高的雲費用，與未來收款風險相關的壞賬準備金增加，收入成本增長了 28%。

We recently sold Bodybuilding.com as part of our simplification effort and cloud savings, as I mentioned previously, those benefits will roll in through the year.

我們最近出售了 Bodybuilding.com，作為我們簡化工作和節省雲計算費用的一部分，正如我之前提到的，這些好處將在這一年中不斷湧現。

Overhead costs were roughly flat in Q1 as the benefit from our cost savings initiative did not kick in until March.

第一季度的間接費用大致持平，因為我們的成本節約計劃直到 3 月份才開始發揮作用。

We expect overhead expenses to decline at a double-digit percent starting in Q2.

我們預計管理費用將從第二季度開始以兩位數的百分比下降。

So turning to cash flow and the balance sheet.

所以轉向現金流和資產負債表。

Free cash flow was negative $1 billion in Q1, primarily due to the use of cash for working capital.

第一季度的自由現金流為負 10 億美元，這主要是由於使用現金作為營運資金。

The working capital charge largely related to lower merchant account payables from the significant stayed room night decline late in the quarter, and an increase in prepaid assets, including deposits to fund future refunds.

營運資金支出主要與本季度末留夜率大幅下降導致商家應付賬款減少以及預付資產增加有關，包括為未來退款提供資金的押金。

Deferred margin bookings increased modestly in the quarter due to an increase in Vrbo merchant bookings.

由於 Vrbo 商戶預訂量增加，本季度遞延保證金預訂量略有增加。

In our typical seasonal pattern, deferred merchant bookings increase in the first half of the year as customers book travel and then decline in the second half of the year as more customers are staying and actually traveling.

在我們典型的季節性模式中，延期商家預訂在上半年隨著客戶預訂旅行而增加，然後在下半年隨著更多客戶入住和實際旅行而下降。

This year started with a similar pattern through mid-to-late February, and then as new bookings dramatically declined and cancellations spiked in March, deferred merchant bookings declined significantly.

今年從 2 月中下旬開始以類似模式開始，然後隨著 3 月新預訂量大幅下降和取消訂單激增，延期商家預訂量大幅下降。

This dynamic continued in April as customers canceled travel plans, mostly for near-term travel dates that were impacted by COVID-19.

這種動態在 4 月份繼續，因為客戶取消了旅行計劃，主要是受 COVID-19 影響的近期旅行日期。

And as of the end of April, our total deferred merchant booking balance was $4.3 million, and excluding deferred loyalty, the balance was approximately $3.5 million.

截至 4 月底，我們的延期商家預訂餘額總額為 430 萬美元，不包括延期忠誠度，餘額約為 350 萬美元。

As we manage through this near-term liquidity capital headwind, in addition to cost cuts, we've taken steps to preserve and bolster liquidity, we suspended share repurchases and dividends, and we also closed 2 transactions raising a total of nearly $4 billion in capital.

在我們應對近期流動性資本逆風的過程中，除了削減成本外，我們還採取措施保持和增強流動性，我們暫停了股票回購和派息，我們還完成了 2 筆交易，籌集了總計近 40 億美元的資金首都。

The $1.2 billion preferred equity investments of Apollo and Silver Lake have a dividend that can be paid in kind the first 3 years as well as redemption options.

Apollo 和 Silver Lake 的 12 億美元優先股權投資有前 3 年可以實物支付的股息以及贖回選擇權。

We also issued a total of 8.4 million warrants as part of that transaction.

作為該交易的一部分，我們還發行了總計 840 萬份認股權證。

We also raised $2.75 billion in unsecured senior notes.

我們還籌集了 27.5 億美元的無擔保優先票據。

The notes were issued in 2 tranches, one of which is callable after 2 years, we plan to use proceeds from this debt raise to repay the $750 million senior notes that mature in August.

票據分兩期發行，其中一期可在 2 年後贖回，我們計劃使用此次債務融資所得款項償還 8 月到期的 7.5 億美元優先票據。

Pro forma for these transactions, as of the end of April, our total cash balance was $6.5 billion.

這些交易的形式，截至 4 月底，我們的現金餘額總額為 65 億美元。

In addition to cash, across restricted cash, accounts receivable and prepaid and current assets, we held amounts covering 40% of outstanding deferred merchant bookings, excluding deferred loyalty.

除現金外，在受限現金、應收賬款和預付及流動資產中，我們持有的金額佔未償還的延期商家預訂的 40%，不包括延期忠誠度。

As travel begins to recover and booking trends rebound further, we expect to see immediate cash flow benefits from the merchant model, even with new booking levels well below 2019.

隨著旅行開始復蘇和預訂趨勢進一步反彈，我們預計商家模式將立即帶來現金流收益，即使新的預訂水平遠低於 2019 年。

We believe our liquidity affords us flexibility to navigate a prolonged impact from COVID and position the company to be a leader as travel recovers.

我們相信，我們的流動性使我們能夠靈活應對 COVID 帶來的長期影響，並使公司在旅遊業復甦時成為領導者。

While we have a higher debt balance and pro forma leverage than we historically carried, we remain committed to investment-grade credit ratings and fully intend to work back toward our historical leverage levels as the business recovers.

雖然我們的債務餘額和備考槓桿率高於歷史水平，但我們仍致力於投資級信用評級，並完全打算隨著業務的複蘇而回到我們的歷史槓桿水平。

In addition to the $750 million notes due this year, we have a tranche of notes maturing in 2022, notes callable in 2022 and the borrowings under our revolver, all of which give us a lot of flexibility to quickly get on a path back to desired capital structure in the coming years.

除了今年到期的 7.5 億美元票據外，我們還有一批將於 2022 年到期的票據、2022 年可贖回的票據以及我們的循環貸款下的借款，所有這些都為我們提供了很大的靈活性，可以迅速回到預期的道路上未來幾年的資本結構。

Given the uncertain environment, we're not providing guidance for 2020.

鑑於不確定的環境，我們不會提供 2020 年的指導。

In the second quarter, we currently expect revenue declines to more closely mirror recent booking trends, and our adjusted EBITDA loss to be significantly higher than in Q1 as we'll have a full quarter of the global impact from COVID.

在第二季度，我們目前預計收入下降將更密切地反映最近的預訂趨勢，並且我們調整後的 EBITDA 損失將顯著高於第一季度，因為我們將在整個四分之一的全球範圍內受到 COVID 的影響。

While we remain optimistic that travel will bounce back, we know it could take time to return to prior levels.

雖然我們仍然樂觀地認為旅行會反彈，但我們知道要恢復到之前的水平可能需要時間。

We're going to keep driving efficiencies, and we're going to position the business to operate faster and more effectively than the past, as Peter talked earlier.

正如彼得之前所說，我們將繼續提高效率，並將業務定位為比過去更快、更有效地運營。

And when travel demand returns, we expect to emerge with better margins and be in position to drive the level of growth we planned for as we enter 2020.

當旅遊需求恢復時，我們預計將獲得更高的利潤率，並有能力在進入 2020 年時推動我們計劃的增長水平。

Operator, we're ready to take our first question.

接線員，我們準備好回答我們的第一個問題。

(Operator Instructions) And we will take our first question from Mark Mahaney with RBC.

（操作員說明）我們將從 Mark Mahaney 和 RBC 提出我們的第一個問題。

To the May was looking considerably better than the trough, I mean, can you try to quantify that for us?

五月看起來比低谷好得多，我的意思是，你能試著為我們量化一下嗎？

That would be helpful.

那會很有幫助。

And then secondly, you talk about taking a fresh look at the business, cutting back potentially on some performance-based marketing spend, Google spend.

其次，你談到重新審視業務，可能削減一些基於績效的營銷支出，谷歌支出。

That's obviously been a key part of the OTA story, I don't know, for 2 decades.

這顯然是 OTA 故事的關鍵部分，我不知道，已有 2 年了。

Your level of conviction that you can -- how you -- just talk about how you hedge against the possibility that the alternative marketing channels won't be as efficient as that.

你相信你可以——你如何——只是談論你如何對沖替代營銷渠道不會那麼有效的可能性。

When do you think you'll really get visibility?

你認為你什麼時候才能真正獲得知名度？

I know this is a hard time to run marketing experiments in this environment.

我知道現在很難在這種環境下進行營銷實驗。

Is this something that is probably going to take you a year or more to really figure out how to better optimize your marketing if you really can, optimizing and away from performance marketing?

這是否可能需要你一年或更長時間才能真正弄清楚如何更好地優化你的營銷，如果你真的可以，優化並遠離績效營銷？

Sure.

當然。

Thanks, Mark.

謝謝，馬克。

So first of all, on May, no, I'm not going to give you much to quantify that, except to say that we've seen week-by-week improvement.

所以首先，在 5 月，不，我不會給你太多量化，只是說我們已經看到每週都有改進。

Again, we are a many product business.

同樣，我們是一家擁有多種產品的企業。

So some businesses like Vrbo are considerably off the bottom.

因此，像 Vrbo 這樣的一些企業已經跌到了谷底。

Others are more modestly off the bottom.

其他人則更為溫和。

All the assumptions and all the prognosticators about the comeback of travel locally recently, is it vacation rental or hotels?

關於最近本地旅行捲土重來的所有假設和所有預測，是度假租賃還是酒店？

I think we're seeing improvement everywhere.

我認為我們到處都在進步。

We're seeing more marked improvement in vacation rental right now.

我們現在看到度假租賃有更顯著的改善。

And I would say we are fortunate in that we are relatively heavily weighted towards the U.S., and the U.S. is relatively stronger.

我想說我們很幸運，因為我們對美國的權重相對較大，而美國相對更強大。

But of course, there are places all over the world that are beginning to open up, be it parts of APAC, parts of EMEA, et cetera.

但當然，世界各地都有一些地方開始開放，無論是亞太地區的部分地區，歐洲、中東和非洲的部分地區，等等。

So I think we are seeing week-by-week improvement.

所以我認為我們看到每週都有改善。

It's encouraging, but we are still at greatly reduced levels.

這令人鼓舞，但我們仍處於大大降低的水平。

And the numbers candidly are not terribly meaningful right now.

坦率地說，這些數字目前意義不大。

Directionally, they're meaningful, and they're hopeful.

從方向上講，它們是有意義的，並且充滿希望。

But the delta between minus 85% and minus some other big percent is not really terribly telling.

但是負 85% 和負一些其他大百分比之間的差值並不能說明問題。

I think the question will be how long does this sustain itself?

我認為問題是這種情況會持續多久？

Does it continue to grow?

它會繼續增長嗎？

And frankly, do all of us do our part to make travel safe so that we don't end up with any future constraints that stop the improvement.

坦率地說，我們所有人都儘自己的一份力量來確保旅行安全，這樣我們就不會在未來遇到任何阻礙改進的限制。

So I think that's all I can really give you on May.

所以我認為這就是我在五月真正能給你的一切。

As far as the bigger cutting back marketing, OTA story.

至於更大的削減營銷，OTA 故事。

I recognize, as Google and others have pushed their way to disintermediate all of us, that has created challenges.

我認識到，隨著谷歌和其他公司努力使我們所有人脫離中介，這帶來了挑戰。

I think there's also been challenges as we've all tried to continue to drive growth and weren't finding other ways to drive it as effectively.

我認為也存在挑戰，因為我們都試圖繼續推動增長，但沒有找到其他有效推動增長的方法。

I would say the things that give me encouragement are, first of all, while we don't have the volumes to test it right now, we do have an opportunity of an entire reset because we've essentially gone to virtually no marketing.

我想說給我鼓勵的事情是，首先，雖然我們現在沒有足夠的數量來測試它，但我們確實有機會進行全面重置，因為我們基本上沒有進行任何營銷。

And as we wade back in, we're able to be more precise, be more constrained, watch and learn and grow into it and not just dive back in head first and spend back to the levels we were at.

當我們重新開始時，我們能夠更精確、更受約束、觀察、學習並融入其中，而不僅僅是先回到頭上，花錢回到我們原來的水平。

I also think we have not done our job on a couple of fronts.

我還認為我們在幾個方面還沒有完成我們的工作。

One is, as I mentioned, as our own brands competed, whether that's broadly or locally, we were creating our own dynamics in the marketplace that I think we probably never fully understood.

一是，正如我提到的，當我們自己的品牌競爭時，無論是廣泛的還是本地的，我們正在市場上創造我們自己的動力，我認為我們可能從未完全理解。

We are now an integrated marketing team, led by 2 great executives who will figure out how to make sure that we will spend appropriately and not be pushing price against ourselves.

我們現在是一個整合的營銷團隊，由 2 位優秀的高管領導，他們將弄清楚如何確保我們會適當地支出，而不是向自己推銷價格。

Secondly, we've done precious little with all the data we have and all the merchandising capabilities we have, and we haven't done an exceptional job of retaining our customers and giving them reasons to want to come back directly to us, directly to our app, et cetera.

其次，我們對我們擁有的所有數據和我們擁有的所有銷售能力所做的寶貴工作很少，而且我們沒有做出色的工作來留住我們的客戶並讓他們有理由想直接回到我們這裡，直接回到我們身邊。我們的應用程序等等。

It has been a growing area of business.

它一直是一個不斷增長的業務領域。

We've done a good job.

我們做得很好。

But if you think about not having all the data on your customers aligned in one place, not having the tools to tell them, "Hey, you went to Vegas last year at this time.

但是，如果您考慮沒有將所有客戶數據集中在一個地方，沒有工具告訴他們，“嘿，你去年這個時候去了維加斯。

Would you like to go to Vegas again?" We just have a lot we can do to continue to drive the business without the only idea being, how about we spend a little more in performance marketing.

你想再去一次拉斯維加斯嗎？”我們可以做很多事情來繼續推動業務，而不是唯一的想法是，我們在績效營銷上多花點錢怎麼樣。

So I think we have a lot of opportunity there.

所以我認為我們在那裡有很多機會。

We've also seen that as we've gone to these very low levels of performance marketing, that our brand is quite effective.

我們還看到，當我們進行這些非常低水平的績效營銷時，我們的品牌非常有效。

People come back looking for our brands because our brands have import.

人們回來尋找我們的品牌，因為我們的品牌是進口的。

And we -- it's an imprecise science, but knowing what your brands can drive themselves without performance is an important part of this.

我們——這是一門不精確的科學，但了解你的品牌在沒有表現的情況下可以推動什麼是其中的一個重要部分。

So I think this lull will give us more insight into that as we climb out.

所以我認為這種平靜會讓我們在爬出來時更深入地了解這一點。

And our next question comes from Naved Khan with SunTrust.

我們的下一個問題來自 SunTrust 的 Naved Khan。

Just a couple of questions.

只是幾個問題。

Can you maybe talk a little bit about what the integrated marketing effort does in terms of the trade-off between growth versus just marketing more effectively and profitably?

您能否談談整合營銷在增長與更有效、更有利可圖的營銷之間的權衡方面的作用？

And then if I had to just think about the margins in the business over the medium-term or maybe longer-term and considering what you have done over the last several months in terms of this cost takeout and streamlining, where do you think margins can be in the business?

然後，如果我不得不考慮中期或長期的業務利潤率，並考慮過去幾個月你在成本削減和精簡方面所做的工作，你認為利潤率在哪裡可以做生意？

So I'll let Eric take the second part of that.

所以我將讓 Eric 負責第二部分。

But I would say the tradeoff on marketing growth, it's one of the benefits of having this giant reset is we're not sitting there with a run rate number and saying, do we go for profit, do we go for growth, do we go for whatever.

但我要說的是營銷增長的權衡，這是進行這種巨大重置的好處之一是我們不會坐在那裡拿著運行率數字說，我們是為了利潤，我們是為了增長，還是我們去無論如何。

I think we're trying to just be smarter overall as we climb back into the market.

我認為當我們重新進入市場時，我們正試圖在整體上變得更聰明。

And I think we want to clearly be focused.

我認為我們希望清楚地集中註意力。

We have clearly said to the company, we will be focused on simplicity and profitability and efficiency, but that is not to say that we do not want to keep growing.

我們已經明確向公司表示，我們將專注於簡單、盈利和效率，但這並不是說我們不想保持增長。

We believe we can keep growing on a more profitable base and a more healthy way, retain customers more, have lifetime value increase, all those basic building blocks.

我們相信我們可以在更有利可圖的基礎上以更健康的方式繼續增長，更多地留住客戶，增加生命週期價值，所有這些基本構建塊。

So I think we're hopeful that we can drive both.

所以我認為我們希望我們能夠推動兩者。

We certainly won't -- as I said, we won't be headlong into driving top line growth just for the hell of it.

我們當然不會 - 正如我所說，我們不會僅僅為了它而一頭扎進推動收入增長。

We will drive top line growth where we think it makes sense.

我們將在我們認為有意義的地方推動收入增長。

And listen, it may turn out that as we get better and better at retaining customers and creating longer-term stickiness and lifetime value, that we will have yet another approach to performance marketing as we think about how many customers we keep for the long term.

聽著，隨著我們在留住客戶和創造長期粘性和終生價值方面做得越來越好，當我們考慮長期保留多少客戶時，我們將有另一種績效營銷方法.

So these things are evolving, and we're going to no doubt run a lot.

所以這些東西在不斷發展，我們無疑會跑很多次。

And all I can say is I'm not telling you it's so.

我只能說我不是告訴你是這樣的。

I'm telling you what we're going to do, and you'll judge us on whether we deliver it or not.

我告訴你我們要做什麼，你會根據我們是否交付來判斷我們。

But that is the orientation of the company, and that is how we are going to approach the market.

但這是公司的方向，也是我們進入市場的方式。

And as for the margins, I'll let Eric talk about that.

至於利潤率，我會讓 Eric 談談。

But I would just point out that a lot of the work we're doing is not only about efficiency.

但我只想指出，我們正在做的很多工作不僅僅是關於效率。

It's about unlocking real opportunities.

這是關於釋放真正的機會。

So these data things, many of the things we have done and will do, that will unlock efficiency will also unlock opportunity on the top line, I believe.

因此，我相信，這些數據事物，我們已經做過和將要做的許多事情，將釋放效率，也將釋放頂線的機會。

Yes.

是的。

And then from a margin standpoint, listen, we're not giving guidance at this point, and that includes what the ultimate margin profile will look like.

然後從保證金的角度來看，聽著，我們目前不提供指導，其中包括最終的保證金概況。

But we are going after every cost in the company in one form or another.

但我們正在以一種或另一種形式追查公司的每一項成本。

And if you think about how the business was run historically, which was independent brands competing out in the marketplace, you can imagine that we were doing the same thing in multiple places in the organization.

而且，如果您考慮一下該業務在歷史上的運作方式，即獨立品牌在市場上的競爭，您可以想像我們在組織的多個地方都在做同樣的事情。

And there wasn't a lot of central management of areas that arguably should.

並且沒有很多可以說應該的區域的中央管理。

So just to give you an example on the unit economic side, I talked a bit about it already, but we centralized the cloud management team, and especially given COVID, that team has ferociously gone after that expense.

因此，為了給您舉一個單位經濟方面的例子，我已經談了一些，但是我們集中了雲管理團隊，尤其是考慮到 COVID，該團隊已經瘋狂地追求這筆費用。

And I think the profile of that spend is materially different coming out the other side of COVID.

而且我認為，從 COVID 的另一面來看，這種支出的情況大不相同。

Customer service, we started the journey of using more technology to help solve questions from customers and delivering their needs.

客戶服務，我們開始了使用更多技術來幫助解決客戶問題並滿足他們需求的旅程。

With COVID, we've accelerated that.

有了 COVID，我們加速了這一過程。

We're putting real investment behind it.

我們正在對其進行真正的投資。

The teams are energized.

團隊充滿活力。

We're seeing great returns from that.

我們看到了巨大的回報。

And customers really love it as well.

客戶也非常喜歡它。

Our NPS scores, when they engage with those tools, are quite positive too.

當他們使用這些工具時，我們的 NPS 分數也非常積極。

So to Peter's point, there's cost efficiencies, there's margin opportunities, and we're actually stepping up the customer experience at the same time.

所以在彼得看來，有成本效率，有利潤機會，我們實際上同時也在加強客戶體驗。

Peter has already talked about marketing, so I won't get into detail there.

Peter 已經談到了市場營銷，所以我不會在那裡詳細介紹。

But on the fixed cost basis, we're still working through the plan.

但在固定成本的基礎上，我們仍在製定計劃。

We've executed large parts of it.

我們已經執行了其中的大部分。

We continue to push that forward.

我們繼續推動這一進程。

And as we've gotten into COVID and just generally peeling the layers back, we just continue to find opportunities to work with vendors where we have multiple contracts to get to a single global contract and work through a lot of those details to push our costs lower and to be more efficient while we're doing it.

當我們進入 COVID 並且通常只是剝離層時，我們只是繼續尋找機會與我們有多個合同的供應商合作以達成單一的全球合同並通過大量這些細節來推動我們的成本在我們這樣做的同時降低並提高效率。

We will come out the other side of this.

我們會從另一邊出來。

We will be leaner.

我們會更瘦。

We will be more nimble, and we will, we believe, have more attractive and higher margins out the other side.

我們將更加靈活，我們相信，我們將在另一端獲得更具吸引力和更高的利潤。

And our next question comes from Eric Sheridan with UBS.

我們的下一個問題來自瑞銀集團的 Eric Sheridan。

Maybe a long-term question on supply.

也許是一個長期的供應問題。

Peter, you mentioned sort of continuing to work with suppliers through this difficult period.

彼得，你提到在這個困難時期繼續與供應商合作。

What are some of the long-term goals about aligning your goals with supplier goals?

關於使您的目標與供應商目標保持一致的一些長期目標是什麼？

And how do you see the supplier landscape evolving and what that might mean for the OTA business over the medium to long term?

您如何看待供應商格局的演變？從中長期來看，這對 OTA 業務可能意味著什麼？

And then maybe a second part, historically, the OTAs have generally benefited from returns to normal from economic shocks as suppliers are looking to sort of fulfill yield and inventory.

然後也許是第二部分，從歷史上看，OTA 通常受益於經濟衝擊恢復正常，因為供應商正在尋求某種程度上滿足產量和庫存。

Do you expect that this time as well?

這次你也期待嗎？

Yes.

是的。

Thanks, Eric.

謝謝，埃里克。

I'll sort of take that in reverse order.

我將以相反的順序進行。

I think there's no reason to assume it won't be similar to historic events, and that suppliers, broadly defined, will look to platforms like ours to drive as much volume as they can to fill up their planes and hotels and everything else.

我認為沒有理由假設它不會與歷史事件相似，而且從廣義上講，供應商將尋求像我們這樣的平台來盡可能多地增加銷量，以填滿他們的飛機、酒店和其他一切。

I don't really have a view yet on how the market will shape up or shake out.

對於市場將如何形成或震盪，我還沒有真正的看法。

I think it clearly depends on how long the virus persists, how deep it all goes and how things come back.

我認為這顯然取決於病毒持續存在的時間、傳播的深度以及情況如何捲土重來。

But I do think, from our focus standpoint, there's a few areas that we're keen to collaborate better with our partners on.

但我確實認為，從我們關注的角度來看，有幾個領域我們渴望與我們的合作夥伴更好地合作。

One is on the service end of things.

一個是事物的服務端。

Both Eric and I have talked about the opportunity to make the service side more seamless to improve the customer experience.

Eric 和我都談到了讓服務端更加無縫以改善客戶體驗的機會。

Some of that is our own fault.

其中一些是我們自己的錯。

Some of that has to do with how we interact with partners.

其中一些與我們與合作夥伴的互動方式有關。

And I think we've all learned a lot from that and can do better.

而且我認為我們都從中學到了很多東西並且可以做得更好。

So I hope we take the opportunity to do better.

所以我希望我們能抓住機會做得更好。

I also think this has been a time when we've been focused on how can we help our supply partners come back better from a product standpoint, from an offering standpoint, from a data and information standpoint to help our suppliers optimize their performance on our platforms and present themselves in the best way and take as much opportunity of the demand that is out there.

我還認為，這段時間我們一直專注於如何幫助我們的供應合作夥伴從產品的角度、從產品的角度、從數據和信息的角度更好地回歸，以幫助我們的供應商優化他們在我們的產品上的表現。平台並以最好的方式展示自己，並儘可能多地抓住市場需求的機會。

So I think we've used this downtime to work with lots of supply side partners in terms of just simple, basic things like you need better pictures, you don't have all your rates loaded.

所以我認為我們已經利用這段停機時間與許多供應方合作夥伴就簡單、基本的事情進行合作，比如你需要更好的圖片，你沒有加載所有的費率。

There's issues like that.

有這樣的問題。

I think we'll try to help everybody with that.

我想我們會盡力幫助每個人。

I think we're going to build better tools to work better with our suppliers.

我認為我們將構建更好的工具來更好地與我們的供應商合作。

And I believe we will build better tools for the customer.

我相信我們將為客戶打造更好的工具。

We know our suppliers want to upsell more.

我們知道我們的供應商想要追加銷售。

We know they want to make sure there's clarity around right now their safety practices, but in the future, other things.

我們知道他們想確保現在他們的安全實踐是清晰的，但在未來，其他事情。

And we have to do as good a job as we can do to show all that, make the customer experience better and allow our suppliers to succeed more.

我們必須盡我們所能來展示這一切，讓客戶體驗更好，讓我們的供應商取得更大的成功。

So I think between our improvements in data, our improvement in supply side tools, our improvement in consumer-facing tools, and look, that's all work we have to do still, but we are pushing it hard.

因此，我認為在我們對數據的改進、我們對供應方工具的改進、我們對面向消費者的工具的改進之間，看，這是我們仍然需要做的所有工作，但我們正在努力推動它。

I think we will -- we hope to help the entire industry come back as quickly as possible.

我認為我們會——我們希望幫助整個行業盡快回歸。

And we will take our next question from Deepak Mathivanan with Barclays.

我們將與巴克萊銀行的 Deepak Mathivanan 一起回答下一個問題。

Great.

偉大的。

Two questions from us.

我們有兩個問題。

So first, historically, Expedia has benefited being a full service OTA.

因此，首先，從歷史上看，Expedia 一直受益於提供全方位服務的 OTA。

Now coming out of COVID-19 shock, as we think about travel rebounding first to a more local or even regional basis, do you think you are a little bit of a disadvantage from a market standpoint, from a consumer awareness and recognition areas for certain Expedia brands, if we were in this, say, an intermediate phase, where air travel remains muted for a long time.

現在從 COVID-19 衝擊中走出來，當我們考慮旅行首先反彈到更本地甚至區域的基礎上時，您認為從市場的角度來看，從某些消費者意識和認可領域來看，您是否處於劣勢？ Expedia 品牌，如果我們處於這個階段，比如說，一個中間階段，航空旅行在很長一段時間內保持靜音。

And then I was going to ask second question about the retail was B2B business.

然後我要問關於零售的第二個問題是 B2B 業務。

Some of the B2B assets have been strong growth opportunities for you in the more recent few years, like particularly the partner solutions area.

最近幾年，一些 B2B 資產為您提供了強勁的增長機會，尤其是合作夥伴解決方案領域。

And as we come out of COVID, do you expect to see trajectory difference between retail and also the B2B assets?

當我們走出 COVID 時，您是否希望看到零售和 B2B 資產之間的軌跡差異？

Sure.

當然。

Thank you, Deepak.

謝謝你，迪帕克。

Yes.

是的。

I think on your first question, Expedia, I would argue, probably hasn't benefited as much as it could have from being a full service OTA.

我認為關於你的第一個問題，我認為 Expedia 可能沒有從提供全方位服務的 OTA 中獲得盡可能多的收益。

In fact, in the minds of many consumers, whether you're just -- who are just looking for a hotel, they might look at Expedia bookings, hotels.com, Travelocity as all quite similar opportunities.

事實上，在許多消費者的心目中，無論你只是 - 只是在尋找酒店，他們可能會將 Expedia bookings、hotels.com、Travelocity 視為所有非常相似的機會。

So I think we are doing a lot of work to try to differentiate our brands.

所以我認為我們正在做很多工作來嘗試區分我們的品牌。

That's why we brought our brand group together into one so that we could be more clear in terms of the brand proposition, the offering, how we express it to the public, et cetera.

這就是為什麼我們將我們的品牌集團整合在一起，這樣我們就可以在品牌主張、產品、我們如何向公眾表達等方面更加清晰。

But I think being in the full service OTA business long-term is a great place to be.

但我認為長期從事全方位服務的 OTA 業務是一個很好的地方。

For sure, air travel may be -- or international air travel may be more challenged, domestic, a little less, whatever.

可以肯定的是，航空旅行可能——或者國際航空旅行可能面臨更大的挑戰，國內的，少一點，等等。

But I think over the long term, being really the only folks who took on full-service OTA as a real undertaking and has kept to it, and there's a lot of hairy stuff that goes on in providing all those services, gives brand Expedia a strong consumer proposition in the marketplace.

但我認為，從長遠來看，作為真正唯一將提供全方位服務的 OTA 作為一項真正的事業並堅持下去的人，而且在提供所有這些服務的過程中還有很多毛茸茸的事情，給品牌 Expedia市場上強大的消費者主張。

Might it be a little slower because the air part doesn't come back as fast, maybe.

可能會慢一點，因為空氣部分沒有那麼快返回，也許。

But again, we're indifferent to which brand or which line of business can grow fast enough.

但同樣，我們對哪個品牌或哪個業務線的增長速度足夠快並不關心。

We just want to power and allocate capital and resource and human resource the best we can to drive wherever the fastest pockets of growth are.

我們只是想盡我們所能為資本、資源和人力資源提供動力和分配，以推動增長最快的地方。

So in the near term, if that's domestic or local or Vrbo, we're going to drive that.

所以在短期內，如果是國內或本地或 Vrbo，我們將推動它。

But over the longer term, we believe each of our brands, at least that's currently constructed, we'll have an opportunity to succeed.

但從長遠來看，我們相信我們的每個品牌，至少是目前構建的品牌，我們都有機會取得成功。

And certainly, the full service OTA model will have an opportunity to succeed.

當然，全方位服務的 OTA 模式將有機會取得成功。

As far as the B2B business grows, it has, particularly our partner services business has enjoyed quite strong growth over the last few years.

就 B2B 業務的增長而言，尤其是我們的合作夥伴服務業務在過去幾年中取得了相當強勁的增長。

One of the main sort of underpinnings of our strategy longer term is getting our own teams away from the idea that retail is somehow better than B2B or one brand is more important than another brand.

我們長期戰略的主要基礎之一是讓我們自己的團隊遠離零售在某種程度上優於 B2B 或一個品牌比另一個品牌更重要的想法。

A $1 worth of profit, wherever it comes from, is $1 worth of profit.

價值 1 美元的利潤，無論它來自哪裡，都是價值 1 美元的利潤。

So we see the B2B model as a great opportunity to fill in pockets of demand and reach pockets of demand that we are not reaching or cannot reach through our retail brand.

因此，我們將 B2B 模式視為一個很好的機會，可以填補我們的零售品牌無法觸及或無法觸及的需求空間。

So that might be geographically focused, that might be offline travel agents, that's all kinds of things, frankly.

因此，坦率地說，這可能是針對地理位置的，可能是線下旅行社，這是各種各樣的事情。

And our B2B business, particularly that Partner Services business, has been very strong.

我們的 B2B 業務，尤其是合作夥伴服務業務，一直非常強勁。

We think it has tons of opportunity and can continue to be strong.

我們認為它有很多機會，可以繼續保持強勁。

There will no doubt, just like in the lodging and other businesses, there may be some shakeouts because business environment is tough, and some of our partners said we may not make it.

毫無疑問，就像在住宿和其他業務中一樣，由於業務環境艱難，可能會出現一些洗牌，我們的一些合作夥伴說我們可能做不到。

I mentioned that in the beginning.

我一開始就提到了這一點。

There's a human cost to all of this business disruption.

所有這些業務中斷都會造成人力成本。

But we believe longer term, that our B2B business has lots of legs, is an important leg in our stool, and we will continue to drive it with as much energy and urgency as we drive our retail business.

但我們相信，從長遠來看，我們的 B2B 業務有很多支柱，是我們凳子上的重要支柱，我們將繼續以與推動零售業務一樣多的精力和緊迫感來推動它。

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

我們的下一個問題來自美國銀行的 Justin Post。

A couple of quick questions.

幾個簡單的問題。

Maybe I'll start with a high level strategy.

也許我將從高級策略開始。

When you made your comments about becoming more efficient, are you thinking about maybe Expedia being a little smaller market share, but much higher margins?

當您發表關於提高效率的評論時，您是否在考慮 Expedia 的市場份額可能會小一些，但利潤率會高得多？

Or do you think you can have it all where you kind of maintain your share, but also get the margins up?

或者你認為你可以在保持你的份額的情況下擁有這一切，但也可以提高利潤率？

I know you're not going to give us a target, but how are you thinking about that?

我知道你不會給我們一個目標，但你是怎麼想的？

And then secondly, I'm just wondering, when you look back to last year, how inventory-constrained were you?

其次，我只是想知道，當你回顧去年時，你的庫存有多緊張？

Were there markets where you just didn't have any inventory availability?

是否存在您沒有任何可用庫存的市場？

And going forward, do you think a lot of that would open up?

展望未來，你認為其中很多會開放嗎？

And would you see -- start seeing some really good deals or maybe unique deals on Expedia?

你會看到——開始在 Expedia 上看到一些非常好的交易或者獨特的交易嗎？

Yes.

是的。

Sure.

當然。

I don't believe we have to give up share to be more profitable.

我不認為我們必須放棄份額才能獲得更多利潤。

We will be -- if we were just at the same volumes as before, we would be much more profitable today than we were a year ago.

我們將 - 如果我們的銷量與以前相同，那麼我們今天的利潤會比一年前高得多。

Now my hope is that as we have that benefit, as we get more benefit even than we've gotten so far and as we improve our marketing efficiencies, our product efficiencies, conversion and everything else, that, in fact, we will be able to continue to grow certainly at pace to maintain and hopefully grow share and still be more relatively profitable.

現在我的希望是，當我們獲得這種收益時，當我們獲得比迄今為止更多的收益時，隨著我們提高營銷效率、產品效率、轉化率和其他一切，事實上，我們將能夠繼續以一定的速度增長，以保持並希望增加份額，並且仍然相對有利可圖。

So I don't think it's a tradeoff.

所以我不認為這是一個權衡。

I think we have a lot of work to do on ourselves to get to the right place.

我認為我們需要做很多工作才能到達正確的位置。

But this isn't about, okay, everything has been optimized to the nth degree and now we're just deciding if we'd like to make an extra dollar and give up a dollar of revenue.

但這並不是說，好吧，一切都已經優化到第 n 級，現在我們只是在決定是否要多賺一美元並放棄一美元的收入。

I do not believe we are at that place or even close to that place.

我不相信我們在那個地方，甚至不接近那個地方。

We have a ton of opportunity to be more efficient throughout the process, throughout the product, throughout our own internal operating features.

我們有很多機會在整個過程、整個產品和我們自己的內部操作功能中提高效率。

And if we do all of that, that should give us more margin, more ability to invest in growth, whether that may not be performance marketing growth, that may be brand, that may be other tools, that may be merchandising and all kinds of things, but I believe there's no reason we should assume that one has to give up growth to get greater margins.

如果我們做到了所有這些，那應該會給我們帶來更多的利潤，更多的投資增長的能力，無論是績效營銷增長，還是品牌增長，可能是其他工具，也可能是推銷和各種事情，但我相信我們沒有理由認為必須放棄增長才能獲得更大的利潤。

Now can it be bumpy?

現在還能顛簸嗎？

Well, is it a straight line from here to there?

那麼，從這裡到那裡是一條直線嗎？

Probably not, but over the course of coming out of the virus and everything else, everything is going to be bumpy.

可能不會，但在擺脫病毒和其他一切的過程中，一切都會變得坎坷。

So we believe we can play for both.

所以我們相信我們可以為兩者而戰。

As far as the inventory question goes, I don't think we were inventory-constrained last year.

就庫存問題而言，我認為去年我們沒有庫存限制。

I would say, though, that there's always opportunity and gaps, and this is as much an information question as it is just a cooperation question.

不過，我要說的是，機會和差距總是存在的，這既是一個信息問題，也是一個合作問題。

So hotels very often may not have all their rates in every place.

所以酒店通常可能不會在每個地方都有所有的價格。

They may not have -- they may think they have a deal on offer, but it's only in one place, or they may have a deal on offer somewhere that gets into the wild and is offered in places they didn't intend it to.

他們可能沒有——他們可能認為他們有優惠，但它只在一個地方，或者他們可能在某個地方有優惠，但在他們不打算提供的地方提供。

So I think our issue is not about not getting the inventory we want, but getting all of the opportunities that a supply side company has to win in our market.

所以我認為我們的問題不是沒有得到我們想要的庫存，而是獲得供應方公司必須在我們的市場上贏得的所有機會。

So if they have some rates for loyalty or something else where we're not participating, those are all opportunities.

因此，如果他們有一些忠誠度或其他我們沒有參與的東西，這些都是機會。

So I think we did not feel inventory-constrained as in we were bumping up against nothing to sell.

所以我認為我們並沒有感到庫存受限，因為我們遇到了無貨可售的情況。

I don't think that was the issue at all.

我認為這根本不是問題所在。

I think it's really just our supply partners participating in every way they could.

我認為這真的只是我們的供應合作夥伴以各種方式參與其中。

And going forward, can they get more out of our platform if we're giving them better information and they're responding more rapidly and everybody can take the best advantage of it that they can.

展望未來，如果我們為他們提供更好的信息並且他們的響應速度更快並且每個人都可以充分利用它，他們能否從我們的平台中獲得更多收益。

We will take our next question from Kevin Kopelman with Cowen.

我們將與 Cowen 一起接受 Kevin Kopelman 的下一個問題。

I had a quick update, a quick follow-up question on working capital dynamics.

我有一個快速更新，一個關於營運資本動態的快速後續問題。

Given May has been considerably better, has the working capital outflows stabilize at this point?

鑑於 5 月的情況要好得多，此時營運資金流出是否穩定？

And how do you see that playing out?

您如何看待這種情況？

Yes.

是的。

I'll take that one, Peter.

我要那個，彼得。

So May is improved.

所以 May 得到了改善。

We obviously aren't going into details on where that's falling quite yet.

我們顯然還沒有詳細說明下降的地方。

But I would say we're still in the -- I would think about it still being in the zone of we're in survival COVID mode, focused also on recovery.

但我想說我們仍然處於——我認為它仍然處於我們處於生存 COVID 模式的區域，也專注於恢復。

So we're still at a stage where we're still burning cash, if you will.

所以我們仍處於燒錢的階段，如果你願意的話。

Peter, anything that you would add to that?

彼得，你還有什麼要補充的嗎？

I mean, ultimately, I'm trying to get away from giving you specific numbers associated with it, but we're still off a very small base.

我的意思是，最終，我試圖避免為您提供與之相關的具體數字，但我們的基數仍然很小。

We're seeing green shoots that ultimately gives us optimism to be able to push into marketing and getting confidence that consumers are coming back.

我們看到了最終讓我們樂觀地能夠推進營銷並獲得消費者回來的信心的萌芽。

I think those are all great things, but we're not out of the woods yet.

我認為這些都是很棒的事情，但我們還沒有走出困境。

Yes.

是的。

I would just add, Kevin, when I say it's considerably better, it's obviously percentage improvement off a low number is considerably better, though not awesome.

我只想補充一點，凱文，當我說它好得多時，很明顯，低數字的百分比改進要好得多，儘管不是很好。

We'd rather have double and triple-digit improvements.

我們寧願有兩位數和三位數的改進。

So it's not -- better is better, and we're glad to see the trends.

所以它不是 - 更好就是更好，我們很高興看到趨勢。

The working capital issue, obviously, has a lot to do with what's happening on cancellations, what's happening on the nature of the bookings and whether they're merchant or agency, et cetera, but -- and there have been some mix changes in the short term.

顯然，營運資金問題與取消時發生的情況、預訂的性質以及它們是商家還是代理等有很大關係，但是 - 並且有一些混合變化短期。

But I would say, it's definitely improving.

但我會說，它肯定在改善。

But for Eric and I and the company, we still are on fairly defensive posture as we watch it play out.

但對於埃里克、我和公司來說，我們在觀察它的發展時仍然處於相當防禦的姿態。

And we're glad to have the incremental capital on the balance sheet to protect us.

我們很高興資產負債表上有增量資本來保護我們。

And our next question comes from Lloyd Walmsley with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two questions, if I can.

兩個問題，如果可以的話。

First, trivago suggested on their call that they expect paid search marketing to be structurally less competitive going forward.

首先，trivago 在他們的電話會議上表示，他們預計付費搜索營銷在結構上未來的競爭力會下降。

So curious, beyond your company-specific plans to increase ROI targets as kind of part of a broad brand consolidation, do you think there can be structural performance marketing advantages coming out of this across the broader OTA space?

很好奇，除了作為廣泛品牌整合的一部分的公司特定計劃來提高 ROI 目標之外，您是否認為在更廣泛的 OTA 空間中會產生結構性績效營銷優勢？

And then secondly, you talked about already starting to see the benefit of the tech reorg.

其次，您談到已經開始看到技術重組的好處。

I was wondering if you can just give us some examples of some things you've been able to achieve as we think about the abilities over time to continue to squeeze benefit out of that?

我想知道你是否可以給我們一些你已經能夠實現的事情的例子，因為我們考慮隨著時間的推移繼續從中榨取好處的能力？

Yes.

是的。

So on the first point, I guess I would say that I certainly can't speak for the rest of the industry.

所以關於第一點，我想我會說我當然不能代表這個行業的其他人。

It does seem logical to me that all of us in travel have been somewhat capital-constrained by the virus, in some cases, highly capital-constrained.

在我看來，我們所有人在旅行中都受到病毒的某種程度的資金限制，在某些情況下，資金受到高度限制，這在我看來確實合乎邏輯。

And therefore, the robust performance marketing auction environment we saw before may take a while to come back because people just don't have the money for direct marketing.

因此，我們之前看到的強勁的績效營銷拍賣環境可能需要一段時間才能恢復，因為人們只是沒有錢進行直接營銷。

I don't know if that will be the case, but I could imagine that being the case and perhaps that is what trivago was speaking to.

我不知道是否會是這樣，但我可以想像是這樣，也許這就是 trivago 所說的。

Certainly, we will take our own discipline to it.

當然，我們會遵守自己的紀律。

We will do what's right for us.

我們會做適合我們的事情。

I'm sure everybody will do the same.

我相信每個人都會這樣做。

But there could be a difference in the number of players and the available capital to invest in direct relationships in the nearer term for some of the other players and direct hotel and other kinds of players.

但是，對於一些其他玩家、直接酒店和其他類型的玩家來說，玩家數量和短期內用於直接關係投資的可用資本可能會有所不同。

So I guess that would be my perspective on that.

所以我想這就是我對此的看法。

In terms of the benefit of the platform, honestly, they're a myriad and many of them are in the weeds.

就平台的好處而言，老實說，它們數不勝數，其中許多都處於雜草之中。

But Eric talked about the work our team has done across optimizing for cloud.

但埃里克談到了我們團隊在雲優化方面所做的工作。

We honestly had barely done anything to optimize for cloud before.

老實說，我們之前幾乎沒有做過任何針對雲優化的事情。

It just wasn't an urgent push.

這不是一個緊急的推動。

The greater urgency was to move to the cloud.

更緊迫的是遷移到雲端。

And we took a huge opportunity run by a team in our platform to drive a level of clinical approach to cloud that we just haven't had before.

我們抓住了一個由我們平台中的團隊運營的巨大機會，以推動我們以前從未有過的雲臨床方法水平。

And that went across not just the platform but the entire enterprise.

這不僅涉及平台，還涉及整個企業。

And the savings there are meaningful, really meaningful.

那裡的儲蓄很有意義，真的很有意義。

So we're doing that across many things.

所以我們在很多事情上都這樣做。

That's kind of on the cost side.

這有點在成本方面。

I mentioned on the data side, we probably have as much or more data than virtually anybody in the travel industry, but we've never compiled it in one place.

我在數據方面提到過，我們可能擁有與旅遊業幾乎任何人一樣多或更多的數據，但我們從未在一個地方編譯過。

So we had bunches of different data storage that's put aside that, that's not terribly efficient.

所以我們有一堆不同的數據存儲，把它放在一邊，效率不是很高。

And it means everybody is rotating on different data and learning on different data.

這意味著每個人都在輪流處理不同的數據並學習不同的數據。

But all our algorithms, all our learnings, all our stuff was against pockets of data instead of all of the data.

但是我們所有的算法，我們所有的學習，我們所有的東西都是針對數據袋而不是所有數據。

So when you get all the data together and you simplify it and you standardize it, now everybody can use it.

因此，當您將所有數據放在一起並對其進行簡化和標準化時，現在每個人都可以使用它。

The algorithms and machine learning tools can learn much faster, and we can just apply it across a much broader breadth of our business more quickly.

算法和機器學習工具可以更快地學習，我們可以更快地將其應用於更廣泛的業務範圍。

So I think we're going to see a lot of those.

所以我認為我們會看到很多這樣的情況。

They're really hard to put numbers on.

他們真的很難給出數字。

They're not like, hey, we took these people and these people and these people and put them together and we saved 3 people and we took out a tool.

他們不像，嘿，我們把這些人、這些人和這些人放在一起，我們救了 3 個人，我們拿出了一個工具。

Like those are -- that's simple math.

就像那些 - 這是簡單的數學。

And there are some opportunities that exist like that.

並且有一些這樣的機會存在。

We've obviously gotten after a lot of them.

我們顯然已經追上了他們中的很多人。

But I think that probably the bigger opportunity and the one that's hard to define is all of these unlocks that exist for us.

但我認為，更大的機會和難以定義的機會可能是我們存在的所有這些解鎖。

And for a huge organization, we were complicated.

對於一個龐大的組織，我們很複雜。

We didn't make it easy on ourselves.

我們並沒有讓自己輕鬆。

We didn't make it easy to do things.

我們沒有讓事情變得容易。

And as I say, I believe there's great opportunity in the merchandising front, but we have work that's going on in earnest on our CRM tools.

正如我所說，我相信在銷售方面有很大的機會，但我們正在認真地開發我們的 CRM 工具。

We have work that's going on around data.

我們正在圍繞數據開展工作。

All those things have to happen to unlock that opportunity, but it's there and it's big, and we're going to get after it.

所有這些事情都必鬚髮生才能釋放這個機會，但它就在那里而且很大，我們會抓住它。

Our next question comes from Stephen Ju with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Stephen Ju。

Commentary on merchandising better to your customers.

更好地向您的客戶推銷商品的評論。

Presumably, this means better cross-selling of products and packaged tours and things of that nature.

據推測，這意味著更好地交叉銷售產品和打包旅遊以及類似性質的東西。

But I think some of your consumers are used to shopping on Expedia in a certain way.

但我認為你們的一些消費者習慣於以某種方式在 Expedia 上購物。

So do you think this requires any sort of retraining or awareness marketing efforts to reeducate folks?

那麼你認為這需要任何形式的再培訓或意識營銷努力來重新教育人們嗎？

Or do you think you will be able to just take advantage of existing behavior?

還是您認為您將能夠利用現有行為？

Yes.

是的。

I would kind of break that, Stephen, thank you for the question, into 2 bits, which is, one is we can just be stronger at the blocking and tackling.

斯蒂芬，謝謝你提出的問題，我會把它分成兩部分，即，我們可以在攔截和搶斷方面變得更強。

We can be better in our core product.

我們可以在核心產品上做得更好。

We can be better in helping people find their way through our product.

我們可以更好地幫助人們通過我們的產品找到他們的出路。

We talked a little bit about our voice platform.

我們談了一點關於我們的語音平台。

We even think there's opportunity for -- and that's been principally used as a service tool, but we think there may be opportunities to use the underlying technology there to help people through the buying journey, help them make the right decisions for them, potentially help upsell and so forth.

我們甚至認為有機會 - 並且主要用作服務工具，但我們認為可能有機會使用那裡的基礎技術來幫助人們完成購買之旅，幫助他們為他們做出正確的決定，可能有助於追加銷售等等。

So this isn't about necessarily reinvention.

所以這不一定是重新發明。

I mean our product should be as good as it can be, but this isn't about, hey, you're used to going on and entering a date and doing this, and now you're going to enter a dream and a place and something like that.

我的意思是我們的產品應該盡可能好，但這不是關於，嘿，你習慣於繼續並進入一個日期並這樣做，現在你要進入一個夢想和一個地方和類似的東西。

I don't think it has to be reimagined.

我不認為它必須被重新構想。

I think there's a lot of it that's just core functionality, creating great products that are really engaging with the customer and helpful for the customer in their journey.

我認為其中很多只是核心功能，創造出真正與客戶互動並在客戶旅程中為客戶提供幫助的優質產品。

So I think that's, at its core, what are our consumer offerings will be online.

所以我認為，從根本上說，我們的消費者產品將在線上。

Merchandising, I think, is not necessarily a separate piece, but another piece, which is once you really understand your customer, once you understand their journey, you know where they've been on your site, what they've done, what they've bought before, what their predilections are in the future, you have a real opportunity to, I think, change the game for them, and that goes everything from letting them know about deals that are out there that might be interesting to them, whether that's through e-mail, text, whatever, all the kinds of usual CRM tools that exist in the world, and/or when they come to the site that the sort is particular to them or certain things are particular to them because you understand them and they've logged in and you know what they've done before.

我認為，推銷不一定是一個單獨的部分，而是另一部分，一旦你真正了解了你的客戶，一旦你了解了他們的旅程，你就會知道他們在你網站上的位置，他們做了什麼，他們做了什麼以前買過，他們未來的偏好是什麼，我認為你有一個真正的機會為他們改變遊戲規則，這包括讓他們知道他們可能感興趣的交易，無論是通過電子郵件、文本還是其他任何方式，世界上存在的所有類型的常用 CRM 工具，和/或當他們訪問網站時，那種類型對他們來說是特別的，或者某些事情對他們來說是特別的，因為你理解他們，他們已經登錄，你知道他們以前做過什麼。

There's just lots of opportunity to do better there.

那裡有很多機會可以做得更好。

And I think we're at the beginning of our journey, frankly, for that because until you could understand where the customer was and where they've been and have all the data in one place and everything else, it was really hard to do any of that.

坦率地說，我認為我們正處於旅程的開始，因為直到您了解客戶的位置和他們去過的地方並將所有數據和其他所有數據都放在一個地方之前，這真的很難做到任何一個。

So we're -- maybe even before the early days, we do some of this, but it's hard for us to do.

所以我們——也許甚至在早期之前，我們就做了一些這樣的事情，但這對我們來說很難做到。

It's not efficient for us to do, and we have to get to a place where we can really do it at scale, the kind of scale we operate at.

這對我們來說效率不高，我們必須到達一個我們可以真正大規模地做到這一點的地方，我們經營的那種規模。

And I think we can drive a lot of business separate and apart from the core I go to Expedia and I type in my date and an airline.

而且我認為我們可以將很多業務分開，除了我去 Expedia 的核心業務之外，我輸入我的日期和航空公司。

I think there's just a lot more out there for us.

我認為我們還有更多的選擇。

At this time, I would like to now hand the call back over to management for any closing remarks.

此時，我想將電話轉回給管理層，聽取任何結束語。

Yes.

是的。

Well, thank you, everybody.

嗯，謝謝大家。

I hope Eric and I covered as much territory as we could in an hour.

我希望埃里克和我能在一個小時內盡可能多地講完。

Obviously, again, I think our first quarter numbers don't mean a whole lot.

顯然，我再次認為我們第一季度的數字並不重要。

And frankly, our numbers for a while won't mean a whole lot.

坦率地說，我們的數字在一段時間內並不意味著很多。

We've got a lot of work to do to come out of this in a great place.

我們還有很多工作要做，才能在一個好地方擺脫困境。

We think it's there for us, as you've heard.

正如您所聽到的，我們認為它就在我們身邊。

And that's what we're focused on.

這就是我們關注的重點。

And we're honestly not trying to talk anybody into anything.

老實說，我們並不想說服任何人做任何事情。

We're just trying to focus on what we can affect, and you'll have to judge us by what we deliver.

我們只是試圖專注於我們可以影響的東西，你必鬚根據我們提供的東西來判斷我們。

But in the meantime, we wish you all safe and happy and same time through the virus and be careful out there and wear a mask.

但與此同時，我們祝愿大家平安快樂，同時度過病毒，並在外面小心並戴上口罩。

And we look forward to talking to you again.

我們期待與您再次交談。

Thank you.

謝謝。

Thank you, everyone.

謝謝大家。

This concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。