Expedia Group Inc (EXPE) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q2 2022 Financial Results Teleconference. My name is Brika, and I'll be your operator for today's call. (Operator Instructions)

大家好，歡迎參加 Expedia Group 2022 年第二季度財務業績電話會議。我的名字是 Brika，今天我將擔任您的接線員。 （操作員說明）

For opening remarks, I will turn the call over to SVP, Corporate Development, Strategy and Investor Relations, Harshit Vaish. Please go ahead.

對於開場白，我將把電話轉給負責企業發展、戰略和投資者關係的高級副總裁 Harshit Vaish。請繼續。

Good afternoon, and welcome to Expedia Group's earnings call for the second quarter of 2022 that ended June 30. I'm pleased to be joined on the call today by our CEO, Peter Kern; and our CFO, Eric Hart. The following discussion, including responses to your questions, reflects management's view as of today, August 4, 2022 only. We do not undertake any obligation to update or revise this information.

下午好，歡迎參加 Expedia Group 於 6 月 30 日結束的 2022 年第二季度財報電話會議。我很高興今天與我們的首席執行官 Peter Kern 一起參加電話會議。和我們的首席財務官 Eric Hart。以下討論（包括對您的問題的回答）僅反映了管理層截至今天（2022 年 8 月 4 日）的觀點。我們不承擔任何更新或修改此信息的義務。

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

與往常一樣，在今天的電話會議上做出的一些陳述是前瞻性的，通常在前面加上我們計劃、我們預期、我們相信、我們預期、我們對此感到樂觀或有信心或其他類似陳述。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產生重大差異的因素的信息。

You will find reconciliation 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 consistently visit our IR website for other important information. Unless otherwise stated, any reference to expenses excludes stock-based compensation.

您將在我們的收益報告中找到非 GAAP 措施與今天討論的最具可比性的 GAAP 措施的對賬，該報告發佈在公司的投資者關係網站 ir.expediagroup.com 上。我鼓勵您始終訪問我們的 IR 網站以獲取其他重要信息。除非另有說明，否則任何提及費用均不包括基於股票的補償。

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, Harshit, and good afternoon, everyone, and thank you for joining us today.

謝謝，Harshit，大家下午好，感謝您今天加入我們。

Let me begin by saying that we were very pleased with our financial results in the quarter on the back of a continued recovery in all markets and products and our expanding margins. We've seen strong consumer demand for travel this summer and are encouraged that travel remains a top spending area even as other parts of the economy seem to be showing cracks.

首先讓我說，由於所有市場和產品的持續復甦以及我們不斷擴大的利潤率，我們對本季度的財務業績感到非常滿意。今年夏天，我們看到消費者對旅行的強烈需求，儘管其他經濟領域似乎出現裂痕，但旅行仍然是最大的消費領域，這讓我們感到鼓舞。

We posted our highest ever lodging bookings this quarter on the highest revenue and adjusted EBITDA for any second quarter. And we continue to further strengthen our liquidity with a strong free cash flow and the early redemption of an additional $1 billion of debt. We delivered these strong results despite the current macroeconomic backdrop and the limitations and disruptions we've seen in air travel around the world.

我們在本季度發布了有史以來最高的住宿預訂，這是任何第二季度的最高收入和調整後的 EBITDA。我們繼續通過強勁的自由現金流和提前贖回額外的 10 億美元債務來進一步加強我們的流動性。儘管當前的宏觀經濟背景以及我們在世界各地的航空旅行中看到的限制和中斷，我們還是取得了這些強勁的業績。

Of particular note, while domestic flight capacities have recovered close to 2019 levels, international flight capacity is lagging, with long-haul capacity still down roughly 30%. While these disruptions and shortages don't appear to be abating soon, we do look forward to when these long-haul capacities return, as this has always been a relative strength of ours.

特別值得注意的是，雖然國內航班運力已恢復到接近 2019 年的水平，但國際航班運力卻滯後，長途運力仍下降約 30%。雖然這些中斷和短缺似乎不會很快減弱，但我們確實期待這些長途運力何時恢復，因為這一直是我們的相對優勢。

Now moving on to my main topic of the day. For the last few quarters, we spent a lot of time talking about the transformation of our technology platform and how that will enhance both our B2B and B2C businesses going forward. And last quarter, I took time out to explain in greater depth how we were pursuing our B2B strategy, driving travel as a service to partners of all sizes.

現在繼續我今天的主要話題。在過去的幾個季度中，我們花了很多時間討論我們技術平台的轉型以及這將如何增強我們的 B2B 和 B2C 業務的發展。上個季度，我抽出時間更深入地解釋了我們是如何追求 B2B 戰略的，將旅行作為一種服務提供給各種規模的合作夥伴。

But as investors digested our Q1 results, it became very clear to us that we needed to clarify our B2C strategy and begin to provide incremental data to help you understand what metrics we think are important to measuring our success in pursuit of this strategy.

但隨著投資者消化我們的第一季度業績，我們變得非常清楚，我們需要澄清我們的 B2C 戰略並開始提供增量數據，以幫助您了解我們認為哪些指標對於衡量我們在追求這一戰略的成功方面很重要。

In particular, there's been a lot of interest in the shifts in room night share as travel has recovered and whether something has changed in the market or if it is just a temporary shift as we put more of our attention into our technical transformation and attracting the right mix of consumers. Today, we hope to answer this more directly and give you a better understanding of our strategy and tactics as we evolve our consumer business.

特別是，隨著旅行的複蘇，以及市場是否發生了某些變化，或者這只是暫時的變化，因為我們將更多的注意力放在我們的技術轉型和吸引正確的消費者組合。今天，我們希望更直接地回答這個問題，讓您在我們發展消費者業務的過程中更好地了解我們的戰略和策略。

As for the backdrop, I think by now, you all have a decent understanding of how the mix effect, domestic versus long-haul international or geo mix, for example, with the robust recovery of EMEA in Q2 can color share results. And I also believe you are well acquainted with the fact that we've divested or shut down a number of noncore businesses, shedding certain volume over the last 2 years, whereas some competitors were buying business and thereby adding volume.

至於背景，我認為到目前為止，你們都對混合效應（例如，國內與長途國際或地理混合）以及歐洲、中東和非洲地區在第二季度的強勁復甦如何影響共享結果有一個不錯的了解。而且我也相信你很熟悉這樣一個事實，即我們已經剝離或關閉了一些非核心業務，在過去 2 年中減少了一定的數量，而一些競爭對手正在購買業務並因此增加了數量。

So today, I'm going to focus more narrowly on how our long-term consumer strategy is impacting these short-term share issues. To be clear, we have been evolving our consumer approach from being largely transactionally focused, where we and the industry spent virtually all of our time tuning our products for maximum arbitrage and performance marketing channels and spending more and more money on intermediaries, to a future where we build longer-lasting direct relationships with loyal high-lifetime value customers.

所以今天，我將更狹隘地關注我們的長期消費者戰略如何影響這些短期股票問題。需要明確的是，我們一直在發展我們的消費者方法，從主要以交易為中心，我們和整個行業幾乎將所有時間都用於調整我們的產品以實現最大的套利和績效營銷渠道，並在中介上花費越來越多的錢，到未來我們與忠誠的高終身價值客戶建立更持久的直接關係。

This means that we have not chased all traffic available in performance marketing, no matter the cost, and instead have focused on the pockets of consumers we think will derive the highest long-term value and the best future shape of our business.

這意味著，無論成本如何，我們都沒有追逐績效營銷中的所有可用流量，而是專注於我們認為將獲得最高長期價值和最佳業務未來形態的消費者口袋。

To give you more perspective on why it is so valuable to focus on these types of consumers, I'd like to give you a few facts about our biggest OTA brands. Over the last 18 months in our Expedia and Hotels.com brands, loyalty members drove approximately 3x the gross bookings per customer and over twice the gross profit per customer and twice the repeat business as compared to nonmembers.

為了讓您更深入地了解為什麼關注這些類型的消費者如此有價值，我想向您介紹一些關於我們最大的 OTA 品牌的事實。在過去 18 個月中，我們的 Expedia 和 Hotels.com 品牌的忠誠度會員與非會員相比，每位客戶的總預訂量增加了約 3 倍，每位客戶的毛利潤增加了兩倍以上，回頭客業務增加了兩倍。

Similarly, app users drove over 2.5x the gross bookings per customer, 2.5x the gross profit per customer and 2.5x the repeat bookings versus non-app users. And of course, when we combine the 2 and have loyalty members who also book through the app, you get the highest production of any customers.

同樣，與非應用用戶相比，應用用戶的每位客戶的總預訂量是 2.5 倍以上，每位客戶的毛利潤是 2.5 倍，重複預訂量是 2.5 倍。當然，當我們將這兩者結合起來並擁有也通過該應用程序預訂的忠誠度會員時，您將獲得所有客戶中最高的產量。

Given these core drivers, our entire company is focused on getting the right customers in the funnel and then turning them into loyalty members and app users. And while both will accelerate as we deliver on our platform with better features, better personalization and with one overarching loyalty program, I'm pleased to highlight that we are already seeing strong traction.

鑑於這些核心驅動因素，我們整個公司都專注於在渠道中吸引合適的客戶，然後將他們轉變為忠誠度會員和應用用戶。雖然隨著我們在我們的平台上提供更好的功能、更好的個性化和一個總體忠誠度計劃，兩者都將加速，但我很高興地強調，我們已經看到了強大的牽引力。

For example, in Q2 '22 alone, we grew new loyalty members 33% compared to Q2 '19. Similarly, on the app side, new app downloads grew 58% in Q2 '22 versus Q2 '19. Not surprisingly, therefore, our direct business continues to grow with almost 2/3 of our B2C gross bookings in Q2 generated from traffic that came to us directly. And really, this is just the beginning.

例如，僅在 22 年第二季度，與 19 年第二季度相比，我們就增加了 33% 的新忠誠度會員。同樣，在應用方面，與 19 年第二季度相比，22 年第二季度的新應用下載量增長了 58%。因此，毫不奇怪，我們的直接業務繼續增長，我們在第二季度的 B2C 總預訂量中有近 2/3 來自直接到達我們的流量。真的，這僅僅是個開始。

With improving products and features, including our price tracking product for flights, which has been a huge engagement driver in the app, and with the rollout of loyalty to all of our customers next year, we will be able to drive much more direct engagement with our customers.

隨著產品和功能的改進，包括我們的航班價格跟踪產品，它一直是應用程序中一個巨大的參與驅動因素，並且隨著明年對我們所有客戶的忠誠度的推出，我們將能夠推動更直接的參與我們的顧客。

That being said, it's also important to remember that lifetime value and travel does not come through the numbers instantly because of the frequency of travel for most consumers. While we have been gaining ground, building up our base of high lifetime value customers and are confident in their ability to drive future velocity, it is not as quick twitch as buying transactions through Google and other meta channels.

話雖如此，同樣重要的是要記住，由於大多數消費者的旅行頻率，終生價值和旅行不會立即通過數字來體現。雖然我們一直在取得進展，建立了我們的高終身價值客戶群，並對他們推動未來速度的能力充滿信心，但它並不像通過谷歌和其他元渠道購買交易那麼快。

In the coming quarters, we will continue to update you on these important core drivers of our future success and provide any additional disclosures that may help you measure and understand our progress. For example, starting today, we have added an incremental disclosure of room nights on a booked basis. This disclosure should not only give you a better sense of our trajectory, but should also help you better understand our marketing spend. But to be clear, it is not the complete picture.

在接下來的幾個季度中，我們將繼續向您介紹我們未來成功的這些重要核心驅動因素，並提供任何可能幫助您衡量和了解我們進展的額外披露。例如，從今天開始，我們增加了基於預訂的房晚披露。此披露不僅應該讓您更好地了解我們的發展軌跡，還應該幫助您更好地了解我們的營銷支出。但需要明確的是，這不是完整的畫面。

Ultimately, what you need to understand is that we are spending against the profit we derive from the market. And while we may currently look less efficient on even a booked room night basis compared to booked gross profit, we are still spending below historical levels.

最終，您需要了解的是，我們的支出是針對我們從市場中獲得的利潤。儘管與預訂的毛利相比，即使是預訂的房晚，我們目前的效率似乎也較低，但我們的支出仍低於歷史水平。

We have done this while allocating more money to channels that drive direct traffic and the kind of high lifetime value consumers we seek. It is early days even for this, but we know we have the best creative in the category and a great plot to acquire app customers and believe strongly in these veins of opportunity.

我們已經做到了這一點，同時將更多資金分配給推動直接流量的渠道和我們尋求的高終身價值消費者。即使這還為時過早，但我們知道我們擁有該類別中最好的創意，並且擁有獲取應用程序客戶的絕佳計劃，並堅信這些機會的脈絡。

Now lest anyone forget, while we've been making the transition from volume at all costs to the right volume with the right long-term characteristics, we have also been going through a massive technical transformation as we move to a single platform. Transitions like this always entail certain short-term versus long-term trade-offs.

現在不要忘記，雖然我們一直在從不惜一切代價的數量過渡到具有正確長期特徵的適當數量，但隨著我們轉向單一平台，我們也經歷了大規模的技術轉型。像這樣的過渡總是需要某些短期與長期的權衡。

The perfect example of which is our migration of Hotels.com onto the Expedia stack. We accelerated this over the last 2 quarters because the benefits of being able to optimize across our largest 2 OTA brands on the same stack are massive. But to be clear, migrations generally disrupt customer patterns and can impact conversion in the short term. And we were no exception. We had to make some choices to prioritize speed over perfection.

我們將 Hotels.com 遷移到 Expedia 堆棧就是一個完美的例子。我們在過去兩個季度加速了這一進程，因為能夠在同一堆棧上優化我們最大的 2 個 OTA 品牌的好處是巨大的。但需要明確的是，遷移通常會破壞客戶模式，並可能在短期內影響轉換。我們也不例外。我們必須做出一些選擇，以優先考慮速度而不是完美。

The really good news is that Hotels.com front-end is now nearly fully migrated, and we've been freeing up engineers who can now turn their attention to optimizing the full stack. This is just one example of the many choices we make every day to trade modest short-term disruption for significant long-term growth. And frankly, we are more excited every day by our progress, the acceleration of the transition and what is still to come.

真正的好消息是，Hotels.com 的前端現已幾乎完全遷移，我們一直在釋放工程師，他們現在可以將注意力轉向優化整個堆棧。這只是我們每天做出的眾多選擇中的一個例子，以用適度的短期中斷換取顯著的長期增長。坦率地說，我們每天都對我們的進步、轉型的加速以及未來的發展感到更加興奮。

So in summary, we know we are massively improving our technical position. We know we are engaging more customers in our membership programs and our apps, and we know both will drive significant improvement in our business. And in general, we are willing to give up short-term unprofitable volume for longer-term sustainable growth. Because we know that at any given moment, a large portion of the traveling public is up for grabs, searching around for the best travel options.

總而言之，我們知道我們正在大幅提高我們的技術地位。我們知道我們正在讓更多的客戶參與我們的會員計劃和我們的應用程序，我們知道這兩者都將推動我們業務的顯著改善。總的來說，我們願意放棄短期無利可圖的交易量，以換取長期的可持續增長。因為我們知道，在任何特定時刻，大部分旅行公眾都在尋找最佳旅行選擇。

The industry literally serves billions of searches and customers every year and rarely has engendered true loyalty. Traffic has never been an issue in travel. It's always been a question of retention. We mean to once and for all change that dynamic by providing a product and set of services worthy of customer loyalty. And ultimately, we intend to spend much less of our time and money chasing them over and over again in the wild.

該行業每年實際上為數十億搜索和客戶提供服務，並且很少產生真正的忠誠度。交通從來都不是旅行的問題。這一直是一個保留的問題。我們的目的是通過提供值得客戶忠誠度的產品和服務來一勞永逸地改變這種動態。最終，我們打算花更少的時間和金錢在野外一遍又一遍地追逐它們。

Of course, in the meantime, we will look for every opportunity to grab back share where it makes sense and where we are bringing the right kind of traffic at the right value. As fixated as some of you may be on share, I can assure you we are more so.

當然，與此同時，我們將尋找每一個機會，在有意義的地方以及我們以正確的價值帶來正確類型的流量的地方搶回份額。儘管你們中的一些人可能會固執己見，但我可以向你們保證，我們更是如此。

Our competition has been very promotional and highly geared to performance marketing, but we are determined to build our business in a better way. And we fully believe that as we build our base of high lifetime value customers, we will be able to buy the right customers more efficiently and grow revenue and share far more quickly and profitably than we ever have.

我們的競爭非常具有促銷性，並且非常適合績效營銷，但我們決心以更好的方式建立我們的業務。而且我們完全相信，隨著我們建立起高終生價值客戶群，我們將能夠比以往任何時候都更有效地購買合適的客戶，增加收入並更快地分享收益。

Let me end by reverting to our core theme. We are evolving all things in the business to a place of better customer-oriented products and capabilities, better service and understanding of our customers, personalization and ultimately building what we believe will be the best and stickiest product in the industry. And all of these advancements also benefit our B2B business, which continues to grow at an accelerated rate.

最後讓我回到我們的核心主題。我們正在將業務中的所有事物發展為更好的以客戶為導向的產品和能力，更好的服務和對客戶的理解，個性化並最終構建我們認為將是行業中最好和最有粘性的產品。所有這些進步也有利於我們的 B2B 業務，該業務繼續以更快的速度增長。

Just this quarter, we had a variety of wins. We now power Delta Air Lines car rental offering, along with hotel, which we have powered for some time. And we've already seen significant benefit to our partner. We've become the exclusive provider of hotel supply to Avios, the rewards program for all the airlines under the IAG flag.

就在本季度，我們取得了各種勝利。我們現在為達美航空公司的汽車租賃服務和酒店提供動力，我們已經為這些服務提供了一段時間。我們已經看到我們的合作夥伴帶來了巨大的好處。我們已成為 Avios 的獨家酒店供應商，這是 IAG 旗下所有航空公司的獎勵計劃。

And while we continue to find new ways to add value to classic travel partners, we have also expanded into emerging pools of captive consumers. To wit, this quarter, we proudly partnered with Bilt, which has the first-ever loyalty program for renters, and we now power their travel portal.

在我們繼續尋找為經典旅行合作夥伴增加價值的新方法的同時，我們也擴展到了新興的專屬消費者群體。也就是說，本季度，我們自豪地與 Bilt 合作，後者擁有首個針對租房者的忠誠度計劃，我們現在為他們的旅行門戶網站提供支持。

And as we continue to power old and new partners, we are also looking for new capabilities to externalize to expand our Open World platform product suite. Late last year, we externalized our TravelAds platform that allows travel suppliers to advertise to our consumers. With this externalization, we are expanding our reach for our travel advertisers and the scope of what we power for our demand partners. This quarter alone, we added TravelAds to multiple template partners. We continue to see enormous potential for travel as a service, and the continued growth of our product lineup will help fuel our ambition to power the whole industry.

隨著我們繼續為新老合作夥伴提供支持，我們也在尋找新的功能來擴展我們的開放世界平台產品套件。去年年底，我們將 TravelAds 平台外部化，允許旅遊供應商向我們的消費者投放廣告。通過這種外部化，我們正在擴大我們對旅遊廣告商的影響力，以及我們為需求合作夥伴提供服務的範圍。僅本季度，我們就向多個模板合作夥伴添加了 TravelAds。我們繼續看到旅行即服務的巨大潛力，我們產品陣容的持續增長將有助於激發我們為整個行業提供動力的雄心。

So in closing, we had a record financial quarter, and we added more loyalty members and app customers than ever before, all while continuing to make huge progress on our technical transformation. We're grateful to our employees, our customers and our partners who are helping us change the industry.

因此，最後，我們實現了創紀錄的財務季度，我們增加了比以往更多的忠誠度會員和應用程序客戶，同時繼續在技術轉型方面取得巨大進展。我們感謝幫助我們改變行業的員工、客戶和合作夥伴。

And with that, I'll pass it on to Eric for financials.

有了這個，我會把它傳遞給 Eric 以獲取財務信息。

Thanks, Peter. The second quarter was strong on multiple fronts, and I am pleased with the financial results that the business continues to generate.

謝謝，彼得。第二季度在多個方面表現強勁，我對業務繼續產生的財務業績感到滿意。

Before I dive into the numbers, let me preface that I'll provide our reported numbers and growth rates as well as like-for-like growth rates that exclude Egencia, Amex GBT and the non-lodging elements of our Chase relationship. I will go through that last one as that is a new adjustment.

在我深入研究這些數字之前，讓我先介紹一下我們報告的數字和增長率以及不包括易信達、美國運通 GBT 和我們大通關係的非住宿因素的同類增長率。我將完成最後一個，因為這是一個新的調整。

Chase is a valued B2B partner and our relationship remains strong. But as of February 2022, we stopped powering their non-lodging business, which consists of air and car. However, we continue to power their lodging business, which has performed well. While the non-lodging business was significant on a gross booking basis, it was not material to us on profitability.

Chase 是重要的 B2B 合作夥伴，我們的關係依然牢固。但截至 2022 年 2 月，我們停止為他們的非住宿業務提供動力，該業務包括航空和汽車。然而，我們繼續為他們表現良好的住宿業務提供動力。雖然非住宿業務在總預訂量基礎上意義重大，但它對我們的盈利能力並不重要。

And as a reminder, we completed the sale of Egencia to Amex GBT on November 1, 2021, and our EPS business entered into a 10-year lodging supply agreement with Amex GBT. We believe these like-for-like numbers are more reflective of the actual performance of our business.

提醒一下，我們於 2021 年 11 月 1 日完成了將 Egencia 出售給 Amex GBT，我們的 EPS 業務與 Amex GBT 簽訂了為期 10 年的住宿供應協議。我們相信這些同類數字更能反映我們業務的實際表現。

Moving on to the P&L. Total gross bookings for all products were up 1% on a like-for-like basis and down 8% versus Q2 2019 on a reported basis, which was a sequential improvement as compared to Q1, down 9% on a like-for-like basis and down 17% on a reported basis.

繼續看損益表。所有產品的總預訂量同比增長 1%，與 2019 年第二季度相比下降 8%，與第一季度相比環比下降 9%根據報告，下降 17%。

Like-for-like gross bookings growth was driven by an improvement in lodging bookings and ADRs well above 2019 levels. We've seen a continued recovery across all our geographies and main product types, with particular strength in North America. Total lodging gross bookings, which were the highest we've ever had, were up 9% on a like-for-like basis versus Q2 2019 and up 8% on a reported basis.

住宿預訂和 ADR 的改善遠高於 2019 年的水平，推動了同類預訂總額的增長。我們已經看到我們所有地區和主要產品類型的持續復甦，尤其是在北美。與 2019 年第二季度相比，住宿總預訂量同比增長 9%，報告的基礎上增長 8%，這是我們有史以來最高的。

Now for the monthly walk. On a reported basis, lodging gross bookings were up 9% in April, up 9% in May and up 5% in June. As for July, we saw some choppiness early in the month, likely due to airport and airline disruptions. But in the back half of the month, we have seen stronger performance similar to the rest of Q2. All in, we expect July to land in line with 2019 levels.

現在每月散步。據報導，4 月份酒店總預訂量增長 9%，5 月份增長 9%，6 月份增長 5%。至於 7 月，我們在月初看到了一些波動，可能是由於機場和航空公司的中斷。但在本月後半月，我們看到了與第二季度其他時間類似的強勁表現。總而言之，我們預計 7 月將與 2019 年的水平保持一致。

Currently, we are seeing a robust summer with Q3 lodging bookings pacing ahead of 2019. The same is true for pacing for the remainder of the year, but it's still early with the majority of bookings for the back half of the year yet to be made. We remain optimistic. And as Peter mentioned, we will continue to monitor bookings and other leading indicators closely and adjust our actions accordingly.

目前，我們看到一個強勁的夏季，第三季度的住宿預訂在 2019 年之前增長。今年剩餘時間的節奏也是如此，但現在還為時過早，因為下半年的大部分預訂尚未完成.我們保持樂觀。正如彼得所說，我們將繼續密切監控預訂和其他領先指標，並相應地調整我們的行動。

Total revenue was up 5% versus Q2 2019 on a like-for-like basis. On a reported basis, revenue was $3.2 billion, up 1%, a sequential improvement from down 10% on a like-for-like basis and down 14% on a reported basis.

與 2019 年第二季度相比，總收入同比增長 5%。在報告的基礎上，收入為 32 億美元，增長 1%，環比下降 10% 和報告的基礎下降 14%。

Direct sales and marketing expense was $1.5 billion, up 12% versus Q2 2019 levels as we continued to spend into the recovery to capture demand. As Peter mentioned, we increased our efficiency on marketing expense as a percentage of booked gross profit. As part of our strategic focus to build a direct relationship with travelers, we continue to allocate spend towards higher lifetime value channels such as paid app installs and brand creatives.

直接銷售和營銷費用為 15 億美元，比 2019 年第二季度的水平增長 12%，因為我們繼續在復蘇中投入資金以捕捉需求。正如彼得所說，我們提高了營銷費用佔預定毛利潤的百分比。作為我們與旅行者建立直接關係的戰略重點的一部分，我們繼續將支出分配給更高的終生價值渠道，例如付費應用安裝和品牌創意。

Moving on to overhead. Costs were $551 million, a sequential increase of $18 million from Q1 2022 and were approximately $170 million or 23% lower than Q2 2019.

轉到頭頂。成本為 5.51 億美元，比 2022 年第一季度增加 1800 萬美元，比 2019 年第二季度減少約 1.7 億美元或 23%。

Adjusted EBITDA for the quarter was $648 million, the highest second quarter in our history and was up 20% versus Q2 2019 on a like-for-like basis and was up 14% on a reported basis. Adjusted EBITDA margin for the quarter was 20%, over 230 basis points higher than the 18% adjusted EBITDA margin in Q2 2019.

本季度調整後的 EBITDA 為 6.48 億美元，是我們歷史上第二季度的最高水平，與 2019 年第二季度相比增長了 20%，在報告的基礎上增長了 14%。本季度調整後的 EBITDA 利潤率為 20%，比 2019 年第二季度 18% 的調整後 EBITDA 利潤率高出 230 個基點。

This quarter, I also wanted to call out the other expense line, which was a loss of $385 million. This was primarily driven by a mark-to-market loss on our minority equity investment in American Express Global Business Travel, which we received in exchange for our equity interest in Egencia. The loss is due to the reduction of GBT share price since the company became public in May 2022 through the end of Q2.

本季度，我還想調出另一條支出項目，即虧損 3.85 億美元。這主要是由於我們在美國運通全球商務旅行中的少數股權投資的按市值計價虧損，我們收到該投資以換取我們在易信達的股權。虧損是由於 GBT 自公司於 2022 年 5 月上市至第二季度末股價下跌所致。

We continue to be long-term believers in Amex GBT, and it's the leading corporate travel management company in the world, led by a terrific management team. And additionally, corporate travel has been rebounding faster than many anticipated and our supply deal with GBT continues to perform very well.

我們仍然是 Amex GBT 的長期信徒，它是世界領先的商務旅行管理公司，由出色的管理團隊領導。此外，商務旅行的反彈速度比許多人預期的要快，我們與 GBT 的供應協議繼續表現良好。

On to free cash flow, which showed a $1.5 billion in Q2 on a reported basis. Excluding the change in restricted cash, primarily driven by the change in Vrbo's deferred merchant bookings, free cash flow was approximately $1.3 billion.

關於自由現金流，據報告顯示，第二季度為 15 億美元。不包括主要受 Vrbo 延期商戶預訂變化驅動的受限現金變化，自由現金流約為 13 億美元。

As it relates to our current cash position, we have $8 billion in total liquidity, which includes $5.6 billion of unrestricted cash on hand as of quarter end, which provides us ample cash to operate the business.

由於這與我們目前的現金狀況有關，我們擁有 80 億美元的總流動資金，其中包括截至季度末的 56 億美元手頭無限制現金，這為我們提供了充足的現金來經營業務。

We remain committed to maintaining our investment-grade rating. And consistent with this, in May, we announced the early redemption of our senior notes due 2023 and 2024 totaling approximately $1 billion. Post this redemption, we have no notes maturing until 2025. Since May of 2021, we have repaid over $2.9 billion in net debt and preferred equity.

我們仍然致力於維持我們的投資級評級。與此一致的是，我們在 5 月宣布提前贖回 2023 年和 2024 年到期的優先票據，總額約為 10 億美元。此次贖回後，我們沒有到 2025 年到期的票據。自 2021 年 5 月以來，我們已償還了超過 29 億美元的淨債務和優先股。

Regarding our capital allocation strategy, we had a strong track record of returning capital to shareholders, and we believe our stock remains undervalued. As we get more clarity on the macro picture, we will accordingly reevaluate our options, including potential share repurchases.

關於我們的資本配置策略，我們在向股東返還資本方面有著良好的記錄，我們認為我們的股票仍然被低估。隨著我們對宏觀形勢的更加清晰，我們將相應地重新評估我們的選擇，包括潛在的股票回購。

In closing, we are pleased with the results we achieved this quarter. I believe executing on our strategy will yield a stronger direct relationship with travelers and improve our overall financial performance further.

最後，我們對本季度取得的成果感到滿意。我相信執行我們的戰略將與旅行者建立更牢固的直接關係，並進一步改善我們的整體財務業績。

Operator, we are ready for our first question.

接線員，我們準備好回答第一個問題了。

(Operator Instructions) Our first question comes from Eric Sheridan of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

Maybe coming back to all the disclosure and framing the strategy around B2C, which I think was really helpful for investors. Can you talk a little bit whether it's either qualitatively or quantitatively about how we should be thinking about longer-term marketing ROI or gross profit per booked room night and thinking about ways in which you could generate additional leverage in the model beyond some of the margin targets or margin framework we've talked about before coming out of the cost-cutting exercises during the pandemic? Just a bit of better framing on what might that do for sort of returns for the business over the long term.

也許回到所有披露並圍繞 B2C 制定戰略，我認為這對投資者非常有幫助。您能否從定性或定量方面談一談我們應該如何考慮長期營銷投資回報率或每晚預訂客房的毛利潤，以及如何在模型中產生超出部分利潤的額外槓桿？在大流行期間進行成本削減活動之前，我們已經討論過目標或利潤框架？只是更好地說明這可能會對企業的長期回報產生什麼影響。

Sure. Thank you for the question. I'll certainly try to put a little more color on it. Ultimately, as we drive towards high lifetime value customers and moving our customers into these high value positions in app, in membership, et cetera, and up the membership ladder, we believe that we'll be able to use our marketing capital more efficiently through a variety of channels, including loyalty, including CRM and a variety of ways to drive more direct relationships.

當然。感謝你的提問。我當然會嘗試在上面多塗一點顏色。最終，隨著我們朝著高終生價值客戶邁進，並將我們的客戶轉移到應用程序、會員資格等方面的這些高價值職位，並提升會員等級，我們相信我們將能夠通過以下方式更有效地利用我們的營銷資本各種渠道，包括忠誠度，包括 CRM 和各種方式來推動更直接的關係。

And ultimately, we believe we're going to get better and better at being able to buy the right kinds of customers out of the market. We are trying to do that now. We are doing it, I would say, with fairly remedial tools. But we are getting better and better as we get better at a more granular understanding of each customer and each customer's potential LTV and what channels they come from.

最終，我們相信我們會越來越好地從市場上買到合適的客戶。我們現在正在努力做到這一點。我想說，我們正在使用相當補救的工具來做這件事。但隨著我們對每個客戶和每個客戶的潛在 LTV 以及他們來自哪些渠道的更細緻的了解，我們變得越來越好。

So we're on that journey to basically drive lifetime value broadly, but also ultimately understand lifetime value in a very granular way so that we can then, again, be buying that lifetime value out of the market in the most efficient way as we can. We think we're doing that now. But admittedly, our tools are somewhat remedial.

因此，我們的旅程基本上是廣泛地推動終生價值，但也最終以非常細化的方式了解終生價值，以便我們可以再次以最有效的方式從市場購買終生價值.我們認為我們現在正在這樣做。但不可否認，我們的工具具有一定的補救作用。

As we get all of our customer accounts together, you've heard us talk about consolidating data, consolidating the 1 loyalty plan across everything, as that loyalty plan reaches everybody, as we have one identity for every customer, we are going to get better and better at understanding LTV and understand each customer's performance. And that's going to allow us to get a lot sharper on how we acquire traffic and who we acquire.

當我們將所有客戶帳戶整合在一起時，您已經聽到我們談論整合數據，整合所有內容的 1 個忠誠度計劃，因為該忠誠度計劃惠及每個人，因為我們為每個客戶擁有一個身份，我們會變得更好並且更善於理解LTV，了解每個客戶的表現。這將使我們能夠更清楚地了解我們如何獲得流量以及我們獲得誰。

So ultimately, we are looking to drive more efficient acquisition of the right kinds of customers. And as I've said on a couple of calls, that doesn't mean we're necessarily planning to spend less money, it means we expect to get more value out of the money we spend. And if we get really good at it, we may be spending more money and buying just more and more value out of the marketplace.

因此，最終，我們希望推動更有效地獲取合適類型的客戶。正如我在幾次電話會議上所說的那樣，這並不意味著我們一定要計劃少花錢，這意味著我們希望從所花的錢中獲得更多價值。如果我們真的很擅長，我們可能會花更多的錢，從市場上購買越來越多的價值。

So that is our ultimate goal. I think there's lots of tools we have already to drive LTV, but we're going to have many more and a better understanding of how to buy the right kinds of customers out of the market as time passes.

所以這是我們的最終目標。我認為我們已經有很多工具來推動 LTV，但隨著時間的推移，我們將會有更多的工具，更好地了解如何從市場上購買合適的客戶。

Your next question comes from Kevin Kopelman of Cowen.

您的下一個問題來自 Cowen 的 Kevin Kopelman。

I was hoping you could drill down a little bit more on how you view the current travel booking environment that you're seeing quarter-to-date, given you did see some of that choppiness early in the quarter. But then it sounds like growth has come back quite a bit since then.

鑑於您確實在本季度初看到了一些波動，我希望您能更深入地了解您如何看待本季度迄今為止所看到的當前旅行預訂環境。但聽起來從那以後增長已經恢復了很多。

Yes, sure. Eric can chime in. I'll give you my thoughts. I think we've seen -- as Eric referred to, we saw some choppiness in the early part of July. As you all know, there's been a lot of disruption in North America and in Europe in airports. There have been -- Heathrow had capped how many flights could go in and out. There's been a lot of noise and a lot of cancellations.

是的，當然。埃里克可以插話。我會給你我的想法。我想我們已經看到了——正如埃里克所說，我們在 7 月初看到了一些波動。眾所周知，北美和歐洲的機場發生了很多混亂。曾經——希思羅機場限制了進出航班的數量。有很多噪音和很多取消。

And we think that's probably responsible for a lot of it, obviously, in a time of weird macro backdrops. We're all looking for ghosts. But with the strong rebound over the last few weeks of July, we feel like it was more temporary than anything, and we're seeing better resilience and similar strength, as Eric has said, compared to earlier in Q2. So we're optimistic. Again, the summer period looks strong. There's no real let-up that we've seen other than what we reflected in July. And beyond that, there's still a lot of bookings to be had, but we're optimistic.

我們認為，很明顯，在一個奇怪的宏觀背景下，這可能是其中很大一部分原因。我們都在尋找鬼魂。但隨著 7 月最後幾週的強勁反彈，我們覺得這比任何事情都更暫時，而且正如 Eric 所說，與第二季度早些時候相比，我們看到了更好的彈性和類似的力量。所以我們很樂觀。同樣，夏季看起來很強勁。除了我們在 7 月份反映的情況外，我們沒有看到任何真正的放鬆。除此之外，還有很多預訂，但我們很樂觀。

Could you -- and also just as a follow-up, could you touch on puts and takes for EBITDA in the third quarter, given it's the -- it's typically the largest profit quarter for the year?

您能否 - 以及作為後續行動，您能否談談第三季度的 EBITDA 的看跌期權，因為它通常是今年利潤最大的季度？

Yes. Maybe I'll let Eric take that, but I think he may be having some technical difficulties.

是的。也許我會讓 Eric 接受，但我認為他可能遇到了一些技術難題。

Yes.

是的。

You're there. There you go.

你在那兒。你去吧。

Okay. Kevin, can you hear me, okay? Okay. As we mentioned, Q3 is our seasonal high from an EBITDA perspective. If I -- if we look at Q2, we feel good about where EBITDA came in, call it, in the aggregate or the quantum and then also seeing the leverage that I mentioned in my prepared remarks. And we continue to operate the business in a very similar structure, if you will. So we feel good about the quarter.

好的。凱文，你能聽到我說話，好嗎？好的。正如我們所提到的，從 EBITDA 的角度來看，第三季度是我們的季節性高點。如果我 - 如果我們看第二季度，我們對 EBITDA 的來源感到滿意，稱之為總量或數量，然後還看到我在準備好的評論中提到的槓桿。如果您願意，我們將繼續以非常相似的結構經營業務。所以我們對這個季度感覺很好。

As I also mentioned, our pacing also looks -- and when I say pacing, the forward bookings or whatever language one wants to use on what's on the books already for the coming periods, that's also above 2019. Now the bulk of the transactions still need to occur over Q3 or Q4 for that matter. But thus far, feeling pretty good about the trends that we're seeing.

正如我還提到的那樣，我們的節奏也看起來 - 當我說節奏時，遠期預訂或任何人們想在未來一段時間內使用的書籍上的任何語言，這也高於 2019 年。現在大部分交易仍然需要在第三季度或第四季度發生。但到目前為止，對我們所看到的趨勢感覺很好。

And then just adding a layer of comments on what Peter went through is we continue to remain in an environment where there's more volatility in trading than I have necessarily seen in the business historically, just given the pandemic and COVID and variants that come along and now disruption. And so there are periods where you might see more volatility than we've historically seen.

然後只是對彼得所經歷的事情添加一層評論是，我們繼續保持在一個交易波動比我在歷史上看到的業務波動更大的環境中，只是考慮到大流行和 COVID 以及現在出現的變體中斷。因此，在某些時期，您可能會看到比我們歷史上看到的更大的波動性。

But the consumers continue to be resilient and continue to prioritize travel in their spend. And as Peter mentioned and I mentioned earlier, the back half of July, early part of August was back to similar levels of Q2.

但消費者繼續保持彈性，並繼續在支出中優先考慮旅行。正如彼得和我之前提到的那樣，7 月下旬，8 月初又回到了第二季度的相似水平。

We now have a question from Naved Khan of Truist Securities.

我們現在有來自 Truist Securities 的 Naved Khan 的問題。

Great. Just a quick clarification maybe. So the monthly trends you shared for 2Q and into July, are they like-for-like? Or are they on a reported basis? How should we understand them?

偉大的。也許只是一個快速的澄清。那麼您分享的第二季度和 7 月的月度趨勢，它們是相似的嗎？或者他們是在報告的基礎上？我們應該如何理解它們？

And then on the -- maybe, Peter, so you said that the Hotels.com tech integration is complete. Are there any early results you can share with us in terms of any kind of benefits you might be able to drive from that?

然後--也許，彼得，所以你說Hotels.com 的技術集成已經完成。就您可能從中獲得的任何好處而言，您是否可以與我們分享任何早期結果？

Naved, I'll take the first part of that, and perhaps, Peter, you take the second one. They are on a like-for-like basis. So that is giving you a sense for what we believe is the more accurate representation of the trajectory of the business.

Naved，我會拿第一部分，也許，彼得，你拿第二部分。他們是在同類的基礎上。因此，這讓您了解我們認為更準確地表示業務軌跡。

And again, just for everyone's edification, it's essentially taking out Egencia, the Chase non-lodging components and then also the lodging service agreement that we have with Amex GBT so that it gives you a sense "for our core business" and what the trends look like, given the puts and takes that we've had, given the changes that we've made over the last few years.

再說一次，為了大家的啟迪，它本質上是去掉 Egencia、Chase 的非住宿組件，然後是我們與 Amex GBT 簽訂的住宿服務協議，以便讓您了解“我們的核心業務”以及趨勢看起來，考慮到我們已經擁有的看跌期權，考慮到我們在過去幾年中所做的改變。

And I'll take the HCOM question. So the short answer is we've mostly seen the disruption and not much of the win yet. Obviously, as I mentioned, the engineers we're now freeing up to optimize the stack is -- are highly valuable to us, and we expect now to get wins not only on the HCOM stack, but on the BEX stack, the Expedia stack at the same time. So the whole idea is we've been broken into 2 different stacks.

我將回答 HCOM 的問題。因此，簡短的回答是，我們大多看到了顛覆，但還沒有多少勝利。顯然，正如我所提到的，我們現在騰出時間來優化堆棧的工程師對我們來說非常有價值，我們希望現在不僅在 HCOM 堆棧上，而且在 BEX 堆棧、Expedia 堆棧上都獲得勝利同時。所以整個想法是我們被分成了兩個不同的堆棧。

We've had engineer -- we've needed twice as many engineers to work both stacks. And we've been -- any test, any wins, any improvements are made on one stack or the other and not necessarily carried across or not necessarily working the same across. So now that we get more on to the same stack, every time we get a win, it's a win for everybody. And it's a win for much more of our traffic. So the opportunity to now have one consolidated place where we can do that is massive.

我們有工程師——我們需要兩倍的工程師來工作兩個堆棧。而且我們一直在 - 任何測試，任何勝利，任何改進都是在一個堆棧或另一個堆棧上進行的，不一定會進行或不一定工作相同。所以現在我們在同一個籌碼上獲得了更多，每次我們贏了，對每個人來說都是一場胜利。這是我們更多流量的勝利。因此，現在擁有一個我們可以做到這一點的統一場所的機會是巨大的。

And we are just getting going now that we've moved so much of the front-end, we can put those engineers on the work and we can start to get lift across not only for Hotels.com, but Expedia, the portfolio brands and everywhere else that runs on that stack. And ultimately, we will all be on the same front-end stack. And then every iteration, every test and win, every opportunity to make the product better, we'll go to all our customers, and we'll get the benefit across the biggest space.

現在我們才剛剛開始，因為我們已經移動了這麼多的前端，我們可以讓這些工程師投入工作，我們不僅可以開始為 Hotels.com，還可以為 Expedia、投資組合品牌和在該堆棧上運行的其他任何地方。最終，我們都將在同一個前端堆棧上。然後每一次迭代，每一次測試和勝利，每一次讓產品變得更好的機會，我們都會接觸到我們所有的客戶，我們將在最大的空間中受益。

So that's what we're driving to, Naved, and early days in that particular bit. But I will say the disruption was somewhat less than we expected, which is good, and the opportunity is enormous. So we're putting people on it now, and we're starting to get those benefits. But it's very early days.

所以這就是我們正在努力實現的目標，Naved，以及在那個特定的早期階段。但我要說的是，這種破壞比我們預期的要少，這很好，機會也很大。所以我們現在讓人們參與其中，我們開始獲得這些好處。但現在還為時過早。

Yes. Naved, I want to just clean up my quick remarks because we actually have both in there, both on a like-for-like and on a reported basis. So let me just be really clear. We provided both numbers, which is the 9% on a like-for-like basis for total lodging gross bookings and then the 8% on a reported basis. And then the walk itself is on a reported basis, just to make that clear.

是的。 Naved，我想清理一下我的簡短評論，因為我們實際上兩者都有，無論是在同類還是在報告的基礎上。所以讓我說得很清楚。我們提供了這兩個數字，即總住宿總預訂量的 9%，然後是報告的 8%。然後步行本身是在報告的基礎上，只是為了說明這一點。

So let me just maybe understand that better maybe for July. So you shared the trends on how July started out weak and sort of picked up towards the back-end. Is that on a reported basis? Or how should we look at that?

所以讓我也許在七月能更好地理解這一點。因此，您分享了 7 月開始疲軟並逐漸向後端回升的趨勢。這是在報告的基礎上嗎？或者我們應該怎麼看？

Yes. That's reported.

是的。這是報導的。

Yes. That's on a reported basis.

是的。這是在報導的基礎上。

All the monthlies are on a reported basis.

所有月度均以報告為基礎。

Yes. That's right.

是的。這是正確的。

And that's lodging bookings only, right?

那隻是住宿預訂，對嗎？

Correct. Just to make sure you heard me.

正確的。只是為了確保你聽到我的聲音。

Our next question comes from Lee Horowitz of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lee Horowitz。

Appreciating that long-haul capacity still remains constrained, can you guys comment at all on what you're seeing in terms of urban travel trends either in the quarter or into 3Q? Are you still seeing kind of robust accelerated recovery there? And is it fair to think that you guys still kind of remain below '19 levels within this travel corridor?

鑑於長途運力仍然受到限制，你們能否就本季度或第三季度的城市旅行趨勢發表評論？您是否仍然看到那裡強勁的加速復蘇？認為你們在這條旅行走廊內仍然保持在 19 年水平以下是否公平？

Yes. I would say to the first part, Lee, yes, cities have been coming back pretty strong. If you've been traveling this summer, you've probably seen it, particularly in Europe. And the strength is -- it's not as strong as beach and other things that have been, but it is materially coming back. So as I mentioned in the beginning, we've seen improvement kind of everywhere in every product. It's different by geo, and it's different by urban and nonurban. But everything has been going up into the right, and urban has recovered substantially.

是的。對於第一部分，我想說，Lee，是的，城市已經恢復得相當強勁。如果你今年夏天一直在旅行，你可能已經看過它，尤其是在歐洲。力量是 - 它不像海灘和其他東西那樣強大，但它正在物質上回歸。所以正如我一開始提到的，我們已經看到每款產品的改進無處不在。地理位置不同，城市和非城市也不同。但一切都在往好的方向發展，城市已經大幅恢復。

I think you can tell from our numbers that in various spots, we are not buying bad business. So I'm not going to go into breaking out which places that is per se, but urban has been growing nicely for us, and it's been growing nicely for the whole industry. So I think cities are back. And certainly, this summer, there will be plenty of urban travel.

我想你可以從我們的數據中看出，在各個方面，我們並沒有購買壞生意。因此，我不打算詳細說明哪些地方本身就是這樣，但城市對我們來說一直在發展良好，對整個行業來說也一直在發展良好。所以我認為城市又回來了。當然，今年夏天，將會有大量的城市旅行。

Great. And one follow-up, if I could. In the past, you guys have talked about perhaps some struggle in terms of bringing on as much headcount as you may have liked. I guess given maybe some of the ground slack in the labor market, would you say that, that's no longer a problem? Or are you still trying to kind of ramp headcount and having some, I guess, the word loss in terms of bringing new headcount into Expedia?

偉大的。如果可以的話，還有一個後續行動。過去，你們曾談到過在招聘盡可能多的員工方面可能會遇到一些困難。我想可能考慮到勞動力市場的一些基本鬆弛，你會說，這不再是一個問題嗎？還是您仍在嘗試增加員工人數，並且我猜想，在將新員工人數引入 Expedia 方面有一些損失？

Yes, I can take that, Peter.

是的，我可以接受，彼得。

Go ahead.

前進。

Yes, I would say we continue to trend below both our forecasted and candidly what we want to do from a new hire perspective. So that -- I would say that, that continues to persist. Obviously, the market is dynamic at the moment. So it's something that we're watching to see if there's greater accessibility of talent, if you will.

是的，我會說我們繼續低於我們的預測和坦率地從新員工的角度來看我們想要做的事情。所以 - 我會說，這將繼續存在。顯然，目前市場是動態的。因此，我們正在觀察是否有更大的人才可及性，如果你願意的話。

There's also -- continues to be some wage inflation challenges as well, which I think you're probably hearing across a lot of these calls. So we haven't seen that necessarily come through at this point, but it's something that we are watching closely.

還有 - 仍然存在一些工資通脹挑戰，我認為你可能會聽到很多這樣的電話。所以我們目前還沒有看到這必然會實現，但這是我們正在密切關注的事情。

But I will also say, from a recruiting standpoint, I do think our strategy and our execution on our story does resonate quite well as we are recruiting. People are excited about what we're trying to accomplish. We're just doing that within a broader context of a challenging environment. And not that I wish ill on any people out there from a lay-off perspective or whatever else, but I think there could be an opportunity for us to ramp some of that hiring over the coming months.

但我還要說，從招聘的角度來看，我確實認為我們的戰略和我們對故事的執行確實在我們招聘時產生了很好的共鳴。人們對我們正在努力實現的目標感到興奮。我們只是在具有挑戰性的環境的更廣泛背景下這樣做。並不是說我希望從裁員或其他任何方面對任何人不利，但我認為我們可能有機會在未來幾個月內增加一些招聘。

Now with that said, there is a lot of uncertainty out in the environment. We are, like everyone else, looking at our headcount and making sure that we are prioritizing accordingly, putting people on our highest priority items and looking at our open headcount to make sure that we're making the appropriate investment decisions.

話雖如此，環境中存在很多不確定性。像其他人一樣，我們正在查看我們的員工人數並確保我們相應地確定優先級，將人員放在我們最優先的項目上，並查看我們的開放員工人數，以確保我們做出適當的投資決策。

So it's dynamic like a lot of the other aspects of the business, but we continue to have success in recruiting talent, but not necessarily at the levels that we want to relative to our priorities. Peter, not sure if you want to add anything to that.

因此，它與業務的許多其他方面一樣是動態的，但我們在招聘人才方面繼續取得成功，但不一定在我們想要的與我們的優先事項相關的水平上。彼得，不確定您是否要添加任何內容。

Yes. I would just add, Lee, that as we continue to make progress on our technical transition, we're constantly solving problems and freeing up people to work on new things. So it's kind of we're solving it 2 ways, which is we're looking for talent in the market to help fill open roles where we need people. And every day, we're also kind of freeing up capacity that can work on the next thing.

是的。我只想補充一點，Lee，隨著我們在技術轉型方面不斷取得進展，我們不斷地解決問題並讓人們騰出時間來從事新事物的工作。因此，我們通過兩種方式解決它，即我們正在市場上尋找人才，以幫助填補我們需要人員的空缺職位。每天，我們都在釋放可以處理下一件事的容量。

So we're moderating it that way. And ultimately, as I've said before, we're going to get more efficiency out of the machine over time. So balancing that trajectory is something we're always looking at.

因此，我們正在以這種方式對其進行審核。最終，正如我之前所說，隨著時間的推移，我們將從機器中獲得更高的效率。因此，平衡這一軌跡是我們一直在關注的事情。

Our next question comes from Tom Champion of Piper.

我們的下一個問題來自 Piper 的 Tom Champion。

Just curious if you could talk a little bit about Vrbo and the alternative space and whether or not you encountered any supply constraints in the summer with inventory? And then second, maybe you could just talk a little bit more about new partnerships in the B2B business and very strong revenue and EBITDA in the segment. Just your thoughts on that sustainability.

只是好奇您能否談談 Vrbo 和替代空間以及您在夏季是否遇到庫存供應限制？其次，也許您可以多談談 B2B 業務中的新合作夥伴關係以及該領域非常強勁的收入和 EBITDA。只是您對可持續性的看法。

Sure. Thanks, Tom. So a couple of highlights, I guess, on Vrbo. I mean, first of all, the business continues to be strong, well above 2019 levels. We've seen some demand -- sorry, supply constraints in our best markets, I think Southeast beaches in the U.S. and such. But we have been adding supply at an accelerating level.

當然。謝謝，湯姆。因此，我想在 Vrbo 上有幾個亮點。我的意思是，首先，業務繼續強勁，遠高於 2019 年的水平。我們已經看到了一些需求——抱歉，我們最好的市場的供應限制，我認為是美國東南部的海灘等等。但我們一直在加速增加供應。

And actually in our strongest markets like U.S. beach, et cetera. We've been adding supply faster than our main competition. So we feel pretty good about that trajectory, and we're getting better at that kind of all the time. So in our strongest markets, again, we're adding supply. But there were constraints. There were markets sold out this summer, for sure, and we'd love to have more supply in those places.

實際上在我們最強大的市場，如美國海灘等。我們一直在比我們的主要競爭對手更快地增加供應。所以我們對這條軌跡感覺很好，而且我們一直在這方面做得更好。因此，在我們最強勁的市場中，我們再次增加了供應。但是有一些限制。當然，今年夏天有些市場已經售罄，我們希望在這些地方有更多的供應。

As far as new partnerships go, I'd love to name a bunch of names. Unfortunately, in some cases, we are constrained by our agreements with our partners. But we've seen really good growth in our B2B business and our B2B pipeline. We think there's a lot of products that we can help our partners with.

就新的合作夥伴關係而言，我很想說出一堆名字。不幸的是，在某些情況下，我們受到與合作夥伴協議的限制。但我們已經看到 B2B 業務和 B2B 管道的增長非常好。我們認為有很多產品可以幫助我們的合作夥伴。

And as our products get better, all the things I was talking about even with the Hotels.com to BEX front-end change, that's not just getting on to one stack, it's also componentizing all the front-end modules so that we can more easily use them and reuse them for our partners to create their travel products on the front-end.

隨著我們的產品變得更好，我所說的所有事情，即使是從 Hotels.com 到 BEX 前端的變化，這不僅僅是進入一個堆棧，它還對所有前端模塊進行了組件化，以便我們可以更多輕鬆使用它們並為我們的合作夥伴重複使用它們，以便在前端創建他們的旅遊產品。

So there's a lot of opportunity in all the work we're doing to make the products better for our partners and to externalize new things that we haven't externalized before, like our service capabilities or our machine learning capabilities or our fraud capabilities.

因此，在我們所做的所有工作中，有很多機會可以為我們的合作夥伴提供更好的產品，並將我們以前沒有外化的新事物外化，比如我們的服務能力、機器學習能力或欺詐能力。

So we're working kind of 2 tracks, which is we want to drive more value into our partnerships that we already have with the products already available. And we want to externalize lots of new products that we think will be valuable to the partners we already have and to a much wider base of partners. So both of those things are going. There's lots of exciting things happening on both fronts.

因此，我們正在研究兩條軌道，即我們希望為我們已經與現有產品建立的合作夥伴關係帶來更多價值。我們希望將許多我們認為對我們已經擁有的合作夥伴和更廣泛的合作夥伴群有價值的新產品外部化。所以這兩件事都在進行。在這兩個方面都發生了很多令人興奮的事情。

And most excitingly, when we deliver things like we did with our new car deal with Delta or many others, they deliver more value for our partners. And that means it's a good product. That makes our partners more successful and us more successful. So I think it's one of those places that's really a great symbiotic situation where we can use our technology and our supply to drive better outcomes for all our travel partners. And it really sort of turns those into partnerships instead of just the classic supply deals and other things we've always had.

最令人興奮的是，當我們像與 Delta 或許多其他公司達成的新車交易一樣交付產品時，它們為我們的合作夥伴帶來了更多價值。這意味著它是一個很好的產品。這使我們的合作夥伴更加成功，我們也更加成功。所以我認為這是一個非常共生的地方之一，我們可以利用我們的技術和我們的供應為我們所有的旅行合作夥伴帶來更好的結果。它確實將這些變成了合作夥伴關係，而不僅僅是經典的供應交易和我們一直擁有的其他東西。

So we're excited. We think the growth -- there's plenty of growth there. I don't think it's like linear and just accelerates. I think we'll have new products that roll out, a lot of new exciting things to come. We'll have some big new partnerships that come over time. And each of those will add to it. And ultimately, the more products we can externalize, I think the more partners we'll have. And that's what we're most excited about.

所以我們很興奮。我們認為增長——那裡有很多增長。我不認為它像線性的，只是加速。我認為我們將推出新產品，許多令人興奮的新事物即將到來。隨著時間的推移，我們將建立一些新的大型合作夥伴關係。每一個都會增加它。最終，我們可以外化的產品越多，我認為我們擁有的合作夥伴就越多。這就是我們最興奮的地方。

Our next question comes from Deepak Mathivanan of Wolfe Research.

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

Sorry to jump on the monthly trends again. Given that it's kind of staying near sort of 10%, about 2019 levels, is it sort of fair to assume that the volume recovery from kind of the pent-up demand that we saw over the last few quarters is somewhat now behind us and it's a more normalized growth environment, driven by more marketing and sort of like the product and some of the partnership efforts that you've mentioned just now?

很抱歉再次跳上月度趨勢。鑑於它保持在 10% 左右，大約是 2019 年的水平，假設我們在過去幾個季度看到的那種被壓抑的需求中的銷量復甦現在已經有點落後了，這是公平的嗎？一個更加正常化的增長環境，由更多的營銷驅動，有點像你剛才提到的產品和一些合作努力？

Are there any markets geographically maybe where recovery could still be significant? How do you kind of think about the growth from here to take it much higher about 2019 levels?

在地理上是否有任何市場可能仍然可以顯著復甦？您如何看待從這裡到 2019 年水平更高的增長？

Yes, I'll take a stab, Eric, and maybe you can follow. I would say, Deepak, that there are still plenty of markets that have not fully recovered. APAC for one, Latin America for another. And then within certain geographies, there are still places that are not as robust. But -- so there's plenty of opportunity. I think there's no sign that what we've seen that the robust recovery now won't continue for the foreseeable future.

是的，我會採取行動，埃里克，也許你可以跟隨。我想說，迪帕克，還有很多市場還沒有完全恢復。一個是亞太地區，另一個是拉丁美洲。然後在某些地區，仍然有一些地方不那麼健壯。但是——所以有很多機會。我認為沒有跡象表明我們所看到的強勁復甦在可預見的未來不會持續。

As Eric alluded to, there's -- no one knows quite what's happening with the macro environment and when and if that will impact travel. But so far, everything looks pretty strong. So I think there is still opportunity for growth from our perspective. The pie is enormous, right? I mean we and the other big OTAs eat about, I don't know, 15% maybe of the global travel market, maybe a bit more of the big ones, our main big competitors. So there's a lot of pie out there.

正如埃里克所暗示的那樣，沒有人知道宏觀環境正在發生什麼，以及何時以及是否會影響旅行。但到目前為止，一切看起來都很強大。因此，從我們的角度來看，我認為仍有增長的機會。餡餅很大，對吧？我的意思是，我們和其他大型 OTA 吃掉了大約 15% 的全球旅遊市場，也許更多的是我們的主要競爭對手。所以那裡有很多餡餅。

And I think we have lots of opportunity, in the strategy I was trying to describe, to continue to grab high-value travelers that we can add to the pot and drive our business and stack them up. So we think there's plenty of recovery to be had.

而且我認為，在我試圖描述的策略中，我們有很多機會繼續吸引高價值的旅行者，我們可以增加這些旅行者並推動我們的業務並將他們堆疊起來。所以我們認為有足夠的恢復空間。

I don't know, macro global travel is definitely still way under 2019 levels because so many geos are not caught up yet and that long-haul air, et cetera. But ADRs have been very high. So we've seen escalated numbers driven by that. But there's definitely a fair amount of consumption in the world that's not back in the market. Eric, I don't know if you want to add anything? No? Okay.

我不知道，宏觀全球旅行肯定仍遠低於 2019 年的水平，因為還有很多地理區域還沒有趕上，還有長途航空等等。但 ADR 一直很高。因此，我們已經看到受此驅動的數字不斷增加。但世界上肯定有相當數量的消費沒有回到市場上。埃里克，我不知道你是否想補充什麼？不？好的。

We now have Lloyd Walmsley of UBS.

我們現在有瑞銀的勞埃德沃爾姆斯利。

Two questions, if I can. First, on the marketing side, it looks like there was a bit of deleverage in the quarter and just looking at kind of direct marketing per booked room night. It's up, by my math, I think, 28% year-over-year. Is that just a function of bidding up because of the higher ADRs or something going on a brand campaign? You guys mentioned efficiency improvements on like a gross profit basis. So if you can just explain that a little more.

兩個問題，如果可以的話。首先，在營銷方面，本季度似乎有一些去槓桿化，只看每晚預訂房間的直接營銷。根據我的數學，我認為它同比增長了 28%。這僅僅是因為更高的 ADR 或品牌宣傳活動而導致競價的功能嗎？你們提到了以毛利潤為基礎的效率提高。所以，如果你能再解釋一下。

And then just second one on the product side, you guys talk a lot about improving the product and doing -- driving more direct from product improvements. Wondering how does adding hotel supply and kind of localizing that supply fit in as a priority in the product strategy? Are you guys rebuilding supply acquisition team? Like where does that fit in?

然後是產品方面的第二個，你們談論了很多關於改進產品和做的事情——更直接地從產品改進中推動。想知道如何將添加酒店供應和將供應本地化作為產品戰略中的優先事項？你們在重建供應採購團隊嗎？比如這適合在哪裡？

Yes. Maybe I'll take that in reverse order, Lloyd. So on the supply side, yes, supply plays an important role, both in terms of breadth, in terms of pricing competitiveness and in terms of transaction, if you will, different kinds of discounts, different kind of our member discounts, package discounts, other things. So supply plays an important role.

是的。勞埃德，也許我會反過來說。所以在供應方面，是的，供應起著重要的作用，無論是在廣度方面，在價格競爭力方面還是在交易方面，如果你願意的話，不同種類的折扣，不同種類的我們的會員折扣，套餐折扣，其他事情。所以供應起著重要的作用。

We are -- yes, we have been ramping our acquisitions, but we've also been ramping something we've been trying to do for a long time, which is our self-service capabilities so that suppliers can more easily sign on. I don't know if you remember, in the past, but it always took us a lot longer to sign up partners partly because we had the merchant model, but also it was just harder and more cumbersome.

我們 - 是的，我們一直在加大收購力度，但我們也一直在加大我們長期以來一直在努力做的事情，那就是我們的自助服務能力，以便供應商可以更輕鬆地簽約。我不知道你是否記得，在過去，我們總是要花很長時間才能簽約合作夥伴，部分原因是我們有商人模式，但也更難，更麻煩。

And we are working tirelessly to try to change that and try to bring more people onboard and self-serve. So that, of course, gives us scale beyond just hiring back up market management and people to acquire properties. So that's one line of work that we are absolutely focused on and driving.

我們正在不知疲倦地努力改變這種狀況，並嘗試讓更多的人加入並自助服務。因此，當然，這使我們的規模不僅僅是僱傭後備市場管理人員和購買房產的人員。所以這是我們絕對專注和推動的一項工作。

On the deleverage side, I would say, yes, you have to sort of look at all the cost of marketing kind of all up, which includes other things besides what you see in the marketing line, including loyalty and pricing moves, et cetera. And then we look at our booked GP, our -- GP we're deriving from the bookings we're booking. And we are getting -- when you compare those 2 things, we are getting leverage in that number.

在去槓桿方面，我想說，是的，你必須看看所有營銷成本，其中包括除了你在營銷線上看到的其他東西，包括忠誠度和定價變動等等。然後我們查看我們預訂的 GP，我們的 - 我們從我們預訂的預訂中得出的 GP。我們得到了——當你比較這兩件事時，我們在這個數字上得到了影響。

You can't really look at room nights because you're missing other mix issues and you're missing some of these other components with loyalty, et cetera, which is why some of our competitors appear to be getting leveraged, but they're really getting deleveraged because they're discounting more and being more merchandisey and aggressive on the promotional side. So we're getting leverage out of that collective and others are not.

您無法真正查看房晚，因為您缺少其他混合問題，並且您缺少其他一些忠誠度等因素，這就是為什麼我們的一些競爭對手似乎得到了利用，但他們是真正去槓桿化，因為他們在促銷方面打折更多，更具商品性和侵略性。所以我們從那個集體中獲得了影響力，而其他人則沒有。

Yes. Hopefully, you can hear me okay. Peter, if I could get a thumbs up.

是的。希望你能聽到我的聲音。彼得，如果我能豎起大拇指。

Yes. Eric, you're back on. Go for it.

是的。埃里克，你回來了。去吧。

Thank you. Yes. And so Peter spent a fair amount of time and I did as well just around the booked gross profit and looking at it from a holistic perspective. But I do want to just make sure that I reflect and we reflect that -- we have said that we are going to be, a couple of things, one is aggressive in marketing spend and the recovery.

謝謝你。是的。所以彼得花了相當多的時間，而我也只是圍繞著預定的毛利潤，從整體的角度來看待它。但我確實想確保我反映並且我們反映了這一點——我們已經說過，我們將在幾件事上，在營銷支出和復蘇方面積極進取。

So to the extent that we see opportunities to acquire the types of travelers or customers that Peter mentioned, we are going to push into that and are seeing nice returns from that perspective. And then, two is the profile of the travelers and customers that we're acquiring because of a mix shift of marketing into longer-term relationships such as brand marketing or creative, as I mentioned, and then also app downloads that we're essentially building cohorts over time that have a higher lifetime value, but also can take longer to hit the P&L, if you will.

因此，就我們看到獲得彼得提到的旅行者或客戶類型的機會而言，我們將繼續努力，並從這個角度看到不錯的回報。然後，第二個是我們獲得的旅行者和客戶的概況，因為營銷轉變為長期關係，如品牌營銷或創意，正如我所提到的，然後還有我們本質上的應用程序下載隨著時間的推移建立具有更高生命週期價值的群組，但如果您願意，也可能需要更長的時間才能達到損益。

So there's a timing aspect to it. So again, gross -- booked gross profit, we feel good, and we feel that, that is healthy. Two is we do want to be aggressive in marketing, given the rebound from the pandemic. And then three is longer spend profiles from a mix standpoint in our marketing spend.

所以它有一個時間方面。再說一次，毛利潤——預定毛利潤，我們感覺很好，我們覺得那是健康的。二是鑑於大流行的反彈，我們確實希望在營銷方面積極進取。從我們營銷支出的混合角度來看，第三個是更長的支出概況。

We now have a question from Brian Fitzgerald of Wells Fargo.

我們現在有一個來自富國銀行的 Brian Fitzgerald 的問題。

Maybe a bit of a follow-on to Lloyd's question. As you look ahead into '23 and the implementation of the Digital Markets Act in the EU, just wondering if you could offer any thoughts in terms of how that could change the marketing environment for you and potentially benefit the business from a marketing perspective.

也許有點像勞埃德的問題的後續。當您展望 23 年和歐盟數字市場法的實施時，只是想知道您是否可以就如何改變您的營銷環境並從營銷的角度可能使企業受益方面提出任何想法。

Yes. Thanks for the question. I appreciate it, Brian. It's a very dynamic environment, as you can imagine. There's international tax treaties that are being negotiated. There are DST taxes that are ebbing and flowing, if you will. That ultimately -- it is something that we're watching. We're building it in, of course, where we need to.

是的。謝謝你的問題。我很感激，布賴恩。正如您可以想像的那樣，這是一個非常動態的環境。有正在談判的國際稅收協定。如果您願意的話，DST 稅正在消退。最終——這是我們正在關注的事情。當然，我們正在我們需要的地方建造它。

Don't necessarily have a crystal ball on it, but ultimately believe that we won't be the only ones that are impacted, if you will, on a per geography basis. And it will impact pricing and ultimately what the consumer may end up paying in the end. And so I don't foresee, at this time, any detrimental impact to our ability to acquire the types of customer relationships that Peter and I have both spoken to. But it is a very dynamic environment and something that we're spending time on in Washington.

不一定有水晶球，但最終相信我們不會是唯一受到影響的人，如果你願意的話，在每個地理位置的基礎上。它將影響定價，最終影響消費者最終可能支付的費用。因此，我目前預計不會對我們獲得彼得和我都談過的客戶關係類型的能力產生任何不利影響。但這是一個非常動態的環境，我們在華盛頓花時間做的事情。

We now have Justin Post of Bank of America.

我們現在有美國銀行的賈斯汀·波斯特。

Great. I appreciate the other booked night disclosure, and I think that has been the overhang last quarter. A couple of questions around that. So as you're presumably trying to get better customers, what have you seen on return rates so far since you've changed your strategy? And are those higher? And second, what time frame is the Board or the management team holding the marketing group to start showing better leverage on that line?

偉大的。我很欣賞其他預訂的夜間披露，我認為這是上個季度的懸念。有幾個問題。因此，當您可能試圖獲得更好的客戶時，自從您改變策略以來，您對退貨率有何看法？那些更高嗎？其次，董事會或管理營銷團隊的管理團隊在什麼時間框架內開始在這條線上表現出更好的影響力？

Yes. I would just say -- so a couple of things. We don't really disclose repeat rate, but I'll state the obvious, which is you heard what I said about the repeat rates of members, of app users and how much direct business we have. So I think it's safe to assume that you can follow the trend lines of where that's headed as we continue to build these higher value, higher repeat rate customers into our base.

是的。我只想說——有幾件事。我們並沒有真正披露重複率，但我會說一個顯而易見的事實，那就是你聽到了我所說的關於會員、應用程序用戶的重複率以及我們擁有多少直接業務的內容。因此，我認為可以安全地假設您可以跟隨趨勢線，因為我們繼續將這些更高價值、更高重複率的客戶納入我們的基礎。

As for the time frame, we want to drive leverage in marketing broadly and long term. But it's not just up to marketing, the effectiveness of the product, I think Lloyd asked about supply, the effectiveness of supply. All of those pieces play a part in marketing efficiency, having the right product on the shelves, the right high converting product for the customer, and again, all the things we've talked about and moving them into the right products into membership, into app, et cetera.

至於時間框架，我們希望廣泛而長期地推動營銷槓桿。但這不僅僅取決於營銷，產品的有效性，我認為勞埃德詢問了供應，供應的有效性。所有這些都在營銷效率方面發揮作用，在貨架上放置合適的產品，為客戶提供合適的高轉化率產品，再一次，我們討論過的所有內容，並將它們轉移到合適的產品中，成為會員，進入應用程序等。

So there's a lot of pieces that fall together. Right now, we're interested in investing in the right types of customers that build that base of high lifetime value customers. And as long as we can do that in an efficient way, and again, as we look at all our spend all up, we are doing that more efficiently right now as against booked value.

所以有很多碎片在一起。目前，我們有興趣投資於建立高終身價值客戶群的正確類型的客戶。只要我們能以一種有效的方式做到這一點，再一次，當我們審視所有支出時，我們現在正在以更有效的方式做到這一點，而不是預訂價值。

So we're very happy to keep investing in that. Over time we will get better and better at finding those pockets, as I said, on a more granular level. But right now, with the blunt instruments we have, we are driving app membership, all of it -- and the right kinds of customers into the funnel as best we can, and we will get sharper and sharper on that over time.

所以我們很高興繼續投資。正如我所說，隨著時間的推移，我們會越來越好地找到這些口袋，在更細粒度的層面上。但現在，憑藉我們擁有的鈍器，我們正在推動應用程序會員資格，所有這一切——以及盡我們所能將合適類型的客戶納入漏斗，隨著時間的推移，我們將在這方面變得越來越敏銳。

So I don't think there's a -- we're not saying, okay, by the end of '23, we have to pull x many basis points out of marketing. We're saying, as long marketing can drive the right base of customer -- high-value customers into the machine and as long as the machine is getting better at converting them into the types of customers we want, we're winning, and we want to keep driving that.

所以我認為沒有——我們不是說，好吧，到 23 年底，我們必須從營銷中撤出 x 個基點。我們是說，只要營銷能夠推動正確的客戶群——高價值客戶進入機器，只要機器能夠更好地將他們轉化為我們想要的客戶類型，我們就贏了，並且我們想繼續推動這一點。

Yes. And just -- sorry, I can just add to that as well quickly. Just around -- we've announced and launched some new products at our EXPLORE conference and then subsequently are ramping those. And just a couple of examples on how we can drive engagements with our travelers and customers and the relationships that -- one example of that is our price tracking product that we rolled out relatively recently.

是的。只是——抱歉，我也可以快速補充一下。就在附近——我們已經在我們的探索會議上宣布並推出了一些新產品，然後正在增加這些產品。僅舉幾個例子，說明我們如何推動與旅行者和客戶的互動以及關係——其中一個例子是我們最近推出的價格跟踪產品。

And early days, it's quite positive what we're seeing. We're seeing good uptake and people signing up for it. We're seeing great open rates when we send notifications and then seeing very strong return rates as well. So again, it is, of course, about our ability to generate transactions from customers so that we can deepen our relationship. But we now have new tools that we have developed that we are rolling out that are showing great promise and engaging those customers along the way in their journey.

早期，我們所看到的非常積極。我們看到了良好的吸收和人們註冊它。當我們發送通知時，我們看到了很高的打開率，然後也看到了非常高的退貨率。同樣，當然，這與我們從客戶那裡產生交易的能力有關，以便我們可以加深我們的關係。但我們現在擁有我們開發的新工具，我們正在推出這些工具，這些工具顯示出巨大的希望，並在他們的旅程中讓這些客戶參與其中。

And then subsequently, you can imagine after that first transaction, that just gives us more and more opportunities with an increasing number of customers using the app, which is the multiplier, as Peter talked about, and being a member, which is the multiplier on the amount of -- the depth of the relationship and number of transactions. So all of those are adding up for us to increase our number of customers or share of wallet and ultimately drive the business in a profitable way.

然後，您可以想像，在第一筆交易之後，隨著越來越多的客戶使用該應用程序，這給了我們越來越多的機會，這是乘數，正如彼得所說，成為會員，這就是乘數金額——關係的深度和交易的數量。因此，所有這些都為我們增加了客戶數量或錢包份額，並最終以盈利的方式推動業務發展。

Great. Maybe one follow-up. You do see take rates up from '19. And I was wondering if the strategy is driving higher value customers that maybe spend on different types of hotels? Or is that just more timing related?

偉大的。也許是一個後續。您確實看到從 19 年開始收取費用。我想知道該策略是否正在推動可能在不同類型酒店消費的更高價值客戶？或者這只是更多的時間相關？

You have the typical seasonal component on take rates. But what I would say is there are a number of different moving parts. We've got a higher mix to North America, to Vrbo, to hotel relative to some of our historical numbers, which I think we've talked about in previous quarters. We also have slightly higher margins on Vrbo itself, just given some of the take rate decisions that we've made over the last few quarters. And so that revenue margin has benefited from mix, so more lodging and less air.

你有典型的季節性因素在收取率上。但我要說的是有許多不同的活動部分。相對於我們的一些歷史數據，我們對北美、Vrbo 和酒店的組合更高，我認為我們在前幾個季度已經討論過。考慮到我們在過去幾個季度做出的一些利率決定，我們對 Vrbo 本身的利潤率也略高。因此，收入利潤率受益於混合，因此更多的住宿和更少的空氣。

So I would expect that to come down just to revert somewhat back to the mean. But there are promotional activities, as Peter talked about, that we're not necessarily as aggressive or making different choices along the way and balancing that with marketing spend. That will continue to be dynamic. So feel good about the take rates. They are higher. They have -- some of that is because of mix. We should expect some of that to come back down, but we feel good about the absolute level where we landed.

所以我預計它會下降只是為了恢復到平均水平。但正如彼得所說，有一些促銷活動，我們不一定要積極進取，或者在此過程中做出不同的選擇，並與營銷支出保持平衡。這將繼續是動態的。所以對錄取率感覺很好。他們更高。他們有——其中一些是因為混合。我們應該期望其中一些會回落，但我們對我們降落的絕對水平感覺良好。

And I think -- sorry, I was just going to add in, if you look at our ADRs, we've driven quite strong ADR growth and I think stronger than some of our competitors at any rate. And part of that is driving the right customers, driving the right products. And as Eric says, being less promotional. And we think that's evidence of that as compared to what's going on in other places.

我認為 - 抱歉，我只是想補充一下，如果你看看我們的 ADR，我們推動了相當強勁的 ADR 增長，我認為無論如何都比我們的一些競爭對手強。其中一部分是推動正確的客戶，推動正確的產品。正如埃里克所說，促銷活動較少。我們認為與其他地方發生的情況相比，這就是證據。

We now have Ron Josey of Citi.

我們現在有花旗的 Ron Josey。

Great. Peter, I just wanted to follow up on your comments around grabbing back share and the mix shift to direct. Can you just help us understand over time or talk to us how this has just evolved over time and maybe the mix of direct between mobile web and app?

偉大的。彼得，我只是想跟進你關於搶回份額和混合轉向直接的評論。您能否幫助我們了解隨著時間的推移或與我們談談這隨著時間的推移是如何演變的，也許是移動網絡和應用程序之間的直接混合？

And I think I've heard you use the term we've got blunter instrument several times today, I think, as we talk about moving upstream to LTV. Just talk to us about how these instruments could become sharper? What are you looking for? What needs to happen to be more efficient as we attract these LTV customers?

而且我想我聽說你今天多次使用我們已經獲得鈍器的術語，我想，當我們談論向上游移動到 LTV 時。只是和我們談談這些樂器如何變得更鋒利？你要買什麼？當我們吸引這些 LTV 客戶時，需要做些什麼來提高效率？

Yes. So to be specific, and I don't want to underrate our instruments, but our goal is true granular understanding of every customer's lifetime value and the difference of where those customers emanate from and what actions they take that indicate and drive higher lifetime value. That is the holy grail of understanding customer value and trying -- and getting super-sharp and efficient on buying as best you can all the right customers.

是的。所以具體來說，我不想低估我們的工具，但我們的目標是真正細緻地了解每個客戶的生命週期價值，以及這些客戶來自何處的差異以及他們採取的行動表明並推動更高的生命週期價值。這是理解客戶價值和嘗試的聖杯——盡可能地敏銳和高效地購買所有合適的客戶。

Right now, we've given you some basic ideas, which is we know members perform much better. We know app users perform much better. We know if they have both, they perform much better. But that obviously is a broad brush, not the finest brush you can have. And we ultimately want to have a very fine brush so that we can know if we find people in a certain performance channel, they're more likely to perform a certain way, maybe by geo, maybe by product that they come in on, et cetera.

現在，我們已經給了你一些基本的想法，我們知道成員的表現要好得多。我們知道應用程序用戶的表現要好得多。我們知道，如果他們兩者都有，他們的表現會好得多。但這顯然是一個廣泛的刷子，而不是你能擁有的最好的刷子。我們最終希望有一個非常精細的刷子，這樣我們就可以知道如果我們在某個性能渠道中找到人們，他們更有可能以某種方式執行，可能是按地理位置，可能是按他們進入的產品等等等。

So we want to have all that scope of information. And that involves understanding all our customers in a common way. As we've talked about many times, we have data on our customers that were in silos because they were HCOM -- Hotels.com customers or Expedia customers or Vrbo customers or Orbitz customers or you name it.

因此，我們希望擁有所有這些範圍的信息。這涉及以一種共同的方式了解我們所有的客戶。正如我們多次討論過的那樣，我們有關於我們的客戶的數據，因為他們是 HCOM——Hotels.com 客戶或 Expedia 客戶或 Vrbo 客戶或 Orbitz 客戶，或者你說出它的名字。

And as we continue to consolidate the data, as we continue to consolidate those customer files and as we get everybody essentially into one broad loyalty program, we will be able to understand customers at a much more granular level, and that will give us more tools. I'm not saying our blunt tools aren't good tools. They're just not as fine as we can someday hope to get to.

隨著我們繼續整合數據，隨著我們繼續整合這些客戶文件，隨著我們讓每個人基本上都加入一個廣泛的忠誠度計劃，我們將能夠在更精細的層面上了解客戶，這將為我們提供更多工具.我並不是說我們生硬的工具不是好工具。他們只是沒有我們有朝一日希望達到的那麼好。

And then as we add personalization on top of that, we will have a bunch of more drivers that allow us to trigger more high LTV events. So there's a lot of opportunity in that still to come. We're doing lots of good stuff now, but it will get better and better over time.

然後，隨著我們在此之上添加個性化，我們將擁有更多驅動程序，使我們能夠觸發更多高 LTV 事件。所以還有很多機會還在後面。我們現在正在做很多好事，但隨著時間的推移，它會變得越來越好。

And as far as grabbing back share and mix shift to direct, we basically said, as I alluded to, in general, we're willing to give up unprofitable short-term traffic for longer-term gains. That involves buying somewhat different kinds of traffic. As Eric alluded to, we've been much more leaned into an app acquisition and other opportunities where we know there's more value.

至於搶回份額和混合轉向直接，我們基本上說，正如我所暗示的，一般來說，我們願意放棄無利可圖的短期流量以獲得長期收益。這涉及購買不同類型的流量。正如 Eric 所暗示的，我們更傾向於收購應用程序和其他我們知道有更多價值的機會。

And that involves, again, making short-term trade-offs, whether it's in technical transitions where we have to give up something in the short term to move faster. So we've been willing to do that and give up some of the historically highly unprofitable the last incremental performance marketing customer purchase. So that's kind of what we've been going through. But we're getting better at understanding and being able to drive member sign-up.

這再次涉及進行短期權衡，無論是在技術轉型中，我們必須在短期內放棄一些東西以更快地行動。所以我們一直願意這樣做，並放棄一些歷史上非常無利可圖的最後一次增量績效營銷客戶購買。這就是我們一直在經歷的事情。但我們在理解和推動會員註冊方面做得越來越好。

We were never that great at getting sort of the owned sign-ups as honed as we wanted to do, getting the owned app downloads going faster. So every time we make that better, we see more opportunity then to drive into, okay, now we can acquire this set of customers, and they'll perform better, because we can get them into these high lifetime value activities and then we get more value -- derive more value out of them long term.

我們從來沒有像我們想要的那樣獲得自有註冊，讓自有應用下載速度更快。因此，每次我們做得更好時，我們都會看到更多的機會進入，好吧，現在我們可以獲得這組客戶，他們會表現得更好，因為我們可以讓他們參與這些高生命週期價值的活動，然後我們得到更多價值——長期從中獲得更多價值。

So that's what I'm talking about in terms of grabbing back share where we can, grabbing back opportunities. And these things are not perfect. And as we see veins to derive, we are looking for more and more veins to derive that will drive growth and ultimately drive share.

所以這就是我所說的在我們可以抓住的地方奪回份額，抓住機會。而這些東西並不完美。當我們看到要派生的脈絡時，我們正在尋找越來越多的脈絡來派生，這將推動增長並最終推動份額。

I would like to hand back to -- our final question will be from Jed Kelly of Oppenheimer.

我想回過頭來——我們的最後一個問題將來自奧本海默的傑德凱利。

Great. Just 2, if I may. One, can you talk about how the stronger U.S. dollar could benefit your long-haul international business potentially into next year? And are you developing any strategies around that, given your higher North American base? And then, two, just, Peter, you mentioned you're seeing stronger Vrbo supply gains over your largest competitor. Can you talk about where that's coming? Is that coming more from the property managers or individual homes?

偉大的。可以的話，就2個。第一，您能否談談美元走強如何可能使您的長途國際業務受益於明年？鑑於您在北美的基礎較高，您是否正在為此制定任何策略？然後，兩個，只是，彼得，你提到你看到比你最大的競爭對手更強勁的 Vrbo 供應增長。你能談談那會發生在哪裡嗎？這更多來自物業經理還是個人住宅？

Sure. I'll take the last one first. So those gains have been sort of broad. We have a very good presence with property managers. We always have. I think we're probably the -- certainly in North America, we're the preferred partner for most of them or many of them.

當然。我先拿最後一個。所以這些收益有點廣泛。我們與物業經理的關係非常好。我們總是有。我認為我們可能是——當然在北美，我們是他們中的大多數或許多人的首選合作夥伴。

But I think what we've been focused on is really driving a systemic approach to adding supply in the places where we have the highest demand, where we know we can drive performance for our supply partners, the homeowner or the management company. Certainly, successful management companies that acquire more properties, become managers of more properties is a great vein for us because they're already working with us. They know how to work with us, and they can put those properties into the system.

但我認為我們一直關注的是真正推動一種系統性的方法，在我們需求最高的地方增加供應，我們知道我們可以為我們的供應合作夥伴、房主或管理公司提高績效。當然，成功的管理公司收購更多物業，成為更多物業的管理者對我們來說是一個很好的脈絡，因為他們已經在與我們合作。他們知道如何與我們合作，並且可以將這些屬性放入系統中。

But we are also adding direct homeowners at a pretty strong basis. So it's kind of both veins. There's no we're all in on one or the other. We're trying to find the right supply and the right markets, whoever happens to be managing that or owning that.

但我們也在相當強勁的基礎上增加了直接房主。所以這是兩種靜脈。沒有我們都在一個或另一個。我們正在努力尋找合適的供應和合適的市場，無論是誰管理或擁有它。

And then as far as the U.S. dollar goes, I would say, long haul, again, remains -- as I mentioned in my opening remarks, remains considerably down still. Those planes are -- there's 30% few -- less airlift. And I think in U.S. to EMEA and EMEA to U.S., it's about down 20%. And if any of you have traveled, you've seen that prices are through the roof. So the airlines have been fairly content to run with less capacity and higher RevPAR, which makes sense, revenue per air mile.

然後就美元走勢而言，我想說的是，長期仍然存在——正如我在開場白中提到的那樣，仍然大幅下跌。這些飛機——少了 30%——空運少。我認為在美國到 EMEA 和 EMEA 到美國，下降了大約 20%。如果你們中的任何人旅行過，你就會看到價格飆升。因此，航空公司已經相當滿足於以更少的運力和更高的 RevPAR 運營，這是有道理的，每航空英里的收入。

But I think over time, as that comes back, there will be demand. I think U.S. dollar being strong, given our strength in the U.S. and continued demand patterns, which seem to want to travel considerably still, augurs well for international travel and long-haul travel. I think the only constraint is just what's pricing going to be and how much airlift is there really in those channels.

但我認為隨著時間的推移，隨著時間的推移，會有需求。我認為美元走強，鑑於我們在美國的實力和持續的需求模式，似乎仍想大量旅行，這對國際旅行和長途旅行來說是個好兆頭。我認為唯一的限制是定價是多少以及這些渠道中真正有多少空運。

But strong U.S. dollar definitely is a good sign for U.S. international travel. So -- and that's always been a strong suit of ours. So we hope that continues to be a strong opportunity. And into '23, we'll see what happens with the dollar and with the recessions or not around the world, but we're optimistic about how that trade is working right now for us.

但強勢美元絕對是美國國際旅行的好兆頭。所以 - 這一直是我們的強項。因此，我們希望這仍然是一個強大的機會。到 23 年，我們將看到美元和世界各地的經濟衰退或不發生什麼情況，但我們對這種貿易目前對我們的運作方式持樂觀態度。

One quick thing to add as well, which is not necessarily your question, but I think it might be helpful to you all, which is just around -- we didn't spend a lot of time in this call on constant currencies or FX impacts to our P&L, just given our weighting to the U.S. market to your question.

還有一件要快速補充的事情，這不一定是您的問題，但我認為這可能對你們所有人都有幫助，就在附近——我們沒有在本次電話會議上花很多時間討論不變貨幣或外匯影響到我們的損益表，剛剛考慮到我們對美國市場的權重來回答您的問題。

But if we did adjust on a constant currency basis as compared to 2021, our EBITDA would have been 4% higher in Q2. So there we've got a slight detriment or knockdown in our EBITDA. So we would have had slightly higher EBITDA margins and would have had 4% higher EBITDA on the quantum of dollars as well.

但是，如果我們確實與 2021 年相比在固定貨幣基礎上進行調整，我們的 EBITDA 在第二季度將高出 4%。因此，我們的 EBITDA 受到了輕微的損害或影響。因此，我們的 EBITDA 利潤率會略高一些，EBITDA 也會高出 4%。

So again, not your question. I do think we've got an opportunity from a marketing perspective, all else equal, with a strong dollar sending U.S. residents or Americans into Europe, but there's also some adjustments or some impacts to this quarter as well.

再說一次，不是你的問題。我確實認為從營銷的角度來看，我們有機會，在其他條件相同的情況下，強勢美元將美國居民或美國人帶到歐洲，但本季度也有一些調整或一些影響。

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

謝謝你。今天的電話會議到此結束。您現在可以斷開線路。祝你有愉快的一天。