Expedia Group Inc (EXPE) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q1 2023 Financial Results Teleconference. My name is Emily, and I'll be the operator for today's call. (Operator Instructions)

大家好，歡迎參加 Expedia Group 2023 年第一季度財務業績電話會議。我叫艾米麗，我是今天電話的接線員。 （操作員說明）

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

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

Good afternoon. Welcome to Expedia Group's earnings call for the first quarter of 2023 that ended March 31. I'm pleased to be joined on the call today by our CEO, Peter Kern; and our CFO, Julie Whalen.

下午好。歡迎來到 Expedia Group 於 3 月 31 日結束的 2023 年第一季度財報電話會議。我很高興今天能與我們的首席執行官彼得克恩一起參加電話會議；以及我們的首席財務官 Julie Whalen。

The following discussion, including responses to your questions, reflects management's view as of today, May 4, 2023, only. We do not undertake any obligation to update or revise this information. As always, some of the statements made on today's call are forward-looking, typically preceded by words such as we plan, we expect, we believe, we anticipate, we are optimistic or confident that or similar statements.

以下討論，包括對您問題的回答，僅反映了管理層截至 2023 年 5 月 4 日今天的觀點。我們不承擔任何更新或修改這些信息的義務。與往常一樣，在今天的電話會議上發表的一些聲明是前瞻性的，通常以我們計劃、我們期望、我們相信、我們預期、我們樂觀或有信心或類似的聲明開頭。

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

請參閱今天的收益發布和公司向美國證券交易委員會提交的文件，了解可能導致我們的實際結果與這些前瞻性陳述存在重大差異的因素的信息。您會在我們的收益發布中找到非 GAAP 措施與今天討論的最具可比性的 GAAP 措施的對賬，該發布發佈在公司的投資者關係網站 ir.expediagroup.com 上。我鼓勵您持續訪問我們的 IR 網站以獲取其他重要信息。除非另有說明，否則任何提及的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。

Thank you, Harshit, and good afternoon, and thank you all for joining us today. As I mentioned last quarter, this year marks the final phase in our major platform transformation journey, and I'm pleased to have started the year with strong performance. We posted our highest ever quarter for lodging gross bookings and free cash flow and our best first quarter for revenue.

謝謝 Harshit，下午好，感謝大家今天加入我們。正如我在上個季度提到的，今年標誌著我們主要平台轉型之旅的最後階段，我很高興以強勁的表現開始了這一年。我們公佈了有史以來最高的季度總預訂量和自由現金流，以及我們最好的第一季度收入。

Throughout the quarter, we saw strong consumer demand with acceleration in international and big city travel and more of Asia reopening. The reemergence of major international cities has meant increased hotel demand, offset in part by flattening demand in vacation rentals as travel demand mix to shorter stay urban destinations over extended beach and mountain trips. Similarly, air has continued to mix towards international travel and away from COVID era concentration in domestic.

在整個季度中，隨著國際和大城市旅行的加速以及亞洲更多地區的重新開放，我們看到了強勁的消費者需求。主要國際城市的重新崛起意味著酒店需求增加，部分被度假租賃需求趨平所抵消，因為旅行需求混合到短期停留的城市目的地而不是延長的海灘和山區旅行。同樣，空氣繼續向國際旅行混合，遠離國內的 COVID 時代集中。

By and large, prices have held up quite well after several years of inflation. We've seen lodging ADRs hold fairly steady across geos. Air ticket prices, however, continued to increase as strong demand continues to outstrip capacity. The only area where we have seen any meaningful decline in average daily rate is in the car rental space, where larger inventories have allowed rental companies to drive more volume at the expense of price.

總的來說，在經歷了幾年的通貨膨脹之後，價格一直保持得很好。我們已經看到住宿 ADR 在各個地區保持相當穩定。然而，由於強勁的需求繼續超過運力，機票價格繼續上漲。唯一一個我們看到平均每日費率顯著下降的領域是汽車租賃領域，更大的庫存使租賃公司能夠以犧牲價格為代價來增加銷量。

Overall, we are pleased to see broad travel demand remains strong in what appears to be a more structural post-pandemic environment of people prioritizing travel above most other categories of spend. This has held up despite inflation in recession worries and even more recently, bank system concerns. While economists continue to debate potential recession outcomes and clearly, many unknowns are still out there, consumers have so far shaken it off and continue to travel.

總的來說，我們很高興看到廣泛的旅行需求仍然強勁，在似乎更具結構性的大流行後環境中，人們將旅行優先於大多數其他支出類別。儘管衰退擔憂中的通貨膨脹，甚至最近銀行系統的擔憂，這種情況仍然存在。儘管經濟學家繼續爭論潛在的經濟衰退結果，但很明顯，許多未知因素仍然存在，但消費者到目前為止已經擺脫了它並繼續旅行。

Against this backdrop in our consumer business, we continue to invest in our strategy of acquiring and retaining high-value loyalty members and app users across our 3 leading brands. As I have explained before, these cohorts drive higher production and repeat rates versus other customers, ultimately leading to higher lifetime value.

在我們的消費者業務的這種背景下，我們繼續投資於我們的戰略，以在我們的 3 個領先品牌中獲取和留住高價值的忠誠度會員和應用程序用戶。正如我之前解釋的那樣，與其他客戶相比，這些群體推動了更高的生產率和重複率，最終帶來更高的生命週期價值。

Q1 '23 was another step in this journey as we saw our active loyalty member base for our Core OTA brands grow over 25% year-over-year and the percentage of gross bookings coming through our app roughly doubled what it was in 2019. This continued growth in our base of valuable customer cohorts, obviously, bodes very well for our future.

23 年第一季度是這一旅程的又一步，因為我們看到我們的核心 OTA 品牌的活躍忠誠度會員群同比增長超過 25%，並且通過我們的應用程序進行的總預訂的百分比大約是 2019 年的兩倍。這顯然，我們有價值的客戶群體的持續增長預示著我們的未來。

I've also talked for a number of quarters about our platform journey and in particular, about the drag we had last year on our business resulting from the migration of Hotels.com to the Brand Expedia stack. I'm pleased to say that with that migration fully behind us, Hotels.com is now back in growth mode. We are already seeing higher conversion, increased feature velocity and higher bookings. In fact, year-over-year bookings growth for Hotels.com was nearly 20% in Q1 '23, which is beginning to approach the almost 30% we saw in Brand Expedia. This inflection back towards growth was exactly what we had expected, and we were pleased to see the pivot come so quickly.

我還在幾個季度中談到了我們的平台之旅，特別是去年由於 Hotels.com 遷移到 Brand Expedia 堆棧而對我們的業務造成的拖累。我很高興地說，隨著遷移完全結束，Hotels.com 現在又回到了增長模式。我們已經看到更高的轉化率、更快的功能速度和更高的預訂量。事實上，Hotels.com 的同比預訂量在 23 年第一季度增長了近 20%，開始接近我們在 Brand Expedia 中看到的近 30%。這種向增長的轉變正是我們所預期的，我們很高興看到支點來得如此之快。

As you may recall, we are following the same migration path with Vrbo, which has now started taking some traffic on the Expedia stack in our largest markets. Just as we saw last year with Hotels.com, this work has flowed conversion and feature work on Vrbo for the past few quarters. And as we cut over, we expect some inevitable degradation in conversion due to the switch. But as we get this migration finished in the coming months, Vrbo too will be in prime position to benefit from the Expedia platform and just like Hotels.com will benefit from reaccelerating, testing, conversion and feature improvements.

您可能還記得，我們正在遵循與 Vrbo 相同的遷移路徑，它現在已經開始在我們最大的市場中佔用 Expedia 堆棧的一些流量。正如我們去年在 Hotels.com 上看到的那樣，在過去的幾個季度裡，這項工作在 Vrbo 上進行了流動轉換和功能工作。當我們切換時，我們預計轉換會不可避免地降低轉換率。但隨著我們在未來幾個月內完成遷移，Vrbo 也將處於從 Expedia 平台受益的主要位置，就像 Hotels.com 將受益於重新加速、測試、轉換和功能改進一樣。

Our tech journey hasn't been easy, but we had to have conviction to give up some short-term gratification to get to the promised land. With a couple of big last lifts finishing this year, we will finally be in position for all of our business to accelerate their velocity of innovation and deploy more traveler features as widely as possible. In particular, I'm excited about the power to deploy AI and machine learning to all corners of our product to enhance the customer experience and move towards our North Star of true personalization. To that end, you probably noticed our launch of the Expedia plug-in for ChatGPT and the launch of ChatGPT in our own Expedia iOS app. This would not have been possible at this speed or with this efficacy in our prior world, and it's just a small piece of what the future will hold. It is yet to be seen how impactful large language models will be in facilitating travel shopping. But for us, this is just one step in a journey to bring the best technology to our members and partners at an accelerated pace.

我們的技術之旅並不容易，但我們必須堅定信念，放棄一些短期的滿足，才能到達應許之地。隨著今年完成的最後幾項重大提升，我們最終將能夠讓我們所有的業務加快創新速度，並儘可能廣泛地部署更多旅行者功能。特別是，我很高興能夠將 AI 和機器學習部署到我們產品的各個角落，以增強客戶體驗並邁向我們真正個性化的北極星。為此，您可能注意到我們為 ChatGPT 推出了 Expedia 插件，並在我們自己的 Expedia iOS 應用程序中推出了 ChatGPT。在我們之前的世界中，以這種速度或這種功效，這是不可能的，而且這只是未來的一小部分。大型語言模型在促進旅遊購物方面的影響力還有待觀察。但對我們而言，這只是加速將最佳技術帶給我們的成員和合作夥伴的旅程中的一步。

And to be clear, we have already been at the cutting edge of deploying AI and ML across almost all experiences for our consumers. When they land on our site, we use AI to customize the sorting and filtering options and the images we ran their to make the shopping experience most relevant to them. AI allows us to deliver price predictions and enable comparison shopping so they can book the right product with confidence. Then post booking, we use AI and our service stack to help consumers self-serve their problems, and it even helps our customer service agents more quickly address issues. While we have been using AI and ML for some time to make the experience better for consumers, we will go much further this year to continue to deliver the best technology and online travel.

需要明確的是，我們已經處於為消費者提供的幾乎所有體驗中部署 AI 和 ML 的前沿。當他們登陸我們的網站時，我們使用 AI 來自定義排序和過濾選項以及我們運行的圖像，以使購物體驗與他們最相關。人工智能使我們能夠提供價格預測並進行比較購物，這樣他們就可以放心地預訂合適的產品。然後在預訂後，我們使用人工智能和我們的服務堆棧來幫助消費者自助解決他們的問題，甚至幫助我們的客服人員更快地解決問題。雖然我們使用 AI 和 ML 為消費者提供更好的體驗已有一段時間了，但今年我們將走得更遠，繼續提供最好的技術和在線旅遊。

Another exciting milestone ahead of us is our unified loyalty program, One Key, which will be released in July in the United States. It reflects the culmination of years of work on the technology side to get to a solution that enables earn and burn across multiple products and brands in our portfolio. We've been busy testing this program and sourcing preferred deals for our members, all with great results to date, and we cannot wait to launch it this summer.

我們面前的另一個激動人心的里程碑是我們統一的忠誠度計劃 One Key，該計劃將於 7 月在美國發布。它反映了多年在技術方面工作的成果，以找到一種解決方案，使我們的產品組合中的多個產品和品牌都能賺錢和燃燒。我們一直在忙著測試這個項目並為我們的會員尋找首選交易，迄今為止都取得了很好的成果，我們迫不及待地想在今年夏天推出它。

I discussed many times how our broad investment in technology not only benefits the B2C traveler experience, but how it also enhances our B2B partner experience. This includes the over 400 million loyalty members we serve through our template partners and more than 35,000 offline travel agencies we power across more than 30 countries, all the way to our numerous API partners who take our inventory and certain debt capabilities to build their own experiences.

我多次討論了我們對技術的廣泛投資如何不僅有益於 B2C 旅行者體驗，而且還如何增強我們的 B2B 合作夥伴體驗。這包括我們通過模板合作夥伴服務的超過 4 億忠誠會員，以及我們在 30 多個國家/地區為 35,000 多家線下旅行社提供支持，一直到我們眾多的 API 合作夥伴，他們利用我們的庫存和某些債務能力來構建自己的體驗.

On the back of this, demand in our B2B business continues to accelerate worldwide. We had yet another quarter of impressive growth with revenue growing approximately 55% year-over-year. We continue to sign new business, including SoFi, who has launched our full template product to their customer base. And as we look to enhance our partnerships with our biggest suppliers, we went live with both Hilton and Accor who will use our capabilities to sell packages on their sites. These are just a few examples, and we have many more wins coming this year.

在此背景下，我們 B2B 業務的需求在全球範圍內繼續加速增長。我們又實現了另一個令人印象深刻的增長，收入同比增長約 55%。我們繼續簽約新業務，包括 SoFi，他們向他們的客戶群推出了我們的完整模板產品。當我們希望加強與我們最大的供應商的合作夥伴關係時，我們與希爾頓和雅高一起上線，他們將利用我們的能力在他們的網站上銷售套餐。這些只是幾個例子，今年我們還會贏得更多勝利。

We continue to innovate for our supply partners and equip them with highly differentiated solutions. Last year, we spoke about our optimized distribution product that gives our lodging partners greater control of their wholesale business. This product has helped some of the biggest hoteliers in the world, and over the past 2 years, we have tripled the number of participating chains using this capability. There are significant innovations coming this year to give more control to our partners and allow smaller partners to participate in the product. I'm particularly proud of this product as it truly represents a winning technology for the entire industry and allows us to provide much more than just the marketplace for our partners.

我們不斷為我們的供應合作夥伴進行創新，並為他們提供高度差異化的解決方案。去年，我們談到了我們優化的分銷產品，讓我們的住宿合作夥伴更好地控制他們的批發業務。該產品幫助了世界上一些最大的酒店經營者，在過去的 2 年裡，我們使用該功能的連鎖酒店數量增加了兩倍。今年將出現重大創新，以賦予我們的合作夥伴更多控制權，並允許較小的合作夥伴參與該產品。我為這款產品感到特別自豪，因為它真正代表了整個行業的成功技術，使我們能夠為合作夥伴提供的不僅僅是市場。

Finally, though somewhat more nascent, we have talked about our ambitions to externalize our tech in the form of micro services to help any kind of travel (inaudible) mate use our tech to enhance their business. Our first pilot of our (inaudible) capability started late last year, and I'm proud to say we now have our first paying customer on the service. We also have other products in beta testing with a number of partners, including our best-in-class service technology and our revenue management API. While still early days, we believe that by delivering our technology as micro services, we are greatly expanding the addressable market for our tech and cementing our technology as the core operating system for the travel industry. Next week, we will host our EXPLORE partner event at our Seattle campus, where we are excited to showcase what we've been working on for our partners and how we are helping our partners sell more, operate more efficiently and ultimately better serve travelers around the world.

最後，雖然還處於新生階段，但我們已經談到了我們的雄心，即以微服務的形式將我們的技術外部化，以幫助任何類型的旅行（聽不清）夥伴使用我們的技術來增強他們的業務。我們的（聽不清）能力的第一個試點於去年年底開始，我很自豪地說我們現在有第一個付費客戶使用該服務。我們還與許多合作夥伴一起對其他產品進行 Beta 測試，包括我們一流的服務技術和我們的收入管理 API。雖然仍處於早期階段，但我們相信，通過將我們的技術作為微服務提供，我們正在極大地擴展我們技術的潛在市場，並鞏固我們的技術作為旅遊行業核心操作系統的地位。下週，我們將在我們的西雅圖校區舉辦我們的探索合作夥伴活動，我們很高興展示我們一直在為我們的合作夥伴所做的工作，以及我們如何幫助我們的合作夥伴銷售更多產品、更高效地運營並最終更好地為周圍的旅行者提供服務世界。

Overall, I'm really pleased with our progress. I'm excited that we're in the final innings of our tech transformation, and I'm encouraged by the incremental momentum we achieved with every step. We've been willing to take some short-term lumps in order to get these moves finished, but the rewards are now clearly becoming visible in the Hotels.com reacceleration and the sheer velocity of our tech delivery. And in our B2B business, where we have not had disruption, and have only enriched our offerings, our growth has been phenomenal. No company is doing more to move travel tech forward and make the entire experience better for travelers. And ultimately, that is how we will win.

總的來說，我對我們的進展感到非常滿意。我很高興我們正處於技術轉型的最後階段，我為我們每一步所取得的增量勢頭感到鼓舞。為了完成這些舉措，我們一直願意採取一些短期措施，但回報現在明顯地體現在 Hotels.com 的重新加速和我們技術交付的絕對速度上。在我們的 B2B 業務中，我們沒有受到干擾，只是豐富了我們的產品，我們的增長是驚人的。沒有哪家公司在推動旅遊技術向前發展和為旅行者提供更好的整體體驗方面做得更多。最終，這就是我們獲勝的方式。

And with that, let me hand it over to Julie.

然後，讓我把它交給朱莉。

Thanks, Peter, and hello, everyone. I am pleased with our performance in the first quarter with record lodging levels driving gross bookings up 20% year-over-year, revenue up 18% to its highest ever first quarter levels and record free cash flow. Our robust top line performance reflects the success we're seeing from our strategic growth initiatives as well as the continued health of the travel industry. And it's this strength in the business that gives us the confidence to continue to buy back our stock at accelerated levels at $600 million, one of the largest buybacks we have done year-to-date.

謝謝，彼得，大家好。我對我們在第一季度的表現感到滿意，創紀錄的住宿水平推動總預訂量同比增長 20%，收入增長 18% 達到有史以來最高的第一季度水平，自由現金流也創下歷史新高。我們強勁的營收表現反映了我們從戰略增長計劃中看到的成功以及旅遊業的持續健康發展。正是這種業務實力讓我們有信心繼續以 6 億美元的速度加速回購我們的股票，這是我們今年迄今為止進行的最大的回購之一。

Before I jump into more of the details, I wanted to remind you that effective this quarter and going forward, all financial comparisons will be on a year-over-year basis. As a result, we no longer need to refer to like-for-like growth rates as the Egencia transaction and associated Amex GBT supply agreement closed in 2021. Additionally, to provide more clarity and transparency, we have removed less relevant disclosures and discussions within the press release, while at the same time, added new disclosures such as lodging gross bookings. Of course, we will continue to evaluate whether any additional disclosures may be helpful over time, and we'll update you accordingly.

在我深入了解更多細節之前，我想提醒您，從本季度開始和未來，所有財務比較都將按年進行。因此，隨著 Egencia 交易和相關的 Amex GBT 供應協議於 2021 年結束，我們不再需要參考同類增長率。此外，為了提供更高的清晰度和透明度，我們刪除了不太相關的披露和討論新聞稿同時增加了新的披露信息，例如住宿總預訂量。當然，隨著時間的推移，我們會繼續評估任何額外的披露是否有幫助，我們會相應地更新您的信息。

It is also important to note that our first quarter 2023 growth rates as compared to 2022 were negatively impacted by FX headwinds of approximately 200 basis points to gross bookings, 300 basis points to revenue and 1,600 basis points to EBITDA. We also saw an approximately 80 basis point headwind to the EBITDA margin.

同樣重要的是要注意，與 2022 年相比，我們 2023 年第一季度的增長率受到外匯逆風的負面影響，總預訂量約 200 個基點，收入約 300 個基點，EBITDA 約 1,600 個基點。我們還看到 EBITDA 利潤率出現大約 80 個基點的逆風。

Now let's discuss more of the financial details regarding our performance this quarter, beginning with our gross booking trends. Total gross bookings of $29.4 billion were up 20% versus the first quarter of 2022 and saw a sequential acceleration in the year-over-year growth rate from the fourth quarter. Growth was driven primarily by total lodging gross bookings, which grew 19% versus last year and reached a record quarterly level of $21.1 billion.

現在讓我們討論更多有關本季度業績的財務細節，首先是我們的總預訂量趨勢。總預訂量為 294 億美元，與 2022 年第一季度相比增長了 20%，並且從第四季度開始同比增長率連續加速。增長主要由總住宿總預訂量推動，與去年相比增長 19%，達到創紀錄的季度水平 211 億美元。

In our hotel business, we saw significant growth from our B2B segment, driven by strong demand in EMEA and APAC. In our B2C business, Brand Expedia maintained strong growth and our Hotels.com brand showed impressive recovery post its migration to the Brand Expedia platform. These results are also aided to some extent by shifting demand patterns. For instance, as more and more businesses return to hybrid work policies, we've seen increased demand in urban markets and a reduction in length of stay. So while these trends are helping our hotels business, the same trends are also putting some pressure on our Vrbo business. Yet this pressure was far outweighed by our hotel strength, enabling us to maintain total lodging bookings at record levels.

在我們的酒店業務中，在 EMEA 和 APAC 強勁需求的推動下，我們看到 B2B 部門的顯著增長。在我們的 B2C 業務中，Brand Expedia 保持強勁增長，我們的 Hotels.com 品牌在遷移到 Brand Expedia 平台後表現出令人矚目的複蘇。這些結果在一定程度上也得益於不斷變化的需求模式。例如，隨著越來越多的企業恢復混合工作政策，我們已經看到城市市場需求增加和停留時間縮短。因此，雖然這些趨勢有助於我們的酒店業務，但同樣的趨勢也給我們的 Vrbo 業務帶來了一些壓力。然而，我們的酒店實力遠遠抵消了這種壓力，使我們能夠將總住宿預訂量保持在創紀錄的水平。

We also saw strong growth in our air bookings this quarter, especially in international travel, which was more impacted by the Omicron variant during the first quarter last year. This air strength was both in the number of tickets sold and an air ticket price increases as demand continues to outstrip capacity. It is great to see that air continues to gain momentum despite higher prices and international air has recovered to close to 2019 levels.

本季度我們的機票預訂量也出現強勁增長，尤其是國際旅行，去年第一季度受到 Omicron 變體的影響更大。隨著需求繼續超過容量，這種航空實力既體現在售出的機票數量上，也體現在機票價格上漲上。很高興看到儘管價格上漲，但國際航空業已恢復到接近 2019 年的水平，但航空業繼續獲得增長勢頭。

Moving to the key financial metrics in the P&L, starting with total revenue. Revenue was the highest first quarter on record at $2.7 billion, up 18% versus the first quarter of 2022. The revenue margin at 9.1% was down slightly versus last year, driven mostly by the strong recovery in our lower-margin air business. Cost of sales was $411 million for the quarter, which is up about $43 million or 12% with approximately 100 basis points of leverage as a percentage of revenue versus the first quarter of 2022, driven by ongoing efficiencies primarily across our customer support operations. We benefited from lower customer support call volume as well as the continued efficiency from the various automation initiatives we have implemented over the past few years, and we expect to continue to find even more efficiencies as we finish our migration onto one platform in areas such as cloud and license and maintenance costs as we eliminate redundant systems.

轉到損益表中的關鍵財務指標，從總收入開始。第一季度收入創歷史新高，達到 27 億美元，比 2022 年第一季度增長 18%。收入利潤率為 9.1%，與去年相比略有下降，這主要是由於我們利潤率較低的航空業務的強勁復甦。本季度的銷售成本為 4.11 億美元，與 2022 年第一季度相比增加了約 4300 萬美元或 12%，槓桿率佔收入的百分比約為 100 個基點，這主要受我們客戶支持業務持續效率的推動。我們受益於較低的客戶支持呼叫量以及我們在過去幾年中實施的各種自動化計劃的持續效率，並且我們希望隨著我們在以下領域完成向一個平台的遷移而繼續發現更高的效率由於我們消除了冗餘系統，因此降低了雲和許可及維護成本。

Direct sales and marketing expense in the first quarter was $1.5 billion, which was up $311 million or 26% versus last year. There were 2 main drivers of the spend increase. First, in our B2C business, we leaned into marketing to take advantage of the strong demand environment and to accelerate gross bookings growth. And we also maintained our marketing spend mix towards longer-term payback channels to drive loyalty members and app users, which given the longer-term return profile of the spend is less closely correlated to demand within any given quarter.

第一季度的直接銷售和營銷費用為 15 億美元，比去年增加 3.11 億美元或 26%。支出增長有兩個主要驅動因素。首先，在我們的 B2C 業務中，我們向營銷傾斜，以利用強勁的需求環境並加速總預訂量增長。我們還保持了面向長期回報渠道的營銷支出組合，以推動忠誠會員和應用程序用戶，鑑於支出的長期回報情況與任何給定季度內的需求相關性較低。

The second reason for the increase in marketing spend is an increase in commissions to support the accelerating growth in our B2B business, which fall into our direct sales and marketing line. These commissions are generally paid on a [state] basis and to a contractually agreed percentage. And therefore, the returns against marketing spend are more guaranteed and immediate. Given these factors and the fact that we underinvested last year due to Omicron, we did see marketing deleverage.

營銷支出增加的第二個原因是佣金增加，以支持我們 B2B 業務的加速增長，這些業務屬於我們的直銷和營銷線。這些佣金通常以[州]為基礎並按照合同約定的百分比支付。因此，營銷支出的回報更有保障和直接。鑑於這些因素以及我們去年因 Omicron 投資不足的事實，我們確實看到了營銷去槓桿化。

Overhead expenses were $588 million, an increase of $56 million or 11% versus the first quarter of 2022, growing slower than revenue growth, resulting in leverage of approximately 160 basis points. While we remain disciplined on our overall cost structure, we continue to invest in talent across our product and technology teams in support of our platform initiatives to drive growth.

管理費用為 5.88 億美元，比 2022 年第一季度增加 5600 萬美元或 11%，增長速度低於收入增長，導致槓桿率約為 160 個基點。雖然我們在整體成本結構上保持紀律，但我們繼續投資於我們產品和技術團隊的人才，以支持我們的平台計劃以推動增長。

EBITDA was $185 million, up $12 million or 7% versus the first quarter of 2022, which includes the 1,600 basis point negative impact to growth from FX. Excluding this year-over-year negative FX impact, EBITDA grew 23% and ahead of revenue growth, resulting in an EBITDA margin, excluding FX, 10 basis points above last year.

EBITDA 為 1.85 億美元，比 2022 年第一季度增加 1200 萬美元或 7%，其中包括外匯對增長的 1,600 個基點負面影響。排除這一同比負面外匯影響，EBITDA 增長 23%，超過收入增長，導致 EBITDA 利潤率（不包括外匯）比去年高 10 個基點。

Free cash flow for the quarter was at record levels, at a positive $2.9 billion or up 3% versus 2022, primarily driven by higher working capital from the outperformance in our gross bookings. On the balance sheet, we ended the quarter with over $5.9 billion in unrestricted cash and our undrawn revolving line of credit of $2.5 billion, which provides us with ample liquidity of $8.4 billion to operate the business.

本季度的自由現金流達到創紀錄的水平，為 29 億美元，比 2022 年增長 3%，這主要是由於我們的總預訂量表現出色而導致營運資金增加。在資產負債表上，我們在本季度結束時擁有超過 59 億美元的不受限制現金和 25 億美元的未提取循環信貸額度，這為我們提供了 84 億美元的充足流動性來經營業務。

From a debt perspective, our debt level remains at approximately $6.3 billion with a leverage ratio of 2.7x. However, in order to further fortify our investment-grade rating, we are targeting a leverage ratio of approximately 2x. And through EBITDA growth and potentially some early retirement of debt, we expect to make progress towards this goal by the end of the year. The great news is we have recently received upgraded ratings or outlooks from all 3 rating agencies, demonstrating the actions we have taken to improve the financial strength of the business are being well received.

從債務角度來看，我們的債務水平保持在約 63 億美元，槓桿率為 2.7 倍。然而，為了進一步鞏固我們的投資級評級，我們的目標槓桿率約為 2 倍。通過 EBITDA 的增長和一些可能提前償還的債務，我們預計將在年底前朝著這一目標取得進展。好消息是，我們最近收到了所有 3 家評級機構的升級評級或展望，表明我們為提高企業財務實力而採取的行動受到了好評。

As far as capital allocation, given our strong free cash flow levels and a stock price that we believe remains undervalued relative to our expected long-term performance, we have been opportunistically buying back our stock on an accelerated basis. Year-to-date, this is one of our largest levels of buybacks of $600 million or nearly 6 million shares. Post these buybacks, we have ample levels of shares remaining under our existing authorization for future repurchases at approximately 12.1 million shares. And considering our ongoing strong liquidity and free cash flow, as long as we continue to believe that our stock remains undervalued and does not reflect our confidence in the long-term strength of the business, we plan to continue buying back our stock opportunistically throughout 2023.

就資本配置而言，鑑於我們強勁的自由現金流水平和我們認為相對於我們預期的長期業績仍然被低估的股價，我們一直在機會主義地加速回購我們的股票。今年迄今為止，這是我們最大的 6 億美元回購或近 600 萬股股票回購之一。在這些回購之後，根據我們現有的授權，我們有足夠的股票水平剩餘，用於未來回購約 1210 萬股。考慮到我們持續強勁的流動性和自由現金流，只要我們繼續相信我們的股票仍然被低估並且不能反映我們對業務長期實力的信心，我們計劃在整個 2023 年繼續機會主義地回購我們的股票.

Looking ahead, given the strength we continue to see in our business, we are reiterating our full year outlook of double-digit top line growth with margin expansion. As it pertains to the second quarter, it is important to remember that although we continue to see strong travel demand, we expect year-over-year top line growth to moderate in the short term to mid-single digits, primarily driven by a tougher compare given the strength in the business last year from the immediate rebound we saw post Omicron as well as some short-term disruption to Vrbo resulting from its migration to the core Expedia stack.

展望未來，鑑於我們在業務中繼續看到的實力，我們重申了我們的全年收入兩位數增長和利潤率擴張的前景。關於第二季度，重要的是要記住，儘管我們繼續看到強勁的旅遊需求，但我們預計短期內收入同比增長將放緩至中等個位數，這主要是由於更嚴格的考慮到去年我們在 Omicron 之後看到的立即反彈以及 Vrbo 遷移到核心 Expedia 堆棧導致的一些短期中斷的業務實力。

In addition, similar to the first quarter, we expect to lean into marketing in the second quarter as we invest to drive gross bookings and increase loyalty membership and app usage ahead of the busy summer season, all of which has set us up for a stronger back half. Overall, we expect to see EBITDA margins in the second quarter to be relatively in line with last year.

此外，與第一季度類似，我們預計第二季度將專注於營銷，因為我們會在繁忙的夏季之前投資推動總預訂量並增加忠誠度會員和應用程序使用，所有這些都為我們建立了更強大的後半。總體而言，我們預計第二季度的 EBITDA 利潤率將與去年持平。

In closing, 2023 is off to a great start, with record revenue and cash flow. The travel industry appears to be strong and growing, and our growth initiatives are gaining momentum. And all of this, we believe positions us well to drive long-term growth and shareholder returns.

最後，2023 年開局良好，收入和現金流均創歷史新高。旅遊業似乎很強大並且在增長，我們的增長計劃正在獲得動力。所有這一切，我們相信我們能夠很好地推動長期增長和股東回報。

And with that, I would now like to open the call for questions. Thank you.

有了這個，我現在想開始提問。謝謝。

(Operator Instructions) Our first question today comes from Lee Horowitz with Deutsche Bank.

（操作員說明）我們今天的第一個問題來自德意志銀行的 Lee Horowitz。

Great. So you talked a lot about continued improvement in loyalty and app usage. But can you maybe help us sort of clarify sort of all indirect bookings and how that's trending and how that informs the way you view advertising leverage, particularly in the second half of the year and you look out to next year? And I have one follow-up after if I could.

偉大的。所以你談到了很多關於忠誠度和應用程序使用的持續改進。但是你能不能幫我們澄清一下所有間接預訂的種類，以及它的趨勢如何，以及它如何影響你看待廣告槓桿的方式，特別是在今年下半年，你期待明年嗎？如果可以的話，我會進行一次跟進。

Sure. Thanks, Lee. It's a little hard to hear you, but I think I got it. The -- so basically, the way we think about it is, our business, we said it last quarter, it's running at a similar level. About 2/3 of the business comes from direct. That continues to grow as a nominal number, but as a percentage, it's fairly similar to where it was a quarter ago. And basically, yes, we are investing in app and these longer -- and loyalty and these longer-term payback products. But remember, we're only taking a portion of our quarterly spend, if you will, and putting it into these channels.

當然。謝謝，李。聽你說話有點困難，但我想我明白了。 - 所以基本上，我們考慮它的方式是，我們的業務，我們在上個季度說過，它的運行水平相似。大約 2/3 的業務來自直接。這個名義數字繼續增長，但就百分比而言，它與一個季度前的水平非常相似。基本上，是的，我們正在投資於應用程序和這些更長期——以及忠誠度和這些更長期的回報產品。但請記住，如果您願意，我們只會拿出季度支出的一部分，並將其投入這些渠道。

So it's not like we reversed the model, and it's all into these long-term channels. We are peeling off a portion of it, a fairly modest but sizable portion, and putting it into these longer channels. It means we give up some short-term payback and it means we stack up these customers over time. But given that it's not our full spend, it takes a while for this to stack up. Then you add to that, that we are now getting back to the conversion levels we used to have and accelerating through them as we get HCOM on BEX stack, as we get Vrbo on the new stack and we're accelerating BEX itself because -- Brand Expedia itself because we are just upping the velocity of testing massively.

所以不是說我們把模型倒過來了，都是進入這些長期渠道。我們正在剝離其中的一部分，一個相當小但相當大的部分，並將其放入這些更長的通道中。這意味著我們放棄了一些短期回報，也意味著我們隨著時間的推移積累了這些客戶。但鑑於這不是我們的全部支出，因此需要一段時間才能累積起來。然後你補充說，當我們在 BEX 堆棧上獲得 HCOM 時，我們現在回到我們過去擁有的轉換水平並加速通過它們，因為我們在新堆棧上獲得 Vrbo 並且我們正在加速 BEX 本身，因為 -品牌 Expedia 本身，因為我們只是在大幅提高測試速度。

So we're getting a lot of improvement. A lot of it is coming through this year and coming even as we speak. And so the reason we have confidence in the leverage that will come in the back half of this year and the future is we're both stacking up the loyalty and the app usage and all these more direct channels. That's what we're doing with the money that we can tactically spend differently, but we're also changing and improving the product and the conversion in the product so that every dollar will work harder in the future.

所以我們得到了很大的改進。很多都是今年發生的，就在我們說話的時候。因此，我們對今年下半年和未來的槓桿作用充滿信心的原因是我們都在積累忠誠度和應用程序使用以及所有這些更直接的渠道。這就是我們用我們可以在戰術上以不同方式花費的錢所做的事情，但我們也在改變和改進產品以及產品的轉換，以便每一美元在未來都能發揮更大的作用。

So all of that's coming and then One Key launches in July, which is yet again another sticky product feature that will add millions of people from Vrbo, customers from Vrbo into the mix and allow more of our loyalty members to spend across more products. So all of that is coming kind of at the same time, not that it's going to be a moment in time inflection, but it's building on itself. And that's why we said second half of this year will be stronger. And obviously, going forward beyond that once we get past the One Key rollout, et cetera, would be stronger. So that's what gives us confidence in the marketing leverage. It's not like one tactical change in spend changes at all. It's a combination of building that up over time, plus adding the product benefits and getting all the technical work behind us.

因此，所有這些都即將到來，然後 One Key 將於 7 月推出，這又是另一個具有粘性的產品功能，它將增加 Vrbo 的數百萬用戶和 Vrbo 的客戶，並允許我們更多的忠誠會員在更多產品上消費。所以所有這一切都在同時發生，並不是說它會是一個時間的轉折點，而是在它自己的基礎上建立起來的。這就是為什麼我們說今年下半年會更強勁。顯然，一旦我們通過了“一鍵”推出等等，就可以超越這一點，這將更加強大。這就是讓我們對營銷槓桿充滿信心的原因。這根本不像是支出變化的一種戰術變化。它是隨著時間的推移建立起來的組合，加上增加產品優勢和讓我們完成所有技術工作。

Great. And then one more. With travel seemingly shifting back towards areas where you guys are incredibly strong, urban, international and the like, can you give us an update on how you think U.S. hotel share progressed in the quarter? And what your expectations are here for the rest of the year, particularly with HCOM accelerating at this point?

偉大的。然後再來一個。隨著旅行似乎重新回到你們非常強大的地區、城市、國際等地區，您能否向我們介紹一下您認為本季度美國酒店份額的進展情況？您對今年餘下時間的期望是什麼，尤其是 HCOM 此時正在加速發展？

Yes. I think broadly, we feel like -- from a share perspective in hotels in North America, we essentially held share, maybe slightly better. We're not overinvesting the problem again. It's a balance -- this journey is a balance of how you spend versus how the technology comes online. We could have spent a lot more on Hotels.com last year, but it wouldn't have been as effective as Hotel.com gets better, we can spend more.

是的。我認為，從廣義上講，我們覺得——從北美酒店的份額角度來看，我們基本上持有份額，也許略好一些。我們不會再次過度投資這個問題。這是一個平衡——這個旅程是你如何花費與技術如何上線的平衡。去年我們本可以在 Hotels.com 上花更多錢，但它不會像 Hotel.com 變得更好那樣有效，我們可以花更多錢。

So all of these capabilities give us more weapons to fight better in the fight. And so we feel like we've held maybe slightly better, and we should see acceleration from that. And equally importantly, we did pull back, as you know, in the past few years from some international spots where we were not as effective and as efficient, but as we now feel like the products improved, we have a marketing model that we believe in, we feel like we'll be in a position to start rolling out more aggressively. Not a North America story, it has been for a while, but this is really how do we grow beyond that as we get past these technical hurdles and are in a position to roll more quickly across the world.

所以所有這些能力都給了我們更多的武器，讓我們在戰鬥中更好地戰鬥。所以我們覺得我們可能稍微好一點，我們應該看到加速。同樣重要的是，正如你所知，在過去幾年裡，我們確實從一些我們沒有那麼有效和高效的國際地點撤退，但隨著我們現在感覺產品得到改進，我們有一個我們相信的營銷模式在，我們覺得我們將能夠開始更積極地推出。這不是北美的故事，已經有一段時間了，但這確實是我們如何超越這些技術障礙，並能夠更快地在世界範圍內推廣的方法。

Our next question comes from Kevin Kopelman with Cowen.

我們的下一個問題來自 Kevin Kopelman 和 Cowen。

This is Jacob Seide in for Kevin Kopelman. Just a question on One Key launch. So with the launch in July, how are you thinking about some of the smaller brands that are not going to be included in the launch? And how are you thinking about managing them going forward?

這是 Jacob Seide 代替 Kevin Kopelman。只是一個關於一鍵啟動的問題。那麼隨著 7 月的發布，您如何看待一些不會包含在發布中的較小品牌？您打算如何管理它們？

Yes. Thanks, Jacob. I think we've talked about it a couple of times before. But by and large, we have somewhat deemphasized and not invested as strongly in the smaller brands as we continue to put more heft behind the big 3 brands. One Key will envelop the big 3. And we certainly aren't going to take our brands away from people right away or anything, but we do believe that, that over time, people will migrate to our big 3 brands where the latest product features are, where One Key is, et cetera.

是的。謝謝，雅各布。我想我們之前已經談過幾次了。但總的來說，隨著我們繼續加大對三大品牌的支持，我們對小品牌的重視程度有所降低，也沒有那麼大的投資。 One Key 將涵蓋三大品牌。我們當然不會立即將我們的品牌從人們手中奪走，但我們確實相信，隨著時間的推移，人們將遷移到我們的三大品牌中，這些品牌具有最新的產品特色是，One Key 在哪裡，等等。

So essentially, the way to think about it, and that's why we've talked about how Brand Expedia is doing, how Hotel.com is accelerating is we've got a drag on the business, which is sort of our other brands going sideways to slightly down as against the businesses that are growing more quickly, where we're investing and where the product is accelerating faster. So it's essentially -- there's a little bit of the big brands have to eat the sideways or slightly slow degradation of the other brands, but that's something we've planned for in terms of the guidance we've given this year and certainly something we plan for long term.

所以從本質上講，思考它的方式，這就是為什麼我們談論 Brand Expedia 的表現，Hotel.com 的加速是我們對業務的拖累，這是我們其他品牌的橫盤整理與增長更快、我們正在投資和產品加速更快的業務相比，略有下降。所以它本質上是 - 有一些大品牌不得不吃掉其他品牌的橫向或稍微緩慢的退化，但這是我們在今年給出的指導方面計劃的事情，當然也是我們的事情長期計劃。

Our next question comes from [Anthony Post] with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 [Anthony Post]。

I guess a couple of things. When I see the B2B growth versus outpacing the core retail, how do you think about that business as a margin versus your core business? And should we expect to see more the retail accelerate as you kind of fix the platforms at Expedia and Hotels.com? And then secondly, as you think about the overall use of cash, anything to stop you from deploying cash flow to buybacks, anything on the debt side we should be thinking about?

我猜有幾件事。當我看到 B2B 增長超過核心零售時，您如何看待該業務作為利潤率與您的核心業務相比？當您修復 Expedia 和 Hotels.com 的平台時，我們是否應該期望看到更多的零售加速？其次，當你考慮現金的整體使用時，任何阻止你將現金流用於回購的事情，我們應該考慮的債務方面的任何事情？

Yes. I'll take the first part and then leave the capital side to Julie. But -- so I think the B2B business has been growing terrifically, as I mentioned in my prepared remarks, we haven't had to do any big technical migrations. In fact, we've added to the capabilities over the last couple of years and we've seen the benefits of that in many of our business lines. That business saw great growth in part because it is more exposed to some of the geographies that came back last quarter. So the opening of Asia is more impactful for our B2B business, Latin America, et cetera.

是的。我將承擔第一部分，然後將資本方面留給朱莉。但是——所以我認為 B2B 業務一直在快速增長，正如我在準備好的發言中提到的那樣，我們不必進行任何重大的技術遷移。事實上，我們在過去幾年中增加了這些功能，我們已經在我們的許多業務線中看到了它的好處。該業務取得了巨大增長，部分原因是它更容易受到上個季度回歸的一些地區的影響。因此，亞洲的開放對我們的 B2B 業務、拉丁美洲等地區的影響更大。

So some of it is geographical mix that you're seeing there. But definitely, we expect our B2B business to continue to grow. I think I said a few years ago, this was an area we saw lots of opportunity that we were going to push into. So we expect and we'll be driving as much growth there as we can, again, to fill in the pockets of demand that we would not otherwise reach through our B2C business. But absolutely, we expect our B2C business to accelerate as we get through this major surgery we've done over the last few years, which has taken a long time and is painful.

所以其中一些是你在那裡看到的地理組合。但可以肯定的是，我們預計我們的 B2B 業務將繼續增長。我想我幾年前說過，這是一個我們看到了很多機會的領域，我們將要進入這個領域。因此，我們期望並且我們將再次推動盡可能多的增長，以填補我們無法通過 B2C 業務實現的需求。但絕對地，我們希望我們的 B2C 業務能夠加速，因為我們完成了過去幾年進行的這項大手術，這需要很長時間並且很痛苦。

But as we get across, we are in a better and better position every day to accelerate. We've got a few of these last lift to get through for sure. But hopefully, we're on the back 9, and we're close to the end of that, and we can put all our resource, technical product design resource against accelerating growth once we are across these things. So we do expect -- I'm not going to say I expect B2B to slow down to B2C. I expect B2C to accelerate, and I expect both businesses to grow well in the coming period.

但是隨著我們越過，我們每天都處於越來越好的位置來加速。我們有一些最後的電梯可以肯定地通過。但希望我們在後 9 位，我們已經接近尾聲，一旦我們完成這些事情，我們就可以將我們所有的資源、技術產品設計資源用於加速增長。所以我們確實期望 - 我不會說我希望 B2B 放緩到 B2C。我預計 B2C 會加速發展，我預計這兩項業務在未來一段時間內都會增長良好。

And from a capital allocation perspective, our approach hasn't changed. We did sort of lay out the targeted leverage ratio this time just to sort of give disclosure to what we internally are striving for, and we will make progress towards that this year and going forward. And we can make progress towards that with EBITDA growth and potentially some small paydown of debt. And it won't take much given how much you already reduced our debt level.

從資本配置的角度來看，我們的方法沒有改變。我們這次確實制定了目標槓桿率，只是為了披露我們內部正在努力實現的目標，我們將在今年和未來朝著這個目標取得進展。我們可以通過 EBITDA 增長和潛在的小額債務償還來取得進展。考慮到您已經降低了我們的債務水平，這不會花費太多。

So all that to say with strong EBITDA and strong free cash flow, we have a lot of cash available to be able to deploy to buybacks. As we have done with our largest one to date -- one of our largest ones to date that we've done about $600 million this year. So there's still ample room and availability to be able to buy back. And as long as our stock is trading at the levels it is relative to what we know the long-term performance company is going to do, we will continue to do that opportunistically.

因此，憑藉強勁的 EBITDA 和強勁的自由現金流，我們有大量現金可用於回購。正如我們迄今為止完成的最大的一項——迄今為止我們最大的一項，我們今年已經完成了大約 6 億美元。因此，仍有足夠的空間和可用性可以回購。只要我們的股票交易水平與我們所知道的公司長期業績相關，我們就會繼續投機取巧。

Our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

So much of the focus for investors tends to be in the North America market. And you made some interesting comments about some of the international markets on this call so far. Can you give us an update on your view on where you sit competitively and how you think about the investment cycle to drive growth away from North America, maybe through the lens of some of the B2B and B2C initiatives and some of the refocused brand initiatives, so we have a better understanding of that?

投資者的大部分注意力都集中在北美市場。到目前為止，你在這次電話會議上對一些國際市場發表了一些有趣的評論。您能否向我們介紹一下您對競爭地位的最新看法，以及您如何看待推動北美增長的投資週期，也許是通過一些 B2B 和 B2C 計劃以及一些重新聚焦的品牌計劃的鏡頭，所以我們對此有更好的理解？

Sure. Let me kind of work backwards. I think B2B is a great business, a great tool for us to reach pockets of demand. As I said, that we don't otherwise reach or reach well. That might be geographical like China, for example, where we have -- where we expect a good rebound there, and we have a nice book of business with partners in China and -- or it might be a loyalty program in a market we're already in, but that has a captive audience that's burning points in a bank credit card program or something.

當然。讓我倒退一下。我認為 B2B 是一項偉大的業務，是我們滿足需求的絕佳工具。正如我所說，我們無法以其他方式達到或達到很好的效果。這可能是像中國這樣的地理區域，例如，我們在那裡 - 我們預計那裡會有良好的反彈，並且我們與中國的合作夥伴有很好的業務記錄 - 或者它可能是我們在市場上的忠誠度計劃'你已經進去了，但它有一個俘虜的觀眾，他們在銀行信用卡程序或其他東西中燃燒點。

So that business definitely gives us ways to participate in travel economies that we are not otherwise sort of going head-to-head in the B2C side. But as we talk about the B2C side, we've had presence in many markets around the world, some of which we are just leaned into as we've ever been, and some of which we -- as we talked about in the prior periods, we pulled out of because the economics just weren't worth it. We were losing money and not gaining retainable share, I would say, without having to continue to spend than lose money.

因此，該業務無疑為我們提供了參與旅遊經濟的方式，否則我們不會在 B2C 方面進行正面交鋒。但是當我們談論 B2C 方面時，我們已經在世界各地的許多市場開展業務，其中一些我們只是像以往一樣傾向於進入，而其中一些我們 - 正如我們在之前談到的那樣期間，我們退出是因為經濟上不值得。我們正在賠錢，沒有獲得可保留的份額，我會說，不必繼續花錢而不是賠錢。

We believe what we had to do and what we've been doing is building a better model, a better product, a better go-to-market marketing strategy that helps us acquire the right kinds of customers who value what we have, which is the best product, the best loyalty program, the best service in the category and that may or may not be every customer in the world, but we believe we can target those customers in lots of geographies. There are big pockets of them that we don't touch right now that are opportunities, and there are also pockets of them that we used to touch less efficiently that we think we can go back to with strength.

我們相信我們必須做的和我們一直在做的是建立一個更好的模型，一個更好的產品，一個更好的上市營銷策略，幫助我們獲得合適的客戶，他們重視我們擁有的東西，這是同類產品中最好的產品、最好的忠誠度計劃、最好的服務，可能是也可能不是世界上的每個客戶，但我們相信我們可以針對許多地區的這些客戶。有很多我們現在沒有觸及的機會，但也有一些我們過去觸及的效率較低的口袋，我們認為我們可以憑藉實力回歸。

So I think you'll see us -- it's not going to be a huge story in the numbers this year, although we have seen a great comeback in EMEA, in Asia, in Latin America, where we do participate. But that's a bigger story over time as we get our One Key launch done, as we get our product complete and as we can start to move our strategy more holistically into new markets and target the right customers for us.

所以我想你會看到我們——今年的數字不會是一個巨大的故事，儘管我們在歐洲、中東和非洲、亞洲、拉丁美洲看到了一個偉大的回歸，我們確實參與其中。但隨著時間的推移，隨著我們完成 One Key 發布，隨著我們完成產品，並且我們可以開始更全面地將我們的戰略轉移到新市場並為我們瞄準合適的客戶，隨著時間的推移，這是一個更大的故事。

Our next question comes from Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀集團的 Lloyd Walmsley。

This is Chris on for Lloyd. Maybe the first question on just as we think about the '23 double-digit growth guide on both the top and bottom line. Just philosophically, how are you -- how do you think about potentially showing letting upside flow through on either the top line or bottom line for this year? And then second, just going -- it sounds like things are turning around in the air product. Just can you talk a bit about how you think about air as a separate funnel potentially for driving room night growth from here?

這是勞埃德的克里斯。也許第一個問題就在我們考慮 23 年最高和最低兩位數增長指南時。從哲學上講，你如何 - 你如何看待可能讓今年的頂線或底線出現上行趨勢？其次，只是去 - 聽起來空氣產品的情況正在好轉。你能談談你如何看待空氣作為一個單獨的漏斗可能從這裡推動房間夜間增長嗎？

So as far as the guidance, I didn't hear all of what you said, but I think basically the question is, what gives you the confidence to be able to hit the top line and the bottom line guidance, which does include margin expansion. I mean it's several things. Peter alluded to many of them. But I mean, obviously, it starts with the travel industry -- strength of travel industry is really strong. Everyone is reporting great numbers. And so clearly, the consumer is prioritizing their spend on travel.

所以就指導而言，我沒有聽到你說的所有內容，但我認為基本上問題是，是什麼讓你有信心能夠達到頂線和底線指導，其中包括利潤率擴張.我的意思是有幾件事。彼得提到了其中的許多人。但我的意思是，很明顯，這要從旅遊業開始——旅遊業的實力確實很強。每個人都在報告大量數據。很明顯，消費者正在優先考慮他們的旅行支出。

We're seeing it in our own business with the success we're seeing with the Brand Expedia business with a 30% growth in gross bookings and then Hotels.com getting on that platform and at post-migration now driving 20% increase in gross bookings. We have a B2B business that's growing 55%, which is a halo for the rest of the business. We have Q2, we're at the moment where we've got to address this tougher year-over-year compare, and we're going through the Vrbo migration. But when we come out the other side, Vrbo will be on the platform that is delivering that same sort of double-digit growth. And so we're excited to see that. And then on top of everything else we're doing with the growing loyalty member base, the growing app user base and all of the goodness that, that will drive in the back half, along with all of our tech and product initiatives, that's what gives us the confidence that we're going to be able to hit this guidance on the full year.

我們在我們自己的業務中看到了這一點，我們在 Brand Expedia 業務中看到了成功，總預訂量增長了 30%，然後 Hotels.com 進入該平台，在遷移後現在推動總預訂量增長 20%預訂。我們的 B2B 業務增長了 55%，這對其他業務來說是一個光環。我們有第二季度，我們現在必須解決這個更艱難的同比比較，我們正在經歷 Vrbo 遷移。但當我們走到另一邊時，Vrbo 將在提供同樣兩位數增長的平台上。所以我們很高興看到這一點。然後，除了我們正在做的所有其他事情之外，我們正在做的還有不斷增長的忠誠度會員群、不斷增長的應用程序用戶群以及將在後半部分推動的所有好處，以及我們所有的技術和產品計劃，這就是讓我們有信心我們將能夠在全年達到這一指導。

Yes. And I'll just take the second part on air. We've been innovating a lot on air. Now it's important to remember, since if you go back pre-COVID, we sold Egencia, our corporate business to Amex GBT, and we got out of the air business with our partner, Chase. So there's some weird comps if you go back in history. But if you look at the air product, I think we've made huge progress on it as a product. You'll find we have price tracking and predictions now in most of the world. That's been a great engagement product. It's helped with conversion. It's helped with attached sales of hotels and other things.

是的。我將播出第二部分。我們在廣播方面進行了很多創新。現在重要的是要記住，因為如果你回到 COVID 之前，我們將公司業務 Egencia 出售給了美國運通 GBT，並且我們與合作夥伴 Chase 退出了航空業務。所以如果你回顧歷史，就會有一些奇怪的組合。但是如果你看看空中產品，我認為我們在它作為產品方面取得了巨大的進步。您會發現我們現在在世界大部分地區都有價格跟踪和預測。那是一個很棒的參與產品。它有助於轉換。它有助於酒店和其他東西的附加銷售。

We've increased our speed. We've got smart shopping, which is a new capability of comparison shopping -- or looking at the best seats and the different economy -- basic economy, et cetera, and comparing more easily. We used AI to suggest the best option for each customer. So all of these things are in the works. We've improved our search speed considerably recently. So there's a bunch of work going in to make that product, the preeminent product in the space again. And I think we definitely look at it as an opportunity. It's a unique capability, something we've always been strong in, something we can drive traffic through. We have a lot of opportunity to improve our attach rates and our packaging, if you will. We have terrific package rates for many of our partners, and we've just started deploying as part of the run-up to One Key member flight member discounts, which we've never had before, which is a great opportunity for airlines to use their pricing to help get the best customers out of our marketplace.

我們提高了速度。我們擁有智能購物，這是一種比較購物的新功能——或者查看最佳座位和不同的經濟——基本經濟等，並且更容易進行比較。我們使用 AI 為每個客戶建議最佳選擇。所以所有這些事情都在進行中。我們最近大大提高了搜索速度。因此，需要做大量工作才能使該產品再次成為該領域的卓越產品。我認為我們絕對將其視為一個機會。這是一種獨特的能力，我們一直擅長的東西，我們可以通過它來推動流量。如果您願意，我們有很多機會提高我們的附加率和我們的包裝。我們為我們的許多合作夥伴提供了極好的套餐價格，我們剛剛開始部署作為 One Key 會員航班會員折扣的一部分，這是我們以前從未有過的，這是航空公司使用的絕佳機會他們的定價有助於從我們的市場中吸引最好的客戶。

So I think there's a lot of things that have been in the works and coming. And again, this is just one of the areas where I say the technology has been evolving through this period and it's all getting to a place where it can be much more effective. And we haven't spent much time on it. But obviously, once everything is on the same stack, we start to have a unique capability to start moving more products across brands. So things we've talked about before, like better selling, our Vrbo content, on our OTA brands and through those points of sales becomes a reality. Selling Vrbo content through our B2B partners, there's some vacation rental content in our OTA brands that isn't on our Vrbo stack. So we will have that consolidated. So there's lots of opportunities that come from this migration that are all in sort -- air is one of them, and we've done a lot there, but there are many.

所以我認為有很多事情已經在進行中和即將到來。再一次，這只是我所說的技術在這段時間裡不斷發展的領域之一，而且它正在達到一個可以更有效的地方。我們並沒有花太多時間在這上面。但很明顯，一旦一切都在同一個堆棧上，我們就開始擁有一種獨特的能力，可以開始跨品牌移動更多產品。所以我們之前談過的事情，比如更好的銷售，我們的 Vrbo 內容，在我們的 OTA 品牌上以及通過這些銷售點成為現實。通過我們的 B2B 合作夥伴銷售 Vrbo 內容，我們的 OTA 品牌中有一些度假租賃內容不在我們的 Vrbo 堆棧中。因此，我們將對其進行整合。所以這次遷移帶來了很多機會——空氣就是其中之一，我們在那裡做了很多，但還有很多。

Our next question comes from John Colantuoni with Jefferies.

我們的下一個問題來自 Jefferies 的 John Colantuoni。

This is Chris on for John. Can you double click on the commentary from last quarter around delivering margin expansion throughout the year? And maybe just give us a sense for kind of what line items we should expect that to come from and then help us size the (inaudible) you're anticipating as well?

這是約翰的克里斯。您能否雙擊上一季度關於全年實現利潤率擴張的評論？也許只是讓我們了解我們應該期望來自哪些訂單項，然後幫助我們確定您預期的（聽不清）大小？

Yes. I mean as far as margin expansion as we move throughout the year. I mean, certainly, as we deliver more top line growth. And right now, we're sort of more of a mode of driving gross bookings where we don't get the benefit of that to revenue -- into earnings until the stay. And so in the back half with this outperformance that we're seeing today, we expect to have that benefit the P&L. And of course, we're expecting marketing leverage as we move throughout the year based on all the things we talked about that we're going to benefit from.

是的。我的意思是就我們全年移動的利潤率擴張而言。我的意思是，當然，隨著我們實現更多的收入增長。而現在，我們更像是一種推動總預訂量的模式，在這種模式下，我們無法從收入中獲益——直到入住為止。因此，在我們今天看到的這種出色表現的後半部分，我們希望 P&L 受益。當然，我們期望根據我們談論的所有我們將從中受益的事情，在全年移動時利用營銷槓桿。

So it's really those two lines. We're going to be obviously working on efficiencies across the company as we deliver on our tech stack and start to be able to repurpose individuals and cut costs and things like that, and that will also drive some efficiencies, but it's really the top line revenue growth and the marketing efficiencies in the back half.

所以這真的是這兩行。顯然，我們將致力於提高整個公司的效率，因為我們交付了我們的技術堆棧，並開始能夠重新調整個人的用途並削減成本等等，這也會提高一些效率，但這確實是最重要的收入增長和後半部分的營銷效率。

Yes. And I'd just add one thing, which is the shape of the curve this year is we have a lot of work to get done, and that involves a lot of people being dedicated to these big lifts. But as we get towards the end of the year, a lot of that work subsides so that we can stick those people and that great talent on growth initiatives that are more near-term generative.

是的。我只想補充一件事，那就是今年的曲線形狀是我們有很多工作要做，這涉及到很多人致力於這些大型升降機。但隨著我們接近年底，很多工作都會停止，這樣我們就可以讓那些人和那些優秀的人才參與到更近期的增長計劃中。

So that's part of what happens is every time we put something to bed, we get more resource available to drive conversion growth, to drive improvement in the customer experience that turns into money. So that the efficiency we get going forward once we're over these big lifts is much bigger. How much of it hits this year versus future years, TBD. But that's the journey we're on is we've got to get over these big humps and then we start -- we've seen it already when we did the Hotels.com conversion, the migration. We freed up a lot of talent to work on near-term conversion wins, and it's been hugely productive for us. Again, every time we do one of these, we get more capability back to put against more near-term uplift in the business. And so that's where we start to get more separation relative to the cost base, and that's partially this year, but it's obviously more going forward.

因此，這就是每次我們把東西放在床上時發生的事情的一部分，我們會獲得更多可用資源來推動轉化率增長，推動客戶體驗的改善，從而轉化為金錢。因此，一旦我們完成這些大型升降機，我們前進的效率就會大得多。今年與未來幾年相比，有多少受到影響，待定。但這就是我們正在進行的旅程，我們必須克服這些巨大的障礙，然後我們才能開始——當我們進行 Hotels.com 的轉換和遷移時，我們已經看到了這一點。我們騰出了很多人才來致力於近期的轉化勝利，這對我們來說非常有成效。同樣，每次我們執行其中一項操作時，我們都會獲得更多的能力來應對近期業務的提升。因此，這就是我們開始與成本基礎進行更多分離的地方，今年部分是這樣，但顯然更向前發展。

Our next question comes from Tom Champion with Piper Sandler.

我們的下一個問題來自 Tom Champion 和 Piper Sandler。

Peter, just any interesting observations behavior really on the GPT plug-in, maybe too early, but just curious any comments. And then I think this is self-evident in your implication, but the tech replatforming will be ostensibly complete in the U.S. in July with the launch of One Key. Just curious if that's the case. And then maybe just a final one for Julie. I was a little surprised by the outsized impact of FX on EBITDA in 1Q. Curious if you could elaborate on that or add any details.

Peter，關於 GPT 插件的任何有趣的觀察行為，可能還為時過早，但只是好奇任何評論。然後我認為這在您的暗示中是不言而喻的，但是隨著 One Key 的推出，7 月份在美國的技術重新平台化表面上將完成。只是好奇是否是這種情況。然後也許只是朱莉的最後一個。我對第一季度外匯對 EBITDA 的巨大影響感到有些驚訝。想知道您是否可以詳細說明或添加任何詳細信息。

Thanks, Tom. I'll try the first couple. So you said the GPT -- the ChatGPT plug-in, which is that is where we have made a plug-in for their environment so that when people are searching, thinking about travel and their environment and want to see if there are hotels near the Eiffel Tower or what flight flew from L.A. to New York on Tuesday, if they have our plug-in, we can provide that. That is still only available in the paid and the developer environment. So it's not like out in the wild. So it's small still, but interesting to see how people behave. People are using it. And obviously, it's not materially changing our numbers, but it's definitely a lot of interesting learnings for us.

謝謝，湯姆。我會嘗試第一對。所以你說了 GPT——ChatGPT 插件，這是我們為他們的環境製作了一個插件，這樣當人們搜索、考慮旅行和他們的環境並想看看附近是否有酒店時埃菲爾鐵塔或週二從洛杉磯飛往紐約的航班，如果他們有我們的插件，我們可以提供。這仍然僅在付費和開發人員環境中可用。所以這不像在野外。所以它仍然很小，但是看看人們的行為很有趣。人們正在使用它。顯然，這並沒有實質性地改變我們的數字，但對我們來說絕對是很多有趣的學習。

We've also deployed it, which may have been what meant into our own iOS app, and that's to allow people to essentially use the capability in our app to do a similar thing, what hotels are near the Eiffel Tower or whatever they might be searching for. And what we do then is if ChatGPT provides answers and it's a series of hotels, we will take those hotels, save those hotels for people so that they can then go shop, comparison shop, look at images, do whatever they want.

我們還部署了它，這可能是我們自己的 iOS 應用程序的意思，這是為了讓人們實質上使用我們應用程序中的功能來做類似的事情，埃菲爾鐵塔附近有哪些酒店，或者他們可能是什麼尋找。然後我們要做的是，如果 ChatGPT 提供答案並且它是一系列酒店，我們將帶走這些酒店，為人們保存這些酒店，這樣他們就可以去購物、比較商店、查看圖像，做任何他們想做的事。

Again, early days, but people have engaged with it. It's been interesting to people, not a huge driver yet. And that's why I say we don't know how big a driver is going to be in behavior, but it's definitely interesting. And I'll just add, we wouldn't be the only company in the world, but we are on the forefront of looking at other ways that large language models can help other parts of our experience, whether it's with our partners, whether it's turning descriptions into property descriptions, making that easier for people. There's a lot of ways we think we can look at using AI in this construct, but we use AI and machine learning a lot of other constructs as I talked about, whether it's optimizing pictures or anything else.

同樣，早期，但人們已經參與其中。人們對它很感興趣，但還不是一個巨大的驅動力。這就是為什麼我說我們不知道駕駛員的行為會有多大，但這絕對很有趣。我只想補充一點，我們不會是世界上唯一的公司，但我們處於研究大型語言模型可以幫助我們體驗的其他部分的其他方式的最前沿，無論是與我們的合作夥伴，還是將描述轉化為屬性描述，使人們更容易做到這一點。我們認為有很多方法可以考慮在此構造中使用 AI，但正如我所說，我們使用 AI 和機器學習許多其他構造，無論是優化圖片還是其他任何東西。

So it's interesting, it's early, and we'll see and we'll see when the plug-in is available to a wider audience, what it drives, and we'll see what ChatGPT does to the search environment. We'd love to see more competition in global search. So we're rooting for a more competitive search environment, and we think we're staying on the absolute front of what anyone is doing in travel with large language models.

所以這很有趣，現在還很早，我們會看到，我們會看到插件何時可供更廣泛的受眾使用，它會驅動什麼，我們會看到 ChatGPT 對搜索環境的作用。我們希望在全球搜索中看到更多競爭。因此，我們正在支持更具競爭力的搜索環境，並且我們認為我們在使用大型語言模型的旅行中處於絕對領先地位。

As far as the tech replatforming goes, yes, the answer to your question is, yes. The last of the big things in the U.S. is really to launch One Key. Now a launch is a launch. And sometimes it takes a little time to harden that and make sure everything is working perfectly. But yes, essentially, once One Key is done in the U.S., that's the last of the sort of big boulder lifts we've had. Now we want to launch One Key in more places. There's work to do to complete the set, if you will, as we complete the geographical set of capabilities and so forth. But in terms of the really big lift on the biggest piece of our business, that would be the last of the lifts, and that's why I say, I think we'll have a lot more talent available to drive other things once we're over that hump.

就技術平台改造而言，是的，你的問題的答案是肯定的。美國最後一件大事真的是推出 One Key。現在發射就是發射。有時需要一點時間來強化它並確保一切正常。但是，是的，基本上，一旦 One Key 在美國完成，這就是我們擁有的最後一種大型抱石升降機。現在我們想在更多地方推出One Key。如果您願意的話，還有一些工作要做，因為我們完成了地理功能集等等。但就我們最大業務的真正巨大提升而言，那將是最後一次提升，這就是為什麼我說，我認為一旦我們做到了，我們就會有更多的人才來推動其他事情越過那個駝峰。

And as far as FX, obviously, it just really depends on which currencies we are transacting in and their relativity to the strength of the U.S. dollar. And the difference between the delta on the top and the bottom line is really just a function of Q1 is our lower earnings quarter. And so it has a more pronounced impact on the lower level of earnings relative to the top line. It's obviously a much bigger number. So it's just -- it's a function of math.

就外匯而言，顯然，這實際上取決於我們交易的貨幣及其與美元強勢的相關性。頂部和底部的三角洲之間的差異實際上只是第一季度的一個函數，即我們較低的收益季度。因此，相對於頂線，它對較低水平的收入有更顯著的影響。這顯然是一個更大的數字。所以它只是 - 它是數學的函數。

The next question comes from Mario Lu with Barclays.

下一個問題來自巴克萊銀行的 Mario Lu。

So the first one, a follow-up on One Key. You mentioned it's rolling out in July. Just -- is that a global rollout? Or just U.S? And then is there like a rough time frame we should think about in terms of when we should see the benefits of the joint loyalty program? I understand that take rates will take hit initially once points are redeemed. But just curious how we should think about the expected payback period?

所以第一個，是對 One Key 的跟進。你提到它將於 7 月推出。只是 - 這是全球推廣嗎？還是只有美國？然後，我們是否應該考慮一個大致的時間框架，即我們何時應該看到聯合忠誠度計劃的好處？我知道一旦積分被兌換，收費率最初會受到影響。但只是好奇我們應該如何考慮預期的投資回收期？

Sure. Thanks, Mario. So yes, the -- we are rolling on the U.S. first. We will roll out in the rest of the world more later in the year and next year. And then just keep in mind, there are differences in the rest of the world where, in some cases, not all brands are present. In some cases, we have a different brand in lieu of one of our brands. So they will take on slightly different flavors across the world. But the U.S. obviously is the biggest proof point and the biggest place in which we think the installed base gets the biggest lift.

當然。謝謝，馬里奧。所以是的，我們首先在美國推出。我們將在今年晚些時候和明年在世界其他地區推出更多。然後請記住，世界其他地區存在差異，在某些情況下，並非所有品牌都存在。在某些情況下，我們有不同的品牌來代替我們的一個品牌。因此，它們在世界各地的口味會略有不同。但美國顯然是最大的證明點，也是我們認為安裝基礎得到最大提升的最大地方。

And as far as that payback goes, obviously, loyalty is a thing which drives future repeat, future loyalty, future engagement. And as you know, we've been focused on signing up as many -- even before One Key, on getting way more of our customer base signed in, signed up and engaged with our products, not least of all because they see the best prices that way, they get rewarded for their travel, and they have reasons to come back. So we've modeled it a lot of different ways. It's difficult to say how quickly it pays back given that travel for most people is a 1.5x a year kind of endeavor on average. Now obviously, there are people who go 20x a year, like everybody on this call probably.

就回報而言，顯然，忠誠度會推動未來的重複、未來的忠誠度和未來的參與度。如您所知，我們一直專注於註冊盡可能多的用戶——甚至在 One Key 之前，我們一直專注於讓更多的客戶群登錄、註冊並使用我們的產品，尤其是因為他們看到了最好的這樣的價格，他們的旅行得到獎勵，他們有理由回來。所以我們用很多不同的方式對它進行建模。鑑於大多數人平均每年旅行 1.5 倍，因此很難說它的回報有多快。現在很明顯，有些人每年去 20 次，可能就像這次電話會議中的每個人一樣。

But -- so we will see, we've modeled it a series of ways, but we don't expect a huge payback in this year. We think some of it will come back this year and some of it will come back in the future, but we'll keep building on itself. And as we've said before, our intent is between all of the levers we have of spend, be it direct sales and marketing, paid search, discounting, loyalty and everything else. We view that as one pool of capital, and we intend to balance between those pools.

但是——所以我們會看到，我們已經通過一系列方式對其進行了建模，但我們預計今年不會有巨大的回報。我們認為其中一些會在今年回歸，其中一些會在未來回歸，但我們會繼續完善自身。正如我們之前所說，我們的意圖是在我們擁有的所有支出槓桿之間，無論是直銷和營銷、付費搜索、折扣、忠誠度還是其他一切。我們將其視為一個資金池，我們打算在這些資金池之間取得平衡。

So as we as we provide more loyalty, which will drive, again, some longer-term payback than the short-term paid search stuff. We will pull it out of other spots to accommodate that and live within an envelope of spend that we think is right in terms of what we should be spending all up against buying that future business. So again, it's a little bit a timing dislocation compared to that quick twitch muscle of performance marketing, but we think well worth it. And again, we are going to [develop] a whole millions of customers in Vrbo that used to live outside our loyalty plan that will all of a sudden be able to spend into our loyalty plan whether it's for a different kind of trip or something else. And likewise, all of our existing loyalty members in Expedia and Hotels.com will be able to use their points against vacation rental. So there's a lot of things that could be shorter to it, so a lot of things that will be longer and we've modeled it a bunch of ways, but we'll see. We don't have too much of the benefit coming in this year.

因此，隨著我們提供更多的忠誠度，這將再次帶來比短期付費搜索內容更長期的回報。我們將把它從其他地方拉出來以適應這一點，並生活在我們認為正確的支出範圍內，就我們應該花在購買未來業務的方面而言是正確的。因此，與績效營銷的快速抽動肌肉相比，這又是一個時間錯位，但我們認為這是值得的。再一次，我們將在 Vrbo [開發] 數以百萬計的客戶，他們曾經生活在我們的忠誠度計劃之外，他們將突然能夠在我們的忠誠度計劃中消費，無論是為了不同類型的旅行還是其他.同樣，我們在 Expedia 和 Hotels.com 的所有現有忠誠度會員都可以使用他們的積分來支付度假租金。所以有很多東西可以比它更短，所以很多東西會更長，我們已經用很多方法對它進行了建模，但我們會看到的。今年我們沒有太多的好處。

Got it. And just one for Julie, in terms of the 2Q commentary on the top line to mid-single digit, any color in terms of the drivers to get to that in terms of what level of bookings growth or take rate we should expect?

知道了。對於朱莉來說，就頂線到中等個位數的 2Q 評論而言，就我們應該期望的預訂增長水平或採用率而言，驅動因素方面的任何顏色？

No, we didn't go into that level of detail. I mean, obviously, it's a tough compare, I think, for a lot of companies for next quarter given the immediate rebound in travel post Omicron. So that's the biggest driver. That's bringing us down to the single digits. And of course, as we've been talking about, we're doing the Vrbo migration during the same time period. So those are the 2 real big drivers. And so I wouldn't think about anything else that's a big at play there.

不，我們沒有深入到那種程度的細節。我的意思是，很明顯，我認為對於下個季度的許多公司來說，鑑於旅行後 Omicron 的立即反彈，這是一個艱難的比較。所以這是最大的驅動因素。這使我們下降到個位數。當然，正如我們一直在談論的那樣，我們正在同一時間段內進行 Vrbo 遷移。所以這些是兩個真正的大驅動因素。所以我不會考慮其他任何重要的事情。

Our final question today comes from Jed Kelly with Oppenheimer.

我們今天的最後一個問題來自 Jed Kelly 和 Oppenheimer。

Great. Just 2 questions. Just on the Vrbo migration you called out. Are you seeing any pressures from sort of the vacation rental markets having call it, 3 record years and now people being able to travel to other destinations? And then just my second question related to supply. Can you just give us a sense how your Vrbo supply is trending? And then your supply in some of the international markets where we are in supply?

偉大的。只有2個問題。就在您調用的 Vrbo 遷移上。您是否看到來自度假租賃市場的任何壓力，創紀錄的 3 年，現在人們能夠前往其他目的地？然後我的第二個問題與供應有關。您能告訴我們您的 Vrbo 供應趨勢如何嗎？然後您在我們供應的一些國際市場上的供應？

Yes. Thanks for the question, Jed. So if you missed it, I mentioned it. But yes, we have seen a little bit of flattening in demand in VR, and that is largely because the length of stays have shortened, people are going to cities more than they're going to long extended beach -- COVID-era beach vacations or mountain vacations where they took a month and went wherever. So that's definitely changed, hybrid work has changed. So all of those things are impacting macro demand slightly.

是的。謝謝你的問題，傑德。所以如果你錯過了，我提到了它。但是，是的，我們已經看到 VR 的需求有點趨於平緩，這主要是因為停留的時間縮短了，人們去城市的時間比去長海灘的時間要多——COVID 時代的海灘假期或去山區度假，他們花了一個月的時間去任何地方。所以這肯定已經改變了，混合工作已經改變了。因此，所有這些都對宏觀需求產生了輕微影響。

Now much of it is going back to cities. In our VR business, we don't participate as much in the urban market, though we do have good product there. I mentioned it before, but we actually have good urban market product in our OTA brands, but it's not in our Vrbo brand. So one of the things that the Vrbo migration brings us is the ability to get all that content together. And that actually will help a lot. And as you think about supply because we've had it kind of in pockets as opposed to all available everywhere. And that makes a big difference in supply.

現在大部分都回到了城市。在我們的 VR 業務中，我們在城市市場的參與度不高，儘管我們在那裡確實有很好的產品。我之前提過，其實我們的OTA品牌有很好的城市市場產品，但是我們的Vrbo品牌沒有。因此，Vrbo 遷移帶給我們的其中一件事就是能夠將所有內容整合在一起。這實際上會有很大幫助。當你考慮供應時，因為我們已經把它裝在口袋裡了，而不是隨處可用。這對供應產生了很大的影響。

Having said that, we've grown supply well in our Vrbo. And again, in our core product, which is whole home or apartment, and is focused not on shared spaces or any of that. But we've had good solid growth throughout the period, and we continue to add product that are principally focused on places where we've seen the most compression overall in the world. We're not trying to break brand-new ground where we don't have demand. But we have seen solid growth in supply. We'll continue to push into that. But I think the biggest unlock for us will actually come when we get the Vrbo migration done and all of our supply can move really to any point of sale and any endpoint in our brand system. And that's -- it will take us a little while to optimize. So I don't think that's like a moment in time inflection point. But that's the biggest opportunity for us to ramp up our supply and reveal it better to the demand in the market.

話雖如此，我們的 Vrbo 供應量增長良好。再一次，在我們的核心產品中，它是整個家庭或公寓，而不是專注於共享空間或任何其他空間。但是我們在整個期間都取得了良好的穩健增長，並且我們繼續添加主要集中在我們看到世界上整體壓縮程度最高的地方的產品。我們不會在沒有需求的地方開闢全新的領域。但我們看到供應穩步增長。我們將繼續推動這一點。但我認為，當我們完成 Vrbo 遷移並且我們所有的供應都可以真正轉移到我們品牌系統中的任何銷售點和任何端點時，我們最大的解鎖實際上就會到來。那就是——我們需要一些時間來優化。所以我不認為這是一個時間拐點。但這是我們增加供應並更好地滿足市場需求的最大機會。

Thank you. And with that, thank you, everybody. I think that was our last question. Thanks for joining us. We'll see you next quarter. Take care.

謝謝。然後，謝謝大家。我認為這是我們的最後一個問題。感謝您加入我們。我們下個季度見。小心。

This concludes today's call. You may now disconnect your lines. Have a nice day.

今天的電話會議到此結束。您現在可以斷開線路。祝你今天過得愉快。