Expedia Group Inc (EXPE) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q2 2023 Financial Results Teleconference. My name is Colby and I'll be the operator for today's call. (Operator Instructions).

大家好，歡迎參加 Expedia Group 2023 年第二季度財務業績電話會議。我叫科爾比，我將擔任今天電話的接線員。 （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.

作為開幕致辭，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。

Welcome to Expedia Group's Second Quarter 2023 Earnings Call. I'm pleased to be joined on today's call by our CEO, Peter Kern; and our CFO, Julie Whalen. As a reminder, our commentary today will include references to certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in our earnings release, and unless otherwise stated, any reference to expenses exclude stock-based compensation. We will also be making forward-looking statements during the call, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions, which are subject to risks and uncertainties that are difficult to predict.

歡迎參加 Expedia Group 2023 年第二季度財報電話會議。我很高興我們的首席執行官 Peter Kern 參加今天的電話會議；以及我們的首席財務官 Julie Whalen。提醒一下，我們今天的評論將提及某些非公認會計原則措施。這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的對賬已包含在我們的收益發布中，除非另有說明，否則任何對費用的提及均不包括基於股票的薪酬。我們還將在電話會議期間做出前瞻性聲明，即對未來事件的預測、預測或其他聲明。這些陳述基於當前的預期和假設，受到難以預測的風險和不確定性的影響。

Actual results could materially differ due to factors discussed during this call and in our most recent forms 10-K, 10-Q and other filings with the SEC. Except as required by law, we do not undertake any responsibility to update these forward-looking statements. Our earnings release, SEC filings and a replay of today's call can be found on our Investor Relations website at ir.expediagroup.com.

由於本次電話會議以及我們最近向 SEC 提交的 10-K、10-Q 表格和其他文件中討論的因素，實際結果可能存在重大差異。除法律要求外，我們不承擔更新這些前瞻性陳述的任何責任。您可以在我們的投資者關係網站 ir.expediagroup.com 上找到我們的收益發布、SEC 文件以及今天電話會議的重播。

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

接下來，讓我把電話轉給彼得。

Thanks, Harshit, and good morning, and thank you all for joining us today. Travel demand has remained robust, and we are pleased to see our continued execution result and solid performance for the second quarter. As gratifying as those results are, I'm even more excited with the progress on our platform transformation journey, having just launched One Key in the U.S. and continuing to be on schedule with our Vrbo migration.

謝謝哈希特，早上好，感謝大家今天加入我們。旅行需求依然強勁，我們很高興看到第二季度的持續執行結果和穩健表現。儘管這些結果令人欣喜，但我對我們的平台轉型之旅取得的進展感到更加興奮，我們剛剛在美國推出了 One Key，並繼續按計劃進行 Vrbo 遷移。

We are particularly pleased that we were able to meet our second quarter financial goals while electing to move some marketing spend from Q2 to Q3, where we believe it can better -- can be better spent in support of the launch of One Key and our accelerated growth in the back half of the year. Industry trends have remained broadly consistent with the first quarter, demand in North America and Europe has remained stable with stronger growth in APAC and Latin America.

我們特別高興的是，我們能夠實現第二季度的財務目標，同時選擇將一些營銷支出從第二季度轉移到第三季度，我們相信這可以更好地支持一鍵的推出和我們的加速下半年增長。行業趨勢與第一季度基本保持一致，北美和歐洲的需求保持穩定，亞太地區和拉丁美洲的增長強勁。

Travelers worldwide continue to favor shorter stays in urban locations versus longer trips in sun and ski destinations. As far as pricing, both hotel and vacation rental ADRs are holding up year-over-year, while international cross-border air fares are stable. U.S. domestic air fares have seen some declines as capacity increases. Rental car rates continue to decline as inventories normalized from compressed levels last year, resulting in more attractive prices for consumers and more transactions. Overall, the data continues to show that travel remains a top priority for consumers. As I've explained before, our B2C strategy is to build products, features and customer propositions that attract and help us retain valuable customers and to move those customers into loyalty membership and app usage to amplify their value.

世界各地的旅行者仍然青睞在城市地區短暫停留，而不是在陽光和滑雪勝地進行較長時間的旅行。就定價而言，酒店和度假租賃的 ADR 同比保持穩定，而國際跨境機票價格則保持穩定。隨著運力的增加，美國國內機票價格有所下降。隨著庫存從去年壓縮的水平恢復正常，租車費率繼續下降，從而為消費者帶來更具吸引力的價格和更多的交易。總體而言，數據繼續表明旅行仍然是消費者的首要任務。正如我之前所解釋的，我們的 B2C 戰略是構建產品、功能和客戶主張，吸引並幫助我們留住有價值的客戶，並使這些客戶成為忠誠會員並使用應用程序，以放大他們的價值。

These travelers drive higher profits per transaction and higher repeat rates, ultimately leading to higher lifetime value. In addition, as these customers have a higher propensity to come to us through direct channels, this helps us drive future leverage in sales and marketing. As a combination of all of these factors, these travelers have a much higher return on investment and ultimately drive more profitable and faster growth as they stack up over time. As we continue to move from a purely transaction room night focused world, to one in which we focus on customers and lifetime value, we've been able to build a bigger, more valuable base of these high ROI travelers.

這些旅行者帶來更高的每筆交易利潤和更高的重複率，最終帶來更高的終生價值。此外，由於這些客戶更有可能通過直接渠道聯繫我們，這有助於我們提高未來在銷售和營銷方面的影響力。綜合所有這些因素，這些旅行者的投資回報率要高得多，隨著時間的推移，最終會帶來更多的利潤和更快的增長。隨著我們不斷從純粹以房晚交易為重點的世界轉向以客戶和終生價值為重點的世界，我們已經能夠為這些高投資回報率的旅行者建立一個更大、更有價值的基礎。

Our focus on acquiring and retaining loyalty members and app users to drive this strategy continues to show good results. This quarter, active loyalty members continued to hit new highs and were up 15% year-over-year in our core brands and the percentage of bookings coming through our apps was up 300 basis points sequentially versus the first quarter. We know that members with the app have the best economics, which is why we have been so focused on growing this segment of customers. In our Expedia brand in the U.S., I am pleased to say that we have seen this cohort of customers increased to roughly 135% versus 2019.

我們專注於獲取和留住忠誠會員和應用程序用戶，以推動這一戰略繼續取得良好成果。本季度，我們的核心品牌的活躍忠誠度會員繼續創下新高，同比增長 15%，通過我們的應用程序進行預訂的百分比比第一季度連續增長 300 個基點。我們知道擁有該應用程序的會員擁有最好的經濟效益，這就是為什麼我們如此專注於發展這部分客戶。我很高興地說，在我們美國的 Expedia 品牌中，我們看到這群客戶比 2019 年增加了約 135%。

As we roll out our strategy across all our brands and all our markets, there remains significant opportunity to accelerate further. A couple of weeks ago, we took another major step forward with the launch of One Key in the U.S. This is the most flexible travel rewards program in the industry, with our core brands unified under one loyalty program offering our customers the ability to earn and use One Key cash, a simple common currency across our vast breadth of flights, hotels, vacation rentals, car rentals, cruises and activities.

當我們在所有品牌和所有市場推出我們的戰略時，仍然存在進一步加速的重大機會。幾週前，我們又向前邁出了一大步，在美國推出了“一鍵”計劃。這是業內最靈活的旅行獎勵計劃，我們的核心品牌統一在一個忠誠度計劃下，為我們的客戶提供賺取和獎勵的能力。使用一鍵現金，這是一種簡單的通用貨幣，適用於我們廣泛的航班、酒店、度假租賃、汽車租賃、遊輪和活動。

In addition to the breadth of this program, this marks the first time any major vacation rental marketplace will have loyalty which is a significant differentiator against our competition. It's early days, but as we have seen historically, our loyalty members are much more productive. And with this now best-in-class program spanning our biggest brands, we expect to drive many more customers into the program and substantially increase our base of loyal travelers. Overall, our B2C business is finally nearing the end of its major changes and piece by piece, getting the benefit of new capabilities and greater agility that comes from a unified stack. With One Key at the door, our last major tech lift is the Vrbo migration to our main platform.

除了該計劃的廣度之外，這還標誌著任何主要度假租賃市場首次擁有忠誠度，這是我們與競爭對手的顯著區別。現在還處於早期階段，但正如我們從歷史上看到的那樣，我們的忠誠會員的工作效率要高得多。通過這個涵蓋我們最大品牌的一流計劃，我們希望吸引更多客戶加入該計劃，並大幅增加我們的忠實旅行者基礎。總體而言，我們的 B2C 業務終於接近其重大變革的尾聲，並逐步受益於統一堆棧帶來的新功能和更大的敏捷性。隨著“一鍵”的到來，我們最後的主要技術提升是 Vrbo 遷移到我們的主平台。

We have already moved 100% of our Vrbo U.S. web traffic to the platform and are on track to complete the migration during the fourth quarter. As we've explained before, we expect some modest headwinds to conversion as we transition. But ultimately, the payoff is well worth it with better conversion, increased feature velocity and ultimately better performance from Vrbo overall. Our single tech strategy is designed to give all of our brands the benefit of our entire suite of product features, including our latest advancements in AI and machine learning to personalize and enhance the customer experience.

我們已經將 100% 的 Vrbo 美國網絡流量轉移到該平台，並有望在第四季度完成遷移。正如我們之前所解釋的，我們預計在轉型過程中會遇到一些適度的阻力。但最終，回報是非常值得的，因為 Vrbo 具有更好的轉換、更高的功能速度以及最終更好的性能。我們的單一技術戰略旨在讓我們所有的品牌受益於我們整套產品功能，包括我們在人工智能和機器學習方面的最新進展，以個性化和增強客戶體驗。

On the topic of AI, earlier this year, we launched conversational trip planning powered by Chat GPT and the Expedia iOS app. And last month, we launched it on the Expedia Android app. We have been learning from consumer interactions and are adding a number of new features to help consumers on their journey of discovery. Travelers can now start a new conversation by choosing from suggested prompts and soon they will be able to return to a conversation at any time and even respond throughout a conversation by simply choosing a suggested response, all of which is designed to bring them one step closer to booking their desired trip.

關於 AI 主題，今年早些時候，我們推出了由 Chat GPT 和 Expedia iOS 應用程序提供支持的對​​話式旅行規劃。上個月，我們在 Expedia Android 應用程序上推出了它。我們一直在從消費者互動中學習，並添加了許多新功能來幫助消費者踏上探索之旅。旅行者現在可以通過從建議的提示中進行選擇來開始新的對話，很快他們就可以隨時返回對話，甚至只需選擇建議的響應即可在整個對話中進行響應，所有這些都是為了讓他們更近一步預訂他們想要的行程。

Beyond the growth and progress we've seen with our brands, we continue to see tremendous momentum in our B2B business, which grew revenue 32% year-over-year in the second quarter. Our B2B business has greater exposure outside the U.S. and has benefited by continued opening of markets around the world. The engine for our B2B business is fueled by the same technology, supply and service that serve our own brands. And as we have advanced in all areas over the last several years, this has only added to the velocity of our B2B business.

除了我們品牌的增長和進步之外，我們的 B2B 業務繼續保持強勁勢頭，第二季度收入同比增長 32%。我們的 B2B 業務在美國以外的地區擁有更大的曝光度，並受益於全球市場的持續開放。我們 B2B 業務的引擎由為我們自有品牌提供的相同技術、供應和服務提供動力。隨著過去幾年我們在各個領域取得的進步，這只會加快我們 B2B 業務的發展速度。

We believe we have the most successful and differentiated business in the travel world with a large addressable segment still available to penetrate further. And our wins in the marketplace continue to demonstrate that point. In the second quarter, we announced a new partnership with Mastercard where our tech will power Mastercard's global network of issuers so that their customers can spend their loyalty points on great travel experiences. And then another huge development for this segment, we teamed up with Walmart where we are now powering their first ever travel benefit for Walmart Plus members through our White-Label Template solution.

我們相信，我們擁有旅遊界最成功、最差異化的業務，仍有大量可尋址細分市場可供進一步滲透。我們在市場上的勝利繼續證明了這一點。第二季度，我們宣布與萬事達卡建立新的合作夥伴關係，我們的技術將為萬事達卡的全球發卡機構網絡提供支持，以便他們的客戶可以將忠誠度積分用於出色的旅行體驗。然後，該細分市場的另一個巨大發展是，我們與沃爾瑪合作，現在通過我們的白標模板解決方案為 Walmart Plus 會員提供有史以來的首次旅行福利。

We also continue to expand our tech delivery to our existing partners, not only through our core travel OS products, but through our expanding offering of solutions. After recently commercializing our fraud prevention capability, I'm happy to announce that our revenue performance API is now in pilot with one of the largest hotel management companies. As our tech continues to advance, driven by our industry-leading AI capabilities and the acceleration of our single platform strategy, there is much more opportunity to gain wallet share with our existing partners and to scale further with new partners.

我們還繼續擴大對現有合作夥伴的技術交付，不僅通過我們的核心旅行操作系統產品，而且通過我們不斷擴大的解決方案提供。在最近將我們的欺詐預防功能商業化後，我很高興地宣布，我們的收入績效 API 現已在最大的酒店管理公司之一進行試點。隨著我們行業領先的人工智能能力和單一平台戰略加速的推動，我們的技術不斷進步，我們有更多機會與現有合作夥伴分享錢包份額，並與新合作夥伴進一步擴大規模。

So overall, I'm very pleased with the momentum we now have and our accelerating product improvements as we move towards the second half of '23 and beyond. Over the last few years, we have taken on many difficult challenges in order to transform not only our tech but our entire strategy. As we begin to emerge from this period of massive change, it is clear that we are building the best offerings for travelers, a better marketplace for our partners and overall, a better company. It is great to see so much finally coming to fruition and our entire organization is excited about the future.

總的來說，我對我們現在所擁有的勢頭以及我們在邁向 23 年下半年及以後的過程中不斷加速的產品改進感到非常滿意。在過去的幾年裡，我們應對了許多艱鉅的挑戰，不僅要改變我們的技術，還要改變我們的整個戰略。當我們開始擺脫這個巨大變革的時期時，很明顯，我們正在為旅行者打造最好的產品，為我們的合作夥伴打造更好的市場，並整體上打造一家更好的公司。很高興看到這麼多最終取得成果，我們整個組織對未來感到興奮。

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

接下來，讓我把它交給朱莉。

Thanks, Peter, and hello, everyone. Our second quarter results with record revenue and EBITDA demonstrate that our strategic initiatives are working and that we have a significant opportunity for long-term growth and profitability. And it is this ongoing strength in the business that enabled us to deliver another quarter of accelerated levels of share repurchases, resulting in approximately $1.2 billion repurchased year-to-date, our largest buyback to date. Before I jump into more of the details, I wanted to remind you that going forward, all financial comparisons will be on a year-over-year basis.

謝謝彼得，大家好。我們第二季度的收入和 EBITDA 創歷史新高，這表明我們的戰略舉措正在發揮作用，並且我們擁有實現長期增長和盈利的重大機會。正是業務的這種持續優勢使我們能夠在另一個季度加快股票回購水平，導致今年迄今為止回購了約 12 億美元，這是我們迄今為止最大的回購。在討論更多細節之前，我想提醒您，今後所有財務比較都將逐年進行。

It is also important to note that our second quarter 2023 growth rates as compared to 2022 were impacted by FX headwinds of approximately 40 basis points to gross bookings, 170 basis points to revenue and 530 basis points to EBITDA. We also saw an approximate 80 basis point headwind to the EBITDA margin. Now as far as our performance this quarter, let's begin with our gross booking trends. Total gross bookings of $27.3 billion, were up 5% versus last year and in line with our mid-single-digit top line guide. Growth was driven by lodging gross bookings, which were up 7% and were the highest second quarter on record.

還需要注意的是，與2022 年相比，我們2023 年第二季度的增長率受到外匯逆風的影響，總預訂量下降了約40 個基點，收入下降了170 個基點，EBITDA 下降了530 個基點。我們還發現 EBITDA 利潤率面臨約 80 個基點的阻力。現在就我們本季度的表現而言，讓我們從總預訂趨勢開始。總預訂量為 273 億美元，比去年增長 5%，與我們的中個位數收入指南一致。增長是由住宿總預訂量推動的，預訂量增長了 7%，是第二季度有記錄以來的最高水平。

The strength continues to be driven by our hotel business, which achieved record gross bookings, primarily from strength in our B2B business, as well as in Brand Expedia, which saw 15% increase year-over-year. This was partially offset by our Vrbo business, which was impacted by the shift in consumer demand toward urban markets and shorter length of stays, as well as the impact from Vrbo's tech platform migration that we mentioned on last quarter's earnings call. However, given the size and strong growth of our hotel business, we were pleased that we were able to deliver record lodging bookings in total.

我們的酒店業務繼續推動這一勢頭，該業務實現了創紀錄的總預訂量，這主要得益於我們的 B2B 業務以及 Brand Expedia 的實力，該業務同比增長 15%。這部分被我們的 Vrbo 業務所抵消，該業務受到消費者需求向城市市場轉移和停留時間縮短的影響，以及我們在上季度財報電話會議上提到的 Vrbo 技術平台遷移的影響。然而，考慮到我們酒店業務的規模和強勁增長，我們很高興能夠交付創紀錄的住宿預訂總量。

Moving to the key financial metrics in the P&L, starting with total revenue. Revenue of $3.4 billion, was up 6% versus last year, in line with our mid-single-digit top line guide and was the highest second quarter on record. Revenue growth was primarily driven by the continued strength across our lodging business, which grew 12%. This was partially offset by softness we have been seeing in insurance and car, 2 categories that have been impacted by some industry-wide changes post pandemic.

轉向損益表中的關鍵財務指標，從總收入開始。收入為 34 億美元，比去年增長 6%，符合我們的中個位數收入指引，是有記錄以來第二季度的最高收入。收入增長主要得益於我們住宿業務的持續強勁，該業務增長了 12%。這被我們在保險和汽車領域看到的疲軟所部分抵消，這兩個類別受到了大流行後一些全行業變化的影響。

For insurance, we are seeing lower attach rates as consumers' appetite for insurance normalizes. And for car, we are continuing to see rates decline as supply has increased. Total revenue margin increased 10 basis points to approximately 12.3% versus last year, primarily due to an increased mix shift to lodging revenue, which has higher revenue margins. Cost of sales was $403 million for the quarter, which is lower than last year by $13 million or 3% with approximately 110 basis points of leverage as a percentage of revenue versus the second quarter of 2022, driven by ongoing efficiencies across our customer support and other operations.

對於保險而言，隨著消費者對保險的興趣正常化，我們看到附加費率下降。對於汽車而言，隨著供應量的增加，我們繼續看到費率下降。總收入利潤率比去年增加了 10 個基點，達到約 12.3%，這主要是由於住宿收入組合的增加，其收入利潤率更高。本季度的銷售成本為4.03 億美元，比去年減少1,300 萬美元，即3%，與2022 年第二季度相比，槓桿佔收入的百分比約為110 個基點，這得益於我們的客戶支持和服務的持續效率。其他操作。

Our customer support operations continue to benefit from the various automation initiatives we have implemented over the past couple of years, and we will continue to find more efficiencies in such areas as the cloud and license and maintenance costs when we finalize our migration to one platform and eliminate redundant systems accordingly. Direct sales and marketing expense in the second quarter was $1.6 billion, which was up 2% versus the second quarter of 2022. The primary driver of this year-over-year increase was related to an increase in commissions in our B2B business to support its strong growth of over 32%. As we've noted in the past, commissions paid to our B2B partners fall into our direct sales and marketing line and overall are more expensive as a percentage of revenue than our B2C business, but as they are generally paid on a state basis and to a contractually agreed-upon percentage, the returns are more guaranteed and immediate.

我們的客戶支持業務繼續受益於我們過去幾年實施的各種自動化計劃，當我們最終完成向一個平台的遷移時，我們將繼續在雲、許可和維護成本等領域找到更高的效率，相應地消除冗餘系統。第二季度的直接銷售和營銷費用為 16 億美元，比 2022 年第二季度增長 2%。這一同比增長的主要驅動力與我們的 B2B 業務佣金增加有關，以支持其強勁增長超過32%。正如我們過去所指出的，支付給B2B 合作夥伴的佣金屬於我們的直接銷售和營銷業務，總體而言，按收入百分比計算，佣金比我們的B2C 業務更昂貴，但由於它們通常是按國家支付的，並且合同約定的百分比，回報更有保障且更即時。

This increase in B2B direct marketing costs was mostly offset by marketing efficiencies in our B2C business this quarter, and resulted in marketing leverage as a percentage of gross bookings as compared to the second quarter of 2022. These B2C marketing efficiencies resulted from the benefits we are seeing from our continued investments in loyalty and app members, as well as our decision to move some of our planned spend from the second quarter to the third quarter to tie it more closely with One Key launch and to support our accelerated growth in the back half. While marketing will fluctuate quarter-to-quarter, we were pleased to see this marketing leverage. Overhead expenses were $627 million, an increase of $77 million versus last year or 14%.

B2B 直接營銷成本的增加大部分被我們本季度 B2C 業務的營銷效率所抵消，並導致與 2022 年第二季度相比，營銷槓桿佔總預訂量的百分比。這些 B2C 營銷效率源於我們從我們對忠誠度和應用程序會員的持續投資，以及我們決定將部分計劃支出從第二季度轉移到第三季度，以與一鍵發布更緊密地結合起來，並支持我們下半年的加速增長。雖然營銷活動會按季度波動，但我們很高興看到這種營銷槓桿。管理費用為 6.27 億美元，比去年增加 7,700 萬美元，即 14%。

While we remain disciplined on our overall cost structure, as we have said over the past year, we have continued to invest in talent across our product and technology teams to support our strategic initiatives and we're pleased we were able to more readily fill these positions given the surplus of top-tier tech talent in the market. We also saw higher salary expense associated with our annual compensation increases this year, which went into effect during the second quarter and was the primary driver of the overhead increase from the first quarter.

正如我們在過去一年中所說的那樣，雖然我們對整體成本結構保持嚴格，但我們繼續對產品和技術團隊的人才進行投資，以支持我們的戰略計劃，我們很高興能夠更容易地填補這些空白鑑於市場上頂級技術人才過剩。我們還發現，與今年年度薪酬增加相關的工資費用更高，這在第二季度生效，是第一季度管理費用增加的主要驅動因素。

As we finish our technology work in the coming quarters and look to redeploy resources and deprecate systems next year, we expect to realize cost efficiencies going forward. Despite this overhead pressure, we are pleased to see that with another quarter of strong revenue and overall expense discipline, including our decision to shift some marketing spend, we delivered record second quarter EBITDA of $747 million which was up 15% with an EBITDA margin of 22.2%, expanding approximately 190 basis points versus the second quarter of 2022.

隨著我們在未來幾個季度完成技術工作，並希望明年重新部署資源並棄用系統，我們預計未來將實現成本效率。儘管存在管理費用壓力，我們很高興地看到，隨著又一個季度強勁的收入和整體支出紀律，包括我們決定轉移一些營銷支出，我們第二季度的EBITDA 達到創紀錄的7.47 億美元，增長了15%，EBITDA 利潤率為22.2%，較 2022 年第二季度增長約 190 個基點。

Our free cash flow remained strong at $3.8 billion year-to-date. The year-over-year decline is primarily associated with changes in working capital from the timing of payments. Last year, as the business emerged from Omicron, we saw meaningful increases in some of the working capital drivers like payables, which has since normalized this year. We remain pleased with an ongoing robust cash flow levels, and we expect them to remain strong in the year. On the balance sheet, we ended the quarter with strong liquidity of $8.8 billion, driven by our unrestricted cash balance of $6.3 billion and our undrawn revolving line of credit of $2.5 billion, which provides us with ample access to cash to operate the business.

今年迄今為止，我們的自由現金流依然強勁，達到 38 億美元。同比下降主要與付款時間的營運資金變化有關。去年，隨著業務從 Omicron 中脫穎而出，我們看到一些營運資本驅動因素（例如應付賬款）顯著增加，自今年以來已正常化。我們對持續強勁的現金流水平仍然感到滿意，並預計今年將保持強勁。在資產負債表上，我們在本季度結束時擁有88 億美元的強勁流動性，這得益於我們63 億美元的無限制現金餘額和25 億美元的未提取循環信貸額度，這為我們提供了充足的現金來運營業務。

From a debt perspective, our debt level remains at approximately $6.3 billion. But with our expanding EBITDA, our gross leverage ratio has come down from the first quarter to 2.6x. We have started to make progress towards our target gross leverage ratio of 2x and expect to make continued progress in the coming quarters through EBITDA growth and potentially some debt repayment. As far as capital allocation, given our strong free cash flow levels and a stock price that we believe remains undervalued, we have been buying back our stock on an accelerated basis to maximize our return of capital to shareholders.

從債務角度來看，我們的債務水平仍約為63億美元。但隨著 EBITDA 的不斷擴大，我們的總槓桿率已從第一季度下降至 2.6 倍。我們已開始朝著 2 倍的總槓桿率目標取得進展，並預計在未來幾個季度通過 EBITDA 增長和可能的部分債務償還繼續取得進展。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仍被低估的股價，我們一直在加速回購股票，以最大限度地提高股東的資本回報。

As a result, we bought back approximately $1.2 billion year-to-date or nearly 12 million shares, our largest level of repurchases to date. We continue to believe that our stock price remains undervalued and does not reflect our confidence in the expected long-term performance of the business. Therefore, considering our ongoing strong liquidity and free cash flow, we expect to continue buying back our stock opportunistically throughout the remainder of 2023.

因此，我們今年迄今回購了約 12 億美元，即近 1200 萬股股票，這是迄今為止我們回購規模最大的一次。我們仍然認為，我們的股價仍然被低估，並不能反映出我們對業務預期長期業績的信心。因此，考慮到我們持續強勁的流動性和自由現金流，我們預計將在 2023 年剩餘時間內繼續機會主義地回購我們的股票。

Looking ahead, we are reiterating our full year outlook of double-digit top line growth with margin expansion. As it relates to the third quarter, we expect year-over-year gross bookings growth to accelerate to high-single digits. This acceleration is driven by Brand Expedia and HCOM, partially offset by Vrbo, which continues to face short-term headwinds from its migration. While we expect revenue growth to be lower than gross bookings growth driven by the prior quarter's reduced Vrbo bookings converting to stays and therefore, revenue in the third quarter, which is historically our highest revenue quarter for Vrbo, we expect revenue growth to see modest sequential acceleration. We expect EBITDA margins to stay relatively in line with last year. While we expect to see continued cost of sales leverage, as previously mentioned, we will be investing in marketing to support the One Key launch and to set us up for a strong back half.

展望未來，我們重申全年營收兩位數增長和利潤率擴張的前景。就第三季度而言，我們預計總預訂量同比增長將加速至高個位數。這種加速是由 Brand Expedia 和 HCOM 推動的，但被 Vrbo 部分抵消，Vrbo 仍面臨遷移帶來的短期阻力。雖然我們預計收入增長將低於總預訂增長，這是由於上一季度Vrbo 預訂轉化為住宿的數量減少，因此第三季度的收入（這是我們歷史上Vrbo 收入最高的季度），但我們預計收入增長將出現溫和的環比增長加速度。我們預計 EBITDA 利潤率將與去年保持相對一致。正如前面提到的，雖然我們預計銷售成本槓桿將持續存在，但我們將在營銷方面進行投資，以支持“一鍵”的推出，並為我們的後半部奠定堅實的基礎。

Overall, we expect fourth quarter will see a more meaningful acceleration in both top line and bottom line growth as Vrbo finishes its migration, the One Key impact starts to kick in and the growing base of app members drives more production, all of which gives us confidence to reiterate our full year outlook. In closing, we finished the front half of 2023 on a strong note with record second quarter revenue and EBITDA. We are pleased to see the continued momentum even while we continue to transform the business and navigate associated headwinds. Our accelerating product improvements give us confidence that we are on the right path and that there is a huge opportunity in front of us to drive long-term profitable growth and to maximize shareholder returns. And with that, I would now like to open the call for questions. Thank you.

總體而言，我們預計，隨著Vrbo 完成遷移、一鍵影響開始顯現以及應用程序會員數量的不斷增長推動更多生產，第四季度的營收和利潤增長將出現更有意義的加速，所有這些都為我們提供了幫助有信心重申我們的全年展望。最後，我們以強勁的成績結束了 2023 年上半年，第二季度收入和 EBITDA 創歷史新高。我們很高興看到在我們繼續進行業務轉型並應對相關逆風的同時，這種持續的勢頭。不斷加速的產品改進讓我們相信我們正走在正確的道路上，並且我們面前有巨大的機會來推動長期盈利增長並實現股東回報最大化。現在我想開始提問。謝謝。

(Operator Instructions) Your first question comes from the line of Eric Sheridan from Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Eric Sheridan。

Two, if I could. In terms of forward booking trends, I understood on the commentary broadly about the summer, but the industry obviously had some tailwinds from elements of longer booking dynamics as we've come out of the pandemic. Are we seeing more normalized behavior with respect to forward booking? And is there anything to call out either in consumer behavior or geography in the forward booking trends that you want to highlight? And then in terms of thinking about the exit philosophy for Vrbo, is there a way to quantify elements of what One Key mix and easier comps might mean in terms of the reacceleration at Vrbo (inaudible)?

兩個，如果可以的話。就提前預訂趨勢而言，我大致理解了有關夏季的評論，但隨著我們走出大流行，該行業顯然受到了較長預訂動態因素的一些推動。我們是否看到提前預訂的行為更加正常化？您想強調的提前預訂趨勢中，在消費者行為或地理方面有什麼值得強調的嗎？然後，在考慮 Vrbo 的退出理念方面，是否有一種方法可以量化一鍵組合和更簡單的組合對於 Vrbo 重新加速的意義（聽不清）？

Sure. Thanks, Eric. I'll take a crack at both of those. I'd say, broadly yes, I mean, what we're seeing is a relative -- what I would call, a relative normalization of seasonal trends and booking trends. There's obviously some dynamics around what is opening or more newly opened and what has been open for a while as we've seen, for example, this year, this summer with lots of travelers going to Europe where maybe they didn't go last summer, Asia opening up and more travelers going there. Of course, parts of Asia, like China still don't have full airlift out of China. So there's still differences.

當然。謝謝，埃里克。我會嘗試一下這兩個。我想說，大體上是的，我的意思是，我們看到的是相對的——我所說的，季節性趨勢和預訂趨勢的相對正常化。正如我們所看到的，正在開業或新開業的酒店以及已經開業一段時間的酒店顯然存在一些動態，例如，今年，今年夏天有很多遊客前往歐洲，而去年夏天他們可能沒有去過歐洲，亞洲開放，更多遊客前往那裡。當然，亞洲部分地區，比如中國，仍然沒有從中國起飛的全部空運服務。所以還是有區別的。

But I think broadly, in terms of the effect of like COVID -- last year, we had COVID first quarter and then the second quarter was a huge quarter because things opened up after Omicron, that's kind of normalized out. And I think in terms of booking windows, booking trends, they're moving around a little bit. But by and large, they're normalizing to what, I would call, generally pre-pandemic patterns. So I think that's the main thing. In terms of geo, again, Asia will open up more that will -- there will be more travel there. We're seeing APAC and LatAm growing faster because of those things opening more recently. So that's certainly a trend. But again, I think that normalizes once it's been open, call it, a year or so.

但我認為，從廣義上講，就新冠疫情的影響而言，去年第一季度我們就出現了新冠疫情，然後第二季度是一個巨大的季度，因為Omicron 事件之後事情就開始了，這有點正常化了。我認為就預訂窗口、預訂趨勢而言，他們正在發生一些變化。但總的來說，它們正在正常化到我所說的大流行前的模式。所以我認為這是最重要的。就地理而言，亞洲將再次開放更多，那裡將會有更多的旅遊。我們看到亞太地區和拉丁美洲的增長速度更快，因為這些業務最近才開放。所以這肯定是一種趨勢。但我再次認為，一旦開放，一年左右，這種情況就會正常化。

And then as far as Vrbo goes, very hard to quantify. I mean, obviously, the switch -- the sort of consumer switch from Vrbo or vacation rentals generally to more hotel started happening in the back half of last year and earlier this year. So that's sort of a macro trend as far -- so we'll be lapping some of that now as we get into the back half of the year. But as far as our journey goes, yes, One Key, we think, is a big opportunity for us. It's the first time that Vrbo customers will have loyalty. It's a chance to get them involved in our whole universe of products so we can bring them into the other products.

就 Vrbo 而言，很難量化。我的意思是，很明顯，消費者從去年下半年和今年早些時候開始從 Vrbo 或度假租賃轉向更多酒店。到目前為止，這就是一種宏觀趨勢——因此，當我們進入今年下半年時，我們將採用其中的一些趨勢。但就我們的旅程而言，是的，我們認為“一鍵”對我們來說是一個巨大的機會。這是 Vrbo 客戶第一次獲得忠誠度。這是一個讓他們參與到我們整個產品領域的機會，這樣我們就可以將他們帶入其他產品中。

Obviously, now Expedia members, Hotels.com members can use their points on Vrbo. So we think that becomes a very attractive reason to use Vrbo. So we definitely think One Key will drive a lot of cross-shopping between the products. Hard to quantify yet, but that's a core belief in what we are trying to do with One Key. And then as far as the migration goes, as we've talked about, you're changing the product, you're moving it across, the last piece will be moving the app, which is very binary, so you tend to do it at the end, that's still coming.

顯然，現在Expedia會員、Hotels.com會員都可以在Vrbo上使用積分。所以我們認為這成為使用 Vrbo 的一個非常有吸引力的理由。因此，我們肯定認為“一鍵”將推動產品之間的大量交叉購物。目前還很難量化，但這是我們試圖通過“一鍵”實現的目標的核心信念。然後就遷移而言，正如我們所討論的，您正在更改產品，您正在移動它，最後一部分將是移動應用程序，這是非常二元的，所以您傾向於這樣做最後，那還是會來的。

But we're excited about what the product we'll be able to do. We're excited about having all the products on one stack, and being able to innovate across all of it together. And as we've talked about for a long time, that will eventually lead us to be able to sell much more easily Vrbo products across all brands, across our B2B products, et cetera. So we don't have a number for you, but I think -- broadly, I think we're going to lap the macro trends of shift from vacation rental to hotels later this year. And then the migration stuff will still be around for a few more months, but we're excited about being casted and the opportunities that presents.

但我們對我們將能夠實現的產品感到興奮。我們很高興能夠將所有產品集中在一個堆棧上，並能夠在所有產品上一起進行創新。正如我們長期以來所談論的那樣，這最終將使我們能夠更輕鬆地在所有品牌、B2B 產品等領域銷售 Vrbo 產品。所以我們沒有給你一個數字，但我認為——總的來說，我認為我們將在今年晚些時候適應從度假租賃向酒店轉變的宏觀趨勢。然後遷移的事情還將持續幾個月，但我們對被選角和所帶來的機會感到興奮。

Your next question comes from the line of Lee Horowitz from Deutsche Bank.

您的下一個問題來自德意志銀行的 Lee Horowitz。

So you talked about some of your marketing spend getting pushed from the second quarter to the third quarter in order to support the 1Q loss. Can you maybe help us better understand how this may have impacted the bookings in nights in the second quarter relative to your expectations? And then maybe relatedly, can you talk a bit about how you think lodging share paced throughout the second quarter? And what your expectations are for share as you move through the balance of the year and you drive that accelerated growth across a number of your properties?

因此，您談到您的一些營銷支出從第二季度推遲到第三季度，以支撐第一季度的虧損。您能否幫助我們更好地了解與您的預期相比，這對第二季度的夜間預訂量有何影響？然後也許相關的是，您能否談談您認為第二季度住宿份額的變化情況？在今年餘下的時間裡，您對份額的期望是什麼，並推動您的許多酒店加速增長？

This is Julie. I'll take the first one. Yes, I mean, obviously, I'm sure there was some impact to the second quarter as a result of our decision to shift the marketing. At the end of the day, our top line was hitting our expectations and obviously, what we had told the Street about mid-single digits. And so we thought the right choice of action was to take that spend and to get the best return to tie it nicely with our One Key launch and also to set us up for the back half. So we made the decision to take that money and push it into the third quarter. But sure, could we have spent more and maybe gotten some incremental nights and bookings in the second quarter, sure, but we thought this was a better path to take.

這是朱莉。我就拿第一個。是的，我的意思是，顯然，我確信由於我們決定改變營銷方式，對第二季度產生了一些影響。最終，我們的營收達到了我們的預期，顯然，我們告訴華爾街的結果是中個位數。因此，我們認為正確的行動選擇是接受這筆支出並獲得最佳回報，將其與我們的一鍵發布完美結合，並為我們的後半部分做好準備。因此，我們決定將這筆資金推遲到第三季度。但當然，我們可以花更多的錢，也許在第二季度獲得一些增量的住宿和預訂，當然，但我們認為這是一條更好的道路。

And then I think the share point plays into that. We feel like we've been holding share in our core markets. We've been gaining some of our outside North American markets, outside U.S. markets in a number of places. So again, as Julie said, it's all sort of plays in together, which is we're trying to, of course, drive the best return on our investments. We thought there was better return when we had the extra hook of One Key. We felt like we were holding in places, and we could have spent the money to drive some more bookings into Q2, but we felt like the return was better, literally waiting weeks, several weeks, many weeks to push it into July when we were launching with One Key.

然後我認為分享點也發揮了作用。我們感覺我們一直在核心市場佔有份額。我們已經贏得了一些北美以外的市場，在美國以外的許多地方的市場。所以，正如朱莉所說，這是所有的事情一起進行的，當然，我們正在努力推動我們的投資獲得最佳回報。我們認為當我們擁有一鍵的額外鉤子時會有更好的回報。我們覺得我們已經在原地踏步了，我們本來可以花這筆錢在第二季度推動更多預訂，但我們覺得回報更好，實際上是等了幾週、幾週、很多周​​才把它推遲到7 月份。一鍵啟動。

So it's a small movement in the scheme of things. Of course, it moves around margins a little bit, and it moves around. Yes, it moves some bookings from maybe Q2 into Q3 and yes, it moves some EBITDA maybe into Q2 instead of Q3. But in the scheme of things, we're trying to spend that money as efficiently as we can. We launched One Key as soon as we could basically, and it would've been nice to obviously launch it sooner, but this is when we could get it out the door. And we think that there's better returns attached to that hook in getting customers in, getting them engaged in One Key, getting those return dynamics and direct dynamics where we want them. So that's why -- in the scheme of things, not huge dollars or anything, but we moved a little money and sure that cost us a little bit of GBV and revenue in Q2 and will mean a little bit of extra spend in Q3.

所以這只是計劃中的一個小變動。當然，它會在邊緣周圍移動一點，並且會移動。是的，它將一些預訂從第二季度轉移到第三季度，是的，它可能將一些 EBITDA 轉移到第二季度而不是第三季度。但在計劃中，我們正在努力盡可能有效地使用這筆錢。我們基本上盡快推出了“一鍵”，如果能早點推出它就好了，但這是我們可以把它推出去的時候。我們認為，通過吸引客戶、讓他們參與“一鍵”、在我們想要的地方獲得這些回報動態和直接動態，可以帶來更好的回報。所以這就是為什麼——在計劃中，沒有巨額資金或任何東西，但我們轉移了一點錢，並且肯定這在第二季度損失了我們一點GBV 和收入，並且意味著在第三季度會有一點額外支出。

Your next question comes from Kevin Kopelman from TD Cowen.

您的下一個問題來自 TD Cowen 的 Kevin Kopelman。

As you think about the acceleration that you're looking for in the third quarter, do you see that as being focused in U.S. and B2C given the One Key launch? Or is it going to be more broad-based?

當您考慮第三季度所尋求的加速時，考慮到一鍵的推出，您是否認為重點是美國和 B2C？或者它的基礎會更加廣泛？

I think it's a number of things. So as I mentioned, Kevin, we are seeing good growth as we push back into some of our foreign markets where we saw opportunity and that's been going reasonably well. In the scheme of things, obviously, U.S. being so big for us to accelerate broadly, we also need the U.S. to accelerate. So that's a combination of a number of things, which have to -- which are -- yes, One Key starting to kick in. But Q3 is early days, right?

我認為有很多事情。正如我提到的，凱文，隨著我們重返一些國外市場，我們看到了良好的增長，在這些市場中我們看到了機會，而且進展相當順利。從整體上看，顯然，美國如此之大，讓我們能夠廣泛加速，我們也需要美國加速。所以這是很多事情的結合，這些事情必須——是的，一鍵開始發揮作用。但第三季度還處於早期階段，對吧？

One Key is a loyalty program designed to instant return, certainly attractive in terms of make your first purchase and get valued. But I don't think -- we're not expecting massive impact in Q3 from One Key. We're just seeing good acceleration in the market. Obviously, the Q2 comps were tough because of last year. And as Julie alluded to, some of the insurance dynamics and other things normalize out in the Q3 as we lap that in Q4. So the acceleration is really just a continuation of -- we see strong demand.

“一鍵”是一項旨在即時回報的忠誠度計劃，對於您的首次購買和獲得價值而言無疑具有吸引力。但我不認為——我們預計一鍵不會在第三季度產生巨大影響。我們剛剛看到市場的良好加速。顯然，由於去年，第二季度的比賽很艱難。正如朱莉提到的，當我們在第四季度完成時，一些保險動態和其他事情在第三季度趨於正常化。因此，加速實際上只是我們看到強勁需求的延續。

We've built this base of consumers that we continue to build on that are repeating more and having behaviors we go out more, and that just keeps building, and One Key enhances it. And that's really the core of it, but it's not just in the U.S. The growth is also outside the U.S. But I will say a lot of the acceleration certainly is coming from B2C as opposed to more acceleration in B2B.

我們已經建立了這樣的消費者基礎，我們將繼續在這個基礎上建立更多的重複次數和更多的外出行為，並且這種基礎不斷建立，而一鍵增強了它。這確實是其核心，但不僅在美國，增長也在美國以外。但我想說，很多加速肯定來自 B2C，而不是 B2B 的加速。

Great. And then could you just touch on the CapEx expectations for the rest of the year and drivers there?

偉大的。那麼您能否談談今年剩餘時間的資本支出預期以及那裡的驅動因素？

Yes. I mean, we've seen CapEx come up even in the last quarter, and we had expected this. We are putting more into capitalized labor in order to hit our strategic initiatives this year. Obviously, there's a lot of transformation that we have still been pushing through this year, i.e., One Key's launch and the Vrbo migration and things like that. And so literally, this is just a function of higher capitalized labor to complete out these projects. And as we go forward, we don't expect it to be as much in these elevated levels as we will, and we'll start to get the return from these projects that we're putting in place.

是的。我的意思是，我們甚至在上個季度就看到資本支出出現了增長，並且我們已經預料到了這一點。為了實現今年的戰略舉措，我們正在向資本化勞動力投入更多資金。顯然，今年我們仍在推動很多變革，例如 One Key 的推出和 Vrbo 遷移等等。從字面上看，這只是完成這些項目的更高資本化勞動力的函數。隨著我們的前進，我們預計它不會像我們預期的那樣達到如此高的水平，我們將開始從我們正在實施的這些項目中獲得回報。

Your next question comes from the line of Mark Mahaney from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Okay. Let's see. I want to ask 2 questions. One, the travel bond or the chat GPT experience that you have on the site, what have you seen so far in terms of -- I think there's enormous potential here. I just don't know how long that takes and whether there's just a kind of tweaking that needs to happen in order to really get it right, how do you feel like what have you seen so far in terms of engagement? Has it kind of led to increased conversion rates? And if not, maybe it's just way too early, but what's a reasonable expectation for when you could actually see that?

好的。讓我們來看看。我想問2個問題。第一，您在網站上擁有的旅行債券或聊天 GPT 體驗，到目前為止您所看到的——我認為這裡有巨大的潛力。我只是不知道這需要多長時間，以及是否需要進行某種調整才能真正做到正確，您對迄今為止在參與度方面所看到的感覺如何？它是否導致了轉化率的提高？如果沒有，也許還為時過早，但是當你真正看到這一點時，合理的期望是什麼？

And then the other thing is on One Key, now that you're rolling it out, can you set an expectation for when you think we'll see kind of the impact that has? I know it's just recently launched, but is that something you take one quarter or is it one full year before you really can tell how successful that's been in terms of deeper engagement and maybe attracting newer users?

另一件事是關於“一鍵”，既然你正在推出它，你能設定一個預期嗎？你認為我們什麼時候會看到它所產生的影響？我知道它最近才推出，但你需要一個季度還是一整年才能真正看出它在更深層次的參與和吸引新用戶方面有多成功？

Yes. Thanks, Mark. So on Chat GPT, I agree with you, it's interesting. It has a ton of promise. It is early days. We've been studying it. I won't say it's moved the numbers in any way that you could see and the customers who like to engage with it, like to engage with it, lots of customers don't need it or don't choose to. I think the future, though, lies much more in a better integration, which will come as more large language models come out, and we figure out how to embrace them with our own data. Right now, they kind of live separately, and you can do a bunch of discovery with the tool and then save things and come investigate with us.

是的。謝謝，馬克。所以在 Chat GPT 上，我同意你的觀點，這很有趣。它有很多承諾。現在還很早。我們一直在研究它。我不會說它以任何你能看到的方式改變了數字，喜歡參與它的客戶，喜歡參與它，很多客戶不需要它或不選擇這樣做。不過，我認為未來更多地取決於更好的集成，這將隨著更多大型語言模型的出現而實現，並且我們會弄清楚如何用我們自己的數據來擁抱它們​​。現在，它們有點分開生活，您可以使用該工具進行大量發現，然後保存內容並與我們一起調查。

Over time, there will be ways I think where we're not sharing your personal data with ChatGPT, but we can combine their capabilities with our data and use that to serve you better. So this is going to be an evolution of experience. That's why I mentioned, we've been learning, we've been studying where customers get stuck, what they can't seem to do, some of them don't exactly know how to engage or start a conversation. So there's a lot of work not just by us, but by the industry around large language models on prompts and other ways to get customers through it more easily. And I think all of those pieces will add up to more impact, but the impact now is basically de minimis as you wouldn't see it in the numbers.

隨著時間的推移，我認為我們會通過一些方式不與 ChatGPT 共享您的個人數據，但我們可以將他們的功能與我們的數據結合起來，並利用它們更好地為您服務。所以這將是經驗的演變。這就是為什麼我提到，我們一直在學習，我們一直在研究客戶在哪裡陷入困境，他們似乎無法做什麼，其中一些人並不完全知道如何參與或開始對話。因此，不僅我們，整個行業也圍繞大型語言模型、提示和其他方式開展了大量工作，讓客戶更輕鬆地完成它。我認為所有這些因素加起來都會產生更大的影響，但現在的影響基本上是微乎其微的，因為你在數字中看不到它。

As for One Key, I think that's more of a gradual build. Obviously, there's a couple of different things you're looking for. There's the appeal of having a strong, broad, best-in-class rewards program to attract customers and make them choose us over other people and then there's the back-end part of when do they come back directly once you've got them in the One Key program and hopefully, once you've got them to download the app and how do they exhibit the behaviors of coming back. So that second part takes longer because as we all know, people don't -- some people don't travel all that often, so it takes time for them to come back and book again, et cetera, even though many book a lot.

至於“一鍵”，我認為這更多的是一個漸進的構建。顯然，您正在尋找一些不同的東西。擁有強大、廣泛、一流的獎勵計劃來吸引客戶並讓他們選擇我們而不是其他人是有吸引力的，然後是後端部分，一旦你吸引了他們，他們什麼時候會直接回來一鍵程序，希望一旦你讓他們下載應用程序，他們如何表現出回來的行為。所以第二部分需要更長的時間，因為眾所周知，人們不經常旅行，所以他們需要時間回來再次預訂，等等，儘管許多人預訂了很多。

And then the first piece, we should start to see as we literally just launched it, you may have seen the ads, the campaigns are out there starting to put the messaging into all our performance marketing and all our streaming -- anything that's out there digitally, et cetera, and to our out-of-home. So it will continue to build, and you'll start to see it show up in all our marketing for all our brands. And we believe that's a hook that we'll continue to make intelligent consumers choose us because we'll be of better value if that gives them more back for their travel. So that part we should begin to see sooner, and that's why we think that will start to have a bigger impact into the back end of this year. But the longer-range part of return and direct and driving those things, that will take a little longer to play out in the numbers.

然後第一部分，我們應該開始看到我們剛剛推出它，你可能已經看到了廣告，活動已經開始將消息傳遞到我們所有的績效營銷和所有流媒體中 - 任何在那裡的東西數字化等等，以及我們的戶外活動。因此，它將繼續發展，您將開始看到它出現在我們所有品牌的所有營銷中。我們相信，這是我們將繼續讓聰明的消費者選擇我們的一個誘因，因為如果這能為他們的旅行帶來更多回報，我們將具有更大的價值。因此，我們應該更早地看到這一部分，這就是為什麼我們認為這將在今年年底開始產生更大的影響。但回報、直接和驅動這些事情的長期部分，將需要更長的時間才能在數字中發揮作用。

Your next question comes from the line from Justin Post from Bank of America.

您的下一個問題來自美國銀行的賈斯汀·波斯特。

Could you talk about the customer and the B2C customers? It seems like you're trying to improve that quality base and maybe the Street doesn't see it in the numbers yet. What gives you confidence there? Are you seeing higher repeat rates? You said you had some leverage in the quarter. Was that timing? Is there some real improvement you're seeing on the B2C side on marketing leverage? And then one question on One Key, starting to see some discounts on the site. Do you think that allows you to better compete against booking? And who's funding those?

您能談談客戶和 B2C 客戶嗎？看起來你正在努力提高質量基礎，但華爾街可能還沒有從數字中看到這一點。是什麼給了你信心？您是否看到更高的重複率？你說你在本季度有一些槓桿作用。是那個時間點嗎？您在 B2C 方面的營銷槓桿方面看到了一些真正的改進嗎？然後一鍵上的一個問題，開始在網站上看到一些折扣。您認為這能讓您更好地與預訂競爭嗎？誰資助這些？

Yes. Maybe I'll take those in reverse order, take the sort of factual ones first. So yes, one of the pieces not that relevant necessarily for the investment community, but that's important for the consumer is we've expanded our member discounts as part of this One Key launch. So where we used to have one level basically of member discounts, we now have Blue, Silver, Gold levels, and there are more discounts for higher-tiered members, and that is part of the value proposition that we give to our consumers. Those are funded by our supply partners. It's a way for them to get to better and better higher-value travelers.

是的。也許我會以相反的順序來考慮這些，首先考慮事實性的。所以，是的，其中一件與投資界不一定相關但對消費者來說很重要的事情是，作為一鍵推出的一部分，我們擴大了會員折扣。因此，我們過去基本上只有一級會員折扣，現在有藍卡、銀卡、金卡級別，並且為更高級別的會員提供更多折扣，這是我們向消費者提供的價值主張的一部分。這些資金由我們的供應合作夥伴資助。這是他們接觸越來越好的高價值旅行者的一種方式。

And that is an important added feature that we launched with and we will be expanding over time. So that is certainly -- bookings has had tiered discounting from some of their supply partners. And that is a feature we have not had before. So I think, yes, that is a -- it's good competitively. I will say that we also think we have those discounts on more valuable hotels that are worth more value to our customers who are more valuable, which goes to your first question, which is, yes, we have confidence that we are building a pool of more valuable customers in large part because we are getting them into more valuable sites.

這是我們推出的一個重要的附加功能，我們將隨著時間的推移進行擴展。所以這是肯定的——預訂已經從一些供應合作夥伴處獲得了分級折扣。這是我們以前沒有過的功能。所以我認為，是的，這是一個很好的競爭。我想說的是，我們還認為我們對更有價值的酒店有這些折扣，這些酒店對我們更有價值的客戶來說更有價值，這涉及到你的第一個問題，是的，我們有信心我們正在建立一個池更多有價值的客戶在很大程度上是因為我們正在讓他們進入更有價值的網站。

So as we get them into membership, as we get them into app and we follow how those cohorts perform, we know those cohorts perform for lots of good and thoughtful reasons, much better. So a member, of course, sees the member discounts, gets the loyalty rewards and so forth and app member does even more typically and comes back more directly, all good things. So as we build up those pools and our blend of total consumers and total transacting consumers is blended towards these pools that have higher repeat rates, higher LTV, et cetera, we're essentially building a bank of more value that's left to play out in the future.

因此，當我們讓他們成為會員時，當我們讓他們進入應用程序並跟踪這些群體的表現時，我們知道這些群體的表現有很多好的和深思熟慮的原因，而且要好得多。因此，會員當然可以看到會員折扣、獲得忠誠度獎勵等等，而應用程序會員則做得更典型，也更直接地回來，所有這些都是好事。因此，當我們建立這些池時，我們將總消費者和總交易消費者的混合與這些具有更高重複率、更高LTV 等的池混合在一起，我們本質上是在建立一個具有更多價值的銀行，這些價值將在未來。

So that's why we do have confidence in what we're doing there. Obviously, we've done it particularly well, as I talked about before, in Expedia U.S. Now we're doing it in more countries. Now we're working on doing it with HCOM and then examining that to more countries. Now we'll be able to do it in Vrbo as well. So there's a lot of -- that's why we say we have a lot of runway left here, but we can see it happening where we've had intent, where we spent according to that, where we've driven the product to move more customers into membership and to sign up into the app. Every step in that journey creates more value for us.

這就是為什麼我們對我們在那裡所做的事情充滿信心。顯然，正如我之前談到的，我們在 Expedia 美國做得特別好。現在我們正在更多國家/地區這樣做。現在，我們正在與 HCOM 合作開展這項工作，然後向更多國家/地區進行檢驗。現在我們也可以在 Vrbo 中做到這一點。因此，這就是為什麼我們說我們還剩下很多跑道，但我們可以看到它發生在我們有意圖的地方，我們根據意圖進行支出的地方，我們推動產品移動更多的地方客戶成為會員並註冊應用程序。這段旅程中的每一步都為我們創造了更多價值。

Your next question comes from the line of Lloyd Walmsley from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的勞埃德·沃姆斯利 (Lloyd Walmsley)。

Anything you can share in terms of just early feedback going back to One Key on maybe cross shopping? And then changes in conversion rates at Vrbo now that you have loyalty, anything interesting there? And then as part of that, anything in terms of cross currents from HCOM customers given they're getting diluted there as part of One Key? Would love some help understanding that.

您可以分享關於交叉購物的早期反饋嗎？然後，既然你有了忠誠度，Vrbo 的轉化率就會發生變化，有什麼有趣的嗎？然後，作為其中的一部分，考慮到 HCOM 客戶作為“一鍵”的一部分被稀釋，他們會受到什麼干擾嗎？希望能得到一些幫助來理解這一點。

Sure. I think to the first one, the short answer is it's too early. I mean, we've converted more than 70 million, I don't have today's count, but over 70 million consumers into the One Key program, these are existing members and also new members that have joined in the last few weeks. We've had lots of new members join in Vrbo. We've been able to activate some -- a customer who may be using Vrbo and may have been a customer of one of the other brands a long time ago, but now they're in a program where they'll see the benefit in the other brands. So we've done a lot of sort of the core work of getting customers aligned, getting their accounts right, getting their accounts consolidated if they had reports in different places, which was complicated.

當然。我認為對於第一個問題，簡短的回答是現在還為時過早。我的意思是，我們已經將超過7000 萬消費者轉化為一鍵計劃，我沒有今天的統計數字，但有超過7000 萬消費者加入了“一鍵”計劃，這些是現有會員，也有過去幾週加入的新會員。我們有很多新成員加入 Vrbo。我們已經能夠激活一些客戶，他們可能正在使用 Vrbo，並且可能很久以前就是其他品牌之一的客戶，但現在他們參與了一項計劃，他們將看到以下好處：其他品牌。因此，我們做了很多核心工作，讓客戶保持一致，讓他們的賬戶正確，如果他們在不同地方有報告，那麼就整合他們的賬戶，這很複雜。

So we made huge progress. It's too early to say that we're -- there's not enough signal yet to say people are doing acting -- behaving differently and doing lots of different things. And even in Vrbo, there's a lot of crosscurrents with the migration happening at the same time as launching One Key and a lot of our Vrbo customers even though they're getting a great benefit, they're having to understand like wait a minute, there's a membership program, what is it, do I sign up to it? So there's the usual issues of launching something new in a product experience that people are accustomed to, but we've seen a lot of great response and millions of sign-ups and I wouldn't say necessarily massively incremental in terms of the velocity, but just a lot of people engaging with it and signing up.

所以我們取得了巨大的進步。現在說我們——還沒有足夠的信號表明人們正在採取行動——表現不同，做很多不同的事情還為時過早。即使在 Vrbo，在推出 One Key 的同時，遷移也發生了很多矛盾，我們的許多 Vrbo 客戶儘管獲得了巨大的好處，但他們必須明白，等一下，有一個會員計劃，它是什麼，我要註冊嗎？因此，在人們已經習慣的產品體驗中推出新的東西通常會遇到問題，但我們已經看到了很多很好的反應和數百萬的註冊，我不認為在速度方面一定會大幅增加，但只有很多人參與並註冊。

And then as far as HCOM goes, yes, we have -- there is a little bit of noise from our heaviest users about what does it mean for them. But I will say, we've taken care of them. We've made sure that the value they had did not get diluted and our view of the new program is that they get much more value through flexibility, they get value through the deeper discounts we just talked about and member discounts. So while it might not be constructed exactly the same, our heaviest users will get massive benefit and, in our opinion, more benefit than they can get anywhere else in travel.

就 HCOM 而言，是的，我們有——我們最重的用戶對這對他們意味著什麼有一些噪音。但我會說，我們已經照顧好他們了。我們確保他們擁有的價值不會被稀釋，我們對新計劃的看法是，他們通過靈活性獲得更多價值，他們通過我們剛才談到的更深層次的折扣和會員折扣獲得價值。因此，雖然它的構造可能不完全相同，但我們最重的用戶將獲得巨大的好處，並且在我們看來，比他們在旅行中的其他地方獲得的好處更多。

So it's not like we went from -- we love you and we give you all this and now we're going to devalue your program and not give you that, we're actually carrying over their value and we're giving them huge incremental flexibility, ways to spend their value on flights on Vrbo, all kinds of things they couldn't do before and far more member discounts and other high-end benefits for our heaviest users Gold and Platinum, et cetera. So they're going to get a ton of value and they just have to make the -- I think the industry has trained people to think they're going to lose out every time loyalty program changes. This is not one of those circumstances. I won't say there's not a single customer who won't find that -- they don't like this one as well as the last one. But this is a great program with a lot of value for the heaviest users, and I think they will all come to understand it and love it and appreciate the benefits what they got even though it might be slightly different than it was.

所以這不像我們從——我們愛你，我們給你這一切，現在我們要貶低你的計劃而不是給你，我們實際上正在延續他們的價值，我們給他們巨大的增量靈活性、在Vrbo 航班上花費價值的方式、以前無法做的各種事情以及為我們最重的黃金用戶和白金用戶提供更多的會員折扣和其他高端福利等等。因此，他們將獲得大量價值，他們只需要做出——我認為該行業已經訓練人們認為，每次忠誠度計劃發生變化，他們都會遭受損失。這不是這些情況之一。我不會說沒有一個顧客不會發現這一點——他們不喜歡這一款，也不喜歡上一款。但這是一個很棒的程序，對於最重的用戶來說具有很大的價值，我認為他們都會理解它並喜歡它並欣賞他們所獲得的好處，即使它可能與以前略有不同。

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

您的下一個問題來自 B. Riley Securities 的 Naved Khan。

Just a couple of questions. Peter, I think I heard you say you might have gained share in some of the international markets. And I'm a little intrigued what may be driving that? Any color or commentary there would be helpful. And then I have a follow-up.

只是幾個問題。彼得，我想我聽到你說你可能在一些國際市場上獲得了份額。我有點好奇是什麼推動了這一點？任何顏色或評論都會有幫助。然後我有一個後續行動。

Yes. I think it's really just intent on our part. As we reacted to COVID and we started rebuilding things in a number of markets in the rest of the world, we backed down spend a little bit and we got a little more conservative as we wanted to build our new mousetrap as it were. And I think now that we have greater confidence in all the things I've talked about, be it membership, the value of app downloads and so forth, we've been driving back into a number of international markets where we think there are good returns, and we've been seeing nice returns.

是的。我認為這確實只是我們的意圖。當我們對新冠疫情作出反應並開始在世界其他地區的許多市場進行重建時，我們減少了一些支出，並且變得更加保守，因為我們想按原樣建造新的捕鼠器。我認為現在我們對我談到的所有事情都更有信心了，無論是會員資格、應用程序下載的價值等等，我們已經重新進入了一些我們認為有良好前景的國際市場。回報，我們已經看到了不錯的回報。

Now these are modest changes in the scheme of things. There's nothing dramatic happening, but we're just seeing, what I call, low-hanging fruit and opportunity for us to move back into some of these markets in a smarter way. So again, not a huge story there, just that we feel good about share in the U.S., we feel good about what we're seeing early signs as we push back into these international markets. So on share, we're feeling reasonably good with more...

現在，這些只是計劃中的適度變化。沒有什麼戲劇性的事情發生，但我們只是看到了，我所說的，唾手可得的成果，以及我們以更明智的方式重返其中一些市場的機會。再說一遍，這並不是一個大故事，只是我們對在美國的份額感到滿意，當我們重返這些國際市場時，我們對看到的早期跡象感到滿意。因此，在分享方面，我們感覺相當不錯，有更多......

Understood. Yes. The follow-up I had is just around advertising, and we are hearing some commentary from other players about maybe some increased competition maybe in Europe or other markets. Just curious if you're seeing anything there or anything to say about Google's new ad format. I think they recently introduced profit listing even in the main search?

明白了。是的。我的後續行動只是圍繞廣告，我們聽到其他參與者的一些評論，認為歐洲或其他市場的競爭可能會加劇。只是好奇您是否在那裡看到了任何內容，或者有什麼關於 Google 新廣告格式的內容。我認為他們最近甚至在主要搜索中也引入了利潤列表？

Yes. I think on the last part, you're talking about vacation rentals. Is that what you're talking about?

是的。我認為在最後一部分中，您談論的是度假租賃。你說的是這個嗎？

No, still there's hotels, but I think this has introduced the new format into the main search.

不，仍然有酒店，但我認為這已經將新格式引入了主要搜索中。

Yes. I mean, I would say, look, we're working with them and working in the auctions around the world all the time. I don't think we've seen anything particularly different in terms of inflation or not in the auctions. I mean, the auctions have been inflating over the last several years. And of course, they're highly competitive, particularly amongst the biggest of us. But no, I don't think we've seen anything that's of any concern, et cetera, over what's happening in terms of pricing in those markets.

是的。我的意思是，我會說，看，我們一直在與他們合作，並在世界各地的拍賣中開展工作。我認為我們在通貨膨脹或拍賣中沒有看到任何特別不同的情況。我的意思是，過去幾年拍賣一直在膨脹。當然，他們的競爭非常激烈，尤其是在我們這些最大的公司中。但不，我認為我們沒有看到任何令人擔憂的事情，等等，關於這些市場的定價方面發生的事情。

And of course, we are trying every day to find better opportunities, higher long-term return opportunity to invest our advertising dollars, be it in app downloads or other kinds of environments, I would say, that encourage those behaviors as opposed to just Google option. So I think we're probably not alone in that, but that's been a core part of our strategy as we've tried to get away from simply trying to buy transactions and getting much more focused on what consumers we buy, getting them into the right state in the app and so forth. So that's an ongoing journey for us, but that's the direction that journey will keep going on forever.

當然，我們每天都在努力尋找更好的機會、更高的長期回報機會來投資我們的廣告資金，無論是在應用程序下載還是其他類型的環境中，我想說，這鼓勵了這些行為，而不僅僅是谷歌選項。因此，我認為我們可能並不孤單，但這一直是我們戰略的核心部分，因為我們試圖擺脫簡單地嘗試購買交易的做法，並更加關注我們購買的消費者，讓他們進入應用程序中的正確狀態等等。所以這對我們來說是一個持續的旅程，但這是旅程將永遠繼續下去的方向。

Your next question comes from the line of John Colantuoni from Jefferies.

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

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

您的下一個問題來自 Oppenheimer & Co. 的 Jed Kelly。

Great. Just 2, if I may. One, just -- the airlines have recently called out weaker domestic trends. Is there anything where there's just softening underlying demand? Or is that the pattern shifts that you kind of mentioned earlier? And then just thinking about your back half brand spend, can you just talk about the efficiencies you plan to get on being able to market all your brands under one loyalty program versus marketing it all separately? And are you going to continue to market each of your key brands separately?

偉大的。如果可以的話，就 2 個。一是，航空公司最近指出國內趨勢疲軟。是否存在潛在需求疲軟的情況？或者這就是您之前提到的模式轉變嗎？然後，只要考慮一下您的後半部分品牌支出，您能否談談您計劃在一個忠誠度計劃下營銷所有品牌與單獨營銷所有品牌相比的效率？您打算繼續單獨營銷每個主要品牌嗎？

Sure. So I think, yes, as far as the airlines go, I mean, we have seen -- you've no doubt heard that pricing has softened a little bit in domestic air in North America. There's a little bit more supply and yes, there's been high demand for international. So I think it's been mostly a shifting of patterns. It's not total consumable dollars. Obviously, in every industry, not everybody participates the same way. Some are more domestically focused. Others have bigger international exposure. But in terms of consumer demand, I'd say, it's broadly been steady and good, and that there hasn't been -- there are places that fall and other places they rise. But overall, the consumer has been acting healthy and strong.

當然。所以我認為，是的，就航空公司而言，我的意思是，我們已經看到 - 毫無疑問，您聽說北美國內航空的定價有所下降。供應量有所增加，是的，對國際市場的需求很高。所以我認為這主要是模式的轉變。這不是總消耗性美元。顯然，在每個行業中，並非每個人都以相同的方式參與。有些更專注於國內。其他人則擁有更大的國際曝光度。但就消費者需求而言，我想說，總體來說是穩定和良好的，而且還沒有出現——有些地方下降，有些地方上升。但總體而言，消費者表現得健康而強勁。

So I don't think there's anything to see there other than moving geographical trends and consumer trends in terms of what they're looking for. As far as brand spend and again, this isn't -- I don't want -- I wouldn't get focused on the word brand spend as we conventionally think about it. It is spend against our business, which could be brand spend, it could be performance marketing, it could be app, it could be a lot of things. When we say we wanted it to support the One Key launch, it's not in the sense of like we needed money to buy TV spots, it's in the sense of we got our money with the hook of One Key out the door would be more efficient as we drove consumption, be it through Google options or be it through digital advertising of various kinds or television. So that's what we're talking about.

因此，我認為除了根據他們正在尋找的東西來改變地理趨勢和消費者趨勢之外，沒有什麼可看的。就品牌支出而言，這不是——我不想——我不會像我們通常認為的那樣關注品牌支出這個詞。這是針對我們業務的支出，可能是品牌支出，可能是效果營銷，可能是應用程序，可能是很多東西。當我們說我們希望它支持一鍵發佈時，這並不是說我們需要錢來購買電視節目，而是說我們通過一鍵的鉤子來賺錢會更有效率我們推動消費，無論是通過谷歌選項，還是通過各種數字廣告或電視。這就是我們正在討論的。

As far as how we're going to spend, we have a campaign out now that's very focused on One Key as a concept and the 3 of them coming together. But our intent is, at least for now, to keep marketing each brand, they will then -- they will all have a touch point to One Key and make clear that they are sibling brands and part of one big umbrella loyalty program, but they will each have their own brand identity in terms of what their consumer proposition is and how they deliver it to the consumer.

至於我們將如何花錢，我們現在推出了一項活動，非常關注“一鍵”這一概念以及這三個概念的結合。但我們的目的是，至少目前，繼續營銷每個品牌，然後他們都會——他們都會有一個“一鍵”接觸點，並明確表示他們是兄弟品牌，並且是一個大型忠誠度計劃的一部分，但他們每個人都會在其消費者主張是什麼以及如何將其傳遞給消費者方面擁有自己的品牌標識。

Your next question comes from the line of John Colantuoni from Jefferies.

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

Sorry about the drop earlier. Wanted to talk a little bit about the One Key role. Can you help us understand what's changing from a loyalty perspective across each of the individual brands and how we should think about the sort of collective impact to take rate from these loyalty changes and perhaps some sort of other potential merchandising changes related to the rollout? And can you also help sort of talk a little bit more about the puts and takes of the acceleration in bookings growth next quarter? There's -- the (inaudible) slowdown, the shift in marketing spend, and maybe some pull forward into last quarter into 1Q from 2Q. But I'm also curious if -- you started to see an inflection point in some of the smaller brands where they've gotten small enough to not have as material an impact on the overall business?

很抱歉之前的掉落。想談談“一鍵”這個角色。您能否幫助我們了解每個品牌從忠誠度角度發生的變化，以及我們應該如何考慮從這些忠誠度變化以及與推出相關的其他潛在銷售變化中獲得的集體影響？您能否幫忙多談談下季度預訂量加速增長的利弊？有——（聽不清）經濟放緩，營銷支出的轉變，也許有些從第二季度提前到上季度到第一季度。但我也很好奇——您是否開始看到一些較小品牌的拐點，它們已經變得足夠小，不會對整體業務產生重大影響？

Thanks. A lot of good questions there. I would say starting with One Key. Basically, I think the simplest way to think about it is One Key is closest in what it offers to what the Expedia program was -- the Brand Expedia program was historically and that your end points, the points are worth money, you can spend the money. Some things have changed. I mentioned the member discounts. We now have Silver and Gold member discounts. There's added benefits for those Silver, Gold, Platinum members that they get. But it's most similar.

謝謝。那裡有很多好問題。我想說從一鍵開始。基本上，我認為最簡單的思考方式是 One Key 所提供的功能最接近 Expedia 計劃 - Brand Expedia 計劃歷史悠久，您的終點、積分是值錢的，您可以花費錢。有些事情已經改變了。我提到了會員折扣。我們現在有銀卡和金卡會員折扣。他們獲得的銀卡、金卡、白金卡會員還可享受額外福利。但這是最相似的。

So that's, I would say, the least change, in the sense that you could already use that currency across many products and you couldn't really use -- you couldn't use it in Vrbo but that was the one missing piece. So maybe the way to think about that is you've added Vrbo to the path and those consumers can now benefit when they want a rent -- vacation rental. Hotels.com, many of you are familiar, had a very rich program for the super user. If you book 10 rooms, you get a night free. And that was a very valuable benefit for super user. But the vast majority of users didn't get a benefit because they never stayed enough nights. So we're trying to make that program much more attractive to all users while still keeping it very attractive to the super user for all the points I went into a moment ago as to why they would find incremental value there.

所以，我想說，這是最小的改變，因為你已經可以在許多產品中使用這種貨幣，但你不能真正使用它——你不能在 Vrbo 中使用它，但這是一個缺失的部分。因此，也許思考這個問題的方法是，您已將 Vrbo 添加到路徑中，這些消費者現在可以在需要租賃時受益 - 度假租賃。你們很多人都熟悉Hotels.com，它為超級用戶提供了非常豐富的計劃。如果您預訂 10 間客房，則可免費入住一晚。這對於超級用戶來說是非常有價值的好處。但絕大多數用戶並沒有得到好處，因為他們從來沒有住得足夠多。因此，我們正在努力使該程序對所有用戶更具吸引力，同時仍然保持其對超級用戶的吸引力，因為我剛才談到了為什麼他們會在那裡找到增量價值。

And again, you could only use that on hotel product. Now you can use it on anything, and that's a lot more flexible, a lot more vast and you can do a lot more with it. And then, of course, Vrbo had nothing. Now Vrbo will have rewards, which -- maybe it doesn't have, et cetera and you'll be able to use it for your next Vrbo stay, but you can also use it to go to a hotel or a resort or take your family on a flight or whatever. So again, it just gives all of our customers a lot more ways to use it for a lot of different occasions and for a lot of different products. And ultimately, we're trying to build a base of loyal customers that use us for all their travel needs that can go across whatever they need and spend more with us, buy more products from us, et cetera.

再說一次，你只能在酒店產品上使用它。現在你可以在任何事情上使用它，這更加靈活，更加廣泛，你可以用它做更多的事情。然後，當然，Vrbo什麼也沒有了。現在，Vrbo 將有獎勵，也許它沒有，等等，您將能夠將其用於您的下一次 Vrbo 住宿，但您也可以使用它去酒店或度假村或乘坐您的家人在飛機上或其他什麼地方。再說一次，它只是為我們所有的客戶提供了更多的方式將其用於許多不同的場合和許多不同的產品。最終，我們正在努力建立一個忠誠的客戶群，他們使用我們來滿足他們所有的旅行需求，他們可以滿足他們的任何需求，並在我們這里花費更多，從我們這裡購買更多產品等等。

So that's the game. We have all these brands, all these capabilities, we wanted the customers to benefit from all that. So the patterns we're looking for is cross shopping, more items per customer, higher LTVs, more direct -- more app direct, et cetera. So that's where we think One Key really helps drive. As far as the puts and takes, in the back half of bookings, your point about the smaller brands as part of it, yes, the smaller brands that we have deemphasized for some time now are getting smaller and that drag is getting lighter all the time. We mentioned some of the things going on with insurance normalizing post COVID and a few strange effects there, that's normalizing in the back half of the year.

這就是遊戲。我們擁有所有這些品牌、所有這些功能，我們希望客戶能夠從中受益。因此，我們正在尋找的模式是交叉購物、每個客戶擁有更多商品、更高的生命週期價值、更直接——更多的應用程序直接，等等。這就是我們認為“一鍵”真正有助於駕駛的地方。就看跌期權而言，在預訂的後半部分，您關於較小品牌的觀點是其中的一部分，是的，我們一段時間以來一直不強調的較小品牌正在變得越來越小，阻力也越來越輕。時間。我們提到了新冠疫情后保險正常化過程中發生的一些事情以及一些奇怪的影響，這些影響將在今年下半年正常化。

And lodging continues to grow, B2C lodging continues to grow, most through BEX, but both brands are getting stronger in the back half after the tough comp. And so you're basically getting the strong pulling more weight and getting bigger, the sort of noisy stuff making less noise. And overall, we see good velocity in the business right now, and we're seeing it continue, and we feel good about all the product improvement. I mean, this has also been a journey of improving product, improving conversion, improving signing, improving app download, like all of those things are part of that journey. So every day, they're literally getting better and stacking up on themselves. So I think that's a long journey, and there's no magic to why it's going to hit next Tuesday, but with Vrbo's migration done with One Key which had a huge amount of resource for us out the door, these things, the velocity of other innovation gets faster and faster, and that's what we're focused on.

住宿業繼續增長，B2C 住宿業繼續增長，大部分是通過 BEX 實現的，但這兩個品牌在經歷了艱難的競爭後，在後半段都變得更加強大。所以你基本上是讓強者拉更多的重量並變得更大，那種吵鬧的東西會減少噪音。總的來說，我們現在看到業務發展速度很快，而且我們看到這種情況持續下去，我們對所有產品改進感到滿意。我的意思是，這也是一個改進產品、提高轉化率、改進簽名、改進應用程序下載的旅程，就像所有這些都是該旅程的一部分。所以每一天，他們都在不斷進步，不斷進步。所以我認為這是一個漫長的旅程，並且沒有什麼神奇的原因為什麼它會在下週二發生，但是隨著Vrbo 的遷移是通過One Key 完成的，它為我們提供了大量的資源，這些東西，其他創新的速度變得越來越快，這就是我們所關注的。

Our final question comes from the line of Deepak Mathivanan from Wolfe Research.

我們的最後一個問題來自沃爾夫研究中心的 Deepak Mathivanan。

Julie, can you help us with the full year guide on margin expansion? We're almost, I mean, into the peak travel season, and you said that for 3Q margins should be flat year-on-year. But anyway, you can frame us -- frame for us what the full year margins can reach to? And then kind of related to that, how should we think about the headwinds from fixed cost growth? You obviously have a little bit of duplicative costs right now with all the replatforming efforts. Is there a time line when we can expect this to somewhat sort of like start to show leverage and maybe you can deploy them for other projects.

朱莉，你能幫助我們制定全年利潤擴張指南嗎？我的意思是，我們即將進入旅遊旺季，您說第三季度的利潤率應該與去年同期持平。但無論如何，您可以為我們設計全年利潤率可以達到多少？與此相關的是，我們應該如何看待固定成本增長帶來的阻力？顯然，現在所有的平台重組工作都會產生一些重複成本。是否有一個時間線，我們可以期望這有點像開始顯示槓桿作用，也許您可​​以將它們部署到其他項目。

Sure. On the margin side, the EBITDA side, obviously, this quarter's leverage certainly helps on the full year. We did guide to next quarter being more in line with last year, and that is, as you mentioned, the shift from the marketing spend that we have. But for all the things that Peter just alluded to and the strength of the business in the back half, particularly in the fourth quarter, we expect to see strong margin expansion in the fourth quarter that will help us on the year.

當然。在利潤率方面，在 EBITDA 方面，顯然，本季度的槓桿率肯定會對全年有所幫助。我們確實指導下個季度與去年更加一致，也就是說，正如您提到的，我們的營銷支出發生了變化。但對於彼得剛才提到的所有事情以及下半年的業務實力，特別是第四季度，我們預計第四季度的利潤率將強勁增長，這將有助於我們今年的發展。

So it's our accelerating top line, which will leverage the entire P&L, including marketing leverage in the fourth quarter that we think will drive that expansion. From a headwinds -- from a fixed cost perspective, certainly, we are going to be aggressive as we move out of this year and come out of the transformation phase to finding efficiencies across the P&L. As we've said, we have got redundant systems for very good reasons while we're going through the migration.

因此，我們的收入不斷增長，這將利用整個損益表，包括我們認為將推動擴張的第四季度的營銷槓桿。從不利因素來看——從固定成本的角度來看，當然，隨著我們走出今年並走出轉型階段，我們將積極進取，以提高損益表的效率。正如我們所說，在進行遷移時，我們有充分的理由擁有冗餘系統。

But it's time that we'll be starting to deprecate those systems and pulling cost out of the P&L and whether that's cloud costs, licensing and maintenance, repurposing some of the product and tech staff to now go on the offense and go after optimization and innovation instead of migration, there's a lot of opportunity to really dig through the costs and pull that out as we move forward, but that's probably more of a 2024 going forward focus. But certainly, with all that optimization as well, we should be able to leverage the P&L next year. So super excited about that.

但現在是我們開始棄用這些系統並將成本從損益表中剔除的時候了，無論是云成本、許可和維護，還是重新調整一些產品和技術人員的用途，以便現在繼續進攻並追求優化和創新除了遷移之外，還有很多機會真正深入挖掘成本，並在我們前進的過程中將其消除，但這可能更多是2024 年未來的重點。但當然，通過所有這些優化，我們明年應該能夠利用損益表。對此非常興奮。

Okay. I think that was the final question. So thank you all. Have a good Thursday. I appreciate your time. Take care.

好的。我認為這是最後一個問題。謝謝大家。祝週四愉快。我很感激你的時間。小心。

That 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。