Expedia Group Inc (EXPE) 2024 Q1 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q1 2024 Financial Results Teleconference. My name is Lauren, and I will be the operator for today's call. (Operator Instructions) For opening remarks, I will turn the call over to SVP, Corporate Development, Strategy and Investor Relations, Harshit Vaish. Please go ahead.

大家好，歡迎參加 Expedia Group 2024 年第一季財務業績電話會議。我叫勞倫，我將擔任今天電話的接線生。 （操作員說明）對於開幕致辭，我將把電話轉給企業發展、策略和投資者關係高級副總裁 Harshit Vaish。請繼續。

Good afternoon, and welcome to Expedia Group's First Quarter 2024 Earnings Call. I'm pleased to be joined on today's call by our CEO, Peter Kern; our CFO, Julie Whalen; and our incoming CEO, Ariane Gorin.

下午好，歡迎參加 Expedia Group 2024 年第一季財報電話會議。我很高興我們的執行長 Peter Kern 參加今天的電話會議；我們的財務長 Julie Whalen；以及我們即將上任的執行長 Ariane Gorin。

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.

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指標與最具可比性的公認會計準則衡量指標的對帳已包含在我們的收益發布中。除非另有說明，否則任何提及的費用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。這些陳述是基於目前的預期和假設，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. And with that, let me turn the call over to Peter.

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，實際結果可能會存在重大差異。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。接下來，讓我把電話轉給彼得。

Good afternoon, and thank you all for joining us today. As you all know by now, this will be my last earnings call. I'm excited to be handing the reins over to Ariane, and we have reserved time for her to share some thoughts after Julie, so you can get a sense of her ambition for the company going forward.

下午好，感謝大家今天加入我們。眾所周知，這將是我最後一次財報電話會議。我很高興將權力移交給阿麗亞娜，我們為她預留了時間分享朱莉之後的一些想法，這樣您就可以了解她對公司未來發展的雄心。

Ariane and I have been working closely these last few months to make sure she can take over without a hitch, and I just want to say I'm truly excited to see how she and our team bring this company forward and accelerate on top of everything we have built over these last several years.

在過去的幾個月裡，亞莉安娜和我一直在密切合作，以確保她能夠順利接手，我只想說，我真的很高興看到她和我們的團隊如何帶領這家公司向前發展並加速一切我們在過去幾年已經建立了。

As for the quarter, we saw a healthy but more normalized market environment for travel globally. North America remains the slowest growing geography relative to major international markets, but the gap is closing now that we are largely past the pandemic-driven recovery. Adjusting for geo and product mix, prices held up in general for lodging, but were under continued pressure in the air and car business.

就本季而言，我們看到全球旅遊市場環境健康但更正常化。相對於主要國際市場，北美仍然是成長最慢的地區，但由於我們基本上已經過了大流行驅動的復甦，因此差距正在縮小。根據地理和產品組合進行調整後，住宿價格整體保持不變，但航空和汽車業務持續面臨壓力。

Against this backdrop, our results for the first quarter of '24 met our guidance with a revenue and EBITDA beat but less robust gross bookings. Julie will get into the details, but revenue and EBITDA performance benefited from our mix of business, a strong performance in our advertising business, and our decision to invest more in pricing actions as opposed to direct marketing.

在此背景下，我們 24 年第一季的業績符合我們的指引，營收和 EBITDA 超出預期，但總預訂量較不強勁。朱莉將詳細介紹，但收入和 EBITDA 業績受益於我們的業務組合、廣告業務的強勁表現以及我們決定在定價行動（而不是直接行銷）上投入更多資金。

As for gross bookings, our B2B business continued its strong performance, and our B2C business, excluding Vrbo, was in line with our expectations. Unfortunately, that only partly made up for a slower-than-expected ramp-up for Vrbo post its technical migration. As we discussed last quarter, we had pulled back on Vrbo marketing in the second half of last year while we went through our migration. And while we have been ramping that spend and the product has been improving, we have seen a slower-than-expected recovery.

至於總預訂量，我們的 B2B 業務持續保持強勁表現，我們的 B2C 業務（不包括 Vrbo）符合我們的預期。不幸的是，這只能部分彌補 Vrbo 在技術遷移後的成長速度慢於預期。正如我們上個季度所討論的那樣，我們在去年下半年進行遷移時取消了 Vrbo 行銷。儘管我們一直在增加支出並且產品一直在改進，但我們看到復甦速度慢於預期。

Based on this and the overall trends in our B2C business so far in Q2, we expect growth to be lower than what we had initially anticipated for '24. We are, therefore, lowering our full year guidance to a range of mid- to high single-digit top line growth, with margins relatively in line with last year. We still expect to see broad improvement across '24 in our B2C business, with the best early indicator being the conversion gains we have seen driven by higher test velocity and future rollouts. Behind that, we will continue to invest in Vrbo and our international growth markets to reignite those flywheels to set us up for continued growth in the years to come.

基於這一點以及我們第二季迄今為止 B2C 業務的整體趨勢，我們預計成長將低於我們最初對 24 年的預期。因此，我們將全年指引下調至中高個位數的營收成長，利潤率與去年基本持平。我們仍預期 24 年 B2C 業務將出現廣泛改善，最好的早期指標是我們看到更高的測試速度和未來推出所帶來的轉換效益。在此背後，我們將繼續投資 Vrbo 和我們的國際成長市場，以重新點燃這些飛輪，為我們在未來幾年的持續成長做好準備。

All in all, I'm pleased to say that while momentum is not yet back consistently in all the business lines, we are improving every day, wanting to optimize all of our new capabilities, and I have tremendous faith in our team's ability to extract the full potential of what we have built.

總而言之，我很高興地說，雖然所有業務線的勢頭尚未一致恢復，但我們每天都在進步，希望優化我們所有的新功能，而且我對我們團隊提取信息的能力充滿信心我們所構建的全部潛力。

With that, I will just close by expressing my profound appreciation to all our teams at Expedia for their dedication throughout our multiyear, often painful, transformation journey. When the returns from this work are fully realized, we will owe this determined bunch of people a great debt of gratitude.

最後，我要向 Expedia 的所有團隊表示深深的謝意，感謝他們在我們多年且常常是痛苦的轉型之旅中所做的奉獻。當這項工作的回報完全實現時，我們將欠這群堅定的人一份極大的感激之情。

I also want to thank all of you, our existing shareholders, the analysts covering us, and the broader investor community who have been with us along this sometimes bumpy journey. There's a reason most companies don't undertake transformation on this scale, and it takes patience and a commitment to understanding to come along for this journey. I'm very appreciative of all the constructive engagement over the years, and it has been a pleasure working with all of you. So with that, over to Julie.

我還要感謝你們所有人、我們現有的股東、關注我們的分析師以及更廣泛的投資者群體，他們與我們一起度過了這段有時坎坷的旅程。大多數公司不進行如此規模的轉型是有原因的，並且需要耐心和致力於理解才能完成這趟旅程。我非常感謝多年來所有的建設性參與，與大家一起工作非常愉快。那麼，接下來就交給朱莉了。

Thank you, Peter, and good afternoon, everyone. Let me start with the key metrics for the first quarter. Total gross bookings of $30.2 billion were up 3% versus last year. Growth was driven primarily by total lodging gross bookings, which grew 4%, led by our hotel business growing 12%. This strong hotel growth was partially offset by the ongoing softness in our Vrbo business that, while improving, is taking longer than expected to fully recover.

謝謝你，彼得，大家下午好。讓我從第一季的關鍵指標開始。總預訂總額為 302 億美元，比去年增加 3%。成長主要由住宿預訂總額推動，預訂總額增加了 4%，其中飯店業務增加了 12%。酒店的強勁成長被我們 Vrbo 業務持續疲軟所部分抵消，該業務雖然有所改善，但完全恢復所需的時間比預期更長。

Revenue of $2.9 billion grew 8% versus last year, led by B2B, Brand Expedia and our advertising businesses. The revenue strength was driven by higher revenue margins, which increased over 50 basis points from a product and geo mix during the quarter, increased advertising revenue, which contributes to revenue but not gross bookings, and the pull-in of stays in Q1 driven by the Easter shift.

在 B2B、Brand Expedia 和我們的廣告業務的帶動下，營收達到 29 億美元，比去年成長 8%。收入優勢的推動因素包括收入利潤率的提高（本季產品和地理組合的影響，收入利潤率增加了50 個基點以上）、廣告收入的增加（這對收入有所貢獻，但對總預訂量沒有貢獻），以及第一季住宿量的拉動復活節的轉變。

Cost of sales was $356 million for the quarter and $55 million or 13% lower versus last year, which, combined with our strong revenue growth, drove approximately 310 basis points of leverage as a percentage of revenue year-over-year. We are pleased to see our ongoing initiatives delivering transactional efficiencies.

本季銷售成本為 3.56 億美元，比去年下降 5,500 萬美元，或 13%，加上我們強勁的營收成長，槓桿佔營收的百分比年增了約 310 個基點。我們很高興看到我們正在進行的舉措提高了交易效率。

Direct sales and marketing expense in the first quarter was $1.7 billion, which was up 11% versus last year. Sales and marketing deleveraged this quarter as a percentage of gross bookings primarily due to the commissions to our partners as a result of our strong growth in our B2B business with growth of 25%.

第一季的直接銷售和行銷費用為 17 億美元，比去年同期成長 11%。本季銷售和行銷佔總預訂量的比例下降，主要是由於我們的 B2B 業務強勁增長（增長 25%）而向合作夥伴收取了佣金。

As we have stated previously, commissions paid to our B2B partners are in our direct sales and marketing line and are more expensive as a percentage of revenue than our B2C business. However, because they are generally paid on a [stayed] basis to contractually agreed upon percentages, the returns are more guaranteed and immediate.

正如我們之前所說，支付給 B2B 合作夥伴的佣金屬於我們的直接銷售和行銷業務，佔收入的百分比比我們的 B2C 業務更昂貴。然而，由於他們通常按照合約約定的百分比按[保留]支付，因此回報更有保障且更直接。

In our B2C business, we also saw some marketing deleverage this quarter as we reinvested back into our Vrbo business to drive improving growth and our increased investments to drive our global market expansion, one of our key strategic growth initiatives this year. Overhead expenses were $611 million, an increase of $23 million versus last year or 4%, leveraging 95 basis points.

在我們的B2C 業務中，本季我們也看到了一些行銷去槓桿化，因為我們重新投資於Vrbo 業務以推動成長改善，並增加投資以推動我們的全球市場擴張，這是我們今年的關鍵策略成長舉措之一。管理費用為 6.11 億美元，比去年增加 2,300 萬美元，增幅為 4%，槓桿率提高了 95 個基點。

We were able to drive our costs below our revenue growth, particularly in our product and tech operations, and now that we are done with the major boulders of platform migration, we remain committed to driving further efficiencies across our P&L. To that end, in February, we announced cost actions that will impact approximately 1,500 employees through this year. We expect that these actions will unlock substantial savings on an annualized basis across capitalized labor, cost of sales and overhead costs.

我們能夠將成本控制在收入成長以下，特別是在我們的產品和技術營運方面，現在我們已經完成了平台遷移的主要任務，我們仍然致力於提高損益表的效率。為此，我們在 2 月宣布了成本行動，今年將影響約 1,500 名員工。我們預計這些行動將在資本化勞動力、銷售成本和間接費用方面實現每年大量節省。

And as a result of all of these factors, we delivered strong first quarter EBITDA of $255 million, which was up 38% year-over-year, with an EBITDA margin of 8.8%, expanding over 190 basis points year-over-year. This was higher than expected given the higher revenue we delivered and the leverage to the P&L that provides, along with lower cost of sales, both of which more than offset our marketing investments to drive future growth.

由於所有這些因素，我們第一季的 EBITDA 強勁，達到 2.55 億美元，年成長 38%，EBITDA 利潤率為 8.8%，年成長超過 190 個基點。鑑於我們交付的收入較高、損益表槓桿作用以及銷售成本較低，這高於預期，這兩者都足以抵消我們推動未來成長的行銷投資。

It is also important to note that EBITDA also benefited from a decision we made to invest more in pricing actions as opposed to additional direct marketing. These pricing actions are reflected in the P&L when the stay occurs. As a result, these investments will instead impact future quarters as contra revenue when the stays come in.

同樣重要的是要注意，EBITDA 也受益於我們所做的決定，即增加對定價行動的投資，而不是額外的直接行銷。當中止發生時，這些定價行為會反映在損益表中。因此，當延期到來時，這些投資將作為對沖收入影響未來幾季。

Starting this quarter, in addition to EBITDA, we are providing additional disclosure around our EBIT performance, which includes the impact of stock-based compensation, depreciation and amortization. In the first quarter, EBIT was negative $59 million with a margin of negative 2.1%, an improvement of $51 million or 205 basis points versus last year. The additional approximately 15 basis points of expansion as compared to EBITDA is driven by leverage from stock-based compensation.

從本季度開始，除了 EBITDA 之外，我們還將提供有關 EBIT 業績的額外揭露，其中包括基於股票的薪酬、折舊和攤銷的影響。第一季息稅前利潤為負 5,900 萬美元，利潤率為負 2.1%，比去年增加了 5,100 萬美元，即 205 個基點。與 EBITDA 相比，額外約 15 個基點的擴張是由股票薪酬的槓桿推動的。

Our first quarter EBITDA growth enabled us to generate another quarter of robust free cash flow at $2.7 billion. The year-over-year decline in free cash flow is associated with timing changes within working capital, which includes lower deferred merchant bookings, primarily driven by the softness in Vrbo bookings this quarter.

第一季 EBITDA 的成長使我們能夠在另一個季度創造 27 億美元的強勁自由現金流。自由現金流的年減與營運資金的時間變化有關，其中包括延期商戶預訂的減少，這主要是由於本季度 Vrbo 預訂的疲軟所致。

Moving on to our balance sheet. We ended the quarter with strong liquidity of $8.2 billion, driven by our unrestricted cash balance of $5.7 billion and our undrawn revolving line of credit of $2.5 billion. Our debt level remains at approximately $6.3 billion with an average cost at only 3.7%. Our gross leverage ratio at a further reduced 2.3x continues to make progress towards our target gross leverage ratio of 2x, driven by our ongoing strong EBITDA growth.

繼續我們的資產負債表。在 57 億美元的無限現金餘額和 25 億美元的未提取循環信貸額度的推動下，本季末我們的流動性強勁，達到 82 億美元。我們的債務水準仍維持在約 63 億美元，平均成本僅 3.7%。在我們持續強勁的 EBITDA 成長的推動下，我們的總槓桿率進一步降低至 2.3 倍，並繼續朝著 2 倍的總槓桿率目標取得進展。

Our strong cash position enabled us to continue repurchasing shares with over $780 million or approximately 5.7 million shares repurchased year-to-date, and we continue to believe that our stock remains undervalued and does not reflect our expected long-term performance of the business. As such, we will utilize the strong cash-generating power of our business and our remaining $4.1 billion share repurchase authorization to continue to buy back our stock opportunistically.

我們強大的現金狀況使我們能夠繼續回購股票，今年迄今已回購了超過7.8 億美元或約570 萬股股票，而且我們仍然認為我們的股票仍然被低估，並且沒有反映我們預期的業務長期業績。因此，我們將利用我們業務強大的現金產生能力和剩餘的 41 億美元股票回購授權，繼續擇機回購我們的股票。

As far as our financial outlook, given the lower-than-expected growth in gross bookings in the first quarter and the trends we are seeing so far in the second quarter in our B2C business, in particular in Vrbo, we are lowering our full year guidance to reflect the range of possible outcomes on the top line while we continue to invest in marketing to drive growth for Vrbo and international markets. As such, we believe our top line growth will now be in the range of mid- to high single-digit growth with EBITDA and EBIT margins relatively in line with last year.

就我們的財務前景而言，鑑於第一季總預訂量的成長低於預期，以及我們在第二季 B2C 業務（尤其是 Vrbo）中迄今為止看到的趨勢，我們正在降低全年營收在我們繼續投資於行銷以推動Vrbo 和國際市場成長的同時，我們也制定了指導方針，以反映營收可能出現的一系列結果。因此，我們相信我們的收入成長現在將處於中高個位數成長範圍，息稅折舊攤提前利潤和息稅前利潤率與去年基本一致。

In the shorter term, we expect our second quarter to deliver top line growth in the mid-single digits, which reflects a sequential acceleration in gross bookings from the first quarter as we expect Vrbo to continue to improve from our marketing investments. We expect revenue growth to be lower than the first quarter growth rate given the lower gross bookings in the first quarter, the pull forward of Easter stays into the first quarter, and the contra revenue arising from pricing actions.

從短期來看，我們預計第二季的營收將實現中個位數成長，這反映出總預訂量較第一季連續加速，因為我們預計 Vrbo 將繼續從我們的行銷投資中獲得改善。鑑於第一季總預訂量較低、復活節的拉動持續到第一季以及定價行為產生的相反收入，我們預計收入成長將低於第一季的成長率。

And with this revenue growth, along with our continued investments in marketing to drive growth, we expect some pressure in our second quarter EBITDA and EBIT margins versus last year. However, when combined with our first quarter outperformance, we expect EBITDA and EBIT margins to be relatively in line with last year to slightly above in the first half.

隨著收入的成長，以及我們對行銷的持續投資以推動成長，我們預計第二季的 EBITDA 和 EBIT 利潤率將與去年相比面臨一些壓力。然而，結合我們第一季的優異表現，我們預計上半年的 EBITDA 和 EBIT 利潤率將與去年持平，略高於去年。

In closing, despite the lower guidance, we remain committed to the long-term opportunity that our transformation has given us to deliver profitable growth and shareholder returns. And with that, let me turn the call over to Ariane.

最後，儘管指引較低，我們仍致力於利用轉型為我們帶來的長期機會，實現獲利成長和股東回報。接下來，讓我把電話轉給阿麗亞娜。

Thanks, Julie, and thank you, Peter, for your leadership over the last 4 years and for all I've learned working closely with you. I joined our company 11 years ago and most recently led Expedia for Business. This includes our B2B and advertising businesses, both of which have consistently delivered double-digit growth. I also led our global supply teams that source inventory for our whole company, so I know our industry very well. And having lived in Europe for the last 23 years, I've seen firsthand opportunity for us in international markets.

謝謝朱莉，謝謝你，彼得，感謝你在過去 4 年裡的領導以及我在與你密切合作中學到的一切。我於 11 年前加入我們公司，最近負責領導 Expedia for Business。這包括我們的 B2B 和廣告業務，這兩項業務始終保持兩位數的成長。我還領導了我們的全球供應團隊，為我們整個公司採購庫存，所以我非常了解我們的行業。過去 23 年我在歐洲生活過，我親眼目睹了我們在國際市場上的機會。

My immediate priority as CEO is to work with our teams to accelerate our growth and to sharpen the longer-term strategy for our consumer business. Since our leadership announcement in February, I've spent time getting to know our consumer business in more detail. It's undergone extreme transformation over the last few years, from technical migrations and changes in our loyalty program to changes in how our teams operate the business. So we've dealt with a lot of turbulence.

作為首席執行官，我的當務之急是與我們的團隊合作，加速我們的成長，並完善我們消費者業務的長期策略。自從二月宣布領導層任命以來，我花了一些時間更詳細地了解我們的消費者業務。在過去的幾年裡，它經歷了巨大的轉變，從技術遷移和忠誠度計劃的變化到我們團隊經營業務方式的變化。所以我們經歷了很多動盪。

While we built new capabilities like our common front end, we have less development capacity to build new features, and this, in turn, impacted the competitiveness of some of our brands and products. Expedia, which was our least disrupted brand, benefited a lot from our investments and has grown very well, while Hotels.com and Vrbo, which were the most impacted by our migrations, aren't where we'd like them to be.

雖然我們建立了公共前端等新功能，但我們建立新功能的開發能力卻較少，這反過來又影響了我們一些品牌和產品的競爭力。 Expedia 是我們受影響最小的品牌，從我們的投資中受益匪淺，並且發展得非常好，而 Hotels.com 和 Vrbo 是受我們遷移影響最大的品牌，但並未達到我們希望的水平。

To get the acceleration we want from our consumer business, we need to focus on the basics: driving traffic, increasing conversion and expanding our margins through higher attach, take rates and more efficient marketing. Ultimately, this is going to come down to having great products and great brand value propositions.

為了從我們的消費者業務中獲得我們想要的加速，我們需要專注於基礎知識：透過更高的附加率、轉換率和更有效的行銷來增加流量、增加轉換並擴大我們的利潤。最終，這將歸結為擁有出色的產品和出色的品牌價值主張。

Our platform now allows us to innovate at scale, and we're running more tests and seeing the benefits of AI across all of our brands, which is great. But we're still learning to use all of this most effectively. For example, a recommendation algorithm gets smarter faster because of our scale, but it has to be trained on the differences between a traveler shopping on Vrbo compared to one on Expedia. And tests that work on one brand may behave differently on another. While we still have some work to fully complete our tech platform, moving forward, we'll dedicate more of our development capacity to building great traveler experiences and making up for lost time.

我們的平台現在允許我們大規模創新，我們正在運行更多測試並看到人工智慧在我們所有品牌中的好處，這很棒。但我們仍在學習如何最有效地利用所有這些。例如，由於我們的規模，推薦演算法變得更加聰明、更快，但它必須針對在 Vrbo 上購物的旅客與在 Expedia 上購物的旅客之間的差異進行訓練。對一個品牌有效的測試在另一個品牌上可能會有不同的表現。雖然我們仍然需要做一些工作才能完全完善我們的技術平台，但展望未來，我們將投入更多的開發能力來打造出色的旅客體驗並彌補損失的時間。

Looking ahead, while it's going to take somewhat longer than we'd anticipated to see the benefits come through in our numbers, the investments we've made rebuilding our consumer business will pay off. Our new tech platform gives us a solid foundation to grow our business, and we also have other real strengths to build on. We're leaders in the B2B segment and just posted another fantastic quarter, and there's still a big opportunity to win share.

展望未來，雖然需要比我們預期更長的時間才能看到我們的數據帶來的好處，但我們為重建消費業務所做的投資將會得到回報。我們的新技術平台為我們發展業務奠定了堅實的基礎，而且我們還擁有其他真正的優勢。我們是 B2B 領域的領導者，剛剛發布了另一個出色的季度業績，而且仍然有很大的機會贏得市場份額。

Our advertising business is big, differentiated and growing, and I equally see lots of opportunity ahead here. We have strong relationships with our supply partners and great supply for our travelers. And of course, our consumer business is the market leader in the U.S., with well-recognized and loved brands, and we're starting to get traction as we move back into international markets. As you know, we're also focused on driving efficiencies, and we'll continue to look carefully at every dollar we invest.

我們的廣告業務規模龐大、差異化且不斷成長，我也看到了這裡的大量機會。我們與供應合作夥伴建立了牢固的關係，並為旅客提供了充足的供應。當然，我們的消費者業務是美國的市場領導者，擁有廣受認可和喜愛的品牌，隨著我們重返國際市場，我們開始受到關注。如您所知，我們也專注於提高效率，並且我們將繼續仔細考慮我們投資的每一美元。

So in closing, we have great consumer brands, a leading B2B business, a powerful platform, and what I think is the best team in travel. We have lots of work to do to realize our potential, and I couldn't be more excited about the opportunity ahead. And with that, let me open the call for questions.

最後，我們擁有偉大的消費品牌、領先的 B2B 業務、強大的平台以及我認為是旅遊業最好的團隊。為了實現我們的潛力，我們還有很多工作要做，我對未來的機會感到非常興奮。接下來，讓我開始提問。

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

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

Wishing you the best going forward, Peter, and congrats on the new role, Ariane. Peter, maybe can we come back to Vrbo for a minute and just how do you think about that asset compared to where the competitive landscape is across travel and shared accommodation specifically?

祝你一切順利，彼得，並祝賀你擔任新角色，阿麗亞娜。 Peter，也許我們可以回到 Vrbo 一分鐘，與旅行和共享住宿領域的競爭格局相比，您如何看待該資產？

And when you think about leaning into investments to potentially accelerate Vrbo and improve its positioning, what kind of signals are you guys as a team looking for to know it's the moment to sort of lean in behind some of those investments to get it back to more normalized growth?

當你考慮透過投資來加速 Vrbo 並改善其定位時，作為一個團隊，你們在尋找什麼樣的訊號來知道現在是時候支持其中一些投資，以使其恢復到更多正常化成長？

Sure. Thanks, Eric. And for everyone's benefit, I've asked Ariane to chip in where she'd like along with these questions, in addition to whatever you have specifically for her.

當然。謝謝，埃里克。為了大家的利益，除了您專門為她提出的任何問題之外，我還要求阿麗亞娜在提出這些問題時提出她想要的答案。

But specifically to Vrbo, the way we see it is we are very strong in our core business of Vrbo, which does not compete with shared accommodations, it does not compete directly with some of our competitors in some geographies and some cities, and we are really focused on just being excellent in our space, which is the whole home space in certain markets where we have the right to win and a strong brand and strong supply, et cetera. So that is our core focus for now. We could always -- Ariane may expand that remit at some point, but that's where we're focused now.

但具體到 Vrbo，我們認為我們的 Vrbo 核心業務非常強大，它不與共享住宿競爭，它不與我們在某些​​地區和某些城市的一些競爭對手直接競爭，而且我們真正專注於在我們的空間中表現出色，這是某些市場的整個家居空間，我們有權利在這些市場中獲勝，擁有強大的品牌和強大的供應等等。這是我們目前的核心關注點。我們總是可以——阿麗亞娜可能會在某個時候擴大其職權範圍，但這就是我們現在關注的重點。

As far as what we're seeing, as we talked about before, our spend down in the back half of last year, the migration we've been through obviously had a lingering impact on the product, and first quarter is an important quarter for Vrbo, so it's unfortunate that it wasn't as strong as we wanted there. But we are seeing real improvement in the products and we're leaning into investment to sort of spin up the flywheel to just get it going again.

就我們所看到的，正如我們之前談到的，去年下半年我們的支出下降，我們經歷的遷移顯然對產品產生了揮之不去的影響，第一季是一個重要的季度Vrbo，所以不幸的是它沒有我們想要的那麼強大。但我們看到了產品的真正改進，我們正在傾向於投資以加快飛輪的速度，使其再次運轉。

So it's not so much that we see any flaws in it. It's just got to be re-spent into. And because VR is not as performance marketing-driven, we don't have that ability to just go into Meta and other places and ramp everything up. We've got to spend on brand and build it, and that's taking some time to lean back into. But we feel very good about the progress. We're hopeful that it continues, obviously. And we feel really good about the product improvement.

所以我們並沒有看到它有任何缺陷。只能重新花進去了。而且由於 VR 並非以績效行銷為導向，我們沒有能力進入 Meta 和其他地方並提升一切。我們必須在品牌上投入並建立它，這需要一些時間來恢復。但我們對進展感到非常滿意。顯然，我們希望這種情況能夠持續下去。我們對產品的改進感到非常滿意。

So we will continue to invest behind that, but what we're really looking for is we know the spend is working, we know we're driving improvement, and it's just a question of how far, how fast and what's the timing and the seasonality differences, et cetera. But that's what we're spending into this year to get it back on a growth trajectory.

因此，我們將繼續在這背後進行投資，但我們真正想要的是我們知道支出正在發揮作用，我們知道我們正在推動改進，而這只是一個問題：進展多遠、速度有多快、時機和效果如何。但這就是我們今年要讓它回到成長軌道上的支出。

And I would just add, again, yes, we have deep belief and conviction in Vrbo and also our other brands of Expedia and Hotels.com. We do sell some alternative accommodations on those brands, so we also have an opportunity to go after that market with those brands as well.

我想再補充一點，是的，我們對 Vrbo 以及 Expedia 和 Hotels.com 的其他品牌懷有深厚的信念和信念。我們確實銷售這些品牌的一些替代住宿，因此我們也有機會透過這些品牌進入該市場。

Our next question comes from Lee Horowitz from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lee Horowitz。

Great. I guess previously, your guidance for the full year seemingly expected share gains across your largest business lines. Is there any change to that view, given sort of the more cautious outlook for the full year? Or is this really all Vrbo-centric?

偉大的。我猜想，您對全年的指導似乎預期您最大的業務線將獲得份額增長。鑑於全年前景更加謹慎，這種觀點是否有任何變化？或者這真的都是以 Vrbo 為中心的嗎？

And then relatedly, when you think about the acceleration you're seeing in your non-Vrbo B2C business, what's ultimately going on there? Is it the market? Is it just the stacking of the things that you're doing? And how do you get comfortable that, that acceleration can sustain through the balance of the year?

與此相關的是，當您考慮在非 Vrbo B2C 業務中看到的加速時，最終會發生什麼？是市場嗎？這只是你正在做的事情的堆積嗎？您如何看待這種加速能夠在今年剩餘的時間內持續下去？

Yes. So let me take a crack. Thank you, Lee, and then Ariane and Julie can jump in. But I would say that what we see in Vrbo and -- sorry -- so there were 2 questions, the non-Vrbo piece and the Vrbo piece. On the non-Vrbo piece, we've been making improvements in the product consistently. HCOM went through a migration a while ago, but still, we are making improvements and getting it back to -- on the best footing we can.

是的。那麼讓我來嘗試一下。謝謝你，李，然後阿麗亞娜和朱莉可以插話。在非 Vrbo 產品上，我們一直在不斷改進產品。 HCOM 不久前經歷了一次遷移，但我們仍在做出改進並使其恢復到最佳狀態。

So we are seeing continuous improvement in the product. We are seeing big wins across the platform, whether it's coming from machine learning or other areas that are -- that we can deploy much faster across the entire slate of apps and products. So we're getting wins. We're getting product wins. We're getting conversion wins.

因此，我們看到產品不斷改進。我們看到整個平台取得了巨大的勝利，無論是來自機器學習還是其他領域——我們可以在整個應用程式和產品中更快地部署。所以我們正在取得勝利。我們正在贏得產品勝利。我們正在贏得轉化。

So that's what gives us confidence. And all of that ultimately leads to better conversion, more efficient marketing and everything else. So we would like everything to go faster, but we are feeling good that we are making progress on the non-Vrbo business.

這就是給我們信心的原因。所有這些最終都會帶來更好的轉換、更有效的行銷和其他一切。因此，我們希望一切進展得更快，但我們感覺很好，因為我們在非 Vrbo 業務上取得了進展。

On the first question -- sorry, Lee, the first part about Vrbo again? Can you repeat it? Oh, share gains. I'm sorry. I got it. I came back to it. On the share gain front, we're actually, other than Vrbo, seeing good share gains in our core hotel business across North America and all our major focus markets, or virtually all our major focus markets.

關於第一個問題——對不起，Lee，又是關於 Vrbo 的第一部分嗎？你能重複一下嗎？噢，分享收穫。對不起。我得到了它。我回來了。在份額成長方面，實際上，除了 Vrbo 之外，我們在北美和所有主要重點市場（或幾乎所有主要重點市場）的核心酒店業務中都看到了良好的份額成長。

So in the hotel business, we're seeing really good product gains, and we feel quite good about that. Vrbo is its own thing. So when you look at lodging all up, Vrbo has obviously given up share, and both Airbnb and Booking are both in the VR space, particularly in those city-centric other kinds of accommodations, some much of which we don't compete in.

因此，在酒店業務中，我們看到了非常好的產品收益，我們對此感到非常滿意。 Vrbo 是它自己的東西。因此，當你看看所有的住宿時，Vrbo 顯然已經放棄了份額，而 Airbnb 和 Booking 都在 VR 領域，特別是在那些以城市為中心的其他類型的住宿領域，其中很多我們不參與競爭。

But if you just look at hotel lodging, we're making really strong gains there. And in all our other product lines, again, we continue to improve on product, we continue to believe those products will pay off, and we feel good about where they're going.

但如果你只看飯店住宿，我們在這方面取得了非常強勁的成長。在我們所有其他產品線中，我們繼續改進產品，我們仍然相信這些產品會帶來回報，並且我們對它們的發展方向感到滿意。

Our next question comes from Richard Clarke from Bernstein Societe Generale Group.

我們的下一個問題來自伯恩斯坦興業銀行的理查德·克拉克。

Just you mentioned you're deciding now to pivot towards more price investment. Just wondering, is that backing up One Key? Is that going into the loyalty? And maybe overall, what's just leading to that decision to do that rather than more marketing?

剛才您提到您現在決定轉向更多的價格投資。只是想知道，這是備份一鍵嗎？這就是忠誠度嗎？也許總的來說，是什麼導致了我們決定這樣做而不是更多的行銷？

I'll take a piece and Ariane can jump in. I would just say, we've said it before, but we look at all our marketing, all our things to drive consumer behavior as one big bucket of capital. So that's direct sales and marketing, it's the pricing work we do, merchandising work, and it's our loyalty spend.

我會分一杯羹，阿麗亞娜可以加入進來。這就是直接銷售和行銷，這是我們所做的定價工作，推銷工作，也是我們的忠誠度支出。

So what we saw was an opportunity, what we've been seeing is an opportunity to drive more into the pricing vein, where there have been good returns. We've seen good opportunity there. And this is basically just a way to modify prices, taking value out of our margins to drive more velocity, acquire more customers and do it more efficiently. So it's really just a rebalancing, a little bit, towards pricing, and that's what we've done.

所以我們看到的是一個機會，我們一直看到的是一個推動更多進入定價領域的機會，在那裡有很好的回報。我們在那裡看到了很好的機會。這基本上只是修改價格的一種方式，從我們的利潤中提取價值，以提高速度、獲得更多客戶並提高效率。所以這實際上只是對定價一點重新平衡，這就是我們所做的。

And I would just add, as Peter said, we think about those buckets of pricing, of loyalty and of marketing sort of as all buckets that we can use to invest where we see opportunities. And going forward, we'll continue to do that. So which of those 3 will drive the most growth, whether it's in international, regardless of what brand it is, I think the teams have a very dialed-in view of where they can invest in order to get the best return.

我想補充一點，正如彼得所說，我們將定價、忠誠度和行銷等方面視為我們可以用來在看到機會的地方進行投資的所有方面。展望未來，我們將繼續這樣做。因此，這三個因素中哪一個將推動最大的成長，無論是在國際市場，無論是什麼品牌，我認為團隊對於可以在哪裡投資以獲得最佳回報有著非常明確的看法。

Maybe just a follow-up on whether this is going into One Key program disproportionately, maybe matching one of your peers which has a more, I guess, price-oriented loyalty program rather than points loyalty program.

也許只是後續行動，看看這是否會不成比例地進入一鍵計劃，也許會匹配您的一位同行，我猜，該同行擁有更多以價格為導向的忠誠度計劃，而不是積分忠誠度計劃。

Well, what I would say is part of our One Key program does include tiered member discounts. So if you're a silver member or a gold member, you'll get better discounts. And those are actually supplier-funded discounts. Those are when our hotels, for example, want to get access to the more valuable members who travel more, who spend more. So I don't know if that's what you're referring to, but that program is a supplier-funded program, and it's one of the benefits of One Key.

嗯，我想說的是，我們的一鍵計劃的一部分確實包括分級會員折扣。因此，如果您是銀卡會員或金卡會員，您將獲得更好的折扣。這些實際上是供應商資助的折扣。例如，我們的飯店希望吸引那些旅行次數更多、消費更多的更有價值的會員。所以我不知道這是否是您所指的，但該計劃是一個由供應商資助的計劃，這是「一鍵」的好處之一。

Yes. I think, Richard, just to think about it as clearly as we can give it to you, there's 3 opportunities. There's what Ariane just described, which is we've been able to get our customers more benefit, more tiered benefits, all of that provided by our suppliers akin to some of what you've seen from some of our competition. We also have discounting we do specifically that I mentioned to win on price and acquire customers efficiently.

是的。我想，理查德，只要我們盡可能清楚地考慮一下，就有 3 個機會。這就是阿麗亞娜剛才所描述的，我們已經能夠為我們的客戶帶來更多的好處，更多層次的好處，所有這些都是由我們的供應商提供的，類似於您從我們的一些競爭對手中看到的一些東西。我們還專門提供了我提到的折扣，以在價格上獲勝並有效地獲取客戶。

And then in One Key itself, we have the opportunity now, which is awesome, to allow us to give benefit to One Key customers to create activity, create shopping, to give them incentives and other things. So there is a bit of that, that goes through that as well. But the big buckets are really the pricing and the core loyalty that are still strong, and those are the largest buckets of spend.

然後就一鍵本身而言，我們現在有機會，這真是太棒了，讓我們能夠為一鍵客戶帶來好處，創造活動，創造購物，給予他們激勵和其他東西。所以也有一些這樣的事情。但最大的部分實際上是仍然強勁的定價和核心忠誠度，而這些是最大的支出部分。

And just to put a pin on it, obviously, we made the decision based on what is the best return. I mean at the end of the day, that's what we do. We look at everything and what are we going to get the best return for our spend, and at this moment, we saw that the pricing actions were going better than any other options.

顯然，我們根據最佳回報做出了決定。我的意思是，歸根結底，這就是我們所做的。我們會考慮一切，以及我們將如何獲得最好的支出回報，此時此刻，我們看到定價行動比任何其他選擇都要好。

And so obviously, it creates some noise in the P&L that you're seeing, but because it doesn't get impacted to the P&L until you actually have stay, so it's a little bit of a timing situation, but at the end of the day, that's what we're focused on, is driving the best return.

很明顯，它會在您看到的損益表中產生一些噪音，但因為它不會對損益表產生影響，直到您真正留下來，所以這有點計時情況，但在最後今天，這就是我們關注的重點，那就是推動最佳回報。

Our next question comes from Trevor Young from Barclays.

我們的下一個問題來自巴克萊銀行的特雷弗楊。

Great. Ariane, I think you commented that Hotels.com isn't where you'd like it to be. Can you expand on that a little bit and what you hope to achieve with that brand? And then bigger picture, what are the areas or opportunities you get most excited about beyond the next few years? Is it something like experiences in a more holistic interconnected trip? Is it AI driving a better consumer experience? Or something else altogether?

偉大的。 Ariane，我想您說過 Hotels.com 不是您想要的位置。您能否詳細闡述這一點以及您希望透過該品牌實現的目標？然後從更大的角度來看，未來幾年你最興奮的領域或機會是什麼？這是否類似於更全面的互聯旅行中的體驗？人工智慧是否正在推動更好的消費者體驗？或者完全是別的什麼？

Okay. Trevor, thank you for the question. Look, let me just start by reminding you that we run our consumer business as a whole portfolio. And so we invest behind where we see the best return. And so in some cases, that may mean some brands versus others. And Hotels.com was the most impacted by our migrations. And as I said, it's not where we want it to be. It's not growing.

好的。特雷弗，謝謝你的提問。聽著，首先讓我提醒您，我們將消費者業務作為一個整體投資組合來運作。因此，我們在看到最佳回報的地方進行投資。因此，在某些情況下，這可能意味著某些品牌與其他品牌之間的競爭。 Hotels.com 受我們遷移影響最大。正如我所說，這不是我們想要的。它沒有增長。

And again, it was impacted by a number of things. So the first was the product migration, which, when we went through it, obviously had an impact on its performance. The second was we made a big change in the loyalty program. We're very excited about what One Key can and will deliver, but it's true that for Hotels.com, it is a bigger change in the loyalty program with less earn.

再一次，它受到了很多事情的影響。首先是產品遷移，當我們經歷它時，這顯然對其性能產生了影響。第二是我們對忠誠度計畫進行了重大改變。我們對「一鍵」能夠並且將要提供的服務感到非常興奮，但對於 Hotels.com 來說，這確實是忠誠度計劃的一個更大的變化，但收入卻更少。

Also Hotels.com was the most international of our brands, so over the last few years as we've leaned less into international, Hotels.com has been impacted. And then as I said, when you have the change in the product, we were getting better returns, for example, on Expedia, so leaning in there.

此外，Hotels.com 是我們品牌中國際化程度最高的品牌，因此在過去幾年中，隨著我們對國際化的關注度降低，Hotels.com 也受到了影響。然後正如我所說，當產品發生變化時，我們會獲得更好的回報，例如在 Expedia 上，所以傾向於在那裡。

The good news is that, one, we're seeing really great conversion gains on the lodging path, which, of course, benefits Hotels.com. Two, as we go back into international, because Hotels.com is our lead brand in a number of those countries, we're going to see good growth there. So I think the ambition is to get Hotels.com obviously benefiting from the platform and international growth.

好消息是，第一，我們在住宿領域看到了巨大的轉換收益，這當然有利於 Hotels.com。第二，當我們回到國際市場時，因為 Hotels.com 是我們在許多國家的領導品牌，我們將在那裡看到良好的成長。因此，我認為我們的目標是讓 Hotels.com 明顯受益於該平台和國際成長。

And just in terms of what I get excited about, look, there are a lot of things. I think probably AI and opportunity with AI, and especially now with our platform, given that we have one platform across all of our brands so we can move faster in the way that we're learning, I think, is going to have a bigger opportunity than ever to deliver personalized experiences for travelers.

就我感到興奮的事情而言，看，有很多事情。我認為人工智慧和人工智慧的機會，特別是現在我們的平台，考慮到我們所有品牌都有一個平台，所以我們可以以我們正在學習的方式更快地前進，我認為，將會有更大的機會為旅行者提供個人化體驗的機會比以往任何時候都多。

So of course, I can tell you I'm excited about advertising, I'm excited about B2B. There are a lot of parts of our business. But I think fundamentally, it's how is technology going to allow us to deliver traveler experiences that are truly personalized. And when we do that and as we're doing that, I think that will really differentiate us.

當然，我可以告訴你我對廣告感到興奮，我對 B2B 感到興奮。我們的業務有很多部分。但我認為從根本上來說，科技將如何讓我們提供真正個人化的旅行者體驗。當我們這樣做時，當我們這樣做時，我認為這將真正使我們與眾不同。

Our next question comes from Conor Cunningham from Melius Research.

我們的下一個問題來自 Melius Research 的 Conor Cunningham。

Just back to One Key for a second. Can you just level-set with how that's performing today? I realize it's still really early, but the -- with the slower than expected results in Vrbo and in Hotels.com, is there any implications on the potential slower ramp on international as you look to do that this year, maybe into next year as well?

暫時回到“一鍵”。您能根據今天的表現來決定一下水平嗎？我意識到現在還為時過早，但是，由於 Vrbo 和 Hotels.com 的業績低於預期，這對國際業務增長放緩是否有任何影響，因為您今年或明年可能會這樣做，因為出色地？

So I'm happy to -- look, on One Key, as you know, we launched it last summer, and the goal was to get more members, have them repeat more and see them shopping across our brands. In terms of member growth on our loyalty programs, new membership is up 40% year-on-year, and we're really pleased with that. And we're seeing good repeat rates.

所以我很高興——看，在“一鍵”上，如你所知，我們去年夏天推出了它，目標是吸引更多會員，讓他們重複更多，並看到他們在我們的品牌中購物。在我們的忠誠度計劃的會員成長方面，新會員數量同比增長了 40%，我們對此感到非常滿意。我們看到了良好的重複率。

And when it comes to cross-shopping, what we've actually seen is that 25% of people who have redeemed their One Key cash on Vrbo, who had earned that cash on either Hotels.com or Expedia, are completely new to Vrbo. So I think that really sort of reassures us in this idea of being able to capture more trips from travelers because of the One Key program. And we will be -- we are looking to roll it out internationally later this year.

在交叉購物方面，我們實際看到的是，在 Vrbo 上兌換過一鍵現金（在 Hotels.com 或 Expedia 上賺取現金的人）中，有 25% 是 Vrbo 的新手。因此，我認為這確實讓我們感到安心，因為我們能夠透過「一鍵」計畫捕捉更多旅行者的旅行資訊。我們將——我們希望在今年晚些時候在全球範圍內推出它。

Our next question comes from Naved Khan from B. Riley.

我們的下一個問題來自 B. Riley 的 Naved Khan。

So 2 questions. Maybe just on Vrbo. Can you maybe talk a little bit about if the issues you are kind of trying to solve for more of a top line -- sorry, top of the funnel traffic? Or is it conversion? What exactly are you kind of trying to refine? And what gives you the confidence that the rebound can ultimately come through on Vrbo?

所以有2個問題。也許就在 Vrbo 上。您能否談談您想要解決的問題是否更多地涉及到頂線（抱歉，漏斗流量的頂部）？或者說是轉換？您究竟想改進什麼？是什麼讓您對 Vrbo 最終能夠實現反彈充滿信心？

And the second question I had is around international market. So I think you talked about kind of going into some new markets this year, and you were spending ad dollars in those markets. Wondering when we can start to see sort of the P&L contribution from those new markets.

我的第二個問題是關於國際市場的。所以我認為你談到了今年進入一些新市場，並且你在這些市場上花費了廣告費用。想知道我們什麼時候可以開始看到這些新市場對損益的貢獻。

Sure. Let me take that. So first of all, it's -- for Vrbo, it's largely a traffic issue. So as I mentioned, we spent down last year while the product was going through migration. That has 2 effects, which is, while it's migrating, it's not converting as well, and we're not spending as much to build awareness through that time.

當然。讓我來吧。首先，對於 Vrbo 來說，這很大程度上是一個交通問題。正如我所提到的，去年我們在產品遷移期間花了很多錢。這有兩個影響，即，在遷移的同時，它也沒有轉化，而且我們在這段時間裡沒有花那麼多錢來建立意識。

As we're now rebuilding awareness, we're seeing benefit. The product itself is actually converting very well and improving very quickly because it is getting the benefits, as Ariane mentioned, of the single stack, right? All the -- many of those things that have won on our other products,are winners for Vrbo, and so we're getting more benefit more quickly.

當我們現在重建意識時，我們看到了好處。產品本身實際上轉換得很好並且改進得非常快，因為正如阿麗亞娜所提到的，它獲得了單堆疊的好處，對嗎？所有這些——許多在我們其他產品上獲勝的東西，都是 Vrbo 的贏家，因此我們能夠更快地獲得更多利益。

So conversion continues to improve and is in good shape. We've got to rebuild back the traffic. And as Ariane said, One Key is helping with that. But One Key for itself in Vrbo, Vrbo customers don't travel 10 times a year typically. They travel once, if once, a year, sometimes once every 18 months or 2 years.

因此，轉換率持續提高，且狀況良好。我們必須重建交通。正如阿麗亞娜所說，「一鍵」正在幫助解決這個問題。但 Vrbo 的「一鍵」服務本身，Vrbo 客戶通常每年不會出行 10 次。他們每年旅行一次，有時甚至每 18 個月或 2 年旅行一次。

So the benefits of the One Key program, which we think is a key differentiator for Vrbo, take even longer to accumulate and create that flywheel over time. So we're building into those things. We're focused on traffic and building just general awareness back and general traffic back, and we're making solid strides. It's just not as fast as we had expected.

因此，我們認為一鍵計劃的好處是 Vrbo 的關鍵差異化因素，但隨著時間的推移，它需要更長的時間來累積和創建飛輪。所以我們正在建造這些東西。我們專注於流量，並建立一般意識和一般流量的恢復，我們正在取得堅實的進展。只是沒有我們預期的快。

On the international side, we've seen quite good returns in all the places we've pushed into. We've tried a number of different ways in, now that we have the product improved, leaning more into performance marketing in some places, leaning more into brand in other places. But we're seeing broadly good response. We think it's contributing. It's just that North America is so large that it's hard to see in the numbers.

在國際方面，我們在所有涉足的領域都看到了相當不錯的回報。我們已經嘗試了多種不同的方式，現在我們已經改進了產品，在某些地方更傾向於績效行銷，在其他地方更傾向於品牌。但我們看到了廣泛良好的反響。我們認為這是有貢獻的。只是北美太大了，很難從數字看出來。

But that's why, as Ariane said, we started building into it this year. We're pushing back into international, and it's meant to drive long-term growth for many years to come. And as these markets succeed, we will continue to invest in more markets where we think we have the right to win, and win back share.

但這就是為什麼，正如阿麗亞娜所說，我們今年開始建造它。我們正在重返國際市場，目的是推動未來多年的長期成長。隨著這些市場的成功，我們將繼續投資更多我們認為有權利贏得並贏回份額的市場。

We have seen some short-term wins. And Peter is right, it's going to take a while to really see it in the P&L from your perspective because there's an investment time period, you have to build it up to get the return. But in international markets, in small ones like Brazil and Scandinavia, where we launched new campaigns, we did see double-digit growth on our brands there. So that's already reflected in our numbers, but they're not all in the total, we are seeing the benefits flow through.

我們已經看到了一些短期的勝利。彼得是對的，從你的角度來看，你需要一段時間才能真正在損益表中看到它，因為有一個投資時間段，你必須建立它才能獲得回報。但在國際市場，在巴西和斯堪的納維亞半島等小市場，我們推出了新的行銷活動，我們的品牌確實實現了兩位數的成長。因此，這已經反映在我們的數字中，但它們並不是全部，我們正在看到效益的流動。

Our next question comes from Kevin Kopelman from TD Securities.

我們的下一個問題來自道明證券的凱文·科佩爾曼。

This is Jacob on for Kevin. For Ariane, on the B2B side, can you comment on concentration within B2B, how large your top few customers and how many customers do you have? And also I wanted to know if there's (inaudible) impact for regulatory changes from Google, any positive benefits there?

這是凱文的雅各。對於 Ariane，在 B2B 方面，您能否評論一下 B2B 的集中度、您的前幾名客戶有多大以及您有多少客戶？我還想知道谷歌的監管變化是否有（聽不清楚）影響，有什麼正面的好處嗎？

Okay. I think -- it was a little bit hard to hear, but I think the first question was about the B2B business and customer concentration. So let me take that one first. Look, we don't disclose information, obviously, about sort of the concentration of our customers, but what I will say is the B2B business is quite a mix of some very large partners, think of banks, think of some airlines, and also a very long tail of travel agencies, for example. So I would say it's a well-balanced business.

好的。我認為——這有點難以聽清，但我認為第一個問題是關於 B2B 業務和客戶集中度的。所以讓我先拿那個。顯然，我們不會透露有關客戶集中度的信息，但我要說的是 B2B 業務是一些非常大的合作夥伴的混合體，想想銀行，想想一些航空公司，還有例如，旅行社的長尾效應。所以我想說這是一項平衡良好的業務。

One of the things that's really nice about the B2B business is it's not only balanced in terms of customers, but it's very balanced geographically and in terms of what types of partners we work with. I think this -- what was -- oh, the second part was about changes to...

B2B 業務的真正優點之一是，它不僅在客戶方面保持平衡，而且在地理位置以及與我們合作的合作夥伴類型方面也非常平衡。我認為這——什麼是——哦，第二部分是關於……的改變。

Sorry, say that again?

抱歉，再說一次？

Yes. Any benefits you're seeing from the regulatory changes from Google in Europe?

是的。您從 Google 在歐洲的監管變化中看到了什麼好處？

In terms of our core B2C business? Not really, no. I think -- yes. I think Google is still trying to push back. They've introduced some new things in the hotel funnel with Carousels and other things. So as much as we're hoping for help from regulators where we operate within the balance of what they're doing, and they continue to operate pretty much how they have in terms of looking for new ways to monetize and push SEO traffic down, et cetera. So no, no real noticeable impact.

就我們的核心B2C業務而言？不完全是，不是。我想是的。我認為谷歌仍在努力反擊。他們在酒店漏斗中引入了一些新東西，包括旋轉木馬和其他東西。因此，儘管我們希望得到監管機構的幫助，我們在他們正在做的事情的平衡範圍內運作，而他們繼續以他們現有的方式運作，尋找新的貨幣化方法並降低 SEO 流量，等等。所以不，沒有真正明顯的影響。

One more on traffic on how big the (inaudible)?

再談一談流量有多大（聽不清楚）？

Sorry, it's really hard to hear.

抱歉，真的很難聽。

On direct traffic, is there any -- can you provide any commentary on that?

關於直接流量，您能對此發表評論嗎？

I don't think we provide commentary on that. I'd say about 2/3 of our business remains coming from direct traffic, and we've seen strong improvement in the app, which we -- as you probably recall, we've been pushing into for several years, I think, 600 basis points improvement in how much of our business came through the app.

我認為我們不會對此發表評論。我想說，我們大約 2/3 的業務仍然來自直接流量，我們已經看到該應用程式的巨大改進，您可能還記得，我認為我們已經推動了幾年，透過該應用程式實現的業務量提高了600 個基點。

So that continues to be a vein we're pushing into and obviously something we're focused on for the future in terms of just driving more and more direct traffic. Obviously, One Key, we expect to help with that over time. So there's a lot of things going into driving that over time, but so far, the improvement's been good.

因此，這仍然是我們正在推進的一個方向，顯然我們未來的重點是推動越來越多的直接流量。顯然，隨著時間的推移，我們希望透過「一鍵」來幫助解決這個問題。因此，隨著時間的推移，需要做很多事情來推動這一點，但到目前為止，進步還是不錯的。

Our next question comes from Ron Josey from Citigroup.

我們的下一個問題來自花旗集團的羅恩·喬西。

This is Robert on for Ron. One question for you on GenAI. Can you guys share some of the learnings maybe following the launch of EG Labs last year? What are some of the products you guys are most excited about? I guess at what point do you expect these products to come to market and start to change the way users search for travel?

這是羅伯特替羅恩演的。關於 GenAI 有一個問題想問你。可以分享一下去年 EG Labs 推出後的一些經驗教訓嗎？你們最感興趣的產品是什麼？我猜您預計這些產品什麼時候上市並開始改變用戶搜尋旅行的方式？

Yes. We've done a lot of experimentation in GenAI, obviously, user-facing as well as within the company from an efficiency standpoint, from customer service, all kinds of places. And I won't steal any thunder, but Ariane and the team will be announcing a lot of really cool new things at our EXPLORE Conference in 10 days or 2 weeks.

是的。我們在 GenAI 方面做了很多實驗，顯然是面向用戶的，也是公司內部的，從效率的角度來看，從客戶服務的角度來看，各個方面都是如此。我不會搶風頭，但 Ariane 和團隊將在 10 天或 2 週後的探索會議上宣布許多非常酷的新事物。

But basically, it is early days as far as the search approach goes. It's still pretty modest in terms of how many people use it, certainly in terms of its impact on conversion or anything else. But early is good in the GenAI space because it gives you time to experiment and learn, and we've learned a lot, and that's going to guide to a bunch of new things that our customers are going to see in the coming year.

但基本上，就搜尋方法而言還處於早期階段。就使用它的人數而言，尤其是就其對轉化或其他方面的影響而言，它仍然相當有限。但在 GenAI 領域越早越好，因為它讓你有時間進行實驗和學習，我們已經學到了很多東西，這將指導我們的客戶在來年看到的一系列新事物。

So there's a lot of new impact from it. There's also a lot of impact, as we've talked about before, from old-fashioned machine learning driving all kinds of wins across the product. And as I mentioned, much more at scale because they can be deployed much more readily across all brands and across different lines of business.

所以它產生了很多新的影響。正如我們之前討論過的，老式機器學習在整個產品中推動了各種勝利，也產生了很大的影響。正如我所提到的，規模更大，因為它們可以更輕鬆地在所有品牌和不同業務領域部署。

So we're having really good wins, I would say, from ML and AI, but the coolest, newest things we really think will impact consumer behavior and experience are still coming and Ariane and the team will get to tell the world about those in a week or so.

因此，我想說，我們在機器學習和人工智慧方面取得了非常好的勝利，但我們真正認為會影響消費者行為和體驗的最酷、最新的事物仍在出現，阿麗亞娜和團隊將向世界介紹這些一周左右。

Yes. I would just add, as Peter said, we're excited to share some things in a couple of weeks at our partner conference. And again, in addition to what we're doing for travelers, there's a lot of work that we're experimenting with for partners.

是的。我想補充一點，正如彼得所說，我們很高興能在幾週後的合作夥伴會議上分享一些事情。再說一遍，除了我們為旅行者所做的事情之外，我們還為合作夥伴嘗試了很多工作。

How do we help partners use GenAI to better show their inventory in our apps or in our brands? How do we allow them to use GenAI to improve their advertising with us? There's work, as Peter said, with our customer support organization. How do they use it to be more effective?

我們如何幫助合作夥伴使用 GenAI 在我們的應用程式或品牌中更好地展示他們的庫存？我們如何允許他們使用 GenAI 來改善他們與我們的廣告？正如彼得所說，我們的客戶支援組織有工作。他們如何使用它來提高效率？

Our development teams, even our commercial teams are looking at, are there pilots for how we can use those to be more effective as well, so I think it's really going to touch every part of the internal organization as well as how travelers search and book.

我們的開發團隊，甚至我們的商業團隊正在考慮，是否有試點來幫助我們如何利用這些來提高效率，所以我認為這確實會觸及內部組織的每個部分以及旅客的搜尋和預訂方式。

Our next question comes from Mark Mahaney from Evercore ISI.

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

Can I ask 2 questions? First is, any new thoughts on further managing or paring down costs? Where are you in terms of kind of rethinking reengineering the cost structure? It may well be that you finished all that sort of work, but just asking.

我可以問2個問題嗎？首先，關於進一步管理或削減成本有什麼新想法嗎？您在重新思考重新設計成本結構方面處於什麼位置？您很可能已經完成了所有此類工作，但只是詢問。

And then secondly, I think it's been a while since you've talked about what percentage of your products that are sold, units, services that are sold, are bundled? Do you have an update on that? And what I'm particularly interested in is whether things like AI, particularly mobile apps, have really led to a greater ability to cross-sell travel products, to bundle travel products, in a way that wasn't the case in the past.

其次，我想你已經有一段時間沒有談論過你所銷售的產品、單位、服務中捆綁銷售的比例是多少了？您有最新消息嗎？我特別感興趣的是，像人工智慧這樣的東西，特別是行動應用程序，是否真的帶來了交叉銷售旅遊產品、捆綁旅遊產品的更大能力，而這種方式在過去並非如此。

Mark, thanks for the question. I'll take the cost question. I would say that literally, we are just getting started. So I mean, we did have an announcement back in February where we had impacted about 1,500 associates. We're still on the journey of that. We haven't done all of that yet.

馬克，謝謝你的提問。我來回答一下費用問題。我想說，從字面上看，我們才剛開始。所以我的意思是，我們確實在 2 月發布了一項公告，影響了大約 1,500 名員工。我們仍然在這個過程中。我們還沒有完成所有這些。

You can see some of the savings already coming through in the P&L within cost of sales and within overhead and also within capitalized labor. And there's more of that to come. It should be substantial savings on an annualized basis. again, hitting all 3 of those lines, of course, cap labor, you won't see in the P&L, even in EBIT because the capitalized software is amortized over 3 years, but you'll see it billed as we continue to move forward.

您可以在損益表中看到銷售成本、管理費用以及資本化勞動力中已經實現的一些節省。未來還會有更多這樣的事情發生。按年計算，這應該是一筆可觀的節省。再一次，觸及所有這3 條線，當然，勞動力上限，你不會在損益表中看到，甚至在息稅前利潤中也看不到，因為資本化軟體在3 年內攤銷，但隨著我們繼續前進，你會看到它被計費。

But I think even as Ariane said, we're looking at every single line to drive efficiencies. And so we have kicked off a few projects to go through and really sort of push on the P&L. So we think there's an incredible opportunity to drive cost efficiencies, and obviously, as we deprecate more systems, we come out of this other side of the migration side of it, there's going to be a lot of opportunity to bring the cost down going forward.

但我認為，正如阿麗亞娜所說，我們正在關注每一條生產線以提高效率。因此，我們啟動了幾個專案來進行，並真正推動了損益表。因此，我們認為這是一個提高成本效率的絕佳機會，顯然，隨著我們棄用更多系統，我們走出了遷移的另一面，未來將有很多機會降低成本。

And I'm happy to take the second part about products that we bundle. Look, we don't disclose what percentage of our business comes from packages or from cross-sell. But what I would tell you is, one, a unique value proposition of the Brand Expedia is our package path and this ability to dynamically bundle an air ticket with a hotel and the like. And we're seeing really good results as we continue to lean into the package path, and we think it's a great value proposition.

我很高興接受有關我們捆綁產品的第二部分。看，我們沒有透露我們的業務中有多少比例來自包裝或交叉銷售。但我要告訴你的是，第一，Expedia 品牌的獨特價值主張是我們的套餐路徑以及將機票與酒店等動態捆綁的能力。隨著我們繼續傾向於封裝路徑，我們看到了非常好的結果，我們認為這是一個很好的價值主張。

And then when you think about sort of the cross-sell and attach, which again has always been one of our strategies, I mean, for as long as I've been at Expedia Group, it has been. It is true that with machine learning, you can get a lot smarter in understanding what is the next best thing to propose to a traveler. What are they most likely to attach, given what we know about them, given what we know about what they're doing in that trip plan? So I think we have lots of ambitions around cross-sell and attach and what machine learning can do to help us there.

然後，當你想到交叉銷售和附加時，這又一直是我們的策略之一，我的意思是，自從我在 Expedia Group 工作以來，它一直都是。確實，透過機器學習，您可以更聰明地了解向旅行者提出的下一個最佳建議是什麼。根據我們對他們的了解，根據我們對他們在旅行計劃中所做的事情的了解，他們最有可能附加什麼？因此，我認為我們在交叉銷售和附加方面有很多雄心壯志，以及機器學習可以為我們提供哪些幫助。

Our next question comes from Ken Gawrelski from Wells Fargo.

我們的下一個問題來自富國銀行的 Ken Gawrelski。

This is Alec on for Ken. I appreciate the question. B2B has grown faster than the overall corporate growth rate for a while now. A question we get from investors a lot is how to think about the long-term growth rate.

這是亞歷克為肯代言的。我很欣賞這個問題。一段時間以來，B2B 的成長速度快於企業整體成長速度。我們經常從投資者那裡得到的一個問題是如何考慮長期成長率。

It seems like there's been some transient benefits to the business, whether it's been the recovery of corporate travel or exposure to Asia Pacific. And so when we normalize for those factors, I guess, how do you think about B2B growth over the medium to long term?

無論是商務旅行的復甦還是亞太地區的業務，該業務似乎都獲得了一些暫時的好處。因此，當我們對這些因素進行標準化時，我想，您如何看待 B2B 中長期成長？

Yes. Look, we're not sharing projections of how we see things long term. I guess I would just remind everyone that there's a huge market out there for travel. And our B2B business serves a lot of different types of partners, whether they're airlines, whether they're banks. Last year, we launched a partnership with Walmart. We work with off-line travel agencies. We work all over the world.

是的。看，我們並沒有分享我們如何看待長期事物的預測。我想我只想提醒大家，旅遊有一個巨大的市場。我們的 B2B 業務為許多不同類型的合作夥伴提供服務，無論他們是航空公司還是銀行。去年，我們與沃爾瑪建立了合作關係。我們與線下旅行社合作。我們在世界各地工作。

So I would just say even if it has certainly been growing at a very fast clip for the last few years, we continue to have big ambitions for that business. And as we think about our investments in technology, in our supply, and in our teams and our partner relationships, I think we've got really great assets to continue being leaders in B2B.

因此，我只想說，即使過去幾年它確實以非常快的速度成長，我們仍然對這項業務抱持著遠大的抱負。當我們考慮我們在技術、供應、團隊和合作夥伴關係方面的投資時，我認為我們擁有真正巨大的資產來繼續成為 B2B 領域的領導者。

Our next question comes from Jed Kelly from Oppenheimer.

我們的下一個問題來自奧本海默的傑德凱利。

Great. Can you just sort of dive into some of the mechanics around the recent head count reduction? How much of that is coming out of capitalized software versus how much can be reinvested into marketing?

偉大的。您能深入了解一下最近裁員的一些機制嗎？其中有多少來自資本化軟體，有多少可以再投資行銷？

And then in your hotel segment, great to see double-digit growth. Can you talk about how that's trending in North America relative to international?

然後在酒店領域，很高興看到兩位數的成長。能談談北美相對於國際的趨勢嗎？

Sure. I'll take the cost actions question. We have not broken out in detail how much is impacting each line. As I mentioned, you can see it within cost of sales improvements, you could see it in the overhead improvements, you can kind of deduce how much of that is due to that. But you can also see it in our cap labor, in our capital expenditures, at least this quarter, how they've come down. A significant portion of that is associated with capital labor.

當然。我將回答成本行動問題。我們還沒有詳細說明每條生產線受到的影響有多大。正如我所提到的，您可以在銷售成本改進中看到它，您可以在管理費用改進中看到它，您可以推斷其中有多少是由於此造成的。但你也可以從我們的勞動力上限和資本支出中看到這一點，至少在本季度，它們是如何下降的。其中很大一部分與資本勞動力有關。

I think the reason why we didn't want to unpack it all, especially this year, is there's a lot of moving parts. Like I said, hitting across 3 lines, cost of sales, overhead and capital labor. Most of it or a significant piece of it is capital labor, and it is a partial year for the savings. And as you asked, we are going to be taking some of that savings, which is implied within our guidance, and reinvesting it back into marketing. But on an annualized basis, on a go-forward basis, it's substantial and will hit across those 3 lines.

我認為我們不想全部拆開的原因，尤其是今年，是因為有很多活動部件。就像我說的，涉及 3 條線：銷售成本、管理費用和資本勞動力。其中大部分或很大一部分是資本勞動力，這是節省的部分年份。正如您所問的，我們將採取我們的指導中隱含的部分節省，並將其重新投資到行銷中。但從年化角度來看，從未來來看，這一數字是巨大的，並且將跨越這三條線。

Yes. And I'll just jump in on the hotel segment. I mean, obviously, a couple of things to keep in mind. It's all our businesses. As Ariane mentioned, our B2B business has more exposure to international, so that has some of the better tailwinds, has been in international. Our international investments have been doing well, but that's a fairly small part of our B2C business and all.

是的。我將直接進入酒店領域。顯然，我的意思是，有幾件事需要記住。這是我們所有的生意。正如阿麗亞娜所提到的，我們的 B2B 業務在國際上有更多的接觸，因此在國際上有一些更好的順風車。我們的國際投資一直表現良好，但這只是我們 B2C 業務的一小部分。

So the short answer is yes, hotel segment is growing more outside the U.S. just because of tailwinds. But we are growing it in the U.S. and we are taking share in the U.S. So both are good. We'd obviously love it if the U.S. had tailwinds of 10% macro growth, but it doesn't. But we are growing and we are growing share in the U.S., and as I mentioned, growing share in most of our focus markets. And then B2B benefits from a little more geographical diversity into Asia and LatAm and other places that are growing a bit faster.

所以簡短的回答是肯定的，由於順風而行，美國以外的酒店市場正在成長。但我們正在美國種植它，我們正在美國佔據份額，所以兩者都很好。如果美國有 10% 的宏觀經濟成長，我們顯然會很高興，但事實並非如此。但我們正在成長，我們在美國的份額正在增加，正如我所提到的，我們在大多數重點市場的份額也在增加。然後，B2B 受益於亞洲和拉丁美洲以及其他成長更快的地區的地理多樣性。

Our next question comes from Anthony Post from Bank of America.

我們的下一個問題來自美國銀行的安東尼·波斯特。

I just want to dive in a little bit more on Vrbo. Obviously, huge customer surge during the pandemic. And then it looked like your app strategy of getting apps distributed was working. So just kind of what's not meeting your expectations? Is it the paid channel or is it reactivating customers that -- to kind of higher repeat rates? And what's the plan to fix that?

我只是想更深入地了解 Vrbo。顯然，疫情期間客戶激增。然後看起來您的應用程式分發策略正在發揮作用。那麼，有什麼不符合您的期望嗎？是付費管道還是重新激活客戶——以提高重複率？解決這個問題的計畫是什麼？

And then second, can you provide any detail on the mix of Vrbo versus core, how that's trending? I think people are coming up with their own estimates whether it's down or not, but we would love some commentary to help us with that.

其次，您能否提供有關 Vrbo 與核心組合的任何詳細信息，以及趨勢如何？我認為人們會提出自己的估計，無論它是否下降，但我們希望得到一些評論來幫助我們解決這個問題。

Yes. Well, I'll do the bad news first. We can't help you with the splits. We don't break out the business that way. But I'll talk about the beginning part, which is, yes, we saw a huge pandemic surge. That was great for customer acquisition. It was great for the Vrbo business. And to be clear, we are still well above 2019 levels even as we sit today.

是的。好吧，我先說壞消息。我們無法幫助您解決分裂問題。我們不會以這種方式開展業務。但我要談談開頭部分，是的，我們看到了大流行的激增。這對於獲取客戶來說非常有用。這對 Vrbo 業務來說非常有利。需要明確的是，即使是今天，我們的水準仍遠高於 2019 年的水準。

So the category has seen a boost. It has sustained the boost. I think what -- when you get to what we're not happy with now is just we went through, as we've said many times, we have to go backwards to go forward. On Vrbo, that meant changing the product, going through the migration. And for us, it meant that we didn't think we could spend our money efficiently on Vrbo while we were going through that.

因此，該類別有所增長。它持續了增長。我認為，當你遇到我們現在不滿意的事情時，正如我們多次說過的那樣，我們必須倒退才能前進。在 Vrbo 上，這意味著改變產品，進行遷移。對我們來說，這意味著我們認為在經歷這個過程時我們無法有效地將錢花在 Vrbo 上。

So we are winning back customer -- we're winning back new customers with new marketing as we push in with investment. We have to get customers back who may have gone through the bumpy period of migration. But also VR is fairly flat in North America right now in terms of demand. So again, we don't have the tailwinds of just a growth driver that was there.

因此，我們正在贏回客戶——隨著我們增加投資，我們正在透過新的行銷方式贏回新客戶。我們必須讓那些可能經歷了遷移坎坷時期的客戶回來。但就需求而言，目前北美的 VR 市場也相當平淡。再說一遍，我們並不僅僅擁有現有的成長動力。

Now we do believe we have the best product. We do believe One Key makes it the most valuable. We do believe we have great supply. And so it's really getting the customers back in. And One Key, on that point, gives us a really good tool to attract not only Vrbo customers back, but as Ariane mentioned, customers from Expedia and Hotels.com, where we have a much bigger base of total humans and customers in those pools, to bring them into Vrbo and see the benefits of staying within our universe of products.

現在我們確實相信我們擁有最好的產品。我們確實相信「一鍵」使其最有價值。我們確實相信我們有充足的供應。因此，它確實讓客戶重新回來。我們在這兩個網站上有很多客戶。

So we have a lot of tools to use. We're just really putting them to use now again, now that we're past the migration, now that we know the product experience is what we want it to be. And we will keep making it better. But it's at a place where we're happy with it, and we can invest behind it, and we know the returns will come through and the product will be sticky when customers get to us.

所以我們有很多工具可以使用。既然我們已經完成了遷移，既然我們知道產品體驗就是我們想要的，那麼我們現在就真的再次使用它們了。我們將繼續做得更好。但它處於我們對此感到滿意的地方，我們可以對其進行投資，而且我們知道當客戶找到我們時，回報將會實現，並且產品將會具有黏性。

So that's really what we're -- that's the backdrop, and we're just investing into that backdrop, and we've got to keep driving it. We gave up some ground, clearly, and now we have to win it back.

這就是我們的本質——這就是背景，我們只是在這個背景上投資，我們必須繼續推動它。顯然，我們放棄了一些陣地，現在我們必須贏回它。

Our last question comes from Tom Champion from Piper Sandler.

我們的最後一個問題來自 Piper Sandler 的 Tom Champion。

Ariane, the business remains in transition, and it seems to be maybe a difficult period. I'm just curious how you think about your priorities over the next quarter or 2. Tactically, where are you going to allocate your time and really focus first?

阿麗亞娜，業務仍處於轉型期，這似乎可能是一個困難時期。我只是好奇你如何看待下一個季度或第二個季度的優先事項。

And then for Julie, I'm wondering if you can just elaborate a little bit on the margin commentary for full year and your expectations. There's a head count reduction. The tech stack being migrated would seem to be a cost savings. Where are you going to be investing such that margins will be more similar to last year versus maybe improving?

然後，朱莉，我想知道您是否可以詳細說明全年的利潤評論和您的期望。人員數量有所減少。正在遷移的技術堆疊似乎可以節省成本。您將在哪些方面進行投資，以使利潤率與去年更加相似，而不是可能有所改善？

Thanks, Tom. Look, on the next quarter or 2 -- like let me say, even if I've been in this business for 11 years, stepping into the CEO role is a new perspective. And so I will listen and learn with our teams over the months to come. I think we have set really solid foundations. And as I said in my prepared remarks, one thing is helping the teams get back to the basics of traffic and conversion and delivering the acceleration that's implied in our guidance.

謝謝，湯姆。看，在接下來的一兩個季度——就像我說的那樣，即使我已經在這個行業工作了 11 年，擔任執行長的角色也是一個新的視角。因此，在接下來的幾個月裡，我將與我們的團隊一起傾聽和學習。我認為我們已經奠定了非常堅實的基礎。正如我在準備好的演講中所說，一件事是幫助團隊回到流量和轉換的基礎知識，並提供我們指導中暗示的加速。

So there's going to be a part of it which is helping the team focus on execution in the short term to deliver our acceleration, and then also sort of listening and learning and figuring out if there are places that we may need to adapt or adjust anything to really deliver on our long-term growth.

因此，其中一部分將幫助團隊在短期內專注於執行以實現加速，然後還要進行傾聽和學習，並找出是否有我們可能需要適應或調整的地方真正實現我們的長期成長。

So I would say lots of time with our teams internally. Obviously, lots of time with partners and the like, and again, I think I'm fortunate that we have a really great team here that's all motivated to want to win. So I'm looking forward to spending time with them in a couple of months to come.

所以我想說的是，我們有很多時間與我們的團隊內部相處。顯然，我有很多時間與合作夥伴等在一起，我想我很幸運，我們這裡有一支非常優秀的團隊，他們都有動力想要獲勝。所以我期待在接下來的幾個月與他們共度時光。

And then on the margins question, now going to relatively in line with last year as opposed to margin expansion, it's really a function of where we end up in the range of possible outcomes on the top line. Because we're still generating cost of sales leverage, we're still generating overhead leverage, we're still motivated, obviously, to get back to marketing leverage.

然後關於利潤率問題，現在與去年相對一致，而不是利潤率擴張，這實際上取決於我們最終在營收可能結果範圍內的位置。因為我們仍在產生銷售成本槓桿，我們仍在產生間接費用槓桿，顯然我們仍然有動力回到行銷槓桿。

It's just a function of where we see the ramp-up in the back half and what spot on the top line we end up being at. And so we want to make sure we give ourselves enough room to be able to make the investments that we need to make in Vrbo to reinvigorate that brand, and in our international markets to obviously support our growth initiative to expand outside the U.S. And so that gives us that opportunity.

這只是我們在後半場看到的上升位置以及我們最終在頂線上的哪個位置的函數。因此，我們希望確保給自己足夠的空間，以便能夠在 Vrbo 進行投資，以重振品牌，並在我們的國際市場上進行投資，以明顯支持我們向美國以外地區擴張的成長計劃。這樣的機會。

Thank you, everybody. I think that's our last call. Thank you, operator. I think we're finished.

謝謝大家。我想這是我們最後一次通話了。謝謝你，接線生。我想我們已經結束了。

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。現在您可以斷開線路。祝你今天過得愉快。