Expedia Group Inc (EXPE) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q2 2024 financial results teleconference. My name is [Alicia], and I'll be your operator for today's call. (Operator Instructions) For opening remarks, I'll turn the call over to Senior Vice President, Corporate development strategy and Investor relations Harshit Vaish. Please go ahead.

大家好，歡迎參加 Expedia Group 2024 年第二季財務業績電話會議。我的名字是 [Alicia]，我將擔任您今天通話的接線生。 （操作員指示）作為開場白，我將把電話轉給負責企業發展策略和投資者關係的高級副總裁 Harshit Vaish。請繼續。

Good afternoon, and welcome to Expedia Group's second quarter of 2024 earnings call. I'm pleased to be joined on today's call by our CEO, Ariane Gorin and our CFO, Julie Whalen. As a reminder, our commentary today will include reference 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 excludes stock based compensation will also be making forward-looking statements during the call, which are predictions, projections or other statements about future events.

下午好，歡迎參加 Expedia Group 2024 年第二季財報電話會議。我很高興我們的執行長 Ariane Gorin 和財務長 Julie Whalen 參加今天的電話會議。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帳已包含在我們的收益發布中。除非另有說明，任何提及費用（不包括以股票為基礎的薪酬）的內容也將在電話會議期間做出前瞻性陳述，即對未來事件的預測、預測或其他陳述。

These statements are based on current expectations and assumptions which are subject to risks and uncertainties that are difficult to predict. 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 at our Investor Relations website at ir.ExpediaGroup.com.

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。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 Ariane.

接下來，讓我把電話轉給阿麗亞娜。

Thanks, Harshit and thank you all for joining us today. I have been CEO for about a quarter now and expect most of my time in three areas. First, refocusing our team on the base, text and execution to accelerate growth in our consumer business, second, sharpening our long-term strategy, and third, making sure we have the right leadership team in place, all with the goal of delivering better experiences to travelers and more value to our partners. I'm really pleased to already see signs of progress as demonstrated by our second quarter results.

謝謝 Harshit，也謝謝大家今天加入我們。我擔任執行長大約四分之一了，預計我的大部分時間都在三個領域。首先，將我們的團隊重新聚焦在基礎、文字和執行上，以加速我們消費者業務的成長；其次，完善我們的長期策略；第三，確保我們擁有合適的領導團隊，所有這些目標都是提供更好的服務為旅客帶來體驗，為我們的合作夥伴帶來更多價值。我真的很高興看到第二季業績所證明的進展跡象。

We created room night by 10% and gross bookings and revenue by 6% versus last year. This was at the high end of our expectations and was driven by substantial improvement in survival as well as continued strength in brand Expedia in our advertising business and in our B2B segment, we also executed well in controlling our costs with cost of sales and overheads both declining year-over-year.

與去年相比，我們的間夜數增加了 10%，總預訂量和收入增加了 6%。這是我們預期的最高值，受到生存率大幅改善以及 Expedia 品牌在廣告業務和 B2B 領域持續強勢的推動，我們在控制銷售成本和管理費用方面也表現出色。

The travel environment was healthy in the second quarter and like the last few quarters, we saw strong ongoing demand internationally relative to the US. Compared to last year, we grew GreenLight mid single digits in the US, low double digits in Europe and in the high 10s for the rest of the world. Tied to tell that about hotel and vacation rentals.

第二季的旅遊環境健康，與過去幾季一樣，我們看到相對於美國而言，國際需求持續強勁。與去年相比，我們的 GreenLight 在美國成長了中個位數，在歐洲成長了兩位數，在世界其他地區成長了十多位。與飯店和度假租賃有關。

So we saw continued pricing pressure for air and car. In terms of trends. So far in the third quarter, we've seen some softness in demand. And Julie, will provide additional details on this in a few minutes. But regardless of the market environment, we're focused on executing what's in our control and what we know will drive long-term value. Now let me talk a little bit about the second quarter results themselves.

因此，我們看到空氣和汽車的價格壓力持續存在。從趨勢來看。第三季到目前為止，我們看到需求疲軟。朱莉將在幾分鐘內提供有關此問題的更多詳細資訊。但無論市場環境如何，我們都會專注於執行我們控制範圍內的事情以及我們知道將推動長期價值的事情。現在讓我談談第二季的業績本身。

In our consumer business, we grew gross bookings by 1%, which was an improvement of nearly 400 basis points in the first quarter. Our focus on the basics, traffic conversion, attach rates and marketing efficiency has shown solid early results. The traffic growth across our We for brands, which are Expedia, Hotels.com and per [Vrbo] accelerated sequentially by roughly 500 basis points and conversion rates continued to improve. The percent of bookings through our app also increased at over 500 basis points year-on-year. And in terms of cash, not item trips grew by 9% compared to last year.

在我們的消費者業務中，我們的總預訂量成長了 1%，比第一季提高了近 400 個基點。我們對基礎知識、流量轉換、附加率和行銷效率的關注已經顯示出堅實的早期成果。我們的 We 品牌（Expedia、Hotels.com 和 per [Vrbo]）的流量成長連續加速約 500 個基點，轉換率持續提高。透過我們的應用程式預訂的百分比也比去年同期增長了 500 多個基點。就現金而非物品旅行而言，與去年相比增長了 9%。

And this is important because when travelers by more than one product from us, they're getting more value value. So they're more likely to repeat. On marketing, excluding our investments in further though, and international markets, our consumer business showed some year-on-year marketing leverage in the second quarter. Brand Expedia continued its strong performance with booked room nights up nearly 20%, while further improved meaningfully from its Q1 low point and exited the quarter back to modest growth.

這很重要，因為當旅行者使用我們的不只一種產品時，他們會獲得更多的價值。所以他們更有可能重複。在行銷方面，排除我們對進一步投資和國際市場的投資，我們的消費者業務在第二季度表現出了一定的同比行銷槓桿。 Brand Expedia 持續保持強勁表現，預訂間夜量成長近 20%，同時較第一季低點進一步顯著改善，並在本季結束時恢復溫和成長。

Goldman's recovery came from higher marketing spend, better supply and further specific product releases. We certainly have more product what to do on per [Vrbo], in particular on our app. But we're encouraged with our progress and a sequential improvement in the business.

高盛的復甦來自於更高的行銷支出、更好的供應和進一步的具體產品發布。我們當然有更多的產品可以在每個 [Vrbo] 上做什麼，特別是在我們的應用程式上。但我們對我們的進步和業務的持續改善感到鼓舞。

[Vrbo] also benefited from more cross shoppers from our one key loyalty program, nearly 30% of travelers that earned one, key cash on either brand, Expedia or Hotels.com and then redeem it on the [Vrbo], were completely need to [worry about]. So one key is a great source of new travelers for the brand.

[Vrbo] 也受益於我們的一鍵忠誠度計劃中更多的交叉購物者，近30% 的旅行者在Expedia 或Hotels.com 任一品牌上賺取了一筆關鍵現金，然後在[Vrbo]上兌換，他們完全需要[擔心]。因此，關鍵是為該品牌提供新旅行者的重要來源。

Also one key had its 1st year anniversary in the US this summer. We're super pleased to see our large growing member base, enjoy the flexibility to earn and burn one key cash across our three core brands and get great tiered member discounts, customer to regain one key cash or net discounts for Pete more often. So that gives us a lot of confidence that the benefits of IT will build further over time.

今年夏天，一把鑰匙在美國也迎來了一週年紀念。我們非常高興看到我們龐大的會員群不斷增長，享受在我們的三個核心品牌中賺取和燃燒一鍵現金的靈活性，並獲得巨大的分層會員折扣，客戶可以更頻繁地為皮特重新獲得一鍵現金或淨折扣。因此，這讓我們充滿信心，相信隨著時間的推移，IT 的優勢將進一步增強。

This summer, we're hitting two more milestones in the program. In July, we launched a co-branded credit card with Wells Fargo and MasterCard in the US. And expect this to reinforce the value proposition of one key. We're also launching one key in the UK in the third quarter like the US, the UK, the market were all three of our big consumer brands are present.

今年夏天，我們在該計劃中又實現了兩個里程碑。 7月，我們與富國銀行和萬事達卡在美國推出了聯名信用卡。並期望這能強化一鍵的價值主張。第三季我們也將在英國推出一款鑰匙，就像美國、英國一樣，我們的三個大型消費品牌都在這個市場上。

Beyond the UK, though were pausing further international rollout of once. Most international markets have only either Brand Expedia or Hotels.com operating at scale with limited or no presence. So we're going to take the time to tailor our value proposition for these markets.

不過，除了英國之外，我們還暫停了一次的進一步國際推廣。大多數國際市場只有 Expedia 或 Hotels.com 品牌在規模化經營，但業務有限或根本沒有。因此，我們將花時間為這些市場量身訂做我們的價值主張。

In addition, this should minimize further near-term disruption to Hotels.com, which was the brand most impacted one key US rollout. More importantly and as a reminder, All our loyalty members worldwide on our legacy Expedia and Hotels.com programs continue to benefit from improved member discounts that we launched last summer. Finally, we made good progress on our international expansion.

此外，這應該可以最大限度地減少近期對 Hotels.com 造成的進一步幹擾，而 Hotels.com 是美國的一項重要推廣活動中受到影響最大的品牌。更重要的是，請謹提醒您，我們傳統 Expedia 和 Hotels.com 計劃的全球所有忠誠會員將繼續受益於我們去年夏天推出的改進的會員折扣。最後，我們在國際擴張方面取得了良好進展。

As an example, in May, we launched Expedia point of sale in UAE and Saudi Arabia that it's early days. We've been pleased with the results so far. Turning to B2B yet another strong quarter with bookings growing 20%. So like last quarter, this was a 200 basis point deceleration. All of our partner segments grew well and as always, we onboarded new partners.

例如，5 月份，我們在阿聯酋和沙烏地阿拉伯推出了 Expedia 銷售點，但現在還處於早期階段。到目前為止，我們對結果感到滿意。 B2B 又是一個強勁的季度，預訂量成長了 20%。因此，與上季一樣，下降了 200 個基點。我們所有的合作夥伴部門都成長良好，並且一如既往地，我們加入了新的合作夥伴。

A significant portion of the quarter's growth came from existing partners. A couple of highlights from the quarter were the renewal of our lodging, lower Trip.com and a new partnership with Cathay Pacific using our white label template.

本季成長的很大一部分來自現有合作夥伴。本季度的幾個亮點是我們的住宿、Trip.com 的更新以及使用我們的白標模板與國泰航空建立新的合作夥伴關係。

Moving on to supply, which powers both our consumer and B2B segments. We continue to improve our offerings for placements. We just signed a partnership with Ryanair and will soon add their supply marketplace. In vacation rentals, we grew our supply double digits while removing properties that weren't providing acceptable guest experiences.

接下來是供應，這為我們的消費者和 B2B 細分市場提供動力。我們繼續改進我們的展示位置產品。我們剛剛與瑞安航空簽署了合作夥伴關係，並將很快添加他們的供應市場。在度假租賃方面，我們的供應量增加了兩位數，同時刪除了無法提供可接受的客戶體驗的房產。

And we source more listings with flexible cancellation policies and discount. All of this reinforces the durable value proposition. We're also investing in more powerful tools, what we call our visibility boosters to help our supply partners attract the Travelers day one. More hotels are using these tools to fill programs, and our revenue from these products grew over 40% in the first half of this year.

我們也透過靈活的取消政策和折扣來購買更多房源。所有這些都強化了持久的價值主張。我們也投資於更強大的工具，我們稱之為可見度增強器，以幫助我們的供應合作夥伴在第一天就吸引旅客。越來越多的飯店正在使用這些工具來填補項目，今年上半年我們來自這些產品的收入成長了 40% 以上。

And that's a great win-win. Before I turn the call over to Julie to talk about our financial results and guidance, I wanted to touch on our path forward and where I'm focusing our team. Improving, the performance of our Consumer business remains our biggest priority. For capital, focusing on our tech investments for the last few years, while at the same time digging into what product capabilities and configurations we need to strengthen vulnerable and Hotels.com brand.

這是一個偉大的雙贏。在我將電話轉給朱莉討論我們的財務表現和指導之前，我想談談我們的前進道路以及我的團隊的重點工作。改善消費者業務的績效仍是我們的首要任務。對於資本來說，重點關注我們過去幾年的技術投資，同時深入挖掘我們需要哪些產品功能和配置來加強弱勢群體和 Hotels.com 品牌。

We're getting surgical and identifying drivers repeat behaviour in addition to loyalty and app usage, whether it's going 1 key cash are adopting a high enabled products like price predictions. We want all of our core brand, Expedia, Hotels.com and [Vrbo] has clear value propositions and drive healthy growth. And we're making adjustments to ensure we have right focus. In B2B after 12 quarters and over 20% bookings growth. We expect continued normalization and will continue to invest in our technology, supply and partnerships to extend our lead in this segment. Finally, we continue to execute with cost discipline everywhere.

除了忠誠度和應用程式使用情況之外，我們還在進行外科手術並識別駕駛員的重複行為，無論是採用價格預測等高功能產品。我們希望我們所有的核心品牌 Expedia、Hotels.com 和 [Vrbo] 都有明確的價值主張並推動健康成長。我們正在做出調整，以確保我們有正確的重點。在 B2B 領域，12 個季度後預訂量成長超過 20%。我們期望持續正常化，並將繼續投資於我們的技術、供應和合作夥伴關係，以擴大我們在這一領域的領先地位。最後，我們繼續在各地執行成本紀律。

On cost of sales, we've reduced spend and improved gross margins substantially over the last several quarters. We're exploring additional opportunities to rationalize our marketing spend on overhead. We're using technology and AI to further boost productivity. In closing, I'm encouraged by our second quarter results, and I'm incredibly proud and thankful tow our employees who rally together and are working tirelessly to deliver on our ambition to help travelers around the world, experienced great reps and create a lifelong memories.

在銷售成本方面，過去幾季我們減少了支出並大幅提高了毛利率。我們正在探索更多機會來合理化我們的行銷管理支出。我們正在利用科技和人工智慧來進一步提高生產力。最後，我對我們第二季度的業績感到鼓舞，我感到非常自豪和感激，我們的員工團結在一起，不懈努力，以實現我們的雄心壯志，幫助世界各地的旅行者，經歷了偉大的代表並創造了終身回憶。

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

接下來，讓我把它交給朱莉......

Thank you, Ariane, and good afternoon, everyone. We are pleased with our second quarter results, including double digit room night growth, a sequential acceleration in our B2C business, driving gross bookings to 6% and EBITDA margins expanding approximately 70 basis points in the first half.

謝謝你，阿麗亞娜，大家下午好。我們對第二季的業績感到滿意，包括客房夜數的兩位數成長、B2C 業務的連續加速，推動總預訂量成長至 6%，上半年 EBITDA 利潤率擴大約 70 個基點。

As far as the financial details for the second quarter, total gross bookings of $28.8 billion were up 6% versus last year, driven by total lodging gross bookings, which grew 8%, led by our hotel business, growing 11% and the improvement in our Vrbo business.

就第二季的財務細節而言，總預訂總額為 288 億美元，較去年增長 6%，這主要得益於住宿總預訂總額增長 8%，其中酒店業務增長 11%，以及酒店業務的改善。我們的Vrbo 業務。

We were happy to see that we have held or grown hotel gross booking share in virtually all of our key markets. In our Vrbo business, we saw significant acceleration as we move through the quarter, which drove our total gross bookings, sequential acceleration of approximately 300 basis points from the first quarter revenue of $3.6 billion or 6% versus last year, led by our B2B business brand, Expedia and our advertising business.

我們很高興看到我們在幾乎所有主要市場中都保持或增加了酒店總預訂份額。在我們的Vrbo 業務中，隨著本季度的推進，我們看到了顯著的加速，這推動了我們的總預訂量，在B2B 業務的帶動下，第一季收入36 億美元，比去年增加了約300 個基點，即6%品牌、Expedia 和我們的廣告業務。

Total revenue margin was flat year-over-year as the up from advertising growth was offset by fewer stays. Given the lower gross bookings in the first quarter. The shift of Easter stays into the first quarter and the contra revenue arising from pricing actions.

總收入利潤率與去年同期持平，因為廣告成長的成長被停留時間的減少所抵消。鑑於第一季總預訂量較低。復活節的轉變持續到第一季度，定價行為帶來的相反收入。

As a reminder, pricing actions from prior periods negatively impact in both revenue and revenue margins this quarter as it is recorded as contra revenue at the time of the [staff]. Cost of sales was $358 million for the quarter and $45 million or 11% lower versus last year, which and with our strong revenue growth drove approximately 190 basis points of leverage as a percentage of revenue year-over-year here, which continue to see our ongoing initiatives are delivering transactional efficiencies.

提醒一下，前期的定價行為會對本季的收入和收入利潤率產生負面影響，因為它在[工作人員]時記錄為備抵收入。本季的銷售成本為 3.58 億美元，比去年下降 4500 萬美元，即 11%，加上我們強勁的收入增長，槓桿率佔收入的比例同比上升了約 190 個基點，這一趨勢將持續增長我們正在進行的舉措正在提高交易效率。

Direct sales and marketing expense in the second quarter was $1.8 billion, which was up 14% versus last year. Sales and marketing deleverage this quarter as a percentage of gross bookings, primarily due to higher commissions to our partners from the strong growth in our B2B business, which grew over 20% as well as the planned ramp in marketing spend in Vrbo and international markets to drive incremental growth. As we have stated previously, commissions paid to our B2B partner, ours are in our direct sales and marketing line in our more expensive as a percentage of revenue than our B2C business.

第二季的直接銷售和行銷費用為 18 億美元，比去年同期成長 14%。本季銷售和行銷槓桿化佔總預訂量的百分比，主要是由於我們的B2B 業務強勁增長（增長超過20%）以及計劃在Vrbo 和國際市場增加營銷支出，從而為我們的合作夥伴帶來了更高的佣金。正如我們之前所說，支付給我們的 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。

However, because they are generally paid on a state basis to contractually agreed upon percentages, the returns are more guaranteed an immediate. In our B2C business, we saw some deleverage this quarter as we reinvested back into our [Vrbo] business and our international markets to drive five improving growth and global market expansion.

然而，由於它們通常是按州政府按照合約約定的百分比支付的，因此更能保證立即獲得回報。在我們的 B2C 業務中，本季度我們看到了一些去槓桿化，因為我們對 [Vrbo] 業務和國際市場進行了再投資，以推動五個成長的改善和全球市場的擴張。

Excluding these investments, we saw some marketing leverage in our B2C business in the second quarter, overhead expenses were $606 million, a decrease of $21 million versus last year or 3%. This resulted in approximately 165 basis points of leverage, primarily driven by lower people costs and product and tech from our actions to rationalize our headcount as well as the timing of both new hires and other salary related costs across our key growth areas of the business.

排除這些投資，我們在第二季的 B2C 業務中看到了一些行銷槓桿，管理費用為 6.06 億美元，比去年減少 2,100 萬美元，即 3%。這導致槓桿率上升約 165 個基點，主要是由於我們在業務關鍵增長領域採取的合理化員工人數以及新員工招聘時間和其他薪資相關成本的行動降低了人員成本以及產品和技術。

We remain committed to driving efficiencies across our P&L, and we're pleased to see that the cost actions we have taken as previously announced, continue to drive savings across capitalized labour, cost of sales and overhead costs. On the bottom line, we delivered strong second quarter EBITDA of $786 million, which was up 5% year-over-year with an EBITDA margin of 22.1%, deleveraging slightly for approximately 15 basis points year-over-year.

我們仍然致力於提高損益表的效率，我們很高興看到我們先前宣布的成本行動繼續推動資本化勞動力、銷售成本和管理費用的節省。整體而言，我們第二季 EBITDA 強勁，達到 7.86 億美元，年增 5%，EBITDA 利潤率為 22.1%，比去年小幅去槓桿化約 15 個基點。

Our first half EBITDA margins, however, expanded by approximately 70 basis points year-over-year, which exceeded our expectations due to strong expense management. Despite the impact from our pricing actions and our investments in marketing. As far as our EBIT performance, which includes the impact of stock-based compensation, depreciation and amortization, we delivered $475 million of EBIT margin of 13.3%, delivering approximately 20 basis points of expansion year-over-year in the second quarter and 95 basis points of expansion in the first half.

然而，我們上半年的 EBITDA 利潤率同比增長約 70 個基點，由於強有力的費用管理，超出了我們的預期。儘管我們的定價行為和行銷投資產生了影響。就我們的息稅前利潤表現而言，包括基於股票的薪酬、折舊和攤銷的影響，我們實現了4.75 億美元的息稅前利潤率為13.3%，第二季度同比增長約20 個基點，較去年同期成長95 個基點。

The additional 25 basis points of expansion as compared to EBITDA is driven by leverage from stock-based compensation from flat year-over-year, cost us as well as leverage from depreciation that were slower than revenue. Our year-to-date free cash flow remained robust at $4 billion, up 4% year-over-year, driven by our strong first half EBITDA growth and lower capital expenditures.

與 EBITDA 相比，額外增長 25 個基點是由於股票薪酬的槓桿作用（同比持平）、成本以及折舊速度慢於收入的槓桿作用所推動的。受上半年 EBITDA 強勁成長和資本支出下降的推動，我們今年迄今的自由現金流保持強勁，達到 40 億美元，年增 4%。

Moving on to our balance sheet, we ended the quarter with strong liquidity of $8.7 billion, driven by our unrestricted cash balance of $6.2 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 of 3.7%. Our gross leverage ratio and a further reduced 2.3 times, continue to make progress towards our target gross leverage ratio of two times, driven by our ongoing strong EBITDA growth.

轉向我們的資產負債表，在 62 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的推動下，本季末我們的流動性強勁，達到 87 億美元。我們的債務水準仍維持在約 63 億美元，平均成本為 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了 2.3 倍，並繼續朝著兩倍的總槓桿率目標取得進展。

In addition, our strong cash position enabled us to repurchase $1.2 billion or 9.2 million shares year to date. We continue to believe that our stock remains undervalued and does not reflect our expected long-term performance of the business.

此外，我們強大的現金狀況使我們能夠在今年迄今回購 12 億美元或 920 萬股股票。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。

As such, we expect to utilize the strong cash generating power of our business and our remaining 3.6 billion in share repurchase or authorization to continue to buy back our stock opportunistically. Moving now to our outlook for the rest of the year. While we accelerated our gross bookings throughout Q2, entering the third quarter, we have seen a more challenging macro environment and a slowdown in travel demand, consistent with recent commentary from others in the travel industry.

因此，我們預計將利用我們業務強大的現金產生能力以及剩餘的36億股回購或授權繼續擇機回購我們的股票。現在談談我們對今年剩餘時間的展望。雖然我們在整個第二季度加快了總預訂量，進入第三季度，但我們看到了更具挑戰性的宏觀環境和旅行需求放緩，這與旅行行業其他人最近的評論一致。

And while we saw flat ADRs on a like-for-like basis in Q2, we saw a decline in July stemming from FX headwinds in from consumers trading down to lower-priced properties, and we have also seen more continued softness in air ticket prices.

雖然我們在第二季度看到ADR 與去年同期持平，但由於消費者轉而購買低價房產而帶來的外匯逆風，我們看到7 月份的ADR 有所下降，而且我們也看到機票價格持續疲軟。

In addition, we have seen some headwinds from new pricing display regulations that kicked off on July 1, in California, and we are monitoring it closely. These factors collectively drove weaker than expected growth across both our consumer and B2B businesses in July and are influencing our outlook for Q3 and the full year. Given this backdrop, we expect third quarter gross bookings and revenue growth to be in the range of 3% to 5% versus last year. And as a result of the range of possible top line growth and our marketing investments in [Vrbo] and our international markets, we expect approximately 100 basis points of deleverage to our third quarter EBITDA and EBIT margins versus last year.

此外，我們還看到 7 月 1 日在加州開始實施的新定價顯示法規帶來的一些阻力，我們正在密切關注。這些因素共同導致 7 月我們的消費者和 B2B 業務成長低於預期，並影響我們對第三季和全年的展望。在此背景下，我們預計第三季總預訂量和營收成長將比去年同期成長 3% 至 5%。由於可能的收入成長範圍以及我們在 [Vrbo] 和國際市場的行銷投資，我們預計第三季 EBITDA 和 EBIT 利潤率將與去年相比將去槓桿化約 100 個基點。

As for the full year, we expect gross bookings to be at the low end of our previously communicated range of mid to high single digits at approximately 4% for and revenue growth to be two points higher at approximately 6%, with our earnings outlook holdings at EBITDA and EBIT margins relatively in line with last year. In closing, we are pleased with our performance and the acceleration we saw in our Vrbo business during the second quarter.

至於全年，我們預計總預訂量將處於我們先前傳達的中高個位數範圍的低端，約為 4%，收入增長將高出兩個百分點，約為 6%，我們持有盈利前景EBITDA 和EBIT 利潤率與去年基本一致。最後，我們對第二季的業績以及 Vrbo 業務的加速成長感到滿意。

And while the more recent market environment is challenging, it is this ongoing execution against our growth initiatives, combined with our strong financial position to give us confidence in our long term opportunity to deliver profitable growth. And with that, let me open the call for questions.

儘管最近的市場環境充滿挑戰，但正是這種對我們成長計畫的持續執行，加上我們強大的財務狀況，使我們對實現獲利成長的長期機會充滿信心。接下來，讓我開始提問。

(Operator Instructions)

（操作員說明）

Mark Mahaney, Evercore ISI.

馬克·馬哈尼，Evercore ISI。

Okay, thanks. Two questions, please. First on Vrbo, it sounds like that's started to recover to growth exiting the quarter. Any thoughts on what that trajectory is like? I know you've got some headwinds going into the back half of the year, but if you could isolate out of the headwinds, just talk about what that growth recovery path looks like. And then real quick hit on advertising revenue. No the expectations for how that's trending? Are you able to kind of maintain the growth you've had there and I think that was sort of saw a 20%. Thanks.

好的，謝謝。請教兩個問題。首先是 Vrbo，聽起來本季結束後已經開始恢復成長。對這條軌跡有什麼想法嗎？我知道今年下半年會遇到一些逆風，但如果你能擺脫逆風，那就談談成長復甦路徑是什麼樣的。然後廣告收入就真正迅速受到打擊。沒有對趨勢的預期嗎？你們是否能夠保持你們在那裡的成長，我認為成長了 20%。謝謝。

Yes. I mean, if there were lots of our test to make that call right now because we're staring July trends, but certainly our expectation is to drive that business to growth and get it back to where it used to be. And so as we said, we saw substantial acceleration was a move in the beginning of the year until you have basically as we ended the quarter with some modest growth. But now we're in this moment in July where it's a little bit hard to read the business, but certainly long term, that is our expectation.

是的。我的意思是，如果我們現在有很多測試可以做出這樣的決定，因為我們正在關注 7 月的趨勢，但我們的期望肯定是推動該業務成長並使其恢復到以前的水平。正如我們所說，我們在年初看到了大幅加速，直到本季結束時基本上出現了一些溫和的成長。但現在我們正處於七月的這個時刻，閱讀業務有點困難，但從長遠來看，這肯定是我們的期望。

As far as the advertising business, I mean that business is on fire and we have got a lot of opportunity with that business to continue to drive its growth. I mean, if you think you look back, it's been at least in the high 20s for a while now. And we don't have any reason to believe that that's going to significantly change going forward.

就廣告業務而言，我的意思是業務正在火熱進行中，我們在該業務上有很多機會來繼續推動其成長。我的意思是，如果你回顧一下，你會發現它至少已經處於 20 多歲的狀態有一段時間了。我們沒有任何理由相信這種情況未來會發生重大變化。

And I would just add that on the advertising business, he'll when the market gets soft, actually you could imagine that some of our supply partners will want to spend more in advertising where they know that the travel demand is going to be. So you will as we're looking at how the market evolve, obviously, I think in our teams to be looking at how can we help our supply partners in getting volume.

我想補充一點，在廣告業務上，當市場疲軟時，他會，實際上你可以想像我們的一些供應合作夥伴會希望在廣告上花費更多，因為他們知道旅行需求將會增加。因此，當我們關注市場如何發展時，顯然，我認為我們的團隊將研究如何幫助我們的供應夥伴獲得銷售。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much. Are maybe two questions, if I could. A bit more of a bigger-picture nature of in terms of the role of CEO that you've now had for a couple of months. What do you know, we could just reflect on some of the key learnings you've had and go a little bit deeper on the turnaround of some of the brands like a Verbo and Hotels.com and what you've learned about the ability to pay possibly speed up some of that recovery or some of the aspects that might take longer pieces of time. I'm just sort of implement leaving aside or isolating sort of the macro variables from your insights there. And then the second, you come out of the B2B business as you continue to move out to B2B into this broader CEO role, what do you think remains a relatively underappreciated or misunderstood about the B2B business and how it fits in side on Expedia? Thank you.

非常感謝。如果可以的話，也許有兩個問題。就執行長的角色而言，你已經擔任了幾個月了，這更俱全局性。您知道什麼，我們可以反思您所學到的一些關鍵知識，並更深入地了解一些品牌（例如 Verbo 和 Hotels.com）的扭虧為盈，以及您所學到的關於以下能力的知識：支付可能會加速某些恢復或某些可能需要更長時間的方面。我只是一種將宏觀變數與您的見解分開的工具。其次，當您退出 B2B 業務並繼續轉向 B2B 並擔任更廣泛的執行長職位時，您認為 B2B 業務相對被低估或誤解的是什麼以及它如何融入 Expedia？謝謝。

Thanks for the questions, Eric. In terms of the consumer business here, as I stepped in at, I think I had always appreciated the work that we had done on the platform that was going to allow us to accelerate innovation across the board. So for example, in the second quarter, we were able to release flexible date search in all three of our big brands at the same time.

謝謝你的提問，艾瑞克。就這裡的消費者業務而言，當我介入時，我想我一直很欣賞我們在平台上所做的工作，這將使我們能夠全面加速創新。例如，在第二季度，我們能夠同時在我們的三個大品牌中發布靈活的日期搜尋。

And we wouldn't have been able to do that. Had we not done the platform work. That being said, when we did the work to move further and Hotels.com on to our common front end, we did give up some of the things that made those brands a bit more unique on Vrbo collaboration was a big. It was sort of something that we removed a lot in Vrbo. And when we migrated the good thing was we got the trip planning collaboration on to Brand Expedia, but we lost some of the functionality in vrbowaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa.

我們無法做到這一點。如果我們沒有做好平台工作。話雖這麼說，當我們進一步推動 Hotels.com 進入我們的共同前端時，我們確實放棄了一些使這些品牌在 Vrbo 合作上更加獨特的東西。我們在 Vrbo 中刪除了很多這樣的東西。當我們遷移時，好處是我們將旅行計劃協作轉移到了 Brand Expedia 上，但是我們失去了 vrbowaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Now the good news is we've added a bunch of it back and there's still work to be done. But it just meant that we went through a period of time and the migration of women's back similarly with Hotels.com, when we move to one key, the sort of downplayed an advantage that Hotels.com had it had a really big differentiator and its loyalty program. So the good news is that both of those plans have great brand awareness of the people who love to come back to them.

現在好消息是我們已經添加了一些內容，但仍有工作要做。但這只是意味著我們經歷了一段時間，女性背部的遷移與Hotels.com 類似，當我們轉向一個關鍵時，這種淡化了Hotels.com 擁有的優勢，它有一個非常大的差異化因素，它的忠誠度計劃。所以好消息是，這兩個計劃對於喜歡回來的人來說都有很高的品牌知名度。

But I just realized it's going to take work to get them back to where we want. And so as I think about sort of the months and quarters ahead, how do we take all the capabilities that we've built in the platform across the board and a horizontal basis and sort of figure out what needs to be configured with built differently for Vrbo and Hotels.com.

但我只是意識到要讓他們回到我們想要的地方需要付出努力。因此，當我思考未來幾個月和幾個季度時，我們如何全面、橫向地利用我們在平台中構建的所有功能，並找出需要以不同方式構建的內容Vrbo 和 Hotels.com。

So, you know, overall, I feel good about that. It's just it's going to take some time to get there. And I would also add for Hotels.com. It will benefit as we go back into Internet channel, Hotels.com is a brand that's got great brand recognition in places like the Nordics and elsewhere.

所以，你知道，總的來說，我對此感覺良好。只是需要一些時間才能到達那裡。我還要加 Hotels.com。當我們回到網路管道時，它將受益，Hotels.com 是一個在北歐和其他地方擁有很高品牌知名度的品牌。

And what we've seen in these early days of leaning back into some of those international markets is that we're seeing good results. Maybe misunderstood or underappreciated. Funny, when I took on the business about 10 years ago, I remember thinking what are the moats around and at what differentiated around it. And what I split it has concluded over the years is it's a combination of things. You have to have a really great supply and we have great lodging supply.

我們在回歸一些國際市場的早期所看到的是，我們看到了良好的結果。也許被誤解或低估。有趣的是，大約 10 年前，當我接手這家公司時，我記得我在想周圍的護城河是什麼，以及它周圍的差異化因素是什麼。多年來我得出的結論是，這是多種因素的結合。你必須有充足的供應，而我們也有充足的住宿供應。

We're doing a lot of work to get B2B specific lodging supply. You have to have great technology and excellent sales team, super partner relationships and being very hungry and aggressive and be open to a lot of partnership. So I just I guess the way I think of it is there is a massive travel industry would have at $2.3 trillion. Our own brands have a small part of it. And so with the B2B business, we can really look to what is all the innovation we have in our company that can help power all of the other travel players out there.

我們正在做大量工作來獲得 B2B 特定住宿供應。您必須擁有出色的技術和優秀的銷售團隊，超級合作夥伴關係，並且非常渴望和積極進取，並對大量合作夥伴持開放態度。所以我想我的想法是，旅遊業規模龐大，價值 2.3 兆美元。我們自己的品牌也有一小部分。因此，透過 B2B 業務，我們可以真正了解我們公司擁有哪些創新，可以幫助為所有其他旅遊參與者提供動力。

Great. Thank you.

偉大的。謝謝。

Lee Horwitz, Deutsche Bank.

李‧霍維茨，德意志銀行。

Great, thanks to have occurred on. So you clearly have a number of marketing priority ahead of you as you have to take share and Vrbo lean back into international markets while also facing some building UDR pressures as you called out for [Tedlar] on margin impacts.

太好了，感謝發生在。因此，您顯然有許多行銷優先事項擺在您面前，因為您必須奪取市場份額，Vrbo 需要重新進入國際市場，同時也面臨著一些不斷增加的 UDR 壓力，因為您呼籲 [Tedlar] 解決利潤影響問題。

I guess with that in mind, how do you think about the levers that you have at your disposal to drive margin expansion sort of on a go-forward basis, given those investment priorities? And then maybe area and another one on the B2B business, I guess, how do you think about sort of the interplay between B2B and B2C?

我想考慮到這一點，考慮到這些投資優先事項，您如何看待您可以使用的槓桿來推動利潤率擴張？然後也許是 B2B 業務領域和另一個領域，我想，您如何看待 B2B 和 B2C 之間的相互作用？

Is there were over of the success of your B2B business can actually prove cannibalistic to your B2C business view how partners create cheap for comparable reward programs? Presumably that's a piece of the Private Norway core Expedia doesn't have access to anymore. How do you think about managing those two in that sort of environment? Thanks so much.

您的 B2B 業務是否有足夠的成功實際上可以證明您的 B2C 業務是自相殘殺的？想必這是 Expedia 無法再訪問的挪威私人核心的一部分。您如何看待在這種環境下管理這兩個人？非常感謝。

Thanks for the question. Julie. do you want to take the first one, then I'll take the second.

謝謝你的提問。朱莉.你想拿第一個，那我就拿第二個。

So from a leverage perspective, obviously, we have been able to do a really great job with cost of sales where costs have actually been down this year-over-year, much less leveraging. And while overtime that'll be that'll start to moderate because obviously that can't go on in perpetuity, we still expect to drive incredible leverage on that line. We've got a lot of opportunities to continue to drive efficiencies there across our merchant fees and our operations, whether it's our AI and technology and all sorts of things that we're looking at to further drive efficiencies there.

因此，從槓桿的角度來看，顯然，我們在銷售成本方面做得非常出色，成本實際上比去年同期下降了，更不用說槓桿了。雖然加班的情況將開始放緩，因為顯然這種情況不可能永遠持續下去，但我們仍然期望在這條線上發揮令人難以置信的槓桿作用。我們有很多機會繼續提高我們的商家費用和營運效率，無論是我們的人工智慧和技術，還是我們正在尋求進一步提高效率的各種事物。

At the same time, you can see, although this quarter's a little bit of anomaly, we did have some overhead that was down to last year as well. And so we're still we can you have several cost actions as we announced earlier in the year. And so we're benefiting from those that's helping that line drive leverage to help the total P&L. And certainly, we are very focused on looking at every line in the P&L to see what the opportunity is and how we can go after it.

同時，您可以看到，雖然本季有點反常，但我們確實有一些管理費用也低於去年。因此，正如我們今年早些時候宣布的那樣，我們仍然可以採取多項成本行動。因此，我們受益於那些幫助該產品線提高槓桿率以幫助改善總損益的人。當然，我們非常注重查看損益表中的每一行，以了解機會是什麼以及我們如何抓住機會。

So we can take that money either deliver to the bottom, what you reinvest in the business. We did say this year, however, that as you alluded to, we are making the investments in marketing in vrbo and in international markets because we want to reinvigorate those businesses. And clearly by what we saw in the second quarter, it marks a hand. So it's important that we continue to do that and to keep that momentum going. And so as we've guided to and as we said this year, we don't expect much leverage. But longer term, we're certainly not guiding to '25 at this time.

因此，我們可以將這筆錢交付給底層，也就是您對業務的再投資。然而，我們今年確實說過，正如您所提到的，我們正在對 VRBO 和國際市場的營銷進行投資，因為我們希望重振這些業務。從我們在第二節看到的情況來看，很明顯，它標誌著一隻手。因此，重要的是我們要繼續這樣做並保持這種勢頭。因此，正如我們今年所指出的那樣，我們預計不會有太多槓桿作用。但從長遠來看，我們目前肯定不會指導「25 年」。

But longer term, we absolutely expect to have margin leverage going forward because all the things that we're investing in and driving towards to bring, I mean, more direct traffic should enable us to get more leverage on the marketing line, in addition to all the good work we're doing on cost of sales and overhead. And if I think I said before, if you could see the brand, Expedia, P&L, who is the least disruptive brand is doing just that. And we've got strong top line growth and we've got strong marketing leverage. And so it's something that we're working towards with the other brands to get there over time.

但從長遠來看，我們絕對希望未來能有保證金槓桿，因為我們正在投資和努力帶來的所有東西，我的意思是，更多的直接流量應該使我們能夠在行銷線上獲得更多的槓桿作用，除了我們在銷售成本和管理費用方面所做的所有出色工作。如果我想我之前說過，如果你能看到這個品牌，Expedia、P&L，他們是最具顛覆性的品牌，他們就是這麼做的。我們擁有強勁的營收成長和強大的行銷槓桿。因此，我們正在與其他品牌合作，以期隨著時間的推移實現這一目標。

And then a second question on B2B and B2C. So I would say in the geography, there are certain geographies in which our B2B, B2C brands aren't very present. And so it's obvious that anything we're doing in B2B, there is going to be incremental, but it's true that there are many geographies in which we have both businesses and consumers go to many different places for travel. Of course, I think Andy travel company would love to have consumers only come to them, but consumers sometimes will shop for personal travel on their favorite OTA.

然後是關於 B2B 和 B2C 的第二個問題。所以我想說，在某些地區，我們的 B2B、B2C 品牌並不存在。因此，很明顯，我們在 B2B 領域所做的任何事情都將是增量式的，但確實，在許多地區，我們的企業和消費者都會去許多不同的地方旅行。當然，我認為Andy旅遊公司希望消費者只來找他們，但消費者有時會在他們最喜歡的OTA上購買個人旅行。

Hopefully one of ours, they might have business travel where they're using their corporate travel booking tool. They may be in an airline program and have loyalty points and want to spend those points. And so we see the opportunity to power the technology and inventory in every one of those cases.

希望我們中的一員，他們可能會使用公司旅行預訂工具進行商務旅行。他們可能參加了航空公司計劃並擁有忠誠度積分並希望使用這些積分。因此，我們看到了在每一種情況下為技術和庫存提供動力的機會。

And it's actually a big way value driver that we bring to our supply partners because we make it easier for them to reach demand, not only to us, but also through our B2B partners. And we have fundamentally, I think that it just forces our own B2C brands to be even more competitive and to up our game.

這實際上是我們為供應合作夥伴帶來的一個重要價值驅動因素，因為我們讓他們更容易滿足需求，不僅對我們來說，而且還透過我們的 B2B 合作夥伴。從根本上講，我認為這只會迫使我們自己的 B2C 品牌更具競爭力並提高我們的水平。

Really helpful. Thank you.

真的很有幫助。謝謝。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great, thanks. First question, can you just expand a bit on the cadence of growth throughout the quarter? Was a study and then July's while the step down? And was there any nuance around that step down in July across geos? And then second question, more of a bigger picture, one for now a few quarters. And from the completion of our tech platform migration, what gives you confidence that all the transformation work you've done in the past few years is working and will pay off?

太好了，謝謝。第一個問題，您能否擴大一下整個季度的成長節奏？是研究，然後是七月下台時的研究嗎？ 7 月跨地域的降級有什麼細微差別嗎？然後是第二個問題，更多的是一個更大的圖景，一個現在幾季的圖景。從我們技術平台遷移的完成來看，是什麼讓您確信過去幾年所做的所有轉型工作正在發揮作用並且會得到回報？

And I think for a second, yes, you're right. In the second quarter, we basically saw comps accelerating. And that's because, as we said, that may accelerate and driver was Vrbo. And so we basically came from a low, so to speak at the beginning here and accelerated by quarter end and was the main driver to drive that acceleration of the business than we thought operating costs in Q2.

我想了一下，是的，你是對的。在第二季度，我們基本上看到了競爭加速。這是因為，正如我們所說，這可能會加速，而驅動者是 Vrbo。因此，我們基本上是從一開始就處於低位，到季度末加速了，這是推動業務加速的主要驅動力，超出了我們對第二季度營運成本的預期。

And then like I said, in July, there's just a look back on at 100 that's hard to understand with precision. And so we saw sort of this noise and have enough in the P&L in our business. And really when you look at it from a geo perspective, to answer your question is a lot in the US that we're seeing.

然後就像我說的，在 7 月份，我們回顧了 100 週年，這很難準確地理解。因此，我們看到了這種噪音，並且在我們的業務損益表中有足夠的噪音。實際上，當您從地理角度來看時，我們在美國看到了很多可以回答您問題的情況。

We're seeing a couple of areas, but mostly it's a US focused in terms of the replatforming. As I said earlier, it's really unlocked a lot of capabilities that we didn't have before. And one of them, for example, is our testing platform already this year, we've done more tests on Vrbo than we did all of last year. So our test velocity has really gone up because of the platform migrations. We've been able to put something like one key in place where we have a view of the customer across all of our brands.

我們看到了幾個領域，但主要是美國重點關注平台重組。正如我之前所說，它確實釋放了我們以前沒有的許多功能。例如，其中之一就是我們今年的測試平台，我們在 Vrbo 上進行的測試比去年全年都多。由於平台遷移，我們的測試速度確實提高了。我們已經能夠將類似一把鑰匙的東西放在我們所有品牌的客戶視圖中。

And we, as I said, we were able to release and the ability to do flexible date shopping in the second quarter across all of our brands. So there are a number of, I would say, e-Commerce, the big six that we're able to rollout across all of our OEMs without having to do the work multiple times.

正如我所說，我們能夠在第二季為所有品牌發布靈活的日期購物服務。因此，我想說的是，電子商務，我們能夠在所有原始設備製造商中推出六大電子商務，而無需多次進行這項工作。

Now going for forward, what we're digging into is where are their configurations or maybe even some brand specific features that we need to build on top? Because it's true that the last few years so much our capacity went to sort of rebuilding some of the foundations and to migrations.

現在，我們要深入研究的是它們的配置在哪裡，甚至是我們需要在其上建立的一些品牌特定功能？因為確實，過去幾年我們的大部分能力都用於重建一些基礎和遷移。

Great. Thank you both.

偉大的。謝謝你們倆。

Thanks, Trevor.

謝謝，特雷弗。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone, and thank you for your time so just B2B. I think your growth in the quarter was year over 20% and have a pretty tough comps on some process. But I think in the prepared remarks, you mentioned that deceleration. Just curious if you could unpack that a little bit, what's driving the slowdown? And then just on the implied guide for fourth quarter, I realize in terms of a lot of visibility, but can you just talk about how you see the booking window kind of evolving from here? Thank you.

大家好，感謝您抽出寶貴的時間，所以只是 B2B。我認為你們本季的成長率超過 20%，在某些流程上的競爭非常激烈。但我認為在準備好的發言中，你提到了減速。只是好奇您能否稍微解釋一下，是什麼導致了經濟放緩？然後就第四季度的隱含指南而言，我意識到有很多可見性，但您能否談談您如何看待預訂窗口從這裡開始的演變？謝謝。

Yes. So I was just on B2B, we've seen a little bit of deceleration. And as you alluded to, of course, we're still at 20%. So it's still really a strong business. And we alluded to the fact that as a global demand normalizes, that business would see some of that growth has come down as it also normalizes.

是的。所以我只是在 B2B 領域，我們看到了一點減速。當然，正如您所提到的，我們仍處於 20%。所以它仍然是一個非常強大的業務。我們提到這樣一個事實，即隨著全球需求正常化，該企業的部分成長會隨著其正常化而下降。

So that's not too unusual for us to see, obviously in this July period that we've alluded to. They also are impacted by a lot of dynamics that I mentioned as far as what's going on in July. And so they have a little bit more of an impact than what was sort of just the global normalization, but we're really excited about that business. [Auryon] spoke about it. There just so much opportunity there. And given our leadership position in all the opportunities we see going forward, it should continue to drive strong growth. It's just that we've got just a moment right now. We're seeing some of this macro impacting it, but there is a big underlying health business is incredibly strong. As far as the booking windows are, it's interesting.

因此，這對我們來說並不罕見，顯然是在我們提到的七月期間。他們也受到我提到的 7 月發生的許多動態的影響。因此，它們的影響比全球正常化要大一些，但我們對這項業務感到非常興奮。 [Auryon]談到了這一點。那裡有很多機會。鑑於我們在未來所有機會中的領導地位，它應該會繼續推動強勁成長。只是我們現在只有一點時間。我們看到宏觀因素對其產生了一些影響，但有一個巨大的潛在健康業務非常強勁。就預訂窗口而言，很有趣。

I would say for a while now and our B2C hotel business that the windows have actually been expanding slightly year-over-year. But as we entered July, how they actually are during the month of July, they actually shortened just a little not a lot, but just a little bit in that month. And that's the first time we've seen that in a while on the Vrbo side, they've been shortening for a while and it kind of just doing a similar thing. So there wasn't anything material that changed in July, but we did see a little bit about in the hotel side of things.

我想說，現在我們的 B2C 酒店業務的窗口實際上逐年略有擴大。但當我們進入七月時，七月的實際情況是，他們實際上縮短了一點，不是很多，但只是一點點。這是我們一段時間以來第一次看到 Vrbo 方面，它們已經縮短了一段時間，而且只是在做類似的事情。因此，七月沒有任何重大變化，但我們確實在酒店方面看到了一些變化。

And maybe I'll just add a little bit on the first part on B2B as Julie said B2B is a much more geographically diverse business and our consumer business. And so over the last few quarters, it's really benefited from a from a lot of the travel demand, in particular in Asia. And so the deceleration we've seen a couple of court for the last couple of quarters, which still is a very strong growth was coming from the normalization of that growth, in particular in Asia. Now, as Julie said, as we headed into July, we saw some slowdown, and that was more with the US partner of the business.

也許我會在 B2B 的第一部分中補充一點，因為 Julie 說 B2B 是一個地域更加多元化的業務，也是我們的消費者業務。因此，在過去的幾個季度中，它確實受益於大量的旅行需求，尤其是在亞洲。因此，我們在過去幾個季度中看到了幾次減速，但仍然是非常強勁的成長，這是由於成長正常化所致，特別是在亞洲。現在，正如朱莉所說，當我們進入七月時，我們看到了一些放緩，而且這更多是與美國業務合作夥伴有關。

Appreciate that detail. Thank you.

欣賞這個細節。謝謝。

Naved Ahmad Khan, B. Riley.

納維德‧艾哈邁德‧汗 (Naved Ahmad Khan)、B. 萊利 (B. Riley)。

Thanks a lot. I just wanted to double-click on the on the [Milgard] newly a little bit. So I think in the prior guidance of mid to high single digit for both bookings and revenue and are now guiding to revenue of 6% and bookings growth of 4%. So on and we also noted some weakening in the airfare. So I'm just trying to figure out how shipping or the lodging business. You talked about ADR weakening. So our room light is going to grow faster than me. We had a 6% or just give us some more gold posters or just your thoughts on how to think about the lodging business and room [nights] and ADRs?

多謝。我只是想稍微雙擊一下 [Milgard]。因此，我認為先前的預訂和收入指引為中高個位數，現在指導收入成長 6%，預訂成長 4%。依此類推，我們也注意到機票價格下降。所以我只是想弄清楚運輸或住宿業務如何。您談到了 ADR 減弱。所以我們房間的燈光會比我快。我們有 6%，或者只是給我們一些更多的金色海報，或者只是您對如何考慮住宿業務、房間[夜晚]和 ADR 的看法？

Yes. I mean, fortunately, we haven't we don't guide to that level, but at a line item. And obviously all of that has been assumed in the numbers that we have presented here for the for the full year. But certainly everything I may extend impacts the lodging business. So there will be an impact of that on all those metrics for the lodging business. But we're not and providing guidance on those right now.

是的。我的意思是，幸運的是，我們還沒有引導到那個級別，但是在一個行項目上。顯然，所有這些都已在我們在此提供的全年數據中假設。但我所提供的一切肯定都會影響住宿業務。因此，這將對住宿業務的所有指標產生影響。但我們現在還沒有提供這些指導。

Okay. And then I have a follow up on the cost side of things. So of the restructuring that you announced earlier this year, how much of that has been an action? And how much of you have to follow in the second half?

好的。然後我跟進了成本方面。那麼，在您今年早些時候宣布的重組中，有多少是實際行動？下半場你們有多少人要跟進？

Yes. The majority of that has been action. There were some that we took action on in Q1 and some that we took action on in Q2. And so that's why you're seeing favourability in overhead because you're getting a full quarter of the Q1 action and then you're getting the additional Q2 action that's coming through. There is a little bit that's left on that time, but not significant. But of course, it doesn't mean we're stopped looking at every single line and where we can find efficiencies elsewhere. It's just on that particular cost cost action that we mentioned. We're almost through it.

是的。其中大部分都是行動。我們在第一季採取了一些行動，在第二季採取了一些行動。這就是為什麼您會看到管理費用受到青睞，因為您將獲得第一季行動的整整四分之一，然後您將獲得即將完成的額外第二季行動。那時還剩下一點點，但並不重要。但當然，這並不意味著我們不再關注每一條生產線以及我們可以在其他地方找到效率的地方。這只是我們提到的特定成本成本行動。我們快要撐過去了。

Understood. Thank you.

明白了。謝謝。

Kevin Kopelman, TD Securities.

凱文·科佩爾曼，道明證券。

Thanks a lot. Just one quick one on the macro. You called out ADR softness. Are you seeing any softness in nights? And then could you just give more color on how you're managing on the B2C advertising expenses on second half given the backdrop space?

多謝。只是簡單介紹一下宏觀的情況。你呼籲美國存託憑證（ADR）疲軟。你在夜晚看到任何柔軟的東西嗎？那麼，在考慮到背景空間的情況下，您能否詳細介紹下半年您如何管理 B2C 廣告費用？

Sorry, [you said 8]. Can you repeat the question?

抱歉，[你說的是 8]。你能重複一下這個問題嗎？

The first part was on the macro softness that you're seeing quarter to date, you called out the ADR softness, but you're also seeing a slowdown of kind of underlying activity?

第一部分是關於迄今為止您所看到的宏觀經濟疲軟，您提到了美國存託憑證（ADR）疲軟，但您也看到了某種潛在活動的放緩？

Yeah, we are in particular stages. you said.

是的，我們正處於特定的階段。你說。

Well, just guide, I mean, just to be kind of separating out the window versus how much it will actually look like they're traveling.

好吧，我的意思是，只是引導，只是為了將窗外的情況與他們實際上看起來在旅行的程度分開。

Yes. No, we're definitely seeing a reduction in. And that's I mean, it's not just the booking window play, if that's what you're talking about our or just an ADR plant. Yes, there's definitely, as we said, there's been some softening in travel demand, which is impacting the transactions side of it. But it's a couple of all right. I mean there certainly all those other factors are also true on.

是的。不，我們肯定會看到減少。是的，正如我們所說，旅行需求肯定有所減弱，這正在影響交易方面。但有幾個就可以了。我的意思是，所有其他因素當然也是如此。

As far as your DTC advertising expense question, I mean, obviously, that's what our plans are being assumed within the guidance that we gave. And we said that we are guiding to on the year our EBITDA margins to be relatively in line with last year. So we're managing to that. And while still investing in there about the international markets. And so certainly we will be looking at advertising seeing what makes sense relative to the top line and any of the variable costs associated with that, depending on where that top line goes. But that what we're managing to is the full year EBITDA margins relatively in line with last year.

至於您的 DTC 廣告費用問題，我的意思是，顯然，這就是我們在給出的指導中假設的計劃。我們表示，我們預計今年的 EBITDA 利潤率將與去年相對一致。所以我們正在設法做到這一點。同時仍在國際市場上進行投資。因此，我們肯定會關注廣告，看看什麼相對於營收以及與之相關的任何可變成本有意義，具體取決於營收的去向。但我們正在努力實現全年 EBITDA 利潤率與去年相對一致。

And I would just remind me, I mean, as Julie said, you're obviously looking very looking very closely at what are the macro trends, where the demand trends, where do we want to spend in marketing and advertising. And we look at marketing promotions and pricing and loyalty, all sort of in the same bucket to then say which of these is going to be most effective given the environment and then even within marketing are going to put money more into performance for into social into other channels.

我只想提醒我，我的意思是，正如朱莉所說，你顯然非常仔細地關注宏觀趨勢是什麼，需求趨勢在哪裡，我們想在行銷和廣告上花在哪裡。我們會考慮行銷促銷、定價和忠誠度，所有這些都在同一個桶中，然後在考慮到環境的情況下，確定其中哪一個最有效，然後即使在行銷範圍內，也會將更多資金投入到績效、社交等方面。

And I know I spent a lot of time with our marketing team just looking at where are we getting the best returns where we've been doing and where do we need to pull back and the like.

我知道我花了很多時間與我們的行銷團隊一起研究我們在哪裡可以獲得最好的回報以及我們需要在哪裡撤退等等。

And you noted about maybe rationalizing some marketing spend. What were you referring to there? If you could share any more color?

您也提到可能會合理化一些行銷支出。你指的是什麼？如果可以分享更多顏色嗎？

So we I mean, what are the things we've been doing in the last bit of time is really interrogating every dollar of our marketing spend. And for example, looking at non-working versus working marketing spend, understanding your returns on forgoing environment, that is a bit more volatile. It's just so important that every dollar we own understand the returns. When we're investing more in international and Vrbo, you need to be making up for efficiency elsewhere.

所以我的意思是，我們最近一段時間所做的事情實際上是在審視我們行銷支出的每一塊錢。例如，查看非工作行銷支出與工作行銷支出，以了解您在放棄環境下的回報，這會更加不穩定。我們擁有的每一塊錢都必須了解其回報，這一點非常重要。當我們加大對國際和 Vrbo 的投資時，您需要在其他方面彌補效率問題。

Thank you.

謝謝。

Ken Koraleski, Wells Fargo.

肯‧科拉萊斯基，富國銀行。

Thank you so much. Two, if I may. First could do you have the Explorer conference in May a lot about your marketing plans or not your your advertising and media plans, I should say not your marketing plans are. Could you talk about opportunities not necessarily in the short term, but over the kind of mixed one to two years, how you can continue to grow that business robustly and what the opportunities look like? And then second is just a more tactical. As you think about the 1Q expansion to the UK, do you expect it to be a material or how expert how material do you expect that to be on Hotels.com in the back half of the year? Thank you.

太感謝了。如果可以的話，兩個。首先，您是否可以在五月舉行的探索者會議上詳細介紹您的行銷計劃，或者不是您的廣告和媒體計劃，我應該說不是您的行銷計劃。您能否談談不一定是短期的機會，而是在混合的一到兩年內，如何繼續強勁地發展該業務以及機會是什麼樣的？第二個只是更具戰術性。當您考慮第一季向英國的擴張時，您預計它會成為一項重要內容，或者您​​預計今年下半年 Hotels.com 上的內容會達到何種程度？謝謝。

Thanks for the question. Let me start with the first one. So you're right. We talked about the travel media network and explore, and we're really excited about the opportunity to grow advertising and then to bring value to our advertisers. Today, a lot out of our advertising business happens on the shopping and booking moments of the travel funnel. So when someone's in the search results are when they're in the booking process that not as much [sort of went in there and the dreaming tree upper funnel].

謝謝你的提問。讓我從第一個開始。所以你是對的。我們討論了旅遊媒體網絡並進行了探索，我們對有機會增加廣告並為我們的廣告商帶來價值感到非常興奮。如今，我們的廣告業務大多發生在旅遊管道的購物和預訂時刻。因此，當某人在搜尋結果中時，當他們在預訂過程中時，沒有那麼多[有點進入那裡和夢想樹上漏斗]。

And there isn't as much, for example and host booking. So we think that there's an opportunity there. We also think that there's an opportunity to expand in the number of partners who are using more at retiring tools. So whether it's the sponsored listings and having more hotels or airlines is being sponsored listings for new products that we can bring to destination management organizations. We think that there's a lot of growth and opportunity there as well. I'd also call out that we're doing some interesting work on providing more tools to these advertisers.

而且沒有那麼多，例如主機預訂。所以我們認為那裡有機會。我們也認為，有機會增加更多使用退役工具的合作夥伴數量。因此，無論是贊助列表，還是擁有更多酒店或航空公司，我們都可以為目的地管理組織提供新產品的贊助列表。我們認為那裡也有很多成長和機會。我還想指出，我們正在做一些有趣的工作，為這些廣告商提供更多工具。

So making it easier for them to sort of self-serve on some of our advertising products, self-serve on sort of getting letting us do more of the targeting for them. We're about to introduce some video into our as we think we'll make those performed better.

因此，讓他們更容易在我們的一些廣告產品上進行自助服務，讓我們為他們做更多的定位。我們將在我們的視頻中引入一些視頻，因為我們認為我們會讓這些視頻表現得更好。

So I would just say sort of long term, we think there's a lot of opportunity here. On the question about one key and expansions in UK, I don't think it's going to have a material impact at the company level. Certainly we learned from the one the one key rollout in the US on how to treat the sort of higher-value Hotels.com customers who might feel like there. They're getting it down step in their value, and we're using that in the UK. I think at a company level, it's not material.

所以我只想說，從長遠來看，我們認為這裡有很多機會。關於一鍵和英國擴張的問題，我認為這不會對公司層面產生重大影響。當然，我們從在美國推出的一項關鍵舉措中學到瞭如何對待那些可能喜歡那裡的高價值 Hotels.com 客戶。他們正在降低其價值，我們正在英國使用它。我認為在公司層面，這並不重要。

Richard Clark, Bernstein Society Generale Group.

理查德·克拉克（Richard Clark），伯恩斯坦社會總會集團。

Hi, thanks for taking my question. Is just a quick question on the pause on the rollout of [Yankee]. Does that mean that the data Hotels.com and buy two and get one free that we will remain in all markets apart from North America and the UK, it is not liquid fee or sort of the supply partners that they've got to deal with you in multiple different on loyalty schemes. And what does it mean for your sort of be to be rolled out a B2B? Wonky was one of the things you are offering is positive to be rolled out. So how would that affect the rollout would be to be sort of non-US non-European markets?

您好，感謝您提出我的問題。只是一個關於[Yankee]暫停推出的快速問題。這是否意味著 Hotels.com 的數據以及買兩送一我們將保留在除北美和英國之外的所有市場中，這不是流動費用或他們必須處理的供應合作夥伴之類的問題您參與多種不同的忠誠度計劃。推出 B2B 對您的業務意味著什麼？ Wonky 是您提供的積極推出的產品之一。那麼這將如何影響非美國非歐洲市場的推出呢？

Yes. Thanks for the question. In terms of whether the hotels that content for one will remain the same outside the US and UK? The answer is yes. It's a simple program for now. It's remaining that way as we work to figure out what would the path already for our supply partners.

是的。謝謝你的提問。至於在美國和英國以外的地區，滿足一人入住的飯店是否會維持不變？答案是肯定的。目前這是一個簡單的程序。當我們努力找出供應夥伴的路徑時，情況仍然如此。

Our hotels, for example, clearly transparent to them. They participate in many of our deals where they provide different levels of discount for different tiers of members. And we actually translate that into our hotels.com rewards program.

例如，我們的酒店對他們來說是透明的。他們參與我們的許多優惠活動，為不同程度的會員提供不同程度的折扣。我們實際上將其轉化為我們的 Hotels.com 獎勵計劃。

So I find the hotel unable to reach those hotels.com Reward members, weather. They're in a country that has the existing 10 for one stamps or whether they're in the US. In terms of B2B, actually, one kid is not rolled out to the B2B business. That's a business where we're providing in inventory and technology, but a lot of our partners have their own loyalty program. You may be thinking about we've talked about rolling out once you do our advertising partners and allow them to use some of their advertising dollars to accelerate one one key on for their hotels.

所以我發現飯店無法聯絡那些hotels.com Reward會員、天氣。他們所在的國家現有 10 枚郵票的郵票，或者他們是否在美國。就B2B而言，實際上，一個孩子還沒有推出B2B業務。我們在這項業務中提供庫存和技術，但我們的許多合作夥伴都有自己的忠誠度計劃。您可能會想，我們已經討論過，一旦您與我們的廣告合作夥伴合作，並允許他們使用一些廣告資金來加速他們的酒店的一鍵啟動。

And that, again won't really make a difference is they can do that in the US in the UK and it won't be something they can do outside of that. But again, this is this is why we are going to take that time to think about what is the value proposition for our loyalty programs in countries where we only have one big brand at scale.

而且，這並不會真正產生什麼影響，因為他們可以在美國、英國做到這一點，而在其他國家卻無法做到這一點。但同樣，這就是為什麼我們要花時間思考在我們只有一個大品牌的國家中我們的忠誠度計劃的價值主張是什麼。

Thanks.

謝謝。

Jon Talamo , Jefferies.

喬恩·塔拉莫，杰弗里斯。

Great. Thanks for taking my questions. Have two quick ones from me on first of 3Q outlook of does your outlook for the third quarter? Assume there's a recovery in night in August and September relative to July? And second question, I'll just talk to some of the pricing reductions you started making must core and how that impacted conversion and now that you're seeing some trade down, whether you might have to lean in a little bit more there. Thanks.

偉大的。感謝您回答我的問題。我有兩個關於第三季展望的簡短內容嗎？假設 8 月和 9 月的夜間相對於 7 月有所恢復？第二個問題，我只想談談您開始進行的一些必須核心的定價降低以及這對轉換率的影響，現在您看到了一些交易的下降，您是否可能需要在這方面進一步傾斜一點。謝謝。

As far as the first question on the 3Q outlook, we have not sort of baked into any upside or something in September. We've looked at obviously run our various scenarios and what the information that we have based on what's happening in July, I and round that out as to where we think the [Cordova land], certainly also, you know, you had to take into consideration for revenue, at least what happened in prior quarters, but in the states have come to fruition in the third quarter, we already have some of that data and that's just going to play out.

至於關於第三季前景的第一個問題，我們在 9 月還沒有看到任何上行空間或其他東西。我們顯然已經研究了各種場景，以及我們根據 7 月份發生的情況所掌握的信息，我並總結了我們認為 [科爾多瓦土地] 的位置，當然，你知道，你必須採取考慮到收入，至少是前幾季發生的情況，但在各州，第三季已經取得成果，我們已經有了一些數據，而這些數據即將發揮作用。

But certainly, based on all the new data and July, we've just run our scenarios and have let it play out for Q3 accordingly. But there isn't any sort of stay step-up in September that we assumed. As far as the pricing actions? Yes, we had we had made a call, if I remember last quarter that we have gotten some pricing actions towards the end that then we're going to be coming in to this quarter. We did see that come in and we only do those pricing actions that we get the returns.

但當然，根據所有新數據和 7 月的情況，我們剛剛運行了我們的場景，並相應地在第三季度發揮了作用。但 9 月並沒有出現我們所假設的任何形式的持續成長。至於定價行為？是的，我們已經打過電話，如果我記得上個季度我們在接近尾聲時採取了一些定價行動，那麼我們將進入本季度。我們確實看到了這種情況的出現，我們只進行那些能夠獲得回報的定價行動。

And so certainly they are driving conversion for us and sell. Yes, as we have been doing, we're going to continue with us going forward as it is a good returning of marketing lever for us.

因此，他們無疑正在為我們推動轉換和銷售。是的，正如我們一直在做的那樣，我們將繼續前進，因為這對我們來說是行銷槓桿的良好回報。

Okay. Thank you.

好的。謝謝。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey, Great. Thanks for taking my question. Is just all about the B2B opportunity. Is there any way you can sort of give us a backlog or just frame like the amount of contracts you think are of the Vrbo that can potentially drive purchasing of before Q4 marketing strategy? It's usually you have like a large brand campaign at this softness continues. Can you just talk about how that impacts your marketing strategy? Thanks.

嘿，太好了。感謝您提出我的問題。都是關於 B2B 機會的。您是否可以透過任何方式向我們提供積壓訂單或框架，例如您認為 Vrbo 的合約數量可能會在第四季度行銷策略之前推動購買？通常，您會在這種柔和的狀態下進行大型品牌活動。您能談談這對您的行銷策略有何影響嗎？謝謝。

So on the first one, So thanks for the questions. On the first one? Yes. I'm not going to share details about the data set pipeline, but I will say is we're thoughtful about which deals we want to bid for. And I think often when you're going to be to the team is important, which deals you decide not to bid for as which ones you decide to bid for.

關於第一個問題，謝謝您的提問。在第一個上？是的。我不會分享有關數據集管道的詳細信息，但我要說的是，我們正在考慮要競標哪些交易。我認為，通常情況下，當你加入球隊時，你決定不競標哪些交易以及決定競標哪些交易很重要。

And we have a super experienced team, a great business development team that's being thoughtful about where do we want to play and where do you not. I'd also say that your growth can come from finding new partners for growth also comes from our existing partners.

我們擁有一支經驗豐富的團隊，一支出色的業務開發團隊，他們會考慮我們想在哪裡發揮作用，而你不想在哪裡發揮作用。我還想說，你的成長可以來自尋找新的合作夥伴，成長也可以來自我們現有的合作夥伴。

So sometimes you might have a partner that we're powering three of their points of sale. And then they decide that they're going to expand into another couple of countries and its income, our team to make sure that we're the ones powerline them as they're growing their business. So when you think about the B2B business, it's not just what sort of the pipeline of new business. It's also what are all the actions we're doing in our existing partners in order to either win share or to just grow along with some.

因此，有時您可能有一個合作夥伴，我們為他們的三個銷售點提供支援。然後他們決定將業務擴展到另外幾個國家及其收入，我們的團隊確保我們是他們在發展業務時為他們提供電力的人。因此，當您考慮 B2B 業務時，您要考慮的不僅僅是新業務的管道類型。這也是我們在現有合作夥伴中採取的所有行動，以贏得份額或與某些合作夥伴共同成長。

As far as Vrbo marketing strategy of certainly we learned from last year that you don't want to pull back too much on the marketing spend because Q1 and the answer, I guess you're entering Q1 is a really big time for verbose. So that's part of the reason why we're guiding in Q2, three to pressure on EBITDA because we want to continue investing in very well for that very reason because we're investing for the longer. And so we would continue to invest some very I mean, obviously, independent, if there are some massive level softness and all things are up table. But I'm not expecting that is not how we've been guided guidance. And so our expectation as we continue to invest into bareboat, and that's assumed obviously within our margin guidance on a year to be relatively in line with last year.

就 Vrbo 行銷策略而言，我們從去年了解到，您不想在行銷支出上削減太多，因為第一季和答案，我猜您進入第一季是一個非常冗長的時期。因此，這就是我們在第二季度對 EBITDA 施加壓力的部分原因，因為我們希望繼續好好投資，因為我們的投資時間更長。因此，如果有一些大規模的軟性並且所有事情都在桌面上，我們將繼續投資一些非常我的意思是，顯然，獨立的。但我並不認為我們的指導方針並非如此。因此，當我們繼續投資光船時，我們的預期是，這顯然是在我們對一年的利潤率指導中假設的，與去年相對一致。

Thank you.

謝謝。

Ron Josey, Citigroup.

羅恩喬西，花旗集團。

Great. Thanks for taking the question. There is maybe on a follow-up to your comment there on industrial marketing, I felt the 20% growth in room nights and Brand Expedia or was it was a really key highlight. And so I want to understand is the drivers here, maybe a little more on geographic mix and really the benefits from the advertising side of the brand [venues] to evolve. And then I think I heard you say conversion rates improved in the quarter as did multiproduct attach rates. And so again, just wanted to dive a little bit deeper on the product to hear how how the funnel, how transactions going on on Expedia overall. Thank you.

偉大的。感謝您提出問題。您對工業行銷的評論可能有後續內容，我覺得間夜數和 Brand Expedia 成長了 20%，或者說這是一個真正的關鍵亮點。所以我想了解這裡的驅動因素，也許更多一點是關於地理組合，以及品牌[場所]的廣告方面的發展帶來的真正好處。然後我想我聽到你說本季的轉換率有所提高，多產品附加率也有所提高。再說一次，我只是想更深入地了解該產品，了解整個管道如何、交易如何在 Expedia 上進行。謝謝。

Thanks for question. And as you sending explained, Expedia has been a great highlight for us. And it's also it gives me confidence because it was the least disruptive all of our brands. And it's the brand and it's gotten all of our innovation going into it. We've also over a number of years really built up the brand value there. We spent quite a bit in marketing over time, and now we're seeing leverage with it because we have a great app install base, strong, repeat, a great member base and the value proposition and brand Expedia to shopping and booking multi items trips, whether it's directly through that package path or buying a flight and then later coming back and buying hotel at a discounted rate is reasonably strong travelers.

謝謝提問。正如您所解釋的那樣，Expedia 一直是我們的一大亮點。它也給了我信心，因為它是我們所有品牌中破壞性最小的。這就是品牌，我們所有的創新都融入其中。多年來，我們也確實在那裡建立了品牌價值。隨著時間的推移，我們在行銷上投入了大量資金，現在我們看到了它的槓桿作用，因為我們擁有出色的應用程式安裝基礎、強大的重複性、優秀的會員基礎以及Expedia 的價值主張和品牌，可用於購物和預訂多項目旅行，無論是直接通過該套餐路徑，還是購買航班，然後回來以折扣價購買酒店，都是相當強大的旅行者。

So I will just say in general, we feel good about it. It's still to my liking to US-focused [anemia] as a whole consumer business. We'd like to see more growth internationally. But as you say, at Expedia is really highlights.

所以我只想說，總的來說，我們對此感覺良好。我仍然喜歡以美國為中心的[貧血]作為整個消費者業務。我們希望看到國際上更多的成長。但正如您所說，Expedia 確實是亮點。

Thank you for the question. I will now hand the call back over to Ariane Gorin for closing remarks.

謝謝你的提問。現在，我將把電話轉回阿麗亞娜·戈林 (Ariane Gorin) 進行總結發言。

Okay. Well, so I just want to thank you all again for joining us and Julie and I appreciate the questions and just want to leave you with thought that we know the environment is becoming more volatile. But regardless, we believe we have a lot of opportunity ahead. We have great consumer brands. The Travelers love, differentiated B2B business, diverse supply. That's the strongest it's ever been and a really powerful tech platform. So if we look to the future, we're going to use these assets to drive profitable growth.

好的。好吧，我想再次感謝大家加入我們，朱莉和我很高興提出這些問題，只想讓你們知道，我們知道環境正在變得更加不穩定。但無論如何，我們相信前面有很多機會。我們擁有優秀的消費品牌。旅客喜愛，差異化B2B業務，多元化供應。這是有史以​​來最強大的，也是一個非常強大的技術平台。因此，如果我們展望未來，我們將利用這些資產來推動獲利成長。

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

謝謝大家。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。