Expedia Group Inc (EXPE) 2024 Q3 法說會逐字稿

內容摘要

儘管面臨挑戰,Expedia Group 仍公佈了強勁的第三季收益,總預訂量和收益超出了預期。該公司在消費者、廣告和 B2B 業務方面取得了成長,重點是成本控制和國際擴張。宣布了領導層更新,財務長辭職,新的技術長加入。

Expedia Group 上調了全年指引,並對自身利用成長機會的能力充滿信心。討論還強調了 Vrbo 的營銷投資、產品功能和行銷活動的進展以及對推動成長和效率的關注。

Brand Expedia 的核心策略包括在一次旅行中銷售多件商品,並透過個人化推薦來提高多件商品的附加率。該公司專注於提高 B2B 業務效率、降低成本並為旅行者創造價值。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good day, everyone, and welcome to the Expedia Group Q3 2024 financial results teleconference.

    大家好,歡迎參加 Expedia Group 2024 年第三季財務業績電話會議。

  • My name is Alex, and I will be the operator for today's call.

    我叫亞歷克斯,我將擔任今天電話的接線生。

  • (Operator Instructions)

    (操作員說明)

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

    作為開幕致辭,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。

  • Please go ahead.

    請繼續。

  • Harshit Vaish - Senior Vice President, Head of Strategy, Corporate Development & Investor Relations

    Harshit Vaish - Senior Vice President, Head of Strategy, Corporate Development & Investor Relations

  • Good afternoon, and welcome to Expedia Group's third-quarter 2024 earnings call.

    下午好,歡迎參加 Expedia Group 2024 年第三季財報電話會議。

  • I am pleased to be joined on today's call by our CEO, Ariane Gorin; and our CFO, Julie Whalen.

    我很高興能夠參加今天的電話會議,我們的執行長 Ariane Gorin 也參加了會議。以及我們的財務長 Julie Whalen。

  • As a reminder, our commentary today will include references to certain non-GAAP measures.

    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。

  • Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in our earnings release.

    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。

  • And unless otherwise stated, any reference to expenses exclude stock-based compensation.

    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。

  • We will also be making forward-looking statements during the call, which are predictions, projections or other statements about future events.

    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。

  • These statements are based on current expectations and assumptions, which are subject to risks and uncertainties that are difficult to predict.

    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.

    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。

  • Except as required by law, we do not undertake any responsibility to update these forward-looking statements.

    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。

  • Our earnings release, SEC filings and a replay of today's call can be found on our Investor Relations website at ir.expediagroup.com.

    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。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • Thanks, Harshit, and thank you all for joining us today.

    謝謝 Harshit,也謝謝大家今天加入我們。

  • Our third-quarter results reflect strong execution across our company.

    我們第三季的業績反映了我們公司強大的執行力。

  • We exceeded our expectations on gross bookings and earnings with revenue landing in line, despite weather and currency headwinds.

    儘管受到天氣和匯率的不利影響,我們的總預訂量和收入仍超出了我們的預期,收入也符合預期。

  • We accelerated gross bookings in our consumer business for the second straight quarter, driven by continued strength in Brand Expedia, Vrbo returning to growth, and good results in our international points of sale.

    在 Brand Expedia 持續走強、Vrbo 恢復成長以及國際銷售點取得良好業績的推動下,我們的消費業務總預訂量連續第二個季度加快。

  • Our advertising and B2B businesses continue to outpace the industry, both delivering strong double-digit growth.

    我們的廣告和 B2B 業務持續領先於該行業,均實現強勁的兩位數成長。

  • We remain disciplined on costs, with cost of sales and overheads both declining year-over-year.

    我們仍然嚴格控製成本,銷售成本和管理費用均較去年同期下降。

  • Overall, we're pleased with the results of our work.

    總的來說,我們對工作結果感到滿意。

  • We're executing and what's in our control and capitalizing on growth opportunities to rebuild momentum after our tech replatforming.

    我們正在執行我們控制範圍內的事情,並利用成長機會在技術重組後重建動力。

  • The travel environment in the third quarter was healthy, but mixed with demand softer in July, and then improving into August and September.

    第三季的旅遊環境健康,但 7 月的需求疲軟,然後到 8 月和 9 月有所改善。

  • International demand was stronger than the US and compared to last year, booked room nights grew in the low single digits in the US, low double digits in Europe and high-teens in the rest of the world.

    國際需求強於美國,與去年相比,美國的預訂間夜數成長幅度較低,歐洲的成長幅度較低,兩位數,世界其他地區的預訂間夜成長幅度較高。

  • Like last quarter, prices held up for both hotel and vacation rentals.

    與上季一樣,飯店和度假租賃的價格均保持不變。

  • For Air and Car, we saw continued pricing pressure, though air ticket prices grew in September for the first time this year.

    對於航空和汽車,我們看到持續的定價壓力,儘管 9 月機票價格今年首次上漲。

  • Turning to our consumer business, we remain focused on the fundamentals driving more direct traffic, improving product performance, enhancing our supply, and expanding internationally.

    談到我們的消費者業務,我們仍然專注於推動更多直接流量、提高產品效能、增強供應和國際擴張的基本面。

  • Gross bookings were up 3% year-on-year, which was a two-point acceleration compared to the second quarter.

    總預訂量年增 3%,比第二季加快了兩個百分點。

  • Global app downloads for our core brands was up nearly 10% year-on-year, led by EMEA at 20% growth, and the percent of bookings coming from our apps improved by 3 points.

    我們核心品牌的全球應用程式下載量年增近 10%,其中 EMEA 成長 20%,來自我們應用程式的預訂百分比提高了 3 個百分點。

  • Brand Expedia continued to be strong with room nights up mid-teens year-on-year.

    Expedia 品牌持續保持強勁勢頭,間夜數年增了 15%左右。

  • We shipped great new product features like Destination Comparison, Flexible Date Search and Live Flight Tracker, all of which create better traveler experiences.

    我們推出了出色的新產品功能,例如目的地比較、靈活的日期搜尋和即時航班追蹤器,所有這些功能都創造了更好的旅行者體驗。

  • Our package product that allows travelers to dynamically bundle a huge selection of flights, hotels and cars, all with attractive package savings, is a real differentiator for Brand Expedia.

    我們的套餐產品允許旅客動態捆綁大量航班、飯店和汽車,並提供極具吸引力的套餐優惠,這是 Brand Expedia 的真正差異化優勢。

  • Last quarter, we released new features like the ability to book accommodations for only part of the trip, and package searches for one-way flights.

    上季度,我們發布了新功能,例如僅預訂部分行程的住宿以及單程航班的套餐搜尋的功能。

  • These make planning and booking multi-item trips even easier, and combined with our targeted promotional activity, drove a 25% increase in package bookings in the third quarter.

    這些使得規劃和預訂多項目旅行變得更加容易,再加上我們有針對性的促銷活動,第三季的套餐預訂量增加了 25%。

  • Shifting to Vrbo now, we delivered our first full quarter of bookings growth this year.

    現在轉向 Vrbo,我們實現了今年第一個完整季度的預訂成長。

  • Bookings were up modestly, with traffic and conversion both growing, despite the negative impact of Hurricane Helene.

    儘管受到颶風海倫的負面影響,預訂量仍小幅增長,流量和轉換率均有所增長。

  • We're meaningfully improving Vrbo app performance, making the app faster and adding new features to streamline shopping.

    我們正在有意義地提高 Vrbo 應用程式效能,使應用程式更快,並添加新功能以簡化購物。

  • App traffic growth has accelerated and more visitors are signing in.

    應用程式流量成長加速,越來越多的訪客登入。

  • We've also further strengthened Vrbo's supply.

    我們也進一步加強了 Vrbo 的供應。

  • We added nearly 1 million units that had previously only been available on Brand Expedia.

    我們增加了近 100 萬件以前僅在 Brand Expedia 上銷售的商品。

  • These units skew more to urban areas and shorter stays, which allows Vrbo to appeal to a wider audience.

    這些單位更偏向城市地區,且停留時間較短,這使得 Vrbo 能夠吸引更廣泛的受眾。

  • And beyond the additional supply, we improved the quality of our existing supply, with more discounts for long stays and more flexible cancellation policies.

    除了額外供應之外,我們還提高了現有供應的質量,為長期住宿提供更多折扣,並提供更靈活的取消政策。

  • Looking to the fourth quarter, while October has been tougher for Vrbo due to Hurricane Milton, we believe that our focus on the basics, traffic, our product and our supply will continue to drive positive momentum for Vrbo.

    展望第四季度,雖然由於颶風米爾頓,10 月 Vrbo 的處境更加艱難,但我們相信,我們對基礎、流量、產品和供應的關注將繼續推動 Vrbo 的積極勢頭。

  • Before moving to B2B, I want to highlight progress from our international expansion, Advertising and Loyalty initiatives.

    在轉向 B2B 之前,我想強調我們在國際擴張、廣告和忠誠度計劃方面取得的進展。

  • In the last few quarters we've moved back into faster-growing international markets, investing surgically, and are seeing promising results.

    在過去的幾個季度中,我們重新進入了成長更快的國際市場,進行了外科手術般的投資,並看到了可喜的成果。

  • Bookings growth for our consumer brands outside the US accelerated by 5 points in the third quarter.

    第三季度,我們在美國以外的消費品牌的預訂量成長加速了 5 個百分點。

  • One particular highlight was healthy double-digit growth for Hotels.com in Scandinavia, where we already have high brand awareness.

    一個特別的亮點是 Hotels.com 在斯堪的納維亞半島實現了兩位數的健康成長,我們在那裡已經擁有了很高的品牌知名度。

  • We believe we have a big opportunity ahead to grow internationally and to win share.

    我們相信,我們面臨著國際化發展和贏得市場份額的巨大機會。

  • Our advertising business delivered yet another strong quarter with revenue up 32% as we've continued to add more advertisers and evolve our products.

    隨著我們不斷增加更多的廣告客戶並不斷改進我們的產品,我們的廣告業務又迎來了一個強勁的季度,收入成長了 32%。

  • We simplified our sign-up process, and are testing new product capabilities like video ads and search results which are driving a nearly 30% increase in engagement.

    我們簡化了註冊流程,並正在測試影片廣告和搜尋結果等新產品功能,這些功能使參與度提高了近 30%。

  • All of this means we're delivering more value and better returns for our advertisers.

    所有這一切意味著我們正在為廣告商提供更多價值和更好的回報。

  • In terms of our loyalty program, global active membership grew 7% year over year in Q3, and our 12-month member repeat rate was up 150 basis points compared to last year.

    在我們的忠誠度計畫方面,第三季全球活躍會員年增了 7%,我們的 12 個月會員重複率比去年上升了 150 個基點。

  • On our three core brands, nearly half of our room nights came from Silver, Gold, or Platinum members.

    在我們的三個核心品牌中,近一半的間夜來自銀卡、金卡或白金會員。

  • And as a reminder, these higher tier members get further member discounts funded by our supply partners.

    提醒一下,這些高級會員可以獲得由我們的供應合作夥伴資助的進一步會員折扣。

  • We've also enhanced the One Key value proposition in the US and UK.

    我們也在美國和英國增強了「一鍵」價值主張。

  • This quarter, we introduced member-only discounts for the first time ever on Vrbo, and have seen great early results.

    本季度,我們首次在 Vrbo 上推出了會員專屬折扣,並且已經看到了很好的早期成果。

  • And on Brand Expedia, we just expanded redemption options to include more airlines.

    在 Brand Expedia 上,我們剛剛擴大了兌換選項以涵蓋更多航空公司。

  • We're continuing to fine-tune the loyalty value proposition for each brand and each market, while capitalizing on the capabilities of our underlying tech platform.

    我們將繼續微調每個品牌和每個市場的忠誠度價值主張,同時利用我們基礎技術平台的功能。

  • Turning to B2B, we had another strong quarter, with bookings up 19% year on year, slowing only 1 point from the second quarter.

    轉向 B2B,我們又經歷了一個強勁的季度,預訂量年增 19%,僅比第二季度放緩 1 個百分點。

  • Growth was broad-based and came from all partner segments and regions.

    成長基礎廣泛,來自所有合作夥伴細分市場和地區。

  • We shipped new solutions for existing partners, adding activities and ground transport for hotel partners, like Hilton and introducing new loyalty capabilities for Alaska Airlines.

    我們為現有合作夥伴提供了新的解決方案,為希爾頓等酒店合作夥伴增加了活動和地面交通,並為阿拉斯加航空引入了新的忠誠度功能。

  • We also secured important wins like long-term renewals with Despegar and Traveloka and a new partnership with Canadian bank, CIBC.

    我們也獲得了重要的勝利,例如與 Despegar 和 Traveloka 的長期續約以及與加拿大銀行 CIBC 的新合作夥伴關係。

  • Just last week, we announced a new partnership with Microsoft Bing.

    就在上週,我們宣布與 Microsoft Bing 建立新的合作關係。

  • So overall, we continue to extend our leadership in B2B.

    總體而言,我們繼續擴大在 B2B 領域的領導地位。

  • Let me now spend a minute on a few highlights of how our tech platform and AI capabilities are contributing to better conversion and enhanced customer service.

    現在讓我花一點時間重點介紹我們的技術平台和人工智慧功能如何促進更好的轉換和增強的客戶服務。

  • On conversion, some of the most compelling use cases so far have been property question and answer, smart and natural language filters, and review summaries.

    在轉換方面,迄今為止最引人注目的一些用例是屬性問答、智慧和自然語言過濾器以及評論摘要。

  • Over 70% of travelers read reviews before making a booking, and we use Generative AI to efficiently summarize reviews and provide detailed property and neighborhood information.

    超過 70% 的旅客在預訂前閱讀評論,我們使用生成式 AI 來有效總結評論並提供詳細的飯店和社群資訊。

  • This makes it easier for travelers to shop while taking less of our development time and resources.

    這使得旅行者可以更輕鬆地購物,同時減少我們的開發時間和資源。

  • In customer service, we're continuing to leverage AI to allow travelers to self-serve, which both lowers costs and improves the traveler experience.

    在客戶服務方面,我們持續利用人工智慧讓旅客實現自助服務,這不僅降低了成本,也改善了旅客體驗。

  • For instance, our virtual agents now handle nearly half of all traveler inquiries through self-service.

    例如,我們的虛擬代理現在透過自助服務處理近一半的旅客查詢。

  • Additionally, our agent copilot feature, which summarizes voice and chat interactions, significantly reduces after-call work for our call-center agents.

    此外,我們的座席副駕駛功能總結了語音和聊天交互,顯著減少了呼叫中心座席的呼叫後工作。

  • Before closing, I want to share a couple of leadership updates.

    在結束之前,我想分享一些領導層的最新動態。

  • We announced today that Julie will be stepping down as CFO and as a member of our Board of Directors.

    我們今天宣布朱莉將辭去財務長和董事會成員的職務。

  • We expect to announce a successor prior to Julie's departure to allow for a smooth transition.

    我們希望在朱莉離開之前宣布繼任者,以實現平穩過渡。

  • I want to thank Julie for all she's done for Expedia Group as a Board member and as our CFO over the last five years.

    我要感謝 Julie 在過去五年中作為董事會成員和財務長為 Expedia Group 所做的一切。

  • We're deeply grateful for all of her contributions and appreciate her partnership during this transition.

    我們對她所做的所有貢獻深表感謝,並感謝她在這段過渡期間的合作關係。

  • We also announced last month that Ramana Thumu is joining us as our Chief Technology Officer.

    上個月我們也宣布 Ramana Thumu 加入我們擔任技術長。

  • Ramana is a great leader and technologist, and he's led tech teams for over two decades.

    Ramana 是一位偉大的領導者和技術專家,他領導技術團隊已經二十多年了。

  • More recently, he built and scaled the multi-brand platform at Fanatics, so his experience is directly relevant to our growth aspirations here at Expedia Group.

    最近,他在 Fanatics 建立並擴展了多品牌平台,因此他的經驗與我們 Expedia Group 的成長願望直接相關。

  • In closing, we're pleased with our third-quarter performance and the progress we're making.

    最後,我們對第三季的業績和所取得的進展感到滿意。

  • We continue to see healthy travel demand and are confident in our ability to execute, which has led us to raise our full year guidance and Julie will talk about that in a minute.

    我們繼續看到健康的旅行需求,並對我們的執行能力充滿信心,這促使我們提高了全年指導,朱莉將立即談論這一點。

  • I'd like to thank our team for their hard work and the successful delivery of our third quarter.

    我要感謝我們的團隊的辛勤工作和第三季的成功交付。

  • With that, let me hand it over to Julie.

    那麼,讓我把它交給朱莉。

  • Julie Whalen - Chief Financial Officer

    Julie Whalen - Chief Financial Officer

  • Thank you, Ariane, and good afternoon, everyone.

    謝謝你,阿麗亞娜,大家下午好。

  • We are pleased with our third-quarter results.

    我們對第三季的業績感到滿意。

  • Despite some headwinds during the quarter including unfavorable macro trends, weather events and FX, we were able to deliver year-over-year room night growth of 9%, gross bookings growth of 7%, an acceleration of over 150 basis points versus the second quarter, revenue growth of 3%, and EBITDA growth of 3%, with only slight margin deleverage of approximately 16 basis points.

    儘管本季度存在一些不利因素,包括不利的宏觀趨勢、天氣事件和匯率,但我們的間夜同比增長 9%,總預訂量增長 7%,與第二季度相比增長了 150 個基點以上本季度,營收成長3%,EBITDA 成長3%,利潤率僅小幅去槓桿化,約16 個基點。

  • But before I jump into more of the financial details for the third quarter, I just wanted to say thank you to Ariane, the Board, and the Management team here at Expedia.

    但在詳細介紹第三季的財務細節之前,我只想對 Ariane、董事會和 Expedia 的管理團隊表示感謝。

  • I'm proud to have been associated with Expedia Group as a Board member since 2019 and more recently as CFO.

    我很榮幸自 2019 年以來一直擔任 Expedia Group 的董事會成員,最近擔任財務長。

  • I am committed to supporting the company until and after my successor is in place to ensure a smooth transition.

    我致力於在我的繼任者就職之前和之後支持公司,以確保順利過渡。

  • I am confident in this management team and our strategy, and I remain excited about the opportunities ahead for Expedia Group.

    我對這個管理團隊和我們的策略充滿信心,並且對 Expedia Group 未來的機會仍然感到興奮。

  • Now back to the financial details for the third quarter.

    現在回到第三季的財務細節。

  • Total gross bookings of $27.5 billion grew 7% versus last year, driven by lodging gross bookings which grew 8%, and includes our hotel business growing 10%.

    總預訂總額為 275 億美元,較去年增長 7%,其中住宿總預訂總額增長了 8%,其中酒店業務增長了 10%。

  • We were happy to see that we have once again held or grown hotel gross bookings share in virtually all of our key markets.

    我們很高興看到我們在幾乎所有主要市場中再次保持或增加了酒店總預訂份額。

  • Booking windows for hotels expanded in August and September when compared to last year, which provided a tailwind to our third quarter gross bookings.

    與去年相比,八月和九月的飯店預訂窗口有所擴大,這為我們第三季的總預訂量提供了動力。

  • Outside of our hotel business, we also saw a strong recovery in our air business driven by growth in multi-item packages and improvement in air prices.

    除了飯店業務之外,在多件包裹成長和航空價格上漲的推動下,我們的航空業務也出現了強勁復甦。

  • And, we also saw a continued acceleration at Vrbo which returned to modest growth on the quarter.

    而且,我們也看到 Vrbo 持續加速,本季恢復溫和成長。

  • Revenue of $4.1 billion grew 3% versus last year, led by our B2B business, Brand Expedia, and our advertising business.

    在我們的 B2B 業務、Brand Expedia 和廣告業務的帶動下,營收達到 41 億美元,比去年成長 3%。

  • Excluding FX, however, revenue growth in the quarter would have been 5%.

    然而,如果不包括外匯,該季度的收入成長將為 5%。

  • In addition to FX, revenue growth was also impacted from pricing actions in prior quarters, which as a reminder, translate to contra revenue at the time of the stay.

    除了外匯之外,營收成長也受到前幾季定價行為的影響,提醒一下,這會轉化為入住時的對銷收入。

  • Third quarter revenue also saw pressure from soft Vrbo bookings in the first half of 2024, translating to stays in the third quarter.

    第三季營收也面臨來自 2024 年上半年 Vrbo 預訂疲軟的壓力,也導致了第三季的滯留。

  • As a reminder, Vrbo has a longer booking window versus our hotel business, and the third quarter is the largest revenue quarter for Vrbo driven by summer stays.

    提醒一下,與我們的飯店業務相比,Vrbo 的預訂窗口更長,第三季是 Vrbo 受夏季住宿推動的最大收入季度。

  • Total revenue margin was approximately 50 basis points lower year over year.

    總營收利潤率較去年同期下降約 50 個基點。

  • The uplift from advertising growth was offset by all the previously mentioned impacts to revenue, as well as the outperformance in air bookings, which is a lower margin business.

    廣告成長帶來的提升被前面提到的所有對收入的影響以及利潤率較低的航空預訂業務的出色表現所抵消。

  • Cost of sales was $385 million for the quarter and $24 million or 6% lower versus last year, which combined with higher revenue growth, drove approximately 90 basis points of leverage as a percentage of revenue year over year.

    本季銷售成本為 3.85 億美元,比去年下降 2,400 萬美元,即 6%,再加上較高的收入增長,槓桿率佔收入的百分比同比提高了約 90 個基點。

  • We continue to see our ongoing initiatives deliver transactional efficiencies.

    我們繼續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 third quarter was $1.9 billion, which was up 11% versus last year.

    第三季的直接銷售和行銷費用為 19 億美元,比去年同期成長 11%。

  • Sales and Marketing deleverage as a percentage of gross bookings, primarily due to higher commissions to our partners from the strong growth in our B2B business.

    銷售和行銷槓桿佔總預訂量的比例下降,主要是由於我們的 B2B 業務的強勁成長為我們的合作夥伴帶來了更高的佣金。

  • 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.

    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。

  • However, because they are generally paid on a stayed basis to contractually agreed upon percentages, the returns are more guaranteed and immediate.

    然而,由於他們通常按合約約定的百分比按中止支付,因此回報更有保障且更直接。

  • We also saw some deleverage in our B2C business, as we reinvested back into Vrbo and our international markets to drive improving growth and global market expansion.

    隨著我們對 Vrbo 和國際市場進行再投資,以推動成長改善和全球市場擴張,我們的 B2C 業務也出現了一些去槓桿化。

  • Excluding these investments, we saw marketing leverage in our B2C business.

    排除這些投資,我們在 B2C 業務中看到了行銷槓桿。

  • Overhead expenses were $602 million, a decrease of $15 million versus last year, or 3%.

    管理費用為 6.02 億美元,比去年減少 1,500 萬美元,即 3%。

  • This resulted in approximately 90 basis points of leverage, primarily driven by lower people costs and product and tech from our actions to rationalize our head count, as well as overall strong expense control.

    這導致了大約 90 個基點的槓桿,主要是由於我們合理化員工人數的行動降低了人員成本以及產品和技術,以及整體強有力的費用控制。

  • We remain committed to driving efficiencies across our P&L, and we're pleased to see another quarter of reduced costs and strong overhead leverage.

    我們仍然致力於提高損益表的效率,我們很高興看到成本又下降了一個季度,管理費用槓桿也強勁。

  • On the bottom-line, we delivered third quarter EBITDA of $1.25 billion, which was up 3% year-over-year with an EBITDA margin of 30.8%, slightly deleveraging approximately 16 basis points year-over-year.

    就淨利潤而言,我們第三季 EBITDA 為 12.5 億美元,年增 3%,EBITDA 利潤率為 30.8%,年比略微去槓桿化約 16 個基點。

  • This was better than expected due to our effective expense management.

    由於我們有效的費用管理,這比預期要好。

  • As far as our EBIT performance, which includes the impact of stock-based compensation, depreciation and amortization, we delivered $892 million of EBIT with a margin of 22% deleveraging approximately 100 basis points year over year in the third quarter.

    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,第三季度我們實現了8.92 億美元的息稅前利潤,利潤率為22%,同比去槓桿化了約100 個基點。

  • This quarter's results included the accelerated vesting of our former Vice Chairman's RSUs, which drove a onetime $51 million increase in stock-based compensation.

    本季的業績包括我們前副董事長 RSU 的加速兌現,這使得股票薪酬一度增加了 5,100 萬美元。

  • Excluding this acceleration, EBIT would have leveraged approximately 27 basis points year-over-year in this quarter.

    如果不考慮這一加速,本季息稅前利潤將年增約 27 個基點。

  • Our year-to-date free cash flow remained robust at $2.3 billion, up 3% year-over-year, driven primarily by higher EBITDA and lower capital expenditures.

    我們年初至今的自由現金流保持強勁,達到 23 億美元,年增 3%,這主要是由於 EBITDA 增加和資本支出減少。

  • Moving on to our balance sheet.

    繼續我們的資產負債表。

  • We ended the quarter with strong liquidity of $7.2 billion driven by our unrestricted cash balance of $4.7 billion and our undrawn revolving line of credit of $2.5 billion.

    在 47 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 72 億美元。

  • Our debt level remains at approximately $6.3 billion with an average cost of 3.7%.

    我們的債務水準仍維持在約 63 億美元,平均成本為 3.7%。

  • Our gross leverage ratio at a further reduced 2.2 times, continues to make progress towards our target gross leverage ratio of 2 times driven by our ongoing strong EBITDA growth.

    我們的總槓桿率進一步降低至 2.2 倍,在 EBITDA 持續強勁成長的推動下,我們繼續朝著 2 倍的總槓桿率目標取得進展。

  • In addition, our strong cash position enabled us to repurchase $1.6 billion, or 12 million shares year-to-date.

    此外,我們強大的現金狀況使我們能夠在年初至今回購 16 億美元,即 1,200 萬股股票。

  • We continue to believe that our stock remains undervalued and does not reflect our expected long-term performance of the business.

    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表現。

  • As such, we expect to utilize the strong cash generating power of our business to continue to buy back our stock opportunistically.

    因此,我們希望利用我們業務強大的現金產生能力,繼續機會主義地回購我們的股票。

  • And we have approximately $3.2 billion remaining on our share repurchase authorization.

    我們的股票回購授權還剩約 32 億美元。

  • Moving now to our outlook for the fourth quarter and full year.

    現在轉向我們對第四季和全年的展望。

  • We expect gross bookings growth in the fourth quarter to be in the range of 6% to 8% versus last year.

    我們預計第四季總預訂量較去年增長 6% 至 8%。

  • The growth is higher relative to our prior expectations due to a more favorable outlook for our air business, which as a reminder, contributes more to bookings growth and less to revenue and earnings.

    由於我們的航空業務前景更加樂觀,這一增長相對於我們先前的預期更高,提醒一下,航空業務對預訂成長的貢獻更大,對收入和盈利的貢獻較小。

  • As a result, we expect revenue growth to be about 1 point lower than our gross bookings growth.

    因此,我們預計營收成長將比總預訂量成長低約 1 個百分點。

  • And we expect EBITDA and EBIT margins to be relatively in line with last year, as we will continue to lean into our marketing investments in Vrbo and international markets.

    我們預計 EBITDA 和 EBIT 利潤率將與去年相對一致,因為我們將繼續增加對 Vrbo 和國際市場的行銷投資。

  • Moving now to full year 2024 outlook.

    現在展望 2024 年全年。

  • Based on our strong third quarter results and our improved fourth quarter outlook, we are raising our full year guidance.

    基於我們強勁的第三季業績和改善的第四季前景,我們正在提高全年指引。

  • We now expect gross bookings growth to be approximately 5% versus last year, up 1 point relative to our prior outlook.

    我們現在預計總預訂量將比去年增長約 5%,比我們之前的預期上升 1 個百分點。

  • And we now expect our EBITDA and EBIT margins to be slightly up versus last year, an improvement from our prior outlook of flat levels.

    我們現在預計 EBITDA 和 EBIT 利潤率將比去年略有上升,比我們之前持平的預期有所改善。

  • And, our revenue guidance remains at approximately 6% growth versus last year.

    而且,我們的營收指引仍較去年成長 6% 左右。

  • In closing, we are pleased with our third quarter performance, including the acceleration of our B2C business as well as the continued strong growth of B2B, Brand Expedia, and Advertising.

    最後,我們對第三季的業績感到滿意,包括 B2C 業務的加速以及 B2B、Brand Expedia 和廣告的持續強勁成長。

  • Our ongoing execution against our growth initiatives combined with our strong financial position give us confidence in our long-term opportunity to deliver profitable growth and shareholder returns.

    我們對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和股東回報的長期機會充滿信心。

  • Before I open the call for questions, I also want to extend a big thank you to our Expedia associates and partners for their ongoing dedication and support which has enabled us to deliver these third quarter results and gives us the confidence to be able to deliver our full year results and beyond.

    在開始提問之前,我還想向我們的 Expedia 員工和合作夥伴表示衷心的感謝,感謝他們持續的奉獻和支持,使我們能夠交付第三季度的業績,並讓我們有信心能夠交付我們的業績。全年及以後的業績。

  • And with that, let me open the call up for questions.

    接下來,讓我開始提問。

  • Operator

    Operator

  • (Operator Instructions) Lee Horowitz, Deutsche Bank.

    (操作員指示)Lee Horowitz,德意志銀行。

  • Lee Horowitz - Analyst

    Lee Horowitz - Analyst

  • Great.

    偉大的。

  • Thanks for the question.

    謝謝你的提問。

  • Julie, pleasure working with you.

    朱莉,很高興與你合作。

  • Maybe on marketing investments at Vrbo -- Vrbo ex common international markets.

    也許是對 Vrbo 的營銷投資——Vrbo ex 共同國際市場。

  • I guess how should we think about your ability to be able to deliver aggregate marketing leverage on a go-forward?

    我想我們應該如何看待您在未來提供整體行銷槓桿的能力?

  • I know this year is a big investment year for those brands.

    我知道今年對這些品牌來說是一個大投資年。

  • But presumably, they're not back to the levels that you'd expect, and you'll remain invested.

    但據推測,它們不會回到您預期的水平,您將繼續投資。

  • Do you need these bids to get back to market level rates before you can perhaps deliver marketing leverage for the whole business?

    在為整個企業提供行銷槓桿之前,您是否需要這些出價才能恢復到市場水平?

  • Thanks so much.

    非常感謝。

  • Julie Whalen - Chief Financial Officer

    Julie Whalen - Chief Financial Officer

  • Yeah.

    是的。

  • From a marketing leverage perspective, I mean, obviously, as we said, B2B sales and commissions are in that line.

    從行銷槓桿的角度來看,我的意思是,顯然,正如我們所說,B2B 銷售和佣金屬於這一範圍。

  • So that does put pressure given their level of growth on that line.

    考慮到他們在這條線上的成長水平,這確實帶來了壓力。

  • But if you speak just a B2C business, ex those investments in Vrbo, and international markets, we have seen leverage.

    但如果你只談論 B2C 業務,除了對 Vrbo 和國際市場的投資,我們就看到了槓桿作用。

  • So essentially, as we get those businesses back to where we need to get them, we expect to see that we'll be able to see some leverage going forward.

    因此,從本質上講,當我們讓這些業務回到我們需要的地方時,我們預計未來將能夠看到一些槓桿作用。

  • Lee Horowitz - Analyst

    Lee Horowitz - Analyst

  • Great.

    偉大的。

  • Then Ariane, you're seeing really strong growth out of your media solutions with an acceleration this quarter against tougher comps.

    然後,阿麗亞娜,您會看到媒體解決方案的強勁成長,本季的競爭更加激烈。

  • Maybe if you could just unpack what the driver is there?

    也許您可以解開驅動程式的包裝?

  • Is it pricing?

    是定價嗎?

  • Is it the expansion of the media network?

    是媒體網路的擴張嗎?

  • Any understanding of what's driving that?

    了解是什麼推動了這一點嗎?

  • And then maybe just framing up the opportunity of how large you see that business over time?

    然後也許只是確定隨著時間的推移您認為該業務有多大的機會?

  • What's the big opportunity?

    什麼是大機會?

  • Where is the clear white space?

    清晰的空白在哪裡?

  • Thanks so much.

    非常感謝。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • So on the growth, we have a sponsored listing business and the display business.

    因此,在成長方面,我們有贊助上市業務和展示業務。

  • On both of them, we've got a lot more partners that are participating, especially in sponsored listings.

    在這兩個方面,我們都有更多的合作夥伴參與其中,特別是在贊助清單方面。

  • And as I mentioned in the prepared remarks, we've done quite a bit of work on making the sign-up process, easier doing sort of marketing activities to bring more partners into the auction.

    正如我在準備好的演講中提到的,我們在簡化註冊流程、更輕鬆地進行行銷活動以吸引更多合作夥伴參與拍賣方面做了大量工作。

  • At the same time, as I mentioned, we're testing new things like video ads and the like, such that those ads are even more effective, which then translates to pricing.

    同時,正如我所提到的,我們正在測試影片廣告等新事物,使這些廣告更加有效,然後轉化為定價。

  • So I think there continues to be a big opportunity on sponsored listing and on display.

    因此,我認為贊助清單和展示仍然存在很大的機會。

  • And if you look at the advertising as a percentage of our overall revenue and compare to some other big retail companies, you can see that we've got quite a bit of white space in order to sort of grow that in the years to come.

    如果你看看廣告占我們總收入的百分比,並與其他一些大型零售公司進行比較,你會發現我們有相當多的空白空間,以便在未來幾年內實現成長。

  • Operator

    Operator

  • Deepak Mathivanan, Cantor Fitzgerald.

    迪帕克·馬蒂瓦南,坎托·菲茨杰拉德。

  • Deepak Mathivanan - Analyst

    Deepak Mathivanan - Analyst

  • Great.

    偉大的。

  • Thanks for taking questions.

    感謝您提出問題。

  • Maybe I'll start with Vrbo.

    也許我會從 Vrbo 開始。

  • Now that the business has kind of returned to modest growth, what is required to accelerate further and get the growth rates on par with -- the results that we're seeing from some of the alternative accommodations providers in there?

    現在,該業務已恢復適度增長,需要什麼才能進一步加速並使增長率與我們從那裡的一些替代住宿提供者看到的結果相當?

  • And then second question, maybe for Ariane, I'm not sure if you're ready to comment about 2025.

    然後是第二個問題,也許是阿麗亞娜,我不確定你是否準備好對 2025 年發表評論。

  • But maybe you can qualitatively discuss how we should think about the cost side that's required to grow the business further and maybe the implications on margins for 2025?

    但也許您可以定性地討論我們應該如何考慮進一步發展業務所需的成本方面,以及對 2025 年利潤率的影響?

  • Thanks so much.

    非常感謝。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • Okay.

    好的。

  • Well, so on the Vrbo question, as we all know, Vrbo went through a migration at the end of last year, and that's why it had such a slow start to this year.

    那麼關於Vrbo的問題,我們都知道,Vrbo去年底就經歷了一次遷移,所以今年開局這麼慢。

  • And I would say the teams have been doing great work this year in adding the black product features, making the app faster as I sort of described in my prepared remarks, doing work on supply.

    我想說,今年團隊在添加黑色產品功能方面做得很好,使應用程式速度更快,正如我在準備好的評論中所描述的那樣,在供應方面做了工作。

  • I would also call out.

    我也會喊一聲。

  • We have this great marketing campaign with Nick Saban in the last couple of months, perhaps people saw it.

    在過去的幾個月裡,我們與尼克·薩班 (Nick Saban) 進行了一場精彩的營銷活動,也許人們看到了。

  • It was a great performing campaign and drove a lot of conversion.

    這是一次非常出色的行銷活動,並帶來了大量的轉換。

  • As you think about Vrbo going forward, we need to continue that formula of continuing to improve the product, continuing to expand the supply and having great marketing.

    當你考慮 Vrbo 的未來時,我們需要繼續繼續改進產品、繼續擴大供應和進行出色的行銷。

  • And as I mentioned, we've got some new supply that's in more urban destinations.

    正如我所提到的,我們在更多的城市目的地提供了一些新的供應。

  • I would say that we're underpenetrated in the markets that we're in internationally.

    我想說的是,我們在國際市場的滲透率還不夠。

  • So we have a new General Manager who's in, who's running Vrbo, we're looking at what are the longer-term growth plans.

    因此,我們有一位新總經理上任,負責營運 Vrbo,我們正在研究長期成長計畫。

  • So I'm confident that the basic formula we have right now layered on top of it where the market opportunity is, will be what will drive growth.

    因此,我相信我們現在所掌握的基本公式將推動成長。

  • And I'd just add one other thing, all the work that we're doing to sell vacation rentals well on Vrbo will also help us sell vacation rentals on Expedia.

    我只想補充一件事,我們為在 Vrbo 上銷售度假出租屋所做的所有工作也將幫助我們在 Expedia 上銷售度假出租屋。

  • We've had so much going on in the last few years as a company that we haven't made a big, concerted effort to sell vacation rentals well on Brand Expedia.

    作為一家公司,我們在過去幾年中發生了太多事情,以至於我們沒有做出巨大的、一致的努力來在 Brand Expedia 上很好地銷售度假出租屋。

  • And again, all the work on Vrbo on servicing, on communications and the like will then help us as we turn to that for Brand Expedia.

    再次強調,Vrbo 在服務、通訊等方面所做的所有工作都將為我們轉向 Brand Expedia 提供協助。

  • Julie Whalen - Chief Financial Officer

    Julie Whalen - Chief Financial Officer

  • And then as far as 2025, yeah.

    然後直到 2025 年,是的。

  • We're not going to be providing any commentary on this call for that.

    我們不會對此呼籲提供任何評論。

  • We'll plan to give more updates on that for next call.

    我們計劃在下次電話會議中提供更多相關更新資訊。

  • But I would just say, generally, that we are very focused on both the top and the bottom line.

    但我只想說,總的來說,我們非常關注營收和利潤。

  • And as you can see, we've made incredible progress with getting cost out of -- cost of sales and overhead and we're going to continue with that as we move forward into next year.

    正如您所看到的,我們在降低銷售成本和管理費用方面取得了令人難以置信的進展,我們將在明年繼續這樣做。

  • Obviously, top line revenue growth is a play on what will happen on the bottom line.

    顯然,收入成長取決於利潤的變化。

  • But I think the biggest line, clearly, as everyone knows, is the marketing line.

    但我認為,眾所周知,最大的一條線顯然是行銷線。

  • And so as we get these businesses back up to where they need to be, as the product starts to get optimized more and more, we should be able to drive more, repeat and direct behavior and, therefore, drive more marketing efficiencies as we've been seeing in Brand Expedia.

    因此,當我們讓這些業務恢復到它們需要的水平時,隨著產品開始越來越優化,我們應該能夠推動更多、重複和直接的行為,從而提高行銷效率。 。

  • Deepak Mathivanan - Analyst

    Deepak Mathivanan - Analyst

  • Great.

    偉大的。

  • Thanks so much.

    非常感謝。

  • Operator

    Operator

  • Trevor Young, Barclays.

    特雷弗楊,巴克萊銀行。

  • Trevor Young - Analyst

    Trevor Young - Analyst

  • Great.

    偉大的。

  • First one, just back to Vrbo on the modest growth in the quarter.

    首先,回到 Vrbo 本季的溫和成長。

  • Can you just speak to the actual cadence throughout the quarter?

    您能談談整個季度的實際節奏嗎?

  • It wasn't clear last quarter around whether July was still positive relative to the positive June exit rate.

    上個季度尚不清楚 7 月相對於 6 月的正退出率是否仍然為正。

  • And then similarly for October, I think you had called out some of the increment weather issues.

    同樣,對於 10 月份,我認為您已經指出了一些增量天氣問題。

  • Was Vrbo still positive here at the start of 4Q?

    第四季初 Vrbo 仍然樂觀嗎?

  • Julie Whalen - Chief Financial Officer

    Julie Whalen - Chief Financial Officer

  • Yeah, we're not going to give out sort of the monthly comps, if you will.

    是的,如果你願意的話,我們不會提供每個月的補償。

  • But I think what the great thing is that we're seeing is that business is continuing to accelerate.

    但我認為最棒的是我們看到業務持續加速。

  • So I mean as we move to the quarter, we definitely saw that business accelerate.

    所以我的意思是,當我們進入本季度時,我們確實看到業務加速成長。

  • I would say that, certainly, when you are impacted by hurricanes and things that create some bumpiness in the results.

    我當然會這麼說,當你受到颶風和其他導致結果不穩定的事情的影響時。

  • But coming out of July, we saw incredible acceleration from that point forward.

    但從 7 月開始,我們看到了令人難以置信的加速。

  • Trevor Young - Analyst

    Trevor Young - Analyst

  • That's helpful.

    這很有幫助。

  • And Ariane, maybe one bigger picture one for you. you're now roughly six months into this new role.

    阿麗亞娜,也許為你描繪了一幅更大的圖景。您現在擔任這個新角色大約六個月了。

  • Can you highlight two or three things that have been positive surprises to you and maybe a few things that stood out as maybe more challenging than you had anticipated when you first got into the seat?

    您能否強調兩三件讓您感到驚喜的事情,以及一些比您第一次就座時預期更具挑戰性的事情?

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • Sure.

    當然。

  • I think -- look, I obviously knew the B2B, the private label business and the advertising business and the supply part of the company quite well because I've been running those for a period of time.

    我想——看,我顯然非常了解 B2B、自有品牌業務、廣告業務以及公司的供應部分,因為我已經經營這些業務一段時間了。

  • The consumer business, while I've been in the management team and I knew it well, that's the part that I've gotten much closer to in the last six months.

    消費者業務,雖然我一直在管理團隊中並且我很了解,但這是我在過去六個月中更加接近的部分。

  • On the positive is just how much passion and I would say, awareness and love there is for our three big brands, Expedia, Hotels.com, and Vrbo.

    積極的一面是我們對我們的三大品牌 Expedia、Hotels.com 和 Vrbo 有多少熱情,我想說的是,意識和熱愛。

  • So that's sort of the positive surprise is just how much sort of love there is there.

    所以,令人驚訝的是這裡有多少愛。

  • On the sort of what's been tougher is -- I think I appreciated all of the technology work that we've done on our platform, and it is really enabling us to innovate faster to have one customer identity and the like.

    更困難的是——我想我很欣賞我們在平台上所做的所有技術工作,它確實使我們能夠更快地創新,擁有一個客戶身份等。

  • But connecting that directly into the brand value propositions, we had done that quite well on Expedia, and I'm now appreciating just the work that we needed to do to get that into Hotels.com and Vrbo.

    但將其直接與品牌價值主張聯繫起來,我們在 Expedia 上做得很好,我現在很欣賞我們為將其融入 Hotels.com 和 Vrbo 所需要做的工作。

  • And again, what's been wonderful to see is how quickly the organization and the brands are responding to that.

    再說一遍,令人驚訝的是該組織和品牌對此的反應有多快。

  • And that's -- when I look at the acceleration, we've had in the consumer business from Q1 to Q2 to Q3, it's seen those daily improvements and the way that we're connecting in our brands themselves, what the value proposition is, what the marketing is and what the product and platform can do that gives me real confidence in the future.

    那就是——當我看到消費者業務從第一季到第二季再到第三季的加速發展時,我們看到了這些日常改進以及我們在品牌本身中的聯繫方式,價值主張是什麼,行銷是什麼以及產品和平台可以做什麼,這讓我對未來充滿信心。

  • Trevor Young - Analyst

    Trevor Young - Analyst

  • Great.

    偉大的。

  • Thank you, both.

    謝謝你們,兩位。

  • Operator

    Operator

  • Conor Cunningham, Melius Research.

    康納·坎寧安,Melius 研究中心。

  • Conor Cunningham - Analyst

    Conor Cunningham - Analyst

  • Hi, everyone.

    大家好。

  • Thank you.

    謝謝。

  • On the move to add 1 million rooms from Expedia to Vrbo, just curious on what drove that outcome?

    從 Expedia 到 Vrbo 增加 100 萬間客房,只是好奇是什麼推動了這個結果?

  • And then as you think about additional supply going forward for Vrbo, is the urban market is something that you're focusing on a little bit more than before?

    然後,當您考慮 Vrbo 未來的額外供應時,您是否比以前更關注城市市場?

  • And is there any difference in returns from that move?

    此舉的回報有什麼不同嗎?

  • Thank you.

    謝謝。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • Thanks for the question.

    謝謝你的提問。

  • So we took about 1 million units that had been listed on Expedia, and we moved them over to Vrbo.

    因此,我們拿走了 Expedia 上列出的大約 100 萬個單位,並將它們轉移到 Vrbo。

  • And this is inventory that's a little bit different from the other inventory that we had on Vrbo.

    這個庫存與我們在 Vrbo 上的其他庫存有點不同。

  • So we've needed to figure out what's the right UX and design, what's the pattern for people shopping and discovering on them.

    因此,我們需要弄清楚什麼是正確的使用者體驗和設計,人們購物和發現的模式是什麼。

  • But as I said in the prepared remarks, we've actually seen that, that's allowed us to go after a part of the market that's more urban, that's shorter stay than we've been in before.

    但正如我在準備好的演講中所說,我們實際上已經看到了這一點,這使我們能夠追求更城市化的市場,這比我們以前的停留時間更短。

  • And it's true that historically, Vrbo has been a brand that has tended to be sort of beach and mountain and the like.

    確實,從歷史上看,Vrbo 一直是一個傾向於海灘和山地的品牌。

  • And we think there's still opportunities for us to grow there, and we'll also be looking at where else can we grow.

    我們認為我們仍然有機會在那裡成長,我們也會考慮我們還能在哪裡成長。

  • In terms of are there different returns?

    就回報而言是否有差異?

  • Again, it's early days for us in exploring that part of the inventory.

    同樣,我們探索這部分庫存還處於早期階段。

  • But ultimately, what we want to do is make sure that people know the Vrbo brand, they understand that when they come to Vrbo, they're going to have whole homes and apartments, they won't have shared spaces.

    但最終,我們想要做的是確保人們了解 Vrbo 品牌,他們明白,當他們來到 Vrbo 時,他們將擁有整個房屋和公寓,他們不會有共享空間。

  • They'll get to redeem their One Key cash.

    他們將可以兌換一鍵現金。

  • And they'll have a full supply of whatever it is that they're looking for that we can fulfill for them.

    無論他們需要什麼,我們都會為他們提供充足的供應。

  • Conor Cunningham - Analyst

    Conor Cunningham - Analyst

  • Okay.

    好的。

  • Helpful.

    有幫助。

  • And then you talked about -- or you touched a little bit on just the attach rate of other travel products.

    然後你談到了——或者你只是觸及了其他旅遊產品的附加率。

  • Obviously, your competitor talks a lot about that.

    顯然,你的競爭對手經常談論這一點。

  • I was just curious if you could just unpack that strategy a little bit more.

    我只是好奇你是否可以進一步解釋一下這個策略。

  • And where does that stack up on the priority list?

    這在優先列表中排在什麼位置?

  • And you obviously have a lot going on, but is it up at the top of where you think?

    顯然你有很多事情要做,但這是否達到了你認為的最高點?

  • Thank you.

    謝謝。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • Thanks for the question.

    謝謝你的提問。

  • Selling multiple items in a trip is the core DNA of Brand Expedia.

    在一次旅行中銷售多種商品是 Brand Expedia 的核心 DNA。

  • Brand Expedia is multi line of business.

    Expedia 品牌是多線業務。

  • So air, car, hotel, activities, cruise, is all of that.

    航空、汽車、飯店、活動、遊輪,就是這一切。

  • And so we have a long history of being able to attach, whether it's attaching when you start with one product and add another, or doing the actual dynamic packaging at the same time.

    因此,我們在附加功能方面擁有悠久的歷史,無論是從一種產品開始添加另一種產品時的附加,還是同時進行實際的動態包裝。

  • So I would say that's always been at the core of the strategy for Expedia.

    所以我想說,這一直是 Expedia 策略的核心。

  • I highlighted the growth in our dynamic package travel, but also the multi-item attach is something we continue to work on.

    我強調了我們動態套餐旅行的成長,但多項目附加服務也是我們繼續努力的方向。

  • It's certainly improved over time, not only in the UX and the design, but also in the recommendations.

    隨著時間的推移,它肯定會得到改進,不僅在用戶體驗和設計方面,而且在建議方面。

  • So being able to personalize what's the next best thing to recommend to a traveler by category and also by item.

    因此,能夠按類別和項目個性化向旅行者推薦下一個最好的東西。

  • So I guess, I would just conclude by saying it is important to us.

    所以我想,我只想說這對我們很重要。

  • It's a core part of Brand Expedia.

    它是 Brand Expedia 的核心部分。

  • Conor Cunningham - Analyst

    Conor Cunningham - Analyst

  • Appreciate it.

    欣賞它。

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Naved Khan, B. Riley.

    納維德汗 (Naved Khan),B. 萊利 (B. Riley)。

  • Naved Khan - Analyst

    Naved Khan - Analyst

  • Great.

    偉大的。

  • Thank you very much.

    非常感謝。

  • So Ariane, you shared a stat with us about 150-basis point improvement in the repeat rates for One Key users.

    Ariane,您與我們分享了一項統計數據,關於「一鍵」使用者的重複率提高了 150 個基點。

  • How does that compare versus your own expectations when you sort of launched this program last year?

    與您去年啟動該計劃時的預期相比,情況如何?

  • And what are the things that you control to kind of drive further improvement from these levels?

    您可以控制哪些因素來推動這些水準的進一步改進?

  • So that's one question.

    這是一個問題。

  • The other one I had is on B2B.

    我的另一件事是在 B2B 上。

  • It's seeing really strong growth.

    它的成長非常強勁。

  • Just give us a sense of what the pipeline here, it looks like that can continue to drive the strong traction.

    只是讓我們了解這裡的管道,看起來可以繼續推動強大的牽引力。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • Yeah.

    是的。

  • So I'd say on One Key, right?

    所以我會說“一鍵”,對嗎?

  • It's been -- we launched it in the summer of '23.

    我們在 23 年夏天推出了它。

  • So we've been pleased with the results so far.

    所以到目前為止我們對結果感到滿意。

  • I shared some of the stats in my prepared remarks.

    我在準備好的發言中分享了一些統計數據。

  • I'd say we're especially pleased with our tiered member deals, so the silver, gold and platinum members.

    我想說,我們對我們的分級會員優惠特別滿意,包括銀卡、金卡和白金卡會員。

  • They're available everywhere, but we're seeing that, that's about 30% of our travelers, but 50% of our room nights.

    它們隨處可見,但我們發現,這約占我們旅客的 30%,但占我們住​​宿時間的 50%。

  • We also, when we launched One key, we're looking for cross-sell across our brands.

    當我們推出「一鍵」時,我們也在尋找跨品牌的交叉銷售。

  • And as I shared last quarter, 30% of travelers who are redeeming their One Key cash on Vrbo after earning it on the other brands are actually net new to Vrbo.

    正如我上季度分享的那樣,在其他品牌賺取一鍵現金後在 Vrbo 上兌換的旅行者中,有 30% 實際上是 Vrbo 的新手。

  • So that's great that we're seeing.

    所以我們看到這真是太棒了。

  • And finally, I'd say the One Key technology is giving us capabilities that we didn't have before.

    最後,我想說一鍵技術為我們提供了以前沒有的功能。

  • So things like gifting One Key cash that has an expiry date, which allows us to be more promotional in order to sort of drive purchases in a short window.

    例如贈送有有效期限的一鍵現金,這使我們能夠進行更多促銷,以便在短時間內推動購買。

  • At the same time that there's been a lot of positives, we're continuing to work to tune the value proposition by brand and by geography.

    在出現許多正面因素的同時,我們正在繼續努力根據品牌和地理位置調整價值主張。

  • So for example, I said on Vrbo, we know that One Key is driving new travelers, but we're still assessing the impact of Vrbo earn on traveler shopping decisions every day.

    例如,我在 Vrbo 上說過,我們知道「一鍵」正在推動新的旅行者,但我們仍在評估 Vrbo 收入對旅行者每天購物決策的影響。

  • So the One Key program, obviously, as Julie talked through it, it's in our contra revenue.

    因此,顯然,正如朱莉所說,「一鍵」計劃屬於我們的相反收入。

  • And we are interrogating the spend on loyalty in the same way that we do our marketing spend and the like, and making sure that we're able to tune the program.

    我們正在以與行銷支出等相同的方式詢問忠誠度支出,並確保我們能夠調整該計劃。

  • And the good news is the way the technology is built, allows us to configure it.

    好消息是該技術的建構方式允許我們對其進行配置。

  • So that's what I would say for One Key.

    這就是我對「一鍵」的看法。

  • On the question about B2B.

    關於B2B的問題。

  • As you said, we had another strong quarter at 19% growth, only 1 point down from last quarter.

    正如您所說,我們又經歷了一個強勁的季度,成長 19%,僅比上個季度下降 1 個百分點。

  • And the B2B business has a massive market.

    而B2B業務有著龐大的市場。

  • We can work with corporate travel agencies, off-line travel agencies, online travel agencies, financial institutions that have their own loyalty programs.

    我們可以與擁有自己的忠誠度計畫的企業旅行社、線下旅行社、線上旅行社、金融機構合作。

  • So it's true the last set of quarters, it's grown at a very elevated rate.

    所以,上幾季確實如此,它的成長速度非常快。

  • Some of that was Asia that was really coming back.

    其中一些是真正回歸的亞洲。

  • We believe in this business.

    我們相信這個行業。

  • We believe it will continue to be healthy double-digit rates even if perhaps not at the elevated levels that we've seen.

    我們相信,即使可能沒有達到我們所看到的高水平,它仍將保持健康的兩位數成長率。

  • Naved Khan - Analyst

    Naved Khan - Analyst

  • Thanks, Ariane.

    謝謝,阿麗亞娜。

  • Operator

    Operator

  • Mark Mahaney, Evercore ISI.

    馬克·馬哈尼,Evercore ISI。

  • Austin Riddick - Analyst

    Austin Riddick - Analyst

  • This is Austin Riddick, actually speaking for Mark Mahaney.

    我是奧斯汀·里迪克,實際上是馬克·馬哈尼的發言人。

  • Congrats on the quarter.

    恭喜本季。

  • We would just love to hear your thoughts on the US alternative accommodations market, particularly as it relates to the recent regulatory updates coming out of California, Hawaii, et cetera?

    我們很想聽聽您對美國替代住宿市場的看法,特別是因為它與加州、夏威夷州等地最近的監管更新有關?

  • And do you think if these are basically one-off situations or the start of a broader trend?

    您認為這些基本上是一次性情況還是更廣泛趨勢的開始?

  • Thank you.

    謝謝。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • So I would just say all up, but we work with local government to make sure that obviously we're abreast of the regulations.

    所以我只想說全部,但我們與當地政府合作,以確保我們顯然符合法規。

  • We're taking those into consideration.

    我們正在考慮這些。

  • I think there's always a balance between the contribution to the local economy and following the regulations.

    我認為對當地經濟的貢獻和遵守法規之間始終保持平衡。

  • But we believe there's a big market out there for alternative accommodations, just like there is for hotels and the like.

    但我們相信替代住宿有一個很大的市場,就像酒店等一樣。

  • And that's not impacting our view of our growth potential.

    這並沒有影響我們對成長潛力的看法。

  • Austin Riddick - Analyst

    Austin Riddick - Analyst

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Jed Kelly, Oppenheimer.

    傑德凱利,奧本海默。

  • Jed Kelly - Analyst

    Jed Kelly - Analyst

  • Great.

    偉大的。

  • Thanks for taking my questions.

    感謝您回答我的問題。

  • You mentioned integrating Vrbo with Brand Expedia.

    您提到將 Vrbo 與 Brand Expedia 整合。

  • Can you talk about the opportunity to integrate Vrbo with B2B?

    能談談Vrbo與B2B整合的機會嗎?

  • And then I didn't hear a mention of Hotels.com. Can you give us an update on how that's performing since you've sort of replatformed the loyalty program outside the US and UK?

    然後我就沒有聽到有人提到 Hotels.com 好訂網。您能否向我們介紹一下自從您在美國和英國以外重新調整忠誠度計劃平台以來,該計劃的表現如何?

  • Thanks.

    謝謝。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • Yeah, sure.

    是的,當然。

  • Thanks for the question.

    謝謝你的提問。

  • On vacation rentals, as I said, yes, we already have some vacation rental inventory on Expedia, and we think there's a bigger opportunity.

    關於度假租賃,正如我所說,是的,我們已經在 Expedia 上擁有一些度假租賃庫存,我們認為還有更大的機會。

  • On B2B, we do have a few partners who are using our vacation rental inventory.

    在 B2B 方面,我們確實有一些合作夥伴正在使用我們的度假租賃庫存。

  • As you can imagine, on selling vacation rentals, there is some complexity that is different from hotels.

    正如您可以想像的那樣,在銷售度假租賃時,存在一些與酒店不同的複雜性。

  • Requirements on communication between the traveler and the owner, for example.

    例如,對旅行者和業主之間溝通的要求。

  • And so we're testing it.

    所以我們正在測試它。

  • We want to make sure that we're going to be able to deliver a great traveler experience to our B2B partners travelers and to our hosts and owners.

    我們希望確保能夠為我們的 B2B 合作夥伴旅客以及我們的房東和業主提供出色的旅客體驗。

  • So I do see that as an opportunity in the long-term.

    因此,從長遠來看,我確實認為這是一個機會。

  • If you ask me on the list of priorities that our B2B business is going after, is this at the top?

    如果你問我,我們的 B2B 業務所追求的優先事項清單中,這是最重要的嗎?

  • Probably not.

    可能不會。

  • But in the long-term, this is a real opportunity for us.

    但從長遠來看,這對我們來說是一個真正的機會。

  • In terms of Hotels.com, I'd start by reminding us this is a brand that has very strong brand recognition and a large customer base.

    就 Hotels.com 而言,我首先要提醒我們,這是一個擁有非常強大的品牌認知和龐大客戶群的品牌。

  • The performance in Q3 was stable, but it hasn't returned to growth.

    第三季業績穩定,但尚未恢復成長。

  • And this was a brand that was very impacted by our migration, by our change in loyalty program, and our international pullback.

    這個品牌受到我們的遷移、忠誠度計劃的變化以及國際撤退的影響很大。

  • Now, as we are going back into international, Hotels.com is benefiting.

    現在,隨著我們重返國際市場,Hotels.com 正在受益。

  • And we've got a new General Manager in place who's looking at this with a fresh set of eyes.

    我們已經任命了一位新總經理,他正在以全新的眼光看待這個問題。

  • And I'm really excited about what he's going to do with the brand in the quarters to come.

    我對他在未來幾季將對該品牌所做的事情感到非常興奮。

  • Operator

    Operator

  • Kevin Kopelman, TD Securities.

    凱文·科佩爾曼,道明證券。

  • Jacob Seed - Analyst

    Jacob Seed - Analyst

  • Hi.

    你好。

  • This is Jacob in for Kevin.

    這是雅各代替凱文。

  • You mentioned the hurricane impact in October, but can you talk more about quarter-to-date trends and what you're seeing across your consumer brands?

    您提到了 10 月份的颶風影響,但您能否多談談本季至今的趨勢以及您在消費品牌中看到的情況?

  • And maybe give color on your efforts to regain share in international markets?

    也許還能為您重新奪回國際市佔率的努力增添色彩?

  • Julie Whalen - Chief Financial Officer

    Julie Whalen - Chief Financial Officer

  • Yeah.

    是的。

  • We definitely saw an impact in October from Hurricane Milton.

    我們確實看到了十月米爾頓颶風的影響。

  • But I would say that it's material, but not anything that we thought it would be originally.

    但我想說的是,它是物質的,但不是我們最初認為的那樣。

  • So it came in better than our expectations.

    所以它的表現比我們的預期好。

  • And the reality is that if you take things out of the picture for things like the hurricane for the election, et cetera, we are actually seeing the underlying health of the business being really strong.

    現實情況是,如果你不考慮選舉颶風等因素,我們實際上會看到該業務的潛在健康狀況非常強勁。

  • So we're excited to see those as we've entered into the fourth quarter.

    因此,當我們進入第四季度時,我們很高興看到這些。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • And then on international, as we said last quarter, we're being surgical.

    然後在國際方面,正如我們上季度所說,我們正在進行外科手術。

  • We're looking market by market, understanding which of our brands has brand strength there, and then going in with the full funnel market plan -- sorry, a marketing plan in order to start to regain share, but we're being quite surgical about it.

    我們正在逐個市場地尋找市場,了解我們的哪些品牌在那裡具有品牌實力,然後進行完整的漏斗市場計劃——抱歉,這是一個為了開始重新獲得市場份額的營銷計劃,但我們正在做手術關於它。

  • Jacob Seed - Analyst

    Jacob Seed - Analyst

  • Great.

    偉大的。

  • Thanks.

    謝謝。

  • Operator

    Operator

  • Anthony Post, Bank of America.

    安東尼波斯特,美國銀行。

  • Anthony Post - Analyst

    Anthony Post - Analyst

  • I apologize, it's been asked already.

    抱歉,已經有人問過了。

  • But I wanted to get into selling and marketing.

    但我想進入銷售和行銷領域。

  • I know B2B is a big contributor there.

    我知道 B2B 是其中一個重要的貢獻者。

  • But when you back that out, how do you think about your efficiencies versus competitors?

    但當你反駁這一點時,你如何看待你與競爭對手相比的效率?

  • And are there costs that you think you can take out of there over the long-term?

    從長遠來看,您認為可以消除哪些成本?

  • Thank you.

    謝謝。

  • Julie Whalen - Chief Financial Officer

    Julie Whalen - Chief Financial Officer

  • Yeah.

    是的。

  • I mean, I would say that, that is an opportunity for us.

    我的意思是,我想說,這對我們來說是一個機會。

  • I think Ariane has said in the past that we want to interrogate every line.

    我想阿麗亞娜過去說過我們要審問每一行。

  • And so it is something that we're looking at and we are delivering efficiencies.

    因此,這是我們正在考慮的事情,我們正在提高效率。

  • I think, obviously, as we've said, we've been investing at the same time back into Vrbo and international markets.

    我認為,顯然,正如我們所說,我們一直在同時投資 Vrbo 和國際市場。

  • And if you exclude that investment, we are actually seeing efficiencies, particularly in Brand Expedia.

    如果排除這項投資,我們實際上看到了效率,特別是在 Brand Expedia 方面。

  • And so this is more about us sort of getting the flywheel back on these other businesses getting back to where they need to be, and we think we have an incredible opportunity to be able to deliver more efficiencies when that happens.

    因此,這更多的是我們讓其他業務的飛輪回到他們需要的地方,我們認為,當這種情況發生時,我們有一個難以置信的機會可以提供更高的效率。

  • At the same time, we need to be optimizing the product, the supply and putting all of that together for these businesses to be able to deliver value to the traveler that encourages them to return to our sites as repeat behavior and direct.

    同時,我們需要優化產品、供應,並將所有這些整合在一起,以便這些企業能夠為旅客提供價值,鼓勵他們重複和直接返回我們的網站。

  • And so when that starts to happen is when we'll also start to see some of that leverage.

    因此,當這種情況開始發生時,我們也將開始看到一些槓桿作用。

  • But it's certainly something that we are laser focused on going forward.

    但這肯定是我們未來重點關注的事情。

  • Anthony Post - Analyst

    Anthony Post - Analyst

  • Thank you.

    謝謝。

  • Operator

    Operator

  • At this time, we have no further questions.

    目前,我們沒有其他問題了。

  • So I'll turn the call over to CEO, Ariane Gorin, for any further remarks.

    因此,我會將電話轉給執行長 Ariane Gorin,以徵求進一步意見。

  • Ariane Gorin - Chief Executive Officer

    Ariane Gorin - Chief Executive Officer

  • So thank you all for your questions today.

    謝謝大家今天提出的問題。

  • I'm very pleased with our Q3 results.

    我對第三季的結果非常滿意。

  • We remain focused on accelerating growth in our consumer business; ensuring our B2B business remains industry-leading; and leveraging our unified tech platform to drive more innovation.

    我們仍專注於加速消費業務的成長;確保我們的 B2B 業務保持行業領先;並利用我們統一的科技平台推動更多創新。

  • We have a strong foundation in place to drive sustainable, profitable growth and I'm confident that we'll continue to create value for our travelers, partners, and shareholders.

    我們擁有推動永續獲利成長的堅實基礎,我相信我們將繼續為旅客、合作夥伴和股東創造價值。

  • Thank you.

    謝謝。

  • Operator

    Operator

  • That concludes today's call.

    今天的電話會議到此結束。

  • Thank you all for joining.

    感謝大家的加入。

  • You may now disconnect your lines.

    現在您可以斷開線路。