Expedia Group Inc (EXPE) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q1 2025 financial results teleconference. My name is Alex. I'll be the operator for today's call. (Operator Instructions)

大家好，歡迎參加 Expedia Group 2025 年第一季財務業績電話會議。我的名字是亞歷克斯。我將擔任今天電話的接線生。（操作員指示）

For opening remarks, I'll turn the call over to SVP, Corporate Development, Strategy and Investor Relations, Harshit Vaish, to begin. Please go ahead.

在開幕致詞時，我將把電話轉給企業發展、策略和投資者關係高級副總裁 Harshit Vaish。請繼續。

Good afternoon, and welcome to Expedia Group's first quarter 2025 earnings call. I'm pleased to be joined on today's call by our CEO, Ariane Gorin, and our CFO, Scott Schenkel.

下午好，歡迎參加 Expedia Group 2025 年第一季財報電話會議。我很高興我們的執行長 Ariane Gorin 和財務長 Scott Schenkel 參加今天的電話會議。

As a reminder, our commentary today will include references to certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in our earnings release. Unless otherwise stated, all growth rates are on a year-over-year basis, and any reference to expenses excludes stock-based compensation.

提醒一下，我們今天的評論將包括對某些非公認會計準則指標的引用。我們的收益報告中包含了這些非 GAAP 指標與最具可比性的 GAAP 指標的對帳。除非另有說明，所有成長率均為年成長，任何提及的費用均不包括股票薪酬。

We will also be making forward-looking statements during the call, which are predictions, projections or other statements about future events. These statements are based on current expectations and assumptions, which are subject to risks and uncertainties that are difficult to predict. 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.

我們還將在電話會議中做出前瞻性陳述，即對未來事件的預測、預期或其他陳述。這些聲明是基於目前的預期和假設，受難以預測的風險和不確定性的影響。由於本次電話會議中討論的因素以及我們最近向美國證券交易委員會提交的 10-K、10-Q 表格和其他文件中提到的因素，實際結果可能會有重大差異。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。

Starting this quarter, we will also be webcasting an earnings deck while going through prepared remarks. A copy of this deck will be posted online after the call. Our earnings release, earnings deck, SEC filings and a replay of today's call can be found on our Investor Relations website at ir.expediagroup.com.

從本季開始，我們也將透過網路直播獲利狀況，同時講解準備好的發言稿。會議結束後，本簡報的副本將在網路上發布。我們的收益報告、收益簡報、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播均可在我們的投資者關係網站 ir.expediagroup.com 上找到。

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

說完這些，讓我把電話轉給阿麗亞娜。

Thank you, Harshit, and thank you all for joining us today. In the first quarter, we posted bookings and revenue within our guidance range, growing 4% and 3% respectively. This was at the lower end of our range due to weaker-than-expected travel demand in the US and into the US. We beat on bottom-line with 16% EBITDA growth, and 90% growth in earnings per share. We delivered these results through solid execution and disciplined cost management, while continuing to make progress on our strategic priorities.

謝謝你，Harshit，也謝謝大家今天加入我們。第一季度，我們的預訂量和收入均在預期範圍內，分別成長 4% 和 3%。由於美國國內和進入美國的旅遊需求低於預期，這一數字處於我們預期範圍的低端。我們的利潤超出預期，EBITDA 成長 16%，每股收益成長 90%。我們透過穩健的執行和嚴格的成本管理取得了這些成果，同時繼續在我們的策略重點上取得進展。

Booked room nights grew 6%, with low single digits in the US, mid-single digits in Europe, and mid-teens in the rest of the world. US demand was soft, driven by declining consumer sentiment, and we saw pressure on key inbound US corridors.

預訂間夜數增加了 6%，其中美國成長了低個位數，歐洲成長了中等個位數，世界其他地區則成長了 15% 左右。受消費者信心下降的影響，美國需求疲軟，我們看到美國主要入境通道面臨壓力。

While in the last year, we've made strides in growing our consumer business outside the US, our high US mix resulted in 1% bookings growth for our consumer business. In contrast, our B2B business, which has a heavy international presence, posted 14% bookings growth, another strong quarter of above industry performance. Similarly, our advertising business delivered a robust 20% revenue growth.

去年，我們在美國以外的消費者業務成長方面取得了長足進步，而我們在美國市場的高份額使我們的消費者業務預訂量增長了 1%。相較之下，我們的 B2B 業務在國際上佔有重要地位，其預訂量成長了 14%，再次強勁成長至高於業界水準。同樣，我們的廣告業務收入也實現了 20% 的強勁成長。

Within consumer, Expedia continued to be our fastest growing brand, with room nights up 7%. Vrbo grew modestly for the third consecutive quarter, and Hotels.com slipped back into negative territory due to softer US demand and foreign exchange headwinds.

在消費者領域，Expedia 繼續成為我們成長最快的品牌，客房間夜數成長了 7%。Vrbo 連續第三個季度實現小幅增長，而 Hotels.com 則因美國需求疲軟和外匯逆風而再次陷入負增長。

We remain focused on what's in our control, improving every day on the basics of our business and executing against our three strategic priorities. First, deliver more value for travelers. Second, invest where we see the greatest opportunity for growth. And third, drive operating efficiencies and expand margins. As I'll discuss, AI is amplifying our efforts across all three of these.

我們始終專注於我們能夠控制的事情，每天改善我們的業務基礎並執行我們的三大策略重點。首先，為旅行者提供更多價值。第二，在我們認為最具成長機會的地方進行投資。第三，提高營運效率，擴大利潤率。正如我將要討論的，人工智慧正在擴大我們在這三個領域的努力。

Let me start with how we're delivering more value to travelers through our supply and products. In February, we became the first online travel agency to list Southwest Airlines inventory. The early results have been great and exceeded both our and Southwest's expectations. One third of travelers booking Southwest tickets on Expedia are new customers to us, and our hotel partners are benefiting from this new demand, offering package rates and deals to bundle with Southwest.

首先，我要講一下我們如何透過我們的供應和產品為旅行者提供更多價值。今年二月，我們成為第一家列出西南航空庫存的線上旅行社。早期結果非常好，超出了我們和西南航空的預期。在 Expedia 上預訂西南航空機票的旅客中，有三分之一是我們的新客戶，我們的飯店合作夥伴也從這項新需求中受益，提供與西南航空捆綁的套餐價格和優惠。

This is a great example of our supply flywheel. When we add new supply and flights, we bring on better supply and hotel, both of which create more traveler value and translate into new customers. Similarly, in Europe, we launched Ryanair across most points of sale. We've seen strong traction so far, and around 75% of travelers booking Ryanair on Expedia are new to us.

這是我們供應飛輪的一個很好的例子。當我們增加新的供應和航班時，我們會帶來更好的供應和酒店，這兩者都會創造更多的旅行者價值並轉化為新客戶。同樣，在歐洲，我們在整個歐洲大部分銷售點都推出了瑞安航空。到目前為止，我們已經看到了強勁的吸引力，在 Expedia 上預訂瑞安航空的旅客中約有 75% 是新用戶。

In addition, we continue to enhance our lodging supply, adding more member rates, more deals and more flexible rates. Our March sale produced nearly twice as many bookings as last year, with a record number of hotels participating, driving value for both travelers and our supply partners.

此外，我們持續加強住宿供應，增加更多會員價格、更多優惠和更靈活的價格。我們三月的促銷活動產生的預訂量幾乎是去年的兩倍，參與活動的酒店數量創下了歷史新高，為旅客和我們的供應合作夥伴帶來了價值。

On product, we've shipped new features to help travelers identify great deals amid our broad inventory, like Flight Deals on Brand Expedia and Property Price Insights on Vrbo. We continue to inject AI into our product experiences, like AI-powered property Q&A, filters and property highlights to make shopping and booking easier.

在產品方面，我們推出了新功能，幫助旅客在我們廣泛的庫存中找到優惠，例如 Brand Expedia 上的航班優惠和 Vrbo 上的房產價格洞察。我們繼續將人工智慧注入我們的產品體驗中，例如人工智慧驅動的房產問答、過濾器和房產亮點，以使購物和預訂變得更加容易。

We're also leveraging AI beyond our own products. We're partnering with AI search companies to ensure our brands show up well across customer queries and building new experiences to connect with travelers outside our ecosystem. We're live with OpenAI's Operator and we're a launch partner with Microsoft's Co-Pilot actions. And today, we're launching Expedia Trip Matching and Early Access on Instagram, allowing travelers to seamlessly build an itinerary based on an Instagram reel and then book directly on Expedia. These innovative features, supported by our rich first party data and coupled with our full marketplace, bring travelers back to our brands.

我們也在自己的產品之外利用人工智慧。我們正在與人工智慧搜尋公司合作，以確保我們的品牌在客戶查詢中表現出色，並建立新的體驗來與我們生態系統之外的旅客建立聯繫。我們與 OpenAI 的 Operator 合作，並且是微軟 Co-Pilot 行動的啟動合作夥伴。今天，我們在 Instagram 上推出了 Expedia Trip Matching 和 Early Access 服務，讓旅客可以根據 Instagram 上的照片無縫建立行程，然後直接在 Expedia 上預訂。這些創新功能，加上我們豐富的第一方數據和完整的市場支持，讓旅客重新回到我們的品牌。

Now moving to the second pillar of our strategy, investing where we see the greatest opportunity to drive growth. Our B2B business continues to grow by double digits, driven by our supply, technology, commercial incentives and new partnerships. We're adding new B2B-specific hotel supply, and optimizing how our B2B partners ingest and sell it. This is another powerful flywheel. We're also expanding product features and points of sale, exploring partnerships with AI-native companies, and selectively investing in commercial incentives to profitably drive volume and share. Finally, B2B is a geographically diverse business, so as we grow, we're diversifying our overall geographic mix.

現在轉向我們策略的第二個支柱，在我們認為最有推動成長機會的地方進行投資。在供應、技術、商業激勵和新合作夥伴關係的推動下，我們的 B2B 業務持續保持兩位數成長。我們正在增加新的 B2B 專用飯店供應，並優化我們的 B2B 合作夥伴的吸收和銷售方式。這是另一個強大的飛輪。我們也正在擴展產品功能和銷售點，探索與人工智慧原生公司的合作夥伴關係，並選擇性地投資商業激勵措施，以獲利地推動銷售和份額。最後，B2B 是一種地理多元化的業務，因此隨著我們的發展，我們也在實現整體地域組合的多元化。

On advertising, we grew revenue 20% by adding more partners, optimizing our existing products and shipping new products. We signed a record number of $1 million plus deals for our display offerings and grew active hotel partners and sponsored listings by 22%, to our highest level ever.

在廣告方面，我們透過增加更多合作夥伴、優化現有產品和推出新產品，營收成長了 20%。我們簽署了創紀錄的 100 萬美元以上的展示產品交易，活躍的酒店合作夥伴和贊助商名單增長了 22%，達到了歷史最高水平。

Last quarter, we launched video ads and are seeing 2 times increase in click-through rates, and we're making it easier for advertisers to manage their spend with us through AI-driven bid optimization and automation. We see a lot more opportunity ahead as we continue to innovate in advertising and B2B.

上個季度，我們推出了影片廣告，點擊率增加了 2 倍，我們透過人工智慧驅動的出價優化和自動化使廣告商更容易管理他們的支出。隨著我們在廣告和 B2B 領域的不斷創新，我們看到了更多的機會。

Turning to our consumer business. While our overall growth isn't in line with our ambitions, we are seeing good performance in our areas of focus. Brand Expedia is scaling multi-item trips and driving more attach, and in Q1, we saw record high attach rates for insurance. On Vrbo, our work over the last few quarters to improve our offering for shorter stays is paying off. Nearly a third of Vrbo growth came from the multi-unit inventory we added last year.

轉向我們的消費者業務。雖然我們的整體成長與我們的期望不符，但我們在重點領域表現良好。Brand Expedia 正在擴大多項目旅行的規模並推動更多的附加服務，在第一季度，我們看到了創紀錄的保險附加率。在 Vrbo 上，我們在過去幾季中為改善短期住宿服務所做的努力正在取得成效。Vrbo 成長的近三分之一來自於我們去年增加的多單元庫存。

Finally, our plan to reinject Hotels.com with a refreshed value proposition is on track. In late April, we launched a new visual identity and new product capabilities like hotel price insights and alerts. We look forward to sharing even more later this year.

最後，我們為 Hotels.com 注入全新價值主張的計畫正在順利進行中。四月下旬，我們推出了新的視覺形象和新的產品功能，例如飯店價格洞察和警報。我們期待今年稍後分享更多內容。

Now moving to the third pillar of our strategy, driving operational efficiencies and expanding margins. In Q1, we delivered over one point of EBITDA margin expansion. We're taking a surgical approach, looking at areas where we can simplify our organization and improve our effectiveness. We've eliminated roles and removed layers, and we're seeing good results from deploying Generative AI to streamline our operations across technology, commercial and marketing teams.

現在轉向我們策略的第三支柱，提高營運效率和擴大利潤率。在第一季度，我們的 EBITDA 利潤率提高了一個多個百分點。我們正在採取外科手術式的方法，尋找可以簡化組織並提高效率的領域。我們已經消除了角色並刪除了層級，並且透過部署生成式人工智慧來簡化技術、商業和行銷團隊的運營，我們看到了良好的結果。

We're also looking at every dollar of spend, including in our loyalty program. Active loyalty members grew mid-single digits and we continue to see the fastest growth from our Silver, Gold and Platinum members. At the same time, we're tuning the loyalty program by brand and by geography. Last month, we removed the always-on earn for our Blue tier loyalty members on Vrbo.

我們也關注每一美元的支出，包括我們的忠誠度計劃。活躍忠誠會員數量增加了中等個位數，我們繼續看到銀卡、金卡和白金會員的成長最快。同時，我們正在根據品牌和地理調整忠誠度計劃。上個月，我們取消了 Vrbo 上藍色等級忠誠會員的永久賺取服務。

While we see healthy returns from our discretionary loyalty spending, the base earned for Blue members didn't drive sufficient repeat to justify the cost and resulting pressure on Vrbo's revenue. As we closely evaluate spend, our highly variable cost structure enables us to proactively adapt to market demand, and we'll be opportunistic about investing where we see attractive returns.

雖然我們從可自由支配的忠誠度支出中獲得了豐厚的回報，但藍色會員所獲得的基礎並沒有帶來足夠的重複，以證明成本的合理性以及由此給 Vrbo 的收入帶來的壓力。當我們仔細評估支出時，我們高度可變的成本結構使我們能夠主動適應市場需求，並且我們將在看到可觀回報的地方進行投資。

In closing, while none of us can predict with certainty how the economy will evolve, we do know that people will always want to travel. I'm confident that we're well-positioned to continue delivering for our travelers, partners and shareholders regardless of the demand environment.

最後，雖然我們誰都無法準確預測經濟將如何發展，但我們知道人們總是想要旅行。我相信，無論需求環境如何，我們都有能力繼續為我們的旅行者、合作夥伴和股東提供服務。

Now, Scott, over to you.

現在，史考特，輪到你了。

Thank you, Ariane, and good afternoon, everyone. I'm excited about the progress Ariane highlighted on our three strategic pillars, and there is more that we'll share next week at EXPLORE, our partner conference.

謝謝你，阿麗亞娜，大家下午好。我對阿麗亞娜在我們的三大策略支柱上所取得的進展感到非常興奮，下週我們將在合作夥伴會議 EXPLORE 上分享更多資訊。

As Ariane indicated, we posted top line results within our guidance range with booked room nights up 6%, gross bookings up 4% and revenue up 3%. Our B2B and advertising businesses had another strong quarter of growth with B2B bookings up 14% and advertising revenue up 20%. B2C was more pressured given its US heavy mix and saw bookings up 1%. Finally, we delivered on the bottom line ahead of our guidance with strong EBITDA margin expansion of over a point and non-GAAP EPS up 90%.

正如阿麗亞娜所指出的，我們的營收業績符合預期，預訂間夜數成長 6%，總預訂量成長 4%，營收成長 3%。我們的 B2B 和廣告業務又經歷了一個強勁的成長季度，B2B 預訂量成長了 14%，廣告收入成長了 20%。由於美國市場佔比較大，B2C 的壓力更大，預訂量增加了 1%。最後，我們實現了超乎預期的獲利，EBITDA 利潤率強勁成長超過一個百分點，非 GAAP EPS 成長 90%。

Now on to the details. Booked room nights grew 6% to 108 million. This was primarily driven by B2B which grew 20% with strong international performance, particularly in APAC which grew 30%. Brand Expedia also posted healthy growth of 7%. Average daily rates were $214, down 1%, although up 1% on an FX neutral basis. Another one quarter of air ticket prices growing in Q4 of last year declined in Q1.

現在來談談細節。預訂間夜數成長6%，達到1.08億。這主要得益於 B2B 業務成長 20%，國際表現強勁，尤其是亞太地區成長了 30%。Brand Expedia 也實現了 7% 的健康成長。日均匯率為 214 美元，下跌 1%，但以外匯中性計算則上漲 1%。去年第四季上漲的機票價格，又有四分之一在第一季出現下降。

Total gross bookings of $31.5 billion were up 4%. In February, when we discussed guidance, we called out two points of headwinds in Q1 gross bookings due to foreign exchange and 1 point due to leap year. FX came in roughly one point better than anticipated as the US dollar strength softened in the back half of the quarter. However, we saw a couple of points of headwind from the macro environment which more than offset the FX benefit.

總預訂量達 315 億美元，成長 4%。今年 2 月，當我們討論業績指引時，我們指出第一季總預訂量將因外匯匯率下降 2 個百分點，閏年將下降 1 個百分點。由於美元在本季後半段走弱，外匯表現比預期好約一個點。然而，我們看到宏觀環境中的幾個阻力點，這些阻力點抵銷了外匯收益。

In particular, demand in the US was softer than expected, which was a headwind given two-thirds of our business comes from the US point of sale. We also noticed softness in demand for inbound travel into the US which was down 7%. As part of that, inbound bookings from Canada fell nearly 30%.

特別是，美國的需求比預期弱，這對我們三分之二的業務來自美國銷售點來說是一個不利因素。我們也注意到美國入境旅遊需求疲軟，下降了 7%。其中，來自加拿大的入境預訂量下降了近 30%。

Revenue of $3 billion grew 3%. We had 1 point of headwind to Q1 revenue growth from the Easter timing shift to Q2. In addition, we had a 3 point headwind from foreign exchange, roughly 1 point worse than expected. The foreign exchange impacted Q1 revenue differently to gross bookings, as revenue is driven by gross bookings from prior quarters that were more materially impacted by the strong dollar, as well as those in the current quarter.

營收 30 億美元，成長 3%。由於復活節時間推遲到第二季度，第一季的營收成長面臨 1 個百分點的阻力。此外，外匯為我們帶來了 3 個百分點的阻力，比預期大約低 1 個百分點。外匯對第一季營收的影響與總預訂量的影響不同，因為收入是由前幾季的總預訂量驅動的，而前幾季的總預訂量受到強勢美元的重大影響，而本季的總預訂量也是如此。

In terms of performance by product, lodging bookings of $23 billion grew 5% while lodging revenue of $2.3 billion grew 3%. Non-lodging bookings of $8.4 billion grew 2% while our advertising revenue of $174 million grew 20%. The advertising business continues to be a powerful growth engine with strong growth prospects ahead as we launch new ad solutions and increase adoption.

從產品表現來看，住宿預訂額達230億美元，成長5%，住宿收入達23億美元，成長3%。非住宿預訂額達 84 億美元，成長 2%，廣告收入達 1.74 億美元，成長 20%。隨著我們推出新的廣告解決方案並提高採用率，廣告業務將繼續成為強大的成長引擎，未來成長前景強勁。

Moving on to our segment's top line performance. B2C gross bookings of $22.6 billion grew 1%. The deceleration from Q4 was driven by the pull in of demand into Q4, foreign exchange and the leap year impact, all of which were anticipated. However, the previously mentioned US market softness was pressure on the quarter.

繼續討論我們部門的營收表現。B2C 總預訂量達 226 億美元，成長 1%。第四季以來的減速是由於第四季度需求的拉動、外匯和閏年的影響，所有這些都是可以預見的。然而，前面提到的美國市場疲軟給本季帶來了壓力。

Brand Expedia remained our strongest growing consumer brand. Hotels was under some pressure in the quarter in part due to higher FX exposure given its international mix. Vrbo bookings remained positive for the quarter and grew in line with the market in the US. B2C revenue declined 2% driven by the Easter shift to Q2 and FX pressure. B2C EBITDA margins were 11.1%, roughly in line with last year.

Expedia 品牌仍然是我們成長最強勁的消費品牌。本季飯店業面臨一定壓力，部分原因是因為其國際業務組合導致外匯風險較高。Vrbo 預訂量本季維持正成長，與美國市場同步成長。受復活節假期推遲至第二季和外匯壓力的影響，B2C 收入下降了 2%。B2C EBITDA 利潤率為 11.1%，與去年大致持平。

B2B gross bookings of $8.8 billion grew 14%, materially above the market, although decelerating sequentially. We had anticipated deceleration given the strength of Q4, leap year in foreign exchange, but there was some additional pressure from the macro-related headwinds. B2B revenue grew 14%, in line with bookings. B2B EBITDA margins were 22% -- 22.8% up over 200 basis points, mainly driven by volume growth. Our B2B segment continues to benefit from our strong product differentiation, solid execution and stronger international exposure, particularly in APAC as I mentioned earlier.

B2B 總預訂量達 88 億美元，成長 14%，大幅高於市場水平，儘管環比有所放緩。鑑於第四季和閏年的外匯實力，我們曾預期經濟成長將會放緩，但宏觀相關的不利因素也帶來了一些額外的壓力。B2B 營收成長 14%，與預訂量一致。B2B EBITDA 利潤率為 22% - 22.8%，上漲超過 200 個基點，主要受銷售成長的推動。我們的 B2B 部門繼續受益於我們強大的產品差異化、穩健的執行力和更強的國際影響力，尤其是我之前提到的亞太地區。

Moving on to profitability. We delivered first quarter adjusted EBITDA of $296 million with an adjusted EBITDA margin of 9.9%, expanding by more than 1 point driven by B2B. We also delivered $0.40 of EPS up 90% versus the prior year, largely driven by B2B and advertising growth and share repurchases.

邁向盈利。我們第一季的調整後 EBITDA 為 2.96 億美元，調整後 EBITDA 利潤率為 9.9%，在 B2B 的推動下成長了 1 個百分點以上。我們的每股盈餘也達到了 0.40 美元，較上年增長 90%，這主要得益於 B2B 和廣告業務的成長以及股票回購。

Moving on to our cost structure. Cost of revenue was $354 million, which was flat year-over-year, reflecting ongoing efficiencies, particularly in customer service and leveraging 44 basis points as a percentage of revenue year-over-year.

繼續討論我們的成本結構。收入成本為 3.54 億美元，與去年同期持平，反映了持續的效率提升，特別是在客戶服務方面，且佔收入的百分比與去年同期相比提高了 44 個基點。

Direct sales and marketing expense in the first quarter was $1.8 billion, up 6% and slightly deleveraging as a percentage of gross bookings, driven by the growing B2B mix. As a reminder, commissions paid to our B2B partners are included in the direct sales and marketing expenses for B2B. For B2C, the business was nearly flat on marketing leverage as we continue to invest towards international expansion and growing Hotels.com and Vrbo.

第一季直接銷售和行銷費用為 18 億美元，成長 6%，佔總預訂額的百分比略有下降，這得益於 B2B 業務組合的成長。提醒一下，支付給我們的 B2B 合作夥伴的佣金包含在 B2B 的直接銷售和行銷費用中。對於 B2C，由於我們繼續投資於國際擴張以及發展 Hotels.com 和 Vrbo，業務在行銷槓桿方面幾乎持平。

Overhead expenses were $604 million, a 1% decrease, resulting in approximately 90 basis points of leverage, benefiting partly from the restructuring actions we took late last year and earlier this year. Our more recent restructuring this quarter to further simplify our organization, will drive more overhead savings for the rest of the year and be a key factor in our margin expansion goals for the year. Overall, in a more cautious consumer environment, our disciplined cost control supported profitable growth.

管理費用為 6.04 億美元，下降了 1%，導致槓桿率上升了約 90 個基點，部分受益於我們去年年底和今年年初採取的重組措施。我們本季進行的最新重組進一步簡化了我們的組織，這將在今年剩餘時間內節省更多管理費用，並成為我們今年利潤率擴大目標的關鍵因素。整體而言，在更謹慎的消費環境下，我們嚴格的成本控制支持了獲利成長。

Moving to our balance sheet. We ended the quarter with $6.1 billion of unrestricted cash and short-term investments. In February, we successfully closed on a $1 billion debt refinancing, maintaining our total debt of $6.3 billion and a leverage ratio of 2.1 times. And we remain committed to maintaining debt levels consistent with our investment grade rating.

前往我們的資產負債表。本季末，我們擁有 61 億美元的非限制現金和短期投資。2月份，我們成功完成了10億美元的債務再融資，維持總債務63億美元，槓桿率為2.1倍。我們仍然致力於維持與我們的投資級評級一致的債務水平。

One aspect of our capital allocation strategy is to return some of our strong free cash flow to shareholders by repurchasing stock and issuing dividends. With that in mind, we reinitiated and continued our quarterly dividend of $0.40 per share and accelerated our repurchases versus the prior quarter, buying back $330 million, or 1.7 million shares, in the first quarter. Going forward, we expect to offset dilution and opportunistically repurchase additional shares, which in total should be roughly in line with levels we repurchased over the last couple of years.

我們的資本配置策略的一個面向是透過回購股票和發放股利將部分強勁的自由現金流返還給股東。考慮到這一點，我們重新啟動並繼續派發每股 0.40 美元的季度股息，並加快了與上一季相比的回購速度，在第一季度回購了 3.3 億美元，即 170 萬股。展望未來，我們預計將抵銷稀釋並適時回購更多股份，整體回購量應與過去幾年的回購水準大致持平。

Turning to our outlook. Given our performance to date in the continued macroeconomic uncertainty in the US and into the US, we expect our second quarter to deliver gross bookings growth of 2% to 4% and revenue growth of 3% to 5% with approximately 75 basis points to 100 basis points of EBITDA margin expansion.

轉向我們的展望。鑑於我們迄今為止在美國持續的宏觀經濟不確定性中的表現，我們預計第二季度的總預訂量將增長 2% 至 4%，收入將增長 3% 至 5%，EBITDA 利潤率將擴大約 75 個基點至 100 個基點。

Our gross bookings guidance does not assume a material impact from foreign exchange. Our Q2 revenue guidance reflects the benefit of Easter, providing a 1 point tailwind to revenue growth and an estimated 2 points of foreign exchange headwinds at current rates given the dynamic explained earlier with regards to timing of GBV translating to revenue.

我們的總預訂量指引並未假設外匯會產生重大影響。我們第二季度的收入預期反映了復活節帶來的好處，為收入增長提供了 1 個百分點的順風，並且考慮到之前關於 GBV 轉化為收入的時間的動態，按當前匯率估計將帶來 2 個百分點的外匯逆風。

As we consider the same factors for the full year, we are revising our guidance for gross bookings and revenue. Our updated guidance is 2% to 4%. We expect foreign exchange to drive a 1 point headwind to revenue at current rates, with no material impact from book from FX to bookings. At the same time, we continue to focus on profitable growth and are raising our bottom-line guide to roughly 75 basis points to 100 basis points of EBITDA margin expansion for the year, up from 50 basis points that we mentioned on the last call. The actions I discussed earlier will aid in driving this.

由於我們對全年考慮的因素相同，因此我們正在修改總預訂量和收入的指導。我們的最新預期是 2% 至 4%。我們預計，以當前匯率，外匯將對收入造成 1 個百分點的阻力，但對外匯對預訂量不會產生實質影響。同時，我們繼續關注獲利成長，並將今年 EBITDA 利潤率成長的底線指引從上次電話會議上提到的 50 個基點上調至約 75 個基點至 100 個基點。我之前討論過的行動將有助於推動這一點。

In summary, we remain focused on driving long-term profitable growth while maintaining disciplined capital allocation. Our execution and strategic initiatives position us well to navigate the evolving environment and continue delivering shareholder value.

總而言之，我們將繼續專注於推動長期獲利成長，同時保持嚴格的資本配置。我們的執行和策略舉措使我們能夠很好地應對不斷變化的環境並繼續為股東創造價值。

Let me now open the call for questions.

現在請允許我開放提問。

(Operator Instructions) Anthony Post, Bank of America.

（操作員指示）美國銀行安東尼·波斯特 (Anthony Post)。

Great. Thank you. Thanks for taking my question. It's Justin. A couple questions. Just on the marketing spend. Obviously, you're beating EBITDA. Are you kind of at your ROI frontier and could you have spent more to drive higher bookings? And then, second, Ariane, could you talk about the Hotels.com turnaround? Are you feeling more optimistic that you're making positive change there? Thank you.

偉大的。謝謝。感謝您回答我的問題。是賈斯汀。幾個問題。僅在行銷支出方面。顯然，你的 EBITDA 超過了預期。您的投資報酬率是否已經到達極限了？您是否可以投入更多資金來提高預訂量？其次，阿麗亞娜，您能談談 Hotels.com 的轉型嗎？您是否對自己在那裡做出的積極改變感到更加樂觀？謝謝。

Why don't I start with the first one and then I'll hand it over to Scott for the second one. On Hotels.com, look, I feel optimistic. I mean, I've always believed that this is a brand that travelers love. This is a brand that was heavily impacted from the period a couple years ago when we did a migration, and we changed the loyalty program, and we've got a great leader in there. As I said, we relaunched the brand a couple weeks ago with a new visual identity, a new mascot. There's actually been some nice positive -- I'd say positive momentum behind that the last couple weeks and we have some good things coming in the back half of the year.

我先從第一個開始，然後再將第二個交給史考特。在 Hotels.com 上，我感到很樂觀。我的意思是，我一直相信這是一個旅行者喜愛的品牌。幾年前，當我們進行遷移時，這個品牌受到了嚴重的影響，我們改變了忠誠度計劃，並且我們在那裡擁有一位偉大的領導者。正如我所說，幾週前我們重新推出了該品牌，採用了新的視覺形象和新的吉祥物。事實上，過去幾週出現了一些積極的跡象——我想說，這是積極的勢頭，今年下半年我們將會取得一些好成績。

So it's a brand that people love. We need to be targeted at which countries are we growing it in. Where are we growing it in. And I feel good about where we are.

所以這是一個人們喜愛的品牌。我們需要確定在哪些國家進行種植。我們在哪裡種植它？我對我們的現狀感到滿意。

Yeah. On the sales and marketing costs, we spent about a $1.8 billion in Q1. As I mentioned in my prepared remarks, this slightly deleveraged by about 11 basis points. By BU, this was flat in B2C approximately 4 points of deleverage while the rest of it was mixed impact from B2B growing faster.

是的。在銷售和行銷成本方面，我們在第一季花費了大約 18 億美元。正如我在準備好的發言中提到的那樣，這略微降低了約 11 個基點的槓桿率。從 BU 來看，B2C 的去槓桿率持平，約 4 點，而其餘部分則受到 B2B 成長更快的影響。

As far as for the full year trend, we'll maintain our focus on profitable growth, investing in marketing where profitable growth opportunities exist or reducing costs where they do not, where we think about it for the rest of the year.

就全年趨勢而言，我們將繼續專注於獲利成長，在有獲利成長機會的地方投資行銷，在不存在獲利成長機會的地方降低成本，我們將在今年剩餘時間內考慮這個問題。

And Justin, let me just come back to the end of my answer. Am I happy that Hotels.com was not in growth in Q1? No. Do I feel good about the plan that the team has in place going forward? Yes.

賈斯汀，讓我回到我的回答的結尾。我是否對 Hotels.com 第一季未實現成長感到高興？不。我對團隊未來制定的計劃感覺良好嗎？是的。

Great. Thank you.

偉大的。謝謝。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Great. One for Ariane and one for Scott. Ariane, can you discuss Expedia's opportunity to kind of manage maybe macro headwinds if it gets worse? How do you think about the sensitivity that the B2B business has compared to B2C? And then, on the B2C side, are there things in your control that you can help hotels with perhaps by doing more bundling or pricing adjustments that you can maybe help manage demand?

偉大的。一個給阿麗亞娜，一個給史考特。阿麗亞娜，如果情況變得更糟，您能否討論一下 Expedia 應對宏觀逆風的機會？您如何看待B2B業務相對於B2C業務的敏感度？然後，在 B2C 方面，您是否可以透過進行更多捆綁或價格調整來幫助飯店管理需求？

And then maybe, Scott, on the margins guidance for the full year being revised up, how much of this is already from the efforts that you have done compared to more things that you can do over the next few quarters, it gives you confidence about the margin guidance for the year. Thank you so much.

那麼，斯科特，關於全年利潤率指引的上調，與您在接下來的幾個季度可以做的更多的事情相比，這在多大程度上已經來自於您所做的努力，這讓您對全年的利潤率指引充滿信心。太感謝了。

Thanks. So let me take the first one on how our business is set up if macro headwinds get worse. As you said, we've got a very strong B2B business which is quite diverse geographically. It's diverse not only geographically but also by segment. So it's exposed to corporate travel, to leisure travel, to travel bundled with airlines. Really, we sort of run the gamut of partners. It's a profitable business. We tune the levers really well in that. So look, obviously nobody can predict what's going to happen, but that's a really well diversified business.

謝謝。因此，讓我先談談如果宏觀逆風惡化，我們的業務將如何安排。正如您所說，我們的 B2B 業務非常強大，而且地理分佈十分多樣化。它不僅在地理上多樣化，而且在各個領域也多樣化。因此，它適用於商務旅行、休閒旅行以及與航空捆綁的旅行。確實，我們的合作夥伴種類繁多。這是一門有利可圖的生意。我們在這方面對槓桿做了很好的調整。所以，顯然沒有人能夠預測會發生什麼，但這確實是一項多元化的業務。

And then on your question about what can we do to help our hotel partners? By the way, it's our hotel partners, it's also our car rental partners and the like. The beauty of working with Expedia Group is that supply partners will get access to demand in consumer and in B2B. And we have a lot of ways for them to do that, whether it's through member rates, whether it's mobile rates, targeted rate, geo targeted rates.

然後關於您提到的我們可以做些什麼來幫助我們的酒店合作夥伴的問題？順便說一下，這是我們的飯店合作夥伴，也是我們的汽車租賃合作夥伴等等。與 Expedia Group 合作的好處在於，供應合作夥伴可以了解消費者和 B2B 方面的需求。我們有多種方式幫助他們實現這一目標，無論是透過會員費率，還是移動費率、目標費率、地理目標費率。

Packaging is a big strength of ours. And what we often see is that hotels really like to participate in the package pack because it tends to be longer length of stay, longer booking windows, lower cancellations. And many of those are opaque. So they don't impact one of the hotelier's public revenue management strategy. So we've got a lot of data. Our teams are working with supply partners every day to help them fill their rooms and fill their airplane seats.

包裝是我們的一大優勢。我們常看到的是，飯店非常喜歡參與套餐計劃，因為這樣可以延長住宿時間、延長預訂期限、降低取消率。其中很多都是不透明的。因此它們不會影響旅館經營者的公共收入管理策略。所以我們獲得了大量數據。我們的團隊每天都與供應夥伴合作，幫助他們填滿房間和飛機座位。

Now, I'll turn it over to Scott for the second part.

現在，我將把第二部分交給史考特。

Yeah. I think the way we think about the 1 point, the 75 basis points to 100 basis points of margin expansion, the employment actions that we took over the last really four or five months helps achieve that. We have more work to do as it relates to working on discretionary costs, balancing marketing for the rest of the year. And that's what gives us confidence that we can deliver the 75 basis points to 100 basis points.

是的。我認為，我們對 1 個基點、75 個基點到 100 個基點的利潤率擴張的看法以及我們在過去四五個月採取的就業行動有助於實現這一目標。我們還有很多工作要做，因為這涉及處理可自由支配的成本，平衡今年剩餘時間的營銷。這使我們有信心實現 75 個基點至 100 個基點的目標。

Great. Thanks, Scott. Thanks, Ariane.

偉大的。謝謝，斯科特。謝謝，阿麗亞娜。

Naved Khan, B. Riley Securities.

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

Great. Thank you very much. Curious if you can share any color on the -- in terms of monthly trends, if April and week to date into May kind of stable or are you continuing to see consumer weakening? And when you talk about sort of consumer softness, what exactly is that? Is that booking window changes? Is that length of stay or the consumer trading down, any kind of color or commentary there would be great. And then, the second question I have is around the social opportunity. You mentioned Instagram videos as an opportunity. How should we think about the ROIs on the channel and how large it can get for you? Thank you.

偉大的。非常感謝。我很好奇您是否可以分享一些細節——就月度趨勢而言，四月份以及五月份當週的趨勢是否比較穩定，或者您是否繼續看到消費者的疲軟？當您談到消費者疲軟時，那到底是什麼？預訂窗口有變化嗎？無論是停留時間長度還是消費者消費水平下降，任何一種色彩或評論都會很棒。然後，我的第二個問題是關於社交機會。您提到 Instagram 影片是一個機會。我們應該如何考慮通路的投資報酬率 (ROI) 以及它可以為您帶來多大的投資報酬率？謝謝。

Let me take that one first and then Scott and I will take the second one together. Social as a channel is -- it's an important channel for us. We know that people are going more and more to social to get travel inspiration. And it's been multiple quarters that we've been working to make sure our brands are showing up well and that we're getting good returns on the marketing spend there.

讓我先回答這個問題，然後我和史考特將一起回答第二個問題。社交作為一種管道－對我們來說是一個重要的管道。我們知道人們越來越多地透過社交來獲取旅行靈感。我們已經連續多個季度致力於確保我們的品牌能夠良好地展現，並確保我們的行銷支出能夠獲得良好的回報。

What I announced today is actually, I mean, it's a great trip planning feature because what we realized is that people were watching reels and then they wanted to share them or they wanted to figure out how to build an itinerary from it. So because of the relationship we had with the partner we were working with Instagram in this case, we were able to create a product that came from an insight of customers wanting to share. And then in one click, we'll give people an itinerary, it'll give them recommendations and then allow them to book with us.

我今天宣布的實際上是一個很棒的旅行計劃功能，因為我們意識到人們在觀看捲軸時想要分享它們，或者他們想弄清楚如何從中製定行程。因此，由於我們與合作夥伴（在本例中是與 Instagram 合作）的關係，我們能夠創造出一種源自客戶想要分享的洞察的產品。只需單擊一下，我們將向人們提供行程安排，並向他們提供建議，然後允許他們向我們預訂。

So what I think is exciting, whether it's with social or any of these new AI players, is figuring out how do we show up sort of in a paid way or in their organic results. But then also are there new ways that travelers would want to interact where we can make sure our brands are there? So that's the first one.

因此，我認為令人興奮的是，無論是社交還是任何新的人工智慧參與者，我們都能弄清楚如何以付費方式或自然結果的形式出現。但是，是否存在新的旅行者願意與之互動的方式，以便我們能夠確保我們的品牌能夠出現在那裡？這是第一個。

On the second one, in terms of what we're seeing in the demand environment, because we said we saw a slowdown in the first quarter, both US domestic and inbound, April was somewhat softer than March, especially in the US driven in part by Easter timing. Yes, we're still continuing to see pressure on travel into the US, but we've also seen some rebalancing. So Europeans are traveling less to the US, but more to Latin America.

第二，就我們所看到的需求環境而言，因為我們說過，第一季美國國內和入境旅遊均出現放緩，4月份的需求比3月份略微疲軟，尤其是在美國，部分原因是受復活節的影響。是的，我們仍然看到前往美國的旅遊面臨壓力，但我們也看到了一些重新平衡。因此，歐洲人前往美國的次數減少了，而前往拉丁美洲的次數增加了。

We're also starting to see a shift to lower ADR rate plans, so whether travelers are going from refundable rates to non-refundable rates. So it's not a star rating shift, it's more of a rate plan shift. And it's also starting to see hotel partners providing more discounts. So obviously, we can't predict with certainty how this is going to evolve but we know that we're well-positioned to serve the demand that's out there.

我們也開始看到向較低 ADR 價格計劃的轉變，因此旅行者是否會從可退款價格轉向不可退款價格。所以這不是星級的轉變，而更像是費率計畫的轉變。而飯店合作夥伴也開始提供更多折扣。顯然，我們無法準確預測未來將如何發展，但我們知道我們已做好準備，滿足現有需求。

Thank you.

謝謝。

Thanks.

謝謝。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. Thanks. First one, just on experiences and attractions, that category is getting a bit more attention with a clout from Booking Holdings and Airbnb relaunching their effort next week. Can you speak to your own efforts and experiences? Is that something that you're increasingly focused on or an area of investment that you want to put more dollars to work going forward? And do you see an opportunity to be particularly unique or differentiated there?

偉大的。謝謝。首先，僅就體驗和景點而言，由於 Booking Holdings 和 Airbnb 將於下週重新啟動其業務，這一類別受到了更多關注。可以談談你自己的努力和經驗嗎？這是您越來越關注的事情嗎？或者這是您希望在未來投入更多資金的投資領域嗎？您是否看到了在那裡實現獨特或差異化的機會？

And then second question, Scott, just to the employment actions that you alluded to, can you speak a bit more to that in terms of size, in terms of either number of employees impacted or potential savings from that effort, and whether any of that is getting reinvested. Thank you.

第二個問題，史考特，就您提到的就業行動而言，您能否從規模、受影響的員工人數或由此可能節省的資金等方面再多談一下，以及這些措施是否會得到再投資。謝謝。

Yeah, absolutely. Why don't I start there? So since last year we restructured approximately 4% of our employees. And we've also reduced our contractor population by about 7%. So in addition to the cost there, we also expect us to simplify our model, speed up our efforts and prioritize what we're working on. So we feel good about what we've done as it relates to the margin dynamics for the company.

是的，絕對是如此。我為什麼不從那裡開始呢？自去年以來，我們對大約 4％ 的員工進行了重組。我們還將承包商數量減少了約 7%。因此，除了成本之外，我們還希望簡化我們的模型，加快我們的努力，並優先考慮我們正在進行的工作。因此，我們對自己所做的事情感到滿意，因為它與公司的利潤動態有關。

We do expect to reinvest some of those savings back into the company, somewhat in the form of lower cost locations and somewhat in strategic initiatives. Net-net, we expect about $75 million over the course of the next three quarters to benefit our EBITDA for the next -- as I said, for the next three quarters.

我們確實希望將部分節省下來的資金重新投資於公司，一部分以降低成本的方式，一部分以策略性舉措的方式。淨額方面，我們預計未來三個季度內約有 7500 萬美元將為我們的 EBITDA 帶來收益——正如我所說，是未來三個季度的收益。

And then on the activities question, I think of it in the context of, in particular of Brand Expedia and our B2B business. Brand Expedia is the travel superstore. And as people go on trips, they want to have an activity often. So we think about how do we use activities as a way to attach to the full trip.

然後關於活動問題，我特別從 Brand Expedia 和我們的 B2B 業務的角度來考慮。品牌 Expedia 是一家旅遊超市。當人們外出旅行時，他們希望經常進行某項活動。因此，我們思考如何利用活動來補充完整的旅程。

Now, it's a growing business for us. We talk a lot about it as a team of where are the areas we do want to double down. As I said, one of our three priorities is investing where we see the best opportunities for growth and attach, and the complete trip on Expedia is one. But I don't have anything to share right now about a particular investment on activities.

現在，這對我們來說是一個不斷成長的業務。我們作為一個團隊對此進行了很多討論，討論我們想要加倍努力的領域是什麼。正如我所說，我們的三大優先事項之一是在我們認為具有最佳成長和吸引力機會的地方進行投資，而 Expedia 上的完整行程就是其中之一。但目前我還沒有任何關於特定活動投資的資訊可以分享。

Thank you, both.

謝謝你們兩位。

Thanks.

謝謝。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the question. I wanted to go a little bit into the AI theme that you talked about in the prepared remarks. We're coming up on roughly about a year from the last EXPLORE event where you talked a lot about AI and how it could change both the internal running of the company and elements of how AI might change the consumer interfaces across your brands.

非常感謝您回答這個問題。我想稍微談談您在準備好的發言中談到的人工智慧主題。距離上一次 EXPLORE 活動已經過去大約一年了，在這次活動中，您談了很多關於人工智慧以及它如何改變公司的內部運作，以及人工智慧如何改變您品牌的消費者介面。

What do you see as the biggest strategic investment you want to make in AI looking over the next 12 to 18 months? And maybe talk a little bit about how that might change the consumer funnel in terms of travel activities or what your current base case is for that going forward. Thanks so much.

您認為未來 12 到 18 個月內在人工智慧領域最想做的策略投資是什麼？也許您可以稍微談談這將如何改變旅遊活動方面的消費者管道，或者您目前對未來發展的基準情況是什麼。非常感謝。

Okay. Thanks for the question. I'll just start by saying it is an incredibly exciting time. I mean, AI, it's -- it feels like it's -- when the mobile was here. AI is changing everything and we see it as an accelerator across our business.

好的。謝謝你的提問。首先我想說這是一個無比令人興奮的時刻。我的意思是，人工智慧，感覺就像是——當行動裝置出現的時候。人工智慧正在改變一切，我們將其視為整個業務的加速器。

I've talked about it as sort of four ways we think about it. How are we using it in our products, how are we using it to drive traffic to our brands, what new partnership opportunities do we have and then how are we using it to make our teams more effective?

我已經談論過我們對此問題的四種思考方式。我們如何在我們的產品中使用它，我們如何使用它來為我們的品牌帶來流量，我們有哪些新的合作機會，然後我們如何使用它來提高我們團隊的效率？

So let me just talk about each of those. In terms of enhancing our products, over the last year, we have our AI assistant, but we've also made huge progress on using AI in the traveler shopping funnel. So using AI to summarize reviews, using AI to highlight certain features of properties.

因此，讓我來分別談談這些。在增強我們的產品方面，在過去的一年裡，我們有了人工智慧助手，但我們在旅行者購物管道中使用人工智慧方面也取得了巨大進展。因此，使用人工智慧來總結評論，使用人工智慧來突出屬性的某些特徵。

And so what we found is it's great in the existing funnel once they're in the product as well as having an AI chatbot that can someone chooses to interact with it on their own, they can. I think what's exciting going forward is thinking about how do you do both of those together? So someone's in the AI chat experience and then they want to seamlessly get into the native flow. And our teams are working on that. It's moving very quickly. So that's sort of in our product funnel. And as I said, it allows people to go between the two flows.

因此，我們發現，一旦他們進入產品，它在現有的管道中就很棒，並且擁有一個人工智慧聊天機器人，人們可以選擇自己與它互動，他們就可以。我認為未來令人興奮的是思考如何將這兩者結合起來？因此，有人在體驗 AI 聊天時，希望能無縫地進入原生流程。我們的團隊正在為此努力。它移動得非常快。這就是我們的產品漏斗。正如我所說，它允許人們在兩種流程之間切換。

In terms of driving traffic to our brands, we all see that people's search behavior is changing. People may be going to ChatGPT or to other of these native AI players. So we need to make sure that our brands are showing up well there. Those companies are quickly evolving what they're doing. So how do we make sure we're there. Both in the organic search, but also with these agentic experiences with operator and others.

在增加我們品牌流量方面，我們都看到人們的搜尋行為正在改變。人們可能會去 ChatGPT 或其他原生 AI 播放器。因此我們需要確保我們的品牌在那裡能夠很好地展示。這些公司正在迅速改進他們的業務。那我們如何確保我們到達那裡呢？不僅在有機搜尋中，而且在與運營商和其他人的代理經驗中。

So I don't know where that's going to go. I know our teams are sort of working deeply with those partners and what we found is no matter what, because travel is complicated, the idea of being able to buy from a brand that's a well-known brand, that's got all the supply, that's going to service your booking well, gives me confidence that bringing traffic over from there is attractive for our brands versus the worry that people are just going to book somewhere else.

所以我不知道那會去往何方。我知道我們的團隊正在與這些合作夥伴深入合作，我們發現，無論如何，由於旅行很複雜，能夠從知名品牌購買產品，擁有所有供應，能夠很好地為您的預訂提供服務，這讓我有信心，從那裡帶來流量對我們的品牌很有吸引力，而不用擔心人們會去其他地方預訂。

I've talked about identifying new partnership opportunities. I think the ecosystem is evolving very quickly, and we've got this great asset with our B2B team and our B2B assets. And then, finally, on the effectiveness of our teams, our developers are getting quite a bit of time back. Our sales team is actually increasing their win rate by using GenAI technologies to coach them, to give them tips and just to make them more effective. And our marketing team is using Generative Creative AI, both to make their marketing more effective and also to save time. But I would really just say it feels like we're still very much at the beginning of this.

我已談到尋找新的合作機會。我認為生態系統正在快速發展，我們的 B2B 團隊和 B2B 資產是我們的巨大財富。最後，關於團隊的效率，我們的開發人員節省了相當多的時間。我們的銷售團隊實際上正在透過使用 GenAI 技術來指導他們、為他們提供建議並提高他們的效率，從而提高他們的成功率。我們的行銷團隊正在使用生成創意人工智慧，既可以提高行銷效率，又可以節省時間。但我真的想說，感覺我們才剛開始這一切。

Great. Appreciate it.

偉大的。非常感謝。

Thanks.

謝謝。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi, everyone. Thank you. Just I want to talk a little bit about the booking curve just given the environment. Can you just talk about how that's looking right now. Are you seeing hesitation further out in the curve, and then there's just a lot more close in demand. Just trying to understand that.

大家好。謝謝。我只想談談特定環境下的預訂曲線。能談談現在的情況嗎？您是否看到曲線上進一步出現猶豫，然後需求就更接近了。只是想理解這一點。

And then, secondly, can you just talk about your international rollout, how that performed during the quarter relative to your core? And just how you're seeing supply there and just kind of mark us on the international rollout. That would be helpful. Thank you.

其次，您能否談談您的國際推廣情況，以及相對於核心業務而言本季的表現如何？以及您如何看到那裡的供應，並在國際推廣中標記我們。那將會很有幫助。謝謝。

Yeah. On the booking dynamic, I wouldn't call out anything that's unusual versus what you've already heard in terms of the pressure that we saw kind of in addition in Q1 and what we referenced for Q2 and the rest of the year. Effectively what we saw is a step down in both intra US and into the US dynamics that we mentioned.

是的。在預訂動態方面，與您已經聽到的我們在第一季看到的壓力以及我們在第二季度和今年剩餘時間內所參考的壓力相比，我不會指出任何不尋常的事情。實際上，我們看到的是我們提到的美國國內和美國外部的動態都在下降。

If we double click a little bit on that, we're looking at US NBV inbound to the US is down about 7% and specific quarters like Canada are down nearly 30%. Now that in greater context of things is less than 1 point of growth just for the intra -- into the US, but it gives you a dynamic of what we're seeing underneath the covers and that dynamic you see in the intra US dynamic. But I wouldn't call out anything different intra quarter that to your question.

如果我們仔細觀察，就會發現美國入境新業務價值 (NBV) 下降了約 7%，而加拿大等特定季度則下降了近 30%。現在，從更大範圍來看，美國國內的成長不到 1 個百分點，但它為您提供了我們所看到的幕後動態以及您在美國國內看到的動態。但我不會針對你的問題提出任何不同的看法。

No. And we're seeing some slight expanding in booking windows for hotels, but the booking windows are declining in vacation rentals. So it's sort of a mixed picture.

不。我們發現飯店預訂窗口略有擴大，但度假租賃預訂窗口卻在縮小。所以，這是一幅混合畫面。

In terms of the international rollout, I mean, I start by just reminding us that the B2B business, very international. Scott talked about the 30% room night growth in Asia. So that's going well. For the consumer brands, we're very focused on which geographies does each of our brands in particular Expedia and Hotels.com already have good brand awareness and where we have strong supply and product, and then investing surgically there.

就國際推廣而言，我首先要提醒我們，B2B 業務非常國際化。史考特談到了亞洲 30% 的客房夜數成長。一切進展順利。對於消費品牌，我們非常關注我們的每個品牌（尤其是 Expedia 和 Hotels.com）在哪些地區已經擁有良好的品牌知名度，以及我們在哪裡擁有強大的供應和產品，然後在那裡進行大力投資。

What we found for Brand Expedia, for example, is that in Western Europe and three of the big Western Europe countries, we're growing room nights at mid-teens. Last year, we launched two new points of sale in the Middle East and while they're off a small base, they doubled quarter-over-quarter. So we're seeing progress there. Hotels.com, stronger in the Nordics, but again, it's off of a smaller base. So it's something we're invested in. We want to grow, but we're going to make sure that we do it surgically.

例如，我們發現 Brand Expedia 在西歐以及西歐三個大國的間夜量正以十五六倍的速度成長。去年，我們在中東地區推出了兩個新的銷售點，雖然基數較小，但環比增長了一倍。所以我們看到了那裡的進展。Hotels.com 在北歐地區實力較強，但其基礎同樣較小。所以這是我們投資的事情。我們希望成長，但我們必須確保以手術的方式實現這一目標。

Appreciate it. Thank you.

非常感謝。謝謝。

Thanks.

謝謝。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey, great. Just circling on Vrbo. You said it grew in line with the vacation rental industry. Can you just talk about a summer travel season? If you do have less US people go abroad to Europe. And then, how are you thinking about with Vrbo in terms of your brand spend at year-end, and is that committed or can you pull back if the back road deteriorates? Thank you.

嘿，太棒了。只是在 Vrbo 上轉悠。您說它與度假租賃行業同步增長。能談談夏季旅遊季節嗎？如果美國人確實減少，那麼人們就會去歐洲旅遊。那麼，您如何考慮在年底對 Vrbo 進行品牌支出？您會堅持下去，或者如果後路惡化，您會撤回嗎？謝謝。

I would just say Vrbo is also a very US-concentrated brand. And as I said, it's the third quarter in a row where we've been growing even if it's softer because the US demand was softer. We've been focused on improving the product and improving the quality of our supply. I talked about how the work we're doing on shorter stays and the like. But we're obviously keeping a close eye on what's the market demand and what are the returns that we're getting for our marketing spend. And we can adjust that along the way.

我只想說 Vrbo 也是一個非常專注於美國的品牌。正如我所說，這是我們連續第三個季度實現成長，儘管由於美國需求疲軟而成長放緩。我們一直致力於改進產品和提高供應品質。我談到了我們在短期停留等方面所做的工作。但我們顯然密切關注市場需求以及我們的行銷支出所獲得的回報。我們可以隨時進行調整。

Thank you.

謝謝。

Lee Horowitz, Deutsche Bank.

德意志銀行的李·霍洛維茲。

Great. Thanks. So we know you guys aren't guiding B2B versus B2C, but sort of the updated guidance perhaps suggested your B2C business could perhaps go negative this year. We know the US market is a bit softer, but that doesn't seem to be the expectations from a lot of others in the industry. So can you maybe just unpack that a bit more and help us understand what's driving some of this differential? And how you see the path back to getting the B2C business back towards mid single digit growth.

偉大的。謝謝。所以我們知道你們沒有指導 B2B 與 B2C 之間的區別，但更新後的指導意見可能表明你們的 B2C 業務今年可能會出現負增長。我們知道美國市場有些疲軟，但這似乎不是業界許多人的預期。那麼，您能否進一步解釋一下這個問題，並幫助我們理解造成這種差異的原因是什麼？以及您如何看待 B2C 業務重回中個位數成長的途徑。

First, why don't we start with -- I'll just reframe kind of what I heard here and then you can talk about the future.

首先，我們先從——我重新闡述我在這裡聽到的內容，然後你就可以談論未來了。

Let's talk Q1 for a second. Q1 effectively goes went from four -- we're at 4% in Q2, we're going 2% to 4%. We don't talk about the mix of businesses, but with PLS at or B2C -- B2B at mid-teens growth. I think we feel pretty good that we're going to be -- when you do that math, slightly lower than we were in B2C for the next quarter.

讓我們來談談問題 1。第一季實際上從 4% 上升到 4%——第二季度我們將從 2% 上升到 4%。我們不談論業務組合，而是談論 PLS 或 B2C - B2B 的中期成長。我認為我們感覺很好，當你計算一下時，我們會發現下一季的 B2C 水平會略低一些。

Now where that goes, we'll see. We've got growth anchors, growth benefiting from advertising. We've got other things that we're working on. So I don't feel like we start with that. It's going to be hugely negative but I think it's definitely going to be pressured as we think. And it's going to depend a bit, as we said, on intra US and into the US as we've talked about.

現在，我們將拭​​目以待。我們有成長錨，成長受益於廣告。我們還有其他事情要做。所以我覺得我們不該從那裡開始。這將是極其負面的，但我認為正如我們所想，它肯定會受到壓力。正如我們所說，這將在一定程度上取決於美國國內和美國境內的情況。

And to add to that, it's also going to depend a lot on pricing. Right? As Scott said, in the first quarter we saw ADRs actually go negative in part due to FX. We saw air ticket prices go down. So some of what we're guiding toward is also related to pricing.

除此之外，這在很大程度上還取決於定價。正確的？正如斯科特所說，第一季我們看到 ADR 實際上出現負值，部分原因是外匯影響。我們看到機票價格下降了。因此，我們所指導的一些內容也與定價有關。

But I would just come back on our B2C business. A year ago when I took this role, I said we need to have strong brand value propositions for all three of our brands. We need to invest in the areas that are differentiated for us and make sure that where we are invested, it's paying off. Expedia's got a great flywheel going. Obviously, all three of the brands faced into the softer US market. But Vrbo and Hotels.com, we are still making sure we've got strong value propositions that travelers have a reason to come back, and we're adding lots of features in the product for that.

但我還是想再談談我們的 B2C 業務。一年前，當我擔任這個職位時，我說過我們需要為我們的所有三個品牌提供強大的品牌價值主張。我們需要在對我們而言具有差異化的領域進行投資，並確保我們所投資的地方能夠獲得回報。Expedia 擁有出色的飛輪運轉能力。顯然，這三個品牌都面臨著較為疲軟的美國市場。但對於 Vrbo 和 Hotels.com，我們仍在確保我們有強大的價值主張，讓旅客有理由回來，並且我們為此在產品中添加了許多功能。

So of course, I wish these things happened overnight. But we've got three big brands we believe in and a great product and tech and marketing team behind them.

所以當然，我希望這些事情一夜之間就能發生。但我們擁有值得信賴的三大品牌，以及優秀的產品、技術和行銷團隊。

Maybe one follow up on loyalty, too, if I could. Obviously, Ariane, you made a number of changes to the loyalty program since you've been there, both at HCOM and now Vrbo. I guess, how has sort of the return you've gotten on loyalty writ large evolved during your time? Are you getting the kind of repeat behavior that you want? And strategically, how are you thinking about loyalty growing forward? Is it still core to sort of your overall growth plans and the way that you want to build this business?

如果可以的話，也許我還會跟進忠誠度問題。顯然，阿麗亞娜，自從你加入 HCOM 和現在的 Vrbo 以來，你對忠誠度計劃做出了許多改變。我想，在您任職期間，您所獲得的忠誠度回報是怎麼樣的呢？您是否獲得了您想要的那種重複行為？從策略角度來看，您如何看待忠誠度的未來發展？它是否仍是您整體成長計畫和業務發展方式的核心？

So first, I'd just start by saying loyalty is incredibly important. As I said, our Silver, Gold and Platinum members, they account for almost half the room nights in the US and they're growing faster than any other part of the business.

所以首先，我想說忠誠非常重要。正如我所說，我們的銀卡、金卡和白金會員佔據了美國酒店間夜量的近一半，而且他們的增長速度比我們業務的任何其他部分都要快。

So let me just start. Loyalty is important. When we launched One Key almost two years ago, it enabled us to create tiered member deals, those Silver, Gold, Platinum member discounts. And it's a very powerful common currency across the brands. We're looking for -- we're always looking for new ways to deliver value to all of our loyalty members. And the tweaks that you've seen or the changes that you've seen us make are really around sort of the always on earn. Right?

那麼就讓我開始吧。忠誠很重要。當我們在大約兩年前推出 One Key 時，它使我們能夠創建分級會員優惠，即銀卡、金卡、白金會員折扣。它是跨品牌的非常強大的通用貨幣。我們正在尋找——我們一直在尋找新的方式來為所有忠誠會員提供價值。您所看到的我們所做的調整或改變實際上都與盈利有關。正確的？

We changed it for Vrbo Blue because when we looked at the numbers we realized that that investment -- that always on investment of 1% of one key cash wasn't making a difference or wasn't making enough of a difference when people were booking on Vrbo. And so that investment probably better used elsewhere. Same thing when I stopped the rollout of the loyalty program outside of US and UK because what I realized was that loyalty program was a big differentiator for Hotels.com. And once you took it away, it really diluted the value proposition.

我們為 Vrbo Blue 進行了更改，因為當我們查看數字時，我們意識到當人們在 Vrbo 上預訂時，這種投資——即始終投資 1% 的關鍵現金並沒有產生影響，或者沒有產生足夠的影響。因此，這筆投資最好用在其他地方。當我停止在美國和英國以外推出忠誠度計劃時也發生了同樣的事情，因為我意識到忠誠度計劃是 Hotels.com 的一大差異化因素。一旦你把它拿走，它的價值主張就會被削弱。

So what we're looking at is what are the things that matter to travelers? It's probably different by brand. And then where are the areas we're working with our supply partners to help them lean into the loyalty value proposition with the discounts and then where are the things that we're going to fund ourselves? And that's still a work in progress. But I feel good about the couple decisions that we've made. I think we're having a better idea of where the returns are and making sure it's -- as I said, it's part of our third strategic priority of expand margins by making the best use of every dollar.

那我們要研究的是，對於旅行者來說，哪些事情最重要呢？可能因品牌不同而有所差異。那麼，我們在哪些方面與供應合作夥伴合作，以幫助他們透過折扣實現忠誠度價值主張？那麼，我們將在哪些方面自行籌資呢？這項工作仍在進行中。但我對我們所做的幾個決定感到滿意。我認為我們對回報所在有了更好的了解，並確保它——正如我所說，這是我們的第三個戰略重點的一部分，即通過充分利用每一美元來擴大利潤率。

Helpful. Thank you.

很有幫助。謝謝。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Great. This is Dae Lee on for Doug. Thanks for taking the questions. First on your B2B performance. So could you unpack that a little bit? I know you talked about Asia exposure being a benefit there, but you also did mention the travel into the US seeing softness. So wondering if B2B has any exposure to that? I guess if people are changing their destination based on what's happening in the US?

偉大的。這是 Dae Lee 為 Doug 表演的。感謝您回答這些問題。首先是您的 B2B 表現。那你能稍微解釋一下嗎？我知道您談到了亞洲旅遊業的益處，但您也提到了美國旅遊業的疲軟。所以想知道 B2B 是否有任何相關經驗？我猜人們會根據美國發生的事情改變他們的目的地嗎？

And then, secondly, on your advertising business, also a very good performer for you guys. Wondering if you guys are seeing any impact of the softness in the US on your advertising side as well? Thank you.

其次，你們的廣告業務也表現得非常出色。想知道你們是否也看到美國經濟疲軟對你們的廣告業務產生了影響嗎？謝謝。

Yeah. Why don't I take ads? As we called out in the prepared remarks, our ads business continues to be super powerful, and we're excited about its growth prospects as we look forward.

是的。我為什麼不接廣告？正如我們在準備好的演講中所說的那樣，我們的廣告業務繼續保持強勁勢頭，我們對其未來的成長前景感到興奮。

Obviously, with a tougher B2C performance in the quarter, it's going to take down a little bit of the growth. But I think they did a great job working through those dynamics and we see growth accelerating hopefully in the future. And particularly with its new ad solutions and platforms like video and AI driven bid optimization that Ariane talked about, there's a ton of opportunity to increase adoption and expand with our supply partner base. So double-digit growth rate should be achievable and we feel good about that going -- really good about that going forward.

顯然，由於本季 B2C 業務表現更為艱難，其成長速度將會下降。但我認為他們在處理這些動態方面做得很好，我們希望看到未來的成長能夠加速。特別是有了 Ariane 談到的影片和人工智慧驅動的競價優化等新廣告解決方案和平台，我們就有大量機會來增加採用率並擴大我們的供應合作夥伴基礎。因此兩位數的成長率應該是可以實現的，我們對此感到很滿意——對未來的發展真的很滿意。

And then, on the B2B business, there's still -- a good portion of the B2B business that originates in the US with US partners and that part of the business also experienced pressure in the same way that other that our consumer brands did. We've got B2B partners that are in Canada and their business into the US was also impacted. But as you can see, it's a pretty globally diversified business and that's why it was able to sustain the double-digit growth.

然後，在 B2B 業務方面，仍有很大一部分 B2B 業務源自美國，與美國合作夥伴合作，而這部分業務也像我們的其他消費品牌一樣面臨壓力。我們在加拿大有 B2B 合作夥伴，他們在美國的業務也受到了影響。但如您所見，這是一家全球多元化的企業，這也是它能夠保持兩位數成長的原因。

Got it. Thank you.

知道了。謝謝。

Thank you. I'll now turn the call back over to CEO, Ariane Gorin, for any further remarks.

謝謝。現在我將把電話轉回給執行長 Ariane Gorin，聽取進一步的評論。

So I just want to thank you all for joining the call today and for all of your questions. We delivered results within our guidance range this quarter amidst softer US travel demand, thanks to our strong execution, disciplined cost management and the global reach of our platform. Against the backdrop of an uncertain macro environment, we're laser-focused on what's in our control and pushing forward our strategic priorities.

所以我只想感謝大家今天參加電話會議並提出所有問題。由於強大的執行力、嚴格的成本管理和平台的全球影響力，在本季美國旅遊需求疲軟的情況下，我們仍取得了符合預期的業績。在宏觀環境不確定的背景下，我們專注於我們能夠控制的事情並推進我們的策略重點。

I want to thank our global team for their work and dedication every day to helping travelers have successful trips and build lasting memories. Thank you.

我要感謝我們的全球團隊每天的工作和奉獻，幫助旅行者成功旅行並留下持久的回憶。謝謝。

That concludes today's call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路了。