Expedia Group Inc (EXPE) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q2 2025 financial results teleconference. My name is Alex. I'll be the operator for today's call. (Operator Instructions) For opening remarks, I'll now turn the call over to SVP, Corporate Finance, Dan Semo. Please go ahead.

大家好，歡迎參加 Expedia Group 2025 年第二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）作為開場發言，我現在將電話轉給公司財務高級副總裁 Dan Semo。請繼續。

Good afternoon, and welcome to Expedia Group's second 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 年第二季財報電話會議。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，且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.

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-Q, 10-K, and other filings with the SEC. Except as required by law, we do not undertake any responsibility to update these forward-looking statements.

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-Q 表、10-K 表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。

We are also webcasting an earnings deck while going through prepared remarks. A copy of this deck will be posted to our website 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.

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，我們會將這份簡報的副本發佈到我們的網站上。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。

For today's call, Ariane will begin with a review of our second quarter results and an update on our progress against our strategic priorities. Then Scott will provide additional details on our second quarter financial performance and guidance. After our prepared remarks, we will turn the call over to the operator to begin the Q&A portion of the call. And with that, let me turn the call over to Ariane.

在今天的電話會議上，阿麗亞娜將首先回顧我們的第二季業績，並介紹我們在策略重點方面的進展。然後，斯科特將提供有關我們第二季度財務業績和指導的更多詳細資訊。在我們準備好發言後，我們將把電話轉給接線生，開始電話的問答部分。說完這些，讓我把電話轉給阿麗亞娜。

Thank you, Dan, and thank you all for joining us today. Our second quarter results exceeded both our top and bottom line expectations. We grew gross bookings by 5%, grew revenue by 6%, and expanded adjusted EBITDA margins by nearly 2 points. We delivered these results in the context of the soft US travel market, reflecting our focused execution and continued progress on our strategic priorities.

謝謝你，丹，也謝謝大家今天加入我們。我們第二季的業績超出了我們的最高和最低預期。我們的總預訂量成長了 5%，營收成長了 6%，調整後的 EBITDA 利潤率提高了近 2 個百分點。我們在美國旅遊市場疲軟的背景下取得了這些業績，反映了我們在策略重點上的專注執行和持續進展。

The U.S. travel market was muted in the second quarter. Consumers at the higher end of the market remained resilient, with those at the lower end, taking a more cautious approach to discretionary spending. That said, since the beginning of July, we've seen an uptick in overall travel demand, particularly in the U.S. Based on our solid first half performance and these current trends, we're raising our annual guidance, and Scott will cover this in a moment.

第二季美國旅遊市場表現低迷。高端市場的消費者依然保持韌性，而低端市場的消費者則對可自由支配的支出採取更謹慎的態度。話雖如此，自 7 月初以來，我們看到整體旅遊需求上升，尤其是在美國。基於我們上半年的穩健表現和當前趨勢，我們提高了年度指導，斯科特稍後將對此進行介紹。

In the second quarter, our booked room nights grew 7% overall, and we maintained our leadership in the U.S. with low single digits growth. We grew room nights mid-single digits in EMEA and mid-teens in the rest of the world, including nearly 20% in Asia. B2B and Advertising continued their strong performance.

第二季度，我們的預訂間夜量整體成長了7%，並以低個位數的成長持續保持在美國的領先地位。我們在歐洲、中東和非洲地區的間夜量成長了中等個位數，世界其他地區的間夜量成長了中等十幾個百分點，其中亞洲的間夜量增加了近 20%。B2B 和廣告持續表現強勁。

B2B bookings grew 17%, outpacing the market and delivering our 16th consecutive quarter of double-digit growth. Advertising revenue grew 19%, with a record number of active partners and momentum across both sponsored listings and display ads.

B2B 預訂量成長 17%，超過市場成長速度，連續第 16 季實現兩位數成長。廣告收入成長了 19%，活躍合作夥伴數量創歷史新高，贊助名單和展示廣告均呈現強勁成長動能。

Brand Expedia was once again our largest and fastest-growing consumer brand, with multi-item attach rates at their highest level since the pandemic. Hotels.com bookings declined slightly, but room nights accelerated from the first quarter, helped by our brand relaunch in April.

Expedia 品牌再次成為我們規模最大、成長最快的消費品牌，其多商品附加率達到了疫情以來的最高水準。Hotels.com 的預訂量略有下降，但由於我們 4 月品牌重新推出，客房間夜量較第一季增加。

Vrbo grew room nights roughly in line with the market in the U.S., though bookings declined in a softer environment with lower daily rates, shorter length of stay, and higher cancellations. Our second quarter performance was underpinned by progress on our three strategic priorities, one, deliver more value for travelers; two, invest where we see the greatest opportunity for growth; and three, drive operating efficiencies and expand margins.

Vrbo 的客房間夜量成長與美國市場基本一致，但由於市場環境較為疲軟，每日房價較低、住宿時間較短、取消率較高，預訂量下降。我們第二季的業績得益於我們三大策略重點的進展：第一，為旅客提供更多價值；第二，在我們認為最具成長機會的領域進行投資；第三，提高營運效率並擴大利潤率。

AI accelerates all of these priorities, and I'll share how we're leveraging it in each. Let me start with delivering more value to travelers through our supply, loyalty program and products.

人工智慧加速了所有這些優先事項的實現，我將分享我們如何在每個優先事項中利用它。首先，我要透過我們的供應、忠誠度計劃和產品為旅行者提供更多價值。

On supply, our recent partnership with Southwest Airlines has delivered fantastic results, bringing new customers to both Expedia and to Southwest, and delivering approximately 5% of Southwest’s total passenger volume in the second quarter. This contributed to us outpacing total U.S. air ticket sales in the quarter.

在供應方面，我們最近與西南航空的合作取得了顯著成果，為 Expedia 和西南航空帶來了新客戶，並為西南航空第二季度帶來了約 5% 的總客運量。這使得我們本季的機票銷售總額超過了美國。

In EMEA, we've added Premier Inn, a leading European hotel chain, and combined with adding Ryanair earlier this year, strengthened our value proposition to travelers in Europe. In May, we launched new vacation rental promotions capabilities, and in just a few months, nearly 10% of Vrbo bookings are on our new promotional rates. When we bring on more relevant supply, we drive more value for travelers, and in turn, more growth for our supply partners.

在歐洲、中東和非洲地區，我們新增了歐洲領先的連鎖飯店 Premier Inn，並在今年稍早新增了瑞安航空，從而加強了我們面向歐洲旅客的價值主張。5 月份，我們推出了新的度假租賃促銷功能，短短幾個月內，近 10% 的 Vrbo 預訂都採用了我們的新促銷價格。當我們帶來更多相關供應時，我們會為旅客帶來更多價值，進而為我們的供應夥伴帶來更多成長。

Our loyalty program showed continued momentum even as we calibrate the program. Active loyalty members grew high-single digits with the fastest growth from our Silver members and above.

即使我們調整了忠誠度計劃，該計劃仍然顯示出持續的動力。活躍忠誠會員數量增加了高個位數，其中銀卡及以上會員的成長速度最快。

As a reminder, higher tier members receive better member rates from our supply partners and earn accelerated rewards, which together create another powerful flywheel for retention and repeat.

提醒一下，更高級別的會員可以從我們的供應合作夥伴那裡獲得更好的會員價格，並獲得加速獎勵，這共同為保留和重複創造了另一個強大的飛輪。

Turning to our products, we're continually improving the foundations of our user experience, like performance, scalability, and configurability - basics that we know drive conversion and repeat. At the same time, we're using AI everywhere, leveraging our vast first-party data to create better, more personalized experiences.

談到我們的產品，我們正在不斷改進用戶體驗的基礎，例如效能、可擴展性和可配置性——我們知道這些基礎可以推動轉換和重複。同時，我們在各個領域使用人工智慧，利用我們龐大的第一方資料來創造更好、更個人化的體驗。

Our AI filters help travelers find what they're looking for faster, resulting in higher conversion rates. And our insurance products now personalize coverage, resulting in our highest insurance attach rates ever. In customer service, AI is contributing to record-high Net Promoter Scores while helping us reduce costs.

我們的 AI 過濾器可幫助旅客更快找到他們想要的內容，從而提高轉換率。現在，我們的保險產品實現了個人化承保，從而實現了有史以來最高的保險附加率。在客戶服務方面，人工智慧在幫助我們降低成本的同時，也為我們創下新的淨推薦值做出了貢獻。

This leads me to our second priority, investing where we see the greatest opportunities for growth. B2B is growing fast, we're excited about it, and we're investing behind it. We're onboarding new B2B supply and making it easier for partners to identify and surface the right deals for their travelers. We're also expanding our product portfolio.

這讓我想到了我們的第二個優先事項，即在我們認為最具成長機會的地方進行投資。B2B 發展迅速，我們對此感到興奮，並且正在對其進行投資。我們正在引入新的 B2B 供應，使合作夥伴能夠更輕鬆地為他們的旅客找到並提供合適的優惠。我們也在擴大我們的產品組合。

Last quarter we launched our first partner on our car API, and later this year, we'll roll out additional lines of business. B2B is large outside the U.S., and as we grow, it creates another powerful flywheel for our supply partners as well as benefiting our consumer business. On Advertising, we're making it simple and cost effective for advertisers to reach their goals. Our new ad formats like video, are driving higher engagement and conversion rates.

上個季度，我們在汽車 API 上推出了第一個合作夥伴，今年晚些時候，我們將推出更多業務線。B2B 在美國以外地區規模很大，隨著我們的發展，它為我們的供應合作夥伴創造了另一個強大的飛輪，同時也使我們的消費者業務受益。在廣告方面，我們致力於讓廣告主以簡單且經濟的方式實現他們的目標。我們的影片等新廣告格式正在提高參與度和轉換率。

We're rolling out more automation, and about half of our partners now use our automated campaign optimization tools. We're a high-return channel for our advertisers, and while the space is getting more crowded, by continuing to innovate, both on the ads themselves as well as advertiser tools, we believe there's a lot of growth potential ahead. In our consumer business, we're making progress growing outside the U.S. and capitalizing on new traveler behaviors.

我們正在推出更多的自動化功能，現在大約有一半的合作夥伴使用我們的自動化活動優化工具。我們是廣告商的高回報管道，雖然這個領域變得越來越擁擠，但透過不斷創新，無論是在廣告本身還是廣告商工具上，我們相信未來還有很大的成長潛力。在我們的消費者業務中，我們在美國以外的地區取得了進展，並利用了新的旅行者行為。

We grew bookings outside the U.S. by high single digits, with Brand Expedia growing 13%. The U.K. and Northern Europe grew particularly well in part fueled by the new supply I mentioned earlier.

我們在美國以外的預訂量實現了高個位數成長，其中 Brand Expedia 成長了 13%。英國和北歐的成長尤其良好，部分原因是受到我之前提到的新供應的推動。

We continue to see opportunity to grow as we bring together marketing, product, supply, and servicing in a way that's relevant to travelers in each of our focus markets. We're also capitalizing on new traveler search behaviors, in particular with social, GenAI searches, and agentic AI.

當我們將行銷、產品、供應和服務以與每個重點市場中的旅客相關的方式整合在一起時，我們繼續看到了成長的機會。我們也利用新的旅客搜尋行為，特別是社交、GenAI 搜尋和代理 AI。

Traffic from GenAI searches is small but growing fast, and it's converting into bookings at higher rates than other traffic. We're working with all the large tech players, Google, OpenAI, Meta, and Microsoft, to name a few, to make sure that our brands appear prominently and their value propositions are clearer. It's a fast-changing space and having the right integrations and partnerships enables us to stay ahead, all the while optimizing our own sites, apps, tech, and marketing for the future.

GenAI 搜尋的流量雖然很小，但成長迅速，且其轉換為預訂的比例高於其他流量。我們正在與所有大型科技公司合作，例如Google、OpenAI、Meta 和微軟等，以確保我們的品牌脫穎而出，其價值主張更加清晰。這是一個快速變化的領域，擁有正確的整合和合作夥伴關係使我們能夠保持領先地位，同時優化我們自己的網站、應用程式、技術和行銷以適應未來。

Moving to the third pillar of our strategy, operating efficiencies and margin expansion. For the past three quarters, we've been flat or leveraged against direct marketing spend in our consumer business. There's still work to do in this area, and we're taking a rigorous approach, refining our measurement and leaning in where we see the greatest returns.

轉向我們策略的第三支柱，即營運效率和利潤率擴張。在過去三個季度中，我們的消費者業務的直接行銷支出一直持平或增加。這個領域還有很多工作要做，我們正在採取嚴謹的方法，改進我們的衡量標準，並傾向於看到最大回報的地方。

As our product gets better, as we drive more direct and better retention, we will see improved marketing leverage. AI is a key enabler of productivity and effectiveness.

隨著我們的產品變得越來越好，隨著我們推動更直接和更好的保留，我們將看到行銷槓桿的提高。人工智慧是提高生產力和效率的關鍵推動因素。

It touches every function across our company, and all our employees have AI goals. Our engineering teams, for example, have broadly adopted AI-powered developer assistance, and we're seeing reduced cycle times, by more than 20% in some teams, and faster feature delivery.

它涉及我們公司的每個職能，我們所有的員工都有 AI 目標。例如，我們的工程團隊已廣泛採用人工智慧驅動的開發人員協助，我們發現某些團隊的週期時間縮短了 20% 以上，且功能交付速度更快。

We expect the impact to compound as we integrate AI deeper into our workflows and that this work, alongside our cost discipline, will underpin our continued margin expansion. To conclude, even as the U.S. travel market was tough in the first half of the year, we made tangible progress on our strategic priorities. We have much work and opportunity ahead as we continue to execute on our strategy and deliver value for all of our stakeholders. With that, over to you, Scott.

我們預計，隨著我們將人工智慧更深入地融入我們的工作流程，其影響將會加劇，這項工作與我們的成本控制相結合，將支持我們持續的利潤率擴張。總而言之，儘管今年上半年美國旅遊市場艱難，但我們在戰略重點方面取得了實際進展。隨著我們繼續執行策略並為所有利害關係人創造價值，我們面臨許多工作和機會。現在，就交給你了，史考特。

Thank you, Ariane, and good afternoon, everyone. I'm pleased to share our second quarter performance, which beat the high end of our bookings and revenue guidance by a point and our adjusted EBITDA margin expansion guidance by a point.

謝謝你，阿麗亞娜，大家下午好。我很高興與大家分享我們第二季的業績，該業績超出了我們的預訂量和收入預期的高端，也超出了我們的調整後 EBITDA 利潤率擴張預期。

In summary, for Q2, our booked room nights were up 7%, gross bookings were up 5% and revenue was up 6%. Our B2B and advertising businesses delivered strong double-digit growth, up 17% and 19%, respectively.

綜上所述，第二季度，我們的預訂間夜數增加了 7%，總預訂量增加了 5%，營收成長了 6%。我們的B2B和廣告業務實現了強勁的兩位數成長，分別成長了17％和19％。

On the bottom line, we delivered EBITDA margin expansion of approximately 2 points. Our booked room nights were $105 million, up 7%. As Ariane mentioned, the growth was primarily driven by B2B with strong international performance. We saw notable strength in Asia, which grew almost 30%, with particular strength in our Rapid API product.

總體而言，我們的 EBITDA 利潤率擴大了約 2 個百分點。我們的預訂間夜量為 1.05 億美元，成長 7%。正如 Ariane 所提到的，成長主要由國際表現強勁的 B2B 業務推動。我們看到亞洲市場表現顯著，成長了近 30%，尤其是我們的快速 API 產品。

As a reminder, Rapid connects Expedia Group's powerful lodging supply with our travel partners. In B2C, Brand Expedia grew booked room nights 5%, also benefiting from the international growth, partially offset by a softer U.S. consumer spending and travel environment. ADRs of $209 were essentially flat with prior year.

提醒一下，Rapid 將 Expedia Group 強大的住宿供應與我們的旅遊合作夥伴連接起來。在 B2C 領域，Brand Expedia 的預訂間夜量成長了 5%，同樣受益於國際業務的成長，但美國消費者支出和旅遊環境的疲軟部分抵銷了這一成長。209 美元的 ADR 與上年基本持平。

The U.S. travel market experienced continued pressure on inbound travel with shorter booking windows and higher cancellations. Even with that backdrop, we believe our company grew faster than market in both Air and Hotel lines of business, while vacation rental room nights grew roughly in line with the market.

美國旅遊市場入境旅遊持續面臨壓力，預訂時間縮短，取消率上升。即使在這樣的背景下，我們相信，我們公司在航空和酒店業務方面的成長速度都快於市場，而度假租賃間夜數的成長速度與市場基本一致。

Gross bookings were $30.4 billion, up 5%, which includes a 1 point benefit from foreign exchange. Revenue of $3.8 billion grew 6%, which was 8% on an FX-neutral basis. International revenue growth was up 13%.

總預訂額為 304 億美元，成長 5%，其中包括外匯帶來的 1 個百分點的收益。營收成長 6% 至 38 億美元，剔除匯率因素則成長 8%。國際收入成長了13%。

We outperformed our bookings and revenue guidance due to the strength outside the U.S., in particular, in B2B. Our international bookings growth also benefited from foreign exchange, while Brand Expedia also saw strength led by growth in Air, advertising, and attach. Lodging bookings and lodging revenue both grew 6%.

由於美國以外地區（尤其是 B2B 領域）的強勁表現，我們的預訂量和收入超出預期。我們的國際預訂量成長也受惠於外匯交易，而 Brand Expedia 也因航空、廣告和附加服務的成長而表現強勁。住宿預訂量和住宿收入均增加了6%。

Turning to page 10 and our segment's performance, starting with B2C. B2C gross bookings of $21.6 billion increased 1% year over year.

翻到第 10 頁，看看我們部門的表現，從 B2C 開始。B2C 總預訂量達 216 億美元，較去年同期成長 1%。

We delivered high single-digit growth outside the U.S. partially offset by softness in the U.S. market. B2C revenue of $2.5 billion grew 2%, driven by an increase in hotel demand, particularly from Brand Expedia, reflecting growth in advertising and additional stays from past period bookings.

我們在美國以外地區實現了高個位數成長，但部分被美國市場的疲軟所抵消。B2C 收入為 25 億美元，增長 2%，這得益於酒店需求的增長，尤其是來自 Brand Expedia 的需求，反映了廣告的增長以及過去期間預訂的額外住宿。

B2C EBITDA margins were 29.4%, up nearly 3 points from last year. driven by volume growth, most notably in our higher-margin products like advertising and through disciplined cost management, more specifically in our direct sales and marketing.

B2C EBITDA 利潤率為 29.4%，比去年成長近 3 個百分點。這得益於銷售成長，最明顯的是我們的廣告等高利潤產品，以及透過嚴格的成本管理，更具體地說是我們的直銷和行銷。

Moving to B2B. We are excited about the momentum in the business and continued growth prospects as we unlock even more of our supply and launch new APIs for our partners. This business builds upon the same supply and technology for our B2C business allowing us to expand our reach and power more global travel.

轉向 B2B。隨著我們釋放更多供應並為合作夥伴推出新的 API，我們對業務發展勢頭和持續成長前景感到興奮。該業務建立在我們 B2C 業務的相同供應和技術之上，使我們能夠擴大業務範圍並支援更多的全球旅行。

B2B gross bookings were $8.8 billion, up 17%. Our B2B segment continues to benefit from increased volume due to solid execution and a higher mix of business outside of the US. B2B revenue grew 15%, driven by strong growth in Asia and Europe, as well as a shift in the timing from Easter.

B2B 總預訂額為 88 億美元，成長 17%。由於執行力強以及美國以外業務的多樣化，我們的 B2B 部門繼續受益於業務量的增加。B2B 營收成長了 15%，這得益於亞洲和歐洲的強勁成長以及復活節時間的變化。

B2B EBITDA margins were 27.3%, up more than 2 points year over year, driven by volume leveraging on the cost of sales and overhead. We delivered second quarter adjusted EBITDA of $908 million, a margin of 24%.

B2B EBITDA 利潤率為 27.3%，較去年同期成長超過 2 個百分點，這得益於銷售成本和管理費用的銷售槓桿作用。我們第二季的調整後 EBITDA 為 9.08 億美元，利潤率為 24%。

The 2 points of adjusted margin -- EBITDA margin expansion was driven by revenue growth in both segments particularly driven by our advertising business and about 0.25 point of benefit from foreign exchange.

調整後利潤率－EBITDA 利潤率的 2 個點擴張是由兩個部門的收入成長所推動的，特別是由我們的廣告業務推動的，以及外匯帶來的約 0.25 個點的收益。

Adjusted EBITDA -- adjusted EPS of $4.24 grew 21% versus prior year. driven by higher revenues and leverage of cost along with the share repurchase activity.

調整後的 EBITDA——調整後的 EPS 為 4.24 美元，較上年增長 21%。這得益於更高的收入和成本槓桿以及股票回購活動。

Moving to page 13. Cost of revenue of $373 million was 9.8% of revenue, representing a 0.25 point improvement from the prior year, which reflected ongoing efficiencies, particularly in customer service. Direct sales and marketing expenses were $1.9 billion, up 7% and essentially flat as a percentage of gross bookings.

翻到第 13 頁。收入成本為 3.73 億美元，佔收入的 9.8%，比前一年提高了 0.25 個百分點，這反映了持續的效率提高，尤其是在客戶服務方面。直接銷售和行銷費用為 19 億美元，成長 7%，佔總預訂量的百分比基本上持平。

We did see leverage in our B2C business, which was offset by B2B, as a reminder, commissions paid to our partners are included in the direct sales and marketing expenses for B2B. Overhead expenses were $637 million or, 16.8% of revenue, a nearly 0.25-point improvement. Keep in mind, the actions we took to reduce our cost structure did not fully impact Q2 and are expected to reduce -- and are expected to further benefit our expense base in the second half of the year.

我們確實看到了 B2C 業務中的槓桿作用，但這被 B2B 業務所抵消，提醒一下，支付給我們合作夥伴的佣金包含在 B2B 的直接銷售和行銷費用中。管理費用為 6.37 億美元，佔收入的 16.8%，提高了近 0.25 個百分點。請記住，我們為降低成本結構而採取的措施並未完全影響第二季度，預計會降低——並且預計將在今年下半年進一步有利於我們的支出基礎。

The strength in our balance sheet continued with $9.2 billion in total liquidity at quarter end. This includes $6.7 billion of unrestricted cash and short-term investments and $2.5 billion from our undrawn revolving credit facility.

我們的資產負債表持續保持強勁，季末總流動資金為 92 億美元。其中包括 67 億美元的非限制現金和短期投資以及 25 億美元未提取的循環信貸額度。

Our leverage ratio of 2 times is in line with our target, and we remain committed to maintaining debt levels consistent with our investment-grade rating. Free cash flow on a trailing 12-month basis was $2 billion, and reflects the strength of our asset-light operating model and disciplined execution of our strategic priorities.

我們的2倍槓桿率符合我們的目標，我們仍致力於維持與我們的投資等級評等一致的債務水準。過去 12 個月的自由現金流為 20 億美元，反映了我們輕資產營運模式的優勢以及對策略重點的嚴格執行。

At quarter end, we had $2.3 billion remaining in our share repurchase program, after utilizing $627 million in the quarter to repurchase 3.8 million shares of our common stock. This brings our total shares repurchased in the last three years to 42 million and reduces our share count by 21%.

截至季末，我們的股票回購計畫剩餘 23 億美元，本季我們已動用 6.27 億美元回購 380 萬股普通股。這使得我們過去三年回購的股票總數達到 4,200 萬股，股票數量減少了 21%。

Turning to the outlook for the third quarter. We expect gross bookings growth of 5% to 7% and revenue growth of 4% to 6%. This includes an estimated 1 point benefit from foreign exchange to bookings and revenue growth at current exchange rates.

展望第三季的前景。我們預計總預訂量將成長 5% 至 7%，營收將成長 4% 至 6%。其中包括以當前匯率計算外匯兌換對預訂量和收入成長預計帶來的 1 個百分點的收益。

Adjusted EBITDA margin is expected to expand by 50 to 100 basis points with no material impact from currency at current exchange rates. For the full year, we expect gross bookings and revenue growth of 3% to 5%, which represents a 1 point increase versus our previous guidance.

調整後的 EBITDA 利潤率預計將擴大 50 至 100 個基點，以當前匯率計算，貨幣不會產生重大影響。我們預計全年總預訂量和收入將成長 3% 至 5%，比我們先前預期的高出 1 個百分點。

For bookings, this includes roughly 0.5 point of benefit from foreign exchange and for revenue, it includes approximately a 1 point headwind at current rates. For the year, we expect adjusted EBITDA margin expansion of a full point. This is at the high end of our previous guidance of 75 to 100 basis points. provided in May. We are off to a good start in the first half of the year with adjusted EBITDA margin up over 1.5 points. In the second half, we will benefit from the cost actions we announced with our first quarter results.

對於預訂而言，這包括外匯帶來的大約 0.5 個點的收益，而對於收入而言，這包括按當前匯率計算的大約 1 個點的逆風。我們預計今年調整後的 EBITDA 利潤率將擴大整整一個點。這是我們 5 月給出的 75 至 100 個基點的先前指導的高端。今年上半年我們開局良好，調整後的 EBITDA 利潤率上升了 1.5 個百分點。下半年，我們將受益於第一季業績中宣布的成本行動。

In addition, we expect to deliver additional EBITDA margin expansion from our B2C marketing leverage. We are focused on optimizing our current spend across the enterprise, while continuing to invest in our growth drivers.

此外，我們預計 B2C 行銷槓桿將進一步擴大 EBITDA 利潤率。我們專注於優化整個企業的當前支出，同時繼續投資於我們的成長動力。

Regarding capital allocation for the balance of 2025, we expect to continue repurchasing shares, roughly in line with levels over the last couple of years. Finally, our '25 guidance implies a moderation in Q4 growth as compared to Q3, which is driven by two factors. First, we're lapping last year's significant strength, where bookings and revenue growth were up 13% and 10%, respectively.

關於 2025 年剩餘時間的資本配置，我們預計將繼續回購股票，大致與過去幾年的水平一致。最後，我們的 25 年指引意味著第四季的成長與第三季相比有所放緩，這是由兩個因素造成的。首先，我們延續了去年的強勁勢頭，預訂量和收入分別成長了 13% 和 10%。

Secondly, the continuing uncertainty around the U.S. consumer and travel into the U.S. I'm encouraged by the momentum we're seeing across our strategic priorities, and I want to echo Ariane's enthusiasm around the progress we've made year to date, especially during a challenging U.S. consumer spending environment.

其次，美國消費者和赴美旅遊的不確定性持續存在。我們對戰略重點的勢頭感到鼓舞，我想呼應阿麗亞娜對我們今年迄今為止所取得的進展的熱情，特別是在充滿挑戰的美國消費者支出環境中。

Now let me open the call for questions.

現在讓我開始提問。

(Operator Instructions)

（操作員指示）

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks for all the detail in the prepared remarks. I think holding in on some of the bigger themes in what you said, would you guys think broadly and where this company is going over the next couple of years, how do you think about aligning some of your key strategic priorities and growth investments against traffic dynamics, conversion, and thinking about scaling various forms of inventory and go-to-market strategy over the medium to long term.

感謝您在準備好的發言中提供的所有詳細資訊。我認為，考慮到您所說的一些更大的主題，您是否會進行更廣泛的思考，以及這家公司未來幾年的發展方向，您如何考慮將一些關鍵戰略重點和增長投資與流量動態、轉換率相結合，並考慮在中長期內擴大各種形式的庫存和上市戰略。

So first, I would start by saying that we're happy with the portfolio mix we have between our consumer brands, our B2B brands. And we think that while, of course, our consumer business is quite I would say, concentrated in the US. If you look at the company as a whole, we're quite diversified when you look at the B2B business.

首先，我想說的是，我們對我們的消費品牌和 B2B 品牌之間的組合感到滿意。我們認為，當然，我們的消費者業務相當集中在美國。如果從整體來看公司，我們的 B2B 業務相當多元化。

As you say, we'll see how AI evolves. But again, I think we're well-positioned in our consumer business to integrate AI into our products, into our apps. As traffic shifts, as consumer behavior shifts, we are working with all of the different partners who have, for example, AI traffic, whether it's open AI, Microsoft, and the like. And so I think we're well positioned to make sure we're capturing that traffic.

正如你所說，我們將看到人工智慧如何發展。但我再次認為，我們在消費者業務方面已經做好了將人工智慧融入我們的產品和應用程式中的準備。隨著流量和消費者行為的變化，我們正在與所有擁有人工智慧流量的不同合作夥伴合作，無論是開放人工智慧、微軟或其他公司。因此我認為我們已做好準備，確保能夠捕獲這些流量。

Of course, with our work on supply, with our work on our product, with our work in our loyalty program, our goal would be to have as much direct traffic as possible into our brands. But again, we're working with all of these partners to get traffic from outside as well.

當然，透過我們在供應方面的工作、我們在產品方面的工作、我們在忠誠度計劃方面的工作，我們的目標是為我們的品牌帶來盡可能多的直接流量。但同樣，我們正在與所有這些合作夥伴合作，以獲取外部流量。

And then B2B is a highly diversified business, not only geographically, but also in terms of the type of partners we work with. We know that it's a big travel industry. Some people buy traffic -- sorry, by travel through their corporate programs, some from offline retails, some from their loyalty programs, and we're really there to power it all.

B2B 是一個高度多樣化的業務，不僅在地理上，而且在我們合作的夥伴類型方面。我們知道這是一個龐大的旅遊業。有些人購買流量——抱歉，是透過他們的公司計劃購買的，有些人是透過線下零售購買的，有些人是透過他們的忠誠度計劃購買的，而我們確實為這一切提供了支持。

So if I just step back and think about our three big strategic priorities, which are deliver more value for travelers and partners through our product, supply and loyalty program, invest where we see growth which is in B2B and advertising. And then in consumer, there's a big opportunity still internationally and with these new traffic trends and then expand margins. I think we feel good about where we are.

因此，如果我退一步思考我們的三大策略重點，即透過我們的產品、供應和忠誠度計劃為旅客和合作夥伴提供更多價值，並在我們看到成長的領域（即 B2B 和廣告）進行投資。在消費者方面，國際上仍然存在著巨大的機遇，隨著這些新的流量趨勢的出現，利潤率也會擴大。我認為我們對目前的狀況感到滿意。

I'd add to that a couple of things. First off, maybe to double click on the direct traffic point that Ariane brought up. We continue to see strength in the traffic we get from direct and we are very closely working with AI providers as well as monitoring our own traffic and conversion to make sure that we are seeing the uplift we think we should and holding our strength in direct, which we feel good about. The second is for app traffic. Our app traffic continues to grow and conversion continues to get better. So as we think about the mix of where our traffic is coming from, we feel very strongly about those two.

我還想補充幾點。首先，也許雙擊 Ariane 提出的直接流量點。我們繼續看到從直接獲得的流量的強勁增長，我們正在與人工智慧提供者密切合作，同時監控我們自己的流量和轉換率，以確保我們看到我們認為應該實現的提升，並保持我們的直接優勢，我們對此感到滿意。第二個是針對應用程式流量。我們的應用流量持續成長，轉換率持續提高。因此，當我們思考我們的流量來自哪裡時，我們對這兩者有非常強烈的看法。

The other traffic channels, broadly speaking, we're seeing more strength in social, which we feel good about and continue to invest behind. And as we make trade-offs between the other channels to balance our returns and our growth. That's where I think you'll see particularly out of BNB some productivity going forward.

廣義上講，我們看到其他流量管道在社交方面更具優勢，我們對此感到滿意並將繼續進行投資。我們會在其他管道之間做出權衡，以平衡我們的回報和成長。我認為，您會看到 BNB 未來的生產力有所提升。

Anthony Post, Bank of America.

安東尼波斯特，美國銀行。

I think I'll ask again about Hotels.com. You've mentioned some improvement. Maybe give us some things that are working there and how your outlook is for that brand for the next 12 months? And then, Scott, maybe you could talk about how you thought about Q4 comps in your full year guidance.

我想我會再問 Hotels.com 的情況。您提到了一些改進。也許您可以告訴我們在那裡正在做的事情，以及您對該品牌未來 12 個月的展望如何？然後，斯科特，也許您可以談談您對全年指導中第四季度業績的看法。

Yeah, I'll take the Hotels.com question. And I'd start by saying, look, I talked about it a year ago, Hotels.com was our most disruptive of all of our brands from the platform migrations and the change in the loyalty program and the fact that we've pulled back on international for a period of time while we were going through big re-platforming. And as I said, I feel good about where we are right now. I'll start with the brand relaunch in April.

是的，我回答有關 Hotels.com 的問題。首先我想說，你看，我一年前就討論過這個問題，Hotels.com 是我們所有品牌中最具顛覆性的，包括平台遷移、忠誠度計劃的變化，以及我們在進行大規模平台重塑期間在一段時間內撤出國際業務的事實。正如我所說，我對我們目前的狀況感到滿意。我將從四月開始重新推出品牌。

We're seeing brand awareness and direct traffic move in the right direction from that. And so that gives us a lot of confidence. Next, in the product, we introduced new capabilities like price alerts and insights that really reinforce the value proposition of this brand as a hotel specialist. So there are things that are specific to Hotels.com, and it also benefits from some of our underlying platform improvements, for example, like our checkout path.

我們看到品牌知名度和直接流量正在朝著正確的方向發展。這給了我們很大的信心。接下來，我們在產品中引入了價格警報和洞察等新功能，真正強化了品牌作為飯店專家的價值主張。因此，有些是 Hotels.com 獨有的，它也受益於我們一些底層平台的改進，例如我們的結帳路徑。

And finally, as we've been leaning back into international markets with the Hotels.com loyalty program at 10 for 1, we're seeing some really nice results. And Hotels.com is actually a brand that's quite exposed to international markets. So I'd just say, look, it's been a road to get here and we have a full road map of -- for the second half, and we feel good about the progress that we've made.

最後，隨著我們利用 Hotels.com 的「買一送一」忠誠度計畫重新進入國際市場，我們看到了一些非常好的結果。事實上，Hotels.com 是一個在國際市場上相當活躍的品牌。所以我只想說，看，這是一條到達這裡的道路，我們有下半年的完整路線圖，我們對所取得的進展感到滿意。

Yeah, specific to your second question, as I said in my prepared remarks, there's a fair amount of market uncertainty, combined with tougher lapping. We're up 6 to 7 points in Q3 to Q4 of last year, and that dynamic is going to make, we think the comps a little tougher in Q4. But effectively, we're not updating Q4. So when you guys do the force out for Q4, it's going to show roughly flat for GMV and revenue. And I think we feel strongly that we'll be on the upside of the higher end of that range. and we'll get to Q4 when we get to it.

是的，具體到您的第二個問題，正如我在準備好的演講中所說，市場存在相當大的不確定性，而且競爭更加激烈。去年第三季到第四季度，我們的業績上升了 6 到 7 個百分點，我們認為這種動態將使第四季的競爭變得更加艱難。但實際上，我們並沒有更新 Q4。因此，當你們全力以赴完成第四季時，GMV 和收入將大致相當。我認為，我們強烈感覺到，我們將處於該範圍的高端。當我們進入第四季度時，我們將進入第四季度。

Lee Horowitz, Deutsche Bank.

德意志銀行的李·霍洛維茲。

I think you talked to marketing leverage in your B2C business in the second half of the year. I guess what has evolved in your business over the last year or so to sort of reach that elusive goal. It's been something you can talk about for a while. Just curious what you're seeing to have confidence in that outlook and how you think about that perhaps going forward into '26.

我認為您談到了下半年 B2C 業務中的行銷槓桿。我想問一下在過去一年左右的時間裡您的業務發生了哪些變化，從而實現了這個難以實現的目標。這是你可以談論一段時間的事情。我只是好奇，您對這種前景有何信心，以及您如何看待這種前景在 26 年的發展。

So I'll start, and then Scott, if you'd like to add. First of all, marketing leverage comes from, obviously, the product itself getting better. So are we able to as we bring traffic in, one, is it coming more direct? Two, when we bring it in, is the paid traffic - are we getting it at an efficient level?

那我先開始，然後是史考特，如果你想補充的話。首先，行銷槓桿顯然來自於產品本身的不斷改進。那麼，當我們引入流量時，我們能夠做到嗎？第一，流量是否更直接？二，當我們引入付費流量時，我們是否能夠有效率地獲得它？

And then are we converting that traffic that comes in into bookings and then people repeating and coming back direct. All of the work that we are doing around traveler value, when I talk about the work in the product, the work in the supply and the loyalty program is with the goal of getting more repeat, more direct, and more loyalty, which automatically will improve our marketing leverage. In addition, I've talked about the work we're doing in sharpening the value proposition for each of the brands.

然後，我們是否將進來的流量轉化為預訂，然後人們再次光臨並直接回來。當我談到產品工作、供應工作和忠誠度計劃時，我們圍繞旅行者價值所做的所有工作都是為了獲得更多的重複、更直接和更多的忠誠度，這會自動提高我們的行銷槓桿。此外，我還談到了我們為強化每個品牌的價值主張所做的工作。

Because the sharper it is, the more people understand that Expedia is a one-stop shop where they can come in and drink great package deals and bundle and save, the more effective our marketing will be. And then, of course, it's just the simple work in marketing of making sure that we have the right integrations with the right partners that we've got the right measurement, and I feel great about the progress that our team is making around that.

因為它越清晰，越多的人會明白 Expedia 是一個一站式商店，他們可以在這裡享受超值的套餐優惠、捆綁服務和節省開支，我們的行銷就會越有效。當然，這只是行銷中的簡單工作，確保我們與正確的合作夥伴進行正確的整合，並進行正確的衡量，我對我們團隊在這方面取得的進展感到非常高興。

Naved Khan, B. Riley Securities.

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

Maybe just a question on the promotional environment given the sort of sluggish US. Are you kind of leaning more on promotions to drive bookings and conversions versus prior periods? Just any thoughts on that? And how does that affect maybe less marketing, maybe more promotions. That's one.

鑑於美國經濟不景氣，這也許只是關於促銷環境的一個問題。與以前相比，您是否更傾向於透過促銷來推動預訂和轉換？對此有什麼想法嗎？這會對減少行銷和增加促銷產生什麼影響呢？那是一個。

And the second question I have is just on the all-in pricing that you're doing now across the platform. What kind of impact are you seeing from that on conversion rates?

我的第二個問題是關於你們現在在整個平台上實行的全包定價。您認為這對轉換率有何影響？

Okay. On the promotions, I'd sort of split the answer in two. The first part is supplier-driven promotions. And in the second quarter, we saw more of our bookings come on promotional rates that were provided by supply partners.

好的。關於促銷，我的答案大致分為兩部分。第一部分是供應商驅動的促銷。在第二季度，我們發現更多的訂單來自供應合作夥伴提供的促銷價。

And I think that's both a reflection of supply partners participating more in the promotions and the US consumer being more price sensitive. And look, we partner with our supply partners to help them get more reach.

我認為這不僅反映了供應合作夥伴更多地參與促銷，也反映了美國消費者對價格更加敏感。而且，我們與供應夥伴合作，幫助他們獲得更大的影響力。

So that's what we're seeing on promotions. And then regarding our own promotional activity, whether it's around packaging and the like. We look at it in a very, I would say, methodical way, both marketing, loyalty, and promotions and pricing together. And wherever we see the best return, we'll sort of optimize around that. So that's the answer on the promotions question.

這就是我們在促銷中看到的。然後關於我們自己的促銷活動，無論是圍繞包裝還是其他方面。我想說，我們以一種非常有條理的方式來看待這個問題，包括行銷、忠誠度、促銷和定價。無論我們看到什麼回報最好，我們都會圍繞它進行優化。這就是有關促銷問題的答案。

In terms of all-in pricing, any time you change the UX of an e-commerce app or site, there's obviously some adjustments. But there was not any more impact than what we had expected. And we think it's a good thing for the traveler.

就全包定價而言，每當您更改電子商務應用程式或網站的使用者體驗時，顯然都會進行一些調整。但其影響並沒有超出我們的預期。我們認為這對旅行者來說是一件好事。

And then I also called out that I think we talked about this before, but just for clarity, the loyalty and pricing goes into contract that doesn't show up in marketing. Just so we're clear on that.

然後我還說，我想我們之前討論過這個問題，但只是為了清楚起見，忠誠度和定價都包含在合約中，而不會出現在行銷中。只是為了讓我們清楚這一點。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Great. Just in AI and how it benefits B2B and how you're using your agent. Is that something you can use with your agent to generate new business by potentially letting them use AI agents to get more inventory? And then just on Vrbo, I see that bookings were down year over year. You called out lower ADRs. Can you just talk about the mix shift? And are you still seeing the mix shift to the higher value homes?

偉大的。僅在 AI 中以及它如何使 B2B 受益以及您如何使用您的代理。您是否可以與您的代理商一起使用它來創造新業務，即透過讓他們使用 AI 代理來獲取更多庫存？然後僅在 Vrbo 上，我發現預訂量比去年同期下降。您呼籲降低 ADR。您能談談混合轉變嗎？您是否仍看到房屋結構轉向高價值住宅？

Yeah. Okay. Let me start with Vrbo and then I'll get to B2B and agent. Look, what I would say on Vrbo is we are still filling some of the foundational gaps that we had, in particular, around supply that during the period that we were going through those big migrations, we haven't been able to get to. An important part of those gaps in supply came from promotions like I described, we actually just unlocked the last-minute deals, which we didn't have before.

是的。好的。我先從 Vrbo 開始，然後再談 B2B 和代理商。看，我想說的是，在 Vrbo 上，我們仍在填補一些基礎空白，特別是在供應方面，在我們經歷大規模遷移期間，我們一直未能填補這些空白。正如我所描述的，供應缺口很大一部分來自於促銷活動，我們實際上剛剛解鎖了之前沒有的最後一刻的交易。

And as we look to get more trip types to be able to serve more than the once-a-year large vacation, we need to unlock the supply and product to do that.

我們希望獲得更多的旅行類型，以便能夠滿足一年一次的大型假期以外的更多需求，因此我們需要釋放供應和產品來做到這一點。

So last minute was a big part of that for weekend trips, six months ago, I talked about the multiunit vacation inventory in urban. So we are on the path to be able to cater to more trip types, whether it's, as I said, short booking window, longer booking windows, whole homes or apartments.

因此最後一分鐘是周末旅行的重要組成部分，六個月前，我談到了城市的多單元度假庫存。因此，我們正在努力滿足更多旅行類型的需求，無論是短期預訂窗口、長期預訂窗口、整棟房屋還是公寓。

I'd also just call out on Vrbo. Last quarter, we launched categorical recommendations on the app home screen, which helps people more easily find their match. So there are some good things happening there in Vrbo.

我也會呼籲 Vrbo。上個季度，我們在應用程式主螢幕上推出了分類推薦，幫助人們更輕鬆地找到他們的匹配。所以 Vrbo 上發生了一些好事。

In terms of your B2B agent question, I would say it's early days between us and supply partners in figuring out how will agents help, whether it's onboarding inventory, whether it's helping with customer support issues, but the travel industry, despite all of the technology we have in it, there are still for servicing needs for the supply partners and a distributor like us, they have to do a lot of back and forth with the customer. So I think it's exciting to see what Agentic will allow in that area.

關於您的 B2B 代理問題，我想說我們和供應合作夥伴之間還處於早期階段，需要弄清楚代理商將如何提供幫助，無論是入職庫存，還是幫助解決客戶支援問題，但旅遊業，儘管我們擁有所有的技術，但仍然需要為供應合作夥伴和像我們這樣的分銷商提供服務，他們必須與客戶進行大量的溝通。因此，我認為看到 Agentic 在該領域能實現什麼功能是令人興奮的。

Conor Cunningham, Melius Research.

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

You had a pretty big acceleration in the point of sale outside the US. And I'm just trying to understand the opportunity set there, maybe a little bit longer term. I realize that you're going to start investing a lot more internationally.

您在美國以外的銷售點取得了相當大的成長。我只是想了解那裡存在的機會，也許是更長遠的機會。我知道你們將開始在國際上進行更多投資。

But historically, I think the split has been like 55-45, and I realize the business has changed a lot, but is that a potential goal that we could get back to at some point? And then if I could just ask another one within that. Is the booking curve now starting to elongate a little bit, with all like the uncertainty kind of passing out in the market in general?

但從歷史上看，我認為分成比例一直是 55-45，而且我意識到業務已經發生了很大變化，但這是我們在某個時候可以恢復的潛在目標嗎？然後我是否可以再問一個人。隨著整個市場不確定性的消散，預訂曲線現在是否開始稍微延長？

Yeah, I'd say that the booking windows particularly for Q2 starting to shorten. And then we've seen kind of pivot a little bit as we've seen re-bookings happen from the cancellations that happened in Q2 as we entered Q3, but we're not going to get into Q3 to in too much detail here today, but that's the dynamic I'd call out there. I don't know if you had anything to add on that.

是的，我想說預訂窗口特別是第二季的預訂窗口開始縮短了。然後，我們看到了某種轉變，因為我們看到在進入第三季度時，第二季度取消的預訂被重新預訂，但我們今天不會在這裡過多地討論第三季度，但這就是我要說的動態。我不知道您是否還有什麼要補充的。

And then on the international question or the growth outside of the US. I'm going to answer it with regard to the consumer business because the B2B business is already majority outside of the US. Compared to the past, we're taking a very focused approach.

然後是國際問題或美國以外的成長。我將根據消費者業務來回答這個問題，因為 B2B 業務在美國以外已經佔據主導地位。與過去相比，我們採取了非常專注的方法。

So each brand has a set of focused markets where they are working to make sure that they have great brand awareness, product, marketing, supply, servicing, and the like. And rather than looking at, okay, what is you -- how do we spread ourselves then? We're really looking in a focused way. And I do believe we can drive outsized growth in those focused markets.

因此，每個品牌都有一組重點市場，他們致力於確保自己擁有良好的品牌知名度、產品、行銷、供應、服務等。而不是去想，好吧，你是什麼——那我們要如何傳播自己？我們確實在集中精力觀察。我確實相信我們能夠在這些重點市場中實現超額成長。

For example, in Japan and Brazil, we were growing over 20%. In Northern Europe, we're growing in strong double digits. So it's really a focused approach, understanding what the travelers in those countries are looking for and then executing against it.

例如，在日本和巴西，我們的成長率超過20%。在北歐，我們的業務實現了強勁的兩位數成長。因此，這確實是一種有針對性的方法，了解這些國家的旅行者正在尋找什麼，然後針對其採取行動。

Kevin Kopelman, TD Securities.

道明證券的凱文·科佩爾曼。

Could you touch on the key growth drivers in B2B and the latest trends you're seeing there? And also if you could help us just strip out the FX impact from Q1 to Q2? And then secondly, on B2B, could you touch on the rev share rate and trends there and what we should expect going forward?

您能否談談 B2B 領域的主要成長動力以及您所看到的最新趨勢？另外，您是否可以幫助我們消除第一季到第二季的外匯影響？其次，關於 B2B，您能否談談那裡的收入份額和趨勢以及我們對未來的期望？

Yeah. On FX for Q2, let me just go back to our original guide was 2 to 4 on GBV. We reported 5 and FX neutral was 4. That was roughly about a point quarter to quarter. So a point or two quarter to quarter, but that's kind of the ranges that we're talking about.

是的。關於第二季的 FX，讓我回到我們最初的指導方針，即 GBV 為 2 到 4。我們報告的評級為 5，而外匯中性評級為 4。這大約是季度環比增長 1 個百分點。因此，每個季度的漲幅為一兩個點，但這就是我們正在談論的範圍。

And then I'll say the drivers of growth. Scott talked about the fact that in Asia, we're growing 30%. And this is a business, one, as I said, that's geographically diverse, but in particular, it's quite exposed to Asia which is a fast-growing market. Two, from a segment perspective, powers off-line retailers, corporate travel, and the like. And we believe that in most of our partners, we're actually winning share with them.

然後我會講成長的動力。史考特談到了我們在亞洲的成長情況，成長率為 30%。正如我所說，這是一個地域多元化的企業，但它特別受到亞洲這個快速成長市場的青睞。二、從細分領域來看，賦能線下零售商、企業旅行等。我們相信，在大多數合作夥伴中，我們實際上正在贏得他們的份額。

So their businesses are growing. And then as we create more value for them, we're able to capture more of their travel spend. And as we look forward on rev share rate, and certainly, to the extent that there are more entrants in the space, that can put some pressure on revenue rate.

因此他們的業務正在成長。然後，當我們為他們創造更多價值時，我們就能吸引他們更多的旅行支出。當我們展望收入份額率時，當然，隨著該領域的進入者增多，這可能會對收入份額率帶來一些壓力。

But this is why we're constantly looking to iterate our products to bring more value and more stickiness to our partners. I talked about the work we were doing in merchandising to make it easier for our partners to understand when there are good deals and good rates. And we're constantly working with them to optimize the tech integrations that we have with them, so that all of the conversations are not just about what's the revenue share.

但這就是為什麼我們不斷尋求迭代我們的產品，為我們的合作夥伴帶來更多價值和更強的黏性。我談到了我們在商品銷售方面所做的工作，以便我們的合作夥伴更容易了解何時有好的交易和好的價格。我們一直在與他們合作，優化我們之間的技術整合，以便所有的對話不僅僅是關於收入份額。

Doug Anmuth, J.P. Morgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

This is Dae on for Doug. Thanks for taking the questions. I have two. First one, on Brand Expedia, could you just unpack that a little bit more and talk about how that's performing within the broader B2C segment? And it's growing faster than the overall like is it for us to think that Expedia is taking share from other players in the space?

這是 Dae on for Doug。感謝您回答這些問題。我有兩個。首先，關於 Brand Expedia，您能否進一步闡述一下，並談談它在更廣泛的 B2C 領域中的表現如何？而且它的成長速度比整體成長速度要快，我們是否認為 Expedia 正在搶佔該領域其他參與者的市場份額？

And then secondly, on the guide, I think in your full year guide, when you exclude the impact of FX, you have a bigger rate for the revenue than for bookings. I just wanted to understand some of the drivers behind that.

其次，關於指南，我認為在您的全年指南中，當您排除外匯的影響時，收入的成長率會高於預訂率。我只是想了解背後的一些驅動因素。

Sure. Let me start with Brand Expedia. So yes, we believe Brand Expedia is taking share in a number of markets that it's in. It's got a great value proposition. As I said earlier, is a one-stop shop bundle and save to be able to do packages where you have your selection of flights with hotels and to do it dynamically is very powerful, and we believe we have the leading solution there.

當然。讓我先從 Brand Expedia 開始。所以是的，我們相信 Brand Expedia 正在其所在的多個市場中佔據一定份額。它具有很大的價值主張。正如我之前所說，一站式捆綁和保存服務能夠讓您選擇航班和酒店，並且可以動態地進行，非常強大，我們相信我們在這方面擁有領先的解決方案。

As a result, we have record attach rates and great growth in packages. We're bringing on new supply. I talked about Southwest and Ryanair, but there are a lot of airlines that, as we work for better connectivity with NDC with them, we're able to unlock additional rates that travelers want.

因此，我們的附加率創下了歷史新高，並且包裹數量大幅增加。我們正在引進新的供應。我談到了西南航空和瑞安航空，但還有很多航空公司，隨著我們努力與 NDC 建立更好的連接，我們能夠解鎖旅客想要的額外價格。

So we're excited about it. It's taking share. And at the same time, there are underpenetrated opportunities with this brand. We aren't as big in vacation rentals as we would like to be. We're not as big in activities. These are areas that, despite the fact that we're growing well, we see as our future growth drivers in addition to international.

所以我們對此感到很興奮。它正在佔據份額。同時，該品牌也存在著尚未充分滲透的機會。我們的度假租賃業務規模還沒有達到我們所希望的水平。我們的活動規模沒有那麼大。儘管我們目前發展良好，但除了國際市場之外，我們還將這些領域視為我們未來的成長動力。

Yeah. Specific for total year foreign exchange, there's not a material difference between the delta on our ranges for foreign exchange and revenue versus GBV. But we can tie that out offline if you like.

是的。具體到全年外匯，我們的外匯範圍與收入和 GBV 之間的差異並不大。但如果您願意，我們可以將其離線處理。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Ariane, on the AI assistant, you noted that the traffic is converting at a higher rate. Can you expand on what the drivers of higher conversion is -- is it because the traffic is having a higher intent than other channels? Or is it because they are going further deeper into the booking path? Any kind of hypothesis you have there would be great. And then one for Scott. Scott, you -- sorry, go ahead.

阿麗亞娜，關於人工智慧助手，您注意到流量的轉換率更高。您能否詳細說明一下更高轉換率的驅動因素是什麼—是因為流量比其他管道具有更高的意圖嗎？還是因為他們在預訂路徑上走得更深入了？您提出的任何假設都很棒。然後還有一篇是給斯科特的。史考特，你——抱歉，請說。

Go ahead, sorry.

繼續吧，抱歉。

No, I was just going to ask a quick one for Scott. Scott, can you talk about the B2B business in Asia, specifically in the context of Rapid API product. How should we think about the opportunity to grow this further maybe in the next few years in the world? What specifically is the value prop that consumers are finding with this product and where the penetration is in terms of that? Any color would be great.

不，我只是想幫斯科特快速問一個問題。斯科特，您能談談亞洲的 B2B 業務嗎，特別是在快速 API 產品的背景下。我們該如何看待未來幾年在世界範圍內進一步發展這一領域的機會？消費者發現該產品的具體價值主張為何？其滲透率又在哪裡？任何顏色都很好。

So let me start with AI. As I said, the traffic that we're getting from these GenAI search engines is small, but it's converting well. And it's exactly -- my hypothesis is exactly what you're saying, which is -- it's traffic that is sort of further down the discovery funnel. And so when it comes to our brands, it's more qualified. Now we're doing a lot of work with these AI companies, whether it's Open AI, Google, or the like.

那麼讓我先從人工智慧開始。正如我所說，我們從這些 GenAI 搜尋引擎獲得的流量很小，但轉換率很高。而這正是 — — 我的假設正是您所說的，即 — — 它是位於發現漏斗更深處的流量。因此，就我們的品牌而言，它更加合格。現在我們正在與這些人工智慧公司進行大量合作，無論是Open AI、Google或類似的公司。

One, to make sure that when travelers are in their worlds that our brands are showing up well. There's tech work, there's marketing work, there's integration work that needs to happen to make that happen. Also to make sure that then when a traveler comes to us, we're able to have the context that, that traveler has so that we can give them more personalized experience when they come to us.

一是確保當旅行者在他們的世界中時，我們的品牌能夠很好地展現出來。為了實現這一目標，需要進行技術工作、行銷工作和整合工作。另外，為了確保當旅行者來到我們這裡時，我們能夠了解旅行者的背景，以便我們能夠在他們來到我們這裡時為他們提供更個性化的體驗。

But I would just say it is early days, whether it's the Agentic search -- sorry, whether it's the AI search, whether it's the agents themselves coming and taking actions on our sites and our apps, we are working closely with all these partners. We're experimenting. We're testing, and it's an exciting area.

但我只想說現在還處於早期階段，無論是 Agentic 搜索 - 抱歉，無論是人工智能搜索，還是代理商自己來到我們的網站和應用程式上採取行動，我們都在與所有這些合作夥伴密切合作。我們正在實驗。我們正在測試，這是一個令人興奮的領域。

I believe in all of it, what remains important is that our brands have strong supply, a great loyalty program that we have a great simple user experience with really good servicing so that whether travelers start with us or start in these AI experiences and then come to us. that they are loyal with our brands.

我相信，除了以上所有之外，最重要的是我們的品牌擁有強大的供應能力、出色的忠誠度計劃、簡潔的用戶體驗和優質的服務，因此，無論旅行者是從我們這裡開始，還是從這些 AI 體驗開始，然後來到我們這裡，他們都會對我們的品牌保持忠誠。

Great. I think that's a great summary. And I think with regard to B2B, I think the way we think about it is with a significant amount of their GBV in revenue coming from international, Asia included, obviously. We feel very good about the mix of those markets and the growth dynamics that come with them.

偉大的。我認為這是一個很好的總結。我認為就 B2B 而言，我們認為其 GBV 收入的很大一部分來自國際，顯然包括亞洲。我們對這些市場的組合以及隨之而來的成長動力感到非常滿意。

As it relates to API, it's just a way for us to bring our total supply in our technology to those customers in those regions. And so we feel very strongly. We've had a great history of continuing strong double-digit growth and I think as we look forward, we expect to continue that.

就 API 而言，這只是我們將我們的技術全部供應提供給這些地區的客戶的一種方式。因此我們的感受非常強烈。我們一直保持著強勁的兩位數成長，我認為展望未來，我們有望繼續保持這種成長勢頭。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Okay. Actually, I'd just like to ask two really high-level questions, and I'm sorry, I missed some of the details from earlier in the call. So Ariane, I would ask the question to you this way. You've been CEO now for a little -- I know you've been with the company for a long time, but you've been CEO for a little over 12, 14, 15 months, something like that. When you think about the sort of the areas that needed fixing, what I really want to ask you is, which areas do you think that you've been able to -- have been most improved over the last year?

好的。實際上，我只想問兩個非常高層次的問題，很抱歉，我錯過了通話早些時候的一些細節。那麼阿麗亞娜，我想這樣問你這個問題。您擔任執行長已經有一段時間了——我知道您在公司工作了很長時間，但您擔任執行長的時間也不過 12、14、15 個月多一點，大概就是這樣。當您考慮需要修復的領域時，我真正想問您的是，您認為哪些領域在過去一年中已經能夠得到最大的改善？

And where do you feel like the real laggards still are that there's real places to lean into that could use the most improvement.

您認為真正的落後者在哪裡，真正值得借鏡、最大程度改進的地方在哪裡？

Then Scott, I know you've been there for six months, a little over that, I think. And you come into this cost structure and you think about the learnings that you've had so far, where are you in terms of thinking through strategizing for real cost opportunities to take these margins may be materially higher to where or somewhat higher to where the other players are in the space? Sorry for the high-level questions, but I think they're kind of important.

那麼史考特，我知道你已經在那裡待了六個月了，我想應該不只六個月。當你進入這個成本結構並思考迄今為止所獲得的經驗時，你在思考如何透過制定策略來獲得真正的成本機會，從而使這些利潤率可能比該領域其他參與者的利潤率高出很多或略高一些？抱歉問了這些高深的問題，但我認為它們很重要。

Thank you, Mark. So I would say it was important to maintain and, in fact, accelerate the momentum where we were doing well in B2B and in advertising and also in Brand Expedia. A year ago, when I took this role, I was really clear that we've done a bunch of platform work, but it wasn't necessarily translating into growth in our consumer business and into great traveler experiences the way we wanted it. So we're on the journey, we're on the path, especially with Vrbo and Hotels.com of being really clear on what are the value propositions, how are they positioned in market?

謝謝你，馬克。因此，我想說，維持並加速我們在 B2B、廣告和 Brand Expedia 方面表現良好的勢頭非常重要。一年前，當我擔任這個職位時，我很清楚我們已經做了大量的平台工作，但它並不一定能轉化為我們消費者業務的成長，也不一定會像我們想要的那樣轉化為出色的旅行者體驗。所以，我們正在旅途中，我們正在路上，特別是 Vrbo 和 Hotels.com 非常清楚自己的價值主張是什麼，它們在市場上的定位是什麼？

How are we filling any key gaps that they have and then executing against those? And some of it is taking the platform capabilities we built and finishing some of them off. And I talked to the team a lot about being brilliant at the basics. I say, look, our business is about how are we getting traffic in, converting it, getting it to repeat, how are we driving retention? It's not always the sexy stuff, but making sure that our sites are fast, that we have great configurable technology.

我們如何填補他們存在的任何關鍵差距並針對這些差距採取行動？其中一些是利用我們建立的平台功能並完成其中一些功能。我和團隊進行了很多關於如何在基本技能上取得優異成績的討論。我說，看，我們的業務是關於如何獲得流量，轉換流量，讓流量重複，我們如何推動保留？它並不總是性感的東西，但要確保我們的網站速度很快，我們擁有出色的可配置技術。

So I would say we've made a lot of progress on that. It's not yet showing as much as I would like it to in the numbers in consumer, but sort of where we'd like on the journey. In terms of sort of I think you said where the areas would lean into, again, I'm waiting to see the results come through in the consumer business. And then there's something about in our culture being fast, moving faster.

所以我想說我們在這方面取得了很大進展。雖然消費者數據上顯示的程度還沒有達到我的期望，但已經達到了我們期望的程度。就我認為您所說的領域將傾向於哪些方面而言，我正在等待看到消費者業務的結果。我們的文化中也存在著快速、快速移動的情況。

And again, when you go through big migrations and platform migrations, I think sometimes that can slow us down. And probably the most exciting thing to me right now is how we're using AI internally in order to get more effective and to move faster. So that's sort of probably the area I would say, lean into and opportunity.

再說了，當你經歷大規模遷移和平台遷移時，我認為這有時會減慢我們的速度。目前對我來說最令人興奮的事情可能是我們如何在內部使用人工智慧來提高效率並加快步伐。所以這可能就是我想說的傾向和機會的領域。

Yeah, Mark, I would -- specific to the question on cost and implicitly then margins. When we look at the margins, and I start with and maybe you missed it earlier, but the dynamics around the first half, I think, are indicative as we talk about first half, second half. The team took, I think, quick action in early Q2. around restructuring some of our cost base.

是的，馬克，我會 - 具體回答有關成本以及利潤率的問題。當我們查看利潤率時，我首先想到的是（也許您之前錯過了），但我認為，當我們談論上半年和下半年時，上半年的動態是有指示性的。我認為，團隊在第二季初迅速採取行動，重組了我們的部分成本基礎。

And I think between that and we look -- and some of the work that we're doing on marketing without really having a full, half year, or even quarter of cost restructuring benefit and without making that many changes to marketing, which we're planning, our margin rate is up 150 basis points over the course of Q2 and for the first half.

我認為，介於此之間，而且我們在行銷方面所做的一些工作並沒有真正帶來全年、半年甚至一個季度的成本重組效益，也沒有像我們計劃的那樣對行銷做出那麼多改變，我們的利潤率在第二季度和上半年上升了 150 個基點。

So as we look at the first half, good strength with opportunities to continue to take cost out and rebalance our cost portfolio while thinking about how we invest for growth longer term. So as we look at the second half, and I kind of talked a little bit about this earlier, but how do we think about balancing the marketing investments, redeploying between channels, between brands and different spend types to maximize growth as well as take costs out of the business responsibly while investing back into the business and delivering good solid margin expansion for this company. That's how I kind of put it in context as we look forward.

因此，當我們回顧上半年時，我們可以看到我們擁有良好的實力，有機會繼續削減成本並重新平衡我們的成本組合，同時思考如何投資以實現長期成長。因此，當我們展望下半年時，我之前已經談到了這一點，但我們如何考慮平衡行銷投資，在通路之間、品牌之間和不同支出類型之間重新部署，以最大限度地實現成長，並負責任地從業務中扣除成本，同時重新投資於業務並為該公司帶來良好而穩定的利潤增長。這就是我展望未來時所闡述的背景。

Tom Champion, Piper Sandler.

湯姆錢皮恩、派柏桑德勒。

Ariane, it sounded like your comments around the loyalty program were positive and maybe there was an inflection there. Just curious if you could elaborate on that and discuss what underpins that. And then Scott for you, just as you think about sales and marketing discipline, in the second half, what does that entail? I'm just curious if you can elaborate on that and what do you do more of and what less of.

亞莉安娜，聽起來你對忠誠度計畫的評價是正面的，也許其中有一個轉捩點。我只是好奇您是否可以詳細說明並討論其基礎。然後斯科特，正如您所想，在下半年，銷售和行銷紀律意味著什麼？我只是好奇您是否可以詳細說明一下，以及您做得更多和做得更少的事情。

Sure. So on One Key, as I said in my prepared remarks, we grew our members high single digits. The silver members and above are growing faster than base and non-members. And importantly, we haven't seen any negative impact as we pulled back the Vrbo earn for Blue members. So look, it's working. We're growing nicely. We have more growth in the top members. That being said, about a year ago, we stopped the rollout of One Key beyond the US and the UK because it has had such an impact on Hotels.com.

當然。因此，正如我在準備好的發言中所說，在 One Key 上，我們的會員人數增加了個位數。銀級會員及以上會員的成長速度比基礎會員和非會員更快。重要的是，當我們取消 Blue 會員的 Vrbo 收入時，我們並沒有看到任何負面影響。瞧，它正在發揮作用。我們成長得很好。我們的頂級會員數量有了更多增長。話雖如此，大約一年前，我們停止了在美國和英國以外推出 One Key，因為它對 Hotels.com 產生了很大的影響。

And while it was driving some cross-sell across the brands, One of the things I did when I came in is I wanted to make sure that it was also a program that was working for each of the brands individually. So how do we take the tech platform and the common currency that worked across the board, but then tailor them to each of the brands? And I think that's what you will see us do in the quarters to come.

雖然它推動了跨品牌的交叉銷售，但我加入時所做的事情之一就是確保它也是一個適合每個品牌的計劃。那麼，我們如何採用適用於所有品牌的技術平台和通用貨幣，並使其適應每個品牌的需求？我認為這就是我們在未來幾季將要做的事情。

Specific to marketing costs, Tom, I would call out first of -- in the end, it's going to be how do we get productivity out of the sales -- the direct sales and marketing line in B2C. As we look at country deployment of cost, brand deployment of cost, channel deployment of cost, I think you can expect to see some changes to each of those and redeployments to drive -- to balance growth and drive productivity.

湯姆，關於行銷成本，我首先要說的是——最終，我們將如何從銷售中——B2C 中的直銷和行銷線——獲得生產力。當我們觀察國家成本部署、品牌成本部署、通路成本部署時，我認為您可以看到每個成本都會發生一些變化，並重新部署以平衡成長並提高生產力。

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

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

Thank you all for joining the call today, and thank you for your questions. We delivered solid results ahead of our guidance. Despite softer travel demand in the US, the recent trends we're seeing reinforce our fundamental conviction that people want to travel and we'll continue to prioritize it. I want to thank our team for their work on behalf of our travelers and our partners. Thank you.

感謝大家今天參加電話會議，也感謝大家的提問。我們取得了超乎預期的穩健業績。儘管美國的旅遊需求減弱，但我們最近看到的趨勢強化了我們的基本信念：人們想要旅行，我們將繼續優先考慮這一點。我要代表我們的旅行者和合作夥伴感謝我們的團隊所做的工作。謝謝。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路了。