Expedia Group Inc (EXPE) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q3 2025 financial results teleconference. My name is Alex, and I'll be the operator for today's call. (Operator Instructions)

大家好，歡迎參加 Expedia Group 2025 年第三季財務業績電話會議。我叫亞歷克斯，我將擔任今天電話會議的接線生。（操作說明）

For opening remarks, I will now turn the call over to VP, Investor Relations, Rob Bevegni. Please go ahead.

接下來，我將把電話交給投資人關係副總裁羅伯貝維尼，請他致開幕詞。請繼續。

Good afternoon, and welcome to Expedia Group's third 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 年第三季財報電話會議。我很高興今天能與我們的執行長 Ariane Gorin 和財務長 Scott Schenkel 一起參加電話會議。

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 exclude stock-based compensation.

提醒各位，我們今天的評論將涉及某些非GAAP指標。我們的獲利報告中包含了這些非GAAP指標與最可比較GAAP指標的調節表。除非另有說明，所有成長率均以年比計算，任何費用均不包括股票選擇權補償。

We will also be making forward-looking statements during the call, which are predictions, projections and other statements about future events. These statements are based on current expectations and assumptions, which are subject to risks, 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-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. This call is being webcast on the Investor Relations section of our website at ir.expediagroup.com. A replay will be archived on our site for 30 days. A slide deck containing financial highlights has also been posted on our IR website.

我們還將在電話會議中發表前瞻性聲明，這些聲明是對未來事件的預測、展望和其他聲明。這些聲明是基於當前的預期和假設，但存在難以預測的風險和不確定性。由於本次電話會議以及我們最近向美國證券交易委員會提交的 10-Q 表格、10-K 表格和其他文件中討論的因素，實際結果可能與預期有重大差異。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。本次電話會議正在我公司網站 ir.expediagroup.com 的投資者關係頁面進行網路直播。會議錄音將在我公司網站存檔 30 天。一份包含財務亮點資訊的幻燈片也已發佈在我們的投資者關係網站上。

For today's call, Ariane will begin with a review of our third quarter results and an update on our progress against our strategic priorities. Then Scott will provide additional details on our third 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.

在今天的電話會議上，Ariane 將首先回顧我們第三季的業績，並介紹我們在實現策略重點方面取得的進展。接下來，Scott將提供更多關於我們第三季財務業績和展望的細節。在我們發言完畢後，我們將把電話交給接線員，開始問答環節。

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

那麼，現在讓我把電話交給阿麗亞娜。

Thank you, Rob, and thank you all for joining us today. Our third quarter results exceeded both our top and bottom line expectations, reflecting an improved demand environment, disciplined execution, and progress on our strategic priorities.

謝謝你，羅布，也謝謝今天所有到場的各位。第三季業績超出預期，營收和利潤均有所成長，反映出市場需求環境改善、執行力強，以及我們在策略重點方面取得進展。

We grew bookings 12% and revenue 9%, while expanding our EBITDA margin meaningfully. We're building solid momentum across the company with clear proof points that our strategy is working. The market was healthy in the quarter with an acceleration in the US and continued strength in the rest of the world. We saw longer lengths of stay and longer booking windows, both signs of a stronger consumer. Based on our results to date and ongoing trends, we're raising our full year guidance, which Scott will cover shortly.

我們的預訂量成長了 12%，營收成長了 9%，同時 EBITDA 利潤率也顯著提高。我們正以清晰的證據表明，公司上下都在穩步推進這項策略，並且取得了顯著成效。本季市場狀況良好，美國市場加速成長，世界其他地區市場持續走強。我們看到入住時間延長，預訂窗口期也延長，這都是消費者消費能力增強的跡象。根據我們迄今為止的業績和持續的趨勢，我們將上調全年業績預期，斯科特稍後將對此進行詳細介紹。

In the third quarter, we grew booked room nights 11% and expanded our hotel share globally. In the US, room nights were up high single digits, our fastest growth in over three years. Nights were up low double digits in EMEA and high teens in the rest of the world, including over 20% in Asia.

第三季度，我們的客房預訂量成長了 11%，並擴大了我們在全球的飯店市場份額。在美國，客房入住夜數實現了接近兩位數的成長，這是我們三年多來最快的成長速度。歐洲、中東和非洲地區的夜間入住率成長了兩位數，世界其他地區的夜間入住率成長了十幾個百分點，其中亞洲的夜間入住率成長超過 20%。

We drove continued momentum in B2B and in advertising. B2B bookings increased 26%, marking our 17th consecutive quarter of double-digit growth, while advertising revenue was up 16%. Our Consumer Brands grew bookings 7% with double-digit growth outside the US and particular strength in Europe. Expedia remained our largest and fastest-growing brand, while Hotels.com and Vrbo both improved sequentially, posting year-over-year growth in room nights and bookings.

我們在B2B和廣告領域保持了持續成長動能。B2B 預訂量成長了 26%，連續第 17 季實現兩位數成長，廣告收入成長了 16%。我們的消費品牌預訂量成長了 7%，其中美國以外地區實現了兩位數成長，歐洲市場表現尤為強勁。Expedia 仍然是我們規模最大、成長最快的品牌，而 Hotels.com 和 Vrbo 的業績也環比增長，客房夜數和預訂量均實現了同比增長。

Our strong performance was supported by progress in advancing each of our three strategic priorities, all of which continue to be accelerated by AI. I'll begin with our first priority, delivering more value to travelers. Our brands are personalized travel companions that are with travelers at every step of their journey from trip planning to booking, adding and changing and beyond.

我們在三大策略重點領域的進展支撐了我們所取得的強勁業績，而人工智慧則持續加速了所有這些領域的發展。首先，我要談談我們的首要任務，那就是為旅客提供更多價值。我們的品牌是個人化的旅行夥伴，陪伴旅行者走過旅程的每一步，從旅行計劃到預訂、添加和更改，以及之後的旅程。

A year ago, we set out to sharpen the value propositions of our three big brands. We've better aligned product, supply, marketing and loyalty for each brand, and it's paying off. On product, we released new features to drive better traveler experiences. For Vrbo, we made it easier for travelers to find the property that's just right for them with new recommendation experiences and improved property comparison tools.

一年前，我們著手提升旗下三大品牌的價值主張。我們已經更好地協調了每個品牌的產品、供應、行銷和客戶忠誠度，而這種做法正在發揮作用。在產品方面，我們發布了新功能，旨在提升旅客的體驗。對於 Vrbo，我們透過全新的推薦體驗和改進的房源比較工具，讓旅客更容易找到最適合他們的房源。

On Expedia, we launched new design flows in the lodging search and post-booking paths. Coupled with enhanced recommendation models, these have led to double-digit growth in vacation rentals and record attach rates. Since the beginning of the year, we've integrated AI into our products at key moments that matter from AI filters to property Q&A, guest review summaries, and our service agent. And these features are driving engagement and getting even more effective with time.

在 Expedia 上，我們推出了住宿搜尋和預訂後流程的新設計流程。結合改進的推薦模型，這些因素共同促成了度假租賃業務的兩位數成長和創紀錄的附加率。從年初開始，我們就在關鍵時刻將人工智慧整合到我們的產品中，從人工智慧篩選器到房產問答、客人評論摘要和我們的服務代理。這些功能正在提升用戶參與度，並且隨著時間的推移變得越來越有效。

On supply, we provide travelers a broad assortment of inventory to choose from at competitive prices, and we're constantly improving both. Last quarter, we sourced more great deals for our travelers than ever before. We tripled the number of properties funding deals in our summer sale. And on Vrbo, over 20% of our bookings were on partner-funded promotional rates, a new capability we launched in the spring. Both of these illustrate the power of our flywheel.

在供應方面，我們為旅客提供種類繁多的商品，價格極具競爭力，而且我們還在不斷改進這兩方面。上個季度，我們為旅客爭取了比以往更多的超值優惠。我們在夏季促銷活動中，用於融資交易的房產數量增加了兩倍。在 Vrbo 上，超過 20% 的預訂都是透過合作夥伴提供的促銷價格實現的，這是我們在春季推出的一項新功能。這兩點都體現了我們飛輪的強大威力。

Supply partners participate more deeply in our marketplace. We deliver more value to travelers and in turn, we drive incremental demand back to these same partners.

供應夥伴更深入地參與我們的市場。我們為旅行者提供更多價值，反過來，我們也為這些合作夥伴帶來更多需求。

Loyalty is another powerful way we deliver value to travelers. With One Key, travelers get both immediate discounts and earn One Key Cash for future trips. Active members were up mid-single digits. And across the board, One Key is driving more repeat and more direct bookings, growing fastest with Silver members and above. We recently launched two important loyalty capabilities on Vrbo and Hotels.com. For Vrbo, we introduced member deals, giving our members access to better rates. And on Hotels.com, we introduced Save Your Way, a high-value program that gives travelers flexibility to choose how and when they save.

忠誠度是我們為旅行者創造價值的另一種有效方式。使用 One Key，旅客既可享受即時折扣，又可賺取 One Key Cash 用於未來的旅行。活躍會員人數增加了個位數中段。總體而言，One Key 正在推動更多回頭客和更多直接預訂，其中銀卡及以上會員的成長速度最快。我們最近在 Vrbo 和 Hotels.com 上推出了兩項重要的會員忠誠度計劃。在 Vrbo，我們推出了會員專屬優惠，讓會員可以享受更優惠的價格。在 Hotels.com 上，我們推出了 Save Your Way，這是一項高價值的計劃，讓旅客可以靈活地選擇如何以及何時省錢。

Turning to our second priority, investing where we see the greatest opportunities for growth. B2B had another fantastic quarter. We grew share with existing partners and added new partners. We released new tools to help our partners more easily identify promotional rates and also launched a new AI-powered trip planner. Specifically in our travel agency business, we've grown the number of agencies we work with, expanded our agent loyalty program, and added features like new payment options, all of which have contributed to over $3 billion of bookings year-to-date. Looking ahead, we see further opportunity across our B2B business, and we'll continue investing to drive growth.

接下來是我們的第二個重點，投資於我們認為最具成長潛力的領域。B2B業務又迎來了一個非常棒的季度。我們擴大了與現有合作夥伴的份額，並新增了合作夥伴。我們發布了新的工具，以幫助我們的合作夥伴更輕鬆地識別促銷價格，同時也推出了一款新的人工智慧驅動的旅遊規劃器。具體來說，在我們的旅行社業務方面，我們增加了合作的旅行社數量，擴大了代理商忠誠度計劃，並增加了新的支付方式等功能，所有這些都促成了今年迄今為止超過 30 億美元的預訂額。展望未來，我們看到了B2B業務的更多機遇，我們將繼續投資以推動成長。

On advertising, we delivered a strong quarter with a record number of active partners, and we continue to be one of the highest returning channels for our advertisers. We're using AI to make our ads more relevant while also injecting it into partner tools like our new ad portal that has improved targeting and measurement capabilities.

在廣告方面，我們本季表現強勁，活躍合作夥伴數量創歷史新高，我們仍然是廣告商回報率最高的管道之一。我們正在利用人工智慧使我們的廣告更具相關性，同時將其融入合作夥伴工具，例如我們新的廣告入口網站，該網站改進了定向和衡量功能。

Finally, on growth opportunities. AI-driven search is transforming the way travelers discover and plan their trips. We're moving fast and deliberately to ensure our brands show up wherever travelers are. We're making good progress on Answer Engine Optimization even as traffic today remains small. And we're forging tight partnerships with leading tech companies like Google, OpenAI, and Perplexity. We were a launch partner with ChatGPT's apps, and we'll continue to experiment with new Gen AI experiences.

最後，談談成長機會。人工智慧驅動的搜尋正在改變旅行者發現和規劃行程的方式。我們正快速而謹慎地行動，以確保我們的品牌能夠出現在旅行者所到之處。儘管目前的流量仍然很小，但我們在答案引擎優化方面取得了良好的進展。我們正在與Google、OpenAI 和 Perplexity 等領先的科技公司建立緊密的合作夥伴關係。我們是 ChatGPT 應用的首發合作夥伴，我們將繼續嘗試新的人工智慧體驗。

Beyond the volume that comes from them, these early integrations are keeping us at the leading edge of evolving technology and customer behavior, learnings we're bringing directly back into our broader business. No matter where a traveler starts their discovery journey, we're confident that they'll ultimately choose to book with the brand they trust and know we will be with them along their whole journey, including when something doesn't go as planned. This remains a key differentiator for our business.

除了由此帶來的銷售之外，這些早期整合也使我們始終處於不斷發展的技術和客戶行為的前沿，我們將這些經驗直接帶回我們更廣泛的業務中。無論旅客從哪裡開始他們的探索之旅，我們都相信他們最終會選擇預訂他們信任的品牌，並且知道我們會在他們的整個旅程中陪伴他們，即使遇到計劃之外的情況。這仍然是我們業務的關鍵差異化優勢。

Moving to the third pillar of our strategy, driving operating efficiencies and margin expansion. We expanded margins by over 2 points in the quarter, thanks to our continued operational discipline and volume leverage. I'm particularly pleased that we delivered our fourth consecutive quarter of improved marketing productivity in our consumer business.

接下來是我們的策略第三大支柱：提高營運效率和擴大利潤率。由於我們持續的營運紀律和銷售優勢，本季我們的利潤率提高了 2 個百分點以上。我特別感到高興的是，我們的消費者業務行銷效率連續第四個季度得到提升。

AI provides an opportunity for step function improvement in our team's efficiency and effectiveness over time. We're already seeing the benefits in our product, technology, and customer service teams from enhancing developer productivity to improving resolution speed on servicing to highlight just a couple of examples. We've created expert squads that we're embedding across our teams to accelerate adoption, and we see a lot of potential ahead.

人工智慧為我們的團隊效率和效能的長期飛躍式提升提供了契機。從提高開發人員的工作效率到加快服務解決速度，我們已經在產品、技術和客戶服務團隊中看到了這些優勢，這只是其中的幾個例子。我們組建了專家團隊，並將其融入各個團隊中，以加速推廣應用，我們看到了未來巨大的潛力。

In closing, we delivered a strong third quarter. The demand environment improved, and we advanced our priorities. While we saw continued momentum in October, we're keeping a close eye on economic indicators and remaining focused and agile amidst a dynamic macro environment. As we enter the final quarter of the year, we have real confidence in our ability to execute and create value for all of our stakeholders.

總之，我們第三季業績表現強勁。市場需求環境改善，我們提高了工作優先順序。儘管10月份我們看到了持續的成長勢頭，但我們仍將密切關注經濟指標，並在動態的宏觀環境中保持專注和靈活。隨著我們進入今年的最後一個季度，我們對自身的執行能力以及為所有利益相關者創造價值的能力充滿信心。

I want to thank our team for their hard work, thank our partners for their trust in us. And with that, I'll turn it over to Scott.

我要感謝我們團隊的辛勤工作，感謝我們的合作夥伴對我們的信任。那麼，接下來就交給史考特了。

Thank you, Ariane, and good afternoon, everyone. I'm pleased to share our third quarter performance, which beat the high end of our guidance range with bookings up 12%, revenue up 9%, and EBITDA margin expansion of over 2 points. Our outperformance was driven by solid execution across our company and a stronger-than-expected US market. Versus our expectations, we sustained strong demand throughout the quarter and higher lodging and air prices. As Ariane mentioned, the acceleration in our B2B business was significant tailwind that helped drive our performance.

謝謝你，阿麗亞娜，大家下午好。我很高興與大家分享我們第三季的業績，該季度業績超出了我們預期範圍的上限，預訂量增長了 12%，收入增長了 9%，EBITDA 利潤率提高了 2 個百分點以上。我們取得優異業績得益於公司各部門的穩健執行力以及強於預期的美國市場。與我們的預期相反，本季需求持續強勁，住宿和機票價格也走高。正如 Ariane 所提到的，B2B 業務的加速成長是推動我們業績成長的重要助力。

Our booked room nights were up 11%, driven by our strongest US night growth in over three years and sequentially, acceleration across all our main regions and core brands. Also worth noting, B2C hotel room night growth in Europe was also the highest we have seen since the first quarter of 2023.

我們的客房預訂量成長了 11%，這主要得益於我們三年多來在美國最強勁的夜數成長，以及我們所有主要地區和核心品牌的環比加速成長。值得注意的是，歐洲 B2C 飯店客房夜數的成長也是自 2023 年第一季以來最高的。

Overall, as we look at travel, demand for premium travel has performed well, accelerating from Q2 and then was bolstered by resilient demand at the lower end as well. Gross bookings were $30.7 billion, up 12%, including a 1 point benefit from foreign exchange. Revenue of $4.4 billion grew 9% and had a 2.5 point benefit from foreign exchange, roughly 1 point more than expected.

整體而言，從旅遊業來看，高端旅遊的需求表現良好，從第二季開始加速成長，隨後對低端旅遊的強勁需求也起到了支撐作用。總預訂額為 307 億美元，成長 12%，其中包括外匯匯率帶來的 1 個百分點的收益。營收達 44 億美元，成長 9%，其中外匯收益為 2.5 個百分點，比預期高出約 1 個百分點。

Bookings growth exceeded revenue growth primarily due to book-to-stay timing as the majority of our revenues are recorded at the time of stay, not when the booking takes place. Advertising revenue grew 16%, posting another double-digit quarter. We see significant opportunities for continued growth, including increasing penetration outside of North America, B2B, and monetizing on more areas of our sites.

預訂量成長超過收入成長主要是因為預訂到入住的時間，因為我們的大部分收入是在入住時確認的，而不是在預訂時確認的。廣告收入成長16%，再次實現兩位數成長。我們看到了持續成長的巨大機遇，包括提高在北美以外地區的滲透率、B2B業務以及在我們網站的更多領域實現盈利。

Moving to our segment performance. B2C gross bookings of $21.3 billion accelerated 6 points to 7% year-over-year, driven by performance both domestically and internationally. B2C revenue of $2.9 billion grew 4%, driven by improved market demand, advertising, and insurance. B2C EBITDA margins were 41%, up approximately 4 points from last year. This was driven by significant marketing leverage achieved through ongoing optimization of marketing spend.

接下來來看看我們各業務板塊的業績表現。B2C 總預訂額達 213 億美元，年增 6 個百分點至 7%，主要得益於國內和國際市場的良好表現。B2C 營收達 29 億美元，成長 4%，主要得益於市場需求、廣告和保險業務的改善。B2C EBITDA 利潤率為 41%，比去年增長約 4 個百分點。這是透過不斷優化行銷支出而獲得的巨大行銷槓桿效應所驅動的。

Margins were further supported by our continued discipline in managing cost of sales and overhead as well as growth in our high-margin advertising and insurance revenues. B2B gross bookings were $9.4 billion or 26% with broad-based growth across all regions.

利潤率的進一步提高得益於我們持續嚴格控制銷售成本和管理費用，以及高利潤率的廣告和保險收入的成長。B2B 總預訂額為 94 億美元，成長 26%，所有地區均實現全面成長。

Rapid API was our fastest-growing product and the largest contributor to growth. As a reminder, Rapid connects Expedia Group's powerful lodging supply and content with larger travel partners such as travel management companies and other OTAs. Our Travel business, which is our solution for offline travel agents, also grew 25%.

Rapid API 是我們成長最快的產品，也是成長的最大貢獻者。提醒一下，Rapid 將 Expedia Group 強大的住宿供應和內容與更大的旅遊合作夥伴（例如旅遊管理公司和其他 OTA）連接起來。我們的旅行業務（即我們為離線旅行社提供的解決方案）也成長了 25%。

B2B revenue grew 18%, posting yet another strong quarter, which is below bookings growth primarily due to book-to-stay timing. B2B EBITDA margins were 29%, flat year-over-year as we prioritize investments to support the continued growth of B2B.

B2B 營收成長 18%，又一個季度表現強勁，但低於預訂量成長，這主要是由於預訂到入住的時間差異。由於我們優先投資以支持 B2B 業務的持續成長，B2B EBITDA 利潤率為 29%，與去年同期持平。

Turning to group profitability. We delivered third quarter adjusted EBITDA of $1.4 billion, a margin of 33%. The 2 points of adjusted EBITDA margin expansion was driven by revenue and expense leverage, particularly within direct sales and marketing in our B2C segment. Adjusted EPS of $7.57 grew 23% faster than EBITDA due to share repurchases.

轉向集團獲利能力。我們第三季調整後 EBITDA 為 14 億美元，利潤率為 33%。調整後 EBITDA 利潤率提高 2 個百分點，主要得益於收入和支出槓桿效應，尤其是在 B2C 業務的直接銷售和行銷方面。由於股票回購，調整後每股收益為 7.57 美元，比 EBITDA 成長速度快 23%。

Moving to our cost structure. We leveraged meaningfully across all our categories. Cost of revenue was $373 million, down 3%, leveraging 1 point as a percentage of revenue, driven by efficiencies in payments and customer service.

接下來我們來看看成本結構。我們在所有類別中都進行了有效的資源整合。營業成本為 3.73 億美元，下降 3%，佔營業收入的百分比下降 1 個百分點，這主要得益於支付和客戶服務效率的提高。

Total direct sales and marketing expenses were $2 billion, up 7%, driven by B2B. As a reminder, commissions paid to our partners are included in the direct sales and marketing expenses for B2B and recorded at the time of stay. We saw significant leverage in our B2C business with direct sales and marketing down 4%, leveraging over 0.5 point as a percentage of gross bookings. Overhead expenses were $620 million, up 3%, while leveraging almost 1 point on revenue, benefiting from the actions we took to reduce our cost structure earlier in the year.

直接銷售和行銷總支出為 20 億美元，成長 7%，主要由 B2B 業務推動。再次提醒，支付給合作夥伴的佣金包含在 B2B 的直接銷售和行銷費用中，並在入住時記錄。我們的 B2C 業務出現了顯著的槓桿效應，直接銷售和行銷下降了 4%，佔總預訂量的百分比下降了 0.5 個百分點以上。間接費用為 6.2 億美元，成長 3%，而收入成長近 1 個百分點，這得益於我們年初採取的降低成本結構的措施。

Now turning to our cash position. We ended the quarter with $6.2 billion of unrestricted cash and short-term investments, and we remain committed to maintaining debt levels consistent with our investment-grade rating.

現在來看我們的現金狀況。本季末，我們擁有 62 億美元的非限制性現金和短期投資，我們將繼續致力於維持與我們投資級評級相符的債務水準。

Free cash flow on a trailing 12-month basis was $3 billion and reflects the strength of our operating model and disciplined execution of our strategic priorities. At quarter end, we had $1.8 billion remaining in our share repurchase program after utilizing $451 million in the quarter to repurchase 2.3 million shares of our common stock. This brings our total shares repurchased in the last three years to 44 million, which reduces our share count by 22% net of dilution.

過去 12 個月的自由現金流為 30 億美元，這反映了我們營運模式的實力以及我們對策略重點的嚴格執行。截至季末，我們的股票回購計畫中還剩餘 18 億美元，此前我們已在本季動用 4.51 億美元回購了 230 萬股普通股。這使得我們在過去三年中回購的股份總數達到 4,400 萬股，扣除稀釋因素後，我們的股份數量減少了 22%。

Turning to our outlook. We are raising Q4 and full year guidance. For Q4, we expect gross bookings and revenue growth of 6% to 8%. Gross booking includes an estimated 1 point benefit and revenue includes a 1.5 point benefit from foreign exchange at current rates. Adjusted EBITDA margins are expected to expand by approximately 2 points with a minimal impact from currency at current rates.

展望未來。我們將上調第四季和全年業績預期。我們預計第四季度總預訂量和收入將增長 6% 至 8%。總預訂量包含預計的 1 點收益，收入包含以目前匯率計算的 1.5 點外匯收益。預計調整後的 EBITDA 利潤率將成長約 2 個百分點，以當前匯率計算，匯率波動的影響微乎其微。

As Ariane indicated, we saw continued momentum in October, but we are monitoring economic indicators within a dynamic macro environment. As a reminder, the moderation in our Q4 growth is driven by lapping the 6-point bookings and 7-point revenue acceleration experienced in Q4 of last year.

正如 Ariane 所指出的，我們在 10 月看到了持續的成長勢頭，但我們正在動態的宏觀環境下密切關注各項經濟指標。需要提醒的是，我們第四季成長放緩的原因是，我們已跟上了去年第四季預訂量成長 6 個百分點和營收成長 7 個百分點的步伐。

For the full year, we expect gross bookings to be up approximately 7%, revenue up approximately 6% to 7%, and EBITDA margins to be up approximately 2 points versus last year. We will provide our full year guidance for '26 on our Q4 earnings call. We have built strong momentum on margin expansion with the year-to-date adjusted EBITDA margins up close to 2 points, enabling us to drive the highest margin expansion we have had in three years.

我們預計全年總預訂量將成長約 7%，營收將成長約 6% 至 7%，EBITDA 利潤率將比去年成長約 2 個百分點。我們將在第四季財報電話會議上提供2026年全年業績指引。我們已在利潤率擴張方面建立了強勁勢頭，今年迄今為止的調整後 EBITDA 利潤率已接近 2 個百分點，使我們能夠實現三年來最高的利潤率擴張。

Looking ahead to 2026, we expect further margin expansion, albeit at a more moderated pace than what we drove in 2025 as we continue our cost-out efforts and invest behind our growth initiatives. 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.

展望 2026 年，我們預計利潤率將進一步擴張，但成長將比 2025 年放緩，因為我們將繼續努力降低成本並投資於我們的成長計畫。關於 2025 年剩餘時間的資本配置，我們預計將繼續以過去幾年的水平大致回購股票。

In conclusion, we are pleased with our third quarter results and our outlook for the fourth quarter. We are encouraged by the momentum we're building across our strategic priorities, which will position the company to drive long-term profitable growth. Now let me open the call for questions.

總之，我們對第三季的業績以及對第四季的展望感到滿意。我們對我們在各項策略重點領域所取得的進展感到鼓舞，這將使公司能夠實現長期獲利成長。現在開始接受提問。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作說明）埃里克·謝裡丹，高盛。

Maybe I'll ask a two-parter on B2B. So you've had a very strong year in B2B. How should we be thinking about the building blocks for medium-term growth of the amount of supply and partnerships you already have in B2B as driving organic growth? And how are you thinking about continuing to grow the array inside the B2B business against potentially a competitive environment in the category as well, looking out over a multiyear view?

或許我會問一個關於B2B的兩部分問題。所以你們在B2B領域取得了非常強勁的業績。我們應該如何看待中期成長的基石，即您在 B2B 領域已有的供應量和合作夥伴關係如何推動有機成長？展望未來多年，您如何考慮在競爭激烈的 B2B 業務環境中繼續拓展產品線？

Yes. So look, clearly, we had an exceptional quarter in B2B. And as I said in my prepared remarks, we've been consistently growing faster than the market, 17th consecutive quarter of double-digit growth. The performance is driven by a combination of great supply, strong technology, and a base of long-term partners who rely on us and who trust us as they're building their businesses.

是的。所以很明顯，我們在B2B領域取得了非常出色的季度業績。正如我在準備好的演講稿中所說，我們的成長速度一直高於市場平均水平，連續第 17 季實現兩位數成長。業績的取得得益於充足的供應、強大的技術以及眾多長期合作夥伴的共同努力，這些合作夥伴在發展業務的過程中依賴我們、信任我們。

In terms of the building blocks of future growth, I would think of it as a mix of signing new partners and growing existing partners, both the existing partners as they grow their business and as we expand and enhance our product offerings.

就未來成長的基石而言，我認為它結合了簽約新合作夥伴和發展現有合作夥伴兩方面，既包括現有合作夥伴發展自身業務，也包括我們擴展和增強產品供應。

Lodging continues to be the core of our business -- B2B business today, and we're increasingly excited about the potential with other lines of business, car rentals, advertising, insurance and the like.

住宿仍然是我們業務的核心——如今是 B2B 業務，我們對其他業務線（如汽車租賃、廣告、保險等）的潛力越來越感到興奮。

And I'd just end by saying, look, this is a pretty diversified business. We've got 65% of it that's outside of the US, so it's quite geographically diverse. In terms of the types of partners we work with, we work with offline travel agents, online travel agents, corporate partners, airlines, bank and credit card companies. And so put it in the context of an over $3 trillion travel industry, we think that there's a lot of growth potential ahead, and we'll continue to invest in it.

最後我想說的是，你看，這是一個業務相當多元化的行業。其中 65% 位於美國境外，因此地理分佈相當廣泛。就我們合作的合作夥伴類型而言，我們與線下旅行社、線上旅行社、企業合作夥伴、航空公司、銀行和信用卡公司合作。因此，從超過 3 兆美元的旅遊業的角度來看，我們認為未來有很大的成長潛力，我們將繼續投資於此。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

I'm going to try to sneak in three questions. Scott, you talked about being able to continue to expand margins going forward. Just talk about what the sources are of a big picture in the next couple of years, what are the biggest sources of margin expansion?

我打算偷偷問三個問題。史考特，你剛才提到要繼續擴大未來的利潤率。請談談未來幾年大局的來源，利潤率擴張的最大來源是什麼？

And then Ariane, two questions just related to Agentic commerce. So one is, is the quality of the signals that you're getting, the leads you're getting from places like ChatGPT, Perplexity, Gemini, are they kind of equivalent to all those performance leads the company got in the past?

然後是 Ariane，兩個問題都與代理商業有關。第一個問題是，你從 ChatGPT、Perplexity、Gemini 等平台獲得的訊號質量，以及你獲得的潛在客戶訊息，是否與公司過去透過效果行銷獲得的潛在客戶資訊品質相當？

And then could you just talk about in e-commerce, there's this expectation that we could really see an inflection up in online purchasing because you're going to much more personalize the service potentially. I think that will happen. I would think in travel, the opportunity is even greater given how much more personalization iteration there is in the travel purchase process. But do you agree with that? Or have you already seen signs that agentic tools and greater personalization can inflect up overall travel demand and fulfillment?

那麼，您能否談談電子商務方面的情況？人們普遍預期，隨著服務越來越個人化，線上購物可能會出現真正的成長。我認為那件事會發生。我認為在旅遊業，鑑於旅遊購買過程中個性化的迭代程度更高，機會就更大了。但你同意這種說法嗎？或者，您是否已經看到一些跡象表明，代理工具和更高的個人化程度可以提升整體旅行需求和滿足？

Yeah. Let me take the first one. The way I think about the margin rate expansion that we've done and that we expect in the -- can expect in the future, it's really on the legs of a number of different initiatives. The first, the most clearly continuable for the foreseeable future is sales and marketing for B2C. I think the team has done an excellent job of optimizing our scaled performance channels, improving metric capabilities, redeploying between channels, focusing on incremental returns and ROIs, I think they've done an excellent job, and I can foresee that happening for a while.

是的。我來選第一個。我認為我們已經實現的以及我們預期未來能夠實現的利潤率擴張，實際上是建立在許多不同舉措的基礎之上的。首先，也是在可預見的未來最有可能持續發展的，是面向消費者的銷售和行銷。我認為團隊在優化我們的規模化績效管道、提高指標能力、在通路間重新部署、專注於增量回報和投資回報率方面做得非常出色，我認為他們做得非常出色，而且我預見這種情況會持續一段時間。

Cost of sales, we continue to get sharper, whether that's using AI or whether that's tighter management of expense controls and better cloud cost dynamics that we're working on. Those are two very large ones. Overhead is also key as we continue to focus on our overhead cost population and what we're going to do to kind of continue to ratchet that down while getting revenue expansion to get the leverage.

在銷售成本方面，我們不斷改進，無論是使用人工智慧，還是加強費用控制和改善我們正在努力實現的雲端成本動態。那是兩個非常大的物體。管理費用也是關鍵，因為我們將繼續關注管理費用的組成，以及我們將採取哪些措施來繼續降低管理費用，同時擴大收入以獲得槓桿作用。

And then there's a mix dynamic between ads, insurtech and things like that, that help out as well. So I think we've got multiple legs of the stool to drive cost out of this business to get leverage and drive margins up.

此外，廣告、保險科技等因素之間的混合動態也起到了促進作用。所以我認為我們有多重手段來降低業務成本，從而獲得槓桿效應並提高利潤率。

Yes. So the second question about the quality of the leads from the Gen AI search. First, it's still early days. And so the volume of traffic is still relatively small, even if it's growing quickly. And the quality seems good. There's going to be a question of how do we make sure that as those leads come through, we understand well enough the context of the travelers so that we can give them a personalized experience, which will then lead to more conversion. But it's early days. And what's exciting is that we're in it and we're learning and we're in the integration. So I feel good about that.

是的。那麼第二個問題是關於 Gen AI 搜尋提供的線索品質。首先，現在還為時過早。因此，即使交通流量成長迅速，但其總量仍相對較小。品質看起來不錯。接下來的問題是如何確保當這些潛在客戶出現時，我們能夠充分了解旅行者的背景，從而為他們提供個人化的體驗，進而提高轉換率。但現在下結論還為時過早。令人興奮的是，我們身處其中，我們正在學習，我們正在融入其中。所以我覺得挺好的。

In terms of your question about is AI going to help with personalization and get an inflection, we're already seeing that the use of AI in our products is helping us get more personalization and is driving growth. I talked about changes we made in the flows of the Expedia product for post-booking on attach, it's those flows plus stronger recommendations through AI that are driving record attach levels. Ranking models are also going to get more personalized. So I absolutely think that in our own products, we have an opportunity to better personalize and to give travelers better experiences, which is going to lead to more trips.

關於您提出的人工智慧是否能夠幫助實現個人化並帶來轉機的問題，我們已經看到，在我們的產品中使用人工智慧正在幫助我們實現更多的個人化，並推動成長。我談到了我們對 Expedia 產品在預訂後附加流程中所做的更改，正是這些流程以及透過 AI 實現的更強大的推薦，推動了附加量創下歷史新高。排名模型也將變得更加個人化。所以我絕對認為，在我們自己的產品中，我們有機會更好地實現個人化，為旅行者提供更好的體驗，這將帶來更多的旅行。

I also wouldn't discount the importance of using AI and personalization and marketing. How can our marketing get more effective using AI. And finally, even for our partners, we're injecting AI into our partner experiences, whether it's supply partners or advertisers, and that's helping improve their content and their targeting, which ultimately gets them a better experience in our marketplace. So I'm very optimistic.

我也不認為人工智慧、個人化和行銷的重要性可以被低估。如何利用人工智慧提高行銷效率？最後，即使是對於我們的合作夥伴，我們也正在將人工智慧融入合作夥伴體驗中，無論是供應合作夥伴還是廣告商，這有助於改善他們的內容和目標定位，最終使他們在我們的市場中獲得更好的體驗。所以我非常樂觀。

If you look at -- I was going to say, Mark, I think a couple of other things internally. As we think about deployment of AI internally, and I use the customer service example. Our virtual agents resolve over 50% of traveler queries. And when human support is needed, it delivers concise summaries to the agent, reducing our service cost per transaction. And we see this potential as we look forward as well. So we think it continue to expand. So I think we see it both externally and internally across our business.

如果你看看——我本來想說，馬克，我認為內部還有其他一些事情。當我們考慮在內部部署人工智慧時，我以客戶服務為例。我們的虛擬客服可以解決超過 50% 的旅客諮詢。當需要人工支援時，它會向客服人員提供簡潔扼要的摘要，從而降低我們每次交易的服務成本。展望未來，我們也看到了這種潛力。所以我們認為它會繼續擴張。所以我認為，無論是在公司外部還是內部，我們都能感受到這種現象。

Anthony Post, Bank of America.

安東尼波斯特，美國銀行。

Just want to go back to the replatforming you went through. It was a couple of year process. It was pretty disruptive. Now that you're over that, how is that helping you potentially compete better?

我只想回到你們所經歷的平台重構過程。這是一個歷時兩年的過程。這造成了相當大的混亂。既然你已經克服了這個問題，那麼這如何能幫助你更好地參與競爭呢？

And then second part of the question on the Vrbo and Hotels.com brands, which are presumably on that platform, how are they doing this quarter? And can you see a further uptick next year on kind of recovering those brands?

接下來是關於 Vrbo 和 Hotels.com 品牌的問題的第二部分，這兩個品牌應該都在這個平台上，它們本季的表現如何？你認為明年這些品牌會有進一步復甦的跡象嗎？

So as you said, we went through quite a replatforming sort of from 2021 through early 2024. And we are leveraging some of the capabilities that we built to get more scale across our brands. So if you think about data, we now are able to -- we're on one common data platform. When you think of our lodging path, as we have a common lodging path, for example, across Hotels.com and Expedia, as we're getting the learnings of what drives conversion, we quickly have that across both of their brands.

正如你所說，從 2021 年到 2024 年初，我們經歷了一次相當大的平台重構。我們正在利用我們已建立的一些能力，以擴大我們旗下品牌的規模。所以，如果你考慮數據，我們現在能夠——我們在一個通用的數據平台上。當你想到我們的住宿路徑時，因為我們有一個共同的住宿路徑，例如 Hotels.com 和 Expedia，當我們了解到哪些因素能夠推動轉換時，我們很快就能將這些因素應用到他們的兩個品牌中。

If you think about the loyalty program that we rolled out across all three brands, it was because of the platforming work that we're able to have one customer identity and allow travelers to earn and redeem across all of the brands.

如果你想想我們在所有三個品牌中推出的忠誠度計劃，你會發現正是因為平台搭建工作，我們才能擁有一個統一的客戶身份，並允許旅行者在所有品牌中賺取和兌換積分。

So those are real advantages for us. Now I talked about 1.5 years ago when I stepped into the role, the challenges that we had, which was how do we take all of the platform work we've done and then tune it to each of the three brands and their own value proposition. And that's the work we've been doing the last 12 to 18 months. And that's what's driving the strong performance that we had from Hotels.com and Vrbo in the last quarter.

所以這些對我們來說確實是優勢。我之前談到了大約一年半前我剛上任時面臨的挑戰，那就是如何將我們所做的所有平台工作進行調整，使其適應這三個品牌及其各自的價值主張。這就是我們過去 12 到 18 個月一直在做的工作。而這正是 Hotels.com 和 Vrbo 在上個季度取得強勁業績的原因所在。

So if you take, for example, the loyalty program, it's running off of the same platform, but now we introduced a feature like Save Your Way for Hotels.com or in Vrbo, it didn't have access to member rates and now it's got access to member rates.

以會員忠誠度計劃為例，它運行在同一個平台上，但現在我們為 Hotels.com 或 Vrbo 引入了「Save Your Way」功能，以前它無法訪問會員價格，現在它可以訪問會員價格了。

So I would say if you look at the performance of Hotels.com and Vrbo, both of which were strong in this quarter, some of that came from platform work that we've done, but then a lot came from the work that we've been repositioning those brands and executing against that.

所以我想說，如果你看看 Hotels.com 和 Vrbo 的業績，它們在本季度都表現強勁，部分原因是我們在平台方面所做的工作，但很大程度上是因為我們一直在重新定位這些品牌並執行相關工作。

Yes. I would add to that just real quickly. I think the dynamic across platforms within B2C was very strong. It wasn't just performance of one of the brands, it was across all three of the brands. I think another data point that kind of -- that the platforming dynamics and other initiatives that we have going on that Ariane talked about is proof points that it's working.

是的。我只想簡單補充一點。我認為B2C領域內各平台之間的互動非常強勁。這不僅是其中一個品牌的表現問題，而是所有三個品牌的整體表現問題。我認為另一個數據點是——Ariane 談到的平台動態和我們正在進行的其他舉措，都證明了這些舉措是有效的。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

So maybe one on marketing and one on just B2C. So you guys have seemingly turned the corner on direct marketing leverage on B2C. I guess given that corner has been turned, do you expect to be able to sustain that into next year, presumably you do given the margin commentary. And I guess, if you do, I guess, how are you thinking about being able to control that outcome in a world where you have two competitors that seem to be talking up their investments in US hotel?

所以或許可以一本講行銷，一本專門講B2C。看來你們在B2C領域的直接行銷槓桿作用方面已經取得了突破性進展。我想既然情況已經好轉，您是否預計明年能夠保持這種勢頭？鑑於利潤率的分析，想必您是這麼認為的。我想，如果你真的這麼做了，你打算如何控制最終結果？要知道，在這個有兩個競爭對手都在大肆宣傳他們在美國酒店業的投資的世界裡，你又是如何看待這個問題的呢？

And then second, just on B2C broadly, obviously, hit a high watermark here. Understanding the comps in the 4Q are a little bit tricky. Is there anything sort of in the number this quarter that would make us believe that what you're able to achieve this quarter is not sustainable on the go forward, particularly as brands like Vrbo and HCOM continue to make progress?

其次，就 B2C 領域而言，顯然已經達到了一個很高的水準。要理解第四季的比較數據有點棘手。本季的數據中是否存在任何跡象表明，你們本季取得的成就無法持續下去，尤其是在像 Vrbo 和 HCOM 這樣的品牌不斷取得進展的情況下？

Yes. Let me take the first one. I think a couple of dynamics, and I won't rehash the points that I made that the teams have been working on internally. But I think it's all about being agile because the other dynamic around whether the returns and the reallocations and productivity that we're getting within the marketing channels is how are your sites and your experiences performing. And if those get better, your ROI should start to get better and you can lean in. And so we're ready to kind of lean in and we're ready to continue to get productivity like I've talked about, depending on the competitive situation as well.

是的。我來選第一個。我認為有幾個方面需要考慮，我不會重複我之前提到的團隊內部一直在研究的觀點。但我認為關鍵在於靈活應變，因為影響行銷管道回報、資源重新分配和生產力的另一個因素是你的網站和使用者體驗的表現如何。如果這些情況有所改善，你的投資報酬率應該也會開始改善，你就可以加大投入了。因此，我們已經準備好全力以赴，並像我之前談到的那樣繼續提高生產力，當然，這也要取決於競爭情況。

But I think if we get conversion up further, if we get better traffic metrics, if we get more customers coming in, we certainly could have the opportunity to lean in and drive more volume. At the same time, we can also work on the cost-out dynamic that we've been talking about. And certainly, if things change competitively, we would do the same.

但我認為，如果我們能進一步提高轉換率，如果我們能獲得更好的流量指標，如果我們能吸引更多顧客，我們絕對有機會加大投入，提高銷售量。同時，我們也可以著手解決我們一直在討論的成本削減問題。當然，如果競爭情勢發生變化，我們也會採取同樣的措施。

Yes. And then let me pick up on each of the three brands and what gives us confidence. We talked a bit about the replatforming. And I would say there was a number of years of tech migrations on Vrbo. And this year, we've been releasing new product features that are bringing the value of being a vacation rental pure play to life. So just a few examples.

是的。接下來，我將逐一分析這三個品牌，以及它們讓我們信賴的原因。我們稍微聊了一下平台遷移的問題。我認為Vrbo經歷了多年的技術遷移。今年，我們推出了一系列新產品功能，將度假租賃純粹平台的價值真正展現出來。舉幾個例子。

On supply, how we're improving our assortment and prices and quality. Last year, we talked about adding the multiunit inventory. And this year, we rolled out the promotion suite. As I shared in my prepared remarks, 20% of our bookings last quarter were on a promotion suite that we only rolled out in the spring this year.

關於供應方面，我們將如何改善產品種類、價格和品質。去年，我們討論過增加多單元庫存的問題。今年，我們推出了促銷套件。正如我在事先準備好的演講稿中所說，上個季度我們 20% 的預訂都來自我們今年春天才推出的促銷套餐。

In terms of the product, we're leveraging AI to personalize property content to summarize guest reviews, all to make it easier for travelers to find their perfect match. Actually, last month, we introduced the Loved by Guests badge to highlight the top 10% of our properties. And we're doubling down on trust and reliability. So just last week, we expanded Vrbo Care to reassure guests that we've got their back if a problem arises. So I think those are going to be foundational to the performance of Vrbo going forward.

在產品方面，我們正在利用人工智慧來個人化房源內容，總結房客評價，所有這些都是為了讓旅客更容易找到最適合他們的房源。事實上，上個月我們推出了「深受賓客喜愛」徽章，以表彰我們排名前 10% 的酒店。我們將加倍重視信任和可靠性。就在上週，我們擴大了 Vrbo Care 的服務範圍，以確保客人在遇到問題時能夠得到我們的支持。所以我認為這些將是Vrbo未來發展的基礎。

If I take Hotels.com, it grew at its fastest pace in over two years, and that's really a function of the work we've done this year in relaunching the brand, adding product functionality and launching Save Your Way. And it's really solidifying its value proposition as a hotel-only pure play. And then finally, our Brand Expedia, which is our biggest and fastest-growing brand, I talked about work we did or work we have done to drive up attach. We're at record levels of attach in the product and there's still more opportunity ahead. As we added more airlines this year with Southwest and Ryanair, that's improving the value proposition.

以 Hotels.com 為例，它的成長速度達到了兩年多來的最快水平，這實際上得益於我們今年在品牌重塑、產品功能增加和 Save Your Way 推出方面所做的工作。它正切實鞏固其作為純粹的飯店業者的價值主張。最後，我談到了我們的品牌 Expedia，這是我們規模最大、成長最快的品牌，我們為提高用戶黏性所做的工作或已經做的工作。我們產品的黏性已經達到了歷史最高水平，而且未來還有更大的發展空間。今年我們新增了西南航空和瑞安航空等航空公司，提高了我們的價值主張。

As we created a new lodging path where we're separating hotels and homes, that's allowing us to grow vacation rentals. And we know that while we grew low double digits outside of the US, there's still a lot of opportunity for us to grow outside of the US. So look, we're just really looking at where are the opportunities that we see in the business to grow, how do we execute on them, while at the same time, being very mindful of where we're spending our marketing dollars.

我們開闢了一條新的住宿模式，將酒店和住宅分開，這使我們能夠發展度假租賃業務。我們知道，雖然我們在美國以外的市場實現了兩位數的低成長率，但我們在美國以外市場仍然有很多成長機會。所以你看，我們現在真正關注的是公司發展中存在哪些機會，以及我們如何抓住這些機會，同時，我們也要非常注意行銷資金的支出方向。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

Sorry about that. Technical difficulty there. Sorry about that. Can you talk about -- as you think about the alternative accommodation market going into over the next 12 to 18 months, could you talk about the evolving kind of competitive dynamics, maybe as some would characterize it as a bit more mature. Could you -- and do you think that the integration with hotels inside kind of the search window within alternative accommodations will become the norm? And could you just talk about where you are in that process?

抱歉。技術上出了點問題。抱歉。您能否談談——在您思考未來 12 至 18 個月內替代住宿市場的發展趨勢時，您能否談談不斷變化的競爭動態，也許有些人會將其描述為更加成熟的局面。您認為—以及您是否認為將飯店整合到其他住宿搜尋視窗中會成為常態？您能否談談您目前在這個過程中進展到什麼階段了？

So Vrbo, as I said, is a vacation rental pure play, and we're excited about the features that we've built and we're launching that are strengthening its value proposition as a trusted vacation rental pure play. Then as you say, in Brand Expedia, we're now integrating vacation rentals into the lodging flow. And we're being measured in doing it because we want to make sure that there's a great traveler experience and that they're going to find the lodging option that works for them. And we're seeing good results.

正如我所說，Vrbo 是一家純粹的度假租賃平台，我們對已經開發和即將推出的功能感到非常興奮，這些功能正在增強其作為值得信賴的度假租賃平台的價值主張。正如您所說，在 Expedia 品牌下，我們現在正在將度假租賃整合到住宿流程中。我們採取謹慎的態度，是為了確保旅客擁有良好的旅遊體驗，並找到適合他們的住宿選擇。我們看到了良好的效果。

And I will add that we're now starting also to distribute vacation rental through our B2B partners. So certainly, when I talk to vacation rental owners, they're excited about the fact that now in addition to bringing them volume and demand from Vrbo, we're now opening it up on Expedia and our B2B partners.

我還要補充一點，我們現在也開始透過我們的 B2B 合作夥伴分銷度假租賃房源。所以，當我與度假租賃業主交談時，他們都非常興奮，因為現在除了透過 Vrbo 為他們帶來數量和需求之外，我們還在 Expedia 和我們的 B2B 合作夥伴上開放了這項服務。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Just circling back to B2B, can you give us an update on how you're looking in competition there and what you're seeing in terms of contracts and a renewal cycle?

回到B2B領域，您能否介紹一下您目前在競爭方面的情況，以及您在合約和續約週期方面看到的情況？

I'll say I've been in our B2B business for over a decade. And I feel like every year, we're saying there's so much competition from all these different places. And the truth is in any business, there's always a lot of competition and our team needs to go out there and put our best foot forward, make sure that we're delivering a lot of value to our partners. We're staying close to them.

我可以說，我從事B2B業務已經超過十年了。我覺得每年我們都在說，來自四面八方的競爭太激烈了。事實上，任何行業都存在激烈的競爭，我們的團隊需要全力以赴，確保為合作夥伴創造價值。我們會和他們保持密切聯繫。

And look, there will be some deals that you win and some deals that you don't. But over the long term, I'm very confident in our value proposition, and we continue to innovate in order to respond to the demands that our partners have.

你看，有些交易你會成功，有些交易你會失敗。但從長遠來看，我對我們的價值主張非常有信心，我們將繼續創新，以滿足合作夥伴的需求。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

One of your competitors spends a lot of time talking about direct to just solidify their position long term. And presumably, you're seeing an uptick in direct bookings as well given the fact that like things are accelerating and marketing efficiencies are getting better. But I was just hoping that you could level set on where things are in terms of your B2C business? And then what's a reasonable medium-term target as you continue to flex that efficiency on the marketing side?

你的一個競爭對手花了很多時間談論直接行銷，只是為了鞏固其長期地位。想必您也看到了直接預訂量的上升，因為類似的事情正在加速發展，行銷效率也在不斷提高。但我只是希望您能大致說明一下您B2C業務的現況？那麼，隨著你在行銷方面繼續提高效率，一個合理的中期目標是什麼？

Our direct business is about two-third of our bookings in our consumer business come direct. Now obviously, some of that is from our loyalty program, some of it is just travelers coming back direct. And we're always looking for where can we bring in travelers from outside of our ecosystem, what channels, where do we need to be present because you really do want a balanced set of where you're getting your travelers from. But today, two-third is direct.

我們直接業務的訂單量約占我們消費者業務訂單量的三分之二。當然，其中一部分來自我們的會員計劃，一部分來自直接返回的旅客。我們一直在尋找可以從我們生態系統之外吸引旅行者的地方，需要通過哪些管道，需要在哪裡出現，因為你真的希望你的旅行者來源地保持平衡。但如今，三分之二是直接投資。

Yes. And I think what we've seen in the recent quarters is conversion in our direct channels has started to tick up. And while it's not necessarily where we want it to be, and we see room to continue to improve, the dynamic of seeing it go in the right direction is positive. I think both for whether it's our site or whether it's our apps, there's a lot of benefit that the team has been driving, and we feel good about that.

是的。我認為，最近幾季我們看到的是，我們直接通路的轉換率已經開始上升。雖然它未必達到我們想要的狀態，而且我們看到還有改進的空間，但看到它朝著正確的方向發展，這種積極勢頭是值得肯定的。我認為無論是我們的網站還是我們的應用程序，團隊都取得了巨大的進步，我們對此感到非常滿意。

I think overall, you kind of mentioned traffic. And I would just say we did see good traffic in Q3. It was nicely ahead of Q1 and Q2. And I think that the teams did a very nice job within the traffic channels, balancing the spend levels and shifting to higher growth, higher returning channels, which is why you saw some of the expansion in the margins, particularly in B2C.

我覺得你整體上提到了交通問題。我想說的是，第三季的客流量確實不錯。比第一季和第二季都領先不少。我認為各個團隊在流量管道方面做得非常好，平衡了支出水平，並轉向了成長更快、回報更高的管道，這就是為什麼你會看到利潤率有所增長，尤其是在 B2C 領域。

Kevin Kopelman, TD Securities.

Kevin Kopelman，TD Securities。

This is Jacob in for Kevin. Could you talk more about the acceleration you saw in US room nights? Any drivers to call out?

這是代替凱文上場的雅各。能否詳細談談您觀察到的美國飯店客房夜數加速成長的情況？有司機可以幫忙嗎？

Sure. Well, I mean, you saw room nights were 11%. It's the strongest in three years or over three years with some nice acceleration across our main regions and all of our brands as well. So that was high single digits in the US, low double digits outside of the US. Of note, 20% -- north of 20% in APAC, as Ariane called out, and B2C strength in Europe as well. So very nice expansion in line or better than market in many areas, and we feel good about where we stand with room nights. Do you want to add?

當然。嗯，我的意思是，你看，房間價格是11%。這是三年來最強勁的一次，我們主要地區和所有品牌都實現了良好的成長。所以美國境內感染人數接近兩位數，美國境外感染人數接近兩位數。值得注意的是，亞太地區這一比例高達 20% 以上，正如 Ariane 指出的那樣，歐洲的 B2C 業務也十分強勁。因此，我們在許多方面都實現了非常好的擴張，甚至優於市場水平，我們對客房夜數方面的情況感到滿意。你想添加什麼嗎？

Yes, I would just say in the US, it was both across the consumer business and the B2B business. So it's really -- it was across the board.

是的，我想說的是，在美國，無論是消費者業務還是 B2B 業務都是如此。所以，這真的是──普遍現象。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

So first, Ariane, on partnership with OpenAI and potentially other AI assistants, how are you sort of approaching it strategically to ensure that you get the best opportunity for branding and driving repeat traffic back to Expedia assets while also maybe supporting a seamless booking experience for consumers, particularly if these systems start to become more and more agentic over time. How are you balancing the trade-offs?

首先，Ariane，關於與 OpenAI 以及其他潛在的 AI 助理合作，你們是如何進行策略規劃的，以確保獲得最佳的品牌推廣機會，並將回頭客引流回 Expedia 的資產，同時還能為消費者提供無縫的預訂體驗，尤其是在這些系統隨著時間的推移變得越來越智能的情況下。你如何權衡各種利弊？

And then second question, maybe for Scott. The preliminary commentary on 2026 margin is very helpful. Can you talk a little bit about the primary investment areas for next year so we can kind of get a sense of the scope of these investments?

第二個問題，或許可以問史考特。關於 2026 年利潤率的初步評論非常有幫助。能否簡單介紹明年的主要投資領域，以便我們了解這些投資的範圍？

So we're thinking about these partnerships as great ways to attract people to our brands. As I said, there are really two things that we need to do. One is all the work on Answer Engine Optimization and making sure that not only are our brands showing up when people are having conversations, but also that the content that's showing up accurately reflects the strong value propositions of our brands. So that's one thing that we're spending a lot of time doing. And then the second is these direct integrations that then drive traffic back to us.

所以我們認為這些合作關係是吸引人們關注我們品牌的絕佳途徑。正如我所說，我們真正需要做的只有兩件事。一方面是搜尋優化方面的工作，確保我們的品牌不僅能在人們進行對話時出現，而且顯示的內容也能準確反映我們品牌的強大價值主張。所以這是我們花很多時間做的事情之一。其次是這些直接集成，它們可以將流量引回給我們。

And as anything we do, it's critical that the travelers have a good and seamless experience when they get handed off over to us. So look, as I said, we were one of the launch partners with ChatGPT. The teams worked really closely together in getting that integration together, and that's the approach we will take as opportunities like this arise. I would just end by saying it's a fast-moving space. I think this is an area where it's really important to be on your front foot, getting learnings, experimenting because a few months down the road, it may look different than it does right now.

就像我們所做的任何事情一樣，至關重要的是，當旅客被交接給我們時，他們能夠獲得良好、順暢的體驗。所以你看，正如我所說，我們是 ChatGPT 的首批合作夥伴之一。各團隊緊密合作，順利完成了整合工作，未來遇到類似機會時，我們也會採取這種方式。最後我想說的是，這是一個瞬息萬變的領域。我認為在這個領域，積極主動、不斷學習、不斷嘗試非常重要，因為幾個月後，情況可能就和現在大不相同了。

Yes. Deepak, to your question on '26. I mean, we'll go deeper on Q1 and '26 guidance in February, but a couple of things for '26 to maybe underpin what you're looking for. In '26 and the longer term, you should expect us to continue to focus on our core three strategic priorities that Ariane talked about in her script for the last year. We're going to invest in our growth opportunities across our businesses and continue to focus on operational efficiencies, including our focus on marketing leverage, cost of sales and overheads. So that will kind of frame out if you think about where we're going to invest and where we're going to get productivity, but we'll go deeper next quarter.

是的。Deepak，關於你26日提出的問題。我的意思是，我們將在二月更深入地討論第一季和 2026 年的業績指引，但有幾點關於 2026 年的信息或許能為你們提供一些參考。展望 2026 年及更長遠的未來，我們將繼續專注於 Ariane 在過去一年中提到的三大核心策略重點。我們將投資於我們各項業務的成長機會，並繼續專注於營運效率，包括提高行銷槓桿、降低銷售成本和管理費用。所以，如果你思考我們將在哪裡投資以及我們將在哪裡提高生產力，這就能大致勾勒出我們的方向，但我們下個季度會更深入地探討這個問題。

Naved Khan, B. Riley Securities.

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

Two questions from me. One on Vrbo. Ariane, how do you feel about the growth in Vrbo in the US relative to where the market is growing? Did you -- are you growing faster or in line with the market? And then the second question I have is just on the outlook for the fourth quarter. So there is some amount of uncertainty around government shutdown and the impact potentially on price and whatnot. What are you baking in, in terms of your guidance? And how should we be thinking about that risk?

我有兩個問題。Vrbo 上有一家。Ariane，你如何看待Vrbo在美國的成長與全球市場整體成長的對比？你們的成長速度是快於市場平均還是與市場持平？那麼我的第二個問題是關於第四季的展望。因此，政府停擺及其對價格等方面的潛在影響存在一定程度的不確定性。就你的指導而言，你打算如何烘焙？我們該如何看待這種風險？

Yes. So just on Vrbo in the US, Vrbo all up, we grew bookings and room nights in the quarter, and we believe we maintained or perhaps even grew our market share in the US.

是的。僅就美國 Vrbo 而言，Vrbo 整體而言，本季度我們的預訂量和房間夜數均有所增長，我們相信我們保持了在美國的市場份額，甚至可能有所增長。

Yes. So Q4 guide, let me talk a little bit about that and then touch on the government shutdown and the flight cancellation dynamic. So first off, just to level set again, the GBV and revenue growth target for Q4 is 6% to 8% with 2 points of margin expansion, and we feel good about that. We feel confident we can hit that. The October remains strong.

是的。那麼，關於第四季業績指引，讓我先簡單談談，然後再談談政府停擺和航班取消的情況。首先，為了再次明確一下，第四季的GBV和營收成長目標是6%至8%，利潤率擴張2個百分點，我們對此感到滿意。我們有信心能夠實現這個目標。十月份市場依然強勁。

So similar to Q3, we got out of the gate strongly, and we feel good, but we are very clear, and I think everyone is clear that the lapping gets tougher in November and December. In fact, we saw a 6% to 7% increase in November and December last year. So we expect that there's going to be some dynamics where our growth will start to slow.

與第三節排位賽類似，我們開局強勁，感覺良好，但我們非常清楚，而且我認為每個人都很清楚，11 月和 12 月的圈速會更加艱難。事實上，去年11月和12月我們看到了6%到7%的成長。因此，我們預計未來一段時間內，我們的成長速度將會開始放緩。

When we're thinking about the next few weeks, and we're all -- let me step back for a second. As part of guidance, we always try and make sure that we are prepared for a dynamic environment and events like these. And so we try to some extent, make sure that we've seen the latest, we're factoring those in, and we're moving forward in a way that's clear. And that would include in how we deploy marketing funds or how we make investments or cut costs. The market remains dynamic. And in the US, just to be clear, we haven't seen a change in trend yet, but we're watching very carefully, and this weekend will be a critical one as we head into that.

當我們思考接下來幾週的事情時，我們所有人都——讓我先退後一步。作為指導的一部分，我們始終努力確保我們為瞬息萬變的環境和此類事件做好準備。因此，我們盡量確保我們已經了解最新情況，並將這些情況考慮在內，然後以清晰的方式向前邁進。這包括我們如何部署行銷資金、如何進行投資或如何削減成本。市場依然充滿活力。至於美國，需要明確的是，我們還沒有看到趨勢發生變化，但我們正在非常密切地關注，而本週末將是一個關鍵的周末，因為我們即將進入下一個階段。

So we're watching the government shut down very closely. And as I mentioned in my prepared remarks, our outlook already reflects the stable trends we saw in October, factors in the 6 points of lapping from the prior year acceleration in November and December. And we're always thoughtful about our guide and how we factor in room for unknowns like this type of thing.

所以我們正在密切關注政府停擺的情況。正如我在準備好的發言稿中提到的，我們的展望已經反映了我們在 10 月看到的穩定趨勢，並考慮到了 11 月和 12 月較上年同期加速成長的 6 個百分點。我們始終認真考慮我們的指南，並考慮如何應對此類未知情況。

So within our construct for Q4, we feel good that we can absorb Air in particular, because if you think about Air, Air Q3 -- revenue for Q3 to put it in context, was $101 million or around $300 million year-to-date. And it remains our major -- and Air remains a major priority for us to continue to expand our presence, both on a stand-alone basis as well as bundling.

因此，在我們第四季度的規劃中，我們感覺能夠很好地吸收 Air 的業務，因為如果你看看 Air，Air 第三季的收入——為了便於理解，第三季的收入為 1.01 億美元，或年初至今約為 3 億美元。航空仍然是我們的主要業務——我們將繼續擴大航空業務，無論是以獨立業務還是捆綁業務的形式。

But with already one-third of our revenue booked from Air in Q4, even a significant reduction in $100 million run rate for Q4, we should be able to absorb all or most of that in our outlook. So we factor these types of things in when we think about guidance, particularly in dynamic environments like this.

但由於我們第四季的收入已有三分之一來自航空業務，即使第四季的營運收入大幅下降 1 億美元，我們也應該能夠消化全部或大部分的損失。所以，我們在考慮指導方針時，尤其是在像這樣的動態環境中，會將這些因素納入考量。

(inaudible - microphone inaccessible)

（聽不清楚 - 麥克風無法使用）

Yeah. No, no, the other thing I'd just add at the end there is, look, as Ariane mentioned, the key differentiator for our business is being there for the traveler along their whole journey.

是的。不，不，最後我想補充一點，正如 Ariane 所提到的，我們業務的關鍵差異化優勢在於全程陪伴旅行者。

So as customers go through the next couple of weeks or hopefully shorter, we're there when something goes -- doesn't go as planned. So we'd like -- while we, like everyone, hope for a fast and safe resolution of the situation, no matter what, we'll be here for our travelers.

因此，在接下來的幾週（希望時間更短）裡，當客戶遇到問題時，我們隨時提供幫助——當事情沒有按計劃進行時。所以我們希望——雖然我們和大家一樣，都希望這種情況能夠迅速安全地得到解決，但無論如何，我們都會在這裡為我們的旅客服務。

Tom Champion, Piper Sandler.

湯姆·錢皮恩，派珀·桑德勒。

Just curious if you could provide us an update on kind of the international in the US travel dynamic and maybe particularly from Canada and if that's normalizing and kind of your outlook into next year?

我很好奇您能否提供美國國際旅行動態的最新情況，特別是來自加拿大的旅行情況，看看這種情況是否正在恢復正常，以及您對明年的展望？

In terms of corridors, look, it was healthy across the board. Inbound travel to the US was nearly back to levels of last year, not quite, but it was nearly back to levels of last year. Europe to the US growth year-over-year has recovered from the second quarter. APAC to the US has accelerated from the second quarter. Canada volume into the US remains pressured, though it did improve as the quarter progressed.

就走廊而言，整體狀況良好。赴美旅遊人數幾乎恢復到去年的水平，雖然還沒有完全恢復，但已經接近去年的水平了。歐洲對美國的年增速已從第二季的低迷狀態中恢復。從第二季開始，亞太地區到美國的出口成長加快。加拿大對美國的進口量仍面臨壓力，儘管隨著季度的進展有所改善。

At this time, I will now turn it over to CEO, Ariane Gorin, for any further remarks.

現在，我將把發言權交給執行長阿麗亞娜‧戈林，請她再作補充說明。

Yes. Thank you all for joining today's call and also for all the questions. We delivered strong results this quarter ahead of our expectations. As we enter the final quarter of the year, we have strong confidence in our ability to execute and to create value for all of our stakeholders as the global one-stop travel marketplace for every traveler, every partner and every advertiser. Thank you all.

是的。感謝各位參加今天的電話會議，也感謝大家提出的所有問題。本季我們取得了超乎預期的強勁業績。隨著我們進入今年的最後一個季度，我們對自己作為全球一站式旅行市場，為每位旅行者、每位合作夥伴和每位廣告商創造價值的能力充滿信心。謝謝大家。

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

感謝各位參加今天的電話會議。現在您可以斷開線路了。