Expedia Group, Inc. (EXPE) 2026 Q2 法說會逐字稿

Good day everyone, and welcome to the Expedia Group Q2 2026 Financial Results Teleconference. My name is Holly, and I will be the operator for today's call. (Operator Instructions)

各位大家好，歡迎參加 Expedia Group 2026 年第二季財務業績電話會議。我是 Holly，將擔任今天電話會議的接線員。(接線員指示)

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

接下來進行開場致詞，我將把電話交給投資人關係副總裁 Rob Bevegni。Rob，請開始。

Good afternoon, and welcome to Expedia Group's Second Quarter 2026 Earnings Call. I'm pleased to be joined on today's call by our CEO, Ariane Gorin; and our CFO, Derek Andersen. As a reminder, our commentary today will include references to certain non-GAAP measures.

各位下午好，歡迎參加 Expedia Group 2026 年第二季財報電話會議。很高興今天與會的有我們的執行長 Ariane Gorin，以及財務長 Derek Andersen。提醒各位，我們今天的評論將包含對某些非 GAAP 指標的引用。

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.

這些非 GAAP 指標與最可比較 GAAP 指標之間的調節表已包含在我們的財報新聞稿中。除非另有說明，所有成長率均以年對年為基礎，且任何費用之提及均不包含以股票為基礎的薪酬。

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 and uncertainties that are difficult to predict.

我們也將在本次電話會議中作出前瞻性陳述，這些陳述是對未來事件的預測、推估及其他說明。這些陳述係基於目前的預期與假設，而這些預期與假設受到難以預測的風險與不確定性影響。

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. This call is being webcast on the Investor Relations section of our website at ir.expediagroup.com.

由於本次電話會議中討論的因素，以及我們最近提交的 10-Q、10-K 與其他向美國證券交易委員會（SEC）申報的文件中所述因素，實際結果可能出現重大差異。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。本次電話會議將於我們網站 ir.expediagroup.com 的投資人關係專區進行網路直播。

A replay will be archived on our site A slide presentation containing financial highlights has also been posted to our website. Starting this quarter, we expanded the presentation to provide additional context on our performance.

重播將存檔於我們的網站；一份包含財務重點的簡報也已發布於我們的網站。自本季起，我們擴充了簡報內容，以提供更多關於我們表現的背景資訊。

For today's call, Ariane will begin with a review of our second quarter results Derek will then provide additional detail on our financial performance as well as our third quarter and full year guidance. After our prepared remarks, we will turn the call over to the operator to begin the Q&A portion of our call.

在今天的電話會議中，Ariane 將先回顧我們第二季的業績；接著 Derek 將提供更多財務表現細節，以及我們第三季與全年指引。在我們的準備講稿結束後，我們將把電話交回接線員，開始問答環節。

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

接下來，我把電話交給 Ariane。

Thanks, Rob, and good afternoon, everyone. We had a solid second quarter, delivering strong financial results while making tangible progress on our strategic priorities. We exceeded the high end of both our top and bottom-line expectations for the fifth quarter in a row, growing bookings 12%, revenue 14%, and adjusted EBITDA 23%.

謝謝你，Rob，各位下午好。我們第二季表現穩健，在推進策略優先事項方面也取得了具體進展，同時交出強勁的財務成果。我們連續第五個季度超越了對營收與獲利（上下線）的預期高端，預訂量成長 12%、營收成長 14%，調整後 EBITDA 成長 23%。

We delivered new product experiences, expanded supply across our marketplace and took an important step in building our one-stop B2B travel shop. Based on our first half results, and the ongoing trends we're seeing, we're raising our full year guidance, and Derek will cover that shortly.

我們推出新的產品體驗、在平台市場中擴大供給，並在打造一站式 B2B 旅遊商店方面邁出重要一步。基於上半年業績以及我們持續觀察到的趨勢，我們上調全年指引，Derek 稍後會說明。

Turning back to the second quarter, consumer spending was healthy, in particular in the U.S. Consumers continue to prioritize travel with longer lengths of stay and longer booking windows, even as air ticket and hotel prices rose. The World Cup generated modest incremental demand late in the quarter.

回到第二季，消費支出維持健康，尤其是在美國。即使機票與飯店價格上漲，消費者仍持續優先安排旅遊，停留天數更長、預訂提前期也更長。世界盃在季度末帶來了溫和的增量需求。

A lot of bookings happened after the tournament began, a pattern we anticipated, and we're well positioned to capture. Total booked room nights were up 6%, with mid-single digits in the U.S. low single digits in EMEA and low double digits in the rest of the world. Europe remained pressured, particularly outbound travel as macro headwinds and reduced air capacity weighed on demand while APAC rebounded from the disruption related to the Middle East.

許多預訂發生在賽事開始之後，這是我們預期到的模式，我們也已做好把握的準備。整體已預訂客房晚數成長 6%；其中美國為中個位數成長，EMEA 為低個位數成長，世界其他地區為低雙位數成長。歐洲仍面臨壓力，尤其是出境旅遊；宏觀逆風與航空運能下降抑制需求，而亞太地區則自與中東相關的干擾中反彈。

Our market-leading B2B team delivered its 20th consecutive quarter of double-digit growth, underscoring the durability and the momentum of this business. Consumer bookings were up 8%, driven by our fastest U.S. growth in 15 quarters. Active loyalty members increased low single digits with faster growth in our higher tiers.

我們市場領先的 B2B 團隊連續第 20 個季度實現雙位數成長，凸顯此業務的韌性與動能。消費者預訂量成長 8%，主要受惠於我們在美國創下 15 個季度以來最快的成長。活躍忠誠會員數增加低個位數，其中較高等級會員的成長更快。

Over the last two years, we've executed on our three strategic priorities: one, delivering more value to travelers; two, investing in our biggest growth opportunities, and three, driving operating efficiency and margin expansion. As a result, we've accelerated our consumer business, expanded margins by four points and more than doubled our trailing 12-month free cash flow over that same period.

過去兩年，我們落實三項策略優先事項：第一，為旅客提供更多價值；第二，投資於我們最大的成長機會；第三，提升營運效率並擴大利潤率。因此，我們加速了消費者業務，利潤率擴大 4 個百分點，且在同一期間，過去 12 個月的自由現金流增加逾一倍。

We continue to progress these priorities in the second quarter: first, delivering more value to travelers. It starts with product experiences and make it easy for travelers to plan and book their perfect trip. And AI is unlocking new ways to make these experiences simpler and more personalized.

第二季我們持續推進這些優先事項：首先，為旅客提供更多價值。這始於產品體驗，讓旅客能輕鬆規劃並預訂理想旅程。而 AI 正在開啟新的方式，讓這些體驗更簡單、更個人化。

Last quarter, we launched new and updated conversational experiences, introducing natural language search on the Vrbo homepage and updating Property Expert and AI Compare in the hotel shopping flow. Our AI-powered personalization and recommendations keep getting smarter across all three of our consumer brands.

上季我們推出新的與更新的對話式體驗，在 Vrbo 首頁導入自然語言搜尋，並在飯店比價流程中更新 Property Expert 與 AI Compare。我們以 AI 驅動的個人化與推薦功能，在三個消費者品牌上都持續變得更聰明。

On Expedia, our fastest-growing brand, this translated into another quarter of record attach rates. So travelers are getting even more value from booking their trips with us. Traveler value also comes from having the best assortment and price and we recently achieved a few big milestones. In July, we became the first OTA to distribute Allegiant flights and achieve full coverage of U.S. commercial airlines.

在 Expedia（我們成長最快的品牌）上，這轉化為又一季創紀錄的加購率（attach rates）。因此，旅客透過我們預訂行程可獲得更多價值。旅客價值也來自於最佳的品項組合與價格，而我們近期達成了幾項重要里程碑。7 月，我們成為第一家分銷 Allegiant 航班並實現美國商業航空公司全面覆蓋的 OTA。

This partnership further reinforces our position as the most complete travel marketplace in the U.S. On lodging, we expanded our supplier-funded promotions. More than 40% of Vrbo bookings last quarter included partner-funded offers, and our May sale was the first campaign to exceed $1 billion in bookings for participating properties.

這項合作進一步鞏固我們作為美國最完整旅遊市場平台的地位。在住宿方面，我們擴大了由供應商出資的促銷。上季超過 40% 的 Vrbo 預訂包含合作夥伴出資的優惠，而我們 5 月的促銷活動是首個讓參與房源預訂額突破 10 億美元的活動。

These are clear proof points of the strength of our two-sided marketplace where travelers get better value and our supply partners capture incremental demand across rooms, seats and cars. Turning to our second pillar, investing, where we see the greatest opportunity to drive growth.

這些都是我們雙邊市場平台實力的明確佐證：旅客獲得更佳價值，而供應合作夥伴則在客房、座位與租車等品類上捕捉到增量需求。接著談第二支柱：投資，也就是我們認為最能推動成長的機會所在。

In our consumer business, our sharper measurement and targeting capabilities are allowing us to invest in the highest return opportunities and leverage our marketing spend. We're investing in newer surfaces like AI and social platforms where more consumers are starting their trip planning. AEO and social are two of our fastest-growing channels.

在消費者業務方面，我們更精準的衡量與投放能力，使我們能投資於回報最高的機會並提升行銷支出的效益。我們也投資於較新的觸點（surfaces），例如 AI 與社群平台，因為越來越多消費者從這些地方開始規劃旅程。AEO 與社群是我們成長最快的兩個渠道。

And while agented traffic remains small, it's a promising channel with high purchase consideration. We're deepening our partnerships with leading AI platforms. And during the quarter, we're an early adopter of ChatGPT's latest ad product and expanded our work across Google's newer AI services.

此外，雖然代理式流量（agented traffic）目前仍小，但它是具前景的渠道，購買考量度高。我們正加深與領先 AI 平台的合作夥伴關係。本季我們成為 ChatGPT 最新廣告產品的早期採用者，並擴大了在 Google 較新的 AI 服務上的合作。

And last week, we announced the acquisition of Layla, an AI conversational planning app, allowing us to capture new types of travelers while bringing learnings into our core business. Finally, in B2B, alongside investing in our existing partnerships, we continue building toward our vision of a one-stop travel shop for partners.

上週，我們宣布收購 Layla（AI 對話式行程規劃應用程式），使我們能觸及新類型的旅客，同時把相關學習導入核心業務。最後，在 B2B 方面，除了投資既有合作夥伴關係外，我們也持續朝著為合作夥伴打造一站式旅遊商店的願景前進。

And in May, announced our intent to acquire CarTrawler -- the leading B2B car rental and insurance platform. Moving to our third pillar, driving operating efficiencies and margin expansion. We expanded margins by nearly two points in the quarter, driven by tight expense management and the consumer marketing leverage I just mentioned.

並且在 5 月，我們宣布有意收購 CarTrawler——領先的 B2B 租車與保險平台。接著談第三支柱：推動營運效率與利潤率擴張。本季我們的利潤率擴大近 2 個百分點，主要受惠於嚴格的費用管理，以及我剛提到的消費者行銷槓桿效益。

Importantly, we're continuing to deploy AI to innovate faster, and operate more effectively. On Vrbo, we launched an agentic voice solution to support partner inquiries previously handled by human agents. Early results are promising with faster resolution and lower contact propensity. More broadly, our agentic technology stack is allowing us to design and ship products faster, ultimately unlocking new capabilities for both travelers and partners.

重要的是，我們持續部署 AI 以更快創新，並更有效率地營運。在 Vrbo，我們推出了一套代理式語音解決方案，用於支援過去由真人客服處理的合作夥伴詢問。初步結果令人鼓舞，問題解決更快、聯絡傾向更低。更廣泛而言，我們的代理式技術堆疊讓我們能更快設計並交付產品，最終為旅客與合作夥伴解鎖新能力。

As we scale these capabilities, we're managing token costs thoughtfully while giving broad access to our team. In closing, we delivered strong second quarter results and are raising our full year outlook. I want to thank our teams for their hard work and our partners and travelers for their continued trust in us.

在擴大這些能力的同時，我們也審慎管理 token 成本，並讓團隊能廣泛使用。最後，我們交出強勁的第二季成果，並上調全年展望。我要感謝團隊的辛勤付出，也感謝合作夥伴與旅客持續對我們的信任。

With that, I'll turn it over to Derek.

接下來，我把時間交給 Derek。

Thank you, Ariane, and good afternoon, everyone. I've had an exciting first quarter as part of the Expedia Group team and look forward to engaging with you all in the quarters ahead. Before I walk through our financials, you'll see that we've expanded the earnings presentation this quarter to provide additional details and an easier to access format.

謝謝你，Ariane，各位下午好。加入 Expedia Group 團隊後的第一個季度令人振奮，我也期待在接下來的季度與各位持續交流。在我帶各位看財務數字之前，你們會看到我們本季擴充了財報簡報內容，以提供更多細節並採用更易於取用的格式。

I'll focus my remarks here on the headline financials and guidance, so we can get to your questions a little faster. Our second quarter performance exceeded the high end of our guidance, reflecting a healthy macro environment, continued momentum in our B2B segment, improved consumer marketing returns and ongoing cost discipline.

我在這裡會把重點放在主要財務數字與指引上，好讓我們能更快進入問答。我們第二季表現超越指引上緣，反映總體環境健康、B2B 業務動能延續、消費者行銷回報改善，以及持續的成本紀律。

Gross bookings increased 12% year-over-year, and this was driven primarily by 6% room night growth as well as 5% ADR growth on an FX-neutral basis. Revenue increased 14%, which exceeded our expectations entering the quarter. Foreign exchange was a tailwind for the business, contributing nearly half a point of bookings growth and four points to revenue growth.

總預訂額（Gross bookings）年增 12%，主要由 6% 的間夜（room nights）成長，以及在排除匯率影響（FX-neutral）基礎下 5% 的平均每日房價（ADR）成長所帶動。營收年增 14%，高於我們在進入本季時的預期。外匯對業務形成順風，為預訂額成長貢獻接近 0.5 個百分點，並為營收成長貢獻 4 個百分點。

Adjusted EBITDA was $1.1 billion in Q2, representing a margin of 25.9%, which is an improvement of nearly 2 points compared to the prior year. The margin expansion was driven by a combination of cost efficiencies, consumer marketing leverage and the flow-through of higher volume.

第二季調整後 EBITDA 為 11 億美元，利潤率為 25.9%，較去年同期提升接近 2 個百分點。利潤率擴張來自成本效率提升、消費者行銷槓桿效益，以及更高交易量的流量帶動（flow-through）。

Adjusted EPS grew 36% year-over-year, which reflects strong earnings growth as well as the accretive impact of share repurchases over the past year. We continue to generate strong free cash flow, which reached $4.5 billion on a trailing 12-month basis, and this has fueled the return of capital to shareholders.

調整後每股盈餘（Adjusted EPS）年增 36%，反映強勁的獲利成長，以及過去一年股票回購帶來的增厚效應（accretive impact）。我們持續產生強勁的自由現金流，過去 12 個月（TTM）達 45 億美元，並推動我們向股東回饋資本。

During the quarter, we repurchased roughly 880,000 shares for $200 million at an average price of $226 a share. This brought our year-to-date share repurchases to $900 million, which is roughly in line with the first half of last year. Our capital allocation priorities remain unchanged, including investing organically in the business, pursuing disciplined M&A in support of our strategic priorities and returning cash to shareholders in the form of dividends and opportunistic share repurchases.

本季我們以每股平均 226 美元的價格回購約 88 萬股，總額 2 億美元。這使得今年迄今的股票回購金額達 9 億美元，與去年上半年大致相當。我們的資本配置優先順序維持不變，包括對業務進行有機投資、在策略優先事項支持下進行審慎的併購（M&A），以及透過股利與機會型股票回購向股東返還現金。

For our third quarter outlook, we expect gross bookings of $32.2 billion to $32.8 billion, representing growth of approximately 5% to 7% year-over-year. This assumes the growth in bookings and room nights moderates relative to Q2, reflecting tougher comparisons as we lap faster growth in the second half of last year and an estimated one point FX headwind at current rates.

就第三季展望而言，我們預期總預訂額為 322 億至 328 億美元，年增約 5% 至 7%。這假設預訂額與間夜成長相較第二季放緩，反映去年下半年較快成長所帶來的較高比較基期，以及在目前匯率下約 1 個百分點的外匯逆風。

We expect revenue of $4.65 billion to $4.75 billion, representing growth of approximately 5% to 8% year-over-year including an estimated one point FX benefit at current rates. We expect adjusted EBITDA of $1.51 billion to $1.56 billion, implying a margin of 32.5% to 32.8%.

我們預期營收為 46.5 億至 47.5 億美元，年增約 5% 至 8%，其中包含在目前匯率下估計約 1 個百分點的外匯利多。我們預期調整後 EBITDA 為 15.1 億至 15.6 億美元，意味著利潤率為 32.5% 至 32.8%。

Margin expansion is expected to moderate in Q3 due to the lapping of prior year cost actions, ongoing investment in B2B growth and unfavorable net FX impacts. We expect the pace of margin expansion to improve in Q4 as some of these pressures ease and as we continue to drive operating efficiency across the business.

由於去年成本措施的比較基期、對 B2B 成長的持續投資，以及不利的外匯淨影響，預期第三季利潤率擴張將放緩。隨著部分壓力緩解，且我們持續推動全公司營運效率，預期第四季利潤率擴張步伐將改善。

Based on the strength of the first half and our assumptions for the third quarter, we are raising our full year guidance. We now expect gross bookings of $129.5 billion to $130.8 billion, representing growth of 8% to 9% and revenue of $16.05 billion to $16.22 billion, representing growth of 9% to 10%.

基於上半年表現強勁以及我們對第三季的假設，我們上調全年指引。我們目前預期全年總預訂額為 1,295 億至 1,308 億美元，成長 8% 至 9%；營收為 160.5 億至 162.2 億美元，成長 9% 至 10%。

Our guidance continues to assume foreign exchange tailwinds of approximately one point for gross bookings and two points for revenue. We are also raising our margin guidance for the full year and now expect adjusted EBITDA margin expansion of 150 basis points to 175 basis points versus last year.

我們的指引仍假設外匯對總預訂額約有 1 個百分點的順風、對營收約有 2 個百分點的順風。我們也上調全年利潤率指引，現在預期調整後 EBITDA 利潤率較去年擴張 150 至 175 個基點。

With that, let's open the line to take your questions.

接下來，我們開放電話線，開始回答各位的問題。

(Operator Instructions)

（接線員指示）

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Maybe just one building on the prepared remarks. I would love to go as deep as you're willing to go on how are you thinking about the interplay between AI-native channels away from the platform, some of the efforts you're making to build AI solutions that are consumer-facing on the platform and traditional advertising channels as -- in terms of thinking about driving return on ad spend and conversion over the medium to long term?

我想延伸一下事先準備的發言，問一個問題。我很想在你們願意分享的範圍內更深入了解：你們如何看待平台之外的 AI 原生渠道、你們在平台內打造面向消費者的 AI 解決方案的努力，以及傳統廣告渠道之間的相互作用——特別是在中長期如何思考提升廣告投放回報（return on ad spend）與轉換率？

Sure. I'll take that. So I'll start with what we're doing in our product. And I really think about it sort of in two categories. There's what are we doing with AI in our product right now that is delivering results in our core business.

當然。我來回答。我先從我們在產品端做的事情談起。我大致把它分成兩類來看。第一類是我們目前在產品中使用 AI、並在核心業務上帶來成果的作法。

And then the second is what are we doing in our product that's not necessarily delivering conversion right now, what we know is helping us better understand travelers, and is going to have compounding benefits over time. So in that first bucket, it's using AI for better recommendations for better ranking for personalizing the UX and the content.

第二類是我們在產品中做的事情，未必能立刻帶來轉換，但我們知道它能幫助我們更好地理解旅客，並會隨時間帶來複利式的效益。在第一類中，我們用 AI 來做更好的推薦、更好的排序、個人化使用者體驗（UX）與內容。

And there, we are seeing immediate impacts, and it's not only just improving conversion, but you can imagine, as we're getting traffic, whether it's direct traffic or paid traffic, that is improving. In addition, I would say just as an aside, is all the work we're doing in using AI in our technology teams in order to increase our cycle time is allowing us to innovate a lot faster.

在這方面，我們看到立即的影響；而且不只是提升轉換率，你可以想像，當我們獲得流量時——不論是自然流量或付費流量——其表現都在改善。另外順帶一提，我們在技術團隊中使用 AI 以縮短開發週期的各項工作，也讓我們能更快創新。

So that's what we're doing in the product to increase conversion now. Also in the product, we're introducing these natural language experiences like Vrbo natural language search on the homepage or these agents like Property Expert or AI Compare. Those are not driving conversion right now.

以上就是我們目前在產品中用來提升轉換的作法。同時，在產品中我們也導入這些自然語言體驗，例如 Vrbo 首頁的自然語言搜尋，或像 Property Expert、AI Compare 這類代理。這些目前並未帶動轉換。

But what we're finding is that you get over 60% more information about traveler intent and that allows us to deepen the relationships with traveler. And over time, I believe that that's going to drive sort of deeper conversion. So that's what we're doing in our product. I also believe there's a big growth opportunity in getting access to travelers who are starting outside of our brands in these AI experiences.

但我們發現，這能讓我們獲得多出 60% 以上的旅客意圖資訊，進而加深我們與旅客的關係。我相信隨著時間推移，這將帶來更深層的轉換提升。這就是我們在產品端所做的事。我也相信，在這些 AI 體驗中觸及那些在我們品牌之外開始旅程的旅客，存在很大的成長機會。

As a reminder, two third of our bookings in our consumer brands come direct. But of the third that is coming through paid channels, obviously, AI experiences, whether they are with ChatGPT or Claude or Google's new experiences are new opportunities for our brands to show up there.

提醒一下，我們消費者品牌的訂單中，有三分之二是直接預訂。但在透過付費渠道進來的那三分之一中，顯然，AI 體驗——不論是 ChatGPT、Claude，或是 Google 的新體驗——都是讓我們品牌有機會在那裡曝光的新機會。

It is early days. I would say that's an area that's fast moving. The algorithms, the search UXs, all of that is moving really quickly. And so we're staying close to it and vigilant we are testing and participating everywhere that things are evolving.

目前仍是早期階段。我會說那是一個變化非常快的領域。演算法、搜尋的使用者體驗（UX）等等，都在非常快速地變動。因此我們會緊密關注並保持警覺，並在各種正在演進的地方進行測試與參與。

And I see that over time as opportunities to bring more travelers into our business. There's a lot of complexity of how do you understand what the prompts are so that you can land them well in our product. But again, I see that as a big opportunity.

而我認為隨著時間推移，這些都會成為把更多旅客帶進我們業務的機會。其中有很多複雜性，例如你要如何理解提示詞（prompts），才能在我們的產品中把它們很好地承接住。但同樣地，我認為這是一個很大的機會。

Justin Post, Bank of America.

Justin Post，美國銀行。

A couple. Just on the B2B side, there could be some more competition coming down. Could you talk about the advantages you offer your partners and also the stickiness of the contracts that you have? And then obviously lapping some of really good marketing efficiencies that started in the third quarter. How do you think about the potential for further marketing efficiencies from here? Thank you.

我有兩個問題。先談 B2B 這邊，可能會有更多競爭加劇。你能談談你們為合作夥伴提供的優勢，以及你們合約的黏著度（續約/留存）嗎？另外，第三季開始出現的一些非常好的行銷效率，接下來也會進入同比基期。你們如何看待從現在起進一步提升行銷效率的可能性？謝謝。

Sure. Well, I'll take the first one and then I'll hand it over to Derek for the second one. The thing about the B2B space is, it's always been competitive. I've been in it for over a decade, and it's always been a competitive space. The good news is there's a very large addressable market for B2B partners.

當然。我先回答第一個，第二個我再交給 Derek。B2B 領域的特點是：它一直都很競爭。我在這個領域超過十年了，它一直都是競爭激烈的市場。好消息是，B2B 合作夥伴的可服務市場（TAM）非常大。

When I think about what we bring to the table, obviously, we have great supply and content strong technology, really great servicing, great partner accompaniment sort of as we think about the integrations. So obviously, I'm not going to talk about individual partners, but some relationships are exclusive, some are not exclusive.

當我思考我們能帶來什麼時，顯然，我們有很好的供給與內容、強大的技術、非常好的服務能力，以及在整合方面對合作夥伴的陪伴與支持。所以，當然我不會談個別合作夥伴，但有些關係是獨家，有些則不是獨家。

My view is we have to be proving day in and day out to our partners that they can trust us to build their business on top of us. I think it's been important for us for many years that it's a stand-alone business, a stand-alone P&L that has resources that it can invest on its own.

我的看法是，我們必須日復一日向合作夥伴證明：他們可以信任我們，並在我們的平台之上建立他們的業務。多年來對我們很重要的一點是，這是一個獨立的業務、獨立的損益表（P&L），並且擁有可以自行投資的資源。

And I'm excited about the investments we're making to build out the one-stop shop value proposition so that we can offer all components that a partner might need to build their travel program and that was the announcement of CarTrawler this quarter, the acquisition we did of Tiqets. It's really so that we can have that complete one-stop travel shop from supply to technology to servicing and beyond.

我也對我們正在進行的投資感到振奮，這些投資是為了打造「一站式」的價值主張，讓我們能提供合作夥伴建立旅遊方案所需的所有組件；這也包括本季宣布的 CarTrawler，以及我們對 Tiqets 的收購。這些都是為了讓我們能提供完整的一站式旅遊商店，從供給、技術到服務等各方面，乃至更多。

Justin, as it pertains to the contribution of marketing to the operating leverage and margins overall, you're right, we did make substantial progress over the last year in terms of driving margins. And we are going to begin lapping that in the second half of the year.

Justin，關於行銷對整體營運槓桿與利潤率的貢獻，你說得沒錯：過去一年我們在推動利潤率方面取得了顯著進展。而我們將在今年下半年開始進入這些成果的同比基期。

We had the substantial reductions in marketing spend and driving out inefficient spend but also redirecting spend to more productive channels, and that's been a big contribution over the last year, and you can see that in the margins. We also made progress on overhead as well. So it's a broader picture than just marketing.

我們大幅降低了行銷支出、剔除了低效率支出，同時也把支出重新導向更高產出的渠道；這在過去一年是很大的貢獻，你也能在利潤率上看到。我們在管理費用（overhead）方面也有所進展。所以這是一個比單純行銷更廣泛的圖景。

As we go into the third quarter and the quarter ahead in the second half of the year, we will begin lapping those things. However, the structural improvements that we've made on the marketing program are going to endure and give us a base to drive further efficiencies off going forward. We've also continued to make incremental progress on the rest of the cost structure.

當我們進入第三季，以及下半年接下來的季度時，我們會開始進入這些項目的同比基期。不過，我們在行銷計畫上做出的結構性改善將會持續，並為我們未來進一步提升效率提供基礎。我們也在成本結構的其他部分持續取得增量進展。

And I'd just point to the fact that overheads were flat year-over-year in the most recent quarter, even as revenue rose 14%. So we're committed to continuing to drive our strategic pillar of operating efficiency and scaling up margins as we go forward. And I think you'll see that reflected in the update that we made to the full year guide where we took the EBITDA margin expansion range up to 150 basis points to 175 basis points for the full year.

我也想指出，最近一季管理費用同比持平，即使營收成長了 14%。因此我們承諾會持續推動「營運效率」這一策略支柱，並在未來擴大利潤率。我認為你會在我們對全年指引的更新中看到這點：我們把全年 EBITDA 利潤率擴張區間上調至 150 個基點到 175 個基點。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通。

I have two. Can you just talk about how some of your views just around geos have changed over the past few months? In particular, you mentioned Europe remains pressured, especially outbound and then also what you're seeing with APAC, given some of the rebound there from the Middle East disruption.

我有兩個問題。你能談談過去幾個月你們對各地區（geos）的一些看法有何變化嗎？特別是你提到歐洲仍然承壓，尤其是出境旅遊；另外，考量到中東干擾後的反彈，你們在亞太（APAC）看到什麼情況？

And then Derek, you could also just kind of walk through some of those back half dynamics on margin expansion where you talked about moderation in 3Q and then stronger 4Q.

另外 Derek，你也能帶我們梳理一下下半年利潤率擴張的一些動態嗎？你提到第三季會放緩，第四季會更強。

Sure, I'll take the first part and then Derek can take the second one. Just in terms of the geo trends, and the good news is we have a geographically balanced business. Certainly, our consumer business is two third in the U.S., one third outside of the U.S. and our B2B business is really the inverse. But we have supply that is able to respond to whatever the traveler demand is.

好的，我先回答第一部分，第二部分 Derek 來回答。就地區趨勢而言，好消息是我們的業務在地理上相當均衡。我們的消費者業務有三分之二在美國、三分之一在美國以外；而我們的 B2B 業務基本上正好相反。但我們的供給能夠因應旅客需求的變化。

Obviously, we're going to lean in more where we see the most demand and so where we see the greatest returns. My view is what we've always seen is over time, demand rebounds sort of across the world. So we'll take advantage when there's strength in one geo versus another, but we have a long-term North Star with continuing to grow our business in the areas we're strongest and then identifying some geographies where our consumer brands have relevance but haven't yet in our mind, gotten to our fair share.

顯然，我們會在看到需求最大、回報最高的地方加大投入。我的看法是，我們一直看到的是：隨著時間推移，需求會在全球各地回升。因此，當某個地區相對更強時，我們會把握機會；但我們長期的北極星（North Star）是持續在我們最強的領域成長，同時也辨識一些地區——我們的消費者品牌在那裡具有相關性，但在我們看來尚未達到應有的市占（fair share）。

And then I mean pertains to the go-forward margin side of things. Number one, I would reiterate we remain committed to our strategic pillar of driving operating efficiency and expanding margins over time. In Q3 specifically, there are a few factors that will weigh on the margins in the very near term.

接著談未來利潤率的部分。第一，我要重申：我們仍然致力於推動營運效率這一策略支柱，並隨時間擴大利潤率。就第三季而言，短期內有幾個因素會對利潤率造成壓力。

One, as you mentioned, that we're going to lap some very substantial reductions in the cost structure from a year ago. That will weigh a little bit on the margins in the near term. The other is we'd also made progress, not just on marketing, but overheads there. And then we have some FX net headwinds that will impact us in Q2, three that are really a factor on the margin as well.

第一，如你所提到的，我們將進入去年大幅削減成本結構的同比基期。這會在短期內對利潤率造成一些壓力。第二，我們不僅在行銷上取得進展，在管理費用方面也有改善。此外，我們還面臨一些外匯（FX）的淨逆風，將在第二季、第三季影響我們，這也是影響利潤率的因素。

That said, if you look at what I shared earlier about the update to the full year margin expansion guidance of 150 basis points to 175 basis points that implies that in Q4, at the midpoint, we'd be expanding by about 50 basis points there.

話雖如此，如果你回看我先前分享的全年利潤率擴張指引更新——150 個基點到 175 個基點——這意味著在第四季，以中位數來看，我們的利潤率擴張大約會是 50 個基點。

So that we'll see some of the pressures that are specific to Q3 ease there, but we'll also see the ongoing benefits of our efficiency initiatives continue to build over time. So the margin expansion won't always be perfectly linear, but it is a very important part of the strategy and something that we're committed to continuing to drive out.

因此，我們會看到一些Q3特有的壓力在那時有所緩解，但同時也會看到我們效率提升計畫所帶來的持續效益，隨時間推移不斷累積。因此，利潤率擴張不會永遠是完全線性的，但它是策略中非常重要的一部分，也是我們承諾會持續推動的方向。

Jed Kelly, Oppenheimer & Co.

Jed Kelly，Oppenheimer & Co.

Great. Just circling back on B2B, getting a lot more investor questions just on competition. Can you just talk about where we are in the competitive landscape? And just on a follow-up on B2B, it seems like that overhead expense increased a decent amount in the B2B segment. Was there anything there to call out?

很好。再回到B2B，我們收到更多投資人關於競爭的問題。你能談談我們在競爭版圖中的位置嗎？另外，關於B2B的追問，看起來B2B部門的間接費用增加了不少。這裡有什麼需要特別說明的嗎？

I'll talk about sort of competition. Look, as I said, it's a big target addressable market. If you think about the travel business, it's over $3 trillion. If you exclude sort of hotel airline direct and the three big OTAs, there's still a lot of space there.

我先談談競爭。你看，正如我說的，這是一個很大的可觸及目標市場。如果你想想旅遊業，規模超過3兆美元。如果把飯店、航空公司的直營，以及三大OTA排除在外，仍然還有很大的空間。

So for us, we just look at whether it's in offline retail, other online travel agents, loyalty programs, corporate travel agencies, where are all of the places that people are looking for when they look to travel beyond our core consumer brands, and how do we make sure that we're showing up?

所以對我們而言，我們會看不論是線下零售、其他線上旅行社、忠誠度計畫、企業差旅代理等，各種人們在我們核心消費者品牌之外尋找旅遊服務的地方在哪裡，以及我們如何確保自己能出現在那些場景中。

Well, I think competition forces you to be better, whether it's to do better with having more service offerings, having better service levels and the like. So our focus is just making sure that we've got a great value proposition.

我認為競爭會迫使你變得更好，不論是提供更多服務內容、提升服務水準等等。因此，我們的重點就是確保我們擁有很強的價值主張。

And in fact, Derek can talk about it, but I assume some of the expense you're seeing is related to the build-out of are additional lines of business because that business today is very lodging focused. We do sell other lines of business, but over time, we want to become that one-stop travel shop.

事實上，Derek可以補充，但我猜你看到的部分費用，與我們擴建額外業務線有關，因為目前這項業務仍以住宿為主。我們也有銷售其他業務線，但隨著時間推移，我們希望成為一站式旅遊商店。

Yes. Jed, I mean, first, in terms of the margin point, Ariane is exactly correct. There's investments going into the B2B segment to drive that one-stop shop and build out our lines of business. And one aspect of that is that we had the digestion of Tiqets in that acquisition in Q2.

是的。Jed，首先就利潤率那點而言，Ariane說得完全正確。我們正在對B2B部門投入資源，以推動一站式服務並擴建我們的業務線。其中一個面向是，我們在Q2完成收購後，正在消化整合Tiqets。

And so that would weigh a little bit on the cost that you're seeing -- the other is a little bit of the geography of the FX hedging and where that shows up in the P&L, and you're seeing a little bit of that show up on that line item and impacting the margin, as you pointed out. So hopefully, that context helps.

因此，這會在你看到的成本上帶來一些壓力——另外一部分則與外匯避險的地理分布，以及它在損益表（P&L）中呈現的位置有關；你會看到其中一些反映在那個費用項目上，並如你所指出的影響利潤率。希望這些背景說明能有所幫助。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，Wells Fargo。

Two, if I may, please. First, could you maybe talk about your approach to the marketing landscape. There's been some changes on the search side, and SEO has been called out from by many companies in the kind of consumer landscape. Could you just talk about what you're seeing there first maybe?

如果可以的話，我有兩個問題。第一，能否談談你們對行銷版圖的應對方式？搜尋端出現了一些變化，許多面向消費者的公司也特別提到SEO。你能先談談你們在這方面看到的情況嗎？

And then second, if I may, as you think about your second half outlook, maybe -- and I apologize if I may have missed this, but could you talk about your outlook for ADRs and maybe the environment might be as we think about the difference between bookings and nights growth.

第二，如果可以的話，當你們思考下半年展望時——也抱歉如果我漏聽了——能否談談你們對ADR（平均每日房價）的看法，以及在我們思考預訂量與間夜數成長差異時，環境可能會是怎樣？

Sure. I'll take the first one, and then Derek can take the second one. When I think about organic traffic, and I'm going to buck it together SEO and AEO. For us, organic search traffic is stable to slightly up. Now as I mentioned in my prepared remarks, AEO is one of our fastest-growing channels.

當然。我先回答第一個，然後Derek回答第二個。談到自然流量時，我會把SEO和AEO放在一起看。對我們而言，自然搜尋流量持平到小幅上升。如我在事先準備的發言中提到，AEO是我們成長最快的渠道之一。

And SEO has remained a bit soft, but it stabilized over the last few quarters, and I think it's due to the great work that our team has done. A number of quarters ago, we organized a small team to look at organic across the board, AEO and SEO, and they've increased testing velocity both sort of technical and content they've been doing -- as I said, they've been doing more tests.

而SEO仍然有些疲弱，但在過去幾個季度已經趨於穩定，我認為這要歸功於團隊做得很出色。幾個季度前，我們組建了一個小團隊，全面檢視自然流量，包括AEO與SEO；他們提高了測試速度，無論是技術面還是內容面——如我所說，他們做了更多測試。

They've been using AI across the board in order to improve our performance in that channel. Now that being said, as I said earlier, it's a fast-changing space. We're seeing algorithms and search page changes more prevalent and happening faster than they have in the past, which is why we're staying vigilant.

他們也在各方面運用AI，以提升我們在該渠道的表現。不過，如我先前所說，這是一個變化非常快的領域。我們看到演算法與搜尋結果頁面的變動更頻繁、發生速度也比過去更快，因此我們保持高度警覺。

We're monitoring. We're reacting to them. Today, we think we're getting at least our fair share. But organic is an important thing to us. So we're making sure that we're staying on top of it.

我們在監控。我們在因應。目前我們認為至少拿到了我們應得的份額。但自然流量對我們很重要。所以我們確保自己能持續掌握最新狀況。

And in terms of the second half guidance on bookings and so on, we're assuming that the healthy demand trends that we have seen through Q2 and to begin Q3 here persist. And that's led by a particularly strong U.S. and domestic market. We do, of course, see an environment where the conflict in the Middle East is having some impact.

至於下半年對預訂量等的指引，我們假設我們在Q2以及Q3初期所看到的健康需求趨勢會延續。其中以美國及國內市場特別強勁為主導。當然，我們也看到中東衝突對環境造成了一些影響。

The sort of direct impacts in that region, our business there is relatively small. And so the impact is lighter, However, there are secondary impacts impacting jet fuel prices, which have an impact on airline prices and ticket prices. So there are some secondary impacts, but the strength overall and the resiliency in the travel market and consumer is continuing to prioritize travel has led to a relatively resilient environment.

就該地區的直接影響而言，我們在那裡的業務規模相對較小。因此影響較輕；不過，仍有次級影響，例如推升航空燃油價格，進而影響航空票價與機票價格。所以確實存在一些次級影響，但整體而言，旅遊市場的強勁與韌性，以及消費者持續優先安排旅遊，使得環境相對具韌性。

And so we that informs our guide for Q3 and the updates we made to our full year guidance. As it pertains to bookings and room nights specifically, we do have much tougher comps in the second half of the year. And so we've incorporated that into the guide for Q3 and the update that we've made for the full year.

因此，這些因素也構成我們對Q3的指引，以及我們對全年指引所做更新的依據。就預訂量與間夜數而言，下半年我們將面臨更具挑戰性的比較基期。因此我們已將其納入Q3指引，以及我們對全年所做的更新之中。

So we do expect the growth rates to decelerate as we see those comps, although probably more so on the bookings side, a little less so on the room night side, but we will face much tougher comps on both of those numbers.

因此，隨著面對這些比較基期，我們確實預期成長率會放緩；可能在預訂量端更明顯一些，在間夜數端則稍微不那麼明顯，但這兩個指標都會面臨更具挑戰性的比較基期。

Lloyd Walmsley, Mizuho.

Lloyd Walmsley，Mizuho。

Derek, great to be interacting with you again in the new forum. I wanted to just get your sense of anything that surprised you the most? Or where do you see the most opportunity as you dive into a new business was the first one. And then just second one, as you all look at the AEO channel, it sounds like it's more meaningful for you all and growing faster than what some of your peers are seeing.

Derek，很高興在新的場合再次與你交流。我想先了解一下，有沒有什麼事情最讓你感到意外？或者當你深入這個新業務時，你認為最大的機會在哪裡？這是第一個問題。第二個問題是，當你們看AEO渠道時，聽起來它對你們更重要，而且成長速度也比一些同業看到的更快。

Is there anything you can sort of elaborate, do you think it's a bigger consumer activity in the U.S.? Or you guys are just sort of approaching it in a unique way -- and is it -- do you think it's likely to be meaningful anytime soon? Anything more you could help us understand would be great.

你能否再多補充一些：你認為這在美國是更大的消費者行為嗎？還是你們只是用比較獨特的方式在做——以及你認為它在短期內有可能變得重要嗎？任何能幫助我們理解的補充都會很有幫助。

Why don't I start with that one and then I'll -- Derek can take your first question. Look, AEO, it's still a small channel. As I said, it's one of our fastest-growing channels. I believe we were early in organizing ourselves around it and understanding not only what visibility were we getting in sort of in prompts and answer and AI search but also how do we make sure we're getting the right visibility.

我先從那個開始，然後我會——Derek 可以接你的第一個問題。你看，AEO 仍然是一個小渠道。如我所說，它是我們成長最快的渠道之一。我相信我們很早就圍繞它進行組織並加以理解，不僅是我們在提示、答案以及 AI 搜尋中獲得了什麼樣的曝光度，也包括我們如何確保獲得正確的曝光。

And it's a combination of work we're doing in our brands, the brand value proposition is obviously a lot of technical work. What I find exciting about it is it's changing really quickly. It's figuring out how do we make sure our brands show up either completely organically?

這是我們在各品牌所做工作的組合；品牌價值主張顯然也包含大量技術性工作。我覺得令人興奮的是，它變化非常快。我們正在摸索如何確保我們的品牌能夠出現，而且是完全自然（有機）地出現？

Are there opportunities with these connectors or micro apps, for example, in Claude and ChatGPT -- it's fascinating to see there are some cases in which we can control a bit more what the interface is where our brand shows up and others where we can't.

例如在 Claude 和 ChatGPT 裡，透過這些連接器或微型應用是否存在機會——很有意思的是，在某些情況下，我們可以在一定程度上更可控地決定品牌出現時的介面樣貌，而在另一些情況下則無法。

So I think it's sort of -- it's too early to declare anyone's getting a lot more versus less. I can just tell you that we have a team focused on it and that it's not just the technology of it. It's also all the work we're doing on our brand value propositions on making sure that we have great full and complete content and making sure that travelers understand that when they come to Expedia or Hotels.com or Vrbo, they're going to get a complete shop.

所以我認為——現在還太早，無法斷言誰獲得了更多或更少。我只能告訴你，我們有一個團隊專注在這件事上，而且這不只是技術問題。也包括我們在品牌價值主張上的所有工作：確保我們有優質、完整的內容，並確保旅客理解，當他們來到 Expedia、Hotels.com 或 Vrbo 時，他們會得到完整的一站式比價與選購體驗。

They're going to get a loyalty program. They're going to be able to have payments in all different currencies. Just it's really that full value proposition that we need to make sure it comes through.

他們會有一個忠誠度計畫。他們能以各種不同的幣別付款。總之，這就是我們需要確保能被傳達出來的完整價值主張。

And Lloyd, it's great to be engaged with you and your team again as well. Before joining Expedia, I'd say that I was really excited about what I saw and the opportunity in the travel market. It's the scale of the industry is immense and so the total opportunity set is huge.

Lloyd，也很高興再次與你和你的團隊互動。在加入 Expedia 之前，我想說我對我所看到的，以及旅遊市場的機會感到非常興奮。這個產業的規模極其龐大，因此整體機會集合非常大。

But for this business specifically, I was excited about the leading consumer brands in some of the most important markets in the world and the opportunity for us to continue to grow beyond that. And then the B2B business as a leading B2B platform in the world as well. It gives the business a lot to work with.

但就這項業務本身而言，我對我們在全球一些最重要市場中擁有領先的消費者品牌，以及我們能在此基礎上持續成長的機會感到興奮。此外，B2B 業務作為全球領先的 B2B 平台之一也是如此。這讓這門生意有很多可以發揮的空間。

And then I spent a lot of time looking at how well the team has executed over the last couple of years, and the results that they've been able to drive to build momentum in the business is really impressive. So that was exciting coming in. I think that -- what's more exciting is that after a couple of months in the building and working with the team, most of what I hope would be true on the way in the door has proven to be true.

我也花了很多時間研究團隊在過去幾年執行得有多好，而他們推動的成果、為業務建立的動能，確實令人印象深刻。所以進來時這點很令人振奮。我認為——更令人興奮的是，在公司待了幾個月並與團隊共事後，我原本希望在入職時就能成立的大多數事情，都已被證明確實如此。

I'm particularly pleased with the quality of the team here, and the consistent focus on operational execution. And I think probably the last thing I'd mention is just that it's exciting how much of the -- of what lies ahead of us in terms of opportunity is something we can capture through our own execution and scaling this business efficiently. And so I'm excited to dig in with the team and capitalize on that.

我特別滿意這裡團隊的品質，以及對營運執行的一貫專注。我想最後還要提的一點是，令人興奮的是，我們前方的許多機會，其實可以透過我們自身的執行力來掌握，並以高效率擴大這項業務規模。因此我很期待與團隊深入投入並把握這些機會。

Deepak Mathivanan, Cantor Fitzgerald.

Deepak Mathivanan，Cantor Fitzgerald。

This is Cameron on for Deepak. Just one quickly on B2C. It seems like there's some nice margin expansion there this quarter. Can you just give us some more color on the drivers of margin expansion here -- what does the revenue look like into '27?

我是 Cameron，代替 Deepak 發問。關於 B2C 快問一題。看起來本季那邊的利潤率擴張不錯。能否再多說一些利潤率擴張的驅動因素——以及到 2027 年的營收走勢會是什麼樣子？

So as you rightly say, we had nice margin expansion. We grew our bookings 8% and while leveraging marketing spend, which was only up 1%. And that came from our fastest U.S. growth in 15 quarters and a healthy environment. I would say it came from really pulling on all of the levers of the marketplace improvements in the product, whether that's recommendations, ranking improvements all along the funnel, for example, optimizing the checkout in Vrbo.

如你所說，我們確實有不錯的利潤率擴張。我們的預訂量成長 8%，同時在行銷支出槓桿化的情況下，行銷支出僅成長 1%。這來自我們在美國 15 個季度以來最快的成長，以及健康的市場環境。我會說，這是因為我們確實拉動了市場平台改善的所有槓桿、在產品上做了提升——不論是推薦、排序在整個漏斗各環節的改善，例如優化 Vrbo 的結帳流程。

It came from growth in our supply footprint as I said, the May sale was a record-breaking sale for us, making sure that travelers know that when they come, they're going to be able to find what they're looking for driving attach in supply. The performance of our top-tier loyalty members. So silver and above did really well, both in bookings and then also in retention.

也來自我們供給版圖的成長；如我所說，5 月促銷對我們而言是破紀錄的活動，並確保旅客知道他們來到我們平台時，能找到他們要的東西，進而帶動供給端的附加（attach）。我們頂級忠誠會員的表現也很強。因此，白銀等級及以上會員在預訂與留存兩方面都表現得非常好。

And then in marketing, as you saw, yes, we've had good marketing leverage. And it's not just that measurement that allows us to better understand incrementality and returns. The team is also doing some really fantastic work around using technology to be more effective.

至於行銷方面，如你所見，是的，我們有良好的行銷槓桿。而且不只是衡量方法讓我們更能理解增量效果與投報。團隊也在運用技術提升效率方面做了非常出色的工作。

They're developing these agentic systems to create personalized ads at scale, both using our technology and using third-party technology -- and I look at it. And of course, I see all of the areas that we can do better, but I also see so much good work that the team is doing, and I'm just really pleased to see that margin expansion.

他們正在開發這些代理式（agentic）系統，以規模化方式製作個人化廣告，同時使用我們自己的技術以及第三方技術——我看著這些進展。當然，我也看到所有我們可以做得更好的地方，但我也看到團隊做了非常多優秀的工作，我很高興看到這樣的利潤率擴張。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

Okay. Two questions, please. One on advertising revenue. Just an update on the traction you're seeing there. And I think over time, you've been trying to thoughtfully roll out advertising revenue to more surfaces like Vrbo like so just an update on that.

好的。請問兩個問題。第一個關於廣告營收。想請你更新一下目前看到的進展（traction）。我想長期來看，你們一直在審慎地把廣告營收擴展到更多版位／觸點（surfaces），例如 Vrbo，所以也請更新一下這部分。

And secondly, I think you touched on it briefly, but the impact of World Cup in Q2 and Q3, was it material at all to Expedia?

第二個，我想你們有稍微提到，但想問一下世界盃在第二季與第三季的影響，對 Expedia 來說是否有任何實質影響？

Hi Mark. On the advertising business, growth was stable relative to Q1 and Q2. As we look at the future growth opportunities for the business, we see a lot of opportunity to sustain healthy growth there. Some of the drivers you pointed out, more geographical reach, extending our existing ad solutions into our B2B and Vrbo business lines, and then also monetizing on more areas of our sites.

嗨 Mark。關於廣告業務，成長相較於第一季與第二季維持穩定。展望未來的成長機會，我們看到有很大的空間可以在那裡維持健康成長。一些你提到的驅動因素，包括更廣的地理覆蓋、把我們既有的廣告解決方案延伸到 B2B 與 Vrbo 業務線，另外也包括在我們網站更多區域進行變現。

On Vrbo specifically, it's very early there, but we are excited about the opportunity to build on that over time, but it's early. And we're -- we've got a new leader there also, and this is a business that I'm personally familiar with. So I'm excited to dig in with them and help build this out overtime.

就 Vrbo 而言，目前還非常早期，但我們對於隨時間推進、逐步建立這塊的機會感到興奮，不過確實還早。而且我們那邊也有一位新領導者，這也是我個人很熟悉的一門業務。所以我很期待與他們深入合作，並在時間推進中把這塊建立起來。

To your question on the World Cup, as Ariane mentioned in the prepared remarks, we did see bookings related to that come in late. And the impact of that on the quarter was relatively modest overall. We saw it show up more in ADRs than we did in room nights and the impact of the quarter overall from a bookings perspective was modest.

至於你問的世界盃，如 Ariane 在事先準備的發言中提到，我們確實看到與此相關的預訂較晚才進來。而它對本季的影響整體而言相對溫和。我們看到它更多反映在 ADR（平均每日房價）上，而不是在間夜數（room nights）上；從預訂角度看，對本季整體的影響不大。

Kevin Kopelman, TD Cowen.

Kevin Kopelman，TD Cowen。

Could you just give us some more color on how you've seen the U.S. and Mexico trips progress as we've gotten further away from the security incident that you called out last quarter.

能否請您再多補充一些細節，談談自從上季您提到的那起安全事件之後，隨著時間拉開距離，您觀察到美國與墨西哥行程的進展情況？

Yes. I would say we've seen a normalization. I think that's we've seen a normalization.

是的。我會說我們看到已經恢復常態。我認為我們確實看到已經恢復常態。

Okay. Great. And also, could you just touch on B2B sales and marketing. It looks like that ticked down year-over-year course time since you started disclosing that. What are the key drivers there? And how are you thinking about the second half?

好的。很好。另外，也請您談談B2B的銷售與行銷。看起來自從你們開始揭露以來，這項指標年對年有所下滑。主要驅動因素是什麼？以及你們如何看待下半年？

Sure. On B2B margins, first, just we're really pleased with what we're seeing in the growth in that business in the very immediate term, the big drivers on B2B margins include partner mix and the pace of our own investments in the long-term growth of that business.

當然。先談B2B毛利率，我們對近期在該業務看到的成長非常滿意；B2B毛利率的主要驅動因素包括合作夥伴組合，以及我們自身在該業務長期成長上的投資節奏。

So on partner mix, we've continued to see strong partner promotional activity -- we saw that in Q1, it persisted throughout Q2. And so that's a big driver that some of our larger partners are active in that space. In addition, we are prioritizing the growth of that business long term, given how significant the opportunity is.

就合作夥伴組合而言，我們持續看到合作夥伴強勁的促銷活動——我們在第一季看到，並且在第二季全程延續。因此，這是一個重要驅動因素，因為我們一些較大的合作夥伴在這個領域相當活躍。此外，鑑於機會相當可觀，我們正優先推動該業務的長期成長。

And so we're investing in building out and/or acquiring in the case of Tiqets, new lines of business to support our one-stop travel shop enhancing our product capabilities to better support our existing partners and also in our partnership and sales to grow our partner base. We have over 70,000 partners today but looking to grow that and through lines of business to deepen our partnerships and business over time.

因此，我們正在投資於建置和／或（以Tiqets為例）透過收購來拓展新的業務線，以支援我們的一站式旅遊商店，強化產品能力以更好地支援既有合作夥伴，同時也在合作與銷售方面投入，以擴大合作夥伴基礎。我們目前有超過70,000家合作夥伴，但希望持續擴大，並透過業務線隨時間推進來深化我們的合作關係與業務。

And that's shaping the drivers of the business in the near term, both from a mix and margin perspective. Hopefully, that gives some context. I would just reiterate we can invest and continue to make progress on margins. And if you think about our strategic pillar around efficiency and margin expansion, we're committed to that and are driving that across the business.

而這些因素在短期內形塑了該業務的驅動力，無論是從組合或毛利率角度。希望這能提供一些背景。我也想重申，我們可以投資並持續在毛利率上取得進展。若你們想到我們在效率與毛利率擴張方面的策略支柱，我們對此承諾並正在全公司推動。

Naved Khan, B. Riley Securities.

Naved Khan，B. Riley Securities。

Great. Two questions from me. One, Ariane, you mentioned you're seeing good attach rates in Expedia. And maybe just talk about what are the products that are seeing the most attach rate where you're seeing the most success -- and then the second question I had is just around the Uber partnership.

很好。我有兩個問題。第一，Ariane，你提到在Expedia看到不錯的加購率（attach rates）。能否談談哪些產品的加購率最高、你們在哪些方面最成功——第二個問題是關於與Uber的合作夥伴關係。

Any early read or any color you can share in terms of how that's rolling out? And any -- what are you contemplating in your guidance in terms of contribution from this new partnership?

在推行方面，有沒有任何早期觀察或可分享的細節？以及——你們在指引中對這項新合作帶來的貢獻是如何考量的？

Sure. I'll take the second one first because it's going to be quick, which is we don't comment on individual partners. So I'm not going to comment and it's not going to be material to our guidance. On the first point, on attach, it really depends on does the trip start with a flight in which case, we're more likely to attach a lodging a hotel or a vacation rental or a color.

當然。我先回答第二個，因為很快：我們不評論個別合作夥伴。所以我不會評論，而且它對我們的指引也不會有重大影響。至於第一點，加購其實取決於旅程是否從機票開始；若從機票開始，我們更可能加購住宿，例如飯店或度假租屋，或是其他項目。

Does it start with a hotel, in which case we might attach a car or insurance. And actually, part of what's behind the record attach rates is the personalization we're able to drive by understanding what is the next best thing to recommend to a traveler if they -- as I said, if they've taken a flight.

若是從飯店開始，我們可能會加購租車或保險。而且，創下加購率新高背後的一部分原因，是我們透過個人化能力，理解對旅客而言下一個最適合推薦的是什麼——如我所說，如果他們已經訂了機票。

They've already booked a flight and it's in a certain destination, we might know, actually the next best thing to propose as a hotel and it's one of these three properties or it can be based on the trip and information we have on the trip or it can be based on what we know about that traveler.

他們已經訂了機票且目的地在某個地方，我們可能知道下一個最適合提出的其實是飯店，而且可能是這三個物件之一；也可能是基於旅程以及我們掌握的旅程資訊；或是基於我們對該旅客的了解。

And the team has really been honing in and optimizing those recommendations. In addition, they've done a great job really optimizing the UX and the design, figuring out where it is that we put the attached messaging, where is it in the app? Where is it in the post-sale communications. So it's really a combination of all of the above.

團隊一直在精進並最佳化這些推薦。此外，他們也在UX與設計上做得很好，找出我們應該把加購訊息放在哪裡——在App的哪個位置？在售後溝通中的哪個位置？所以這確實是以上各項的綜合。

Maybe just to kind of drill into that, what kind of ahead in terms of continuing to drive the task rate higher? Where are we in the innings.

再稍微深入一點，若要持續把加購率推得更高，接下來你們怎麼看？我們目前進展到哪個階段？

Yes. So I would say there's still quite a bit of runway. We have good stats that tell us of people who book on trip element with us how likely are they to have another trip element somewhere else? And without going into what exactly those numbers are, I certainly see additional runway to have more multi-item trips. Even if I believe right now, we're best-in-class, but there's still upside ahead of us.

是的。所以我會說仍然有相當大的成長空間。我們有不錯的統計數據，能告訴我們：在我們這裡預訂某個旅程要素的人，有多大機率會在其他地方再預訂另一個旅程要素？在不透露具體數字的前提下，我確實看到仍有更多空間，讓多品項旅程的比例提高。即使我相信我們目前已是同業最佳，但未來仍有上行空間。

We have reached the end of the Q&A session. I will now turn the call back to Ariane Gorin for closing remarks.

問答環節到此結束。我現在把電話交回Ariane Gorin作結語。

Well, thank you all for joining our call. Thank you for your questions. As you saw, we delivered strong results ahead of our expectations as consumers continue to prioritize travel. As we look ahead, we remain confident in our strategy and our ability to execute and drive long-term value for travelers, partners and shareholders. And finally, a big thank you again to our team.

好的，感謝各位參加我們的電話會議。謝謝你們的提問。如各位所見，隨著消費者持續優先安排旅遊，我們交出了超出預期的強勁成果。展望未來，我們對自身策略以及執行能力仍充滿信心，並將為旅客、合作夥伴與股東創造長期價值。最後，再次非常感謝我們的團隊。

This concludes today's call. You may now disconnect your lines. Have a nice day.

今天的電話會議到此結束。您現在可以掛線。祝您有美好的一天。