Expedia Group, Inc. (EXPE) 2026 Q3 法說會逐字稿

Good day everyone and welcome to the Expedia Group third quarter 2026 financial results teleconference. My name is Joel and I will be the operator for today's call. (Operator Instructions)

各位大家好，歡迎參加 Expedia Group 2026 年第三季財務業績電話會議。我是 Joel，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 Shyam Allam. Please go ahead.

接下來進入開場致詞，我現在把電話交給 Shyam Allam。請開始。

Good afternoon and welcome to Expedia Group's third 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 年第三季財報電話會議。很高興今天與我們的執行長 Ariane Gorin 以及財務長 Derek Andersen 一同出席。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，所有成長率皆以年對年為基礎，且任何費用的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，這些陳述包含對未來事件的預測、推估及其他說法。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.

實際結果可能因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，而出現重大差異。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投資人關係專區 ir.expediagroup.com 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.

重播將存檔於我們的網站。包含財務重點的簡報也已張貼於我們的網站。

For today's call, Ariane will begin with a review of our third quarter results Derek will then provide additional detail on our financial performance as well as our fourth 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 將先回顧我們第三季的業績表現，接著 Derek 將就我們的財務表現提供更多細節，並說明第四季與全年財測指引。在我們的準備稿發言結束後，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，讓我把電話交給 Ariane。

Thank you all for joining us today. We had a strong third quarter and outperformed the industry, growing bookings 11%, revenue 12%, and expanding our margins by more than 1 point. Our results reflect our track record of consistent execution and progress on our strategic priorities. Based on our performance, we're raising our full year guidance, and Derek will cover that shortly.

感謝各位今天加入我們。我們第三季表現強勁，且優於產業水準，預訂量成長 11%、營收成長 12%，並將利潤率擴大超過 1 個百分點。我們的成果反映了我們一貫穩定的執行力，以及在策略優先事項上的進展。基於我們的表現，我們上調全年指引，Derek 稍後會說明。

In the third quarter, travel demand remained healthy, especially in the US. Consumers continued to prioritize travel even as airfare stayed elevated. And as in previous quarters, we saw strength with more affluent consumers.

第三季旅遊需求維持健康，尤其是在美國。即使機票價格仍處於高檔，消費者仍持續將旅遊列為優先。且如同前幾季，我們看到較富裕的消費者族群表現強勁。

Booked room nights grew 7%, up mid-single-digits in the US, low single-digits in EMEA and mid-teens in the rest of the world. Our B2B business had another strong quarter, delivering 19% bookings growth. Our consumer bookings were up 7% and accelerated in the US.

已預訂客房晚數成長 7%，其中美國為中個位數成長，EMEA 為低個位數成長，世界其他地區為十幾%的成長。我們的 B2B 業務再度交出強勁一季，預訂量成長 19%。我們的消費者端預訂量成長 7%，且在美國加速成長。

Expedia remains our fastest-growing brand and across our consumer brands, active loyalty members grew low single-digits. We're seeing faster growth in our Silver-Plus tiers and members within these tiers book more direct. This quarter, we continue to advance our three strategic priorities.

Expedia 仍是我們成長最快的品牌；在我們各個消費者品牌中，活躍忠誠會員數以低個位數成長。我們看到 Silver-Plus 等級成長更快，而這些等級的會員更常以直連方式預訂。本季我們持續推進三項策略優先事項。

First, delivering more value to travelers. As we do this, we build trust and give travelers more reasons to return to our brands. In our products, it's about making travel more personalized, rewarding and flexible. On Expedia, where our strength has always been booking and managing everything in one place, our enhanced recommendation capabilities delivered record third quarter attach rates.

第一，為旅客提供更多價值。在此過程中，我們建立信任，並給旅客更多回到我們品牌的理由。在產品方面，重點在於讓旅遊更個人化、更有回饋且更具彈性。在 Expedia 上，我們一向的優勢是能在同一處完成預訂並管理所有事項；我們強化的推薦能力帶動第三季創紀錄的加購率（attach rates）。

Just last week, we launched a new dynamic package search experience that gives travelers even more power to customize their trip. And we recently launched Reserve Now Pay Later across all of our brands, giving travelers further flexibility in their trip planning.

就在上週，我們推出全新的動態套裝行程搜尋體驗，讓旅客能更有力地自訂行程。我們也近期在所有品牌推出「先預訂、後付款」（Reserve Now Pay Later），為旅客的行程規劃提供更高彈性。

We also continue to infuse our products with conversational experiences, from search on our home pages to conversational agents in the booking flow. While still early, these experiences give us valuable information on traveler intent and can drive stronger engagement, higher conversion rates, and larger bookings.

我們也持續將對話式體驗融入產品，從首頁搜尋到預訂流程中的對話式代理。雖然仍在早期階段，這些體驗能為我們提供旅客意圖的寶貴資訊，並可帶動更強的互動、更高的轉換率，以及更大的預訂金額。

In supply, we're focused on having the most complete marketplace and being a valuable driver of demand for our partners.

在供給端，我們專注於打造最完整的市場，並成為合作夥伴需求的重要推動者。

Our September sale marked our third consecutive sales event to exceed $1 billion in bookings, demonstrating the power of our two-sided marketplace. Product, supply, servicing, and loyalty remain fundamental to our differentiation and are core drivers for why two-thirds of our bookings come direct.

我們 9 月的促銷活動，已是連續第三次單次活動預訂金額突破 10 億美元，展現我們雙邊市場的力量。產品、供給、服務與忠誠計畫仍是我們差異化的基礎，也是我們三分之二預訂來自直連的核心驅動因素。

Turning to our second priority, investing where we see the greatest opportunity to drive growth. Travelers are increasingly planning their trips using natural language. We're capturing this demand in our own products through the conversational experiences I mentioned earlier, as well as in third-party experiences.

接著談第二項優先事項：在我們看到最大成長機會之處加大投資。旅客越來越常以自然語言規劃行程。我們透過自家產品中的對話式體驗（如我先前提到的），以及第三方體驗，來承接這股需求。

As traditional search traffic diversifies to AI surfaces, we're making sure our brands show up where travelers are. We moved early and we're learning quickly.

隨著傳統搜尋流量分散到 AI 介面，我們確保旅客在哪裡，我們的品牌就出現在哪裡。我們提早布局，也快速學習。

This quarter, we partnered with Google in AI mode and announced an integration with Meta Muse. While traffic is still small, we see agents as a new audience and are building the capabilities to engage them. What we learn from AEO carries directly into how we engage agents, so our progress compounds as these channels and traveler behaviors evolve.

本季我們在 AI 模式下與 Google 合作，並宣布與 Meta Muse 進行整合。雖然目前流量仍小，但我們將代理（agents）視為新的受眾，並正在建立與其互動的能力。我們從 AEO 所學可直接延伸到我們與代理互動的方式，因此隨著這些渠道與旅客行為演進，我們的進展將持續累積放大。

In B2B, our strategy is to be the one-stop travel platform for partners, enabling them to grow their businesses and better serve their travelers. This quarter, we expanded our relationship with Qantas, making it the first partner to use our new agentic template. Our template brings together our existing B2B technology, supply, and servicing infrastructure with a customizable UX layer to create a tailored customer experience.

在 B2B 方面，我們的策略是成為合作夥伴的一站式旅遊平台，協助他們拓展業務並更好地服務其旅客。本季我們擴大與 Qantas 的合作，使其成為首個使用我們全新代理式範本（agentic template）的合作夥伴。我們的範本將既有的 B2B 技術、供給與服務基礎設施，與可自訂的 UX 層整合，打造量身訂做的客戶體驗。

We also closed our acquisition of CarTrawler and launched our Activities API. Adding these services makes our marketplace more complete, deepens our relationships and strengthens our competitive position.

我們也完成對 CarTrawler 的收購，並推出我們的 Activities API。新增這些服務使我們的市場更完整、深化合作關係，並強化我們的競爭地位。

Moving to the third pillar of our strategy, driving operating efficiencies and margin expansion. We delivered record margin performance, reflecting the flow-through of higher revenue growth, further consumer marketing leverage and disciplined cost management. We continue to execute on initiatives to run the company more effectively and with greater speed, and AI is amplifying our efforts.

接著談我們策略的第三支柱：推動營運效率與利潤率擴張。我們創下紀錄的利潤率表現，反映更高營收成長的流入效應、進一步的消費者行銷槓桿，以及嚴謹的成本管理。我們持續推動各項計畫，使公司運作更有效率、速度更快，而 AI 正在放大我們的努力成果。

For example, in marketing, AI is enhancing our content production and experimentation and meaningfully increasing our testing velocity.

例如在行銷方面，AI 正在強化我們的內容產製與實驗，並顯著提升我們的測試速度。

In servicing, we released our agentic voice experience on Vrbo, and already in the first two months, it's effectively resolving over 15% of inbound contacts driving higher satisfaction scores at a lower cost.

在客服方面，我們在 Vrbo 推出代理式語音體驗，而在前兩個月內，它已能有效解決超過 15% 的來電諮詢，以更低成本帶來更高的滿意度分數。

AI is also enabling us to accelerate product development. Our new autonomous hotel onboarding agent was built in less than a quarter by a small, focused team, while historically it would have taken multiple quarters and many more people. Together, these actions support margin expansion and create capacity to invest in growth opportunities.

AI 也正在讓我們能夠加速產品開發。我們新的自主式飯店上線導入代理（onboarding agent）由一個小而專注的團隊在不到一個季度內完成建置，而在過去通常需要好幾個季度以及更多人力。綜合而言，這些行動支持利潤率擴張，並創造投資成長機會的能力。

As we look beyond the quarter, the question I hear most is how AI will reshape online travel. Our focus remains understanding and meeting travelers' evolving needs and preferences. What we're seeing is that while discovery is spreading across AI assistance, search and social platforms, the hard parts of travel aren't getting any easier.

當我們把視野放到本季以外時，我最常聽到的問題是 AI 將如何重塑線上旅遊。我們的重點仍是理解並滿足旅客不斷演變的需求與偏好。我們看到的是，雖然探索（discovery）正分散到 AI 助理、搜尋與社群平台上，但旅遊中最困難的部分並沒有變得更容易。

Connecting to global supply across multiple lines of business with accurate prices, handling bookings and payments, standing behind bookings and fixing problems when plans change. That complexity is where trust is earned and where scale, reliability and service remain differentiators.

連結跨多條業務線的全球供給並提供準確價格、處理預訂與付款、為預訂背書，以及在行程變更時解決問題。這種複雜性正是贏得信任之處，也是規模、可靠性與服務仍然是差異化因素之處。

Our advantage is our ability to turn emerging channels into new sources of demand, while our trusted consumer brands and loyalty ecosystem bring travelers back to us directly. In closing, we're pleased with our third quarter results. I want to thank our teams for their hard work and our partners and travelers for their continued trust in us.

我們的優勢在於能把新興渠道轉化為新的需求來源，同時我們值得信賴的消費者品牌與忠誠度生態系也能讓旅客直接回到我們的平台。最後，我們對第三季的業績表現感到滿意。我要感謝我們的團隊辛勤付出，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. Our third quarter performance exceeded the high end of our guidance, reflecting stronger-than-expected travel demand, continued momentum in our B2B segment, improved consumer marketing returns, and ongoing cost discipline.

謝謝你，Ariane，各位下午好。我們第三季的表現超出指引區間上緣，反映出旅遊需求強於預期、B2B 業務持續動能、消費者行銷回報改善，以及持續的成本紀律。

Gross bookings increased 11% year-over-year, driven primarily by 7% room night growth and 3% ADR growth on an FX-neutral basis. The overall operating environment was favorable in Q3, which contributed to the robust room night growth, while strong air bookings growth was supported by higher ATPs.

總預訂額（gross bookings）年增 11%，主要由客房晚數年增 7%以及在不含匯率影響（FX-neutral）的基礎上 ADR 年增 3%所帶動。第三季整體營運環境有利，促成強勁的客房晚數成長；而機票預訂的強勁成長則受較高的平均票價（ATP）支撐。

Our business also benefited from pulling forward the timing of our fall sale to better capitalize on seasonal demand in Q3. Revenue increased 12%, exceeding our expectations entering the quarter on higher booking volume. Foreign exchange impacts were mixed with a half a point headwind to bookings growth and one point tailwind to revenue growth.

我們的業務也受惠於將秋季促銷提前，以更好地把握第三季的季節性需求。營收成長 12%，由於預訂量高於預期，超出我們在本季開始時的預期。外匯影響好壞參半：對預訂成長造成約 0.5 個百分點的不利因素（headwind），但對營收成長帶來 1 個百分點的有利因素（tailwind）。

Adjusted EBITDA was $1.7 billion in Q3, representing a margin of 34.2%, which is an improvement of over 1 point compared to the prior year. The margin expansion was driven by higher-than-expected revenue growth combined with continued consumer marketing leverage and overhead cost discipline.

第三季調整後 EBITDA 為 17 億美元，利潤率為 34.2%，較去年提升超過 1 個百分點。利潤率擴張主要由高於預期的營收成長、持續的消費者行銷槓桿效益，以及管理費用的成本紀律所帶動。

Adjusted EPS grew 24% year-over-year, reflecting 19% growth in adjusted net income and the accretive impact of share repurchases that reduced adjusted weighted average shares outstanding by 4% year-over-year. Free cash flow reached $3.7 billion on a trailing 12-month basis, up 25% year-over-year, which has fueled the return of capital to shareholders.

調整後每股盈餘（EPS）年增 24%，反映調整後淨利年增 19%，以及庫藏股回購帶來的增益效果，使調整後加權平均流通股數年減 4%。以過去 12 個月（TTM）計，自由現金流達 37 億美元，年增 25%，並推動我們向股東回饋資本。

During the quarter, we repurchased approximately 2 million shares for $576 million. This brought our year-to-date share repurchases to approximately $1.5 billion. 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.

本季期間，我們以 5.76 億美元回購約 200 萬股。使得今年迄今的股票回購總額約為 15 億美元。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），以及以股利與機會性股票回購的形式向股東返還現金。

For our fourth quarter outlook. We expect gross bookings of $27.9 billion to $28.4 billion, representing growth of approximately 3.3% to 5.2% year-over-year. We estimate that FX will be a headwind of approximately half a point in Q4 at current rates.

關於第四季展望。我們預期總預訂額為 279 億至 284 億美元，年增約 3.3% 至 5.2%。以目前匯率估算，外匯在第四季將帶來約 0.5 個百分點的不利因素。

Our guidance reflects a moderation from the stronger-than-expected third quarter. Due to a softer operating environment in Q4, the impact of lapping the benefits from B2B partner promotional activity in the prior year, and the timing of our fall sale, which pulled demand into Q3 of this year.

我們的指引反映相較於強於預期的第三季將有所降溫。原因包括第四季營運環境較疲弱、去年同期 B2B 合作夥伴促銷活動帶來的效益在今年形成比較基期（lapping）的影響，以及我們秋季促銷的時點安排將需求拉到今年第三季。

The softer operating environment in Q4 reflects several factors, including the US election cycle and ongoing geopolitical events driving travel disruptions across EMEA. We expect revenue of $3.69 billion to $3.75 billion, representing growth of approximately 4% to 5.7% year-over-year with minimal FX impact at current rates.

第四季較疲弱的營運環境反映多項因素，包括美國選舉週期，以及持續的地緣政治事件在 EMEA 地區造成旅遊中斷。我們預期營收為 36.9 億至 37.5 億美元，年增約 4% 至 5.7%，以目前匯率計外匯影響極小。

We expect adjusted EBITDA of $830 million to $880 million, implying a margin of 22.5% to 23.5%. The EBITDA guidance and implied margins for Q4 reflect sequentially slower revenue growth as well as the impact of strategic investments, including the incorporation of costs from recent acquisitions.

我們預期調整後 EBITDA 為 8.3 億至 8.8 億美元，意味著利潤率為 22.5% 至 23.5%。第四季 EBITDA 指引及其隱含利潤率反映營收成長在季比上放緩，以及策略性投資的影響，包括納入近期收購案帶來的成本。

Following our outperformance in Q3, we are raising our full-year guidance. We now expect gross bookings of $131.4 billion to $131.9 billion, representing growth of approximately 10% and revenue of $16.37 billion to $16.43 billion, representing growth of approximately 11% to 12%. Our guidance continues to assume foreign exchange tailwinds of approximately 1 point for gross bookings and 2 points for revenue for the full year.

在第三季表現超出預期之後，我們上調全年指引。我們目前預期全年總預訂額為 1,314 億至 1,319 億美元，約成長 10%；營收為 163.7 億至 164.3 億美元，約成長 11% 至 12%。我們的指引仍假設全年外匯對總預訂額帶來約 1 個百分點的有利因素，對營收帶來約 2 個百分點的有利因素。

We are also raising our margin guidance for the full year and now expect adjusted EBITDA margin expansion of approximately 180 basis points to 200 basis points versus last year. Based on this updated full year guidance. We expect to exceed the top end of the full year guidance ranges that we provided at the beginning of the year for each of bookings, revenue and EBITDA margin expansion.

我們也上調全年利潤率指引，現在預期調整後 EBITDA 利潤率較去年擴張約 180 至 200 個基點。基於這份更新後的全年指引。我們預期在預訂額、營收與 EBITDA 利潤率擴張這三項指標上，都將超過我們在年初提供的全年指引區間上緣。

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

接下來，我們開放電話線回答各位的提問。

(Operator Instructions)

（接線員指示）

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

Let me try to get two questions in, please. First, just on the Q4 outlook, Ariane and Derek, are there any drag factors you would call out? The Middle East disruption is still there. There were some issues in European cities. Are there any other areas that you think are unduly pressuring growth rates and profitability in the fourth quarter?

我想試著問兩個問題，謝謝。首先，關於第四季展望，Ariane 和 Derek，有沒有任何你們會特別點出的拖累因素？中東的干擾仍在。歐洲一些城市也出現了一些問題。還有沒有其他你們認為在第四季對成長率與獲利能力造成不成比例壓力的領域？

And then secondly, Ariane, you mentioned, of course, the agentic deals or whatever with Muse and with AI overviews. Are the economics of these at all settled or is that all on the come? And anything more you can say about the -- how you view that as a channel, as a customer acquisition channel, does it look at all competitive, better than, worse than all the many other channels that you use? Thank you very much.

第二，Ariane，你提到當然有與 Muse 以及 AI overviews 相關的代理式交易（agentic deals）之類的合作。這些合作的經濟條件是否已經定案，還是仍在形成中？另外你還能多談一些嗎——你如何把它視為一個渠道、作為一個獲客渠道來看，它看起來在競爭力上如何，是否比你們使用的其他眾多渠道更好、較差或差不多？非常感謝。

Derek, why don't you take the first and I will take the second?

Derek，你先回答第一個，我來回答第二個，好嗎？

That sounds great. Hey, Mark. On the Q4 guidance for growth, I would say, yes, we had a stronger than expected Q3. So we are expecting some moderation in Q4 on the growth. There's a few factors driving that.

聽起來很棒。嘿，Mark。關於第四季成長的指引，我會說，是的，我們第三季的表現強於預期。因此，我們預期第四季的成長會有所趨緩。背後有幾個因素在推動。

The first is we're seeing a bit of a softer operating environment to start the quarter, and that's really driven by a couple of factors. One of them is the US election cycle where we're seeing an impact that is roughly similar to what we've seen in prior election cycles in terms of softer demand there.

第一個是，我們看到本季初的營運環境稍微偏軟，而這主要是由幾個因素所驅動。其中之一是美國選舉週期；我們看到的影響大致與過去選舉週期相近，也就是需求較為疲弱。

The other is the ongoing geopolitical events that we're seeing in the Middle East and Europe and the impact that they're having both on disrupting demand within those regions, but also on the long-haul corridors that run through those regions.

另一個是我們在中東與歐洲看到的持續地緣政治事件，以及它們所造成的影響：不僅擾亂了這些地區內部的需求，也影響了穿越這些地區的長程航線走廊。

The second impact I'd call out is within our B2B segment. We're now beginning to lap the robust promotional activity that we saw from some of our largest partners that really ramped in Q4 of the prior year. And so while the fundamentals of the B2B business are still really strong, we're going to see a bit and are seeing a bit of a moderation in the growth rate in that business in Q4.

第二個我想點出的影響是在我們的 B2B 部門。我們現在開始進入與去年第四季相比的基期，當時我們一些最大合作夥伴的強勁促銷活動在去年第四季大幅升溫。因此，雖然 B2B 業務的基本面仍然非常強勁，但我們在第四季將會看到、也正在看到該業務成長率略為趨緩。

And then finally, the last factor I'd note is we did pull forward some of the timing of our fall sale so that more of it occurred in Q3 this year. And that was helpful in terms of capturing seasonal demand in Q4, and we saw that benefit in the efficiency of our marketing or sorry, of capturing demand in Q3, but we're going to now lap the timing of the sale in the prior year in Q4, so that's another factor.

最後，我要提到的最後一個因素是，我們把秋季促銷的部分時程提前，使得今年有更多促銷發生在第三季。這在捕捉第四季的季節性需求方面是有幫助的；我們也在行銷效率——抱歉，是在第三季捕捉需求的效率上——看到了這個效益。但我們在第四季將會進入與去年第四季相比的基期（去年促銷時點在第四季），所以這也是另一個因素。

The only thing I'd sort of close on there though is that we're on pace for a really strong 2026 in total. And we're now on track to beat the top end of the full-year guidance range that we set at the beginning of the year for each of bookings and revenue, so pleased with the growth that's shaping up for the year in total.

不過我在這裡想做個收尾的是：整體而言，我們正朝著 2026 年非常強勁的表現前進。而且我們現在有望在預訂量與營收兩項指標上，都超越年初所設定的全年指引區間上緣，因此對今年整體成長態勢感到滿意。

And then, Mark, on your question on agentic partnerships, not surprisingly, I'll start out by saying it's early days. I'm excited about the possibilities here, and we're working with all the big players to make sure that our brands are showing up well, that they're showing up well whether it's organically or through direct integrations.

然後，Mark，關於你問到的 agentic（代理式）合作夥伴關係，不意外地，我先說目前仍在早期階段。我對這裡的可能性感到興奮，我們也正與所有大型業者合作，確保我們的品牌能有良好的呈現，不論是自然呈現或透過直接整合。

We're using the integrations to learn about how our customer behavior is changing, understand how are the agents making decisions, what tech integrations are required, and what kind of customers are using these. Right now, again, it's a small amount of traffic. It's high intent traffic, so we're pleased with that.

我們透過這些整合來了解客戶行為如何改變、理解代理如何做決策、需要哪些技術整合，以及哪些類型的客戶在使用這些。目前同樣地，流量占比仍小。但這是高意圖流量，因此我們對此感到滿意。

From the third-party data we're seeing, we're leading in citation share in the US. So I would just caution us all that it's important to remember that these models are changing frequently, which can lead to big swings on small volumes. But that's why we've got a team focused on it.

從我們看到的第三方數據來看，我們在美國的引用占比（citation share）領先。因此我也想提醒大家，這些模型經常變動，可能在小量級下造成很大的波動。但這也是為什麼我們有一個團隊專注在這件事上。

I also say that the integrations are helping us to learn not only about consumer behavior on those agents, but also to bring those learnings back into the natural language experiences in our products.

我也想說，這些整合不僅幫助我們了解消費者在那些代理上的行為，也能把這些學習帶回到我們產品中的自然語言體驗。

So with early days, the economics of the partnerships are being worked out. We have a track record of being able to work with big advertising platforms or tech platforms to use them as channels to acquire customers at attractive economics, and that's what I think we'll see.

因此在早期階段，合作夥伴關係的經濟模式仍在摸索與建立中。我們過去有與大型廣告平台或科技平台合作的經驗，能把它們作為以具吸引力的經濟效益獲取客戶的渠道，而我認為我們會看到同樣的情況。

And I'll close by saying, so far what we're seeing is that agentic AI's real strength is in discovery, but that when it comes to bookings, people still want to book with a trusted brand where they know that they'll be taken care of. If something goes wrong, they know they can trust the content and the prices and the like, but it is an exciting time.

最後我想說的是，到目前為止我們看到 agentic AI 的真正強項在於「探索／發現」（discovery），但當涉及預訂（bookings）時，人們仍然希望透過值得信賴的品牌來完成預訂，因為他們知道會被妥善照顧。如果出了問題，他們知道可以信任內容、價格等等。不過這確實是一個令人振奮的時刻。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Thanks so much. I'll ask a two-parter on B2B. When you think about the growth sustainability of B2B over the next 12 to 18 months, can you break down to us a little bit how you're thinking about the components of growth across wallet share with existing partners, new partners and verticals and continued supply expansion?

非常感謝。我想就 B2B 問一個兩段式問題。當你們思考未來 12 到 18 個月 B2B 成長的可持續性時，能否為我們拆解一下，你們如何看待成長的構成要素：包括與既有合作夥伴的錢包占比（wallet share）提升、新合作夥伴與新垂直領域，以及持續的供給擴張？

And the second part of the question would be on the margin for B2B. Is there a way we should be thinking about investment cycles in B2B and the different outcomes for margin over shorter duration period of times that we should be aware of that B2B could operate in as a segment.

第二部分的問題是關於 B2B 的利潤率。對於 B2B 的投資週期，以及在較短期間內利潤率可能出現的不同結果，我們是否應該用某種方式來思考，或有哪些需要留意的情境，作為一個部門的 B2B 可能會在其中運作？

Why don't I -- let me start and then Derek can pick up. As you said, B2B had another solid quarter. It's important to note that the growth was broad-based. It was double-digit growth across all of the regions.

不如我——我先開始，然後 Derek 可以接著補充。如你所說，B2B 又交出一個穩健的季度。重要的是要注意，成長是廣泛分布的。所有地區都呈現兩位數成長。

And when we look at the performance drivers that we expect to help us continue to grow, it starts with growing with existing partners. How are we growing wallet share through adding supply, improving the integration, supporting them on their promotions and supporting them as we are sourcing promotional deals that they can surface.

當我們看我們預期能幫助持續成長的績效驅動因素時，首先是與既有合作夥伴一起成長。我們如何透過增加供給、改善整合、在促銷上支持他們，以及在我們取得可供他們呈現的促銷方案時提供支援，來提升錢包占比。

Next, it's about enhancements to our existing products. I talked about the agentic template that we just announced with Qantas. So, our three main products in B2B are the Rapid API, our travel agency platform, and our template. And as we enhance the template with agentic capabilities, as we add activities to the travel agency platform, we think that those will be growth levers in order to grow with existing partners, of course, also with new partners.

接著，是強化我們既有產品。我提到我們剛與澳洲航空（Qantas）宣布的 agentic 範本（template）。因此，我們在 B2B 的三大主要產品是 Rapid API、我們的旅行社平台，以及我們的範本。當我們為範本加入 agentic 能力、為旅行社平台加入活動（activities），我們認為這些都將成為成長槓桿，讓我們能與既有合作夥伴成長，當然也能帶動與新合作夥伴的成長。

And then the last piece is our investments to really be a one-stop travel shop because we've got a lot of partner relationships. These partners are building travel programs. And if we can be the provider of everything that they need for the travel program, well, that creates growth opportunities. It's why this year we closed the acquisition of CarTrawler. It's why we acquired tickets. And so we will continue to invest to make sure that we really can be that one-stop shop for our partners.

最後一塊是我們的投資，目標是真正成為一站式旅遊商店，因為我們擁有大量合作夥伴關係。這些合作夥伴正在打造旅遊方案（travel programs）。如果我們能成為他們旅遊方案所需一切的供應商，那就能創造成長機會。這也是為什麼我們今年完成了對 CarTrawler 的收購。也是為什麼我們收購了票券（tickets）業務。因此我們將持續投資，確保我們確實能成為合作夥伴的一站式供應商。

And then, Eric, just on the margin question, I think in the very near term, we are seeing a little pressure on the B2B margins. The primary drivers of that in the very near term are one partner mix. As we help our partners grow and succeed and grow their business, they get into higher tiers and all else being equal, that's going to put a little pressure on margins as we help our partners succeed and grow the overall scale of our business.

然後，Eric，關於利潤率的問題，我認為在非常短期內，我們確實看到 B2B 利潤率有一些壓力。非常短期內造成這種情況的主要驅動因素之一是合作夥伴組合。當我們協助合作夥伴成長、成功並擴大其業務時，他們會進入更高的等級；在其他條件相同下，當我們協助合作夥伴成功並擴大我們整體業務規模時，這會對利潤率帶來一些壓力。

The second but smaller factor is just the recent investments that we've been making, as Ariane said, in the one-stop travel shop. And we do see a little bit of pressure on the margins there in Q3 and into Q4 on the business as a result of that.

第二個但較小的因素，是如 Ariane 所說，我們近期在一站式旅遊商店（one-stop travel shop）所進行的投資。因此，我們確實看到在第三季以及進入第四季時，該業務的利潤率出現一些壓力。

But as I zoom out longer-term, this is a really attractive segment with a huge TAM. And that's why it's very important for us to make these long-term investments in the business so we can better serve our partner, grow our overall number of partners, which hit 75,000 more recently.

但從更長期的角度來看，這是一個非常具吸引力、且擁有龐大 TAM（總可服務市場）的細分領域。這也是為什麼我們非常重視在業務上進行這些長期投資，以便更好地服務我們的合作夥伴、擴大整體合作夥伴數量；而我們最近已達到 75,000 家合作夥伴。

But also drive differentiation and be able to grow the relationship by servicing more of it, which is why the one-stop travel shop is so important, so we're really excited about the longer-term opportunity for the B2B business to contribute as it scales to our EPS growth as a business.

同時也推動差異化，並能透過服務更多環節來擴大合作關係；這也是一站式旅遊商店如此重要的原因。因此，我們對 B2B 業務在長期的機會感到非常興奮；隨著規模擴大，它將能為我們的 EPS 成長做出貢獻。

And then across EG at an EG level, we remain committed to driving efficiency through the business so we can continue to make incremental progress on the overall margins. And you can see that reflected in the updates we made today to our full year guidance where we now expect full year margin expansion of 180 to 200 bps, which is again above the high end of the ranges we communicated at the beginning of the year.

此外，在 EG、以 EG 整體層級來看，我們仍致力於透過業務推動效率提升，以便在整體利潤率上持續取得增量進展。你也可以從我們今天對全年指引所做的更新中看到這點：我們目前預期全年利潤率擴張為 180 到 200 個基點（bps），這同樣高於我們年初所溝通區間的上緣。

Justin Post, Bank of America.

Justin Post，美國銀行（Bank of America）。

Great. Thanks for the question. First, on agentic traffic, I know it's very early, but I just was wondering if you could help us understand if that traffic might be coming in lieu of paid or direct traffic or really is it just incremental at this point?

很好。謝謝讓我提問。首先，關於 agentic 流量，我知道現在還非常早期，但我想請你們協助我們理解：這些流量是否可能是取代付費或直接流量而來，還是說目前基本上只是增量？

And then second, the margin leverage on the B2C side has been really impressive over the last year. You've drawn out a lot of efficiencies, but Q4 does look like there's more spending. Is that in marketing? And how do you think about efficiencies there going forward?

第二，B2C 端在過去一年利潤率槓桿表現非常亮眼。你們已經釋放了很多效率，但第四季看起來支出會增加。那是行銷支出嗎？以及你們如何看待未來的效率提升？

I'll take the first one. So as you say, it's the agentic traffic is very small so far. We think it's high -- we see it as high-quality traffic. We don't see it as impacting the direct traffic. I think it's either incremental or it's taken from other paid channels. But right now, again, it's so small, but it's hard to draw any conclusions.

我先回答第一個。如你所說，目前 agentic 流量到目前為止非常小。我們認為它是高——我們把它視為高品質流量。我們不認為它會影響直接流量。我認為它要嘛是增量，要嘛是從其他付費渠道轉移過來的。但目前再次強調，因為規模太小，很難下任何結論。

I do want to take a minute, though, to add to this, which is we talk about agentic traffic being quite small. Even in our products, we've got these new natural language conversations, which are high intent, it's driving more conversion. And even there, they're small, what excites me is the way we're using AI in our products to get more personalization, to get better recommendations.

不過我想花一點時間補充：我們談到 agentic 流量規模很小。即使在我們的產品中，我們也有這些新的自然語言對話功能，使用者意圖很高，並帶來更高的轉換。而即便如此，它們的規模也還小；但讓我興奮的是，我們在產品中運用 AI 的方式，能帶來更多個人化、提供更好的推薦。

So I think just for all of us, as we think about the role of AI, both in agentic traffic and use in our products, we can spend a lot of time on the conversational search, which is important, but there are also a lot of real near-term tangible drivers of improvements in the business and the product from using AI in the product.

所以我認為，對我們所有人而言，當我們思考 AI 的角色——無論是在 agentic 流量上，或是在我們產品中的應用——我們可以花很多時間在對話式搜尋上，這確實重要，但同時也有許多在短期內真實、可量化的驅動因素，能透過在產品中使用 AI 來改善業務與產品。

It's Derek. I'll take the margin question. We had a really strong Q3, and that allowed us to have outsized margin expansion as a result of that. We do expect some moderation on margins in Q4, and there's a couple of factors on that.

我是 Derek。我來回答利潤率的問題。我們第三季表現非常強勁，因此帶來了超出常態的利潤率擴張。我們確實預期第四季利潤率會有所降溫，原因有幾個。

One, as we noted earlier, we do see a slower pace of bookings and revenue in Q4. And that diminishes the leverage that we're going to get on the fixed elements of our cost structure in the quarter as a result.

第一，如我們先前提到的，我們確實看到第四季的預訂量與營收成長步伐較慢。這會降低我們在該季度從成本結構中固定成本項目所能取得的槓桿效益。

And second is a year ago, we made some really significant changes in the efficiency of our marketing spending by removing inefficient spend, and we've been delivering outsized leverage from the consumer marketing line as a result of that over the last year. We still see opportunity for incremental leverage from the consumer marketing line, just likely at a slightly diminished pace relative to what we've been able to do when we made those really big changes a year ago.

第二是一年前，我們透過移除低效率支出，對行銷投放效率做了相當重大的調整；因此在過去一年，我們在消費者行銷費用線上實現了超出常態的槓桿效益。我們仍看到消費者行銷費用線有進一步槓桿提升的空間，只是相較於一年前做出那些重大調整時，我們能做到的速度可能會略為放緩。

I also spoke earlier about some of the pressure that we'll see on the B2B margin side that will contribute to the overall picture as a result of the investments that we've made in recent acquisitions.

我先前也提到，因為我們在近期收購案中所做的投資，B2B 利潤率端也會出現一些壓力，並對整體表現造成影響。

And so sort of stepping back though a little bit, while the overall operating environment may fluctuate a bit from quarter-to-quarter, it's important that we sustain these investments in the long-term of the business and we've demonstrated we can deliver leverage over time through efficiency initiatives and our overall cost discipline and that really is reflected in the updates that we made to our full year margin guide that I already mentioned earlier.

不過稍微退一步來看，雖然整體營運環境可能會在各季度間有所波動，但重要的是我們要在長期持續這些投資；而且我們已證明，透過效率計畫與整體成本紀律，我們能隨時間推進而帶來槓桿效益。這也確實反映在我們對全年利潤率指引所做的更新上，我先前已提到。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通（JPMorgan）。

Ariane, I just wanted to go back to the agents. And can you just talk a little bit just about the integration with Muse, just what that provides you exactly and how differentiated that is. And then also, if you could talk a little bit about some of the AI experiences on your own platform for those customers coming in directly and some of the benefits you're seeing there. Thanks.

Ariane，我想回到 agents 的話題。你能否談談與 Muse 的整合，這究竟為你們帶來什麼，以及它的差異化在哪裡。另外，如果你也能談談在你們自有平台上，針對直接進站的客戶所提供的一些 AI 體驗，以及你們在那裡看到的效益。謝謝。

Sure. So on Muse, we announced an integration. In fact, I believe potentially while we're on this call today, it's going live in the US. So basically, what the direct integration allows is that Muse is going to have access to our prices, our content and the like to be able to recognize travelers and then send them to us, either complete the booking in Muse or send them directly to us.

當然。關於 Muse，我們已宣布完成整合。事實上，我相信可能就在我們今天這通電話進行的同時，它正在美國上線。基本上，直接整合所帶來的是：Muse 將能存取我們的價格、內容等資訊，以便辨識旅客，然後把他們導流到我們這裡；旅客可以在 Muse 內完成預訂，或是被直接導到我們的平台。

It's early days. I think it's going to be fascinating to watch what is it that the users choose to do. Again, right now, there's a lot of discovery in these agents and then the booking ends up happening in a trusted provider in our app. But we want to be there early test and understand how consumer behavior evolves.

目前仍是早期階段。我認為觀察使用者最終會選擇怎麼做，將會非常有意思。同樣地，現在在這些 agents 裡有很多探索行為，而預訂最後往往會在我們 App 中可信賴的供應商端完成。但我們希望能及早參與測試，並理解消費者行為如何演變。

In terms of AI experiences in our own products. Look, one, we've been using AI in our products for quite a while. What's changed in the last few quarters is the power of AI to help us personalize in recommendations and rankings. And that's part of what's behind the record attach rates on brand Expedia because we're just so much better in helping travelers figure out what different parts of the trip to put together.

至於我們自家產品中的 AI 體驗。首先，我們在產品中使用 AI 已經有一段時間了。過去幾個季度的改變在於：AI 的能力更強，能協助我們在推薦與排序上做到更高程度的個人化。這也是 Expedia 品牌創下附加購買率（attach rates）新高背後的部分原因，因為我們在協助旅客釐清旅程中不同環節該如何組合方面，做得好得多。

The other thing that's new is the natural language conversations. And again, it's relatively small traffic, but let me talk you through how we think about those natural language touch points.

另一個新的部分是自然語言對話。同樣地，這部分流量相對較小，但我來帶你們了解我們如何看待這些自然語言接觸點。

It starts with natural language search on the homepage. So instead of someone just typing in a destination and dates and number of travelers, they can use natural language to describe what they're looking for. That not only gives us more information about their intent, which we can then personalize. I think it will allow us to capture people earlier in their traveler journey to sort of move up funnel.

它從首頁的自然語言搜尋開始。因此，相較於只是在欄位中輸入目的地、日期與旅客人數，使用者可以用自然語言描述他們在找什麼。這不僅能讓我們取得更多關於其意圖的資訊，進而進行個人化。我認為這將使我們能在旅客旅程更早期就觸及他們，某種程度上把漏斗往前移。

Next is conversational experiences in the booking flow. So we've got an AI compare agent and a property expert agent that while people are in the lodging booking flow allows them to make better decisions, comparing properties, understanding what the amenities will be without necessarily having to go into the hotel cards themselves. And what we've seen is that pushes people deeper into the funnel and leads to more conversion and larger purchases.

接著是在預訂流程中的對話式體驗。我們有 AI 比較代理與住宿專家代理，當使用者在住宿預訂流程中時，能協助他們做出更好的決策：比較不同房源、了解設施內容，而不一定需要進入各個飯店卡片頁面本身。而我們看到的結果是，這會把使用者推進到漏斗更深處，帶來更高的轉換率與更大的購買金額。

And then finally, post-booking, we've had our servicing agent and we just recently introduced an activity agent, which helps the traveler build an itinerary. And we've already seen, it's very early days, but we've seen that the people who are using that are twice as likely to book an activity within seven days of using it.

最後是在預訂之後，我們有客服代理，而且最近也推出了活動代理，協助旅客建立行程。我們已經看到——雖然還在非常早期——使用該功能的人，在使用後七天內預訂活動的機率是其他人的兩倍。

So again, all of this is early, but it's exciting sort of proof points that we're seeing of what happens when people have conversations in the app.

所以再說一次，這一切都還在早期，但我們看到一些令人振奮的驗證點：當人們在 App 裡進行對話時，會發生什麼。

And then just to close. Last week, we had our fall product release. We released over 30 features across our brands. Most of them were not related to natural language search. It was things like the updated flexible package search path on Expedia, Reserve Now Pay Later on Vrbo and the like. So with the team, we're focused on what are all of the product features that we can bring out that we know travelers want, some of which are natural language search.

最後做個收尾。上週我們發布了秋季產品更新。我們在各個品牌共推出了 30 多項功能。其中大多數與自然語言搜尋無關。例如 Expedia 上更新的彈性套裝行程搜尋流程、Vrbo 的「立即預訂、稍後付款」等。因此，團隊的重點在於推出所有我們知道旅客想要的產品功能，其中一部分會是自然語言搜尋。

Jed Kelly, Oppenheimer & Co., Inc.

Jed Kelly，Oppenheimer & Co., Inc.

Over the last couple of years, you've had really strong margin expansion, probably over 200 basis points last two years. As we kind of move into 2027, has most of the low-hanging fruit been chopped? Or how should we think about margin expansion and balancing growth versus profitability going forward into next year?

過去幾年你們的利潤率擴張非常強勁，過去兩年大概超過 200 個基點。當我們展望 2027 年時，大部分「低垂的果實」是否已經摘完了？或者，我們應該如何看待未來進入明年後的利潤率擴張，以及在成長與獲利之間的平衡？

Hey, Jed, this is Derek speaking. Yeah, we've had a lot of progress on the margin expansion, as you noted. If you actually look over the three years from 2024 through the full year guide here for '26, it's more than four points of margin expansion.

嗨，Jed，我是 Derek。是的，如你所說，我們在利潤率擴張方面取得了很大進展。如果你看 2024 年到這裡對 2026 年全年的指引，三年合計的利潤率擴張超過 4 個百分點。

We've really done that across a number of different dimensions. Number one is the investments we've made in our own products. And in operational execution that have helped to drive steady, solid top-line growth in a healthy demand environment, and that gives us the opportunity to drive leverage over the fixed elements of our cost structure.

我們確實是從多個面向做到的。第一，是我們對自有產品的投資，以及營運執行的提升，這些在健康的需求環境下推動了穩健、扎實的營收成長，也讓我們有機會在成本結構中固定性要素上取得槓桿效益。

The second is we've had much improved consumer marketing returns. We've also driven out efficiency across cost of sales and I think one recent example I'd cite there is just the work that we've done to leverage AI and traveler support and how we've seen that improve cost efficiency there, but also deliver higher satisfaction scores, which is great.

第二，是我們的消費者行銷投資報酬率顯著改善。我們也在銷售成本方面推動效率提升；我想舉一個近期例子，就是我們運用 AI 於旅客支援所做的工作：我們看到那裡的成本效率提升，同時也帶來更高的滿意度分數，這非常好。

And finally, just we've maintained discipline over the overall overhead cost structure. In the most recent quarter, as just one example, we were up 1% year-over-year even as we drove bookings and revenue growth double-digits. So we've had a pretty good run here of really good margin expansion. As I look forward, I see a lot of opportunity for us to continue to make incremental progress across the cost structure.

最後，我們也持續對整體間接費用（overhead）成本結構維持紀律。以最近一季為例，在訂單與營收都達到雙位數成長的同時，我們的間接費用年增僅 1%。因此，我們在利潤率擴張方面確實有一段相當不錯的表現。展望未來，我看到我們仍有很多機會在成本結構上持續取得漸進式的進展。

One is the investments that we've made to continue to drive longer-term growth and pointing to things like the one-stop travel shop on B2B is just one example of that, the things that we're doing to improve services and experiences for the consumer business that Ariane touched on.

其中之一，是我們為了持續推動長期成長所做的投資；例如 B2B 的一站式旅遊商店（one-stop travel shop）就是其中一個例子，以及 Ariane 提到的、我們為消費者業務改善服務與體驗所做的事情。

We also see many of the changes that we've made on the consumer marketing side to drive leverage there. Well, some of that was big gains that we got from removing inefficient spend. There's things that we've done around how we measure and calibrate those results and how we can move spend effectively and measure accurately to drive it to the most efficient channel and that's more durable and we see room for incremental margin improvement on that as well.

我們也看到在消費者行銷端所做的許多改變，能夠帶來槓桿效益。當然，其中一部分是我們移除低效率投放所帶來的重大收益。此外，我們也在衡量與校準成效方面做了很多工作，並且能更有效地調整投放、準確衡量，把預算導向最有效率的渠道；這更具持久性，我們也看到在這方面仍有漸進式利潤率改善的空間。

So we do believe that we can continue to make incremental progress on margin by staying disciplined on the costs and continuing to drive efficiency out. And hopefully, you can see that reflected in the updates we made to our full year margin for this year, where we now expect to see about 180 to 200 bps and hope to make some incremental progress as we go forward and execute on our strategy.

因此，我們確實相信，只要在成本上維持紀律並持續提升效率，就能在利潤率上繼續取得漸進式進展。也希望你能在我們對今年全年利潤率的更新中看到這點：我們現在預期約 180 到 200 個基點，並希望在未來持續推進、執行我們的策略，取得一些額外的漸進式進展。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，Wells Fargo。

Thank you so much. Two, if I may, please. One kind of more strategic, there's a lot of discussion of agents around the consumer side of the B2C side. Could you talk about the opportunities that your very well-established B2B operations and capabilities might enable in an agentic world? That's question one.

非常感謝。如果可以的話我有兩個問題。第一個比較偏策略面：市場上對 B2C 消費者端的各種代理（agents）有很多討論。你能談談在一個「代理化」（agentic）的世界裡，你們非常成熟的 B2B 營運與能力，可能帶來哪些機會嗎？這是第一題。

The second question is just a bit more tactical. As you're thinking about the 4Q bookings guide that you offered, could you give us any sense about the contributions, how we should think about ADRs versus room nights and any factors we might think about either from a comparability standpoint or other factors that play into the mix between those two?

第二題比較偏戰術面。在你們提供的第四季訂單指引上，你能否讓我們了解一下貢獻來源：我們應該如何看待 ADR（平均每日房價）相對於間夜數（room nights）的影響？以及在這兩者之間，從可比性或其他因素角度，有哪些因素會影響組合？

On the agentic opportunities in B2B, I really separate into two. One is, for our existing partners, how do we help them as they're adopting agentic capabilities in their travel experiences.So making sure that we've got the technology that allows them to build whether it's conversational experiences or other agentic experiences and opening themselves up to agentic commerce. So that's sort of one thing which is just on the existing business.

關於 B2B 的代理化機會，我會分成兩類。第一類是，對我們既有的合作夥伴而言，當他們在旅遊體驗中採用代理化能力時，我們如何協助他們。也就是確保我們具備能讓他們建置相關技術的能力，不論是對話式體驗或其他代理化體驗，並讓他們能夠對接代理化商務（agentic commerce）。這算是既有業務上的一個方向。

The second is, if there are agents who say, what, we want to be the provider ourselves of travel booking rather than being a demand channel for existing travel brands. We clearly are well positioned to be able to do that. So again, it's early days on all of this. I think what's important to know is that the technology investments and the infrastructure and supply and all of that that we have in B2B, that global reach, that ability to do servicing allows us to both help our existing partners and potential new partners as they look at agentic commerce.

第二類是，如果有一些代理表示：「我們想自己成為旅遊預訂的供應方」，而不是作為既有旅遊品牌的需求渠道。我們顯然具備很好的條件來做到這點。所以再說一次，這一切都還在早期階段。我認為重要的是要知道：我們在 B2B 端的技術投資、基礎設施、供給，以及全球覆蓋能力與服務能力，使我們既能協助既有合作夥伴，也能在他們評估代理化商務時，協助潛在的新合作夥伴。

It's Derek. Ken, I'll take the part on just what we're seeing on bookings drivers going into Q4. I touched a little bit on the drivers of the overall number. But under the hood, as you're thinking about room nights and the other drivers, first, just touching on air, we've seen really elevated ATPs in air. And so we expect that dynamic to persist and be relatively steady from Q3 to Q4, at least that's what's assumed underlying the guide.

我是 Derek。Ken，我來談一下我們在進入第四季（Q4）時，所看到的預訂（bookings）驅動因素。我剛才稍微提到整體數字的驅動因素。但就更細部來看，當你思考間夜（room nights）以及其他驅動因素時，首先談到機票（air），我們看到機票的平均票價（ATP）維持在相當高的水準。因此我們預期這個態勢會延續，且從第三季（Q3）到第四季（Q4）會相對穩定，至少這是指引（guide）所隱含的假設。

In terms of room nights and ADRs, we saw a moderation in ADRs from Q2 to Q3. So ADRs were up about five points in Q2 and moderated to two in the most recent quarter or three on an FX-neutral basis. We expect relatively to have basically that moderation continue through.

就間夜與平均每日房價（ADR）而言，我們看到 ADR 從第二季（Q2）到第三季（Q3）有所降溫。因此 ADR 在 Q2 約上升 5 個百分點，而在最近一季降溫至 2 個百分點；若以排除匯率影響（FX-neutral）計算則約為 3 個百分點。我們預期這種降溫基本上會持續下去。

And so you'll see -- what we're assuming under the hood in terms of room nights is that the growth there will be positive in Q4, but more modest and that the decel will be roughly in line with what we're guiding to on bookings on an FX-neutral basis. So that together with the assumptions around there should give you a pretty good sense of the components under the hood that are driving the bookings into Q4.

因此你會看到——我們在細項假設中，對於間夜的假設是：Q4 的成長仍會是正向，但會更溫和，而其放緩幅度大致會與我們在排除匯率影響（FX-neutral）基礎上對預訂（bookings）所給的指引一致。所以，這些假設合在一起，應該能讓你相當清楚地理解，推動預訂進入 Q4 的細項構成。

Deepak Mathivanan, Cantor Fitzgerald.

Deepak Mathivanan，Cantor Fitzgerald。

Thanks for taking the questions. I wanted to ask a couple of ones on marketing. There's a lot of changes happening on Google Search with traffic shifting toward AI mode and other AI services. Is that in any way impacting Expedia at all, both positively or maybe negatively? Can you talk about what you're seeing also with paid marketing in Search?

感謝讓我提問。我想問幾個關於行銷的問題。Google 搜尋正在發生很多變化，流量正轉向 AI 模式以及其他 AI 服務。這是否在任何方面影響 Expedia，不論是正面或可能是負面？也請談談你們在搜尋（Search）的付費行銷方面看到的情況？

And then secondly, OpenAI launched many advertising products in the last few months as well. Are you participating in those programs? Can you talk about what you're seeing there as well?

第二，OpenAI 在過去幾個月也推出了許多廣告產品。你們有參與那些計畫嗎？也請談談你們在那邊看到的情況？

So traffic is changing, as you say, like Google Search, things are changing very quickly. The good news for us is that we've got really good metrics and measurement on incrementality and returns of various channels. So we're keeping an eye on, obviously, where all of the traffic is coming from over the last 12 to 18 months as we've improved our understanding of returns and incrementality.

如你所說，流量正在改變，例如 Google 搜尋，變化非常快。對我們來說的好消息是，我們在各渠道的增量效果（incrementality）與投資報酬（returns）方面，有非常好的指標與衡量方式。因此，隨著過去 12 到 18 個月我們對報酬與增量效果的理解提升，我們也持續關注所有流量的來源。

We've moved our investments across channel from search to social and the like. And we have teams who do this day in, day out who are very technical in making sure that we're getting the best returns possible.

我們已將投資在渠道之間做了調整，從搜尋轉向社群等渠道。我們也有團隊日復一日地做這件事，他們在技術上非常專精，確保我們能取得最佳的投資報酬。

As you alluded to, OpenAI has launched some advertising products. Yes, we are participating. I think it's important as there are new products that come out on the market to take a posture of testing, being willing to maybe expect some returns that aren't as high as more established products that are more optimized. And that's our approach across the board as some of these new AI services come out with new products. We'll be testing, learning and then over time, I believe many of these will become big channels for us. And to the extent that there's more fragmentation at the top of the funnel, that's a good thing for us.

如你提到的，OpenAI 推出了一些廣告產品。是的，我們有參與。我認為很重要的是，當市場上出現新產品時，要採取測試的姿態，並願意接受其回報可能不如更成熟、最佳化程度更高的產品。而這也是我們面對這些新 AI 服務推出新產品時，一貫採取的做法。我們會測試、學習，然後隨著時間推進，我相信其中許多將成為我們的重要渠道。而且若漏斗上端（top of the funnel）出現更多碎片化，對我們而言是好事。

Lloyd Walmsley, Mizuho.

Lloyd Walmsley，Mizuho。

Can you just give us a sense of the contribution from CarTrawler in I guess the partial quarter in 3Q and then in the 4Q outlook and like where does that fall from a segment basis?

你能否讓我們了解一下 CarTrawler 在第三季（3Q）我想是部分季度中的貢獻，以及在第四季（4Q）展望中的貢獻？另外，從分部（segment）角度來看，它會歸在哪一塊？

And then second one was just the advertising growth looks like it slowed a bit, especially on the Expedia side. So anything unusual there and how should we think about that sort of steady-state advertising going forward?

第二個問題是，廣告成長看起來有些放緩，尤其是在 Expedia 這邊。那裡是否有任何不尋常之處？以及我們應該如何看待未來較為穩態（steady-state）的廣告表現？

Lloyd, as it pertains to the CarTrawler acquisition, that closed near the end of Q3, so relatively minor impact there. Into Q4, no one of our acquisitions is really material to the overall results in total, but the combination of CarTrawler and the other acquisitions we've made earlier this year and the investments that we're making. In our one-stop travel shop organically as well. All of that combined is a little bit of upward pressure on the overall investments there.

Lloyd，關於 CarTrawler 的收購案，它是在第三季（Q3）接近尾聲時完成交割，因此影響相對有限。進入第四季（Q4），我們的任何一筆收購單獨來看都不會對整體總結果造成重大影響，但 CarTrawler 與我們今年稍早完成的其他收購，以及我們所進行的投資，也包括我們在「一站式旅遊商店」（one-stop travel shop）上的有機（organic）投入。這些合在一起，會對整體投資帶來些微的上行壓力。

And that falls CarTrawler specifically into the B2B segment in terms of where it contributes. In terms of advertising, yes, advertising did decelerate in the quarter. We grew 13 points last quarter, 7 in the most recent.

而 CarTrawler 具體而言，其貢獻會歸入 B2B 分部。至於廣告，是的，本季廣告確實出現減速。我們上一季成長 13 個百分點，最近一季為 7 個百分點。

While it did slow the rate of growth, it did still continue to grow. We're in the middle of implementing some really important product improvement that we believe are really important to the long-term success of the ad business. These changes will give advertisers a number of things, including better campaign management capabilities but also layering the groundwork for more AI-enabled tools going forward.

雖然成長率放緩，但仍持續成長。我們正在推動一些非常重要的產品改善，我們相信這些對廣告業務的長期成功至關重要。這些變更將為廣告主帶來多項能力，包括更好的活動（campaign）管理功能，同時也為未來更多 AI 賦能工具奠定基礎。

But if I step back a little bit, the advertising business is already becoming large and it's a high margin business for us and we see a long runway ahead in it. We reach travelers as they're deciding where to stay and what to book, which is incredibly important. We're also in the midst of broadening the business. We expanded our sponsored listings offering to Vrbo this year and we're growing display advertising as well as off-platform.

但如果我稍微退一步看，廣告業務已經變得相當可觀，且對我們而言是高毛利（high margin）的業務，我們也看到它仍有很長的成長跑道。我們在旅客決定要住哪裡、要預訂什麼時觸及他們，這點非常重要。我們也正在擴大這項業務。今年我們把贊助式列表（sponsored listings）擴展到 Vrbo，同時也在成長展示型廣告（display advertising）以及站外（off-platform）廣告。

And we're using AI in our products to make it much simpler for partners of any size to set up and run campaigns. So while there's a lot of changes happening in our ads business at the moment, we continue to have high conviction in the long-term opportunity ahead here and we're excited to see our team land some of these changes for our partners in the months ahead.

我們也在產品中運用 AI，讓任何規模的合作夥伴都能更簡單地建立並執行活動。因此，雖然我們的廣告業務目前正在發生許多變化，但我們對未來的長期機會仍然高度有信心，也很期待在接下來幾個月看到團隊為合作夥伴落地這些變更。

Alex Brignall, Rothschild & Co Redburn.

Alex Brignall，Rothschild & Co Redburn。

I'll jump back to B2B if I could. One of the most frequent questions I get is just sizing the market and how you think about the share that you have. It obviously is very different across the different products, the commission rate and margins, which is very different between lodging and air. But to the extent that you can. Could you just give us as much info as you can share on the size of the opportunity, either globally, within the US, what share you think you have of it, how fragmented it is, how big the biggest participant is, all of those? Thank you so much.

如果可以的話，我想回到 B2B。我最常被問到的問題之一，是市場規模以及你們如何看待自己所擁有的市占。顯然不同產品之間差異很大，抽成率（commission rate）與利潤率（margins）在住宿（lodging）與機票（air）之間也非常不同。但在你們能分享的範圍內。能否盡可能提供你們可以分享的資訊：機會規模有多大（不論是全球或美國）、你們認為自己擁有多少市占、這個市場有多分散、最大參與者有多大，等等？非常感謝。

At the highest level, the way I think about the size of the B2B travel market is you take the overall travel market, which is over $3 trillion. You remove from that sort of all of supplier direct, you remove from that couple of the biggest OTAs in the world, and you say all of the rest is the addressable market for B2B.

從最高層面來看，我對 B2B 旅遊市場規模的思考方式是：先看整體旅遊市場，規模超過 3 兆美元。接著把其中屬於供應商直銷的部分剔除，再把全球最大的幾家 OTA 的部分剔除，然後你會說其餘的全部就是 B2B 可觸及市場。

Now, there's a lot in there. There are corporate travel agencies, there are offline retail travel agents, there are companies that use travel for their loyalty programs, there are smaller online travel agents in emerging markets. So it's a large market. You do need to look at each of them individually. So where are we on offline travel agents? We work with tens and tens and tens of thousands of them.

而這裡面涵蓋的內容很多。有企業差旅旅行社、有線下零售旅行代理商、有把旅遊用於其忠誠度計畫的公司、也有新興市場中較小型的線上旅行社。所以這是一個很大的市場。你確實需要逐一看待每一類。那我們在線下旅行代理商這塊進展如何？我們與數以萬計、數以萬計、再數以萬計的他們合作。

But it's not only can you work with more travel agents, but it's also with the ones you work in, can you gain share of wallet? Because in a lot of our partnerships, they are not necessarily exclusive partnerships. And so it's about day in, day out gaining share of wallet.

但不只是能否與更多旅行代理商合作，還包括：對於已合作的那些，我們能否提升錢包份額（share of wallet）？因為在我們許多合作關係中，未必是獨家合作。因此重點在於日復一日地提升錢包份額。

So that's sort of how I think about it at a high level. There are some partners in which we are high in the share of wallet. And so if you think about the potential there, it's about how much will that partner itself grow so that we can grow with them. And then there are a number of partners we work with where we're still sort of a lower level of share of wallet.

所以從高層面來說，我大致是這樣思考的。有些合作夥伴，我們的錢包份額很高。因此若思考那裡的潛力，關鍵在於該合作夥伴本身能成長多少，讓我們能隨著他們一起成長。另外也有不少我們合作的夥伴，我們目前的錢包份額仍相對較低。

So it's really multidimensional, where can we grow share of wallet with the existing partners and what's that opportunity where there are new partners where we can displace someone else and then also what new businesses are being created that want to use travel as a way of driving customer loyalty?

所以這其實是多維度的：我們如何在既有合作夥伴中提升錢包份額；在新合作夥伴方面有哪些機會能取代其他人；以及還有哪些新業務正在被創造出來，想把旅遊作為推動客戶忠誠度的一種方式？

Thank you. I guess the natural follow-up would be in the past you split out the growth organically within each of your partners and then the number of partners that you have into the components of your B2B growth. Is that something that you can share again?

謝謝。我想很自然的追問是：過去你們曾把 B2B 成長拆分為兩個構成要素——各合作夥伴內部的有機成長，以及合作夥伴數量的增加。這次你們能否再次分享這樣的拆分？

Sorry. Are you referring to something we did a couple of years ago when we went to -- I'm trying to think of what you're referring to because we've never disclosed it in our financial statements. I believe a couple of years ago, we did a presentation in which we provided a click down within B2B. Is that what you're talking about?

不好意思。你指的是我們幾年前做過的那件事嗎，當時我們去——我在想你指的是什麼，因為我們從未在財務報表中披露過。我記得幾年前我們做過一場簡報，當中提供了 B2B 內部的細分拆解。你說的是那個嗎？

You used to give commentary on the quarterly course about the split of your growth sort of organically within each partner and then the number of partners that you were adding.

你們以前會在每季的電話會議上評論：你們的成長拆分大致來自於各合作夥伴內部的有機成長，以及你們新增的合作夥伴數量。

Okay. We'll look at what we'll disclose in future quarters. I think, again, what we've said in the past, and Derek just said, we've got 75,000 partners that we work with. We've talked about double-digit growth across all of our regions. And we've talked about there isn't a concentration, an inordinate concentration in any particular partner. So I'll go back and look at what is it that we've said in the past that you may be looking for.

好的。我們會看看未來幾季要披露哪些內容。我想，再次重申我們過去說過的，以及 Derek 剛才提到的：我們有 75,000 家合作夥伴。我們也談到各地區都呈現兩位數成長。而且我們也提到，並不存在集中度——沒有在任何單一合作夥伴上出現不成比例的集中。所以我會回去看看我們過去到底說過哪些內容，可能正是你在找的。

Naved Khan, B.Riley Securities.

Naved Khan，B.Riley Securities。

A couple of questions from me, maybe just on the bookings. Ariane, you spoke about September promotions kind of contributing over $1 billion. Is that something that and you talked about timing, so last year, did that fall into October and then obviously that's affecting the booking for Q4 but helped in Q3, is that the right way to understand that?

我這邊有幾個問題，可能先談預訂量（bookings）。Ariane，你提到 9 月促銷活動貢獻了超過 10 億美元。你也談到時點問題，所以去年那部分是落在 10 月，然後顯然會影響第四季的預訂量，但在第三季有所助益——這樣理解對嗎？

And then the second question I have is around Vrbo. I think you recently made changes to the host fee and just wanted to get some clarity on how does it affect the overall take rate as well as what has been the reception of those changes so far?

第二個問題是關於 Vrbo。我想你們最近調整了房東費用，想請你們釐清：這會如何影響整體抽成率（take rate），以及到目前為止市場對這些變更的反應如何？

Sure. So on the first one, yes, the September, the fall sale that we did this year was pulled forward a few weeks versus where it was last year. So that's why more of it fell into the fourth quarter last year. As we looked at the calendar this year and where we saw demand, we just thought it made more sense to do it on these dates and it just happens to move across quarters.

好的。第一個問題，是的，我們今年做的 9 月秋季促銷（fall sale）相較去年提前了幾週。所以去年有更多落在第四季。我們看了今年的行事曆以及需求所在，覺得在這些日期做更合理，而它剛好就跨到了不同季度。

On the second one, yes, we just made some changes to the commission fee. We don't expect that to impact the take rate all up. This is really about simplifying things for travelers. And whenever you make a change like this, there's always a lot of discussions and education as hosts think about what does that mean for them, especially because across the industry, we're all getting closer to similar structures that there are some uniqueness across players.

第二個問題，是的，我們剛對佣金費用做了一些調整。我們預期這不會對整體抽成率造成影響。這主要是為了讓旅客端更簡化。每當做這類變更時，房東在思考這對他們意味著什麼時，總會有很多討論與溝通教育；尤其是整個產業各家都在朝更相近的結構靠攏，但不同業者之間仍有一些差異。

So we're having really productive conversations with our partners. And we think at the end, this is going to be a good thing for travelers.

因此我們正與合作夥伴進行非常有建設性的溝通。我們認為最終這會對旅客是件好事。

There are no further questions at this time. I will now turn the call back to Ariane Gorin, CEO, for closing remarks.

目前沒有其他問題。我現在把電話交回給執行長 Ariane Gorin 作結語。

So thank you all for joining the call and for the questions. As you saw, we delivered a strong third quarter, and we're pleased to see consumers continue to prioritize travel. As always, I want to thank our teams for their hard work and our partners and travelers for their continued trust in us.

感謝各位參與本次電話會議並提出問題。如各位所見，我們第三季表現強勁，我們也很高興看到消費者持續把旅遊放在優先順序上。一如既往，我要感謝我們團隊的辛勤付出，也感謝合作夥伴與旅客持續對我們的信任。

That 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。各位現在可以掛線。祝各位有美好的一天。