Expedia Group Inc (EXPE) 2022 Q1 法說會逐字稿

Good day, everyone, and welcome to the Expedia Group Q1 2022 Financial Results Teleconference. My name is Jason, and I'll be your operator for today's call. (Operator Instructions)

大家好，歡迎參加 Expedia Group 2022 年第一季度財務業績電話會議。我的名字是傑森，今天我將擔任您的接線員。 （操作員說明）

For opening remarks, I will turn the call over to our IR Director, Jon Charbonneau. Please go ahead.

對於開場白，我將把電話轉給我們的 IR 總監 Jon Charbonneau。請繼續。

Great. Good afternoon, and welcome to Expedia Group's Financial Results Conference Call for the First Quarter ended March 31, 2022. I'm pleased to be joined on the call today by our CEO, Peter Kern; and our CFO, Eric Hart.

偉大的。下午好，歡迎參加 Expedia Group 於 2022 年 3 月 31 日結束的第一季度財務業績電話會議。我很高興今天與我們的首席執行官 Peter Kern 一起參加電話會議。和我們的首席財務官 Eric Hart。

The following discussion, including responses to your questions, reflects management's view as of today, May 2, 2022, only. We do not undertake any obligation to update or revise this information. As always, some of the statements made on today's call are forward-looking, typically preceded by words such as we plan, we expect, we believe, we anticipate, we are optimistic or confident that or similar statements. Please refer to today's earnings release and the company's filings with the SEC for information about factors which could cause our actual results to differ materially from these forward-looking statements.

以下討論（包括對您的問題的回答）僅反映了管理層截至今天（2022 年 5 月 2 日）的觀點。我們不承擔任何更新或修改此信息的義務。與往常一樣，在今天的電話會議上做出的一些陳述是前瞻性的，通常在前面加上我們計劃、我們預期、我們相信、我們預期、我們對此感到樂觀或有信心或類似的陳述。請參閱今天的收益發布和公司向美國證券交易委員會提交的文件，了解可能導致我們的實際結果與這些前瞻性陳述產生重大差異的因素的信息。

You will find reconciliation of non-GAAP measures to the most comparable GAAP measures discussed today in our earnings release, which is posted on the company's Investor Relations website at ir.expediagroup.com. And I encourage you to consistently visit our IR website for other important information. Unless otherwise stated, any reference to cost of revenue, selling and marketing expense, general and administrative expense and technology and content expense excludes stock-based compensation.

您將在我們的收益報告中找到非 GAAP 措施與今天討論的最具可比性的 GAAP 措施的對賬，該報告發佈在公司的投資者關係網站 ir.expediagroup.com 上。我鼓勵您始終訪問我們的 IR 網站以獲取其他重要信息。除非另有說明，否則對收入成本、銷售和營銷費用、一般和管理費用以及技術和內容費用的任何提及均不包括基於股票的補償。

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

有了這個，讓我把電話轉給彼得。

Thank you, Jon. Good afternoon, everybody, and apologies in advance. Eric and I are both recovering from cold. So our voices may not be as loud as normal, but we'll do our best and please ask for clarification on anything you can't hear.

謝謝你，喬恩。大家下午好，提前道歉。埃里克和我都在從感冒中恢復過來。因此，我們的聲音可能不像平常那麼響亮，但我們會盡力而為，請對您聽不到的任何內容進行澄清。

Let me start by saying we were pleased with the quarter. We continue to see strong demand coming back. We continue to see efficiencies in the business. And in general, it pretty much had the shape we expected, which is to say that we went into the quarter with Omicron looming. Last quarter, we mentioned that we expected that to have some impact early in the quarter, which it did. But we're very pleased that demand came back post-Omicron and Omicron hasn't lived up to sort of our expectations, which were -- that it would be the shortest wave. It would be the least impactful. And I think as we now go into BA2 and other things we're seeing, it's really hard to even detect the blips anymore.

首先讓我說我們對這個季度感到滿意。我們繼續看到強勁的需求回歸。我們繼續看到業務的效率。總的來說，它幾乎具有我們預期的形狀，也就是說，我們進入了 Omicron 迫在眉睫的季度。上個季度，我們提到我們預計這會在本季度初產生一些影響，它確實做到了。但是我們很高興在 Omicron 之後需求又回來了，而 Omicron 並沒有達到我們的預期，那就是——這將是最短的浪潮。這將是影響最小的。而且我認為，當我們現在進入 BA2 和我們所看到的其他事物時，甚至很難再檢測到這些光點。

So that's great to see. We also -- then we're hit with the war in Ukraine, which did have some impact on the EMEA markets. But again, the market -- the consumers seem to absorb that information and now EMEA is back to its highest levels since COVID hit. So again, we've seen these impacts. But in each case, a recovery that seems too strong to be held down.

所以很高興看到。我們也 - 然後我們受到烏克蘭戰爭的打擊，這確實對 EMEA 市場產生了一些影響。但同樣，市場——消費者似乎吸收了這些信息，現在 EMEA 又回到了自 COVID 襲擊以來的最高水平。因此，我們再次看到了這些影響。但在每一種情況下，復甦似乎都過於強勁而無法抑制。

So the recovery has been strong. And nicely, we have seen it beyond just domestic travel, which, of course, have been the bright spot for a long time during COVID. We're now starting to see city business pick up, business travel pick up, international travel vectors pick up. And I would say, broadly, while some geographies lag, all geographies are, in general, growing and returning.

所以復蘇勢頭強勁。很好的是，我們看到的不僅僅是國內旅行，這當然是 COVID 期間很長一段時間內的亮點。我們現在開始看到城市業務回升，商務旅行回升，國際旅行載體回升。我會說，從廣義上講，雖然有些地區落後，但總的來說，所有地區都在增長和回歸。

So despite the usual caveats for COVID, now a rising inflation to worry about and of course, the geopolitical situation, the pent-up demand that's out there for travel seems to be outweighing anything the market can throw at it, and we continue to be feeling very good about a summer recovery that should be very robust.

因此，儘管通常對 COVID 提出警告，但現在需要擔心通脹上升，當然還有地緣政治局勢，被壓抑的旅行需求似乎超過了市場所能提供的任何東西，我們繼續對應該非常強勁的夏季恢復感覺非常好。

And as I've said before, we've been spending into that recovery, particularly with an eye towards driving long-term customer engagement, buying the right customers, having the right mix of marketing to attract direct and long-term valuable customers. So with an eye towards lifetime value, we are investing into that strong recovery, and we'll continue to do so.

正如我之前所說，我們一直在為這種複蘇投入資金，特別是著眼於推動長期客戶參與，購買合適的客戶，採用正確的營銷組合來吸引直接和長期有價值的客戶。因此，著眼於終生價值，我們正在投資於強勁的複蘇，我們將繼續這樣做。

As an example, our teams have done a great job of driving Vrbo and app downloads. Vrbo, according to our third-party data from a company called Sensor Tower, was the #1 downloaded app in North America in the first quarter of the year, and that's a place where we've had emphasis. Obviously, our emphasis will change through the year, and we'll push into our other brands as well. But app particularly is a place where we feel like there's a lot of long-term customer value. We're improving that product dramatically, and we think that's a great place to put capital right now.

例如，我們的團隊在推動 Vrbo 和應用程序下載方面做得很好。根據我們來自一家名為 Sensor Tower 的公司的第三方數據，Vrbo 是今年第一季度北美下載量排名第一的應用程序，這是我們一直強調的地方。顯然，我們的重點將在一年中發生變化，我們也將進軍其他品牌。但應用程序尤其是我們覺得有很多長期客戶價值的地方。我們正在顯著改進該產品，我們認為這是現在投入資金的好地方。

Importantly, our direct-to-consumer business, known part of the business, and we have our big EXPLORE event coming up over the next few days in Las Vegas, where I am right now, and I'm pleased to say it is packed and the business seems to be booming at the hotels. But that event is with our business partners, all our supply partners as well as many partners with whom we drive demand. And I've talked about this a little bit before, but we have a thriving B2B business. I haven't spent a lot of time on it, but this is the week where we will now come out and display all the work we've done to reimagine the future of our business and our place in the travel ecosystem and what we've been doing for the last 2 years. So we're going to share that with our partners with general focus on overall traveler experience, how we're rethinking our marketplace and how our platform technology will not only drive our B2C business, but will enable our partners to do much more with their own businesses.

重要的是，我們的直接面向消費者的業務，眾所周知的業務，我們將在接下來的幾天裡在拉斯維加斯舉行我們的大型探索活動，我現在在這裡，我很高興地說它已經擠滿了酒店的生意似乎很興隆。但該活動與我們的業務合作夥伴、我們所有的供應合作夥伴以及我們共同推動需求的許多合作夥伴共同參與。我之前已經談過一點，但我們的 B2B 業務蓬勃發展。我沒有花太多時間在這上面，但本週我們將站出來展示我們為重新構想我們業務的未來、我們在旅游生態系統中的位置以及我們所做的所有工作。”在過去的 2 年裡一直在做。因此，我們將與我們的合作夥伴分享這一點，重點關注整體旅行者體驗、我們如何重新思考我們的市場以及我們的平台技術如何不僅推動我們的 B2C 業務，而且讓我們的合作夥伴能夠利用他們的自己的企業。

And even though I haven't spent a ton of time talking about, I just want to reframe that our B2B business is a terrific business was before COVID remains a strong business, and we've made a lot of progress during the time of COVID to continue to expand that business, including one example, which is optimized distribution, which I think I've touched on before, but this is a product that we started in partnership with Marriott. We now just had IHG joined this year, which was the largest global hoteliers in the world as well as many others testing on it. And what it does essentially is it cleans up the wholesale business for these partners. So wholesale rates have been a huge issue in the meta universe. They get bled out into the world and then find their way back into meta, and they end up hurting hotel companies because there are prices out there that are under the brand.com prices.

即使我沒有花很多時間談論，我只是想重新定義我們的 B2B 業務是一個了不起的業務，在 COVID 仍然是一個強大的業務之前，我們在 COVID 期間取得了很大的進步繼續擴展該業務，包括一個例子，即優化分銷，我想我之前已經提到過，但這是我們與萬豪合作開始的產品。我們今年剛剛加入了洲際酒店集團，它是世界上最大的全球酒店經營者，還有許多其他公司正在對其進行測試。它的本質是為這些合作夥伴清理批發業務。所以批發率一直是元世界中的一個大問題。他們流血到世界，然後又回到元，他們最終傷害了酒店公司，因為那裡的價格低於brand.com的價格。

We created technology towards this and basically help our partners get the same B2B business and more in the wholesale markets, but do it in a way where their prices would be protected and they make sure they weren't undercut by their own prices out in the world. So it's been a hugely successful program for Marriott, now IHG. Again, we hope many more partners will take advantage of the technology. But that's just one example of the many things we are working on, talked about externalizing our technology before. We've had a white label template in a lot of ways where our partners can sell other products. We have airlines with whom we power packages and hotel path. We recently added Delta to power their car path. We've expanded our offline travel agent business and our share of wallet with our API partners. So it's a great business. We see expansion for it. And as we'll talk about a lot more this week at EXPLORE. We have a lot more ways, we think, to help our partners and expand the addressable market there.

我們為此創造了技術，基本上幫助我們的合作夥伴在批發市場獲得相同的 B2B 業務和更多業務，但這樣做的方式是保護他們的價格，並確保他們不會被自己的價格削弱世界。所以對於現在的洲際酒店集團來說，這是一個非常成功的計劃。同樣，我們希望更多的合作夥伴能夠利用這項技術。但這只是我們正在做的許多事情的一個例子，之前談到過將我們的技術外化。我們在很多方面都有一個白標模板，我們的合作夥伴可以在其中銷售其他產品。我們有航空公司，我們為其提供套餐和酒店路徑。我們最近添加了 Delta 來為他們的汽車路徑提供動力。我們已經擴展了我們的線下旅行社業務和我們與 API 合作夥伴的錢包份額。所以這是一項偉大的事業。我們看到了它的擴張。本週我們將在探索中討論更多內容。我們認為，我們有更多方法可以幫助我們的合作夥伴並擴大那裡的潛在市場。

So as we move into that, we will continue to accelerate innovation in our platform and that innovation will drive not only our B2C business, but also our B2B business, and that's why we're so excited about how we're rebuilding our platform. But all in, we expect '22 to show continued recovery. We expect a robust summer. We expect to continue to drive efficiencies through the business. And the real work this year is on delivery, on delivering on the brand work we've done, which looks great so far. We're rolling out new Hotels.com brand work right now, and I think the brand teams have done remarkable work. We've got a lot of new product innovation coming this year, and we're doing a ton of work on the back-end platform. So all of those things will be rolling out this year and will have some impact on this year, but really the impact is much longer term and we see great things ahead as those products all gets delivered.

因此，隨著我們邁向這一點，我們將繼續加速我們平台的創新，這種創新不僅會推動我們的 B2C 業務，還會推動我們的 B2B 業務，這就是為什麼我們對如何重建我們的平台感到如此興奮的原因。但總而言之，我們預計 22 年將顯示持續復甦。我們期待一個強勁的夏天。我們預計將繼續通過業務提高效率。今年真正的工作是交付，交付我們已經完成的品牌工作，到目前為止看起來很棒。我們現在正在推出新的 Hotels.com 品牌作品，我認為品牌團隊所做的工作非常出色。今年我們有很多新的產品創新，我們在後端平台上做了大量的工作。所以所有這些東西都將在今年推出，並對今年產生一些影響，但實際上影響是長期的，隨著這些產品全部交付，我們看到了未來的美好前景。

So with that, I hope all of you can join us at EXPLORE. It's going to be a great event. Our team has worked there, hats off to put on an amazing event for close to 3,000 partners who are here. And if you can't make it, I invite you to watch the streaming, and it should be really exciting. And it's a chance for us to really display the work our teams have been working on for the last 2 years and all the pains taking time and effort they've put into changing our direction for the future.

因此，我希望你們所有人都可以加入我們的探索。這將是一個偉大的事件。我們的團隊在那里工作，為在這裡的近 3,000 名合作夥伴舉辦了一場精彩的活動。如果你做不到，我邀請你觀看直播，這應該非常令人興奮。這是一個讓我們真正展示我們團隊在過去 2 年中所做的工作的機會，以及他們為改變我們未來的方向所付出的所有努力。

So with that, I will leave it to Eric.

因此，我將把它留給 Eric。

Great. Thanks, Peter, and thanks, everyone, for joining the call as well. While the first quarter did have some volatility, travel demand has proven resilient, and I remain optimistic around several travelers, as Peter mentioned as well.

偉大的。謝謝彼得，也謝謝大家加入電話會議。儘管第一季度確實存在一些波動，但旅行需求已被證明具有彈性，正如彼得也提到的那樣，我對幾位旅行者保持樂觀。

And with that, I'd like to start by reminding everyone, this is the first quarter without any direct contribution from the Egencia business. As a reminder, we completed the sale of Egencia to Amex GBT on November 1, and our EPS business entered into a 10-year lodging supply agreement with Amex GBT.

有了這個，我想首先提醒大家，這是第一季度，易信達業務沒有任何直接貢獻。提醒一下，我們於 11 月 1 日完成了將 Egencia 出售給 Amex GBT，我們的 EPS 業務與 Amex GBT 簽訂了為期 10 年的住宿供應協議。

I'll provide certain growth rates, excluding Egencia, which also excludes any contribution from the Amex GBT deal in the first quarter. These pro forma numbers are intended and included to give you more visibility (inaudible) recovery and also our financial performance.

我將提供一定的增長率，不包括易信達，這也排除了第一季度美國運通 GBT 交易的任何貢獻。這些備考數字旨在為您提供更多可見性（聽不清）恢復以及我們的財務業績。

Shifting now to bookings. Overall, for the first quarter, total bookings for all products net of apples were down 17% versus first quarter 2019 or down 11%, excluding Egencia. This was a sequential improvement versus the down 25% we saw last quarter.

現在轉向預訂。總體而言，第一季度，不包括蘋果在內的所有產品的總預訂量與 2019 年第一季度相比下降了 17%，即下降了 11%，不包括易信達。與我們上季度看到的下降 25% 相比，這是一個連續的改善。

Vrbo performed well during the quarter and continued above 2019 levels, and our hotel businesses rebounding with city and international travel coming back. While ARS still lagged lodging in the recovery, we saw improvements throughout the first quarter, which held in April. Again, this quarter, we're going to provide more details into our booking trends.

Vrbo 在本季度表現良好並繼續高於 2019 年的水平，我們的酒店業務隨著城市和國際旅行的回歸而反彈。雖然 ARS 在復蘇過程中仍然落後，但我們在 4 月舉行的第一季度看到了改善。同樣，本季度，我們將提供有關預訂趨勢的更多詳細信息。

Our total lodging bookings net of cancels, which includes hotel and Vrbo was down 11% in January versus 2019, up 8% in February, up 7% in March and up approximately 10% in the April.

與 2019 年 1 月相比，我們扣除取消後的住宿預訂總額（包括酒店和 Vrbo）下降 11%，2 月增長 8%，3 月增長 7%，4 月增長約 10%。

Now on to the P&L. Total revenue was down approximately 14% versus the first quarter 2019 were down 10%, excluding Egencia, a slight improvement versus the 17% decline we saw last quarter. On sales and marketing, direct spend in the first quarter was roughly $1.2 billion, down 6% versus first quarter 2019 levels compared to the 12% decline last quarter.

現在進入損益表。總收入下降了約 14%，而 2019 年第一季度下降了 10%，不包括易信達，與我們上一季度的 17% 下降相比略有改善。在銷售和營銷方面，第一季度的直接支出約為 12 億美元，與 2019 年第一季度的水平相比下降了 6%，而上一季度則下降了 12%。

As we've mentioned and Peter mentioned a few minutes ago, we will continue to spend into the recovery into Q2.

正如我們和彼得幾分鐘前提到的那樣，我們將繼續在第二季度的複蘇中投入資金。

Moving on overhead costs, excluding Egencia, were up approximately $13 million versus fourth quarter 2021. Looking ahead, we expect a higher-than-normal annual compensation increases discussed last quarter, which took effect on April 1 will result in a notable sequential step-up and overhead costs in Q2.

不包括易信達的間接費用與 2021 年第四季度相比增加了約 1300 萬美元。展望未來，我們預計上一季度討論的高於正常水平的年度薪酬增長（自 4 月 1 日起生效）將導致顯著的連續步驟-第二季度的上升和間接成本。

In total, adjusted EBITDA of $173 roughly flat versus 2019 levels despite revenue still down 14%. Excluding Egencia, adjusted EBITDA grew by 14%, which suggests we are much more fully recovered and you can see from our reported numbers.

總體而言，儘管收入仍下降了 14%，但調整後的 EBITDA 為 173 美元，與 2019 年的水平大致持平。不包括易信達，調整後的 EBITDA 增長了 14%，這表明我們已經完全恢復，您可以從我們報告的數字中看到。

Free cash flow totaled roughly $2.8 billion in the first quarter on a reported basis. Excluding the change in restricted cash, which is primarily driven by the change in Vrbo's deferred merchant bookings, free cash flow was approximately $1.9 million. In terms of the balance sheet we are committed to our investment-grade rating reducing leverage and further reducing our cost of capital. We continue to take important steps towards it as announced last quarter in March, we completed the early redemption of our $650 million Eurobond. This follows the full repayment of our preferred stock last year. And in total, we have repaid over $1.9 billion in debt since last May. And if current trends continue, we will actively look to further reduce leverage moving forward.

根據報告，第一季度的自由現金流總額約為 28 億美元。不包括主要受 Vrbo 延期商戶預訂變化驅動的受限現金變化，自由現金流約為 190 萬美元。在資產負債表方面，我們致力於降低杠桿率並進一步降低我們的資本成本。正如 3 月上個季度宣布的那樣，我們繼續朝著它採取重要步驟，我們完成了 6.5 億美元歐洲債券的提前贖回。這是在去年全額償還我們的優先股之後發生的。自去年 5 月以來，我們總共償還了超過 19 億美元的債務。如果當前趨勢繼續下去，我們將積極尋求進一步降低杠桿率。

Recently, we also entered into a new $2.5 billion revolving credit facility, which was a real positive outcome for the company. When compared to the old credit facility, it added $500 million of liquidity to the balance sheet and removed many of the restrictions we have been operating under during the pandemic.

最近，我們還簽訂了一項新的 25 億美元的循環信貸安排，這對公司來說是一個真正的積極成果。與舊的信貸安排相比，它為資產負債表增加了 5 億美元的流動性，並取消了我們在大流行期間一直受到的許多限制。

Overall, I'm pleased with the financial performance in the first quarter and remain quite optimistic about the recovery heading into the summer travel season.

總體而言，我對第一季度的財務表現感到滿意，並對進入夏季旅遊旺季的複蘇保持相當樂觀。

And with that, we are ready for our first question.

有了這個，我們準備好了我們的第一個問題。

(Operator Instructions) Our first question comes from Eric Sheridan with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

I hope you both feel better from being under the weather. Maybe 2 on the marketing side of the equation. Longer term, you guys are moving towards trying to align marketing dollars towards more brand, more direct-to-consumer. Can you give us an update on the progression you're making there beyond just the summer travel season in '22? And how to align those marketing dollars, where you want for the longer term? That would be number one.

我希望你們倆都在天氣不好的情況下感覺好些。也許 2 在等式的營銷方面。從長遠來看，你們正朝著試圖將營銷資金轉向更多品牌、更直接面向消費者的方向發展。您能否向我們介紹一下您在 22 年夏季旅遊季節之外的進展情況？以及如何將這些營銷資金用於您想要長期使用的地方？那將是第一名。

And number two, when you see things like the mobile app side of the business continue to take off, how much increased confidence you have in being able to mine the element of activity we're seeing ahead of summer '22 to again create higher ROI loops in '23 and beyond?

第二，當您看到業務的移動應用程序方面繼續起飛時，您對能夠挖掘我們在 22 年夏季之前看到的活動元素以再次創造更高的投資回報率的信心有多大'23 及以後的循環？

Yes. Thanks, Eric. I'll take the first one first, which is, yes, we believe we can drive, over time, more efficient return on our marketing dollars. And we do believe that places like brand and app present real opportunities. But the main idea is that we're trying to find and mine the best means of long-term return. I think we and the industry has been very transactionally focused. And we haven't been great historically at measuring lifetime value and the different value of different customers coming in through different channels. We are getting much better at that and finer at that, and we will look to build the long-term high-value customer base that has the repeat characteristics and the high lifetime value that we want to drive as opposed to just chasing transactions and hoping the rest takes care of itself.

是的。謝謝，埃里克。我將首先考慮第一個，是的，我們相信隨著時間的推移，我們可以推動更有效的營銷資金回報。我們確實相信品牌和應用程序等地方提供了真正的機會。但主要的想法是，我們正在努力尋找和挖掘長期回報的最佳方式。我認為我們和整個行業都非常注重交易。從歷史上看，我們在衡量生命週期價值和通過不同渠道進入的不同客戶的不同價值方面並不擅長。我們在這方面做得越來越好，我們將尋求建立具有重複特徵和我們想要推動的高生命週期價值的長期高價值客戶群，而不是僅僅追逐交易和希望其餘的會自行處理。

So I think that's really the change. So many of these areas offer opportunity. I mean, brand, we've always spent a lot on brand, but I would argue not always with the best creative, not always with the greatest impact, not always with a clear message. We're getting much, much better at that as the people we've added are driving great, great product there.

所以我認為這才是真正的改變。許多這些領域提供了機會。我的意思是，品牌，我們一直在品牌上花費很多，但我認為並不總是最好的創意，並不總是具有最大的影響力，也不總是有明確的信息。我們在這方面做得越來越好，因為我們增加的人在那裡推動了偉大的、偉大的產品。

And likewise, we have to improve the product, which goes to your second question, which is the higher ROI is really about not only bringing people in through the right channels, but it's also having the right engaging products. So all the work we're putting in to create a new app, which basically will be largely new over the course of this year and a number of other things we're doing to engage travelers. We have -- we're announcing a couple of new product features coming out this week at our event. So we're trying to create much higher engagement. Obviously, we'd prefer to be through the app, all things being equal and then we can drive all those other channels, we'll spend the money where we think we're getting the greatest return and we're driving those people into the right products.

同樣，我們必須改進產品，這涉及到您的第二個問題，即更高的投資回報率實際上不僅在於通過正確的渠道吸引人們，而且還在於擁有正確的引人入勝的產品。因此，我們為創建一個新的應用程序所做的所有工作，在今年基本上都是全新的，我們正在做一些其他的事情來吸引旅行者。我們有 - 我們將在本週的活動中宣布推出一些新產品功能。所以我們正在努力創造更高的參與度。顯然，我們更願意通過應用程序，在所有條件相同的情況下，然後我們可以推動所有其他渠道，我們會將錢花在我們認為可以獲得最大回報的地方，並且我們正在推動這些人進入正確的產品。

So it's hard to say where it's going to balance out. I would say, until we get to more normalized times, it's really hard to get a perfect read as compared to history in terms of percentages spent on X or Y or Z. But I would say our mindset is that we're looking for those veins, including app and many other things, where we believe we are driving the long-term customer -- the type of customers and acquiring the types of customers that drive long-term value into business. So that's our approach.

所以很難說它會在哪裡取得平衡。我會說，在我們進入更正常化的時代之前，與歷史相比，在 X、Y 或 Z 上花費的百分比方面，很難獲得完美的解讀。但我想說的是，我們的心態是我們正在尋找那些靜脈，包括應用程序和許多其他東西，我們相信我們正在推動長期客戶 - 客戶類型並獲得將長期價值帶入業務的客戶類型。這就是我們的方法。

Just to add -- this is Eric speaking. Just around Peter mentioned the concept of our -- the improved quality and performance on the brand spend side, there's also -- with a clear value proposition, a product that delivers against it and then the third formula that I would add to it as well as around our loyalty program. We previously announced that we'll be launching that loyalty program. And these components then come together because ultimately, we can acquire customers, give them a great experience, reward them for building a relationship with them and then create an ongoing dialogue with the loyalty program. So that obviously, some of those components are still in development and relaunch, but that's another component that we move forward that we're excited about.

只是要補充一下——這是 Eric 說話。就在彼得附近提到了我們的概念 - 在品牌支出方面提高質量和性能，還有 - 具有明確的價值主張，提供與之相反的產品，然後我也會添加第三個公式就像我們的忠誠度計劃一樣。我們之前宣布我們將啟動該忠誠度計劃。然後這些組件結合在一起，因為最終，我們可以獲得客戶，為他們提供良好的體驗，獎勵他們與他們建立關係，然後與忠誠度計劃建立持續的對話。所以很明顯，其中一些組件仍在開發和重新啟動中，但這是我們前進的另一個讓我們興奮的組件。

Our next question is from Lloyd Walmsley with UBS.

我們的下一個問題來自瑞銀的 Lloyd Walmsley。

Two, if I can. First, just sticking on the marketing theme, what is the, I guess, the latest update on the effort to consolidate the marketing data and operations? Are you finished the operational part of that effort? And any further clarity around the opportunity to drive better marketing returns at some point from just a more coordinated effort across brands?

二，如果可以的話。首先，只是堅持營銷主題，我想，關於整合營銷數據和運營的最新進展是什麼？你完成了這項工作的運營部分嗎？是否有進一步明確的機會，通過跨品牌更協調的努力在某個時候推動更好的營銷回報？

And then second one, you talked about the cost step-up in overhead. You guys have flagged that last quarter as well. But can you help us understand how to think about that kind of fixed cost inflation rate? What is that kind of annualized basis? And how does it flow into the P&L in 2Q and for the rest of the year?

然後第二個，你談到了間接費用的成本增加。你們也標記了上個季度。但是你能幫助我們理解如何考慮這種固定成本通貨膨脹率嗎？這種年化基數是什麼？它如何在第二季度和今年剩餘時間流入損益表？

Yes. Thanks, Lloyd. I'll take the first one, and Eric can take a crack at the second one. On the consolidation, we're a long way along in actually bringing together the data ops, algos and everything that goes to drive performance marketing. There's a long tail, obviously, because we're in lots of geos and lots of places that aren't terribly impactful economically. But over time, we want to get much better in. So I would say we're a long way through that.

是的。謝謝，勞埃德。我會拿第一個，埃里克可以試試第二個。在整合方面，我們在將數據操作、算法和一切推動績效營銷的東西整合在一起方面已經走了很長一段路。顯然，有一條長尾，因為我們身處許多地理和許多對經濟影響不大的地方。但隨著時間的推移，我們希望做得更好。所以我想說我們在這方面還有很長的路要走。

As I mentioned before, getting that operationally right is great. Now we have to test a lot of things to get the benefits you're referring to, which is how do we optimize for multi brand, how do we optimize in different geos, et cetera. But the big heavy risk, I would say, on the 80/20 rule, we're probably -- we've gotten the big stuff. And now it's really about moving those tests through, as I just mentioned, finding these new veins, testing all these new veins, that's the critical work. And right now, we're seeing a lot of demand, and we want to drive growth, not just to like historic levels with better margins, but higher growing levels with better margins, too. So we want to invest into growth. And if we see the opportunities with the right returns, we will do that.

正如我之前提到的，在操作上做到這一點很棒。現在我們必須測試很多東西才能獲得您所指的好處，這就是我們如何針對多品牌進行優化，我們如何在不同的地理位置進行優化等等。但是，我想說，根據 80/20 規則，我們可能是——我們已經得到了大的東西。正如我剛才提到的，現在真的是要通過這些測試，找到這些新脈絡，測試所有這些新脈絡，這是關鍵的工作。而現在，我們看到了很多需求，我們希望推動增長，不僅僅是喜歡利潤率更高的歷史水平，而是更高的增長水平和更高的利潤率。所以我們想投資於增長。如果我們看到具有正確回報的機會，我們就會這樣做。

So I think we can drive better returns and better growth, and that's the goal. Again, the shape of the curve may change a little bit as we invest into these high-value, lifetime value veins of opportunity. But we have the operational side, I think, a long way along. It's not perfect yet, but it's a long way there. And now it's just about testing everything and getting sharper on the readouts. And of course, these are not exactly normalized times yet. So some of the data is still -- there are places in the world where we can't test yet because the recovery is not sufficient and so forth. So it will take us some time, but I think the big part of it is behind us.

所以我認為我們可以推動更好的回報和更好的增長，這就是目標。同樣，當我們投資於這些高價值、終生價值的機會脈絡時，曲線的形狀可能會發生一些變化。但我認為，我們在運營方面還有很長的路要走。它還不完美，但還有很長的路要走。現在它只是測試所有內容並在讀數上變得更清晰。當然，這些還不是完全標準化的時間。所以一些數據仍然存在——世界上有些地方我們還不能測試，因為恢復不夠等等。所以這需要我們一些時間，但我認為其中很大一部分已經過去了。

Well, thanks for the question. I'll take the second part of it. No worries, Peter. I'll take the second part of it. Thanks again for the question. So again, we're not going to get into any specifics on what will necessarily flow through, but hopefully, a couple of framing will help you as we move forward.

嗯，謝謝你的問題。我將採取它的第二部分。不用擔心，彼得。我將採取它的第二部分。再次感謝您的提問。再說一次，我們不會詳細說明必然會發生什麼，但希望在我們前進的過程中，一些框架會對您有所幫助。

Just the first one is around the annual wage increase. Again, just as a reminder, coming into or went into effect on April 1. So that will impact the second quarter. What I would do is I would go back and look at previous increases that you've seen us flow through in similar timelines in the past. And as we mentioned, there is a step-up wage increases relative to prior years. So in effect, I would go and look at what that step-up was, gross it up, if you will, and then take that throughout the year.

只是第一個是圍繞年度工資增長。再次提醒一下，將於 4 月 1 日生效或生效。這將影響第二季度。我要做的是回過頭來看看你在過去類似的時間線中看到的以前的增長。正如我們所提到的，與往年相比，工資增長有所增加。所以實際上，我會去看看那個提升是什麼，如果你願意的話，把它總結一下，然後全年都這樣做。

And then secondly, we talked about this a bit last quarter as well, which is our high in Q4 slower than we anticipated and would have liked. We did see some positive momentum in hiring in the first quarter and project that continue in 2022 as well. So from an overhead perspective, I suspect that there will be some increases as we go through the year as we want to invest in our technology platform products and other areas of the business, as Peter has mentioned. So those are the 2 primary components that I would call out and the relative timing for (inaudible). Hopefully, that's helpful to look.

其次，我們在上個季度也談到了這一點，這是我們在第四季度的高點，比我們預期和希望的要慢。我們確實在第一季度看到了一些積極的招聘勢頭，並且項目也將在 2022 年繼續進行。因此，從開銷的角度來看，我懷疑隨著我們想要投資於我們的技術平台產品和其他業務領域，這一年會有一些增長，正如彼得所說的那樣。因此，這些是我要指出的兩個主要組成部分以及（聽不清）的相對時間。希望這對您有所幫助。

Our next question is from Kevin Kopelman with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Kevin Kopelman。

Could you give us some more color on Vrbo and how it's trending as the year goes on and maybe touch on the supply and Vrbo and how that's growing, if you feel supply constrained?

你能否給我們更多關於 Vrbo 的信息，以及隨著時間的推移它的趨勢，如果你覺得供應受到限制，可能會談到供應和 Vrbo 以及它是如何增長的？

Yes, sure. As Eric mentioned, Vrbo remains nicely above 2019 levels. We are somewhat sublicensing. We will certainly sell out of many of our top locations for this summer. We're already seeing that. That is where our focus on supply has been to add supply in the markets where we know we're most constrained, and that's been really good in terms of when we add supply. We know we can move it and our suppliers get great outcomes and everybody wins. We haven't had as much focus, though we are turning our attention to that now of the broader overall supply gains. And again, we're going to stick to what we do well, which is whole home vacation areas not compete -- we're not going to pivot and go after cities, except if they're vacation cities essentially.

是的，當然。正如 Eric 所說，Vrbo 仍遠高於 2019 年的水平。我們有點分許可。今年夏天，我們的許多頂級地點肯定會售罄。我們已經看到了。這就是我們關注供應的地方，一直是在我們知道我們最受限制的市場中增加供應，就我們何時增加供應而言，這真的很好。我們知道我們可以推動它，我們的供應商會取得很好的成果，每個人都會贏。儘管我們現在將注意力轉向更廣泛的整體供應增長，但我們沒有太多關注。再說一次，我們將堅持我們做得好的事情，即整個家庭度假區不競爭——我們不會轉向城市，除非它們本質上是度假城市。

So we're sticking to our main product line here and what we know works and what we know our travelers want. But I would say the answer is yes, we are a little bit supply constrained. We could certainly move more supply in our most high-demand markets, but that is where our focus on supply has been, and we are kind of gearing up the machine more broadly to go after not just that, but more broad supply in places where we think it will now come back more globally.

所以我們在這裡堅持我們的主要產品線，我們知道什麼是有效的，我們知道我們的旅行者想要什麼。但我會說答案是肯定的，我們有點供應受限。我們當然可以在我們需求最大的市場中轉移更多的供應，但這就是我們一直關注供應的地方，我們正在更廣泛地推動機器的發展，不僅要追求這一點，還要在那些地方更廣泛的供應我們認為它現在將在全球範圍內回歸。

And a quick follow-up, if I could. Looking at the lodging recovery, it's been pretty stable, improves a little bit February through to April. Underneath that, are we seeing Vrbo seasonality play out in that? Or is it just that it's just been pretty stable?

如果可以的話，還有一個快速的跟進。從住宿恢復來看，它相當穩定，從 2 月到 4 月略有改善。在這之下，我們是否看到 Vrbo 的季節性在其中發揮作用？還是只是它一直很穩定？

Yes. I would say Vrbo has been relatively stable. There's been some funkiness over COVID with month-to-month where demand has been high in certain area because of where the waves were and other things. But I would say broadly Vrbo's performance has been strong. We're seeing lots of new customers coming to the product. I think the first quarter, we're around 50% of it was new customers. So we're getting a lot of new customers. We're getting a lot of repeat, and we're building that base of customers who have had great experiences with the product. So I think we feel like that will continue. Obviously, as hotel comes back more strongly, that's another mix factor that will potentially change where the strength is, but we think Vrbo will stay strong, just hotel will get better.

是的。我會說Vrbo相對穩定。由於海浪的位置和其他原因，某些地區的需求一直很高，每個月都有一些關於 COVID 的怪癖。但我想說的是，從廣義上講，Vrbo 的表現一直很強勁。我們看到許多新客戶來到該產品。我認為第一季度，我們大約有 50% 是新客戶。所以我們得到了很多新客戶。我們得到了很多重複，我們正在建立對產品有豐富經驗的客戶群。所以我認為我們覺得這種情況會繼續下去。顯然，隨著酒店的強勢回歸，這是另一個可能改變實力的混合因素，但我們認為 Vrbo 將保持強勁，只是酒店會變得更好。

Our next question comes from Deepak Mathivanan with Wolfe.

我們的下一個問題來自 Deepak Mathivanan 和 Wolfe。

So first, just, Peter, I wanted to ask a little bit more about the last question. The cadence of accommodations bookings seems like somewhat flattened out between March and April around like high single digits, low double digits. Curious, any additional color you can add to that maybe geographically or maybe something specific?

所以首先，彼得，我想就最後一個問題多問一點。住宿預訂的節奏在 3 月至 4 月之間似乎有些平緩，高個位數，低兩位數。好奇，您可以添加任何其他顏色，可能是地理上的或特定的？

And then secondly, kind of related to that. I wanted to ask you how you think about the travel demand sensitivity to consumer spending levels and maybe other macro variables? It clearly doesn't seem like it's an issue right now, but how do you think and even plan for second half, if cyclical trends start to become more impactful?

其次，與此有關。我想問你如何看待旅行需求對消費者支出水平以及其他宏觀變量的敏感性？現在看來這顯然不是一個問題，但是如果週期性趨勢開始變得更具影響力，您如何看待甚至計劃下半年？

Yes. I mean so far, let me take the second one first, Deepak. I'd say so far, notwithstanding what we all read about or watch on NBC, so far, the macro economic environment has not appeared to have a noticeable impact on the recovery in travel. We could all make our hypotheses about people had lots of savings during the COVID, been underspent in leisure and hospitality. But people are spending into it. And our general assumption right now is that, that will continue and that perhaps as things get -- as people feel the impact, they may downscale what they're trying to do for holiday or go to a cheaper alternative, but not that they won't travel.

是的。我的意思是到目前為止，讓我先拿第二個，迪帕克。到目前為止，我想說的是，儘管我們都在 NBC 上讀到或觀看過，但到目前為止，宏觀經濟環境似乎並未對旅遊業的複蘇產生明顯影響。我們都可以假設人們在 COVID 期間有很多積蓄，在休閒和款待方面的支出不足。但人們正在為此花錢。我們現在的一般假設是，這種情況將繼續下去，也許隨著事情的發展——當人們感受到影響時，他們可能會縮減他們試圖為假期做的事情或選擇更便宜的替代品，但並不是他們贏了不去旅行。

So we expect that demand to continue. Obviously, impossible to say long term, what happens with inflation and everything else. And obviously, that could have an impact on ADRs, but ADRs, particularly in the middle and upper end of the market continue to be really, really strong. So there's no noticeable like, "Oh, that's something really pivoted in the last few months." But of course, long term, it's hard to say.

因此，我們預計這種需求將持續下去。顯然，不可能說長期，通貨膨脹和其他一切會發生什麼。顯然，這可能會對美國存託憑證產生影響，但美國存託憑證，特別是在中高端市場，仍然非常非常強勁。所以沒有什麼明顯的，“哦，這在過去幾個月裡真的很重要。”但當然，從長遠來看，這很難說。

As far as bookings flattening out in April, again, challenging to say with the ups and downs of the various travel factors and what's going on in the world, we don't think there's anything to be much to be read into that. I think we feel good about where April is. It continues to show relative momentum, and we expect that to continue through the summer. So I wouldn't -- at least, we're not reading much into that right now. It's been bumpy all the way along, ups and downs and I think holidays and other things start to impact and back to work is starting to impact things. So we'll see in another quarter, but I don't think that suggests anything that makes us perk our eyes up or get concerned.

至於 4 月份的預訂量再次趨於平緩，很難說各種旅行因素的起起落落以及世界上正在發生的事情，我們認為沒有什麼值得解讀的。我認為我們對四月的位置感覺很好。它繼續顯示出相對的勢頭，我們預計這種勢頭將持續到整個夏天。所以我不會 - 至少，我們現在沒有對此進行太多解讀。一路顛簸，起起落落，我認為假期和其他事情開始產生影響，重新開始工作也開始產生影響。所以我們將在另一個季度看到，但我不認為這表明任何讓我們振作起來或擔心的事情。

Deepak, I'll just -- you used the word planning, so let me respond to that from a planning perspective. Generally, as you think about our marketing spend, a large percentage of that, of course, is on the performance of variable marketing side. We now have instrumentation, which we've talked a lot about that allows us to see on a real-time basis what that demand footprint is looking like, what the CPCs are looking like, where we can allocate capital across the different performance channels, different geographies, et cetera. So ultimately, we have the ability to see it in real time and ultimately make capital allocation decisions based on what we're seeing. Of course, brand spend is a bit more batching. But at this point, what we're seeing and everything that Peter just walked through, we continue to be optimistic about the summer and be at this point. And if that changes, then we'll address how we think about investment in market if we need to.

迪帕克，我只是——你用了規劃這個詞，所以讓我從規劃的角度來回應。通常，當您考慮我們的營銷支出時，其中很大一部分當然是可變營銷方面的表現。我們現在有了儀器，我們已經談了很多，它使我們能夠實時查看需求足跡是什麼樣的，CPC 是什麼樣的，我們可以在哪裡跨不同的績效渠道分配資金，不同的地理位置等等。所以最終，我們有能力實時看到它，並最終根據我們所看到的做出資本分配決策。當然，品牌支出有點批量化。但是在這一點上，我們所看到的以及彼得剛剛經歷的一切，我們繼續對夏天持樂觀態度並保持在這一點上。如果情況發生變化，那麼如果需要，我們將討論如何看待市場投資。

And I guess maybe the last comment is, we've dealt with a lot of volatility before over the last few years and built a lot of this implementation based on that. And so if things get more volatile, we will be in a position to make appropriate decisions in real time.

我想也許最後的評論是，在過去的幾年裡，我們已經處理了很多波動，並在此基礎上構建了很多這種實現。因此，如果事情變得更加不穩定，我們將能夠實時做出適當的決定。

Yes. No, makes a lot of sense. Thank you so much. Hope you will feel better.

是的。不，很有意義。非常感謝。希望你會感覺好些。

Thanks. It's what happens when you start traveling again and shaking people's hands, you're bound to get a cold.

謝謝。當你再次開始旅行並與人們握手時會發生這種情況，你一定會感冒。

Our next question is from Naved Khan with Truist.

我們的下一個問題來自 Naved Khan 和 Truist。

Yes. I just wanted to dig a little bit into the commentary on the new users on Vrbo. I think Peter you mentioned roughly 50% of the bookings came from the 50% of users renew. I'm just trying to figure out how are you trying -- how are you getting the -- how are you acquiring the new users? Are these through word of mouth? Or are these primarily through performance channels? Just any kind of color commentary would be helpful.

是的。我只是想深入了解一下關於 Vrbo 新用戶的評論。我認為彼得你提到的大約 50% 的預訂來自 50% 的用戶續訂。我只是想弄清楚你是如何嘗試的——你是如何獲得的——你是如何獲得新用戶的？這些是通過口耳相傳的嗎？還是這些主要是通過績效渠道？任何顏色的評論都會有所幫助。

The second question I had is just on the return or the -- at least the improvement in urban and cross-border and business travel. Maybe can you give us some sense of how the bookings in these subsegments and compare versus 2019 levels?

我遇到的第二個問題只是關於返回或 - 至少是城市、跨境和商務旅行的改善。也許您能給我們一些關於這些細分市場的預訂情況以及與 2019 年水平進行比較的情況嗎？

Yes. Sure. Thanks, Naved. First on Vrbo, I would say, remember that we largely pulled out of performance in North America on Vrbo. We still use it in some other markets. But -- so it's not generally coming through performance marketing. It's coming through direct channels. But as you know, we've spent up considerably in brand marketing on Vrbo. We were in the pregame show for the Super Bowl. We've been aggressive there. We've been aggressive in app marketing and some other vectors. So I think we've done really nicely there, and the team has been very effective in that. And again, I think Vrbo is becoming -- as it has grown and grown through COVID, it's just become more of a known and all the brand has landed finally, which the initial work on that 3 years ago was maybe not as good as it could have been. But over the course of COVID and with the benefit of better, bigger spending, we've done really well with it. So I think we're just riding the momentum of all of that good work.

是的。當然。謝謝，納維德。首先在 Vrbo 上，我要說的是，請記住我們在很大程度上退出了 Vrbo 在北美的表現。我們仍在其他一些市場上使用它。但是 - 所以它通常不是通過績效營銷來實現的。它是通過直接渠道來的。但如你所知，我們在 Vrbo 的品牌營銷上投入了大量資金。我們參加了超級碗的賽前表演。我們在那裡一直很激進。我們在應用營銷和其他一些方面一直很積極。所以我認為我們在那裡做得非常好，團隊在這方面非常有效。再說一次，我認為 Vrbo 正在成為——隨著它在 COVID 的發展和成長，它變得更加知名，所有品牌最終都登陸了，3 年前最初的工作可能不如它本來可以的。但是在 COVID 的整個過程中，得益於更好、更大的支出，我們在這方面做得非常好。所以我認為我們只是在利用所有這些出色工作的勢頭。

As far as the return of urban and cross-border travel, I would say, it's all directionally up and to the right in varying degrees. Big cities remain still considerably below where they were, but moving in the right direction, and we're seeing those recoveries coming back. We're seeing some of the booking trends for summer in terms of big international city destinations, holiday destinations coming back. Cross-border, certainly domestic out of North America -- sorry, cross-border out of North America has now recovered above 2019 levels.

至於城市和跨境旅行的回歸，我想說，都是不同程度的向上和向右的方向。大城市仍遠低於原來的水平，但正朝著正確的方向發展，我們看到這些復甦正在恢復。我們看到了一些夏季預訂趨勢，包括國際大城市目的地、度假目的地的回歸。跨境，當然是北美以外的國內——對不起，北美以外的跨境現在已經恢復到 2019 年的水平以上。

So again, that's not true for everywhere. It's not true for EMEA yet. It's not true for some other places, but certainly for APAC. But all markets are generally up and to the right, and all products are basically up and to the right. So it just depends how far behind kind of they started. So business, big cities, still a ways behind. But coming back, I think international will be the first to break out and come back to historic levels, and then we'll see the other 2 categories follow. And of course, international is good for us. That's a market, both in the U.S. and in EMEA where we tend to over index.

再說一次，這並非適用於所有地方。 EMEA 還不是這樣。對於其他一些地方並非如此，但對於亞太地區來說肯定是這樣。但是所有的市場普遍都在向上和向右，所有的產品基本上都在向上和向右。所以這只是取決於他們開始落後多遠。所以商業，大城市，仍然落後。但是回來，我認為國際將是第一個爆發並回到歷史水平的，然後我們將看到其他兩個類別緊隨其後。當然，國際化對我們有好處。這是一個市場，無論是在美國還是在歐洲、中東和非洲，我們都傾向於過度指數化。

Our next question comes from Mark Mahaney with Evercore.

我們的下一個問題來自 Evercore 的 Mark Mahaney。

Two questions, please. First, just we haven't mentioned IDFA on this call. So just any quick commentary on whether you -- the efficacy of your app marketing campaigns and whether you think you're back to parity or wasn't a major issue for you in the first place? And then I think, Peter, you talked a lot in the beginning about the B2B opportunity. I think click down a little bit more than you typically do. Can you just spend a little bit more time on helping us size that opportunity for Expedia versus the core market that you've been in? Just talk about the relative attractiveness of that opportunity.

請教兩個問題。首先，只是我們在這次電話會議上沒有提到 IDFA。因此，請快速評論一下您是否 - 您的應用營銷活動的效果以及您是否認為您已經恢復到同等水平或對您來說不是一個主要問題？然後我想，彼得，你一開始就談了很多關於 B2B 的機會。我認為點擊比你通常做的多一點。您能否多花點時間幫助我們為 Expedia 與您所在的核心市場確定機會？只是談談那個機會的相對吸引力。

Yes. Thanks. First off, easy one and the first one. It hasn't been a major issue for us. We weren't probably where we wanted to be in app marketing before. Now we're in a much better place. We've been much more effective. And so far, IDFA has not had a material impact on -- we're ahead of where we were historically. So it hasn't been an issue for us.

是的。謝謝。首先，簡單的一個和第一個。對我們來說，這不是一個大問題。我們以前可能不是我們想在應用營銷中達到的目標。現在我們在一個更好的地方。我們的效率要高得多。到目前為止，IDFA 還沒有對我們產生重大影響——我們領先於歷史上的水平。所以這對我們來說不是問題。

On B2B, thanks for the question because it's my favorite topic. I think this is an area of our business that's been underrated by the markets and is an opportunity -- a significant opportunity for us. And we've talked about it before, but we power many of the biggest financial institutions in the world and their rewards programs where they have travel and we'll power things like ARP membership travel all kinds of things like that. We have a huge base of offline travel agents, of regional players in regions where we don't play with our brands, who we power on and on and on. And there's a bunch of interesting opportunities in FinTech and other areas that are coming online. So we had this traditional business which has been about the inputs about giving people early access to our supply so they can sell it. So imagine an Airline sells a package with a hotel, et cetera. We're driving that hotel in that package very often. So there's all kinds of that business that's been down there.

在 B2B 上，感謝您的提問，因為這是我最喜歡的話題。我認為這是我們業務中被市場低估的一個領域，也是一個機會——對我們來說是一個重要的機會。我們之前已經討論過，但我們為世界上許多最大的金融機構及其旅行獎勵計劃提供支持，我們將為 ARP 會員旅行等各種類似的事情提供支持。我們擁有龐大的線下旅行社基礎，在我們不與我們的品牌打交道的地區擁有龐大的區域參與者，我們為他們提供支持和支持。在金融科技和其他即將上線的領域中，有很多有趣的機會。因此，我們開展了這項傳統業務，該業務一直致力於讓人們儘早獲得我們的供應，以便他們可以出售。因此，想像一家航空公司出售帶有酒店的套餐，等等。我們經常在那個包裹裡開車。所以那裡有各種各樣的業務。

But historically, we've only been able to do it for the largest partners because it took a lot of bespoke work to get the integrations to work. But what's really exciting and what we're all excited about is we're rebuilding the platform now in a way where it will be much more self-service, much more able to go for the biggest down to the smallest partners so that anybody who wants to be in the travel business or any of our partners who want to sell incremental products or use our technology to drive incremental benefits to their business, we'll be able to access it. And we think that's really going to dramatically enhance the potential size of the market. We have to deliver it. There's a lot of work still to do.

但從歷史上看，我們只能為最大的合作夥伴做到這一點，因為需要大量定制工作才能使集成發揮作用。但是真正令人興奮和我們都感到興奮的是，我們現在正在以一種更加自助服務的方式重建平台，更有能力為最大的合作夥伴提供最小的合作夥伴，以便任何人想要從事旅遊業務或我們的任何合作夥伴想要銷售增量產品或使用我們的技術為其業務帶來增量收益，我們將能夠訪問它。我們認為這真的會顯著提高市場的潛在規模。我們必須交付它。還有很多工作要做。

But every day, as I talk about optimized distribution, we have more and more partners coming on to products like that. And these constitute really significant opportunities for us broadly. In 2019, our B2B business was very sizable. I don't think we broke it out, but it was significant and it measured in the many, many billions of dollars of GBV and we see the opportunity to grow that significantly over time. And I would say we think our B2C business will accelerate beyond where it was growing historically, but we think the B2B business will accelerate even faster and we'll outgrow, on a percentage basis, the B2C business for the next several years.

但是每天，當我談到優化分銷時，我們有越來越多的合作夥伴開始開發類似的產品。這些對我們來說構成了非常重要的機會。 2019年，我們的B2B業務非常可觀。我不認為我們打破了它，但它意義重大，它以數十億美元的 GBV 衡量，我們看到了隨著時間的推移顯著增長的機會。我想說的是，我們認為我們的 B2C 業務將加速超過其歷史增長水平，但我們認為 B2B 業務將加速更快，並且我們將在未來幾年的百分比基礎上超過 B2C 業務。

Our next question comes from Justin Post with Bank of America.

我們的下一個問題來自美國銀行的 Justin Post。

A couple of questions on your monthly growth rates. If I average the first quarter, it's around plus 1% or 2% for lodging and I think the total is minus 11%. So let's call it a gap 12 points or so. I think it's been somewhat consistent for the last few quarters. Can that gap start to close as air recovers? And what other drivers are at that gap? And then the second question, it looks like growth is pretty stable on a monthly basis for the last 3 months. I guess I would expect a little bit better as international reopens, how did the comps look going forward from here over the summer?

關於您的月增長率的幾個問題。如果我平均第一季度，住宿費大約是加 1% 或 2%，我認為總數是負 11%。所以讓我們稱之為差距12點左右。我認為過去幾個季度的情況有些一致。隨著空氣的恢復，這個差距會開始縮小嗎？還有哪些其他驅動因素處於這個差距？然後是第二個問題，過去 3 個月的月度增長看起來相當穩定。我想隨著國際比賽的重新開放，我會期待更好一些，夏季比賽從這裡開始的情況如何？

Yes. I'll probably take those. So on the first one, yes, the way that you're dealing rates that on the (inaudible) line that not all products have recovered at the same rate. Air does continue from a recovery standpoint for us. We have seen an acceleration, however, in air. As Peter went through a lot of the different intersections or vectors, I would add, to that one as well, we have seen that to start to recover as well. But it's going to -- it does hit a number of the intersections that are still, call it, behind where we've been benefiting from in the last few quarters, which of course, are U.S. verbal, et cetera, et cetera.

是的。我可能會接受那些。因此，在第一個方面，是的，您在（聽不清）線上的處理方式是，並非所有產品都以相同的速度恢復。從我們恢復的角度來看，空氣確實會繼續。然而，我們已經看到了空氣中的加速。當彼得經歷了許多不同的交叉點或向量時，我還要補充一點，我們已經看到它也開始恢復。但它會——它確實擊中了一些仍然存在的交叉點，稱之為，在過去幾個季度我們一直從中受益的地方，當然，是美國的口頭，等等。

So over the course of the year, we'd expect for that air continue to come back as there are more planes in the air, as there are more international flights, et cetera. But there's some headwinds there as we all have heard from the airlines around staffing and other associated issues. What I would say here is the primary driver, as you pointed out. On the comps for the summer, I would say there's nothing particularly that I would call out. Obviously, there are a few months there where depending on what year you're comparing against, Vrbo had some particularly strong month. And if you go back to 2021 or maybe to 2019. But from a comp perspective, I think there's nothing over it.

因此，在這一年中，我們預計隨著有更多飛機在空中飛行，因為有更多國際航班等，空氣會繼續回歸。但是，正如我們都從航空公司那裡聽到的有關人員配備和其他相關問題的消息，那裡存在一些不利因素。正如您所指出的，我在這裡要說的是主要驅動力。在夏天的比賽中，我想說沒有什麼特別值得我說的。顯然，有幾個月的時間取決於你比較的年份，Vrbo 有一些特別強勁的月份。如果你回到 2021 年或者可能回到 2019 年。但從比較的角度來看，我認為沒有什麼比這更重要的了。

Our next question comes from Tom Champion with Piper.

我們的下一個問題來自 Tom Champion 和 Piper。

Just curious if you could talk about international travel a little bit more. Domestic is entirely and exceeded 2019 levels on the revenue side for domestic travel. Just what do you think is kind of an appropriate timeline or pace of recovery to get back to pre-pandemic levels on the revenue side? And then Eric, I'm wondering if you could talk a little bit more about the balance sheet. It sounds like debt reduction is your focus for now. But just curious if there are any thresholds to keep in mind that you're looking to achieve before you shift back to buybacks or another use of cash?

只是好奇你能不能多談談國際旅行。在國內旅行的收入方面，國內完全超過了 2019 年的水平。您認為在收入方面恢復到大流行前水平的適當時間表或恢復速度是什麼？然後是埃里克，我想知道你是否可以多談談資產負債表。聽起來減少債務是你現在的重點。但只是好奇在您轉回回購或其他現金用途之前是否需要記住您希望達到的任何門檻？

Yes. Thanks, Tom. On the international front, as I mentioned, we're already seeing, for example, out of North America, that international levels have recovered above 2019 levels, at least, on a dollar volume basis. So -- but again, it is driven market by market. So EMEA trails that. APAC is far worse, and LatAm is in between. So the trajectory of when it's all back and what is that -- what is the -- how does that comp over a normalized pre-COVID year. it's yes, we had to do more with COVID than anything else. But I think as we've seen before, the bigger travel markets in the west have buoyed the category and particularly for us since we've concentrated more there. I think we could easily get to pre-COVID international levels of volume in dollar volume before the whole world recovers, but it's a little hard to predict because without the whole world recovering, other areas have to over index.

是的。謝謝，湯姆。正如我所提到的，在國際方面，我們已經看到，例如，在北美，國際水平已經恢復到 2019 年的水平以上，至少以美元數量計算。所以 - 但同樣，它是由市場驅動的。因此，EMEA 緊隨其後。亞太地區要糟糕得多，而拉丁美洲介於兩者之間。因此，當一切回歸的軌跡以及那是什麼 - 這是什麼 - 在正常化的 COVID 之前的一年中，它是如何比較的。是的，我們必須對 COVID 做更多的事情。但我認為，正如我們之前所見，西部更大的旅遊市場提振了這一類別，尤其是對我們來說，因為我們更集中在那裡。我認為在整個世界復甦之前，我們可以很容易地以美元交易量達到 COVID 之前的國際水平，但這有點難以預測，因為如果沒有整個世界復甦，其他領域就不得不過度指數化。

So right now, we feel good about it. I mean norms our home market, and it's great that it is leading the charge. But obviously, to really comp to prior periods in totality, we could use the rest of the world coming back a little more. But I expect it's entirely possible that by the summer, we could be at levels. And again, mix would be different and some of it would have to do with dollar volumes and ADRs, but we could be at levels above where we were in 2019.

所以現在，我們對此感覺良好。我的意思是規範我們的國內市場，它引領潮流真是太好了。但很明顯，要真正與之前的時期完全相提並論，我們可以利用世界其他地區的回歸多一點。但我預計到夏天，我們完全有可能達到水平。再說一次，組合會有所不同，其中一些與美元交易量和 ADR 有關，但我們可能會處於高於 2019 年的水平。

And on the second part of your question, thanks for the question, Tom, around the balance sheet. I think you should assume and also have discussed in that we are having that conversation regularly when it comes to our balance sheet, our cash position, our debt position and ultimately, returning cash to shareholders in one form or another. As mentioned numerous times, the investment-grade rating is important to us. We're committed to stay in investment grade that does require us to delever initiative where we are right now and also from an attractiveness standpoint of reducing our interest expense. And as we do that, we are then also contemplating what other capital returns would look like. I don't have anything to announce necessarily today.

關於你問題的第二部分，謝謝湯姆，關於資產負債表的問題。我認為你應該假設並且也已經討論過，當涉及到我們的資產負債表、現金狀況、債務狀況以及最終以一種或另一種形式向股東返還現金時，我們會定期進行對話。正如多次提到的，投資級評級對我們很重要。我們致力於保持在投資級別，這確實需要我們在目前的位置上降低主動性，並且從降低利息支出的吸引力的角度來看。在我們這樣做的同時，我們也在考慮其他資本回報會是什麼樣子。我今天沒有什麼要宣布的。

To guide you on the mile posts or whatever the -- we're currently at 4.5x trailing EBITDA from a leverage perspective. It's a bit different on our current leverage ratio for our revolver, but that's our sort of headline number. And if you look at our historical level of leverage that was around 2.5x., and so I wouldn't necessarily state that 2.5x it was is a clear marker, if you will. So that is certainly the order of magnitude that we're looking at from a get our debt down, get our debt leverage ratio down as that I think opens up the opportunities for capital returns in other forum.

為了指導您完成里程帖子或其他任何事情——從槓桿的角度來看，我們目前的尾隨 EBITDA 為 4.5 倍。我們目前左輪手槍的槓桿率有點不同，但這是我們的標題數字。如果你看看我們的歷史槓桿水平約為 2.5 倍，那麼我不一定會說 2.5 倍是一個明確的標記，如果你願意的話。因此，這肯定是我們從降低債務、降低債務槓桿率開始考慮的數量級，因為我認為這為其他論壇的資本回報提供了機會。

And also, remember that there's 2 primary ways that we can get that ratio down. One is paying down debt, which is something that we are actively thinking about and set growing into it from an (inaudible) standpoint. We do expect EBITDA to be robust as we get into this year as we get more fully recovered. And if trends continue, and we're certainly going to look at proving our ratios in this area to open up some more options for me.

另外，請記住，我們可以通過兩種主要方式降低該比率。一個是償還債務，這是我們正在積極思考的事情，並從（聽不清）的角度開始發展。我們確實預計 EBITDA 會隨著我們進入今年更完全恢復而強勁。如果趨勢繼續下去，我們肯定會考慮證明我們在這一領域的比率，以便為我開闢更多選擇。

Our next question comes from Lee Horowitz from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lee Horowitz。

Two, if I could. I will kind of strikes us that the U.S. hotel business has grown increasingly competitive kind of through COVID and in recent months. I wonder if you can comment at all what you're seeing from a competitive standpoint in the U.S. specifically, say, now versus the pre-COVID environment? And then maybe on take rates. With take rate this year being a function of both the pace of the overall industry recovery as well as the relative recovery rates of some of the products that we've talked about at this point, how do you think about how take rates may evolve in '22, say, relative to the levels we saw in 2019?

二，如果可以的話。我會讓我們感到震驚的是，美國的酒店業務通過 COVID 和最近幾個月變得越來越有競爭力。我想知道您是否可以從美國的競爭角度評論您所看到的一切，特別是現在與 COVID 之前的環境相比？然後可能會收取利率。由於今年的成交率是整個行業復甦速度以及我們在這一點上討論過的一些產品的相對回收率的函數，你如何看待成交率可能會如何演變'22，比如說，相對於我們在 2019 年看到的水平？

Yes. Maybe I could ask you, in your first question, are you asking competitiveness between us and other players or the competitiveness between hotel? I'm not sure I understand the question.

是的。也許我可以問你，在你的第一個問題中，你問的是我們與其他玩家之間的競爭力還是酒店之間的競爭力？我不確定我是否理解這個問題。

No. I guess, between you and other players within the U.S. hotel market.

不，我猜是在你和美國酒店市場的其他參與者之間。

Yes. I mean, look, I think as we've talked about before, our main competitor has been highly aggressive. This is obviously a market where we are relatively dominant and they want more of the business. And we talked about how COVID and the kind of changes in demand patterns were helping them and hurting us in terms of long-tail properties in smaller markets as against our relative strength in big cities and international travelers, et cetera. So they're certainly focused on it and competitive. We always watch what they do, but I think we feel pretty good about our opportunity to continue to grow in the U.S. and obviously, we expect them to compete hard, but it's our home market and we're strong here, and we think we have the tools we need to be competitive. And when demand patterns return to more normalcy, I think you'll see that they were pretty much where we were. We may each make slightly different choices about where we think the long-term value is in customer base, but -- but I don't think there's any -- there's not really something to see there from our perspective right now.

是的。我的意思是，看，我認為正如我們之前談到的，我們的主要競爭對手一直非常激進。這顯然是一個我們相對占主導地位的市場，他們想要更多的業務。我們談到了 COVID 和需求模式的變化如何幫助他們並傷害我們在較小市場的長尾物業方面，而不是我們在大城市和國際旅行者等方面的相對實力。所以他們當然專注於它並具有競爭力。我們總是關注他們的所作所為，但我認為我們對有機會在美國繼續發展感到非常高興，顯然，我們希望他們能夠激烈競爭，但這是我們的本土市場，我們在這裡很強大，我們認為我們擁有我們需要具備競爭力的工具。當需求模式恢復正常時，我想你會發現它們幾乎和我們一樣。對於我們認為長期價值在客戶群中的位置，我們每個人可能都會做出略有不同的選擇，但是——但我認為沒有——從我們的角度來看，目前還沒有什麼可看的。

In terms of take rates, all I can say is that we've renewed a lot of deals throughout COVID. They've been good renewals, not big bites. And our take rates have been pretty consistent and held. So I think there's no -- the sky is falling. So we can't pay anybody. And equally, I don't think it's going the other way, but we're also building in more opportunities in places like air and things like that, where we think there's opportunity to help our partners sell more premium products, sell ancillary products with their air tickets. We historically have not really been able to sell things like seat assignments and bags and other things. And now that increasingly, we are direct connecting with airlines, we are now able to sell those things.

就錄取率而言，我只能說我們在整個 COVID 期間更新了很多交易。他們一直是很好的續約，而不是大咬。而且我們的收取率非常一致並保持不變。所以我認為沒有——天要塌了。所以我們不能付錢給任何人。同樣，我認為情況不會相反，但我們也在空氣之類的地方創造更多機會，我們認為有機會幫助我們的合作夥伴銷售更多優質產品，銷售輔助產品他們的機票。從歷史上看，我們並沒有真正能夠出售座位分配、包和其他東西。現在，我們越來越多地與航空公司直接聯繫，我們現在能夠出售這些東西。

And actually at EXPLORE this week, we'll have a demo of a new product that we used to help shoppers shop smarter and pick the right product for themselves, and it's helping drive more premium products and attach rates. So we have a lot of opportunity to do better there. We got to make it happen. But I think -- but in terms of the core deals with our partners, I think we're in fine shape.

實際上，在本週的探索中，我們將展示一種新產品，我們用於幫助購物者更智能地購物並為自己挑選合適的產品，它有助於推動更多優質產品和附加費率。所以我們有很多機會在那裡做得更好。我們必須實現它。但我認為 - 但就與我們合作夥伴的核心交易而言，我認為我們處於良好狀態。

Yes. And just to add a quick comment on just around -- yes. Just a reminder that Q1 take rate tends to be our seasonal low for the year. I think you can see that in Q1 relative to Q4 and some of our historical numbers. And so as you're modeling, we ensure that you're taking a look at the seasonal curve that we've experienced in the past and expect that curve to be similar this year than it has been.

是的。並且只是添加一個關於周圍的快速評論 - 是的。只是提醒一下，第一季度的錄取率往往是我們今年的季節性低點。我認為您可以在第一季度相對於第四季度以及我們的一些歷史數據中看到這一點。因此，在您進行建模時，我們確保您查看我們過去經歷過的季節性曲線，並預計該曲線今年會與以往相似。

Our next question is from Brian Nowak with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Brian Nowak。

I have 2. I appreciate the color about the monthly bookings trends versus 2019. I was wondering a lot of investor questions about this. Can you just help us understand a little bit where the core hotel business bookings trends are versus '19 even versus those 11, 8, 7 numbers you gave us so we have a better -- a rough idea of how that business is doing through Vrbo and all the other pieces that go on in bookings. That's the first one.

我有 2。我很欣賞與 2019 年相比每月預訂趨勢的顏色。我想知道很多投資者對此的問題。您能否幫助我們了解一下核心酒店業務預訂趨勢與 19 年相比，甚至與您提供給我們的 11、8、7 數字相比，以便我們更好地了解該業務通過 Vrbo 的運作情況以及預訂中的所有其他部分。那是第一個。

And then second one, sort of a big picture question. You have a lot of improvements you've made in the site like there's a lot more improvements to come. Can you just talk to us about progress you've made around traffic conversion and where you still more low-hanging fruit opportunities. however you look at it, whether it's searches, conversions, app opens, et cetera? What are you seeing on the conversion front? And where do you see the biggest opportunities to kind of further fix that going forward?

然後是第二個，有點像一個大問題。你在網站上做了很多改進，就像還有很多改進即將到來一樣。您能否與我們談談您在流量轉換方面取得的進展，以及您在哪些方面還有更多容易獲得的機會。不管你怎麼看，無論是搜索、轉化、應用打開等等？您在轉換方面看到了什麼？您認為未來進一步解決這一問題的最大機會在哪裡？

Okay. Maybe I'll take the second one first, and then Eric can give a little color on the first. But I would say -- thanks, Brian. On the low-hanging fruit side, let me just kind of route everybody on where we've been, which is when you're rearchitecting the whole platform and finally consolidating these different tech stacks and everything else, there's a lot of like foundational work that goes into that. And as a result, there's way less feature work and test and learning going on every moment of every day because you've got these big heavy lifts to move on to the same stack.

好的。也許我會先拿第二個，然後 Eric 可以在第一個上加點顏色。但我想說- 謝謝，布賴恩。在容易實現的目標方面，讓我簡單介紹一下每個人的路線，即當你重新構建整個平台並最終整合這些不同的技術堆棧和其他一切時，有很多類似的基礎工作進入那個。因此，每天每時每刻都在進行功能工作、測試和學習，因為您需要將這些繁重的工作轉移到同一個堆棧上。

In fact, this quarter, we've made huge progress in moving Hotels.com onto the Expedia Stack, and we will be consolidating that over the coming months. And then those things unlock huge opportunities for us from an efficiency standpoint, from the opportunity to innovate across a wider breadth of travelers and we get more benefits to every traveler. So we've just started to ramp up -- ramp back up our sort of historical AB testing into conversion. And the exciting part is increasingly, we can do that with machine learning and not just with people designing different products.

事實上，本季度，我們在將 Hotels.com 遷移到 Expedia Stack 方面取得了巨大進展，我們將在未來幾個月內鞏固這一點。然後從效率的角度來看，這些事情為我們帶來了巨大的機會，從在更廣泛的旅行者中進行創新的機會，我們為每位旅行者帶來了更多的利益。因此，我們剛剛開始加速 - 將我們的歷史 AB 測試恢復為轉換。越來越令人興奮的部分是，我們可以通過機器學習來做到這一點，而不僅僅是設計不同產品的人。

We've had a lot of wins. Some of the products we're rolling out of EXPLORER. We've mentioned the smart shopping idea where we're getting people to buy more premium products. All those things are helping with conversion and helping with, if you will, dollars per transaction and those kinds of issues. So we're seeing it in a number of places. But I would say we're still like just reigniting that work because we've been so busy on foundational work. So I think there's probably a lot of low-hanging fruit to be had. We do have some exciting products rolling, features rolling out this week, and we will continue to do that. But that's a few things. It's really the day in, day out AB test and machine learning, driving better conversion. It's really impactful when you get it right. And when you're not doing it, it certainly slows it down.

我們取得了很多勝利。我們從 EXPLORER 推出的一些產品。我們已經提到了讓人們購買更多優質產品的智能購物理念。所有這些都有助於轉換，如果你願意的話，還有助於解決每筆交易的美元和這類問題。所以我們在很多地方都看到了它。但我想說我們仍然喜歡重新啟動這項工作，因為我們一直忙於基礎工作。所以我認為可能有很多容易實現的成果。我們確實推出了一些令人興奮的產品，本週推出了一些功能，我們將繼續這樣做。但這是幾件事。這真的是日復一日的 AB 測試和機器學習，推動了更好的轉換。當你做對時，它真的很有影響力。當你不這樣做時，它肯定會減慢它的速度。

So I think there's a lot of opportunity, but I can't -- I could give you 1,000. It's hard to give you 2 that are going to be the difference makers. It's a bunch of little things that make a difference. And we're in a much better place -- if you think about even just the Hotel.com example I gave you, we would have to test things on test different things on Expedia, test other things on Vrbo, we will get to a place where we'll be able to test everything across everything and that's just a much more impactful way to make change and drive better traveler outcomes and better conversion. So that's what we're focused on, on that front.

所以我認為有很多機會，但我不能——我可以給你 1000 個。很難給你 2 將成為差異製造者。有很多小事會有所作為。而且我們處於一個更好的地方——如果你考慮一下我給你的 Hotel.com 示例，我們將不得不在 Expedia 上測試不同的東西，在 Vrbo 上測試其他東西，我們將達到在這裡，我們將能夠測試所有方面的所有內容，這只是一種更有影響力的方式來做出改變並推動更好的旅行者結果和更好的轉換。所以這就是我們在這方面關注的重點。

Yes. Just to add to that, and then I'll take the first part of the question just around one of the things that I think Peter and I are so excited about is that we're starting to see some of the power of our data come through the use of machine learning on the site as well. We now have real models live on the site that is starting to drive more personalized experiences to our for our travelers or customers. And what that ultimately means is you can imagine the entire site ultimately, as we work through it, we'll be the team learning and the more that we know about customers more than we know about travelers. The more they sign up for our loyalty program, interact with our -- interact and book with us that ultimately that we're able to provide more and more personalized service. What's exciting is that we're seeing those models live and starting to see some good early returns from those. So that would be 1 component that I would add to what Peter mentioned.

是的。補充一點，然後我將圍繞我認為彼得和我非常興奮的一件事來回答問題的第一部分，那就是我們開始看到我們數據的一些力量通過在網站上使用機器學習。我們現在在網站上直播了真實的模型，這些模型開始為我們的旅行者或客戶帶來更多個性化的體驗。這最終意味著你可以最終想像整個網站，當我們通過它時，我們將成為團隊學習，並且我們對客戶的了解比對旅行者的了解更多。他們註冊我們的忠誠度計劃、與我們互動的次數越多，與我們互動和預訂的次數越多，最終我們就能提供越來越個性化的服務。令人興奮的是，我們正在看到這些模型上線，並開始從這些模型中看到一些良好的早期回報。所以這將是我將添加到彼得提到的內容中的 1 個組成部分。

On the core hotel side, I think on this components. I think we've talked about them a little bit already. One is ADRs are strong in the core hotel business. We're seeing that in the U.S. and in North America and other places as well. And then is secondly, just around core hotel volume. We're not going into specifics necessarily between Vrbo and Hotel, but we are seeing that vector of hotel in Peru across nearly or if not whole geographies. So it had improved in the U.S. that continues to increase over that will continue to improve over the future and other So I think that the hotel business, the hotel business is much healthier as it's been and are excited to continue for you to come.

在核心酒店方面，我認為是在這個組件上。我想我們已經談過一些了。一是ADR在核心酒店業務中表現強勁。我們在美國、北美和其他地方也看到了這一點。其次是核心酒店數量。我們不一定要詳細介紹 Vrbo 和 Hotel 之間的細節，但我們在秘魯幾乎或如果不是整個地區都看到了酒店的矢量。所以它在美國有所改善，繼續增加，在未來和其他方面將繼續改善所以我認為酒店業務，酒店業務比以往更加健康，並且很高興繼續為您而來。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自 Jed Kelly 和 Oppenheimer。

Just talking -- just going back to some of the gains you made in customer service efficiencies, you've talked about on past calls. Can you give us an update on the progress there in terms of driving more leverage to the business? And then just this week at the EXPLORE conference, any update on providing on putting more Vrbo inventory on Brand Expedia or Hotels.com?

只是談談 - 回到您在客戶服務效率方面取得的一些收益，您在過去的電話中談到過。您能否向我們介紹一下在為企業帶來更多影響力方面取得的最新進展？然後就在本週的 EXPLORE 會議上，關於在 Brand Expedia 或 Hotels.com 上放置更多 Vrbo 庫存的任何更新？

Yes. So go ahead there.

是的。所以去那裡吧。

Yes. One on the I take the first question, and Peter, feel free to add any color and then you can take the second one. I think you'll note number our results this quarter as our cost of sales and -- which was down pretty significantly relative to 2019, and that's driven by a number of different opportunities that lower headcount within that cost of sales across the revenue. Also, that's the use of technology as well. So we just continue to add use case after use case in regards to using our communications, our learning and that type of opportunities with customers. And that results in a better customer experience. We're getting improved NPS scores while also driving more efficiency in the business as well. So again, good results there. We can start to see those coming through the numbers as well.

是的。我回答第一個問題，Peter，可以隨意添加任何顏色，然後你可以回答第二個問題。我想你會注意到我們本季度的業績作為我們的銷售成本，並且 - 相對於 2019 年下降了相當多，這是由許多不同的機會驅動的，這些機會降低了整個收入的銷售成本中的員工人數。此外，這也是技術的使用。因此，我們只是繼續在用例後添加用例，以使用我們的溝通、我們的學習以及與客戶的那種機會。這會帶來更好的客戶體驗。我們在提高 NPS 分數的同時也提高了業務效率。再說一次，那裡的結果很好。我們也可以開始看到那些來自數字的人。

I do want to point out on the cost of sales side. There are a couple of other moving parts. And again, just for every identification cost of revenue across the sales consists of merchant fees, customer service, cloud fulfillment, which are largely volume driven. In the quarter, this was the first quarter where we did not have Egencia. And we did have Egencia for a month in Q4. So when you're comparing against Q4, just remember that there was some of that Egencia came out.

我確實想指出銷售方面的成本。還有其他幾個活動部件。再說一次，僅就銷售中的每一項收入識別成本而言，都包括商家費用、客戶服務、雲實現，這些在很大程度上是由數量驅動的。在本季度，這是我們沒有易信達的第一季度。我們確實在第四季度使用了 Egencia 一個月。因此，當您與第 4 季度進行比較時，請記住 Egencia 推出了一些產品。

Another thing that we're seeing on the cost side, which is a great improvement as we've talked a lot about the number of complex calls that we're getting due to the COVID disruption. So particularly on the air side, which are particularly difficult to manage, and we're starting to see this come down throughout the year and the quarter as well. We're getting -- one is we're just cleaning them up. So there are a few of them. We're getting better technology, and we have some new technology that's being released around more automation where the traveler can manage the process So all good progress on the cost of sales side. And going forward, and of course, is influenced by seasonality, and we'll see call center volume increasing in the summer again. At this point, we feel pretty good about the projects we're making.

我們在成本方面看到的另一件事是，這是一個很大的改進，因為我們已經談了很多關於我們因 COVID 中斷而接到的複雜電話的數量。因此，特別是在空氣方面，這特別難以管理，我們開始看到這一點在全年和本季度也有所下降。我們得到 - 一個是我們正在清理它們。所以有幾個。我們正在獲得更好的技術，並且我們已經發布了一些新技術，這些新技術圍繞著更多的自動化發布，旅行者可以管理流程因此在銷售成本方面取得了良好的進展。展望未來，當然，受季節性影響，我們將看到夏季呼叫中心的數量再次增加。在這一點上，我們對我們正在製作的項目感覺很好。

Yes. And I'll just close on that point before I take the other one. As things normalize and we get out of these COVID tons, as Eric mentioned, all these old flight cancellations, there's a high -- much higher propensity of flight cancellations still than there was pre-COVID and major disruptions like when we get to normalized then, we should see more benefit even than we've seen so far in our service economics. So that's more to come, but should be good news.

是的。在我討論另一點之前，我會先結束這一點。正如埃里克所說，隨著事情正常化，我們擺脫了這些新冠病毒的影響，所有這些舊的航班取消，航班取消的可能性仍然比新冠病毒之前高得多，而且像我們當時正常化時那樣的重大中斷，我們應該看到比我們迄今為止在服務經濟學中看到的更多的好處。所以還有更多，但應該是好消息。

As far as the Vrbo on Expedia, et cetera, as I mentioned, we are consolidating the front-end platforms right now. We've come a long way on Hotels.com. Vrbo is next to go for us.

至於 Expedia 上的 Vrbo 等，正如我所提到的，我們現在正在整合前端平台。我們在 Hotels.com 上取得了長足的進步。 Vrbo 是我們的下一個目標。

And when those things come together onto 1 front-end platform, it's going to be a much, much, much better experience for all our customers coming through whatever channel they come through to get to book Vrbo content. And this is another place where our B2B business will benefit because we know we have many rewards programs and other places who want our Vrbo content. So we will have yet again another way to drive demand through our B2B partners with products we haven't always been able to deliver to them because of the complexity. So this is a foundational thing we're doing. It's not so much about the tip of the spear, like can we put more properties on Expedia. It's really about merging those stacks and get them all on 1 front-end stack. And when we do that, which is coming this year, but still work to be done. That will free up a lot of opportunity for us to drive that and innovate around how that experience should work in terms of booking Vrbo's through our other brands.

當這些東西匯集到一個前端平台上時，對於我們所有通過任何渠道預訂 Vrbo 內容的客戶來說，這將是一個非常非常好的體驗。這是我們 B2B 業務將受益的另一個地方，因為我們知道我們有許多獎勵計劃和其他地方需要我們的 Vrbo 內容。因此，我們將再次有另一種方式通過我們的 B2B 合作夥伴來推動需求，因為我們的產品由於復雜性而我們並不總是能夠交付給他們。所以這是我們正在做的基礎性工作。與其說是矛頭，不如說我們可以在 Expedia 上放置更多屬性。這實際上是關於合併這些堆棧並將它們全部放在一個前端堆棧上。當我們這樣做時，這將在今年到來，但仍有工作要做。這將為我們騰出很多機會來推動這一點，並圍繞如何通過我們的其他品牌預訂 Vrbo 的體驗進行創新。

Our final question comes from Brian Fitzgerald with Wells Fargo.

我們的最後一個問題來自富國銀行的 Brian Fitzgerald。

We want to ask your view on some of the shifts in the regulatory landscape with DMA in the EU and some similar proposals elsewhere? It sounds like these could introduce some friction between Google Search and some of their vertical products like hotels. I wondering if you could give us a view on how Google Hotel has impacted competition in search auctions. And if you're seeing lower volumes going to Google, hotels, Meta, if that could be a tailwind for your customer acquisition costs.

我們想詢問您對歐盟 DMA 監管環境的一些變化以及其他地方的一些類似提議的看法？聽起來這些可能會在谷歌搜索和他們的一些垂直產品（如酒店）之間引入一些摩擦。我想知道您能否向我們介紹一下 Google Hotel 如何影響搜索拍賣中的競爭。如果你看到谷歌、酒店、Meta 的交易量減少，這可能是你的客戶獲取成本的順風車。

Yes. Not so much. We haven't seen the volumes really decrease. I think directionally, what they used trying to do makes sense, but it hasn't been very impactful. And there's a lot of debate going on with the commissioners about how to wrangle Google Meta and whether the industry has a view on whether it's fair or not, but how the EU might go about and EU is generally been more aggressive than the U.S. in terms of regulation, but how they might go about trying to get Google to deliver a fairer marketplace. But so far, we have not seen any real reduction. Google Meta continues to be extremely strong and an important -- obviously, therefore, an important place for all of us to have to deal with. So I don't think we're going to see much change there, not yet.

是的。沒那麼多。我們還沒有看到交易量真正減少。我從方向上認為，他們過去嘗試做的事情是有道理的，但影響不大。委員們就如何與 Google Meta 爭吵以及業界是否對它是否公平有看法進行了很多辯論，但歐盟可能會如何行事，而歐盟在條款方面通常比美國更具侵略性監管，但他們如何努力讓谷歌提供一個更公平的市場。但到目前為止，我們還沒有看到任何真正的減少。 Google Meta 仍然非常強大，而且很重要——因此，顯然，它是我們所有人都必須處理的重要場所。所以我認為我們不會看到太大的變化，現在還沒有。

And with that, I think that was our last question. I just want to be clear if -- I think some of you might be able to make it or might be making to our EXPLORE conference if you can't I invite you, if you can to make time to watch it streamed or taped. We've been a little fast because we have a lot of rollouts coming in terms of product delivery and some exciting things that are coming out. And I think if you get a chance, you'll get a better understanding of what our B2B ambition is. But suffice it to say that we think this is an important time for us to pivot in the industry and really explain to the industry how we're going to be a different player in the market and an enabling player in the market, and we believe it's going to allow us to expand the marketplace for our partners and ourselves dramatically.

有了這個，我認為這是我們的最後一個問題。我只是想澄清一下——我認為你們中的一些人可能能夠參加我們的 EXPLORE 會議，如果你們不能，我邀請你們，如果你們可以抽出時間觀看它的流式傳輸或錄像。我們的速度有點快，因為我們有很多產品交付方面的推出以及一些令人興奮的事情即將推出。而且我認為，如果您有機會，您將更好地了解我們的 B2B 雄心。但可以這麼說，我們認為這是我們轉向行業並真正向行業解釋我們將如何成為市場上的不同參與者和市場上的使能者的重要時刻，我們相信這將使我們能夠為我們的合作夥伴和我們自己顯著擴大市場。

So if you get a chance, please tune in. And otherwise, thank you all for your time, and we will talk to you in a quarter. Take care.

因此，如果您有機會，請收聽。否則，感謝大家的寶貴時間，我們將在一個季度內與您交談。小心。

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。您現在可以斷開線路。祝你今天過得愉快。