Trivago NV (TRVG) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen.

女士們先生們，美好的一天。

Thank you for standing by, and welcome to the trivago Q4 Earnings Call 2020.

感謝您的支持，歡迎來到 trivago 2020 年第四季度財報電話會議。

I must advise you this call is being recorded today, Wednesday, the 10th of February 2021.

我必須告訴你，今天，也就是 2021 年 2 月 10 日，星期三，這個電話正在被錄音。

We are pleased to be joined on the call today by Axel Hefer, trivago's CEO and Managing Director; and Matthias Tillmann, trivago's CFO and Managing Director.

我們很高興 trivago 的首席執行官兼董事總經理 Axel Hefer 今天加入電話會議；以及 trivago 的首席財務官兼董事總經理 Matthias Tillmann。

The following discussion, including responses to your questions, reflects management's views as of today, Wednesday, February 10, 2021 only.

以下討論，包括對您問題的回答，僅反映了管理層截至今天，即 2021 年 2 月 10 日星期三的觀點。

trivago does not undertake any obligation to update or revise this information.

trivago 不承擔任何更新或修改這些信息的義務。

As always, some of the statements made on today's call are forward-looking, typically preceded by words such as we expect, we believe, we anticipate or similar statements.

與往常一樣，在今天的電話會議上發表的一些聲明是前瞻性的，通常以我們期望、我們相信、我們預期或類似的聲明開頭。

Please refer to the Q4 2020 operating and financial review and the company's other filings with the SEC for information about factors which could cause trivago's actual results to differ materially from these forward-looking statements.

有關可能導致 trivago 的實際結果與這些前瞻性陳述存在重大差異的因素的信息，請參閱 2020 年第四季度運營和財務審查以及公司向美國證券交易委員會提交的其他文件。

You'll find reconciliations of non-GAAP measures to the most comparable GAAP measures discussed today in trivago's operating and financial review, which is posted on the company's IR website at ir.trivago.com.

您會在 trivago 的運營和財務審查中找到非 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 IR 網站 ir.trivago.com 上。

You are encouraged to periodically visit trivago's Investor Relations site for important content.

我們鼓勵您定期訪問 trivago 的投資者關係網站以獲取重要內容。

Finally, unless otherwise stated, all comparisons on this call will be against results for the comparable period of 2019.

最後，除非另有說明，否則本次電話會議的所有比較都將與 2019 年同期的結果進行比較。

With that, let me turn the call over to Axel.

有了這個，讓我把電話轉給阿克塞爾。

Good morning, everybody, and welcome to our Q4 2020 earnings call.

大家早上好，歡迎來到我們的 2020 年第四季度財報電話會議。

It has been a year by now since we filed our Q4 earnings on February 11, 2020.

自我們於 2020 年 2 月 11 日提交第四季度財報以來，已經過去一年了。

And for the first time since we went public, we did not give any specific guidance for that year.

自上市以來，我們第一次沒有給出當年的具體指導。

A new virus had started to spread in parts of Asia.

一種新病毒開始在亞洲部分地區傳播。

Looking back, I have to say that it was nothing like what we were anticipating a year ago.

回顧過去，我不得不說這與我們一年前的預期完全不同。

The collapse of global travel in March, global lockdowns that made the world standstill, strong local travel demand in summer and then the second wave that has hit so many countries in autumn.

3 月份全球旅行崩潰，全球封鎖令世界陷入停滯，夏季本地旅行需求強勁，然後是秋季襲擊許多國家的第二波浪潮。

The burden of contact restrictions is wearing heavily on children, families and the elderly.

接觸限制的負擔沉重地壓在兒童、家庭和老人身上。

However, 1 year in there, there's hope.

然而，在那里呆了 1 年，還是有希望的。

There's a clear path to normalcy, and a lot of progress has been made.

有一條通向常態的清晰道路，並且已經取得了很多進展。

Vaccines have been developed in record speed, governments have supported citizens and businesses generously and vaccination programs are rolled out across many markets, focusing on protecting the most vulnerable.

疫苗的研發速度創歷史新高，政府慷慨支持公民和企業，疫苗接種計劃在許多市場推出，重點保護最弱勢群體。

Looking forward, we do believe that every day and every week is bringing us slowly but steadily closer to normalcy from now on.

展望未來，我們確實相信，從現在開始，每一天和每一周都會讓我們緩慢而穩步地接近常態。

Some countries like Australia, China and New Zealand have through very strict measures already managed to return to an almost normal daily life, while in countries like Israel, the U.K. and the U.S. are progressing rapidly with their vaccination programs and should see gradual improvement in the second quarter.

澳大利亞、中國和新西蘭等一些國家通過非常嚴格的措施已經恢復了幾乎正常的日常生活，而在以色列、英國和美國等國家，他們的疫苗接種計劃進展迅速，應該會逐步改善第二季度。

Overall, we believe that by summer, most major markets will have made significant progress to allow for local activities and travel and give their citizens relief and time to relax after a very long and difficult period.

總體而言，我們相信到夏季，大多數主要市場將取得重大進展，允許當地活動和旅行，並在經歷了一段非常漫長和困難的時期後，讓市民有時間放鬆。

Like in the summer 2020, we believe that there will be very strong demand for local travel, perhaps even international travel.

與 2020 年夏季一樣，我們相信當地旅遊需求會非常強勁，甚至國際旅遊需求也會非常旺盛。

And we continue to prepare for that moment.

我們繼續為那一刻做準備。

Travel is a basic need, and we believe it will come back as soon as the pandemic is under control.

出行是基本需求，相信一旦疫情得到控制，出行就會回歸。

For the first half of 2021, this means that we will continue to focus on adapting and improving our value proposition towards our users and advertisers.

對於 2021 年上半年，這意味著我們將繼續專注於調整和改進我們對用戶和廣告商的價值主張。

Our key focus areas will be: New feature development and improvement of our core product, the further development and rollout of our local travel product, adjusting our marketing mix and communication to the current situation, rolling out our new advertiser-facing products to prepare for recovery and to keep morale up and continue to invest into developing and strengthening our team.

我們的重點關注領域將是：核心產品的新功能開發和改進，本地旅遊產品的進一步開發和推出，根據當前情況調整營銷組合和溝通，推出面向廣告客戶的新產品以準備恢復並保持士氣，並繼續投資於發展和加強我們的團隊。

With that, I now hand over to Matthias.

有了這個，我現在交給馬蒂亞斯。

Thank you, Axel, and good morning, everyone.

謝謝你，阿克塞爾，大家早上好。

We normally experience a decline in travel activity in the fourth quarter as we are coming out of the peak summer holiday season in the Northern Hemisphere.

我們通常會在第四季度經歷旅遊活動的下降，因為我們正從北半球的暑假旺季中走出來。

Q4 2020 has not been different.

2020 年第四季度也不例外。

In fact, the sequential seasonal decline in our segment, Developed Europe, was more pronounced compared to prior years as most of our core markets in that segment implemented new lockdown measures, including new travel restrictions to contain the spread of the virus.

事實上，與往年相比，我們的發達歐洲市場的連續季節性下滑更為明顯，因為我們在該市場的大部分核心市場都實施了新的封鎖措施，包括新的旅行限制以遏制病毒的傳播。

Consequently, we reduced our marketing activities even more than we usually do in the fourth quarter to preserve our cash.

因此，我們在第四季度減少了比往常更多的營銷活動以保留我們的現金。

On the other hand, for countries that entered their peak summer season like Australia or Brazil, we observed a sequential increase in qualified referrals.

另一方面，對於進入夏季旺季的國家（如澳大利亞或巴西），我們觀察到合格推薦的連續增加。

This led to a substantial improvement in the year-over-year qualified referral decreases in those countries and for our segment Americas overall.

這導致這些國家和我們整個美洲地區的合格推薦人數同比大幅減少。

However, as overall booking volumes were still significantly below 2019 levels, we continue to be cautious with our marketing activities and focus on high-quality traffic.

然而，由於整體預訂量仍遠低於 2019 年的水平，我們繼續對我們的營銷活動保持謹慎，並專注於高質量的流量。

The reduction in marketing and operating expenses led to a decrease of our overall costs and expenses by 71% in the fourth quarter compared to the same period in 2019.

營銷和運營費用的減少導致我們第四季度的整體成本和費用與 2019 年同期相比減少了 71%。

Excluding advertising expenses, our operational expenses, including share-based compensation, decreased by EUR 18 million or 37% year-over-year as a result of the restructuring that we announced during the summer.

由於我們在夏季宣布的重組，不包括廣告費用，我們的運營費用（包括基於股份的補償）同比減少 1800 萬歐元或 37%。

Hence, we were able to limit the net loss to EUR 8.6 million and our adjusted EBITDA to minus EUR 3.4 million compared to a net income and adjusted EBITDA of EUR 3.1 million and EUR 18.4 million, respectively, in the same period 2019.

因此，與 2019 年同期的淨收入和調整後 EBITDA 分別為 310 萬歐元和 1840 萬歐元相比，我們能夠將淨虧損限制在 860 萬歐元和調整後的 EBITDA 為負 340 萬歐元。

Looking at the full year, we were able to maintain our total cash and short-term investment position at around EUR 228 million without taking on any additional external funding, and we continue to be debt-free.

縱觀全年，我們能夠將現金和短期投資頭寸總額維持在 2.28 億歐元左右，而無需接受任何額外的外部資金，而且我們繼續保持無債務狀態。

This shows how quickly we can adapt to sudden and very unfavorable changes in our industry.

這表明我們能夠以多快的速度適應行業中突然發生的非常不利的變化。

We remain confident that we have the right setup for what remains a challenging and unpredictable foreseeable future.

我們仍然相信，我們有正確的設置來應對充滿挑戰和不可預測的可預見的未來。

Globally, the number of new COVID cases increased again during the fourth quarter.

在全球範圍內，新的 COVID 病例數在第四季度再次增加。

A new variance of the virus has emerged that tend to spread faster.

已經出現了一種新的病毒變種，它的傳播速度往往更快。

Consequently, most of our core markets have implemented new mobility restrictions in particular, in Europe, that were extended into the new year.

因此，我們的大多數核心市場都實施了新的出行限制，特別是在歐洲，這些限制一直延續到新的一年。

For example, Germany first extended the lockdown until 10th of January, then until mid-February, and the government is currently discussing to extend it further into March.

例如，德國首先將封鎖期延長至1月10日，然後延長至2月中旬，政府目前正在討論進一步延長至3月。

Hence, overall, qualified referral growth rates have declined again in January.

因此，總體而言，合格的推薦增長率在 1 月份再次下降。

However, there are regional differentials.

但是，存在地區差異。

In Developed Europe, qualified referrals were down around 80% year-over-year in January.

在發達歐洲，1 月份合格推薦人同比下降約 80%。

And to put that in perspective, in April last year, when similar restrictions were implemented during the first wave, our qualified referrals declined by over 90% in that segment year-over-year.

從這個角度來看，去年 4 月，當第一波實施類似限制時，我們的合格推薦在該部分同比下降了 90% 以上。

At the same time, we're observing an increase in the booking window in Europe, with the average booking window being now more than 10 weeks.

與此同時，我們觀察到歐洲的預訂窗口有所增加，平均預訂窗口現在超過 10 週。

In Americas, qualified referrals were down more than 50% in January year-over-year, down slightly more than in the fourth quarter as the year-over-year qualified referral decline in Latin America increased a bit again, whereas we see stable trends in the U.S.

在美洲，1 月份合格推薦人數同比下降超過 50%，降幅略高於第四季度，因為拉丁美洲的合格推薦人數同比下降再次有所增加，而我們看到趨勢穩定在美國。

Looking at our segment Rest of World.

看看我們的世界其他地區。

Overall, qualified referrals year-over-year negative growth rates have been stable in January compared to the fourth quarter.

總體而言，與第四季度相比，1 月份合格推薦的同比負增長率一直保持穩定。

When looking at the year-over-year growth rates, please keep in mind that our business started to deteriorate in February 2020 when the virus spread to Europe and Americas.

在查看同比增長率時，請記住，當病毒傳播到歐洲和美洲時，我們的業務在 2020 年 2 月開始惡化。

So for the coming months, you need to take the comp effect into account.

所以在接下來的幾個月裡，你需要考慮補償效應。

Moving on to marketplace dynamics.

繼續討論市場動態。

In all 3 segments, while monetization is still down significantly year-over-year, our revenue per qualified referral has declined by a rate that was stable sequentially in the fourth quarter and we see this continuing in 2021 so far.

在所有 3 個細分市場中，雖然貨幣化仍同比大幅下降，但我們每名合格推薦人的收入在第四季度以連續穩定的速度下降，我們認為這種情況將在 2021 年繼續下去。

As a result, our global referral revenue, which is the product of qualified referrals and revenue per qualified referrals, declined by a rate that was slightly higher in January compared to the fourth quarter due to the qualified referral dynamics in the different segments that I just described.

結果，我們的全球推薦收入（合格推薦和每個合格推薦收入的乘積）在 1 月份的下降速度略高於第四季度，這是由於不同細分市場的合格推薦動態，我剛剛描述。

As the overall situation remains volatile, and we continue to have only limited visibility, we will not give specific guidance for 2021 at this point.

由於整體形勢依然動盪，我們的能見度仍然有限，我們目前不會給出 2021 年的具體指引。

We focus on what we can control and for the first quarter, this means that we will continue to be cautious with our marketing activities.

我們專注於我們可以控制的第一季度，這意味著我們將繼續對我們的營銷活動保持謹慎。

As mentioned before, we have sustainably reduced our operating expenses.

如前所述，我們已經持續降低了運營費用。

However, as the second wave of new COVID infections has emerged, and overall booking volumes remain muted, we expect our adjusted EBITDA in the first quarter to be more negative than in the fourth quarter.

然而，隨著第二波新 COVID 感染的出現，整體預訂量仍然低迷，我們預計第一季度調整後的 EBITDA 將比第四季度更負。

Overall, we remain confident that we have set up the company for this challenging environment and continue to be optimistic that travel will recover in the second half of this year.

總的來說，我們仍然相信我們已經為這個充滿挑戰的環境建立了公司，並繼續樂觀地認為旅行將在今年下半年恢復。

With that, let's open the line for questions.

有了這個，讓我們打開問題熱線。

Operator, we are now ready to take the first question, please.

接線員，我們現在準備好回答第一個問題了。

(Operator Instructions) And the first question comes from the line of Naved Khan at Truist Securities.

（操作員說明）第一個問題來自 Truist Securities 的 Naved Khan。

Just a couple of questions.

只是幾個問題。

So maybe can you give us some more color on the trends that you saw in North America and how they compared to Europe, just for the fourth quarter?

那麼，也許你能給我們更多關於你在北美看到的趨勢的顏色，以及它們與歐洲相比如何，就在第四季度？

If I look at the volume of qualified referrals for North America, it was essentially flat between Q3 and Q4.

如果我看一下北美的合格推薦量，第三季度和第四季度之間基本持平。

Europe obviously, saw a pretty strong (inaudible).

歐洲顯然看到了相當強大的（聽不清）。

So can you maybe just speak to that?

那麼你能不能談談這個？

And then secondarily, if I think about the back half of 2021 and the recovery, how should we be thinking about your ad spending as demand starts to come back and your spending going into that?

其次，如果我考慮 2021 年下半年和復蘇，隨著需求開始回升，我們應該如何考慮您的廣告支出以及您的支出？

Sure.

當然。

Thanks, Naved.

謝謝，納維德。

So on your first question, trends in North America versus Europe.

所以關於你的第一個問題，北美與歐洲的趨勢。

I mean, I gave some specific numbers for the QR growth rates in January already and would add the following.

我的意思是，我已經給出了 1 月份 QR 增長率的一些具體數字，並會添加以下內容。

Qualified referrals will obviously depend on the overall travel demand and our own marketing spend going forward.

合格的推薦顯然取決於整體旅行需求和我們自己的營銷支出。

But what we see in January so far is that the trend is stable in the U.S. And obviously, as I said, in Europe, it's no surprise that we do not see a change in January so far, given that most countries started to implement new travel restrictions already in November.

但我們在 1 月份看到的是美國的趨勢是穩定的。顯然，正如我所說，在歐洲，鑑於大多數國家/地區開始實施新的 1 月份到目前為止，我們沒有看到任何變化也就不足為奇了。旅行限制已經在 11 月。

And that has continued in December and now going into the new year.

這種情況一直持續到 12 月，現在進入了新的一年。

So overall, as I said, 80% down year-over-year in Europe.

所以總體而言，正如我所說，歐洲同比下降 80%。

So slightly better than what we saw in April 2020 when we first saw travel restriction put into place by governments.

這比我們在 2020 年 4 月首次看到政府實施旅行限制時的情況略好。

In Americas, I mean, as I said, the U.S. is stable.

在美洲，我的意思是，正如我所說，美國是穩定的。

What we do see is some encouraging signs, and that is obviously correlated, or not obviously, but something you could expect to the progress on the vaccination.

我們確實看到了一些令人鼓舞的跡象，這顯然與疫苗接種的進展相關，或者不明顯，但你可以期待。

So when you look globally, we called out Israel and the U.K. in Europe, where we do see that these countries are making progress.

所以當你放眼全球時，我們在歐洲召集了以色列和英國，我們確實看到這些國家正在取得進展。

And if you look outside of Europe, you see that in the U.S., you are progressing faster than in most other European countries.

如果你看看歐洲以外的地方，你會發現在美國，你比大多數其他歐洲國家進步得更快。

And there, we do see some positive signs in also performance marketing channels.

在那裡，我們確實在績效營銷渠道中看到了一些積極的跡象。

But still on a very low level.

但仍然處於非常低的水平。

But it is encouraging to see.

但令人鼓舞的是。

And I would expect that if we continue in that path, that the situation will get gradually better.

我希望，如果我們繼續走這條路，情況會逐漸好轉。

On your second question, how to think about the marketing spend.

關於你的第二個問題，如何考慮營銷支出。

I mean, as a general comment, right now, as I said, in Q1, we are cautious, which means we do not spend a lot on brand marketing, given that in that channel your payback time usually spreads over months and quarters.

我的意思是，作為一般性評論，正如我所說，在第一季度，我們持謹慎態度，這意味著我們不會在品牌營銷上花費太多，因為在該渠道中，您的投資回收期通常會持續數月和數個季度。

So when you do that, obviously, it is expensive, and you do want to be sure that there is enough demand.

所以當你這樣做的時候，很明顯，它是昂貴的，而且你確實想確保有足夠的需求。

And that with the channels that we have at hand, that you can run effective campaigns.

通過我們手頭的渠道，您可以開展有效的活動。

There, I think it's too early at this point, and we don't see that right now, and you should not expect us to spend a lot in Q1.

在那裡，我認為現在還為時過早，我們現在還沒有看到，你不應該期望我們在第一季度花很多錢。

Then, for the rest of the year, I mean, Q2, the situation could get a bit better.

然後，在今年餘下的時間裡，我的意思是，第二季度，情況可能會好一些。

But obviously, it's hard to tell.

但顯然，這很難說。

There is a lot of uncertainty.

有很多不確定性。

And we will run a similar approach to last year when we came out of the period in April and May where we stopped all together in every market and then greatly looked at the different markets, the different trends we were seeing and then decided literally week by week, where we think it makes sense to invest and then went into opportunities that came up.

我們將採用與去年類似的方法，當時我們走出了 4 月和 5 月的時期，我們在每個市場都停止了，然後仔細研究了不同的市場，我們看到的不同趨勢，然後每週決定一周，我們認為投資是有意義的，然後進入出現的機會。

So I mean, that's a similar approach we envision right now for Q2.

所以我的意思是，這是我們現在為第二季度設想的類似方法。

We are, as we said, a bit more optimistic about Q3.

正如我們所說，我們對第三季度更加樂觀。

And there, we are also planning some digital campaigns where, obviously, you have to do some work now.

在那裡，我們也正在計劃一些數字活動，顯然，你現在必須做一些工作。

You also have to invest into that in terms of production costs, et cetera.

您還必須在生產成本等方面進行投資。

So there, you do commit some money, but we're optimistic that this will pay off.

所以在那裡，你確實投入了一些錢，但我們樂觀地認為這會得到回報。

And then probably Q3 is the time when we will do more in terms of brand marketing.

然後可能第三季度是我們在品牌營銷方面做更多事情的時候。

And lastly, on performance marketing, I mean, that is straightforward.

最後，關於績效營銷，我的意思是，這很簡單。

We do have our ROAS targets.

我們確實有我們的 ROAS 目標。

We do look at the competition in the auction.

我們確實關注拍賣中的競爭。

We look at pockets where we can invest and overall reacting to the situation or be more aggressive where we see it makes sense.

我們著眼於我們可以投資的領域，並對形勢做出整體反應，或者在我們認為合理的情況下更加積極進取。

But for now being cautious, keeping our cash together, and yes, then we'll invest when we see positive signs.

但現在要謹慎，把我們的現金放在一起，是的，當我們看到積極的跡象時，我們就會進行投資。

The next question comes from the line of James Lee at Mizuho Securities.

下一個問題來自瑞穗證券的James Lee。

Great.

偉大的。

I have 2 here.

我這裡有2個。

First, on alternative accommodation.

首先，關於替代住宿。

And can you help us understand what the contribution is as a percentage of qualified referrals here?

您能否幫助我們了解這里合格推薦人的貢獻百分比是多少？

I think in the past, you mentioned about 20%.

我想在過去，你提到了大約 20%。

And also, any specific strength on alternative competition that you can point out here?

而且，您可以在這裡指出替代競爭的任何具體優勢？

And also, second, last quarter, you guys talked about normalized activity in the second half.

而且，第二個，上個季度，你們談到了下半場的正常活動。

I was wondering your assumptions still being that case?

我想知道你的假設仍然是那種情況嗎？

Or are we pushing that goalpost back a little bit here?

還是我們將球門柱向後推一點？

Thank you, James.

謝謝你，詹姆斯。

I will take your first question and then pass it on to Axel.

我將回答您的第一個問題，然後將其傳遞給 Axel。

So on alternative accommodation, we do not share our accommodation mix on a quarterly basis.

因此，在替代住宿方面，我們不會按季度分享我們的住宿組合。

We did provide a data point during summer, where we said for the first time, and you mentioned that, the share was above 20%.

我們確實在夏天提供了一個數據點，我們第一次說，你提到了，這個份額在 20% 以上。

In general, this has been a trend that we have seen for a while, and that's why we went into the segment end of 2017 already and build up the inventory.

總的來說，這是我們已經看到一段時間的趨勢，這就是為什麼我們已經進入 2017 年底的細分市場並建立庫存。

We have over 3.8 million units in that segment.

我們在該細分市場擁有超過 380 萬台。

And obviously, that -- or not obviously, but it's something you could expect, and we have seen that, that with the pandemic and under-indexing of city trips that segment gained share.

顯然，或者不明顯，但這是你可以預料到的，而且我們已經看到，隨著大流行和城市旅行指數不足，該細分市場獲得了份額。

And in particular, in July and August, that was strong.

特別是在 7 月和 8 月，這種情況非常強勁。

It has reversed a little bit.

它已經扭轉了一點。

But overall, if you look at the year-over-year, the share also on our platform is still higher than where it was a year ago.

但總的來說，如果你看一下同比，我們平台上的份額仍然高於一年前。

And I would not expect that trend will materially reverse from here.

而且我不認為這種趨勢會從這裡發生實質性逆轉。

But yes, I can't give you a specific number, but it's not that different from what we disclosed before.

但是，是的，我不能給你一個具體的數字，但這與我們之前披露的沒有什麼不同。

On your second question, how our view on the second half has changed since the last earnings call.

關於你的第二個問題，自上次財報電話會議以來，我們對下半年的看法發生了怎樣的變化。

So the positive view on the second half is basically driven by the success of the vaccination programs plus the impact of the weather in summer.

因此，對下半年的積極看法基本上是由疫苗接種計劃的成功以及夏季天氣的影響所推動的。

So weather in summer has not changed.

所以夏天的天氣沒有變。

But on the view on the vaccination programs, there are 2 key levers: Availability of vaccine; and the logistics of really rolling out vaccination programs with some new requirements that we have not seen before, in particular for the BioNTech vaccine.

但從疫苗接種計劃的角度來看，有 2 個關鍵槓桿： 疫苗的可用性；以及真正推出具有一些我們以前從未見過的新要求的疫苗接種計劃的後勤工作，特別是對於 BioNTech 疫苗。

And there, the success in particular, in Israel, but also in other countries, is giving us more comfort than we had a quarter ago that there will be a sustainable recovery in the second half.

在那裡，尤其是在以色列以及其他國家取得的成功，讓我們比一個季度前更加放心，下半年將出現可持續的複蘇。

And that pretty much most of our large markets will have offered vaccines to the majority of the population by the second half of the year.

到今年下半年，我們的大部分大型市場都將向大多數人提供疫苗。

So overall, more positive because of these new data points that we've now experienced in the last couple of months.

總的來說，由於我們在過去幾個月中經歷的這些新數據點，因此更加積極。

And Axel, just a follow-up question.

Axel，只是一個後續問題。

I just want to ask a question about business philosophy, right?

我只想問一個關於經營理念的問題，對吧？

Given there's a lot of pressure on metasearch, bottom the funnel conversion business at this point in time.

鑑於元搜索存在很大壓力，此時漏斗轉換業務處於底部。

Is the overarching goal for your company to diversify into a more content media platform and moving your, maybe, traffic to the upper on the mid-funnel and to monetize on that perspective as opposed to relying just on driving conversions?

貴公司的首要目標是否是多元化進入內容更多的媒體平台並將您的流量轉移到漏斗中部的上層並從該角度獲利而不是僅僅依靠推動轉化？

So we have our historic strength at the bottom of the funnel.

因此，我們在漏斗底部擁有我們的歷史實力。

So really, the time before you want to make a booking to compare prices and by doing that, we do believe we generate a lot of value to our users.

所以說真的，在您想進行預訂之前比較價格的時間，通過這樣做，我們確實相信我們為我們的用戶創造了很多價值。

Some of the new products that we are developing and that we have also acquired are obviously, as you rightly say, slightly further upper funnel.

正如您所說的那樣，我們正在開發和收購的一些新產品顯然位於漏斗的上端。

So they do have, not only the conversion element, but they also have an inspirational element.

所以他們確實有，不僅有皈依的因素，還有勵志的因素。

And that's why we were also very, very excited about the acquisition of weekend.com because the inspirational product about local travel, where we combine ideas where to travel to plus the price comparison is nicely complemented now through that acquisition, where we can offer packaged tours for city trips that are a different use case and a different source of inspiration for weekend trips once the world has normalized.

這就是為什麼我們對收購 weekend.com 也感到非常非常興奮，因為關於本地旅行的鼓舞人心的產品，我們結合了去哪裡旅行的想法加上價格比較，現在通過這次收購得到了很好的補充，我們可以提供打包的產品城市旅行的旅行是一個不同的用例，也是世界恢復正常後周末旅行的不同靈感來源。

And your next question comes from the line of Brian Fitzgerald at Wells Fargo.

你的下一個問題來自富國銀行的 Brian Fitzgerald。

I had a couple of questions.

我有幾個問題。

You talked about the extension in the booking window in Europe.

您談到了歐洲預訂窗口的延期。

Some travelers are booking out to the summer season.

一些旅客正在預訂夏季。

Do you see travelers making the assumption that they will be able to travel pretty broadly throughout Europe, maybe even beyond Europe?

您是否看到旅行者假設他們將能夠在整個歐洲範圍內廣泛旅行，甚至可能超越歐洲？

Or do you see them still looking very closely to home as they did before?

或者您是否看到他們仍然像以前一樣非常靠近家？

And then I got one follow-on after that.

在那之後我得到了一個後續。

Sure.

當然。

So on the booking window, I mean, generally speaking, our booking window tends to be relatively short.

所以關於預訂窗口，我的意思是，一般來說，我們的預訂窗口往往相對較短。

And what I mean by that is that usually, people are coming to our website with the intent to book something that is on average less than 8 weeks out with some variations, obviously, between regions and countries.

我的意思是，通常情況下，人們訪問我們的網站是為了預訂平均不到 8 週的東西，顯然，地區和國家之間存在一些差異。

Now the time to travel window has naturally increased in January in Europe, as I mentioned, as many European countries reinstated mobility restrictions, which makes last minute travel, obviously very difficult or not possible at all.

正如我所提到的，現在歐洲的旅行時間窗口在 1 月份自然增加了，因為許多歐洲國家恢復了行動限制，這使得最後一分鐘旅行顯然非常困難或根本不可能。

So the booking window is not decreasing because we see a lot of pent-up demand coming to the market for summer bookings, but because of the fact that short-term travel is not possible.

所以預訂窗口並沒有減少，因為我們看到市場上有很多被壓抑的夏季預訂需求，而是因為短期旅行是不可能的。

So I would argue that there's no significant shift.

所以我認為沒有重大轉變。

I believe that in most of our relevant segments, people are holding back for now.

我相信在我們的大多數相關領域，人們現在都在退縮。

And in some service, we have seen encouraging data like the people still have travel plans and want to go somewhere when it is possible again.

在一些服務中，我們看到了令人鼓舞的數據，比如人們仍然有旅行計劃，並希望在可能的時候再次去某個地方。

So as we are coming closer to summer and/or when travel restrictions are being lifted, we expect to see more of that pent-up demand coming through that is currently being held back.

因此，隨著夏季的臨近和/或旅行限制的取消，我們預計會看到更多目前被抑制的被壓抑的需求。

And then the wrinkle to that was, are you seeing them, I get the booking window extending.

然後問題是，你看到他們了嗎，我得到了延長的預訂窗口。

Are you seeing people to look for?

你看到要找的人了嗎？

Are they broadly thinking they could extend travel a little broader throughout Europe?

他們是否普遍認為他們可以在整個歐洲擴大旅行範圍？

Or are they still natural locations closer to home?

或者它們仍然是離家較近的自然位置？

So that's a bit too early to tell.

所以現在下結論還為時過早。

But our expectation is that, as Matthias said, there will be very strong demand to get a break coming out of the lockdowns and that the most natural starting point for that demand will be clearly local.

但我們的預期是，正如 Matthias 所說，將有非常強烈的需求來擺脫封鎖，而這種需求最自然的起點顯然是本地的。

For continental travel, it will depend a bit more on the relative progress of the vaccination programs because you will need to have made progress in the source market and the destination market to have then these travel bubbles.

對於大陸旅行，這將更多地取決於疫苗接種計劃的相對進展，因為您需要在來源市場和目的地市場取得進展才能擁有這些旅行泡沫。

So that is possible for certain pairs, but it's not as certain.

所以對於某些對來說這是可能的，但不是那麼確定。

And intercontinental travel, we believe, will be very, very slow to recover this year.

我們相信，今年洲際旅行的複蘇將非常非常緩慢。

So in a way, we have to stay flexible and react quickly, but we are preparing for a very strong local recovery and possible continental recovery.

因此，在某種程度上，我們必須保持靈活性並迅速做出反應，但我們正在為非常強勁的當地複蘇和可能的大陸復甦做準備。

Got it.

知道了。

And then the second question was, in the letter, you talked about some of the consumer viewership shifting from linear to digital channels.

然後第二個問題是，在信中，你談到了一些消費者收視率從線性頻道轉向數字頻道。

At a high level, any thought on the kind of pricing or ROAS as you're seeing in some of the digital brand channels, connected TV versus what you've seen historically in linear TV?

在高層次上，您對某些數字品牌頻道中看到的定價或 ROAS 有什麼想法，聯網電視與您在線性電視中看到的歷史相比？

Yes.

是的。

I mean, obviously, I cannot talk about exact pricing, et cetera.

我的意思是，很明顯，我不能談論確切的定價等等。

And let me start with saying that TV will continue to play an important role in our brand marketing mix.

首先讓我說電視將繼續在我們的品牌營銷組合中發揮重要作用。

And even as viewership is declining, in particular, among younger audiences, it is still a mass medium and a very effective channel for us, in particular, if you think of CPMs, et cetera.

即使收視率在下降，尤其是在年輕觀眾中，它仍然是一種大眾媒體，對我們來說是一個非常有效的渠道，特別是，如果你想到每千次展示費用等等。

So we have tested connected TV and other channels in the past.

所以我們過去測試過聯網電視和其他頻道。

And it's not like-for-like comparable.

而且這不是同類可比的。

And as I mentioned here, you can be more granular with those channels.

正如我在這裡提到的，您可以更細化這些渠道。

And that is, in particular, what we want to do because in the recovery phase, people will not return at all at the same, but might return at different points in time.

這就是我們特別想做的，因為在恢復階段，人們根本不會同時返回，而是可能會在不同的時間點返回。

So in some markets, TV might not be the most effective channel when the recovery starts, and we might want to use digital channels first or in addition to traditional TV advertisement.

因此，在某些市場，當複蘇開始時，電視可能不是最有效的渠道，我們可能希望首先使用數字頻道，或者在傳統電視廣告之外使用數字頻道。

And your next question comes from the line of Lloyd Walmsley at Deutsche Bank.

你的下一個問題來自德意志銀行的 Lloyd Walmsley。

Two questions.

兩個問題。

First, just when you look at the shift to CPA-based bidding, do you think this is a permanent shift?

首先，當您看到轉向基於 CPA 的出價時，您認為這是一個永久性的轉變嗎？

Or do you think we revert to kind of CPC-based bidding after the pandemic's over?

還是您認為在大流行結束後我們會恢復到某種基於 CPC 的投標？

And I guess thinking about this, does this impair monetization where you don't get credit for kind of trial and branding benefits the OTAs get from the traffic?

我想考慮一下，這是否會損害貨幣化，因為您無法獲得 OTA 從流量中獲得的某種試用和品牌優勢？

Or do you think you'll be able to get full value of that versus what you're getting pre-pandemic?

還是您認為與大流行前相比，您將能夠充分利用它的價值？

And I guess a related question would just be, can you kind of elaborate a bit more on some of the changes you flagged around different views on cancellation rates and the volatility in the auction?

我想一個相關的問題是，你能否詳細說明你圍繞取消率和拍賣波動性的不同觀點所標記的一些變化？

Sure.

當然。

On the rollout of the CPA, I mean, it's not a new ask from our advertisers.

關於 CPA 的推出，我的意思是，這並不是我們的廣告商提出的新要求。

So even before the pandemic, there was particularly, from the smaller advertisers, a strong desire to basically outsource the conversion risk and the full bidding technology and intelligence to us.

因此，甚至在大流行之前，尤其是較小的廣告商就強烈希望將轉換風險以及全部競價技術和情報基本上外包給我們。

And so that's why we believe that the development effort that we put into the product will have a lasting benefit for a certain segment.

因此，這就是為什麼我們相信我們投入到產品中的開發工作將為某個細分市場帶來持久的好處。

What is open is whether some of the larger advertisers that have now moved to CPA will move back to own CPC bidding to be able to incorporate some strategic thoughts that they would not necessarily share with us for us to incorporate in our algorithm and incorporate that directly into their CPC bids.

開放的是，一些現在已經轉向 CPA 的大型廣告商是否會回到自己的 CPC 出價，以便能夠納入一些他們不一定會與我們分享的戰略思想，以便我們納入我們的算法並直接納入進入他們的每次點擊費用出價。

But yes.

但是，是的。

So that's unclear.

所以這還不清楚。

But overall, we believe the product will stay.

但總的來說，我們相信該產品會留下來。

The experiences that we've made so far are positive.

到目前為止，我們取得的經驗是積極的。

So we do believe that we can offer a greater efficiency, both to our partners and also to our marketplace by taking over the bidding for them.

因此，我們確實相信，通過接管他們的投標，我們可以為我們的合作夥伴和我們的市場提供更高的效率。

And so yes, so that's also positive.

所以是的，所以這也是積極的。

The second question on the volatility in the marketplace.

關於市場波動的第二個問題。

I mean, the overall situation is quite volatile, to be honest.

我的意思是，老實說，總體情況非常不穩定。

So if you just think back to November, there was a sudden reimposition of restrictions, which led to an immediate drop in activities.

因此，如果你回想一下 11 月，突然重新實施限制，導致活動立即下降。

There was a time in the Q4 where you had quite a bit of activity, for example, to the Canary Islands, out of the U.K., out of Germany, that stopped basically from one day to the other.

在第四季度有一段時間你有相當多的活動，例如，從英國、德國到加那利群島，基本上一天到另一天都停止了。

And you have very, very different reactions to these kind of changes.

你對這些變化有非常非常不同的反應。

Some advertisers basically react immediately and dropped their bids very quickly, assuming very high cancellation rates.

假設取消率非常高，一些廣告商基本上會立即做出反應並很快降低出價。

Other take a bit more time and use more automatisms in their biddings.

其他人則需要更多時間並在競標中使用更多自動化。

So given that there are these events that significantly change the cancellations in the short-term and that you have very, very different tactics to react, that obviously makes the overall marketplace more volatile.

因此，鑑於這些事件會在短期內顯著改變取消，並且您有非常非常不同的應對策略，這顯然會使整個市場更加動盪。

Having said that, the more stable the outlook is and right now, the outlook is relatively speaking, stable, the lesser of a worry that is for us.

話雖如此，前景越穩定，現在相對而言，前景穩定，我們的擔憂就越少。

All right, guys.

好吧，伙計們。

Fingers crossed for a better second half environment.

為更好的下半場環境祈禱。

Good luck.

祝你好運。

And your next question comes from the line of Kevin Kopelman at Cowen and Company.

你的下一個問題來自 Cowen and Company 的 Kevin Kopelman。

Great.

偉大的。

I had a couple of questions.

我有幾個問題。

The first one, just a quick follow-up on the U.S. You mentioned that it was relatively stable in January.

第一個，只是快速跟進美國。你提到它在 1 月份相對穩定。

Can you clarify, is that on a year-over-year basis?

你能澄清一下，這是按年計算的嗎？

And was that, because typically in January, would you see a seasonal uptick in kind of planning and traffic on the site?

那是因為通常在一月份，您會看到網站上的規劃和流量出現季節性增長嗎？

Sure.

當然。

Thanks, Kevin.

謝謝，凱文。

So yes, my comment referred to the development being stable sequentially.

所以是的，我的評論指的是順序穩定的發展。

So when you look at the qualified referrals growth rates in the fourth quarter, that was stable in January.

因此，當您查看第四季度的合格推薦增長率時，一月份是穩定的。

And so obviously, we only disclosed the segment Americas.

很明顯，我們只披露了美洲部分。

But I made some comments earlier and last quarter, that gives you some idea about the U.S.

但我在早些時候和上個季度發表了一些評論，這讓你對美國有了一些了解。

And there, we did see, in January, that the year-over-year qualified referral growth rates were broadly stable.

在那裡，我們確實看到，在 1 月份，合格推薦的同比增長率基本穩定。

Obviously, still significantly lower than January 2020.

顯然，仍然明顯低於 2020 年 1 月。

As I said, the situation that was still pre-pandemic and then only in March, we saw things deteriorating in the U.S. from a traffic perspective.

正如我所說，從交通的角度來看，這種情況仍處於大流行前，然後才在三月份，我們看到美國的情況正在惡化。

Got it.

知道了。

And is there just a regular seasonal uptick in terms of just if you look at the January patterns on a Q-over-Q basis or month over month?

如果您以 Q-over-Q 或月環比的方式查看 1 月的模式，是否只是定期的季節性上升？

Yes.

是的。

I mean, that's implicitly in there.

我的意思是，那是隱含的。

So the growth rate is stable.

所以增長率是穩定的。

So you had the seasonal effect in January last year, so then you have it also this year.

所以你在去年 1 月有季節性影響，所以你今年也有。

Great.

偉大的。

And I had one other question.

我還有另外一個問題。

Could you talk a little bit more, you touched on it earlier, but could you talk to us about the weekend.com acquisition, and just give us a little more color on weekend.com and the business model for that site and maybe how it compares to existing trivago, just to give us a better sense of that?

你能再多說一點嗎，你之前提到過，但你能和我們談談 weekend.com 的收購嗎，再給我們多說一下 weekend.com 和該網站的商業模式，也許它是如何運作的與現有的 trivago 相比，只是為了讓我們更好地了解這一點？

Sure.

當然。

So the one thing that the pandemic has, one impact the pandemic has had is that there is less certainty.

因此，大流行的一件事，大流行的一個影響是不確定性降低。

So less certainly way you can travel, what to expect and how to return.

所以不太確定你可以旅行的方式，期望什麼以及如何返回。

And that will persist from our perspective for some time.

從我們的角度來看，這將持續一段時間。

So, in particular, for easier-to-reach destination, short trips, we do believe that there is a need for more inspiration.

因此，特別是對於更容易到達的目的地、短途旅行，我們確實認為需要更多的靈感。

And that's why we have developed our local travel product, and that's also why we acquired weekend.com.

這就是我們開發本地旅遊產品的原因，也是我們收購 weekend.com 的原因。

So we do believe that's a complementary service to our users whenever they have not made up their mind already, which is where our core product is very strong and need some inspiration to offer suggestions of great destinations and then also great dates, when to travel there by plan to get a good price for the plane and the hotel combination.

因此，我們確實相信，只要用戶還沒有下定決心，這就是對他們的補充服務，這是我們的核心產品非常強大的地方，需要一些靈感來提供很棒的目的地建議，然後還有很棒的約會，什麼時候去那裡旅行通過計劃獲得飛機和酒店組合的好價格。

And that's where also the positioning is and the target segment is similar.

這也是定位和目標細分市場相似的地方。

Our users do want to save money and are price-conscious.

我們的用戶確實想省錢並且對價格很敏感。

And the weekend.com offers you exactly the same inspiration for trips at the best possible price.

weekend.com 以最優惠的價格為您提供完全相同的旅行靈感。

So it is complementary.

所以是互補的。

And it's not a price, I mean, de facto, it is a price comparison because it's dynamically packaging hotels and flights, but it is not technically a packaged metasearch, and we don't believe that, that is necessary because the value is really in the packaging of the flight and the hotel and serving basically the same need.

而且它不是價格，我的意思是，事實上，它是一個價格比較，因為它動態地打包了酒店和航班，但它在技術上不是一個打包的元搜索，我們不相信，那是必要的，因為價值真的在航班和酒店的包裝和服務方面基本需要相同。

And your next question comes from the line of Doug Anmuth at JPMorgan.

你的下一個問題來自摩根大通的 Doug Anmuth。

This is Dae Lee on for Doug.

這是道格的大李。

My first one was on where you are on the rollout of the display advertisement and sponsored listing.

我的第一個問題是關於展示廣告和讚助列表的推出。

I mean, do you have any early feedback from advertisers or early results to share on those products?

我的意思是，您是否有任何來自廣告商的早期反饋或早期結果可以分享這些產品？

And do you expect a meaningful revenue contribution from these products this year?

您預計今年這些產品會帶來有意義的收入貢獻嗎？

The second question is around, you talked about a more granular approach to brand marketing strategy.

第二個問題是，您談到了一種更細化的品牌營銷策略方法。

Could you elaborate on that a little bit?

你能詳細說明一下嗎？

And are you seeing demand coming back from markets that have started to roll out the vaccine?

您是否看到已經開始推出疫苗的市場需求回升？

Sure.

當然。

On the new B2B products, namely the CPA, the display ads and sponsored listings.

在新的 B2B 產品上，即 CPA、展示廣告和讚助列表。

We have, by now, on-boarded more than 100 advertisers overall.

到目前為止，我們總共已經吸引了 100 多家廣告商。

And that is basically where the focus is right now because there is very little traffic.

這基本上就是現在的重點，因為流量很少。

So it's difficult for advertisers to test on a meaningful basis.

因此，廣告商很難在有意義的基礎上進行測試。

It's also difficult for us to optimize right now.

我們現在也很難優化。

So on-boarding and giving access and making sure that everybody is prepared for higher volumes later in the year is the key focus.

因此，入職和提供訪問權限並確保每個人都為今年晚些時候的更高數量做好準備是重點。

And we do expect those products to be important for the different advertiser segments to recover as well as they can and to position themselves well for the recovery.

我們確實希望這些產品對不同的廣告商細分市場盡可能地恢復很重要，並為恢復做好準備。

How great the share of the overall revenue will be, to be honest, is right now very difficult to predict, but we do think that it's an important part of our recovery on the revenue side.

老實說，目前很難預測總收入的份額有多大，但我們確實認為這是我們在收入方面復甦的重要組成部分。

Yes.

是的。

And then on your second question or the 2 questions.

然後是你的第二個問題或 2 個問題。

First part on the granularity of brand marketing.

第一部分關於品牌營銷的粒度。

So what do we mean by that?

那麼這是什麼意思呢？

I mean, as I mentioned before, when you do TV advertisement, linear TV advertisement, that is a mass medium.

我的意思是，正如我之前提到的，當你做電視廣告時，線性電視廣告是一種大眾媒體。

And you cannot target audiences in a very granular way.

而且您無法以非常精細的方式定位受眾。

So you go broad, and that works when the overall majority of your audience is ready and willing to travel.

所以你要走得更遠，當你的大多數觀眾都準備好並願意旅行時，這就奏效了。

If that's not the case, and you have certain audiences that might be ready to travel, but others are not, then obviously, it's much more effective to just target that audience.

如果情況並非如此，並且您有某些觀眾可能準備好旅行，但其他人則沒有，那麼顯然，只針對這些觀眾會更有效。

And that, you can do in a more granular way with digital channels.

而且，您可以通過數字渠道以更精細的方式進行。

For example, if you think of online video or connected TV, you can target specific groups and even look like audiences.

例如，如果您想到在線視頻或聯網電視，您可以針對特定群體，甚至看起來像觀眾。

And that's the level of granularity I'm talking about.

這就是我所說的粒度級別。

On the second part of early signs from countries that are progressing well in the vaccination process.

關於疫苗接種過程進展順利的國家的早期跡象的第二部分。

I mean, the U.S., I said before, we do see early signs, but it is really early.

我的意思是，美國，我之前說過，我們確實看到了早期跡象，但現在真的很早。

And it's not that we see a big uptick in traffic, but you do see that there is more interest.

並不是我們看到流量大幅增加，而是您確實看到了更多的興趣。

So I'm encouraged by that and hence, I would expect that, that country starts earlier to recover than other countries where we are still far behind.

因此，我對此感到鼓舞，因此，我希望該國家比我們仍然遠遠落後的其他國家更早開始復蘇。

If you look at the U.K., I mean, they also made good progress, but there, we have not seen yet any pickup in travel demand.

如果你看看英國，我的意思是，他們也取得了不錯的進展，但在那裡，我們還沒有看到旅行需求有任何回升。

And that might also be related to the fact that in Europe, there are not a lot of places where you can go right now.

這也可能與這樣一個事實有關，即在歐洲，您現在可以去的地方並不多。

So I mean, local travel, yes, if you have that in a specific country, then that might be possible.

所以我的意思是，本地旅行，是的，如果您在特定國家/地區擁有本地旅行，那麼這可能是可能的。

If you want to go to other countries within Europe, very difficult as the situation is very different everywhere right now as well.

如果你想去歐洲其他國家，非常困難，因為現在各地的情況也大不相同。

And your next question comes from the line of Brian Nowak at Morgan Stanley.

你的下一個問題來自摩根士丹利的 Brian Nowak。

This is Alex Wang on for Brian.

我是 Alex Wang 代替 Brian。

First, Axel, you mentioned the complementary nature of the local travel product and obviously, you expected launch in next quarter.

首先，Axel，你提到了本地旅遊產品的互補性，顯然，你希望在下個季度推出。

But can you give us a sense how many markets it's being tested in right now?

但是你能告訴我們它現在正在測試多少個市場嗎？

Which markets you're planning to roll out on?

您計劃在哪些市場推出？

And as you think about the user interface, will the local piece become more of a default?

當您考慮用戶界面時，本地部分會變得更默認嗎？

Or how do you sort of put that next to the core travel search product as it is today from a user interface perspective?

或者從用戶界面的角度來看，您如何將它放在核心旅遊搜索產品旁邊？

And then second question is more around sort of data capture.

然後第二個問題更多是關於數據捕獲的。

Obviously, you've been on a journey in terms of trying to improve that.

顯然，您一直在努力改進它。

But can you give us an update on initiatives you're working on to really improve sort of data capture in terms of personalization, log in rates and things like that?

但是，您能否向我們介紹一下您正在開展的旨在真正改進個性化、登錄率等方面的數據捕獲的舉措的最新情況？

Okay.

好的。

Let's start with the first question.

讓我們從第一個問題開始。

So the local travel product is live in the first version, but we are planning a major second release in the quarter to come, and that will be sequential.

所以本地旅遊產品在第一個版本中上線，但我們計劃在接下來的季度發布一個重要的第二個版本，這將是連續的。

So it will start in some of our larger markets and then be rolled over the year to other large markets.

因此，它將從我們的一些較大市場開始，然後在一年內推廣到其他大型市場。

In terms of how to integrate the product, we will obviously test the best integration and the best way to show the different products to our users, both in web and in the app.

在如何集成產品方面，我們顯然會測試最佳集成以及向我們的用戶展示不同產品的最佳方式，無論是在網絡上還是在應用程序中。

But our current thinking is that it is complementary.

但我們目前的想法是，它是互補的。

And as I said before, I mean, the core product is very much about you having made up your mind, whereas the local travel product is one step away from that, you have made up your mind that you don't want to go far.

正如我之前所說，我的意思是，核心產品很大程度上取決於你是否已經下定決心，而本地旅遊產品則離它只有一步之遙，你已經下定決心不想走太遠.

So there is some decision in there already, but you haven't made up your mind on where exactly to go and when exactly to go.

所以那裡已經有了一些決定，但你還沒有決定去哪里和什麼時候去。

So there is some uncertainty, but also some certainty.

所以有一些不確定性，但也有一些確定性。

It is not too far away.

它不是太遠。

And so that's why the starting point is, as you can also see in the current, so that it is basically complementing the core side-by-side with different tabs.

這就是為什麼起點是，正如你在當前看到的那樣，它基本上是用不同的選項卡並排補充核心。

But we will test different user interfaces and accept whatever works best.

但我們將測試不同的用戶界面並接受最有效的。

So we will take an iterative approach, like with all of our product development.

因此，我們將採用迭代方法，就像我們所有的產品開發一樣。

On your second question, I mean, I'm not 100% sure that I fully understood your question.

關於你的第二個問題，我的意思是，我不是 100% 確定我完全理解你的問題。

So if you could just rephrase it, that will be very helpful.

因此，如果您可以重新措辭，那將非常有幫助。

Yes.

是的。

So just around sort of any sort of back-end infrastructure work on trying to improve the signal that you get on the users in terms of whether it's log in rates or other ways that you're thinking about strengthening your signal to improve either personalization, curation on the app as we sort of come out of the, as things start to recover from the demand side?

因此，任何類型的後端基礎設施都在努力改善您從用戶那裡獲得的信號，無論是登錄率還是您正在考慮加強信號以改善個性化的其他方式，當我們從需求端開始恢復時，對應用程序的管理？

Yes.

是的。

Okay.

好的。

So we are very happy with our data visibility and data tracking that we are having.

因此，我們對我們擁有的數據可見性和數據跟踪感到非常滿意。

So we are confident that we have strong conversion data and so you can use that to optimize.

因此，我們相信我們擁有強大的轉化數據，因此您可以使用它來進行優化。

Of course, we have all the logging that we have in our normal searches.

當然，我們擁有正常搜索中的所有日誌記錄。

So for the local travel product, we think we are well prepared on the back end.

所以對於本地旅遊產品，我們認為我們在後端做好了充分的準備。

For our member area, in particular, we have made a lot of progress in rolling out more fenced rates and more special rates that we can show to our users, and we have a pipeline of adding further unique rates and special rates into that offering.

特別是對於我們的會員區，我們在推出更多可以向用戶展示的圍欄費率和更多特價方面取得了很大進展，並且我們有一個管道可以在該產品中添加更多的獨特費率和特價。

There has been quite a bit of back-end work that was required, and we think that we have basically done the work and now need to work on on-boarding more providers of fenced and special rates to that part of the overall product offering.

需要做大量的後端工作，我們認為我們基本上已經完成了工作，現在需要努力讓更多的提供圍欄和特殊費率的供應商加入到整個產品供應的這一部分。

So yes, long story short, I think, on the back end, we feel well prepared to offer to our users what we want to offer to them in 2021.

所以，是的，長話短說，我認為，在後端，我們準備好向我們的用戶提供我們想在 2021 年提供給他們的東西。

(Operator Instructions) There are currently no further questions on the lines.

（操作員說明）目前線路上沒有進一步的問題。

Please continue.

請繼續。

Many thanks for taking the time to participate in today's earnings call.

非常感謝您抽出時間參加今天的財報電話會議。

In the months ahead, we do expect the situation to remain difficult, both for us individually and for us as a business.

在接下來的幾個月裡，我們確實預計情況仍然很困難，無論是對我們個人還是對我們作為企業而言都是如此。

But there is clearly hope, hope for a return to our normal life, hope for a gradual recovery of the overall economic activity, and hope to start to travel again, seeing friends and family and make new experiences with those that matter most to us.

但顯然有希望，希望恢復正常生活，希望整體經濟活動逐漸恢復，希望再次開始旅行，與朋友和家人見面，與對我們最重要的人一起獲得新的體驗。

Stay safe and see you next quarter.

保持安全，下個季度見。

That does conclude the conference for today.

今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。