Trivago NV (TRVG) 2020 Q2 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 Q2 Earnings Call 2020.

感謝您的支持，歡迎來到 trivago 2020 年第二季度財報電話會議。

(Operator Instructions) I must advise you this call is being recorded today, Wednesday, the 29th of July 2020.

（操作員說明）我必須告訴你，今天，也就是 2020 年 7 月 29 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。

We are pleased -- the following discussion, including response to your questions, reflects management's view of today, Wednesday, July 29, 2020 only.

我們很高興——以下討論，包括對您問題的回答，僅反映了管理層對今天，即 2020 年 7 月 29 日星期三的看法。

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 Q2 2020 operating and financial review and the company 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 年第二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 will find reconciliation of non-GAAP measures of 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.

您將在 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 of 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.

早上好。

Thank you for joining us today.

感謝您今天加入我們。

Only 2 months have passed since our last earnings call, and it feels like a long time ago.

距我們上次財報電話會議僅過去了 2 個月，感覺像是很久以前的事了。

Since then, we have seen some return of travel activity globally, but more importantly, COVID-19 has been a catalyst to accelerate our strategic repositioning in the changing industry.

從那時起，我們在全球範圍內看到了一些旅遊活動的回歸，但更重要的是，COVID-19 一直是加速我們在不斷變化的行業中進行戰略重新定位的催化劑。

And despite the difficult situation, our teams have moved mountains.

儘管處境艱難，但我們的團隊已經搬走了大山。

Starting in May, we have seen a return of travel: first in Germany, the U.S. and New Zealand; later in other markets.

從 5 月開始，我們看到了旅行的回歸：首先是在德國、美國和新西蘭；後來在其他市場。

Almost everywhere, leisure nature destinations have been the first to pick up, predominantly in driving distance and with an increasing demand for alternative accommodation, exceeding 20% of our referrals for the first time.

幾乎在所有地方，休閒自然目的地都是最先出現的目的地，主要是駕車距離和對替代住宿的需求不斷增加，首次超過我們推薦的 20%。

Germany, as one of the most stable markets right now, has seen leisure nature demand to pick up approximately up to 100% of last year's volumes, while city trips and international travel were around 50% of last year's volumes.

德國作為目前最穩定的市場之一，休閒性質的需求增長了大約去年的 100%，而城市旅行和國際旅行約佔去年的 50%。

But recovery is not a one-way street.

但復甦並非單行道。

In the U.S., we have seen how closely travel demand is tracking the health situation.

在美國，我們已經看到旅行需求與健康狀況密切相關。

And starting mid of June, the recovery and year-over-year growth rates in the U.S. has reverted.

從 6 月中旬開始，美國的複蘇和同比增長率已經恢復。

During this difficult time, our teams have done remarkable work.

在這個困難時期，我們的團隊做了出色的工作。

Our tech teams have significantly increased their innovation pace, not only improving the core product, but also launching the first better version of our new local travel feature.

我們的技術團隊顯著加快了創新步伐，不僅改進了核心產品，還推出了我們新的本地旅遊功能的第一個更好版本。

The marketing teams have fully ramped down our marketing activities and are now ramping up in line with the market with tailored messaging and campaigns for the current situation.

營銷團隊已經全面縮減了我們的營銷活動，現在正在通過針對當前情況量身定制的信息和活動來與市場保持一致。

Our sales and marketplace teams have worked as true partners with our advertisers, supporting them when the crisis hit them and jointly working on significant recovery initiatives.

我們的銷售和市場團隊一直是我們廣告商的真正合作夥伴，在危機襲來時為他們提供支持，並共同致力於重大的複蘇計劃。

Most notably, the sponsored listings and display advertisement products have been commercially launched and various end-to-end conversion optimization tests are in the works.

最值得注意的是，贊助列表和展示廣告產品已經商業化推出，各種端到端的轉換優化測試正在進行中。

Despite the operational and the strategic progress that we've been making, we are not unaffected by the crisis that has hit the industry.

儘管我們在運營和戰略上取得了進展，但我們並非沒有受到襲擊該行業的危機的影響。

Matthias will cover our financial development in more detail.

Matthias 將更詳細地介紹我們的金融發展。

Yes.

是的。

Thank you, Axel, and good morning, everyone.

謝謝你，阿克塞爾，大家早上好。

Let me start with saying that Q2 has been a very special quarter.

首先讓我說第二季度是一個非常特殊的季度。

Given the low revenue base of just EUR 60 million, some of our ratios and KPIs are not as meaningful as during normal quarters.

鑑於只有 6000 萬歐元的低收入基礎，我們的一些比率和 KPI 不如正常季度那麼有意義。

Our net loss in the second quarter was EUR 20.2 million.

我們在第二季度的淨虧損為 2020 萬歐元。

Despite the loss, we were able to strengthen our cash balance without taking up external funding.

儘管出現虧損，我們仍能夠在不使用外部資金的情況下增加現金餘額。

This is largely due to the fact that we were able to collect a significant amount of outstanding receivables, but also because we reacted fast to the changing environment by focusing on preserving our cash.

這主要是因為我們能夠收回大量未清應收賬款，還因為我們通過專注於保留現金來對不斷變化的環境做出快速反應。

Our sales and finance teams have done an amazing job here.

我們的銷售和財務團隊在這裡做得非常出色。

And as a result, our overall cash position increased by EUR 19.8 million to over EUR 213 million at the end of the second quarter.

因此，我們的整體現金頭寸在第二季度末增加了 1980 萬歐元，超過 2.13 億歐元。

This will give us the financial flexibility to meet future challenges.

這將為我們提供應對未來挑戰的財務靈活性。

In order to keep that flexibility, we changed our structure in the second quarter.

為了保持這種靈活性，我們在第二季度改變了結構。

Our HR team has done an outstanding job dealing with many challenges in a very short time period.

我們的人力資源團隊在很短的時間內出色地應對了許多挑戰。

I'm, in particular, happy that we have found a new home for our around 60 employees in Palma.

我特別高興我們在帕爾馬為大約 60 名員工找到了新家。

Adjusting for those restructuring costs of EUR 5 million, we reduced our operating expenses by EUR 10.2 million in the second quarter compared to the same period in 2019.

調整 500 萬歐元的重組成本後，與 2019 年同期相比，我們第二季度的運營費用減少了 1020 萬歐元。

Moving on to trends in July.

繼續關注 7 月的趨勢。

We see a high correlation between demand for local leisure trips with the health situation in the respective region.

我們發現當地休閒旅行的需求與各自地區的健康狀況之間存在高度相關性。

Hence, the demand in various markets continues to be volatile and remains largely unpredictable.

因此，各個市場的需求繼續波動，並且在很大程度上仍然不可預測。

In July, the recovery has been strongest in Developed Europe so far as we see core markets like Germany and Italy recovering fast, and most other markets experiencing a gradual improvement in traffic volumes.

7 月份，發達歐洲的複蘇最為強勁，因為我們看到德國和意大利等核心市場正在快速復蘇，而大多數其他市場的交通量正在逐步改善。

More specifically, as of July 24, month-to-date, our qualified referrals decreased year-over-year less than 50% in Developed Europe and were down around 50% in Rest of World.

更具體地說，截至 7 月 24 日，本月迄今，我們的合格推薦人在發達歐洲地區同比下降不到 50%，在世界其他地區下降了約 50%。

While in Americas, our qualified referrals were down around 70% year-over-year month-to-date, as the tick up in demand flattened out in the U.S. in the second half of June, and we have not seen a recovery in Latin America yet.

在美洲，由於 6 月下半月美國的需求增長趨於平緩，我們的合格推薦人本月迄今同比下降了約 70%，而且我們還沒有看到拉丁美洲的複蘇美國還。

Overall, our advertisers remain cautious, so bidding levels are still down significantly compared to 2019.

總體而言，我們的廣告商仍持謹慎態度，因此與 2019 年相比，出價水平仍顯著下降。

Our revenue per qualified referral, which reflects the current bidding levels, is down more than 50% globally year-over-year, month-to-date as of July 24.

截至 7 月 24 日，我們每個合格推薦人的收入反映了當前的出價水平，在全球範圍內同比下降了 50% 以上。

Nonetheless, we expect revenue in July to exceed our revenue that we reported for the whole second quarter.

儘管如此，我們預計 7 月份的收入將超過我們報告的整個第二季度的收入。

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.

接線員，我們現在準備回答第一個問題。

The first question is coming from the line of Tom White from D.A. Davidson.

第一個問題來自 D.A. 的 Tom White。戴維森。

Thanks for the color around what's happening in July, what's happened so far in July.

感謝圍繞 7 月發生的事情以及 7 月到目前為止發生的事情的顏色。

I was hoping you could give a bit more color just on the kind of the early iterations of the local travel product.

我希望你能在本地旅遊產品的早期迭代中多加一點色彩。

What's kind of the vision there?

那裡的景像如何？

How quickly can you kind of roll that out and evolve it?

你能以多快的速度推出並改進它？

And then also just maybe an update on the cost per acquisition offering.

然後也可能更新每次收購產品的成本。

Any kind of early stats you can give us on advertiser interest uptake, that sort of thing?

您可以向我們提供有關廣告商興趣吸收的任何早期統計數據嗎？

Thanks.

謝謝。

So on the local travel product, as I said, it is in a better testing phase right now, which means that we have a first usable product life that we do test with a small subset of users.

所以在本地旅遊產品上，正如我所說，它現在處於更好的測試階段，這意味著我們有一個可用的產品生命週期，我們對一小部分用戶進行測試。

That is a very important milestone, and I'm very, very happy with how quickly the team managed to get to that point.

這是一個非常重要的里程碑，我對團隊能夠如此迅速地達到這一點感到非常、非常高興。

Realistically, it needs a few iterations because -- before the product is ready for further rollout.

實際上，它需要幾次迭代，因為——在產品準備好進一步推出之前。

But in the third quarter, we expect to make significant progress.

但在第三季度，我們預計會取得重大進展。

On CPA, we do have a net CPA product currently live with the first advertisers, and we are working on rolling that out further.

在 CPA 方面，我們確實有一個淨 CPA 產品目前與第一批廣告商一起使用，我們正在努力進一步推廣。

There is significant interest from many, many advertisers to move fully or partially to that product.

許多廣告商對完全或部分轉向該產品表現出濃厚的興趣。

And I would expect the rollout to see significant interest and traction, again, in the next couple of months.

我希望在接下來的幾個月裡，這項推出會再次引起人們的極大興趣和關注。

Okay.

好的。

And just a quick follow-up on CPA.

並且只是對 CPA 的快速跟進。

How does that handle cancellations?

這如何處理取消？

I mean is that somehow factored in or something that you guys can monitor?

我的意思是，這是某種因素還是你們可以監控的東西？

Or is it, basically is the acquisition just defined as the kind of the initial booked room night, not necessarily a stayed room night?

或者說，獲取基本上只是定義為初始預訂間夜的那種，不一定是入住間夜？

There are different models.

有不同的型號。

We do offer a gross CPA.

我們確實提供總 CPA。

So that is basically for every booking and does not factor in cancellations, and we also do offer net CPA where there is a credit for cancellations that are coming in.

所以這基本上是針對每次預訂，不考慮取消，我們也提供淨 CPA，其中有取消的信用。

Next question is coming from the line of Brian Fitzgerald from Wells Fargo.

下一個問題來自富國銀行的 Brian Fitzgerald。

A couple of questions.

幾個問題。

Thanks for some of the referral data on what you're seeing in Germany.

感謝您提供有關您在德國看到的內容的一些推薦數據。

I think Booking.com has mentioned, generally, when you see customers travel closer to home, you see them having shorter durations of stay, staying in less expensive accommodations versus when they travel further.

我想 Booking.com 已經提到，一般來說，當您看到客戶在離家較近的地方旅行時，您會發現他們的逗留時間較短，住在較便宜的住宿設施中，而不是旅行較遠的地方。

We wanted to hypothesize and ask being that you're seeing some of those trends this year, and maybe they're replacing -- local travels replacing some of the bigger international travel, are you seeing customers, consumers trading up versus what they would normally spend in local vacations in terms of duration, property class?

我們想假設並問你今年是否看到了其中一些趨勢，也許它們正在取代——本地旅行取代了一些更大的國際旅行，你是否看到客戶、消費者與他們通常會進行的交易相比有所增加就持續時間、財產等級而言，在當地度假中花費多少？

Anything you could tell us about the propensity of the spend in local?

您能告訴我們有關當地消費傾向的任何信息嗎？

It's a bit difficult to generalize.

概括起來有點困難。

But if we just take Germany as a market, the duration of the trips has actually gone slightly up.

但是如果我們只把德國作為一個市場，旅行的時間實際上是略有增加的。

And so we don't see that the direction has come down.

所以我們看不到方向已經下降。

There is obviously a mix effect in there because currently, there is a lot more leisure nature travel versus city trips that tend to be a bit shorter.

那裡顯然存在混合效應，因為目前，休閒自然旅行比城市旅行多得多，而城市旅行往往更短一些。

But if you look at the overall data, the trips are getting a bit longer.

但如果你看一下整體數據，行程會變長一些。

In terms of price levels overall, there, again, there is a different trend.

就總體價格水平而言，又出現了不同的趨勢。

The city prices tend to have dropped this year compared to last year, which is clear because there's a lot less demand, whereas the beach in particular, but all the nature destinations tend to hold up or even go up slightly.

與去年相比，今年的城市價格往往有所下降，這一點很明顯，因為需求減少了很多，尤其是海灘，但所有自然目的地的價格都趨於穩定甚至略有上漲。

But the development is different really market by market.

但發展確實因市場而異。

But yes, just taking Germany as the market that currently has recovered most globally for us, those are the trends that we are observing there.

但是，是的，僅將德國作為目前對我們來說全球復甦最快的市場，這些就是我們在那裡觀察到的趨勢。

And then maybe we had one quick follow-up that's related, and it's just a broader question.

然後也許我們有一個相關的快速跟進，這只是一個更廣泛的問題。

Revenues are down.

收入下降了。

Unclear how long, unclear of what the linear path or how linear the path is to recovery.

不清楚多長時間，不清楚恢復的線性路徑或恢復路徑的線性程度。

Are there any opportunities or any other problems in the travel market that are being unearthed right now by COVID that you could address?

您是否可以解決當前 COVID 正在發掘的旅遊市場中的任何機會或任何其他問題？

Maybe longer-term rentals for remote or potential nomadic workforces where we've been hearing about locations open up for monthly rentals, where people want to travel and work from a remote location.

也許是為偏遠或潛在的游牧勞動力提供長期租金，我們一直聽說這些地方開放月租，人們希望在這些地方旅行和工作。

I mean there are, for sure, many opportunities that we are looking at and that are opening up right now or that we expect to open up in the month and even years to come.

我的意思是，可以肯定的是，我們正在尋找許多機會，這些機會現在正在開放，或者我們希望在未來一個月甚至幾年內開放。

Domestic local travel is clearly a part of the overall travel universe that is benefiting as our apartments.

國內本地旅行顯然是整個旅行領域的一部分，它作為我們的公寓而受益。

And as you rightly say, one of the drivers of that is to use apartments and longer-time rentals as an alternative to working from home.

正如您所說的那樣，其中一個驅動因素是使用公寓和長期租賃作為在家工作的替代方案。

So yes, we do see those opportunities, and we as an institution are very focused on those opportunities.

所以是的，我們確實看到了這些機會，我們作為一個機構非常關注這些機會。

The challenges are clear, and the opportunities will outweigh the challenges in the midterm from our perspective.

挑戰是顯而易見的，從我們的角度來看，中期機遇將大於挑戰。

Next question is coming from the line of Naved Khan from SunTrust.

下一個問題來自 SunTrust 的 Naved Khan。

Yes.

是的。

Just a question on the local leisure opportunity.

只是關於當地休閒機會的問題。

Curious to know if you think there is enough lodging supply that's even available to meet the demand that you're seeing there?

想知道您是否認為有足夠的住宿供應甚至可以滿足您在那裡看到的需求？

And just in terms of your offering, how do you plan to promote that to the end consumer?

就您的產品而言，您打算如何將其推廣給最終消費者？

Are you also trying to bring in more advertisers, new advertisers into the fold?

您是否也在嘗試引入更多的廣告商，新的廣告商？

And then I had a follow-up.

然後我進行了跟進。

So your focus question is, is there enough local supply?

所以你的焦點問題是，本地供應是否充足？

That depends obviously by market.

這顯然取決於市場。

You have some countries in Europe that have net exporters of tourists, the U.K., Germany, et cetera.

歐洲有一些國家是遊客淨出口國，如英國、德國等。

And what you see in Germany, for example, that there is also international traveling, but still, the majority is or the vast majority is in driving distance.

例如，您在德國看到的情況是，也有國際旅行，但大多數或絕大多數是在駕車距離內。

So Netherlands is very popular.

所以荷蘭很受歡迎。

Austria is very popular.

奧地利很受歡迎。

Poland is getting more popular, Croatia.

波蘭越來越受歡迎，克羅地亞。

So all distances there are all -- all destinations in driving distance, all that, that you could, by driving a bit further can reach.

所以所有的距離都是——駕駛距離內的所有目的地，所有你可以通過駕駛更遠的距離到達的所有目的地。

And even more importantly, if something would happen, you could drive back, which seems to be very important in the overall consideration.

更重要的是，萬一有什麼事，還可以開車回去，這在整體考慮中似乎很重要。

So in terms of advertisers, we have a very, very broad coverage, and we think actually that we have the broadest coverage of all platforms by having all major providers of apartments and hotels on our platform.

因此，就廣告商而言，我們的覆蓋範圍非常非常廣泛，實際上我們認為通過在我們的平台上擁有所有主要的公寓和酒店供應商，我們擁有所有平台中最廣泛的覆蓋範圍。

So right now, that is from a customer value proposition, a clear benefit of having still something available when other platforms will have run out already.

所以現在，這是從客戶價值主張出發的，當其他平台已經用完時，仍然有一些可用的東西是一個明顯的好處。

So we don't think that we need to catch up in that direction, but that we are, on the contrary, ahead of our competitors in that regard.

所以我們認為我們不需要在那個方向上趕上，相反，我們在這方面領先於我們的競爭對手。

Understood.

明白了。

And then maybe a quick clarification on the state assistance you've gotten in Germany.

然後可能會快速澄清一下您在德國獲得的國家援助。

Can you quantify what the impact was for the second quarter?

你能量化第二季度的影響嗎？

And how should we think about that continuing for the remainder of the year?

我們應該如何考慮在今年餘下的時間裡繼續這樣做？

Yes.

是的。

So we used that scheme in April and for some teams in May.

因此，我們在 4 月份使用了該方案，並在 5 月份對一些團隊使用了該方案。

And then as of June, everybody was back.

然後從六月開始，每個人都回來了。

But in April, we used it for less than 30% of our employees overall.

但在 4 月份，我們只有不到 30% 的員工使用它。

And most of those people still work 50%, so this gives you a rough idea.

而且這些人中的大多數人仍然工作 50%，所以這給了你一個大概的想法。

I mean we didn't call out the exact number, but the impact was not very significant.

我的意思是我們沒有說出確切的數字，但影響不是很大。

Next question is coming from the line of Shyam Patil from Susquehanna.

下一個問題來自 Susquehanna 的 Shyam Patil。

It's Ryan on for Shyam.

瑞安代替夏姆上場。

So first, in the letter, you mentioned that the full rollout of sponsored listings and display ads are coming in the second half.

首先，在信中，您提到贊助商列表和展示廣告將在下半年全面推出。

So could you talk more about that rollout?

那麼你能多談談這次推出嗎？

And does the low activity on the platform made that rollout any easier or more difficult?

平台上的低活躍度是否使推出更容易或更困難？

And then secondly, I know it's still early, but what are your thoughts on the travel environment during the holiday season as of right now?

其次，我知道現在還早，但是您對目前假期期間的出行環境有何看法？

On the display ads and sponsored listing product, we have technically qualified the product already last quarter and are now commercially rolling it out, which means that we have quite a few advertisers live already on the product and have a very strong pipeline of advertisers that want to launch the product and the campaign.

在展示廣告和讚助商列表產品上，我們已經在上個季度對產品進行了技術鑑定，現在正在商業推廣，這意味著我們已經有相當多的廣告商在使用該產品，並且擁有非常強大的廣告商渠道，他們希望推出產品和活動。

So there is a lot of interest in the product.

因此，人們對該產品很感興趣。

What is holding it back?

是什麼阻礙了它？

There is obviously some limitation in onboarding new campaigns and new advertisers, because there are some technical implementation required on both sides.

加入新活動和新廣告商顯然存在一些限制，因為雙方都需要一些技術實施。

So that is one, which is just work in a way, and then we are working on that.

所以這是一個，它只是在某種程度上起作用，然後我們正在努力。

The second one is that there are still advertisers that don't have their full marketing teams back and still have a significant part of their team in furlough programs.

第二個是仍然有廣告商沒有完整的營銷團隊回來，而且他們的團隊中仍有很大一部分在休假計劃中。

And that is also a limitation because they are sometimes just not all the right partners available and employees are the partners available to really move this forward.

這也是一個限制，因為有時他們並不是所有合適的合作夥伴，而員工是真正推動這一進程的合作夥伴。

But we are very happy with the pipeline that we are having right now and expect a significant increase in participation rate in the third quarter.

但我們對目前的管道非常滿意，並預計第三季度的參與率將顯著提高。

On your second question, so trends we are seeing what is happening or how is the summer traveling playing out.

關於你的第二個問題，我們看到的趨勢是正在發生的事情，或者夏季旅行的結果如何。

I mean we saw an uptick in demand since beginning of May, in particular, in the U.S. and in Europe.

我的意思是，自 5 月初以來，我們看到需求有所上升，尤其是在美國和歐洲。

And while the uptick in demand since May in the U.S. has plateaued in the second half of June, the positive trend largely continues in Europe.

儘管自 5 月以來美國的需求增長在 6 月下半月趨於平穩，但歐洲的積極趨勢在很大程度上仍在繼續。

And generally, we believe that travel is coming back in 3 phases.

一般來說，我們認為旅行將分三個階段回歸。

First, leisure and vacation trips to local destinations, then city trips and lastly, international trips.

首先是到當地目的地的休閒度假旅行，然後是城市旅行，最後是國際旅行。

And it's a general theme we are seeing right now across most countries.

這是我們現在在大多數國家/地區看到的一個普遍主題。

And we put one slide in the investor presentation where we gave Germany as an example.

我們在投資者介紹中放了一張幻燈片，我們以德國為例。

And there, the year-over-year recovery rate of local leisure trips increased 75 percentage points in the first 2 weeks of July compared to the first 2 weeks in April, while the recovery rate for city trips for the same period increased only 58 percentage points and for international trips, 45 percentage points.

其中，7 月前 2 周本地休閒遊同比回升率較 4 月前 2 週上升 75 個百分點，而同期城市遊回升率僅增長 58 個百分點點和國際旅行，45 個百分點。

Overall, there's still a lot of uncertainty, though, with governments changing restrictions based on new infection rates.

總體而言，隨著政府根據新的感染率改變限制，仍然存在很多不確定性。

And given the uncertainty, many travelers opt for local destinations, which they can reach by car, for example.

考慮到不確定性，許多旅行者選擇當地目的地，例如他們可以駕車到達的目的地。

So what Axel mentioned before, hence, we see the shift to local travel.

因此，正如 Axel 之前提到的，我們看到了向本地旅行的轉變。

And then the other trend, clearly, and we've discussed it as well before that we see is the continuous shift towards apartment, which from our point of view, is great to see, as we started to invest into that segment a couple of years ago, and the work of the last few years is paying off right now.

然後另一個趨勢，很明顯，我們之前也討論過它，我們看到的是向公寓的持續轉變，從我們的角度來看，這是很好的，因為我們開始投資該領域幾年前，過去幾年的工作現在正在得到回報。

Next question is coming from the line of James Lee from Mizuho Securities.

下一個問題來自瑞穗證券的James Lee。

Great.

偉大的。

And I appreciate the color on the recovery that what you see in Europe and U.S. so far in terms of qualified referral.

我很欣賞你在歐洲和美國看到的複甦的顏色。到目前為止，就合格的推薦而言。

Can you talk about maybe the auction density a little bit here in terms of revenue per qualified referral here, trends into July?

你能談談這裡的拍賣密度，根據每個合格推薦人的收入，到 7 月的趨勢嗎？

You sort of mentioned that advertisers are a little bit cautious at this point in time.

你有點提到廣告商在這個時候有點謹慎。

Just want to see how that trend is comparing versus what you see in June.

只是想看看該趨勢與您在 6 月份看到的情況相比如何。

Sure.

當然。

Thanks, James.

謝謝，詹姆斯。

So yes, the marketplace remains volatile and levels can vary significantly by market.

所以是的，市場仍然不穩定，並且水平可能因市場而異。

So it is difficult to make a general statement.

所以很難做一個籠統的說法。

But what I can say is that as of July 24, revenue per qualified referral, which is a good proxy for bidding levels, is still down more than 50% globally year-over-year, month-to-date.

但我可以說的是，截至 7 月 24 日，每個合格推薦人的收入（這是投標水平的一個很好的代表）在全球範圍內同比下降了 50% 以上，本月迄今。

So we do see some recovery if you compare that to the Q2 number, but it is slower than, for example, the recovery in qualified referrals.

因此，如果將其與第二季度的數字進行比較，我們確實看到了一些復甦，但它比合格推薦的複蘇要慢。

But as more and more advertisers are coming back, we expect bidding levels to normalize.

但隨著越來越多的廣告商回歸，我們預計出價水平將恢復正常。

But again, it's hard to make an exact prediction here, and we will see how that will take out in the remainder of the quarter.

但同樣，這裡很難做出準確的預測，我們將在本季度的剩餘時間內看到這將如何實現。

Okay.

好的。

Great.

偉大的。

If I can ask a follow-up question regarding alternative accommodation here.

如果我可以在這裡問一個關於替代住宿的後續問題。

Obviously, you talked about skewing towards local travel and also alternative accommodations here.

顯然，您談到了偏向本地旅行以及這裡的其他住宿。

Do you feel you have enough supply currently?

你覺得你目前供應充足嗎？

If you do, what are you doing specifically to optimize your sort of results and conversions here?

如果你這樣做，你正在做什麼來優化你的結果和轉化率？

We do think that we have sufficient supply.

我們確實認為我們有足夠的供應。

As I said before, we do have the, from our perspective, broadest offering overall, with the highest number of hotel and apartment providers on the platform.

正如我之前所說，從我們的角度來看，我們確實擁有最廣泛的整體產品，平台上的酒店和公寓供應商數量最多。

What we are doing to optimize, there are quite a few tests that we are running on the product side to optimize the flow further for apartments as the platform has historically been built for hotels.

我們正在做的優化工作是，我們在產品方面進行了很多測試，以進一步優化公寓的流程，因為該平台歷來是為酒店構建的。

And we only started a bit more than 2.5 years ago to really integrate apartments.

我們在 2.5 多年前才開始真正整合公寓。

So I would say it's fair to say that we are not done there.

所以我想說我們還沒有完成那裡是公平的。

Like one specific example that we've launched a new guest selector product that basically allows you in a more intuitive way to search for larger groups, which before was not as optimal as it is right now, but there are many other tests that we are running to integrate apartments better and also the specific searches that are more skewed towards apartments like larger groups, family vacations, vacation homes, et cetera, into the core product.

就像一個具體的例子，我們推出了一種新的訪客選擇器產品，基本上可以讓您以更直觀的方式搜索更大的群體，這在以前並不像現在這樣最佳，但我們還有許多其他測試運行以更好地將公寓以及更傾向於公寓的特定搜索（如大型團體、家庭度假、度假屋等）整合到核心產品中。

Okay.

好的。

Great.

偉大的。

If I can squeeze in one more question regarding alternative accommodation here.

如果我可以在這裡再問一個關於替代住宿的問題。

Since you talked about Germany, it's the first country that you're seeing recovery, can you give me a sense of percentage of room nights you're seeing for alternative accommodation in Germany?

既然你談到了德國，它是你看到復甦的第一個國家，你能告訴我你在德國看到的替代住宿的間夜百分比嗎？

I mean, we shared that as globally, our share of the referrals exceeded 20% in the second quarter.

我的意思是，我們分享了在全球範圍內，我們在第二季度的推薦份額超過了 20%。

I mean we don't disclose that number on a market level.

我的意思是我們不會在市場層面上披露這個數字。

And yes, that's all we can say.

是的，這就是我們所能說的。

The next question is coming from the line of Lloyd Walmsley from Deutsche Bank.

下一個問題來自德意志銀行的 Lloyd Walmsley。

You got Chris on for Lloyd.

你讓克里斯代替勞埃德。

Maybe a few on you guys on marketing spend.

也許你們有一些營銷支出。

Can you just talk a little bit about the adoption of the CPA product and how that will potentially impact you guys on marketing spend?

您能否談談 CPA 產品的採用以及這將如何影響你們的營銷支出？

I know you guys made the distinction between having a net and a gross CPA product.

我知道你們區分了淨 CPA 產品和總 CPA 產品。

And then looking out to 3Q, how should we be thinking about, you guys also mentioned that TV ads are starting back up, how could TV ads really be driving sequential spend growth for you guys versus spending your own performance dollars?

然後展望第三季度，我們應該如何考慮，你們還提到電視廣告正在重新開始，電視廣告如何真正推動你們的連續支出增長而不是花費你們自己的績效資金？

And just thinking about those TV ads that you guys have been experimenting with so far.

想想你們到目前為止一直在試驗的那些電視廣告。

Just any color that you can provide on the KPIs versus how TV ads KPIs have looked to run in a pre-COVID environment.

您可以在 KPI 上提供的任何顏色與電視廣告 KPI 在 COVID 之前的環境中看起來如何運行。

Sure.

當然。

On the net and gross CPA models that we are offering, we had started with some launch partners right now and are working on rolling the product out further.

在我們提供的淨 CPA 模型和總 CPA 模型上，我們現在已經開始與一些發布合作夥伴合作，並正在努力進一步推廣該產品。

As there is significant interest and particularly on the net CPA, there is a lot of concern from and particularly smaller advertisers that they cannot predict well cancellation rates, and they do see value in us actually aggregating the data from multiple advertisers and predicting the cancellation rates on their behalf.

由於人們非常感興趣，尤其是對淨每次轉化費用，特別是較小的廣告商非常擔心他們無法很好地預測取消率，他們確實看到了我們實際匯總來自多個廣告商的數據並預測取消率的價值代表他們。

And that is the value creation opportunity on top of, obviously, taking our bidding algorithm, which is again aggregating, obviously, all the data that we have access to versus just the individual advertisers' data.

顯然，這是在我們的競價算法之上創造價值的機會，該算法顯然再次匯總了我們可以訪問的所有數據，而不僅僅是單個廣告商的數據。

So those are the 2 levers to improve auction dynamics.

因此，這些是改善拍賣動態的兩個槓桿。

And we would expect that the rollout of these tools will help the auction dynamics and support the overall recovery of the auction that Matthias mentioned earlier.

我們預計這些工具的推出將有助於拍賣動態並支持 Matthias 之前提到的拍賣的整體復甦。

And then on your second question, so first of all, let me say that, as you can see from the numbers we disclosed that in the second quarter, we put our marketing activities largely on hold.

然後關於你的第二個問題，首先，讓我說，正如你從我們在第二季度披露的數字中看到的那樣，我們基本上暫停了營銷活動。

Beginning of June, we have reengaged in some performance marketing activities and have launched first TV campaigns in some of our core markets.

6 月初，我們重新開展了一些效果營銷活動，並在我們的一些核心市場推出了首批電視廣告。

In July, we have then increased our brand marketing spend and started to launch our new campaign.

7 月，我們增加了品牌營銷支出，並開始推出新的營銷活動。

And depending on the first result, and it's a bit too early at this point and the general travel demand, we will adjust our spend for the remainder of the third quarter.

根據第一個結果，現在還為時過早，以及一般的旅行需求，我們將調整第三季度剩餘時間的支出。

However, given the unstable health situation, we remain cautious, as we said in our shareholder letter, overall in our marketing activities.

然而，鑑於不穩定的健康狀況，正如我們在股東信中所說，我們在營銷活動中總體保持謹慎。

And we believe that flexibility is key, and our TV partners have predominantly supported us here.

我們相信靈活性是關鍵，我們的電視合作夥伴在這裡主要支持我們。

So our fixed commitments for TV advertisement for 2020 have been mostly reduced or pushed to 2021.

因此，我們對 2020 年電視廣告的固定承諾已大部分減少或推至 2021 年。

So to your question on how we approach TV and what KPIs we look at, I think that is not really different.

因此，對於您關於我們如何處理電視以及我們關注的 KPI 的問題，我認為這並沒有什麼不同。

The one thing that is different is that we try to be more flexible and react to more what we see.

唯一不同的是，我們試圖變得更加靈活，並對我們看到的更多事物做出反應。

Does that answer your question?

這是否回答你的問題？

Yes.

是的。

Next question is coming from the line of Kevin Kopelman from Cowen.

下一個問題來自 Cowen 的 Kevin Kopelman。

I had a couple of questions on pricing dynamics in the market now for accommodations.

我有幾個關於住宿市場定價動態的問題。

Have you seen any change in the variability of pricing for an accommodation from one OTA to the next?

您是否看到從一個 OTA 到下一個 OTA 的住宿價格變化有任何變化？

Or from the OTAs versus the supplier direct sites?

還是來自 OTA 與供應商直營網站？

Thanks, Kevin.

謝謝，凱文。

I wouldn't be in a position to call anything out.

我無法大聲疾呼。

I mean obviously, there is more volatility than usual.

我的意思是，顯然，波動性比平時更大。

And in particular, for our marketplace, what we have seen in the second quarter that some advertisers even deactivated their campaigns, so they dropped off of our marketplace.

特別是對於我們的市場，我們在第二季度看到一些廣告商甚至停用了他們的活動，因此他們退出了我們的市場。

Now they are coming gradually back.

現在他們正在逐漸回歸。

So overall, there is a lot of volatility.

因此，總體而言，存在很大的波動性。

And then all that shift and changes we called out, obviously, adds to the noise there.

然後我們呼籲的所有轉變和變化，顯然，增加了那裡的噪音。

But there's not one theme that I would call out or that I could mention here.

但是沒有一個主題是我要提出來的，也不是我可以在這裡提及的。

Yes.

是的。

And then when you look at ADRs coming down, do you have a sense of how much of that ADR declines from the suppliers are from mix shift in terms of where the travelers are going versus the suppliers actually cutting the prices of their accommodations?

然後，當您查看 ADR 下降時，您是否了解供應商的 ADR 下降有多少來自混合轉變，即旅行者去哪裡與供應商實際降低住宿價格？

Yes.

是的。

So looking at that, and again, you need to look at individual markets.

因此，再次審視這一點，您需要審視各個市場。

So in the German market, the prices have not really come down for leisure nature destinations because there is a lot of demand, whereas the prices have come down in city destinations.

因此在德國市場，休閒自然目的地的價格並沒有真正下降，因為需求很大，而城市目的地的價格已經下降。

So the average is heavily influenced by that mix, clearly, but you cannot say that overall prices have fallen.

因此，很明顯，平均價格受這種組合的影響很大，但你不能說整體價格下降了。

It depends very much which segment and which destination, and we see similar things in other markets.

這在很大程度上取決於哪個細分市場和哪個目的地，我們在其他市場也看到了類似的情況。

But obviously, the mix is very different market by market.

但顯然，不同市場的組合非常不同。

Yes, absolutely.

是的，一點沒錯。

Just to add to that.

只是為了補充這一點。

I mean you know ADRs are part of our revenue per qualified referral.

我的意思是你知道 ADR 是我們每次合格推薦收入的一部分。

And if you take my previous comments, I mean, the biggest driver there is clearly the bidding levels we are currently seeing in our marketplace.

如果你接受我之前的評論，我的意思是，最大的驅動因素顯然是我們目前在市場上看到的出價水平。

So for us, the volatility there plays a much bigger role than changes in ADRs.

所以對我們來說，那裡的波動性比 ADR 的變化起著更大的作用。

Yes.

是的。

And then just a follow-up on some of the market-by-market data.

然後只是跟進一些逐個市場的數據。

Can you give us a sense of how strong the recovery in Germany and Italy has been?

您能告訴我們德國和意大利的複蘇有多強勁嗎？

What kind of levels you're at there relative to where you were?

相對於你所在的位置，你在那里處於什麼樣的水平？

Yes.

是的。

We don't give specific numbers for individual countries.

我們不提供個別國家/地區的具體數字。

You know we report in segments, and I gave you more color what we see in July in terms of qualified referrals in Developed Europe.

你知道我們是分段報告的，我給了你更多關於我們在 7 月份看到的發達歐洲合格推薦的顏色。

But having said that, I mean, Germany is a very strong market.

但話雖如此，我的意思是，德國是一個非常強大的市場。

And so far, the recovery has been stronger than in other markets.

到目前為止，復甦比其他市場更強勁。

And I think a good starting point for you is to look at general market data you can find, and what we see on our platform shouldn't deviate too much from that.

我認為對你來說一個好的起點是查看你能找到的一般市場數據，我們在平台上看到的數據不應與此相差太多。

Got it.

知道了。

And then one other one there.

然後那裡的另一個。

So Americas month-to-date, QRs are down 70%.

所以美洲本月迄今，QRs 下降了 70%。

Can you talk about what that looks like compared to the previous month?

你能談談與上個月相比的情況嗎？

What kind of levels are you at in June there for Americas?

您在 6 月份的美洲市場處於什麼水平？

Yes.

是的。

So I mean, if you look at qualified referrals in the second quarter, we reported that number.

所以我的意思是，如果你看看第二季度的合格推薦，我們報告了這個數字。

And you can imagine that in April, that number was down much more.

你可以想像，在 4 月份，這個數字下降得更多。

And then in May, we have seen some recovery, but that was very slow.

然後在 5 月，我們看到了一些復甦，但那是非常緩慢的。

So if you look at the absolute number of qualified referrals in Q2, the majority, the vast majority of that was in June.

因此，如果您查看第二季度合格推薦的絕對數量，大多數，其中絕大多數是在 6 月份。

So I think if you take that as a starting point and compare that, then that gives you quite a good idea of where we were in June, and then you can compare that to the 70% I called out.

所以我認為，如果你以此為起點並進行比較，那麼你就可以很好地了解我們在 6 月份的情況，然後你可以將其與我所說的 70% 進行比較。

Great.

偉大的。

That's helpful.

這很有幫助。

And then if I could just ask one last question, a follow-up on your previous questions.

然後，如果我可以問最後一個問題，請跟進您之前的問題。

So I was wondering on TV advertising costs, when you're going out and buying or making new placements, can you talk about how much pricing has come down on TV to reach the same number of people?

所以我想知道電視廣告成本，當你出去購買或製作新的廣告位時，你能談談電視上的價格下降了多少才能覆蓋相同數量的人嗎？

Or however it is that you look at it when you're going out and buying TV spots?

或者當你出去買電視廣告時，你會看它嗎？

Yes.

是的。

Thanks for the question.

謝謝你的問題。

I have to say that has been something that a development that was very positive.

我不得不說這是一個非常積極的發展。

We have seen a hugely collaborative approach from almost all of our TV partners, trying to help us out in a difficult situation and really valuing the relationship that we've built up over the last couple of years.

我們已經看到幾乎所有電視合作夥伴都採取了一種高度協作的方式，試圖在困難的情況下幫助我們，並真正重視我們在過去幾年中建立的關係。

So we experienced a full range of getting even free advertisement in the time of the lockdown from certain partners to getting discounts on the relaunch.

因此，在某些合作夥伴的鎖定期間，我們經歷了從獲得免費廣告到重新啟動折扣的全方位體驗。

But on the exact discount levels, I cannot comment.

但關於確切的折扣水平，我無法發表評論。

But generally speaking, we've been very, very happy by the support that we have been given by our partners.

但總的來說，我們對合作夥伴給予我們的支持感到非常非常高興。

Next question is coming from the line of Brian Nowak from Morgan Stanley.

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。

A couple of questions from us.

我們有幾個問題。

One, just maybe a bigger picture, following up on the advertising question.

一，也許只是一個更大的圖景，跟進廣告問題。

Given you guys have the opportunity now to maybe rebuild the advertising spend from a lower base given the travel environment, have you sort of given any thought around longer term, bigger picture?

鑑於你們現在有機會在旅遊環境下從較低的基數重建廣告支出，你們是否考慮過更長期、更大的前景？

Any fundamental shifts in sort of the travel marketing mix and how you guys are approaching sort of that marketing spend going forward?

旅遊營銷組合有什麼根本性的變化，你們是如何處理未來的營銷支出的？

The second one around sort of the advertiser mix.

第二個是關於廣告商組合的。

Obviously, helpful to see the chart that you provided on the slide.

顯然，查看您在幻燈片上提供的圖表很有幫助。

But any color you could provide on, obviously, the change in mix you saw this quarter, how that progressed and sort of your expectations going forward?

但是，您可以提供任何顏色，很明顯，您在本季度看到的組合變化，進展如何以及您對未來的期望如何？

And then I had one more follow up.

然後我又進行了一次跟進。

Sure.

當然。

Let me start with the advertiser mix question.

讓我從廣告商組合問題開始。

I mean as you know, in general, we do not comment on the channel mix, but what I would say is that for TV advertisement to be successful the way we run it, you need a certain threshold in terms of travel interest.

我的意思是如你所知，一般來說，我們不會對頻道組合發表評論，但我想說的是，要讓電視廣告以我們的方式取得成功，你需要在旅遊興趣方面有一定的門檻。

So in the early phase, you most likely won't see us as much on TV in most markets, whereas selectively investing into performance marketing channels might make sense.

因此，在早期階段，您很可能不會在大多數市場的電視上看到我們那麼多，而有選擇地投資於績效營銷渠道可能是有意義的。

In June, we have done just that.

六月，我們做到了這一點。

We reengaged in performance marketing, but did not advertise meaningfully on TV.

我們重新搞效果營銷，但沒有在電視上做有意義的廣告。

Now with a positive trend continuing in July, especially in Europe, we increased our TV investment again.

現在，隨著 7 月份繼續保持積極趨勢，尤其是在歐洲，我們再次增加了電視投資。

And as for our performance marketing channels, our strategy has not changed.

至於我們的效果營銷渠道，我們的策略沒有改變。

We mentioned the large-scale performance marketing test that we started pre COVID-19.

我們提到了我們在 COVID-19 之前開始的大規模績效營銷測試。

And they showed that generally, our bids were too high.

他們表明，一般來說，我們的出價太高了。

Right now, bidding levels are obviously much lower, and we continue to opportunistically invest into those channels.

現在，出價水平顯然要低得多，我們繼續投機地投資這些渠道。

Making a statement on how this will look like next year, I think that is too early.

就明年的情況發表聲明，我認為還為時過早。

And then on the second question?

然後是第二個問題？

Yes.

是的。

On the advertiser mix, I think in general, the dynamic has been the following.

在廣告商組合方面，我認為總體而言，動態如下。

I mean in March and beginning of April, we've seen pretty much all advertisers significantly reducing their bids with the lockdowns coming in and the wave of cancellations hitting them.

我的意思是，在 3 月和 4 月初，我們看到幾乎所有廣告商都隨著封鎖的到來和取消浪潮的到來而大幅降低了他們的出價。

And some advertisers even completely deactivating their campaigns, going completely offline.

一些廣告商甚至完全停用他們的活動，完全離線。

The same thing that I think is worth looking at is that Booking Holdings and their sub-brands have kept all of their campaigns live throughout the quarter and have been actually one of the first to adjust the bids upwards when they felt that cancellations rates were under more control and volumes were picking up.

我認為值得關注的同一件事是，Booking Holdings 及其子品牌在整個季度都保持了所有活動，並且實際上是在他們認為取消率低於預期時率先上調出價的公司之一更多的控制和體積正在回升。

And that has, for sure, helped them to increase the overall share that we've reported.

毫無疑問，這幫助他們增加了我們報告的總體份額。

And we now see more and more advertisers coming back online and leaning in a bit more, getting more comfortable with the prediction of the cancellation rates.

現在，我們看到越來越多的廣告商重新上線並更加傾向於對取消率的預測。

As I said earlier, we think that the CPA and the net CPA bidding models will also support advertising getting more comfortable, and we are expecting the structure to normalize over time, and we've seen some trends in that direction already.

正如我之前所說，我們認為 CPA 和淨 CPA 出價模型也將支持廣告變得更加舒適，我們預計該結構會隨著時間的推移正常化，我們已經看到了這個方向的一些趨勢。

Got it.

知道了。

That's helpful.

這很有幫助。

Just one last question.

最後一個問題。

It sounds like Europe is seeing a pretty steady recovery.

聽起來歐洲正在穩步復甦。

But given some of the recent sort of announcement, I think, made by the U.K. to reimpose a quarantine on Spain and potentially other markets as well.

但我認為，考慮到英國最近發布的一些聲明，重新對西班牙和其他潛在市場實施隔離。

Just curious to get your view sort of on, is it sort of a more regional sort of improvement you're seeing or more broad-based?

只是想了解您的觀點，您看到的是更區域性的改進還是更廣泛的改進？

And is there a potential for maybe some flattening out like you saw in the U.S. in late June for Europe?

歐洲是否有可能像 6 月下旬在美國看到的那樣趨於平緩？

I mean there's always the risk of a deterioration of the health situation that will then also lead in other regions to a drop in travel demand.

我的意思是，健康狀況惡化的風險始終存在，這也會導致其他地區的旅行需求下降。

But as of today, we see in most of the markets a significant improvement in the situation.

但截至今天，我們看到大多數市場的情況都有顯著改善。

In the U.K., specifically, we've seen clearly a drop in demand for Spanish destinations, as you would expect, after the government announcement.

在英國，特別是在政府宣布之後，正如您所預料的那樣，我們已經清楚地看到對西班牙目的地的需求下降。

But not a drop overall, but more a shift towards domestic destinations.

但不是整體下降，而是更多地轉向國內目的地。

And I think that's almost to the way to think about it.

我認為這幾乎就是思考它的方式。

As long as there are safe travel destinations that you can travel to safely, we expect the demand to continue to increase and to recover.

只要有您可以安全前往的安全旅行目的地，我們預計需求將繼續增加並恢復。

But if the general health situation domestically and in the destinations is deteriorating, similar to what we've seen in parts of Americas, then we expect the overall travel demand to drop again.

但如果國內和目的地的總體健康狀況惡化，類似於我們在美洲部分地區看到的情況，那麼我們預計整體旅行需求將再次下降。

Next question is coming from the line of Doug Anmuth from JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

This is Dae on for Doug.

這是 Dae on for Doug。

First one for Axel, just a follow-up on your local travel product.

Axel 的第一個，只是您當地旅遊產品的跟進。

Just curious to hear how this product is different versus your core search product and if marketplace or if advertiser participation is different versus your core search product?

只是想知道該產品與您的核心搜索產品有何不同，以及市場或廣告商參與與您的核心搜索產品是否不同？

And then a follow-up for Matthias.

然後是 Matthias 的跟進。

Could you talk about how your cost, just talk about how you feel about your cost base right now?

你能談談你的成本嗎，談談你現在對成本基礎的看法？

What is your current cost run rate?

您當前的成本運行率是多少？

And if you plan on bringing this down further?

如果你打算進一步降低它？

Or are you comfortable at current levels?

或者你對目前的水平感到滿意嗎？

So let me start with the local travel product.

那麼讓我從本地旅遊產品開始。

The opportunity that we do see in local travel is to be a bit more inspirational in where to travel, because the challenge that you're facing is that the top destinations that you have in mind might not be within driving distance or there might be a few that, that will be very, very crowded.

我們在本地旅行中確實看到的機會是在旅行地點方面更具啟發性，因為您面臨的挑戰是您心目中的頂級目的地可能不在車程範圍內，或者可能有很少，那會非常非常擁擠。

And so it is important for you as a traveler to get some inspiration, what would be your alternatives that might be a bit less well known, but also very attractive and close by.

因此，作為旅行者，重要的是要獲得一些靈感，您的替代方案可能不太為人所知，但又非常有吸引力且就在附近。

And that is the main difference that the product is starting a bit earlier in the funnel.

這是產品在漏斗中更早開始的主要區別。

The commercialization is identical, but it is a bit more inspirational whereas our core product requires you to know already where you want to travel.

商業化是一樣的，但它更鼓舞人心，而我們的核心產品要求你已經知道你想去哪裡旅行。

That is not necessary in our local travel product the way it is currently designed.

這在我們目前設計的本地旅遊產品中是沒有必要的。

Yes.

是的。

On your cost run rate question, Dae, let me start with saying, we have made significant progress implementing the restructuring that we announced earlier this year.

關於你的成本運行率問題，Dae，首先讓我說，我們在實施今年早些時候宣布的重組方面取得了重大進展。

By now, we have closed our Leipzig office.

到目前為止，我們已經關閉了萊比錫辦事處。

We have signed an agreement for the sale of our Spanish development center, and we are in the process of closing our Amsterdam office.

我們已經簽署了出售我們西班牙開發中心的協議，我們正在關閉我們的阿姆斯特丹辦事處。

So we will be a much more focused organization, having consolidated all of our business operations in our headquarter in Düsseldorf.

因此，我們將成為一個更加專注的組織，將我們所有的業務運營整合到我們位於杜塞爾多夫的總部。

So overall, we reduced our operating expenses, adjusted for share-based compensation and restructuring costs by EUR 9.4 million in the second quarter compared to the same period in 2019.

因此，總體而言，與 2019 年同期相比，我們在第二季度減少了運營費用、股權補償和重組成本 940 萬歐元。

So you would need to adjust that for the reduction in other selling and marketing, which is mostly coming from lower TV production costs that we do not consider to be permanent.

因此，您需要針對其他銷售和營銷的減少進行調整，這主要來自我們認為不是永久性的較低電視製作成本。

And if you do that, this gives you a good idea about our cost structure at year-end and going forward.

如果你這樣做，這會讓你對我們在年底和未來的成本結構有一個很好的了解。

In Q3, that number will be a bit higher as we don't get all the benefits from the restructuring that we expect to have then at year-end.

在第三季度，這個數字會更高一些，因為我們沒有從重組中獲得預期在年底獲得的所有收益。

And again, as we mentioned before, the biggest portion of the cost reduction going forward is coming from personnel and related costs.

同樣，正如我們之前提到的，未來成本削減的最大部分來自人員和相關成本。

So we continue to expect to reduce that for 2021 by approximately EUR 20 million.

因此，我們繼續預計到 2021 年將減少約 2000 萬歐元。

There are no further questions.

沒有其他問題了。

Please continue.

請繼續。

Okay.

好的。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

Before we close, let me reiterate, the crisis is a big challenge, but it's also a huge opportunity.

在我們結束之前，讓我重申一下，危機是一個巨大的挑戰，但也是一個巨大的機遇。

We see the crisis as a catalyst, a catalyst to focus even more on our customers' needs, to differentiate our product, improve our competitiveness and positioning in the industry.

我們將危機視為一種催化劑，一種催化劑，可以讓我們更加關注客戶的需求，使我們的產品與眾不同，提高我們在行業中的競爭力和定位。

No matter how challenging the times ahead might be, we are taking a positive perspective and hope you do so too.

無論未來的時代多麼具有挑戰性，我們都持積極的態度，希望您也這樣做。

Many thanks for taking the time.

非常感謝您抽出寶貴時間。

See you next quarter, and stay healthy.

下個季度見，保持健康。

That does conclude our conference for today.

我們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。