(TRVG) 2022 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the trivago Q2 Earnings Call 2022. (Operator Instructions) I must advise you, the call is being recorded today, Wednesday, the 10th of August 2022.

女士們，先生們，美好的一天。感謝您的支持，並歡迎參加 trivago 2022 年第二季度收益電話會議。（操作員說明）我必須告訴您，今天，即 2022 年 8 月 10 日，星期三，電話會議正在錄音。

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.

我們很高興今天有 trivago 的首席執行官兼董事總經理 Axel Hefer 參加電話會議；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, 10th of August 2022 only.

以下討論（包括對您的問題的回答）僅反映了管理層截至今天（2022 年 8 月 10 日星期三）的觀點。

trivago does not undertake any obligation to update or revise this information. As always, some of the statements made on today's call are forward-looking, typically preceded by words such as we expect, we believe, we anticipate or similar statements. Please refer to the Q2 2022 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.

trivago 不承擔更新或修改此信息的任何義務。與往常一樣，在今天的電話會議上做出的一些陳述是前瞻性的，通常在前面加上我們預期、我們相信、我們預期或類似的陳述。請參閱 2022 年第二季度的運營和財務審查以及公司向 SEC 提交的其他文件，了解可能導致 trivago 的實際結果與這些前瞻性陳述產生重大差異的因素的信息。

You will find 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. You are encouraged to periodically visit trivago's Investor Relations site for important content. Finally, unless otherwise stated, all comparisons on this call will be against results for the comparable period of 2021.

您會發現非 GAAP 措施與今天在 trivago 的運營和財務審查中討論的最具可比性的 GAAP 措施的對賬，該審查發佈在公司的 IR 網站 ir.trivago.com 上。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。最後，除非另有說明，否則本次電話會議的所有比較都將與 2021 年可比期間的結果進行比較。

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

有了這個，讓我把電話轉給 Axel。

Thank you, everyone, for joining us for our Q2 '22 earnings call today. As COVID-19 measures have been lifted all over the world, we have seen travelers regaining confidence, leading to significant pent-up demand during the summer so far.

感謝大家今天加入我們的 22 年第二季度財報電話會議。隨著全球各地取消 COVID-19 措施，我們看到旅行者重拾信心，導致夏季迄今被壓抑的大量需求。

We have successfully launched our summer TV campaign and ramped up performance marketing in a disciplined way, leading to the highest quarterly adjusted EBITDA in our history. However, the macroeconomic outlook has become less certain, with rising interest rates and increased inflation putting pressure on consumers' discretionary spending.

我們成功推出了夏季電視廣告活動，並以嚴格的方式加強了績效營銷，從而實現了我們歷史上最高的季度調整後 EBITDA。然而，宏觀經濟前景變得不那麼確定了，利率上升和通脹加劇給消費者的可自由支配支出帶來壓力。

As a result of the changing macroeconomic environment, we have performed a goodwill and indefinite-lived intangible asset impairment test, which resulted in our recording of an impairment charge, driving our net loss of EUR 59.8 million for the quarter.

由於宏觀經濟環境的變化，我們進行了商譽和無限期無形資產減值測試，導致我們記錄了減值費用，導致我們本季度的淨虧損為 5980 萬歐元。

Amidst rising prices, we believe that our core value proposition, price comparison, will be even more relevant to travelers as they will become more price sensitive. We have already taken steps to better meet travelers' increasing needs to compare prices.

在價格上漲的情況下，我們相信我們的核心價值主張，即價格比較，將與旅行者更加相關，因為他們將變得對價格更加敏感。我們已經採取措施更好地滿足旅行者日益增長的比較價格的需求。

First, we plan to fully focus our teams on our core offering of accommodation price comparison as saving money is already on top of travelers' minds. This does not only mean that we focus on enhancing our price comparison offering, but also that the messaging in our advertising will focus on showing the value we can bring in a world with lower disposable incomes and price inflation.

首先，我們計劃讓我們的團隊完全專注於我們的核心住宿價格比較服務，因為省錢已經成為旅行者的首要任務。這不僅意味著我們專注於增強我們的價格比較服務，而且我們廣告中的信息將專注於展示我們可以在可支配收入和價格通脹較低的世界中帶來的價值。

We see already that our branded traffic is outgrowing our performance marketing traffic and believe that this is a sign for an improved market sentiment around our value proposition. To reflect this focus, we have discontinued some of our side products and offerings such as weekend.com and display advertisement.

我們已經看到我們的品牌流量正在超過我們的績效營銷流量，並相信這是圍繞我們的價值主張改善的市場情緒的跡象。為了反映這一重點，我們已經停止了我們的一些副產品和產品，例如周末網站和展示廣告。

Second, we have started to reduce our cost to counter cost inflation and the potential weakening of the market environment and plan to have full flexibility to invest in a market where our value proposition is more needed than ever. Through our cost-saving measures, we plan for our overhead costs to be lower in '23 versus 2022.

其次，我們已開始降低成本以應對成本通脹和市場環境可能減弱的情況，併計劃在比以往任何時候都更需要我們的價值主張的市場上擁有充分的靈活性進行投資。通過我們的成本節約措施，我們計劃在 23 年與 2022 年相比，我們的間接費用成本更低。

With that, let me hand over to Matthias.

有了這個，讓我交給馬蒂亞斯。

Thank you, Axel, and good morning, everyone. We are very happy with our operational and financial performance in our underlying core business in the second quarter.

謝謝你，阿克塞爾，大家早上好。我們對第二季度基礎核心業務的運營和財務表現感到非常滿意。

As Axel mentioned, our adjusted EBITDA of EUR 30.3 million was not only an increase of more than 60% compared to the same period in 2019, but it also marks the highest quarterly adjusted EBITDA in the history of the company.

正如 Axel 所說，我們調整後的 EBITDA 為 3030 萬歐元，不僅比 2019 年同期增長了 60% 以上，而且也是公司歷史上最高的季度調整後 EBITDA。

Our qualified referrals and referral revenue continued to increase throughout the quarter. And in the last week of July, we achieved the highest daily revenue since the start of the pandemic, a sign of the continued recovery that we are seeing in travel generally and in our business.

我們的合格推薦和推薦收入在整個季度持續增長。在 7 月的最後一周，我們實現了自大流行開始以來的最高每日收入，這表明我們在旅行和業務中看到的持續復甦。

Let me give you a bit more color on our qualified referral and revenue per qualified referral development in the second quarter. During the quarter, we have seen a steady normalization of travel activity across many of our core markets, as almost all COVID restrictions have been phased out.

讓我為您提供更多關於第二季度合格推薦和每個合格推薦開發的收入的信息。在本季度，我們看到我們許多核心市場的旅行活動穩步正常化，因為幾乎所有的 COVID 限制都已被逐步取消。

Consequently, similar to last year, we saw strong pent-up demand going into the summer season, in particular in Europe, leading to an increase in our qualified referrals of 15% year-over-year. Our auction remained very strong with improved bidding dynamics, leading to an increase in revenue per qualified referral of 31% year-over-year.

因此，與去年類似，我們看到進入夏季的強勁需求被壓抑，尤其是在歐洲，導致我們的合格推薦同比增長 15%。隨著競價動態的改善，我們的拍賣仍然非常強勁，導致每次合格推薦的收入同比增長 31%。

The combination of higher volumes and better monetization led to an increase in referral revenue of 51% year-over-year. Qualified referrals increased strongest in our segment, Developed Europe, at 20%. Easier comps at the beginning of the quarter and strong summer travel trends across our markets were the key drivers.

更高的交易量和更好的貨幣化相結合，導致推薦收入同比增長 51%。在我們的歐洲發達市場，合格推薦人的增長最為強勁，增長了 20%。本季度初的更輕鬆的比賽和我們市場強勁的夏季旅遊趨勢是關鍵驅動因素。

Branded qualified referrals grew faster than performance marketing qualified referrals for us, as we started to ramp up our brand campaigns at the end of May and continue to be disciplined with our profitability targets in paid search. Revenue per qualified referral increased by 28% year-on-year due to the combination of higher monetization, higher booking conversion and positive country mix effects.

對我們來說，品牌合格推薦人的增長速度快於績效營銷合格推薦人，因為我們在 5 月底開始加強品牌活動，並繼續遵守我們在付費搜索中的盈利目標。由於更高的貨幣化、更高的預訂轉化率和積極的國家/地區組合效應，每位合格推薦人的收入同比增長 28%。

In Americas, qualified referrals increased 9% year-over-year. Brand was the fastest-growing channel as we ramped up our brand spend as planned and saw good results from our summer TV creative.

在美洲，合格推薦人同比增長 9%。品牌是增長最快的渠道，因為我們按計劃增加了品牌支出，並從我們的夏季電視創意中看到了良好的效果。

In performance marketing channels, we observed higher competition leading to higher CPCs, similar to the development in our own auction. As already mentioned, we remain disciplined and invested at our target ROAS levels, which were unchanged compared to prior quarters in performance channels. Revenue per qualified referral increased by 36% year-on-year, more than in Developed Europe, despite country mix effects, which had a negative impact of close to 10%. Those negative country mix effects were more than offset by positive FX effects, mainly due to the strong U.S. dollar relative to the euro.

在績效營銷渠道中，我們觀察到更高的競爭導致更高的每次點擊費用，類似於我們自己的拍賣的發展。如前所述，我們保持紀律並在我們的目標 ROAS 水平上進行投資，與前幾個季度相比，在績效渠道方面沒有變化。儘管國家混合效應產生了接近 10% 的負面影響，但每個合格推薦人的收入同比增長 36%，超過歐洲發達國家。這些負面的國家組合效應被正面的外匯效應所抵消，這主要是由於美元相對於歐元走強。

The biggest driver for the increase in revenue per qualified referral was an increase in our monetization due to the strong auction dynamics. In addition, our average booking value increased around 15%, while conversion rates increased only slightly year-on-year. The performance in our smallest segment, Rest of World, was mixed. Eastern Europe continues to be impacted by the war in Ukraine, and the recovery in APAC is still lagging. However, there were also green shoots, like for example, an increase in travel activity in Australia and Japan.

每個合格推薦收入增加的最大驅動力是由於強勁的拍賣動態，我們的貨幣化增加了。此外，我們的平均預訂價值增長了 15% 左右，而轉化率同比僅略有增長。我們最小的部分世界其他地區的表現好壞參半。東歐繼續受到烏克蘭戰爭的影響，亞太地區的複蘇仍然滯後。然而，也出現了一些新的跡象，例如澳大利亞和日本的旅遊活動增加。

Overall, qualified referrals increased 14% year-on-year and remain at relatively low levels compared to pre-pandemic. Our auction developed nicely though, similar to the other regions with a significant improvement in monetization, leading to an increase in revenue per qualified referral of 37% year-on-year.

總體而言，合格推薦人同比增長 14%，與大流行前相比仍處於相對較低的水平。不過，我們的拍賣發展良好，與其他地區類似，在貨幣化方面有了顯著改善，導致每個合格推薦的收入同比增長 37%。

Moving on to advertising expenses. With the increase in travel demand in most of our core markets, we ramped up our marketing expenses by 32% in the second quarter year-on-year and still reaching or exceeding our target growth levels across all channels. Overall, our ROAS improved to 166% or by 21 percentage points compared to the same period last year.

繼續廣告費用。隨著我們大部分核心市場的旅行需求增加，我們在第二季度將營銷費用同比增加了 32%，並且在所有渠道中仍達到或超過了我們的目標增長水平。總體而言，我們的 ROAS 比去年同期提高了 166% 或 21 個百分點。

While we have not seen any significant drop-off in lodging trends in Q2 or in July, the macroeconomic outlook has burdened and near-term visibility remains relatively low. Rising interest rates, high inflation and a contracting economy in the U.S. and Europe are [weighting] on consumer sentiment. As a consequence, we took a cautious approach with our brand marketing investments and did not increase our target budget despite higher-than-expected returns.

雖然我們沒有看到第二季度或 7 月的住宿趨勢出現任何顯著下降，但宏觀經濟前景已經承壓，近期能見度仍然相對較低。美國和歐洲的利率上升、高通脹和萎縮的經濟正在影響消費者情緒。因此，我們對品牌營銷投資採取了謹慎的態度，儘管回報高於預期，但並未增加目標預算。

Our overall advertising expenses were roughly half of 2019 spend levels as we continue to focus on high-quality traffic with high long-term returns. Excluding advertising expenses, our operational expenses increased EUR 1.4 million in the second quarter or by 4% compared to the same period in 2021. The increase was mostly driven by the impairment of capitalized software assets belonging to discontinued projects and products, expenses incurred to acquire traffic in connection with our B2B solutions that we did not incur in the same period in 2021, and higher people and office-related costs as we introduce a hybrid working model and moved back to our campus.

我們的整體廣告費用約為 2019 年支出水平的一半，因為我們繼續專注於具有高長期回報的高質量流量。不包括廣告費用，我們第二季度的運營費用增加了 140 萬歐元，與 2021 年同期相比增加了 4%。增加的主要原因是屬於已停產項目和產品的資本化軟件資產減值、收購費用與我們的 B2B 解決方案相關的流量，我們沒有在 2021 年同期產生，以及隨著我們引入混合工作模式並搬回我們的校園而產生的更高的人員和辦公室相關成本。

As we prepare for continued high uncertainty in travel demand, we plan to keep our operational expenses, excluding advertising spend, stable in the second half despite inflationary pressures. We expect to be able to further reduce our operating expenses in 2023 versus 2022 by focusing on our core product and deprioritizing noncore projects.

由於我們為旅行需求的持續高度不確定性做準備，儘管存在通脹壓力，我們計劃在下半年保持運營支出（不包括廣告支出）保持穩定。通過專注於我們的核心產品和降低非核心項目的優先級，我們預計能夠在 2023 年與 2022 年相比進一步降低我們的運營費用。

Cash and cash equivalents decreased by EUR 64 million in the second quarter compared to the beginning of the period, mainly driven by a shift of EUR 50 million from cash to term deposits and the payment of the penalty imposed by the Australian Federal Court in the first quarter of approximately EUR 30 million, which we paid out in June.

第二季度現金和現金等價物較期初減少了 6400 萬歐元，主要是由於 5000 萬歐元從現金轉移到定期存款以及支付了澳大利亞聯邦法院第一季度的罰款大約 3000 萬歐元的四分之一，我們在 6 月份支付了。

We remain well capitalized with a cash position and fixed-term deposits of over EUR 250 million and continue to be debt-free. Our net loss in the second quarter was EUR 59.8 million. Due to the deteriorating macroeconomic conditions, including rising interest rates and increased inflation, we performed the goodwill and intangible assets impairment test during the second quarter of 2022.

我們仍然資本充足，現金頭寸和定期存款超過 2.5 億歐元，並且繼續沒有債務。我們第二季度的淨虧損為 5980 萬歐元。由於宏觀經濟狀況惡化，包括利率上升和通貨膨脹加劇，我們在 2022 年第二季度進行了商譽和無形資產減值測試。

As a result, we recorded an impairment charge of EUR 84.2 million. Our intangible assets were impaired by EUR 27.2 million, and our goodwill balance was impaired by EUR 57 million, which outweighted the strong operational performance in our core business. As already mentioned, our adjusted EBITDA was EUR 30.3 million and EUR 51.4 million in the second quarter and the first half of 2022, respectively, compared to EUR 18.8 million and EUR 40.2 million in the same periods in 2019, an increase of 61% and 28%, respectively.

因此，我們記錄了 8,420 萬歐元的減值費用。我們的無形資產減值了 2720 萬歐元，商譽餘額減值了 5700 萬歐元，這超過了我們核心業務的強勁運營業績。如前所述，我們調整後的 EBITDA 在 2022 年第二季度和上半年分別為 3030 萬歐元和 5140 萬歐元，而 2019 年同期為 1880 萬歐元和 4020 萬歐元，增長 61% 和分別為 28%。

During the last 12 months, our adjusted EBITDA was EUR 86.5 million at a margin of 18%, close to our long-term margin goal of 20%. We now expect our full year 2022 adjusted EBITDA to exceed our pre-pandemic full year 2019 adjusted EBITDA, which was EUR 69.9 million.

在過去 12 個月中，我們調整後的 EBITDA 為 8650 萬歐元，利潤率為 18%，接近我們 20% 的長期利潤率目標。我們現在預計我們的 2022 年全年調整後 EBITDA 將超過大流行前的 2019 年全年調整後 EBITDA，即 6990 萬歐元。

Looking at recent trends. In July, qualified referrals as a percentage of 2019 were above 60%, slightly lower compared to June, while our referral revenue slightly improved versus June as our revenue per qualified referral continued to improve due to strong auction dynamics.

看看最近的趨勢。 7 月，合格推薦人佔 2019 年的百分比高於 60%，略低於 6 月，而我們的推薦收入與 6 月相比略有改善，因為由於強勁的拍賣動態，我們的每個合格推薦人的收入繼續提高。

Our brand qualified referrals continue to grow nicely year-on-year at brand spending levels comparable to those of last year in July. In Europe, qualified referrals decreased from around 80% of 2019 levels in June to around 75% in July, while referral revenue was stable at around 75%.

在與去年 7 月的品牌支出水平相當的情況下，我們的品牌合格推薦人繼續保持良好的同比增長。在歐洲，合格推薦人從 2019 年 6 月的 80% 左右下降到 7 月的 75% 左右，而推薦收入穩定在 75% 左右。

Let me also add here that the second half of July was slightly stronger than the first half. In Americas, qualified referrals were around 60% of 2019 levels in July, slightly down from June, while referral revenue improved further from 70% to around 75%.

在這裡我還要補充一點，7 月下半月比上半月略強。在美洲，7 月份合格推薦人約佔 2019 年水平的 60%，略低於 6 月，而推薦收入則從 70% 進一步提高至 75% 左右。

We continue to see a very competitive auction in Americas, in particular, in the U.S., driving higher revenue per qualified referral. In our segment, Rest of World, qualified referrals and referral revenue were roughly flat in July versus June at around 50% and 45% of 2019 levels, respectively.

我們繼續看到美洲的競爭非常激烈，尤其是在美國，這推動了每個合格推薦的更高收入。在我們的世界其他地區，合格推薦和推薦收入在 7 月份與 6 月份大致持平，分別約為 2019 年水平的 50% 和 45%。

We do not expect a significant change for the rest of the quarter. We will continue to be disciplined with our marketing spend while keep investing into brand to rebuild our brand baseline traffic. As we mentioned in prior quarters, this will take time, and we plan to do it in a sustainable way by focusing on long-term returns.

我們預計本季度剩餘時間不會發生重大變化。我們將繼續嚴格控制我們的營銷支出，同時繼續投資於品牌以重建我們的品牌基線流量。正如我們在前幾個季度提到的，這需要時間，我們計劃通過關注長期回報以可持續的方式做到這一點。

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

有了這個，讓我們打開問題線。

(Operator Instructions) Our first question comes from the line of Naved Khan from Truist.

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

A couple of questions from me. So I understand the caution around the macro and because of the inflationary pressures. But it looks like July trends are holding up. Just how to think about the back half of this year for you for the business and the clearance seasonality. Shouldn't Q3 be slightly bigger versus Q2 if I layer that in? And then obviously, it depends on your marketing activity as well. So just kind of maybe give us some more color on how we should think about that. And then I have a follow-up question.

我有幾個問題。因此，我理解圍繞宏觀和通脹壓力的謹慎態度。但看起來 7 月份的趨勢正在持續。只是如何為您考慮今年下半年的業務和清倉季節性。如果我將其分層，Q3 不應該比 Q2 略大嗎？顯然，這也取決於您的營銷活動。因此，可能會給我們一些關於我們應該如何思考的更多顏色。然後我有一個後續問題。

Sure, Naved. Let me take that question. So I do agree. Q3 should be bigger in terms of revenue versus the second quarter. So there, that is our normal seasonality, and we don't expect that to change.

當然，納維德。讓我來回答這個問題。所以我同意。與第二季度相比，第三季度的收入應該更大。因此，這是我們正常的季節性，我們預計不會改變。

Maybe let me give you a bit more color on what we saw in July. So as I said, we saw a continuous improvement week-on-week in our referral revenue as a percentage of 2019 levels. In Europe, for example, we were around 70% of 2019 revenue -- referral revenue at the beginning of July, but above 80% in the last week of July.

也許讓我對我們在 7 月所看到的內容多一點色彩。正如我所說，我們看到我們的推薦收入在 2019 年水平中的百分比逐週持續提高。例如，在歐洲，我們約佔 2019 年收入的 70%——7 月初的推薦收入，但在 7 月的最後一周超過 80%。

In Americas, the trend was very similar, starting the month below 70% of 2019 revenue and improving to around 80% at the end of July. And that is, for the month, an improvement versus the second quarter.

在美洲，這一趨勢非常相似，從本月開始低於 2019 年收入的 70%，到 7 月底提高到 80% 左右。也就是說，就本月而言，與第二季度相比有所改善。

I think other companies have reported similar trends. And I assume it's more macro driven than anything we did specifically. We have seen it in core European markets, like for example, Italy or the U.K., the first 2 weeks of July were, in particular, very hot, which tends to have an impact on travel demand. So yes, so that might have affected demand temporarily.

我認為其他公司也報告了類似的趨勢。而且我認為它比我們專門做的任何事情都更受宏觀驅動。我們已經在歐洲核心市場看到了這種情況，例如意大利或英國，7 月的前兩週尤其炎熱，這往往會對旅行需求產生影響。所以是的，所以這可能會暫時影響需求。

And we all have heard stories around chaos at airports with flights being canceled, et cetera, as well. However, just looking at the bidding behavior in our auction, we cannot call out an increase in cancellation rates for accommodations. As I said, the auction continues to be very strong in Americas in particular, but also in Europe. And so we do expect a further improvement in Q3 with Q2 for referral revenue as a percentage of 2019.

我們都聽說過有關機場混亂、航班被取消等的故事。但是，僅從我們拍賣中的出價行為來看，我們並不能呼籲提高住宿取消率。正如我所說，拍賣在美洲尤其是在歐洲仍然非常強勁。因此，我們確實預計第三季度將進一步改善，第二季度的推薦收入佔 2019 年的百分比。

That's helpful. And then the follow-up I had is just around your commentary around maybe increased competition. I think you referred to the U.S. performance channels. Can you maybe give us a better flavor of what you're seeing? Are the CPCs higher because people are bidding more aggressively? Or are there more players in these performance channels because of which you might be seeing more competition?

這很有幫助。然後我的後續行動只是圍繞你關於可能增加競爭的評論。我想你提到了美國的表演頻道。你能給我們更好地了解你所看到的嗎？每次點擊費用較高是因為人們出價更積極嗎？或者這些性能渠道中是否有更多玩家，因此您可能會看到更多競爭？

Yes. I think -- so first of all, yes, my comment referred to the auction overall. But then specifically, we see that in Americas and in the U.S. And there, it's probably a combination if you compare it to last year, so more players being active.

是的。我認為——首先，是的，我的評論提到了整個拍賣。但具體來說，我們在美洲和美國看到了這一點。如果你將它與去年進行比較，這可能是一個組合，所以更多的玩家活躍起來。

But then obviously, the auction is mostly driven, if you look at Google, by large players. And there we see an increase in CPC bids. So it's very similar to what we see in our own auction. So I wouldn't say that the competition increased more in other performance channels than in our own auction, but it's similar, so consistent with what we are seeing.

但顯然，如果你看看谷歌，拍賣主要是由大公司推動的。我們看到每次點擊費用出價有所增加。所以它與我們在自己的拍賣中看到的非常相似。所以我不會說其他表演渠道的競爭比我們自己的拍賣增加得更多，但它是相似的，與我們所看到的一致。

And for us, obviously, the decision is then do we want to bid up against that? Or where do we fit in the auction? And what does it mean for our own bidding levels? And there, we decided to keep our profitability targets and maybe sacrifice a little bit of volume, but focusing on traffic that is either directly profitable for us or where we do expect long-term positive returns. But we didn't bid for traffic where we have low conviction that it would give us a nice return over a certain period. And yes, that was my commentary there.

對我們來說，顯然，我們的決定是我們是否要競標？或者我們在拍賣中的位置？這對我們自己的出價水平意味著什麼？在那裡，我們決定保持盈利目標，可能會犧牲一點流量，但專注於對我們直接有利可圖或我們確實期望長期正回報的流量。但我們並沒有競標流量，因為我們不太相信它會在一定時期內給我們帶來不錯的回報。是的，那是我的評論。

Our next question comes from the line of Lloyd Walmsley from UBS.

我們的下一個問題來自瑞銀的 Lloyd Walmsley。

I have 2, if I can. First, maybe you can give us a sense of what is changing in the auctions at Google. They've changed around their travel, how they do free versus paid in metasearch. Wondering if you can just comment on like how that's changing, whether it's pricing or volume or both? Just what you're seeing there.

如果可以的話，我有 2 個。首先，也許您可以讓我們了解一下 Google 拍賣的變化。他們已經改變了他們的旅行，他們如何在元搜索中進行免費與付費。想知道您是否可以評論一下這是如何變化的，無論是定價還是數量，還是兩者兼而有之？正是你在那裡看到的。

And then secondly, it looks like Expedia share on the platform came down a little bit. Sequentially, it's down a little bit versus '19. It sounds like they're talking about focusing more on brand ads and app install, things like that. So curious how that may or may not impact your auction and then may or may not cause some deflation in your own customer acquisition channels if they step back a bit. It sounds like that's not the dynamic overall in performance channels. But wondering if you have a view on how that may change as they kind of change their priorities.

其次，平台上的 Expedia 份額似乎有所下降。因此，它與 19 年相比略有下降。聽起來他們在談論更多地關注品牌廣告和應用安裝，諸如此類。很好奇這可能會或可能不會影響您的拍賣，然後如果他們退後一點，可能會或可能不會導致您自己的客戶獲取渠道出現通貨緊縮。聽起來這不是性能渠道中的動態整體。但是想知道您是否對隨著他們改變他們的優先事項而發生的變化有什麼看法。

Sure. So on the introduction of free links in Google Hotel Ads. So that is, from our perspective, is something that is actually interesting so because there's a certain percentage of the traffic going to the lowest price, which is coming from the hotels directly or from OTAs.

當然。因此，在 Google 酒店廣告中引入免費鏈接。也就是說，從我們的角度來看，這實際上是一件很有趣的事情，因為有一定比例的流量流向了最低價格，這些流量直接來自酒店或來自 OTA。

But given that we have or we believe that we have the broadest coverage of online travel players, we, in a lot of cases, actually benefit from that free traffic. So for us, we -- it is net positive from our perspective. But it obviously is a big change.

但鑑於我們擁有或相信我們擁有最廣泛的在線旅遊參與者覆蓋面，在很多情況下，我們實際上從免費流量中受益。所以對我們來說，我們 - 從我們的角度來看是淨積極的。但這顯然是一個很大的變化。

And depending on the volume that Google is sending on the main paid auction versus the free listing, that could actually change over time. The second question on the interpretation of the advertiser mix, there, you have to be a bit cautious because it is global, the global mix. And there are obviously big mix effects in there that are driven by different developments in different markets. So you can't just infer from that one-to-one change in bidding behavior.

根據 Google 在主要付費拍賣與免費列表中發送的數量，這實際上可能會隨著時間而改變。第二個問題，關於廣告主組合的解釋，這裡，你要謹慎一點，因為它是全球性的，全球性的組合。那裡顯然有很大的混合效應，這是由不同市場的不同發展驅動的。所以你不能僅僅從出價行為的一對一變化中推斷出來。

We don't really comment on individual advertisers. But what we can say, and I think Matthias mentioned it before, the auction is very healthy. And that, in our case, means that our big partners are very keen on growing their business and attracting a lot of travelers to their websites, but also that strong regional players are very active. So there is nothing that we see today that would concern us in the current dynamic.

我們不會對個別廣告商發表評論。但是我們可以說，我認為馬蒂亞斯之前提到過，拍賣是非常健康的。就我們而言，這意味著我們的大合作夥伴非常熱衷於發展業務並吸引大量旅行者訪問他們的網站，而且強大的區域參與者也非常活躍。因此，在當前動態中，我們今天所看到的一切都與我們無關。

Our next question comes from the line of James Lee from Mizuho.

我們的下一個問題來自瑞穗的 James Lee。

Two here. I was looking at your U.S. QR growth versus '19. It recovered about 3 points maybe on the performing compared to other regions. Maybe can you explain why a little bit there. And you also talk about your concerns on consumers potentially lower their discretionary spending. I'm just curious, are you seeing any consumers trading down or more focused on pricing, for example, looking at lower ASP hotels, shorter stays, so on and so forth?

這裡有兩個。我在看你的美國 QR 增長與 '19。與其他地區相比，它的表現可能恢復了大約 3 分。也許你能解釋一下為什麼會有一點。您還談到您對消費者的擔憂可能會降低他們的可自由支配支出。我只是好奇，您是否看到任何消費者降價交易或更專注於定價，例如，尋找較低 ASP 的酒店、較短的停留時間等等？

Thanks, James. So on -- I mean, you said U.S. QRs. I assume you mean Americas QRs, right? I mean if you compare that to Europe, there are a couple of effects there. So if you look at the overall referral revenue recovery with 2019, both regions are actually quite similar, both in Q2 and what we are seeing right now.

謝謝，詹姆斯。等等——我的意思是，你說的是美國的二維碼。我假設你的意思是美洲的二維碼，對吧？我的意思是，如果您將其與歐洲進行比較，則會產生一些影響。因此，如果您看一下 2019 年的整體推薦收入恢復情況，兩個地區實際上非常相似，無論是在第二季度還是我們現在看到的情況。

But there are, if you look at the price and volume components, there are differences, that's true. In Americas, as I said, we see a bit stronger auction, so a bit better pricing, but that is also reflected in other channels. And then it depends on what we do with our marketing expenses and how aggressively we drive QRs to our website. And as I said, we focus on high-quality traffic. And we don't specifically look at growing our QR base, but we look at the long-term return.

但是，如果您查看價格和數量的組成部分，就會發現存在差異，這是真的。正如我所說，在美洲，我們看到拍賣會更強一些，所以定價會更好一些，但這也反映在其他渠道中。然後，這取決於我們如何處理營銷費用以及我們將 QR 推送到我們網站的積極程度。正如我所說，我們專注於高質量的流量。我們並沒有特別關注擴大我們的 QR 基礎，但我們關注的是長期回報。

And there you can see again in the second quarter that the absolute contribution for both regions is actually quite similar. For Europe, you see that the -- when you look at the year-over-year, that there is a comp effect in there. So April last year was a bit weaker still. So that is reflected now in a slightly stronger QR growth. And then as well in Europe, we do have a stronger brand in some of the markets. So given our current brand spend level, it's -- the recovery in QR is not as dependent on that as it might be in other markets in Americas.

您可以在第二季度再次看到，這兩個地區的絕對貢獻實際上非常相似。對於歐洲，您會看到 - 當您查看同比時，那裡存在補償效應。所以去年四月還是有點弱。因此，這現在反映在略強的 QR 增長中。此外，在歐洲，我們確實在某些市場擁有更強大的品牌。因此，鑑於我們目前的品牌支出水平，QR 的複蘇並不像美洲其他市場那樣依賴於此。

Yes. On your second question, so just to be clear, I mean, the summer is so far very strong, and that's also what we've expected because the summer is benefiting from a couple of things. Obviously, there is a lot of pent-up demand. People have not been able to travel for quite some time freely. So a lot of trips have been pushed back to see friends and family, to see cities that you want to go to, to see Disneyland, et cetera. So that is clearly what you can see.

是的。關於你的第二個問題，我的意思是，到目前為止，夏天非常強勁，這也是我們所期望的，因為夏天受益於幾件事。顯然，有很多被壓抑的需求。人們已經有一段時間不能自由旅行了。所以很多旅行都被推遲了去見朋友和家人，去看看你想去的城市，去迪斯尼樂園等等。所以這很明顯是你可以看到的。

There's also -- and we've done on some research around that, there were clearly savings coming out of the pandemic, where people were not spending as they usually do on going out, on traveling, et cetera. So there's quite some money that was available to be invested into the summer travel season.

還有——我們已經圍繞這一點進行了一些研究，很明顯，大流行帶來了儲蓄，人們沒有像往常那樣在外出、旅行等上花錢。所以有相當多的錢可以投資到夏季旅遊旺季。

On the other hand, what Matthias has mentioned before, you can clearly see that the staffing issues that you see in many, many sectors is most severe in the hospitality and travel industry because obviously, in the pandemic, people have reduced their staffing levels and are now struggling to rehire.

另一方面，正如馬蒂亞斯之前提到的，您可以清楚地看到，您在許多行業中看到的人員配備問題在酒店和旅遊業中最為嚴重，因為顯然，在大流行中，人們減少了人員配備水平，並且現在正在努力重新招聘。

So the experience, in many cases, has been poor. So that's what you see in the summer, and that the business is very strong, but our outlook for the next 12 months is actually more negative in terms of volume.

因此，在許多情況下，體驗很差。所以這就是你在夏天看到的情況，業務非常強勁，但我們對未來 12 個月的展望實際上在數量方面更為負面。

And why is that? Because the costs in travel have to go up. I mean to increase staffing levels, you need to increase salaries to attract more people to the sector. The disposable income is coming under pressure to different extents in different regions, obviously, and at different points in time. But the inflation is hurting the disposable income.

為什麼是這樣？因為旅行的成本必須上升。我的意思是增加人員配備水平，你需要增加工資以吸引更多人進入該部門。可支配收入在不同地區、不同時間點明顯受到不同程度的壓力。但通貨膨脹正在損害可支配收入。

And so that's why we think the travel volume overall is likely to come down. On the other hand, for us specifically in the travel industry, that is not necessarily a bad thing because we bring more benefits to the travelers. We help to save money. So the more you are concerned about saving money, the better our value proposition is and the better the fit of our product and service is with the current market sentiment.

這就是為什麼我們認為總體旅行量可能會下降的原因。另一方面，對於我們特別是旅遊行業的我們來說，這不一定是壞事，因為我們給旅行者帶來了更多的好處。我們幫助省錢。因此，您越關心省錢，我們的價值主張就越好，我們的產品和服務就越適合當前的市場情緒。

And we've seen some of that change in sentiment through, as I mentioned, through the development of our branded traffic development, which has outgrown performance traffic even in the summer.

正如我所提到的，通過我們的品牌流量開發的發展，我們已經看到了一些情緒的變化，即使在夏天，它也已經超過了性能流量。

Our next question comes from the line of Brian Fitzgerald from Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

This is [Michael Ruse] on for Brian Fitzgerald. It seems like airlines are still stretched to capacity. I was hoping you could just put a finer point on the impact in the quarter from flight disruptions. And do you have a sense for the extent to which those are hampering cross-border travel? And then lastly, I guess, are you seeing easing constraints as capacity and staff get added?

這是布賴恩菲茨杰拉德的[邁克爾魯斯]。似乎航空公司的運力仍然捉襟見肘。我希望你能更詳細地說明本季度航班中斷對本季度的影響。您是否了解這些因素在多大程度上阻礙了跨境旅行？最後，我想，隨著產能和員工的增加，您是否看到限制有所緩解？

I mean you see some effect. I mean for us, I think what's important to point out, I mean, for our overall business, it's [about addition]. So if there is a shift from transportation means, that is something that is not really affecting us.

我的意思是你看到了一些效果。我的意思是對我們來說，我認為重要的是要指出，我的意思是，對於我們的整體業務，它是[關於添加]。因此，如果交通方式發生變化，那並不會真正影響我們。

But I mean just to give you some anecdotal evidence. I mean in the U.K., for example, there is a significant increase in stays around the airports in the summer, which is clearly coming from the fact that it's less predictable. What are the waiting times? People are just -- or quite a few people are just staying if they have to fly out in the morning, which I think is quite interesting and what you would expect.

但我的意思只是給你一些軼事證據。我的意思是，例如在英國，夏季在機場附近的逗留人數顯著增加，這顯然是因為它的可預測性較低。等待時間是多少？人們只是——或者如果他們必須在早上飛出去，很多人只是留下來，我認為這很有趣，也是你所期望的。

Others (inaudible) have quite a few markets where the share of international travel is not back to where it used to be in 2019, to some extent driven by Asia and still the complication of some of the attractive destinations there, but also because air travel, the complication of some of the attractive destinations there but also because air travel is actually not back to where it used to in terms of convenient staffing levels, pricing as well, et cetera. So yes, we do see some of that effect, but we don't see a negative impact on our business, which you wouldn't necessarily expect.

其他（聽不清）有相當多的市場，國際旅行的份額沒有回到 2019 年的水平，這在一定程度上是由亞洲推動的，仍然是那裡一些有吸引力的目的地的複雜性，但也因為航空旅行，那裡一些有吸引力的目的地的複雜性，還因為航空旅行實際上並沒有回到過去的方便人員水平，定價等方面。所以是的，我們確實看到了其中的一些影響，但我們沒有看到對我們的業務產生負面影響，這是你不一定會預料到的。

Yes. And just to add to that. So I mean, we have seen overall that, for example, city trips recovering quite nicely, and international city trips recovered significantly faster than domestic city trips year-over-year, at least on our platform, what we see in our click-out data.

是的。只是為了補充一點。所以我的意思是，我們總體上看到，例如，城市旅行恢復得相當好，國際城市旅行的恢復速度明顯快於國內城市旅行，至少在我們的平台上，我們在點擊中看到的數據。

So taking the U.K. as an example, click-outs for our top 10 international cities in June were more than 4x higher compared to June last year. And if you look at our U.S. platform, we saw an increased interest in international destinations with Mexico, Turkey, Italy, Dominican Republic and the U.K. on top of the list.

以英國為例，6 月份我們排名前 10 位的國際城市的點擊率比去年 6 月高出 4 倍以上。如果您查看我們的美國平台，我們會發現對國際目的地的興趣與日俱增，其中墨西哥、土耳其、意大利、多米尼加共和國和英國位居榜首。

And for the U.S., the click-out share in international destinations, with domestic was higher than in 2019 June. So overall, I think we do see a decent recovery of international travel. And it's nothing, I could confirm from just looking at our click-out data.

對於美國而言，國際目的地的點擊率與國內相比高於 2019 年 6 月。所以總的來說，我認為我們確實看到了國際旅行的良好復甦。這沒什麼，我可以通過查看我們的點擊數據來確認。

Our next question comes from the line of Ron Josey from Citi.

我們的下一個問題來自花旗的 Ron Josey。

This is Jeff Seiner on for Ron Josey. If I could just follow up on that last one on urban travel growing faster year-over-year recently kind of as it lagged previously. Does that impact at all the pricing that you're getting? Is it -- was that a factor in why you were able to drive revenue per qualified referral, the growth was so high this quarter?

這是傑夫塞納為羅恩喬西。如果我能跟進最後一個關於城市旅行的年復一年增長速度最近有點像以前落後的情況。這會影響您獲得的所有定價嗎？是不是 - 這是您能夠推動每個合格推薦收入的一個因素，本季度的增長如此之高？

And then also just kind of clarifying on the marketing spend in the back half. Should we expect, one, your comments around kind of cost controls. Would that mean that you're spending incrementally less on your brand advertising campaign? And how should we think about kind of the seasonality of that spend in the second half or to be just kind of the normal cadence in Q3 and Q4?

然後也只是澄清了後半部分的營銷支出。我們是否應該期待您對成本控制的評論。這是否意味著您在品牌廣告活動上的支出逐漸減少？我們應該如何考慮下半年支出的季節性，或者只是第三季度和第四季度的正常節奏？

Yes, sure. So on your first question, I mean, we talked about it in the past. City trips has been very important for us historically and represented a high share of our overall click-out revenue.

是的，當然。所以關於你的第一個問題，我的意思是，我們過去曾討論過它。從歷史上看，城市旅行對我們來說非常重要，並且占我們整體點擊收入的很大一部分。

And last year, we said that we believe with the recovery, city trips will recover as well and they will catch up as we saw, first, a shift to more rural nature destinations. And we said when that happens, that should benefit our auction.

去年，我們說我們相信隨著經濟復甦，城市旅行也會復蘇，他們會趕上我們看到的，首先是轉向更多的鄉村自然目的地。我們說當這種情況發生時，這應該有利於我們的拍賣。

So obviously, it's very difficult to pinpoint exactly the effect and you don't have a perfect correlation. But what we do see is that the share of city trips is increasing and we do see that our auction is improving, and that is the biggest driver in the improvement in revenue per qualified referrals.

所以很明顯，很難準確地確定效果，而且你沒有完美的相關性。但我們確實看到城市旅行的份額正在增加，我們確實看到我們的拍賣正在改善，這是每個合格推薦收入增加的最大驅動力。

On your marketing question, so first of all, we will continue to invest into our brand. As we said before, in Q2, we were at 50% of our overall 2019 marketing expenses, so performance and brand for the same period in 2019. And I mean, we do not provide the split of performance and brand spend. But given we started to ramp up our brand campaigns end of May, you can guess that we were closer to 2019 spend levels with performance channels compared to brand. In Q3 now, this could be or should be a bit more balanced.

關於您的營銷問題，首先，我們將繼續投資於我們的品牌。正如我們之前所說，在第二季度，我們佔 2019 年整體營銷費用的 50%，因此是 2019 年同期的業績和品牌。我的意思是，我們沒有提供業績和品牌支出的比例。但鑑於我們在 5 月底開始加大品牌活動的力度，您可以猜想，與品牌相比，我們更接近 2019 年的績效渠道支出水平。現在在第三季度，這可能或應該更加平衡。

And as a percentage of 2019 marketing spend, we expect to be above the 50% that we saw for the second quarter. But as I said many times before, we won't go back immediately to 2019 brand spend levels. It will take time to rebuild our brand baseline after very limited branding activities in the past 2 years.

作為 2019 年營銷支出的百分比，我們預計將高於我們在第二季度看到的 50%。但正如我之前多次說過的，我們不會立即回到 2019 年的品牌支出水平。在過去 2 年非常有限的品牌活動之後，重建我們的品牌基線需要時間。

Now the impact will be that as we ramp up our brand marketing spend, our ROAS will come down compared to the first 2 quarters. But we do expect to remain above 2019 levels as we expect to benefit from continued leverage on the marketing side in both performance and brand channels in Q3.

現在的影響是，隨著我們增加品牌營銷支出，與前兩個季度相比，我們的 ROAS 將下降。但我們確實預計將保持在 2019 年的水平之上，因為我們預計將受益於第三季度在績效和品牌渠道方面的營銷方面的持續槓桿作用。

And then in Q4, we -- as we have always done, we tend to decrease our brand marketing activities given it's a low season quarter, given the pricing on TV becomes more expensive. And that's why historically, in Q4, we had higher ROAS, and I wouldn't expect a change in seasonality there for us for Q4 this year.

然後在第四季度，我們 - 正如我們一直所做的那樣，我們傾向於減少我們的品牌營銷活動，因為這是一個淡季季度，因為電視的定價變得更加昂貴。這就是為什麼從歷史上看，在第四季度，我們的 ROAS 較高，而且我預計今年第四季度不會出現季節性變化。

There are no further questions at this time, so I'll hand the conference back to you.

目前沒有其他問題，所以我會將會議交還給您。

Yes. Thanks for taking the time to participate in today's earnings call. We appreciate your continued interest.

是的。感謝您抽出寶貴時間參加今天的財報電話會議。我們感謝您的持續關注。

Looking back at the past quarter, we are satisfied with our results. As we head into Q3, we are confident that our core value proposition is more relevant than ever before. We are confident that we are in a favorable position to empower travelers to find great deals despite rising prices and inflation. Our teams have worked intensively on developing our core product and relevant price features, and we'll continue to do so with even more focus as we head into autumn. Many thanks, and see you next quarter.

回顧過去一個季度，我們對我們的業績感到滿意。隨著我們進入第三季度，我們相信我們的核心價值主張比以往任何時候都更加相關。我們有信心，儘管價格和通貨膨脹不斷上漲，我們仍處於有利地位，使旅行者能夠找到超值優惠。我們的團隊一直在集中精力開發我們的核心產品和相關的價格功能，我們將在進入秋季時更加專注地繼續這樣做。非常感謝，下個季度見。

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。演講者，請稍候。