Trivago NV (TRVG) 2022 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the trivago Q3 Earnings Call 2022. (Operator Instructions) I must advise you the call is being recorded today, Wednesday, the 2nd of November 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 年第三季度收益電話會議。（操作員說明）我必須告訴您，今天，即 2022 年 11 月 2 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, November 2, 2022, only. 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 Q3 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.

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 11 月 2 日星期三）的觀點。 trivago 不承擔更新或修改此信息的任何義務。與往常一樣，今天電話會議上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 年第三季度的運營和財務審查以及公司向 SEC 提交的其他文件，以了解可能導致 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.

您將在公司的 IR 網站 ir.trivago.com 上發布的 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。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 2021.

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 Q3 '22 earnings call today.

感謝大家今天加入我們的 22 年第三季度財報電話會議。

Looking back at the third quarter. We have experienced a very strong summer. COVID restrictions have been lifted in most parts of the world, and people have used the opportunity to travel across the world. Travelers were willing to spend even though prices have risen sharply this year. In this inflationary environment, we have seen strong demand for our services, helping users save money. We are very happy with our strong operational performance, as we exceeded our own adjusted EBITDA projections. Matthias will cover the details shortly. And I would like to thank our customers and our employees for the strong quarter.

回顧第三季。我們經歷了一個非常強勁的夏天。世界大部分地區已經取消了 COVID 限制，人們利用這個機會環遊世界。儘管今年物價大幅上漲，但旅客仍願意消費。在這種通脹環境下，我們看到了對我們服務的強勁需求，幫助用戶省錢。我們對我們強勁的運營業績感到非常滿意，因為我們超出了我們自己的調整後 EBITDA 預測。 Matthias 將很快介紹詳細信息。我要感謝我們的客戶和員工在本季度的強勁表現。

Looking forward, we believe that inflation and labor shortages will continue to drive prices of travel up. We expect consumers to adjust their travel behavior in the next 12 months, going for shorter trips, cheaper destinations and comparing their accommodations more.

展望未來，我們認為通脹和勞動力短缺將繼續推動旅遊價格上漲。我們預計消費者將在未來 12 個月內調整他們的旅行行為，選擇更短的旅行、更便宜的目的地並更多地比較他們的住宿。

In Q3, we have seen first signs of this change in consumer behavior as the length of stay on our platform slightly contracted. And consumers started choosing lower rates, especially in our Developed Europe segment. Nevertheless, we expect the overall travel spending to grow in absolute terms and higher prices to compensate for softer travel demand.

在第三季度，我們已經看到消費者行為發生這種變化的初步跡象，因為在我們平台上的停留時間略有縮短。消費者開始選擇更低的價格，尤其是在我們的歐洲發達市場。儘管如此，我們預計整體旅遊支出的絕對值和更高的價格將增長，以彌補疲軟的旅遊需求。

As a business that is helping users to save money, we are optimistic about our outlook for next year. And we'll continue to focus on our core value proposition, as we have done this summer, with very positive results.

作為一家幫助用戶省錢的企業，我們對明年的前景持樂觀態度。我們將繼續專注於我們的核心價值主張，就像我們今年夏天所做的那樣，取得非常積極的成果。

Great. Thank you, Axel. And good morning, everyone.

偉大的。謝謝你，阿克塞爾。大家早上好。

We are coming out of a very strong summer season in the northern hemisphere, and that is reflected in our strong operational performance in the third quarter.

我們正在走出北半球非常強勁的夏季，這反映在我們第三季度強勁的運營業績中。

Our adjusted EBITDA, which excludes an impairment of goodwill and intangible assets that we recorded this quarter, more than doubled compared to last year; and with EUR 33.5 million, was the highest quarterly adjusted EBITDA in the history of the company.

我們調整後的 EBITDA（不包括我們本季度記錄的商譽和無形資產減值）比去年增加了一倍多； 3350 萬歐元，是公司歷史上最高的季度調整後 EBITDA。

Referral revenue increased 33% year-on-year as a result of higher average booking values, our focus on higher-quality traffic and a healthy auction. The combination of those factors led to strong increases in our revenue per qualified referrals in all regions.

由於更高的平均預訂價值、我們專注於更高質量的流量和健康的拍賣，推薦收入同比增長 33%。這些因素的結合導致我們在所有地區的每個合格推薦人的收入都出現了強勁增長。

Given there's still some noise in the year-over-year comparison, let me give you a bit more color on our qualified referrals and revenue per qualified referrals in the third quarter by looking at the development versus 2019. On a global level, qualified referrals remained stable at above 60% of 2019 levels. Sequentially, qualified referrals increased approximately 20%, and we reached the highest absolute qualified referral volume in July in line with our pre-COVID seasonality.

鑑於在同比比較中仍然存在一些噪音，讓我通過查看與 2019 年相比的發展，為您提供更多關於我們第三季度合格推薦和每個合格推薦的收入的顏色。在全球範圍內，合格推薦保持穩定在 2019 年水平的 60% 以上。隨後，合格推薦人增加了約 20%，我們在 7 月份達到了最高絕對合格推薦量，這與我們在 COVID 之前的季節性一致。

Our revenue per qualified referral was up 16% versus 2019, mainly driven by an increase in our average booking value, while both our conversion and monetization reached 2019 levels again. So higher average booking values drove a sequential improvement in referral revenue from 64% in the second quarter to 73% in the third quarter, both relative to 2019.

與 2019 年相比，我們每個合格推薦人的收入增長了 16%，這主要是由於我們的平均預訂價值增加，而我們的轉化率和貨幣化再次達到 2019 年的水平。因此，與 2019 年相比，較高的平均預訂價值推動了推薦收入的連續增長，從第二季度的 64% 提高到第三季度的 73%。

Looking at the regions. In Developed Europe, qualified referrals were at 73% of 2019 levels, slightly down from the 79% in the second quarter. Let me remind everyone that, in the third quarter in 2019, we optimized for traffic volume, in particular in our performance marketing channel, whereas this year we remained disciplined with our spend, optimizing our ROAS for positive long-term return. Hence, the sequential decline is largely driven by the comp effect.

看地區。在歐洲發達國家，合格推薦人佔 2019 年水平的 73%，略低於第二季度的 79%。讓我提醒大家，在 2019 年第三季度，我們優化了流量，特別是在我們的績效營銷渠道，而今年我們仍然嚴格控制我們的支出，優化我們的 ROAS 以獲得積極的長期回報。因此，連續下降主要是由補償效應驅動的。

In addition, costs in performance marketing channels increased versus last year due to higher competition in the auction in some of our core markets.

此外，由於我們一些核心市場的拍賣競爭加劇，績效營銷渠道的成本與去年相比有所增加。

On the Brand side, we were very happy with the performance of our new creatives and, in hindsight, could have invested more into brand marketing in some European markets. However, due to the less-flexible nature of brand marketing spend and our disciplined approach amidst the high macro uncertainty, we took a more cautious approach.

在品牌方面，我們對新創意的表現非常滿意，事後看來，本可以在一些歐洲市場對品牌營銷進行更多投資。然而，由於品牌營銷支出的靈活性較低，以及我們在宏觀不確定性較高的情況下採取的自律方法，我們採取了更為謹慎的態度。

Revenue per qualified referral increased by 8% versus 2019, mainly driven by higher booking conversions and increase in average booking volumes. ADRs were up strongly in Europe, and the increase was only partly offset by shorter length of stay. Monetization was roughly flat compared to 2019.

每位合格推薦人的收入與 2019 年相比增長了 8%，主要是由於預訂轉化率增加和平均預訂量增加。歐洲的 ADR 大幅上升，而這一增長僅部分被較短的逗留時間所抵消。與 2019 年相比，貨幣化大致持平。

In Americas, qualified referrals remained roughly stable at around 60% of 2019 levels. We are happy with the results of our TV summer campaigns in that segment and believe we are on a good track to rebuild our brand baseline.

在美洲，合格推薦人大致穩定在 2019 年水平的 60% 左右。我們對我們在該領域的夏季電視廣告活動的結果感到滿意，並相信我們正在重建我們的品牌基線。

Revenue per qualified referral increased by 32% compared to 2019, significantly more than in other regions. The main drivers were higher ADRs and positive currency effects, which together led to an increase of around 25% in the average booking value.

與 2019 年相比，每位合格推薦人的收入增長了 32%，顯著高於其他地區。主要驅動因素是較高的 ADR 和積極的貨幣效應，共同導致平均預訂價值增長約 25%。

Length of stay was roughly flat compared to 2019 and hence had no effect on our average booking value in that segment. In addition, slightly higher levels of monetization also contributed to the increase in revenue per qualified referral.

與 2019 年相比，入住時間大致持平，因此對我們在該細分市場的平均預訂價值沒有影響。此外，略高的貨幣化水平也有助於增加每位合格推薦人的收入。

Our segment Rest of World continues to lag in the recovery mainly due to slower recovery in some Asian markets compared to our Western markets and the disruptions in Eastern Europe. Qualified referrals were at 52% of 2019 levels, slightly up from 50% in the second quarter. Revenue per qualified referrals were at 88% of 2019 levels, still down, mainly due to currency headwinds of around 10%, while the increase from higher average booking values was offset by monetization levels that are still slightly lower compared to 2019.

與我們的西方市場相比，我們的世界其他地區市場繼續落後於復蘇，主要是由於一些亞洲市場的複蘇較慢以及東歐的中斷。合格推薦人佔 2019 年水平的 52%，略高於第二季度的 50%。每個合格推薦人的收入為 2019 年水平的 88%，但仍在下降，這主要是由於 10% 左右的貨幣逆風，而較高的平均預訂價值的增長被與 2019 年相比仍略低的貨幣化水平所抵消。

Moving on to advertising expenses. With the increase in travel demand during the peak summer season in western markets, we ramped up our marketing expenses by 43% sequentially, reaching 61% of 2019 spend levels in the third quarter.

繼續廣告費用。隨著西方市場夏季旺季旅行需求的增加，我們將營銷費用連續增加 43%，在第三季度達到 2019 年支出水平的 61%。

Global ROAS was at 148% compared to 123% in the same period in 2019, a result of our improved marketing efficiency and our focus on long-term attractive ROIs. We saw strong results in many core markets with our TV campaigns and increased our investments into connected TV.

全球 ROAS 為 148%，而 2019 年同期為 123%，這是我們提高營銷效率和專注於長期有吸引力的投資回報率的結果。我們通過電視活動在許多核心市場看到了強勁的成果，並增加了對聯網電視的投資。

Coming out of the summer season in the northern hemisphere, we started to decrease our brand investments and plan to invest only selectively in brand marketing in the fourth quarter, in line with our pre-COVID seasonality.

北半球的夏季結束後，我們開始減少品牌投資，併計劃在第四季度僅選擇性地投資於品牌營銷，以符合我們在 COVID 之前的季節性。

Excluding advertising expenses, our operational expenses increased EUR 2.5 million in the third quarter or by 8% compared to the same period in 2021. The main drivers for the increase were higher compensation and people-related costs, higher IT expenses and professional fees and insurance costs.

不計廣告費用，我們第三季度的運營費用增加了 250 萬歐元，與 2021 年同期相比增加了 8%。增加的主要驅動因素是薪酬和人員相關成本增加、IT 費用和專業費用以及保險費用增加費用。

In the third quarter, we reduced some complexity in our business by shifting our focus in product development on our core products. Consequently, we stopped certain projects that we considered to be noncore, like our Weekend product. The resulting reduction in head count will start to impact our cost structure towards the end of this year and have no effect on our Q3 expenses. At the same time, we incurred cancellation fees related to IT services for products that we have discontinued.

在第三季度，我們將產品開發的重點轉移到核心產品上，從而降低了業務的一些複雜性。因此，我們停止了某些我們認為是非核心的項目，比如我們的周末產品。由此產生的員工人數減少將在今年年底開始影響我們的成本結構，並且對我們的第三季度費用沒有影響。同時，我們為已停產的產品產生了與 IT 服務相關的取消費用。

Going forward, despite the inflationary pressure, we expect to be able to reduce our operating expenses in 2023 versus 2022, mainly through the reduction head count, by focusing on our core products while deprioritizing noncore projects.

展望未來，儘管存在通脹壓力，但我們預計 2023 年與 2022 年相比，我們能夠減少運營費用，主要是通過減少員工人數，專注於我們的核心產品，同時降低非核心項目的優先級。

Cash, cash equivalents and short-term investments amounted to EUR 281.5 million as of September 30 compared to EUR 229.5 million at the beginning of the period. The increase of EUR 52 million was mainly driven by a shift of EUR 25 million from long-term to short-term deposits and cash contribution of approximately EUR 27 million from strong operational results in the third quarter.

截至 9 月 30 日，現金、現金等價物和短期投資總額為 2.815 億歐元，而期初為 2.295 億歐元。增加 5200 萬歐元主要是由於第三季度強勁的經營業績將 2500 萬歐元從長期存款轉移到短期存款以及約 2700 萬歐元的現金貢獻。

We continue to be debt free. And given our strong cash position and future expected positive cash flows, we are currently looking at different ways to return capital to our shareholders in the future. As an example and as noted in the subsequent events section in our financial statements: We agreed to purchase from Peter Vinnemeier, one of our founders, 20 million Class A shares for an aggregated price of USD 20 million.

我們繼續沒有債務。鑑於我們強勁的現金狀況和未來預期的正現金流，我們目前正在尋找不同的方式在未來向股東返還資本。作為一個例子，正如我們財務報表後續事件部分所述：我們同意以 2,000 萬美元的總價從我們的創始人之一 Peter Vinnemeier 購買 2,000 萬股 A 類股票。

Despite our strong operational results, we had a net loss in the third quarter of EUR 67.1 million. Due to the continued deterioration of macroeconomic conditions, including rising interest rates, increased inflation and more uncertainty in respect of the overall economic environment, we recorded an impairment charge of EUR 100.4 million as a result of our annual impairment test.

儘管我們的經營業績強勁，但我們在第三季度淨虧損 6,710 萬歐元。由於宏觀經濟狀況持續惡化，包括利率上升、通貨膨脹加劇以及整體經濟環境的不確定性增加，我們在年度減值測試中記錄了 1.004 億歐元的減值費用。

Our intangible assets were impaired by EUR 52.8 million. And our goodwill balance was impaired by EUR 47.6 million.

我們的無形資產減值了 5280 萬歐元。我們的商譽餘額減少了 4760 萬歐元。

As mentioned, our adjusted EBITDA was EUR 33.5 million and EUR 84.8 million in the third quarter in the first 9 months of 2022, respectively, compared to EUR 11.3 million and EUR 51.5 million in the same period in 2019, an increase of 196% and 64%, respectively.

如前所述，我們調整後的 EBITDA 在 2022 年前 9 個月的第三季度分別為 3350 萬歐元和 8480 萬歐元，而 2019 年同期為 1130 萬歐元和 5150 萬歐元，增長了 196% 和分別為 64%。

During the last 12 months, our adjusted EBITDA was EUR 104.4 million, with a margin of 20%, achieving our long-term margin goal of -- over a 12-month period for the first time.

在過去 12 個月中，我們調整後的 EBITDA 為 1.044 億歐元，利潤率為 20%，首次在 12 個月內實現了我們的長期利潤率目標。

We now expect our full year 2022 adjusted EBITDA to exceed EUR 100 million, significantly higher than our pre-pandemic full year 2019 adjusted EBITDA of EUR 69.9 million. For 2023, we expect our adjusted EBITDA again to exceed 2019 levels, and we will share an updated view and more details on our 2023 outlook during our next earnings call in February.

我們現在預計 2022 年全年調整後 EBITDA 將超過 1 億歐元，顯著高於大流行前 2019 年全年調整後 EBITDA 6990 萬歐元。對於 2023 年，我們預計調整後的 EBITDA 將再次超過 2019 年的水平，我們將在 2 月份的下一次財報電話會議上分享我們對 2023 年展望的最新觀點和更多細節。

Looking at the recent trends. In October, qualified referrals as a percentage of 2019 remained around 60%, so roughly flat compared to the third quarter. Our revenue per qualified referral continued to be around 15% above 2019 levels as auction dynamics remained healthy. As a result, our referral revenue also remained stable at around 70% of 2019 levels in October. In Europe, both qualified referrals and revenue per qualified referrals remained stable in October compared to the third quarter at around 73% and 105% of 2019 levels, respectively.

看看最近的趨勢。 10 月，合格推薦人佔 2019 年的百分比保持在 60% 左右，與第三季度相比大致持平。由於拍賣動態保持健康，我們每次合格推薦的收入繼續比 2019 年水平高出約 15%。因此，我們的推薦收入在 10 月份也穩定在 2019 年水平的 70% 左右。在歐洲，與第三季度相比，10 月份合格推薦和每個合格推薦的收入均保持穩定，分別為 2019 年水平的 73% 和 105% 左右。

Trends in our segment Americas were also roughly stable in October relative to the third quarter. Qualified referrals slightly decreased to around 55% of 2019 levels, while revenue per qualified referrals improved slightly to approximately 35% above 2019 levels. The dynamic of slightly lower volume but higher revenue per qualified referrals was influenced by a large-scale product test in Southern America. As a result, referral revenue was roughly stable around 75% of 2019 levels.

相對於第三季度，10 月份我們美洲市場的趨勢也大致穩定。合格推薦人略微下降至 2019 年水平的 55% 左右，而每個合格推薦人的收入略有提高，比 2019 年水平高出約 35%。每個合格推薦人的銷量略低但收入較高的動態受到南美洲大規模產品測試的影響。因此，推薦收入大致穩定在 2019 年水平的 75% 左右。

And the picture is similar in our segment Rest of World, where qualified referrals and revenue per qualified referrals continue to be around 50% and 90% of 2019 levels, respectively.

在我們的世界其他地區，情況類似，合格推薦和每個合格推薦的收入分別繼續分別約為 2019 年水平的 50% 和 90%。

Overall, while the near-term macro outlook remains uncertain, we do not see significant changes in consumer behavior in October. In Europe, consumers seem to try to mitigate the effect of increasing ADRs by searching for more affordable accommodations and choosing shorter length of stay compared to 2019. We started to see this behavior in the third quarter, and this trend continued in October.

總體而言，雖然近期宏觀前景仍不確定，但我們認為 10 月份消費者行為不會發生重大變化。在歐洲，與 2019 年相比，消費者似乎試圖通過尋找更實惠的住宿和選擇更短的逗留時間來減輕 ADR 增加的影響。我們在第三季度開始看到這種行為，並且這種趨勢在 10 月份繼續存在。

In contrast, length of stay is roughly flat in Americas versus 2019, while we also see a tendency of consumers to search for cheaper accommodation. We believe that we are well positioned as consumers shift their focus on cost savings and are excited to help our users during the upcoming winter season and in 2023 to find great deals on our platform.

相比之下，美洲的逗留時間與 2019 年大致持平，而我們也看到消費者傾向於尋找更便宜的住宿。我們相信，隨著消費者將注意力轉移到節省成本上，我們很高興能夠在即將到來的冬季和 2023 年幫助我們的用戶在我們的平台上找到超值優惠。

In summary, coming out of the pandemic, we are a much more profitable business and are encouraged to see that our shift in focus towards profitable growth is paying off.

總而言之，從大流行中走出來，我們是一家盈利能力更強的企業，我們很高興看到我們將重點轉向盈利性增長正在取得成效。

Going forward, we are determined to grow our business at sustainable rates from current levels.

展望未來，我們決心在當前水平上以可持續的速度發展我們的業務。

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

有了這個，讓我們打開問題線。

(Operator Instructions) We'll now take our first question. This is from the line of Naved Khan from Truist Securities.

（操作員說明）我們現在將回答第一個問題。這是來自 Truist Securities 的 Naved Khan 的說法。

So a couple of questions from me. First, on this shortening in the length of stay. Can you maybe quantify that for us. And also maybe talk about, have you seen any changes in the downstream conversion when people click through the links.

所以我有幾個問題。首先，關於逗留時間的縮短。你能為我們量化一下嗎？還可以談論，當人們點擊鏈接時，您是否看到下游轉換的任何變化。

The other question I had is around the marketing. I think you spoke about some increasing competition in some of the markets. Can you be more specific as to which markets you're seeing this in? And do you expect this to further intensify? Or just give us your thoughts there.

我的另一個問題是關於營銷的。我想你談到了一些市場上競爭的加劇。您能否更具體地說明您在哪些市場上看到了這種情況？您是否預計這種情況會進一步加劇？或者只是把你的想法告訴我們。

Yes. Thank you, Naved. Good questions there. So on your first question, length of stay, I mean, I gave some data points on the average booking value and it's reflected in there. But just to be clear, as I said, in Americas there was no change related to 2019, so it's rather flat.

是的。謝謝你，納維德。那裡有好問題。所以關於你的第一個問題，停留時間，我的意思是，我給出了一些關於平均預訂價值的數據點，它反映在其中。但要明確一點，正如我所說，在美洲沒有與 2019 年相關的變化，所以它相當平緩。

And then we saw a decrease in Europe and Rest of World. And it's, I mean, to give you a range, between 5% and 15%. It's a bit volatile, but that's kind of the ballpark where we see it for both regions.

然後我們看到歐洲和世界其他地區的減少。我的意思是，給你一個範圍，在 5% 到 15% 之間。它有點不穩定，但這是我們在兩個地區看到的大致情況。

And on the downstream conversion in the third quarter, in Americas and Rest of World, the conversion was roughly stable versus 2019, whereas in Europe it was slightly higher. And then in October, that was similar, with the difference in Americas where we saw, relative to 2019, an increase in the conversion rate.

在第三季度的下游轉換中，美洲和世界其他地區的轉換與 2019 年相比大致穩定，而在歐洲則略高。然後在 10 月，情況類似，與 2019 年相比，美洲的轉化率有所增加。

And then on the marketing side my comment there referred mostly to Europe, where we have seen it. And why is that? We have seen in not every country but in a couple of our core markets in that segment that local advertisers stepped up, in particular compared to last year where maybe some advertisers were a bit cautious. And they entered the auction and bid at higher levels, driving up costs.

然後在營銷方面，我的評論主要提到了我們已經看到的歐洲。為什麼是這樣？我們已經看到，不是在每個國家，而是在我們該細分市場的幾個核心市場，當地廣告商都在加強，特別是與去年相比，有些廣告商可能有點謹慎。他們進入拍賣並以更高的價格出價，推高了成本。

And as I said, we didn't adjust our ROAS targets. And we continued to optimize for absolute contribution. And that meant that, while maintaining our profitability, we lost some volume there. It is not one thing I can call out for every market. So it's a bit different market by market, but in some markets there were players where, when we look at that, we don't think it's sustainable because, I think, they are not bidding at profitable levels. But obviously that's me speculating what will happen going forward, but in some markets, my expectation would be that, that it could ease a little bit from what we see there.

正如我所說，我們沒有調整我們的 ROAS 目標。我們繼續優化絕對貢獻。這意味著，在保持盈利能力的同時，我們在那裡損失了一些銷量。這不是我可以為每個市場呼籲的一件事。因此，各個市場的情況略有不同，但是在某些市場中，有些參與者在我們看來，我們認為這是不可持續的，因為我認為他們沒有以盈利水平競標。但顯然這是我在猜測未來會發生什麼，但在某些市場，我的期望是，它可能會比我們看到的情況稍微緩和一些。

Okay, that's very helpful. A follow-up question, if I may. So in the -- in talking about the long-term projects, I think you talked about directly bookable hotels and increasing the coverage on those. What kind of time line should we be thinking about there? And just give us some more detail in terms of how you kind of expect to drive monetization here.

好的，這很有幫助。如果可以的話，一個後續問題。因此，在談到長期項目時，我認為您談到了可直接預訂的酒店並增加了對這些項目的覆蓋範圍。我們應該在那裡考慮什麼樣的時間線？並就您希望如何在這裡推動貨幣化向我們提供更多詳細信息。

Yes. So on our direct hotel coverage, we -- as we said in the shareholder letter, we have launched a couple of new initiatives that we are quite confident on that, that will make a difference to our coverage relatively speaking soon. So we do think that we will see a noticeable improvement in coverage in the next 12 months.

是的。因此，在我們的直接酒店報導中，我們 - 正如我們在股東信中所說，我們已經推出了一些我們對此非常有信心的新舉措，這將很快對我們的報導產生影響。因此，我們確實認為我們將在未來 12 個月內看到覆蓋面的顯著改善。