Booking Holdings Inc (BKNG) 2022 Q4 法說會逐字稿

Welcome to Booking Holdings Fourth Quarter and Full Year 2022 Conference Call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

歡迎參加 Booking Holdings 2022 年第四季及全年業績電話會議。 Booking Holdings 特此提醒各位，本次電話會議可能包含前瞻性陳述，這些陳述均符合 1995 年《私人證券訴訟改革法案》的安全港條款。

These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements.

這些前瞻性陳述並非對未來績效的保證，且受制於某些難以預測的風險、不確定性和假設。因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果有重大差異。

Expressions of future goals or expectations and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements. For a list of factors that could cause Booking Holdings' actual results to differ materially from those described in the forward-looking statements, please refer to the safe harbor statements at the end of Booking Holdings' earnings press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

凡涉及未來目標或預期，以及反映歷史事實以外的類似表述，均旨在識別前瞻性陳述。如需了解可能導致Booking Holdings實際業績與前瞻性聲明中所述業績存在重大差異的因素列表，請參閱Booking Holdings盈利新聞稿末尾的安全港聲明以及Booking Holdings向美國證券交易委員會提交的最新文件。

Unless required by law, Booking Holdings undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. A copy of Booking Holdings' earnings press release, together with an accompanying financial and statistical supplement, is available in the For Investors section of Booking Holdings' website, www.bookingholdings.com.

除非法律另有規定，Booking Holdings不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。 Booking Holdings的獲利新聞稿及其隨附的財務和統計補充文件可在Booking Holdings網站www.bookingholdings.com的「投資者關係」欄位中查閱。

And now I'd like to introduce Booking Holdings speakers for this afternoon, Glenn Fogel and David Goulden. Go ahead, gentlemen.

現在我來介紹今天下午Booking Holdings的演講嘉賓，格倫·福格爾和戴維·古爾登。請兩位開始演講。

Thank you. And welcome to Booking Holdings' fourth quarter conference call. I'm joined this afternoon by our CFO, David Goulden. I am pleased to report a strong finish to 2022 as we delivered fourth quarter revenue and adjusted EBITDA of approximately $4 billion and $1.2 billion, respectively, which were both ahead of our previous expectations.

謝謝。歡迎參加Booking Holdings第四季財報電話會議。今天下午與我一同出席的還有我們的財務長David Goulden。我很高興地宣布，2022年以強勁的業績收官，第四季營收和調整後EBITDA分別約為40億美元和12億美元，都超乎我們先前的預期。

Room night growth versus 2019 of 10% in the fourth quarter improved from 8% growth in Q3. And for the first time, we saw room nights across 4 of our major regions above 2019 levels for the quarter, which was another important milestone for our recovery.

第四季客房夜數年增10%，高於第三季的8%。此外，我們四大主要區域的客房夜數首次超過了2019年同期水平，這是我們復甦進程中的另一個重要里程碑。

Room night growth trends have further strengthened in 2023, with January room nights up 26% compared to 2019 or up about 60% year-over-year. We're very encouraged by the continued strength and resiliency of travel demand last year and into the new year, which speaks to consumers' strong desire to travel.

2023年客房夜數成長趨勢進一步增強，1月份客房夜數較2019年同期成長26%，較去年同期成長約60%。我們對去年及今年旅遊需求的持續強勁和韌性感到非常鼓舞，這反映了消費者強烈的旅行意願。

However, as we stated last year, month-on-month trends can be volatile, and we recognize that there is uncertainty regarding the future path of the world's economy. And David will provide further details on our fourth quarter results and on the recent trends we have been seeing in 2023.

然而，正如我們去年所述，每月趨勢可能波動較大，我們也意識到世界經濟未來走向存在不確定性。 David 將會詳細介紹我們第四季的業績以及我們在 2023 年觀察到的最新趨勢。

Looking back at the full year of 2022. I am proud of our company's performance during what was a challenging and very competitive environment. Our customers booked an all-time high of nearly 900 million room nights on our platforms in 2022, which was an improvement of 52% versus 2021 and 6% higher than in 2019.

回顧2022年全年，我為公司在充滿挑戰和競爭激烈的環境下所取得的成績感到自豪。 2022年，我們的客戶透過我們的平台預訂了近9億間夜，創歷史新高，比2021年增長了52%，比2019年增長了6%。

Gross bookings of $121 billion exceeded the $100 billion mark for the first time in our history and increased 58% versus 2021 and 26% versus 2019 or 73% and 36% on a constant currency basis. These record levels of room night and gross bookings were achieved despite travel restrictions still in place in many parts of the world at the onset of 2022. And I note that most of Asia did not begin to open until towards the end of the year and Russia's invasion of Ukraine negatively impacted our business.

總預訂額達1,210億美元，首次突破1,000億美元大關，創歷史新高，較2021年成長58%，較2019年成長26%；以固定匯率計算，分別成長73%及36%。儘管2022年初世界許多地區仍存在旅行限制，但我們依然實現了客房夜數和總預訂額的雙雙創紀錄增長。此外，亞洲大部分地區直到年底才開始逐步開放，而俄羅斯入侵烏克蘭也對我們的業務造成了負面影響。

In terms of our P&L last year, we reached a new revenue record of slightly more than $17 billion, which was 56% higher than 2021 and 13% higher than 2019 or up about 71% and 24% on a constant currency basis, respectively.

就我們去年的損益而言，我們創下了略高於 170 億美元的新收入紀錄，比 2021 年增長了 56%，比 2019 年增長了 13%，以固定匯率計算分別增長了約 71% 和 24%。

We achieved this strong top line result while improving our profitability with adjusted EBITDA of $5.3 billion, increasing 82% versus 2021, and margins expanding by 4 percentage points year-over-year. Adjusted EBITDA was 10% below the 2019 levels. However, on a constant currency basis, it was actually 6% higher after accounting for the FX headwinds we faced in 2022.

我們實現了強勁的營收成長，同時獲利能力也得到提升，調整後 EBITDA 達到 53 億美元，較 2021 年成長 82%，利潤率較去年同期成長 4 個百分點。調整後 EBITDA 較 2019 年下降 10%。然而，若以固定匯率計算，考慮到 2022 年面臨的匯率不利因素，實際增幅為 6%。

I believe these results demonstrate that we are making significant progress against our goal to build a larger and faster-growing business that generates more earning dollars than it did prior to the pandemic. While there is more work to be done to achieve this long-term goal, I am encouraged by the progress we have seen so far.

我相信這些結果表明，我們在實現打造規模更大、成長更快、獲利能力高於疫情前水準的業務目標方面取得了顯著進展。雖然要實現這一長期目標還有許多工作要做，但我對迄今為止的進展感到鼓舞。

Regarding our long-term outlook for travel, we are pleased with the positioning of our business and are positive about the future. This, coupled with our strong balance sheet, led us to return $6.5 billion to shareholders during 2022 by purchasing our shares. At year-end, our share count was 8% lower versus the prior year and returning capital to shareholders will remain a high priority for the company going forward. David will provide further thoughts on our approach in his remarks.

關於旅遊業的長期前景，我們對目前的業務定位感到滿意，並對未來充滿信心。憑藉穩健的資產負債表，我們在2022年透過回購股份的方式向股東返還了65億美元。截至年底，我們的流通股數量較前一年減少了8%，而向股東返還資本仍將是公司未來的首要任務。 David將在發言中進一步闡述我們的做法。

In addition to our strong financial results in 2022, we made meaningful progress against the key strategic priorities that I highlighted on our earnings call 2 years ago. These are expanding payments at Booking.com, building out our connected trip capabilities, and strengthening our position in the U.S. market. Let me address the progress we've made in each of these areas.

除了2022年強勁的財務業績外，我們在兩年前財報電話會議上我重點強調的關鍵策略重點方面也取得了顯著進展。這些重點包括拓展Booking.com的支付業務、建立互聯旅行功能以及鞏固我們在美國市場的地位。以下我將詳細介紹我們在每個領域的進展。

On payments, in the fourth quarter, we processed 42% of Booking.com's gross bookings on a merchant basis and are pleased with our progress in this area. As mentioned in the past, moving Booking.com's model from agent to merchant drives important benefits for both our supplier partners and our travelers.

在付款方面，第四季Booking.com 42%的預訂總額是透過商家直接支付的方式完成的，我們對這方面的進展感到滿意。如同先前所提到的，Booking.com從代理商模式轉向商家模式，將為我們的供應商合作夥伴和旅客帶來許多好處。

For our supplier partners, offering a payment solution adds value in several key ways, including providing access to additional traveler demand by enabling alternative payment methods, reducing cancellations, decreasing operational workloads and enabling fraud protection.

對於我們的供應商合作夥伴而言，提供支付解決方案在幾個關鍵方面增加了價值，包括透過啟用替代支付方式來滿足更多旅客需求、減少取消訂單、降低營運工作量以及實現詐欺保護。

For our travelers, Booking.com's platform allows many consumers to pay how they want to pay, and we believe ultimately helps deliver a more seamless and frictionless booking experience.

對於我們的旅客而言，Booking.com 的平台允許許多消費者選擇他們喜歡的支付方式，我們相信這最終有助於提供更流暢、更方便的預訂體驗。

On the connected trip, on our long-term vision is to make booking and experiencing travel easier, more personal and more enjoyable, while delivering better value to our traveler customers and supplier partners. We've expanded our offering into travel verticals other than accommodations with a focus on flights. And in the future, we will work to link relevant travel components together to provide a more seamless and flexible booking and trial experience. We believe that as a result of this initiative and the improved consumer experience, we will drive increases in customer engagement and loyalty to our platform over time.

在互聯旅行領域，我們的長期願景是讓旅遊預訂和體驗更加便利、個人化和愉悅，同時為我們的旅客客戶和供應商合作夥伴創造更大價值。我們已將業務拓展至住宿以外的其他旅行垂直領域，尤其專注於航班。未來，我們將致力於整合相關的旅行要素，提供更流暢靈活的預訂和試用體驗。我們相信，透過這項措施和不斷提升的用戶體驗，我們將逐步提高客戶參與度和對我們平台的忠誠度。

We've continued to make progress on further developing our flight offering on Booking.com, which is now available in over 50 countries. This flight offering gives us the ability to help our consumers book another important component of their travel in one place on our platform and allows us to engage with potential customers who choose their flight options early in their travel discovery process.

我們持續推進Booking.com航班服務的拓展，目前該服務已覆蓋超過50個國家。這項航班服務讓我們能夠幫助消費者在我們的平台上一站式預訂旅行中的另一重要組成部分，並使我們能夠與那些在旅行探索初期就已選定航班選項的潛在客戶建立聯繫。

We continue to see that over 20% of all of our flight bookers globally are new to Booking.com. We will continue this important work to provide our customers the best possible trip experience we can offer.

我們發現，全球超過20%的航班預訂用戶都是Booking.com的新用戶。我們將繼續推動這項重要工作，力求為客戶提供最佳的旅行體驗。

In the U.S., both our Priceline and Booking.com brands continue to execute well and contributed to U.S. room night growth of almost and gross bookings growth of about 60% in 2022 versus 2019. On our volume and consumer spend basis, we have grown our U.S. business to be meaningfully larger than it was prior to the pandemic. And we believe that our growth rate has outpaced the recovery in the broader market for U.S. accommodations, which means we believe we gained market share.

在美國，我們的Priceline和Booking.com兩大品牌持續保持良好表現，並促成了2022年美國客房夜數較2019年增長近60%，總預訂量增長約60%。從交易量和消費者支出來看，我們在美國的業務規模已顯著超過疫情前的水平。我們相信，我們的成長速度超過了美國住宿市場整體的復甦速度，這意味著我們獲得了市場份額。

At Booking.com, we've taken steps to improve our offering in the U.S. by utilizing marketing to improve awareness of our brand, introducing and ramping up our flight product, scaling adoption of payments and working closely with our combination partners to ensure we are delivering incremental value to them. We are encouraged by our achievements in strengthening our positioning in the U.S., but there is much more work ahead as we continue to execute against this priority over the long term.

Booking.com已採取措施提升我們在美國的業務，包括利用行銷提高品牌知名度、推出並擴大航班產品規模、推廣支付方式，以及與合作夥伴緊密合作，確保為他們創造更多價值。我們對在美國市場的成就感到鼓舞，但未來仍有許多工作要做，我們將繼續長期推動這項優先事項。

In terms of our core combination business, we continue to drive benefits for our traveler customers and for our supply partners. For our supply partners, we strive to be a valuable partner for all accommodation types on our platform by delivering incremental demand and developing products and features to help support their businesses.

就我們的核心組合業務而言，我們持續為旅客客戶和供應商合作夥伴創造價值。對於供應商合作夥伴，我們致力於成為平台上所有住宿類型的寶貴合作夥伴，透過增加需求並開發產品和功能來支持他們的業務發展。

For example, as I mentioned earlier, payments brings an important benefit to our partners. In the area of alternative accommodations, Booking.com alternative accommodation room nights for the full year grew about 56% versus 2021 and about 11% versus 2019, and represented about 30% of Booking.com's total room nights.

例如，正如我之前提到的，支付方式為我們的合作夥伴帶來了重要的好處。在替代住宿領域，Booking.com 的替代住宿客房夜數全年較 2021 年增長約 56%，較 2019 年增長約 11%，約佔 Booking.com 總客房夜數的 30%。

During the year, we made progress with our alternative accommodation offering for the full spectrum of property types by rolling out an enhanced payment solution for professionals, launching partner liability insurance, introducing a damage policy and piloting request-to-book functionality, which is an important feature for some individual partners.

在這一年中，我們透過推出專業人士的增強型支付解決方案、推出合作夥伴責任保險、引入損壞保險以及試行預訂請求功能（這對一些個人合作夥伴來說是一項重要的功能），在為各種類型的房產提供替代住宿方面取得了進展。

We have seen improvements in the time to first booking and better retention rates for new partners. At the same time, we are incorporating our alternative accommodation offering in some of our recent brand advertising to help raise awareness, customer awareness of this product.

我們發現，新合作夥伴的首次預訂時間有所縮短，留存率也有所提高。同時，我們也在近期的一些品牌廣告中加入了替代住宿方案，以提高品牌知名度，並幫助消費者更了解產品。

We aim to build on this progress by continuing to improve the product offering to our supply partners and travelers, particularly in the United States. We remain focused on building a better experience for our customers and increasing loyalty, frequency, spend and direct relationships over time.

我們旨在鞏固這項成果，持續改善面向供應商合作夥伴和旅客（尤其是在美國）的產品和服務。我們將持續致力於提升客戶體驗，並逐步提高客戶忠誠度、消費頻率、消費額以及與客戶的直接聯繫。

Our mix of customers booking directly on our platforms reached its highest level ever in the fourth quarter. Our goal over time is to further increase our direct mix through several initiatives, including continued efforts to enhance the benefits of our Genius loyalty program, further building out our connected trip vision to increase engagement with our customers and driving more of our customers to download and utilize the mobile app.

第四季度，我們平台直接預訂的客戶比例達到了歷史最高水準。我們的目標是透過多項措施進一步提升直接預訂的比例，包括持續優化 Genius 會員忠誠計畫的各項權益，進一步建立互聯旅行願景以增強客戶互動，以及鼓勵更多客戶下載並使用行動應用程式。

The mobile app is an important platform as it allows us more opportunities to engage directly with travelers. And ultimately, we see it as the center of our connected trip vision. About 45% of our room nights were booked through apps for the year, which is about 13 percentage points higher than in 2019.

行動應用是一個重要的平台，因為它讓我們有更多機會直接與旅行者互動。最終，我們將其視為我們互聯旅行願景的核心。今年，我們約有 45% 的客房預訂是透過應用程式完成的，比 2019 年高出約 13 個百分點。

For 2022, Booking.com's app remained the #1 downloaded OTA app globally, and for the first time, moved into the #1 position in the U.S. according to one of the leading third-party research firms. We will continue our efforts to enhance the app experience to build on the recent success we have seen here.

2022年，Booking.com的應用程式繼續保持全球下載量第一的OTA應用程式地位，並首次在美國市場榮登榜首，這項數據來自一家領先的第三方研究公司。我們將繼續努力提升應用程式體驗，以鞏固近期的成功。

We believe providing attractive prices on accommodations is very important as we aim to deliver value to our travelers. Our first priority, as we think about providing attractive prices is to work directly with our supply partners to source competitive rates.

我們相信，提供價格優惠的住宿至關重要，因為我們的目標是為旅客創造價值。為了提供更具吸引力的價格，我們的首要任務是直接與供應商合作夥伴合作，爭取最具競爭力的價格。

In addition to sourcing competitive rates directly from our partners, we have built up our ability to selectively offer discounts and incentives at Booking.com over the last few years. This ability to merchandise is another lever that we can now pull as we look to deliver value to our customers when we cannot directly access the most competitive pricing. We have been pleased with the levels of incremental return we have seen in 2022 from merchandising and we'll continue to selectively utilize this tool going forward.

除了直接從合作夥伴處獲取極具競爭力的價格外，過去幾年我們還不斷提昇在 Booking.com 上選擇性地提供折扣和優惠的能力。這種促銷能力是我們如今可以利用的另一項手段，以便在無法直接獲得最具競爭力的價格時，為客戶提供更多價值。我們對 2022 年促銷帶來的收益成長感到滿意，並將繼續在未來選擇性地運用此工具。

In conclusion, I am encouraged by the progress our teams have made in delivering strong results in 2022, while executing against our key strategic priorities. These initiatives will help us deliver a better offering and experience for our customers and partners, which strengthens both sides of our marketplace. We are as confident as ever about long-term growth of travel and the opportunity ahead for our company.

總之，我對我們團隊在2022年所取得的優異成績感到鼓舞，同時我們也實際執行了各項關鍵策略重點。這些措施將有助於我們為客戶和合作夥伴提供更優質的產品和服務體驗，從而增強我們市場的供需雙方實力。我們對旅遊業的長期成長以及公司未來的發展機會充滿信心。

Now before I turn the call over to David, I want to share the news that David has let us know that he plans to retire from his role as CFO in early 2024, after which he will be involved with us for up to 2 more years to help initially with the transition and then with other projects and initiatives as needed. As you can see by this time line, he's not going anywhere for quite some time.

在把電話交給大衛之前，我想分享一個訊息：大衛已經告知我們，他計劃在2024年初卸任財務長一職。之後，他將繼續與我們合作最多兩年，首先協助過渡工作，然後根據需要參與其他專案和計劃。正如您從這個時間表中看到的，他短期內不會離開。

So now, let me turn the call over to David. David?

現在，我把電話交給大衛。大衛？

Thank you for those comments, Glenn. And as you said, I'm not going anywhere for some time over the next year in my CFO role, and when involved beyond that, I will remain as focused as ever on continuing to help deliver strong results from the business and creating value for our stakeholders.

謝謝你的評論，格倫。正如你所說，在接下來的一年裡，我不會離開我的財務長職位。即使之後我參與其他事務，我也會一如既往地專注於幫助公司取得優異的業績，並為我們的利害關係人創造價值。

Now turning to our results. I'll review our results for the fourth quarter and provide some color on the trends we've seen so far in the first quarter and our thoughts on 2023. All growth rates for 2022 are relative to the comparable period in 2019, unless otherwise indicated. All growth rates for 2023 are on a year-on-year basis unless otherwise indicated, but we will be making some references to the comparable periods in 2019 where we think these are helpful. Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release.

現在來看我們的業績。我將回顧第四季的業績，並簡要介紹第一季至今的趨勢以及我們對2023年的展望。除非另有說明，因此2022年的所有成長率均相對於2019年同期。除非另有說明，2023年的所有成長率均以年比計算，但我們會在必要時提及2019年同期數據。有關非GAAP績效與GAAP績效的調節訊息，請參閱我們的獲利報告。

Now on to the fourth quarter. We are encouraged to see room night growth of 10% in the fourth quarter, up from 8% room night growth in the third quarter, with the improvement driven by Asia and the U.S.

現在來看第四季。我們很高興地看到，第四季客房夜數成長了10%，高於第三季的8%，這一成長主要得益於亞洲和美國市場。

For the fourth quarter, the U.S. was up more than 35%. Rest of world was at 110%, and Europe and Asia were both up mid-single digits. Q4 was the first quarter of room night growth in Asia versus 2019. Our growth in total room nights on a year-on-year basis increased from 31% in Q3 to 39% in Q4.

第四季度，美國客房夜數成長超過35%。世界其他地區成長110%，歐洲和亞洲均成長了中等個位數。第四季是亞洲客房夜數較2019年同期首次成長。我們的客房夜數年增率從第三季的31%上升至第四季的39%。

Our mobile apps represented over 45% of our total room nights in the fourth quarter and about 45% for the full year. We continue to see an increasing mix of our total room nights coming to us through the direct channel. The direct channel increased as a percentage of room nights in the fourth quarter and for the full year relative to 2021 and 2019. The international mix of our total room nights in Q4 was about 48%, which was higher than Q3, but still a few percentage points below Q4 2019.

第四季度，我們的行動應用程式貢獻了超過45%的客房夜數，全年也約為45%。我們持續看到，透過直銷管道預訂的客房夜數佔比不斷提升。與2021年和2019年相比，第四季和全年直銷通路的客房夜數佔比均有所成長。第四季度，國際客房夜數佔比約48%，高於第三季度，但仍比2019年第四季略低。

Our cancellation rate was slightly above 2019 levels in Q4 but were slightly below 2019 levels for the full year. In Q4, the booking window of Booking.com remained shorter than in 2019, similar to what we saw in the third quarter of 2020, this -- of 2022.

第四季我們的取消率略高於2019年同期水平，但全年取消率略低於2019年同期水準。第四季度，Booking.com的預訂窗口期仍比2019年短，與2020年第三季和2022年第三季的情況類似。

This booking window expanded meaningfully versus the fourth quarter of 2021 when we saw a higher mix of near-term bookings during the COVID-19 Omicron variant wave. For our alternative accommodations at Booking.com, our room night growth rate was about 15% in Q4 versus 2019, and the global mix of alternative accommodation room nights was about 29%, which was a couple of percentage points higher than Q4 2019 and Q4 2021.

與2021年第四季相比，今年的預訂窗口期顯著延長。 2021年第四季正值新冠疫情Omicron變種疫情爆發期間，短期預約的比例較高。 Booking.com的替代住宿方面，第四季客房夜數較2019年同期成長約15%，全球替代住宿客房夜數佔比約29%，比2019年第四季和2021年第四季均高出幾個百分點。

Q4 gross bookings increased 32% and versus 2019 or 47% on a constant currency basis. The 32% increase in gross bookings was 22 percentage points better than the 10% room night increase due to 29% higher accommodation constant currency ADRs and also due to 5 points from strong flight bookings across the group, partially offset by 15 percentage points of negative impact from FX movements.

第四季總預訂量成長32%，以固定匯率計算則成長47%。總預訂量成長32%比客房夜數成長10%高出22個百分點，這主要得益於住宿平均房價（以固定匯率計算）上漲29%，以及集團整體強勁的航班預訂量貢獻5個百分點，但部分被匯率波動帶來的15個百分點的負面影響所抵銷。

Our accommodation constant currency ADRs benefited by about 1 percentage point from regional mix and about 28 percentage points from rate increase across all our regions. Despite the higher ADRs in the fourth quarter, we have not seen a change in the mix of hotel star ratings being booked or change in length of state that could indicate that customers are trading down. We continue to watch these dynamics closely.

我們的住宿平均房價（以固定匯率計算）受益於區域組合優化約1個百分點，以及所有區域房價上漲約28個百分點。儘管第四季平均房價有所上漲，但我們並未發現預訂飯店星級組合或入住時長發生變化，這表明顧客並未降低入住檔次。我們將繼續密切關注這些動態。

Airline tickets booked in the fourth quarter were up about 2.9% versus a small base in 2019 and up about 61% versus 2021, driven by the continued expansion of Booking.com's flight product. Revenue for the fourth quarter was up 21% versus 2019 and up about 35% on a constant currency basis.

第四季機票預訂量較2019年同期成長約2.9%，較2021年同期成長約61%，主要得益於Booking.com航班產品的持續擴張。第四季營收較2019年同期成長21%，以固定匯率計算成長約35%。

Revenue as a percentage of gross bookings was about 130 basis points below Q4 2019 and was about in line with our expectations. Our underlying accommodation take rates were about in line with Q4 2019 levels. Marketing expense, which is a highly variable expense line, increased 32% versus Q4 2019.

營收佔總預訂量的百分比比2019年第四季低約130個基點，基本上符合我們的預期。我們的住宿預訂率與2019年第四季基本持平。行銷費用（一項波動性較大的支出）較2019年第四季成長了32%。

Marketing expense as a percentage of gross bookings was in line with our expectations and with Q4 2019. Sales and other expenses as a percentage of gross bookings were up about 40 basis points compared with Q4 2021 and was in line with our expectations.

行銷費用佔總預訂額的百分比符合我們的預期，與 2019 年第四季持平。銷售和其他費用佔總預訂金額的百分比比 2021 年第四季增長了約 40 個基點，符合我們的預期。

About 42% of Booking.com's gross bookings were processed to our payments platform in Q4, up from about 30% in Q4 2021. Our more fixed expenses in aggregate were up 24% versus Q4 2021, which was higher than of our expectations primarily due to changes in FX in the quarter.

Booking.com 第四季約有 42% 的總預訂金額透過我們的支付平台處理，高於 2021 年第四季的約 30%。我們的固定支出總額較 2021 年第四季成長了 24%，高於預期，主要原因是本季匯率變動。

Adjusted EBITDA was over $1.2 billion in the fourth quarter, which was 3% below 2019 and would have been around 16% above 2019 on a constant currency basis. Non-GAAP net income of $957 million results in non-GAAP EPS of about $25 a share, which was up 6% versus Q4 2019.

第四季調整後 EBITDA 超過 12 億美元，較 2019 年同期下降 3%，若以固定匯率計算，較 2019 年同期成長約 16%。非 GAAP 淨利潤為 9.57 億美元，非 GAAP 每股收益約為 25 美元，較 2019 年第四季成長 6%。

On a GAAP basis, we had net income of over $1.2 billion in the quarter, which includes a $240 million pretax gain related to the sale of our office building for Booking.com's future headquarters in a sale leaseback transaction as well as $179 million unrealized gains in our equity investments, primarily related to Meituan, DiDi and Grab.

以美國通用會計準則 (GAAP) 計算，本季我們的淨收入超過 12 億美元，其中包括與出售我們的辦公大樓作為 Booking.com 未來總部相關的 2.4 億美元稅前收益（透過售後回租交易），以及我們股權投資的 1.79 億美元未實現收益（主要與美團、出行和 Grab 滴滴相關）。

When looking at the full year, we are pleased to report that our 2022 room nights were 6% higher than 2019, and our gross bookings were 26% higher and about 36% higher on a constant currency basis. Our full year revenue was over $17 billion, which was 13% above 2019 and up about 24% on a constant currency basis.

回顧全年業績，我們欣喜地報告，2022年客房夜數較2019年增長6%，總預訂量增長26%，按固定匯率計算增長約36%。全年營收超過170億美元，較2019年成長13%，以固定匯率計算成長約24%。

Full year revenue as a percentage of gross bookings was 14.1% in 2022, which was lower than the 15.6% in 2019 due to almost a 4 point negative impact from timing, about 40 basis points from the slow recovery in our advertising and other revenues, which have no associated gross bookings and about 30 basis points from an increased mix in flights.

2022 年全年收入佔總預訂量的百分比為 14.1%，低於 2019 年的 15.6%，原因是時間因素造成了近 4 個百分點的負面影響，廣告和其他收入（與總預訂量無關）復甦緩慢造成了約 40 個基點的負面影響，以及其他收入（與總預訂量無關）復甦基緩慢造成了約 40 個基點的負面影響，以及增加了約 30 個航班組合的負面影響。

The benefit of take rates in 2022 from increased revenue from payments was offset by our increased investments in merchandising, each of which impacted our reported take rates by about 1 percentage point in 2022 compared to about 0.5 percentage point each in 2019.

2022 年支付收入增加帶來的收益提高了佣金率，但商品銷售方面的投資增加抵消了這一收益，這兩項因素分別使我們 2022 年的佣金率比 2019 年高出約 1 個百分點，而 2019 年則分別高出約 0.5 個百分點。

These changes in payments revenue and merchandising costs versus 2019 are mainly at Booking.com. Our full year adjusted EBITDA was about $5.3 billion, which was 10% below 2019 and up about 6% on a constant currency basis. Adjusted EBITDA margin was 31%, which was 4 points higher than our EBITDA margin in 2021 and better than our expectations for a few points higher at the start of the year.

與 2019 年相比，支付收入和商品銷售成本的這些變化主要發生在 Booking.com。我們全年的調整後 EBITDA 約為 53 億美元，比 2019 年下降了 10%，以固定匯率計算增長了約 6%。調整後 EBITDA 利潤率高出 31%，比 2021 年的 EBITDA 利潤率高出 4 個百分點，也高於我們年初預期的幾個百分點。

Now on to our cash and liquidity position. Our Q4 ending cash investment balance of $15.2 billion was up versus our Q3 ending balance of $11.8 billion driven primarily by the $3.6 billion bond offering we completed in Q4, the $2.1 billion of free cash flow generated in the quarter and about $600 million in proceeds from the sale-leaseback transaction I mentioned previously.

接下來談談我們的現金和流動性狀況。第四季末現金投資餘額為152億美元，高於第三季末的118億美元，主要得益於我們在第四季完成的36億美元債券發行、本季產生的21億美元自由現金流，以及我之前提到的售後回租交易所得的約6億美元。

This increase in our cash balance was partially offset by about $2.3 billion in share repurchase in Q4 and by the payments of about $780 million for a November debt maturity. For the full year 2022, we generated almost $6.2 billion in free cash flow, which was 38% higher than in 2019.

現金餘額的增加部分被第四季約23億美元的股票回購以及11月份到期的約7.8億美元的債務支付所抵銷。 2022年全年，我們產生了近62億美元的自由現金流，比2019年成長了38%。

We repurchased over $6.5 billion of our shares in the year and reducing our year-end share count by 8% versus 2021 and by 22% over the last 5 years. We are proud of this accomplishment because it reflects both our commitment to return capital to shareholders and how carefully we manage our stock-based compensation expense and its dilutive impact.

我們今年回購了超過65億美元的股票，使年末流通股數較2021年減少了8%，較過去五年減少了22%。我們為此感到自豪，因為它既體現了我們對股東回報的承諾，也體現了我們對股權激勵費用及其稀釋影響的謹慎管理。

We continue to see many publicly traded companies pro forma out the very real expense associated with stock-based compensation. We strongly disagree with this approach, and therefore, every profit metric we report includes the native impact of stock-based compensation expense.

我們持續看到許多上市公司在財務報表中忽略與股權激勵相關的實際支出。我們強烈反對這種做法，因此，我們報告的每項利潤指標都包含了股權激勵支出的實際影響。

We view SBC expense as a very real cost of doing business across every stakeholder should fully count when evaluating the performance and returns of our business or any business. If anything, we view SBC dollars even more valuable than cash dollars because of our long-term expectation that dollars worth of stock to date will be worth more in the future.

我們認為股票選擇權費用是所有利害關係人開展業務的一項實際成本，在評估我們公司或任何其他公司的業績和回報時，都應充分考慮這些成本。事實上，我們認為股票選擇權比現金更有價值，因為我們長期預期，迄今為止的股票價值在未來會更高。

It's the same expectation that serves as a rationale for pursuing our share repurchase program, a program that has meaningfully reduced our share count over time and has not just served to offset dilution from SBC.

正是出於同樣的預期，我們才推行股票回購計畫。該計劃已顯著減少了我們的股票數量，並且不僅抵消了 SBC 帶來的稀釋效應。

Simply offsetting dilution does not represent a return on capital to shareholders, but actually represents a cash drain on a business that does not get counted in many companies' pro forma reporting of profits. In 2022, our stock-based compensation resulted in less than 0.7% of shareholder dilution.

單純抵銷股權稀釋並不能為股東帶來資本回報，實際上卻會造成企業現金流損失，而這部分損失往往不會計入許多公司的備考利潤報告中。 2022年，我們的股票選擇權激勵措施導致的股東權益稀釋不到0.7%。

And during the last 5 years, it resulted in less than 3% of cumulative dilution. As I mentioned, during the same period, we reduced total share count by a net 22%, inclusive of the shares that were added as a result of our stock-based compensation activities. Our future practices will continue to be guided by the same 2 philosophical approaches that guided us decades, namely, number one, the stock-based compensation counts; and two, that our stock repurchases, first and foremost, are meant -- are actively meant to return capital to shareholders in the form of share count reductions.

過去五年，累計股權稀釋率不到3%。正如我之前提到的，同期我們淨減少了22%的總股本，其中包括因股權激勵活動而新增的股份。我們未來的實踐將繼續遵循數十年來指導我們的兩項理念：第一，控制股權激勵的數量；第二，我們股票回購的首要目標是——積極主動地——以減少股份數量的形式將資本返還給股東。

In January, we started to sell down our investment in Meituan and completed the sale of [our position] in February. Total proceeds of $1.7 billion from a sale represents a $1.2 billion or over 250% increase in the value of our regional investments. On an after-tax basis, we expect this to increase our available cash position by about $1.4 billion. Our business partnership with Meituan continues.

今年1月，我們開始減持美團股份，並於2月完成全部出售。此次出售共獲得17億美元收益，相當於我們區域投資價值增加12億美元，增幅超過250%。稅後，我們預計這將使我們的可用現金增加約14億美元。我們與美團的業務合作關係仍在繼續。

As we think about our capital structure and allocation framework going forward, we are focused on growing returns for our shareholders whilst approval investing in our business and maintaining our strong investment-grade credit ratings.

在考慮未來的資本結構和配置框架時，我們專注於為股東增加回報，同時批准對業務進行投資，並維持我們強勁的投資等級信用評級。

We will target maintaining a gross leverage ratio of about 2%, which is about in line with the historic levels. On a net leverage basis, we've started to run the business with negative net leverage. However, we plan on moving gradually to addition or positive net leverage targeting about Want net leverage over time.

我們將把總槓桿率維持在2%左右，這與歷史水準基本一致。就淨槓桿而言，我們目前以負淨槓桿運作。但是，我們計劃逐步過渡到正淨槓桿，目標是最終達到約2%的淨槓桿水準。

We believe managing our capital structure with these targets will allow us to maintain our strong investment-grade credit rating whilst also generating additional capacity for returning capital to shareholders as our EBITDA increases.

我們相信，透過這些目標管理我們的資本結構，將使我們能夠維持強勁的投資等級信用評級，同時隨著 EBITDA 的成長，也能為股東創造更多回報資本的能力。

Given these considerations and our current outlook for the business, we expect our annual total return of capital to shareholders or to be at least equal to our free cash flow over the next few years.

鑑於這些因素以及我們目前對業務的展望，我們預計未來幾年股東的年度資本總回報將至少等於我們的自由現金流。

In 2019, we started the year with $4.5 billion remaining under our share repurchase organization that was approved in the prior year. In the second quarter 2019, our Board of Directors approved a new $15 billion authorization. Since the start of 2019, we repurchased the full $4.5 billion under prior authorization and have repurchased $11.1 billion under the $15 billion authorization, leaving us with $3.9 billion remaining at the end of last year.

2019年初，我們根據上一年核准的股票回購計劃，剩餘45億美元資金。 2019年第二季度，董事會批准了新的150億美元回購授權。自2019年初以來，我們已根據先前的授權回購了全部45億美元，並根據新的150億美元授權回購了111億美元，截至去年年底，我們剩餘39億美元資金。

We're announcing today that our Board of Directors has approved a new share repurchase authorization of $20 billion that we will begin utilizing after we complete the current authorization. We expect to complete the share repurchases under a cumulative $24 billion authorization within the next 4 years, assuming that travel continues to recover and grow from here.

我們今天宣布，董事會已批准一項新的200億美元股票回購授權，我們將在完成現有授權後開始使用該授權。假設旅遊業持續復甦並持續成長，我們預計在未來四年內完成累計240億美元的股票回購授權。

Before I turn to 2023, I'd like to remind you we'll primarily compare to 2023 with 2022. However, there will be some periods where a comparison to 2019 will be helpful to better understand the trends in the business. For example, comparing January 2023 versus '19 -- versus 2019 helps avoid the distortion created by -- from comparing to January '22, which was negatively impacted by the Omicron variant. As you recall, our January 2022 room nights were 21% below 2019, but it's quickly improved and February was in line with February 2019.

在展望2023年之前，我想提醒各位，我們將主要以2022年的數據作為對比對象。不過，在某些時期，與2019年的數據進行比較將有助於我們更了解業務趨勢。例如，將2023年1月的數據與2019年1月的數據進行比較，可以避免因與2022年1月的數據進行比較而造成的偏差，因為2022年1月的數據受到了Omicron變體的負面影響。如您所知，我們2022年1月的客房入住率比2019年同期下降了21%，但之後迅速回升，2月份的數據與2019年2月基本持平。

So now on to recent trends and our thoughts for the first quarter of 2023. In January, we booked over 95 million room nights, our highest monthly amount ever and about 10 million more room nights than our previous monthly record set last May. January 2023 room nights were up 60% on a year-on-year basis. This compares to Q4 2022 room growth of 39% on a year-on-year basis. When comparing January 2023 with January 2019, room nights were up 26%, a very nice improvement from the 10% growth in the fourth quarter of 2022.

接下來我們來看看近期趨勢以及對2023年第一季的展望。 1月份，我們預訂了超過9500萬間夜，創下歷史新高，比去年5月創下的上一月紀錄高出約1000萬間夜。 2023年1月的間夜預訂量年增60%。相較之下，2022年第四季的間夜預訂量較去年同期成長39%。與2019年1月相比，2023年1月的間夜預訂量增加了26%，較2022年第四季的10%增幅有了顯著提升。

This improvement in growth rates versus 2019 from Q4 January was driven primarily by Europe, rest of world and Asia. January room night growth versus 2019 was about 35% in the U.S., over 25% in Europe and rest of the world, and over 20% in Asia.

與2019年第四季相比，1月份成長率的改善主要得益於歐洲、世界其他地區和亞洲的成長。 1月美國客房夜數較2019年同期成長約35%，歐洲和世界其他地區成長超過25%，亞洲成長超過20%。

In January, we saw lower cancellation rates versus 2019. Additionally, we've seen the booking window fully normalized back to 2019 levels in January. And in some regions, it has expanded as we see a healthy mix of near-term bookings as well as bookings to stay late in the year.

1月的取消率低於2019年同期水準。此外，1月的預訂窗口期已完全恢復到2019年的水準。在某些地區，預訂窗口期甚至有所延長，因為我們看到近期預訂和年底入住的預訂數量都比較均衡。

We also continue to see no change in the mix of hotel star rating levels being booked or changes in length of stay that could indicate that customers are trading down despite ADRs continuing to be higher than in 2019.

我們還發現，儘管平均房價 (ADR) 仍然高於 2019 年，但預訂的酒店星級組合或入住時長並沒有發生變化，這表明顧客並沒有降低入住檔次。

The average length of stay of transaction booked in January continued to be a bit longer than it was in 2019. January likely saw some benefit from bookings that were made in the month -- in December last year or potentially later in this year. This may indicate the room night growth could moderate from these levels going forward as some of these booking pattern differences normalize.

1月預訂的平均入住時長略高於2019年同期。 1月份的預訂量可能部分得益於去年12月或今年稍後的預訂。隨著部分預訂模式差異逐漸恢復正常，這或許預示著未來客房夜數的成長速度可能會放緩。

On a year-on-year basis, January gross bookings were up 74% or up 83% on a constant currency basis. The 74% increase in gross bookings is 14 percentage points higher than 60% room night growth due to 13% higher constant currency ADRs and also due to a few points from flight booking partially offset by 9 percentage points of negative impact from FX movements.

與去年同期相比，1月總預訂量成長74%，以固定匯率計算成長83%。總預訂量成長74%比客房夜數成長60%高出14個百分點，這主要得益於以固定匯率計算的平均房價上漲13%，以及機票預訂量成長帶來的部分成長，但部分成長被匯率波動造成的9個百分點的負面影響所抵銷。

Gross bookings in January were up 55% versus 2019 or up 72% on a constant currency basis. While there continues to be uncertainty around the month-to-month trends, our comments for the first quarter made the assumption that room night growth for the fourth quarter will be over 30% year-on-year. Compared to 2019, this will be just over 20%, assuming some moderation in growth from what we've seen over the last few weeks.

1月的總預訂量較2019年同期成長55%，以固定匯率計算則成長72%。儘管月度趨勢仍存在不確定性，但我們在第一季的預測中假設第四季度客房夜數同比增長將超過30%。與2019年同期相比，考慮到過去幾週的成長速度有所放緩，預計這一數字將略高於20%。

We expect Q4 gross bookings to grow about 4 percentage points faster than room nights on a year-on-year basis due to about 6% higher constant currency ADRs and a couple of points from continued flight bookings partially offset by about 6% -- by about 6 points [effect] from FX.

我們預計，由於以固定匯率計算的平均房價上漲約 6%，以及航班預訂持續增長幾個百分點，第四季度總預訂量同比增長將比客房夜數同比增長快約 4 個百分點，但部分增長將被匯率波動抵消約 6%——匯率波動的影響約為 6 個百分點。

We expect Q1 revenue as a percentage of gross bookings to be about 10.3%, a 40 basis point improvement from Q1 2019 due to a less negative impact on timing, partially offset by increased investments in merchandising and a higher mix of clients.

我們預計第一季營收佔總預訂量的百分比約為 10.3%，比 2019 年第一季提高了 40 個基點，這主要得益於時間安排受到的負面影響較小，但部分被商品銷售投資增加和客戶組成更加多元化所抵消。

We expect Q1 marketing expense as potential gross bookings to be slightly lower in Q1 than in Q1 2022 due to increase in direct mix. Marketing and merchandising combined, as a percentage of gross bookings in Q1, will be a little higher than in Q1 2022, but for the full year, we expect to be about in line with last year.

我們預計，由於直接行銷組合的增加，第一季行銷費用（以潛在總預訂金額計）將略低於2022年第一季。行銷和商品推廣費用合計佔總預訂額的比例將略高於2022年第一季，但全年來看，我們預計與去年基本持平。

We expect Q1 sales and other expenses as potential gross bookings to be about 30 basis points higher than in Q1 2022 due to higher gross merchant bookings mix and higher third-party core costs, including the impact of our partnership with Majorelle.

我們預計，由於商家預訂總額佔比增加以及第三方核心成本增加（包括與 Majorelle 合作的影響），第一季銷售額和其他費用（即潛在總預訂額）將比 2022 年第一季高出約 30 個基點。

We expect our more fixed expenses in Q1 to grow just over 20% versus Q1 2022 due to higher personnel and related expenses, indirect taxes and IT expenses. Taking all this into account, we expect Q1 adjusted EBITDA to be over $600 million, which will represent a more than 93% increase versus Q1 2022.

由於人員及相關費用、間接稅和IT支出增加，我們預期第一季固定支出將比2022年第一季成長略高於20%。綜合考慮這些因素，我們預計第一季調整後EBITDA將超過6億美元，比2022年第一季成長超過93%。

As we think about the full year ahead, we're encouraged by the strong trends we're seeing in Q1 so far. However, we do expect continued volatility in our top line trends, which makes it very difficult to predict how the top line will progress during the year and how the full year will turn out. Assuming a moderation in growth from current levels and taking into account the more difficult comparisons as we move through the year, our full year commentary assumes low-teens gross booking growth versus 2022.

展望未來一年，我們對第一季迄今的強勁成長動能感到鼓舞。然而，我們預計營收趨勢仍將持續波動，因此很難預測全年營收的成長以及最終的業績表現。假設成長率較目前水準放緩，並考慮到隨著年數的增加，基數效應也會增強，我們對全年業績的預測是：與2022年相比，總預訂量增長將維持在10%左右。

Of course, it's early in the year, but this is our best estimate at this point in time. For the full year, we expect our 2023 revenue as a percentage of gross bookings to be about 50 basis points higher than in 2022, which will result in year-over-year revenue growth is higher than our year-over-year gross bookings growth.

當然，現在只是年初，但這是我們目前能做出的最佳預測。我們預計2023年全年收入佔總預訂量的百分比將比2022年高出約50個基點，這將導致收入同比增長率高於總預訂量的同比增長率。

We expect the negative impact on timing to mostly go away in 2023, and we also expect that our payments mix will continue to add to take rates. Partly offsetting these are continued increase in the mix of flights in our business, an increase in merchandising spend versus 2022.

我們預計，到2023年，時間安排的負面影響將基本消失，同時，我們的支付方式組合也將持續提升費率。部分抵銷這些影響的因素包括：業務中航班比例的持續成長，以及與2022年相比，商品銷售支出的增加。

We expect marketing and merchandising combined as the percentage of gross bookings will be about the same as in 2022. We expect our more fixed expenses in 2023 to grow about 20%, which is similar to the growth last year. We expect these more fixed expenses to grow more slowly in future years. As a result, we expect to deliver a record level of EBITDA in 2023 while continue to expand our EBITDA margins by a couple of percentage points versus 2022.

我們預期行銷和商品銷售費用合計佔總預訂額的比例將與2022年大致相同。我們預計2023年固定支出將成長約20%，與去年的成長率相近。我們預計未來幾年這些固定支出的成長速度將放緩。因此，我們預計2023年將實現創紀錄的EBITDA，同時EBITDA利潤率將比2022年提高幾個百分點。

In closing, we are pleased with our Q4 results and the early trends we're seeing in 2023. We remain confident that our strategic priorities will enable us to provide better services for our travels and partners.

最後，我們對第四季的業績以及2023年的早期發展趨勢感到滿意。我們仍然相信，我們的策略重點將使我們能夠為旅客和合作夥伴提供更好的服務。

We continue to remain focused on building a larger and faster-growing business than we have pre-COVID that delivers more and faster growing EBITDA dollars and more and faster growing earnings per share with industry-leading EBITDA margins.

我們將繼續專注於打造比新冠疫情前規模更大、成長速度更快的業務，從而實現更多、更快增長的 EBITDA 金額和更多、更快增長的每股收益，並保持行業領先的 EBITDA 利潤率。

We'll now move to Q&A. So Chris, can you please open the lines?

現在進入問答環節。克里斯，請你開通電話線好嗎？

(Operator Instructions)

（操作說明）

Your first question comes from Brian Nowak, Morgan Stanley.

你的第一個問題來自摩根士丹利的布萊恩諾瓦克。

Congratulations, David. I have 2 questions, 1 sort of blocking and tackling and 1 big picture. Just the first blocking and tackling one, as you're thinking about the low teens gross bookings for this year, can you just sort of walk us through how you're thinking about your best guess or your base case on ADRs around that model?

恭喜你，大衛。我有兩個問題，一個是具體操作上的問題，一個是宏觀的問題。先說第一個具體操作方面的問題，鑑於你預計今年的總預訂量將只有十幾美元，你能否簡要地解釋一下，你是如何根據這個模型來估算平均房價（ADR）的？

Then the second one, kind of more big picture. There's a lot of discussion or speculation about search and potentially travel search becoming more sophisticated because of new AI tools. How do you think about Booking.com's position in that world and sort of the ability to continue to grow the percentage of business that's direct if the search model becomes a little more comprehensive?

第二個問題，更宏觀一些。目前有很多關於搜索，尤其是旅遊搜索，會因為人工智慧工具的出現而變得更加複雜的討論和猜測。您如何看待Booking.com在這種環境下的定位，以及如果搜尋模式變得更加完善，Booking.com能否繼續提高直接預訂業務的比例？

Okay, Brian. Thank you. Let me take the first one and then hand over to Glenn for the second one. So yes, there are a few puts and takes, obviously, as we think about the entire year. To answer your question, we expect that our room night growth will be slightly lower than the low teens gross booking growth.

好的，布萊恩，謝謝。我先回答第一個問題，然後把第二個問題交給格倫。是的，在考慮全年計劃時，顯然會有一些調整和取捨。回答你的問題，我們預期客房夜數的成長會略低於總預訂量十幾個百分點的成長。

We'll get a little bit of help from FX. We'll get a little bit of help from flights. But we think that across the year, as the ADR compare gets harder and we get more recovery in Asia that impacts geo mix, we'll see a little bit of pressure on constant currency ADRs for the full year.

外匯市場會為我們帶來一些幫助，航班市場也會為我們帶來一些幫助。但我們認為，隨著全年平均房價比較難度增加，以及亞洲市場復甦影響地域組成，全年以固定匯率計算的平均房價將面臨一定壓力。

Brian, why don't I take the second one. Obviously, a lot of hype about AI right now, about generative AI. And I guess hype is a good word when we talk about are we on the Gartner Hype Cycle right now. I'm not sure -- I don't think we're into that froth of dissolution yet.

布萊恩，不如我來回答第二個問題。顯然，現在關於人工智慧，尤其是生成式人工智慧，有很多炒作。我覺得用「炒作」這個詞來形容我們現在是否處於Gartner技術成熟度曲線的階段很貼切。我不確定——我覺得我們還沒到泡沫破裂的階段。

I think we're still probably in the peak of inflated expectations, but there's no doubt this technology has seems to be accelerating all the time. And I think you may be limiting the question almost because it's not just how is AI going to impact search down the road, it's just AI in general.

我認為我們可能仍處於期望過高的時期，但毫無疑問，這項技術似乎一直在加速發展。而且我認為你可能把問題局限在了某個層面上，因為這不僅僅關乎人工智慧未來將如何影響搜索，而是關乎人工智慧本身。

And we've been talking about this for some time. I happened to be listening to our call from 3 years ago. And I talked about what we're doing in AI. I talked about our -- some of these plans, I talked about the things we're doing, how important it was to develop our machine learning capabilities and all the things that we do and Booking Holding's using AI to improve the product, improve what we're presenting to our customers, working with our partners better using AI.

我們已經討論這個問題一段時間了。我碰巧在聽我們三年前的電話錄音。我當時談到了我們在人工智慧領域的工作。我談到了我們的一些計劃，談到了我們正在做的事情，談到了發展機器學習能力的重要性，以及Booking Holdings如何利用人工智慧來改進產品，改進我們向客戶展示的內容，並利用人工智慧更好地與合作夥伴協作。

So there's a tremendous amount of interest, of course, in all these areas and some of the stuff we see is very interesting. But I think it's going to take some time before there's going to be major changes in your specific question about search, no doubt it's going to make it better.

當然，大家對所有這些領域都非常感興趣，我們看到的一些內容確實很有意思。但我認為，就你提出的關於搜尋的具體問題而言，還需要一段時間才會出現重大變化，不過毫無疑問，搜尋功能肯定會得到改善。

In terms of your question, how are we going to be positioned for these changes, I think the best thing anybody could do is look back at the past. There's been lots of technology changes since we first started our business over 20 years ago. And as those changes happened, we adapted and developed. We did great when, for example, people went from just desktop to mobile.

關於您提出的「我們將如何應對這些變化」這個問題，我認為最好的方法就是回顧過去。自從我們20多年前創立公司以來，科技已經發生了翻天覆地的變化。隨著這些變化，我們也隨之調整和發展。例如，當人們從使用桌上型電腦轉向使用行動裝置時，我們就取得了巨大的成功。

And we were very good coming out with these new AI machine learning tools to be able to predict what would be best for our customer. I would say that our capabilities are as good as anybody else's and we will adapt and do very well with these new technologies. So I am confident in the future, and I am not scared, I'm actually encouraged by being able to use all of these new tools to provide a better service for both sides of the marketplace.

我們非常擅長開發這些全新的人工智慧機器學習工具，以便預測什麼對我們的客戶最有利。我認為我們的能力與其他任何公司一樣出色，我們將適應並充分利用這些新技術。所以我對未來充滿信心，我並不害怕，實際上，能夠利用所有這些新工具為市場供需雙方提供更好的服務讓我倍感鼓舞。

Your next question comes from Mark Mahaney, Evercore.

下一個問題來自 Evercore 公司的 Mark Mahaney。

Okay. Let me ask 2 questions, please. The China outbound question, Glenn, just -- that will take a while, but that has been a massive market historically. I think it's the largest outbound travel market. And I know it was a small single-digit percentage, mid-single-digit percentage, whatever, back in 2019.

好的。請容許我問兩個問題。關於中國出境旅遊的問題，格倫，這需要一些時間，但從歷史上看，那一直是個巨大的市場。我認為它是最大的出境旅遊市場。我知道在2019年，它的佔比只有個位數或中個位數，或者差不多。

Your thoughts on how to position the company to maybe better tap into that now than you were able to a couple of years ago? And then is there another U.S. out there? What I mean by that is you've talked about leaning into gaining market share gains in the U.S. Is there another region where you think you kind of underpunch your weight, if I said that right, and can also apply the U.S. playbook to also gain better share in that market?

您認為公司現在應該如何定位才能比幾年前更好地利用這個市場？此外，美國市場還有其他潛力可挖嗎？我的意思是，您曾談到要大力拓展美國市場佔有率。如果您認為公司在其他地區的影響力還不夠，能否藉鏡美國市場的成功經驗，從而在這些地區也獲得更大的市場份額？

Thanks, Mark. In regards to China, obviously, there's a lot of excitement about China, too, dropping the restrictions in terms of being able to travel due to COVID, getting everybody very excited about what does that mean.

謝謝，馬克。至於中國，顯然，大家也都很興奮，因為中國取消了因新冠疫情而導致的旅行限制，這讓每個人都非常激動，想知道這意味著什麼。

And not just for travel, of course, just reducing those restrictions is increasing GDP in China and what that's going to do in terms of demand for all sorts of things and what's that's going to do to inflation, and how is it going to impact the rest of the world economies.

當然，這不僅僅是關於旅行，僅僅是減少這些限制就能提高中國的GDP，這將對各種事物的需求產生怎樣的影響，這將對通貨膨脹產生怎樣的影響，以及這將如何影響世界其他地區的經濟。

In terms of your specific question, you're correct. We were a small player in terms of the overall Chinese travel business before the pandemic. And in terms of the future, yes, there is an opportunity there, and there are a lot of outbound travelers who definitely are hoping that they can go outbound and travel soon.

關於您提出的具體問題，您說得對。在疫情爆發前，我們在中國旅遊業整體中只是個小角色。至於未來，確實存在著機遇，而且有許多出境旅客都希望能夠盡快出國旅行。

I don't think it's going to happen nearly as quickly as I think some people have been predicting. When you look at some of the numbers out of January in terms of the amount of outbound airlift available was a teens number, I think maybe it was 15% of what it was in 2019 in terms of the actual lift that you can get out of China.

我認為事情不會像某些人預測的那樣迅速發生。看看一月份的數據，就出境空運能力而言，只有十幾人，我認為可能只有2019年中國實際空運能力的15%。

So I think it's going to take some time for that. Now in terms of how we can take advantage of the increase that is going to happen in future, we're going to use pretty much the same placement we use pretty much everywhere. Albeit China is a little different because there's not Google there.

所以我認為這需要一些時間。至於我們如何利用未來即將到來的成長，我們將採用與其他地方幾乎相同的廣告投放策略。不過中國的情況略有不同，因為那裡沒有Google。

But in terms of marketing, meaning people are aware of all the great products that we offer and be able to competitive pricing, all things any consumer cares about, whether you're in China, Europe, U.S. or wherever in the world, we'll keep doing those things.

但就行銷而言，這意味著讓人們了解我們提供的所有優質產品，並且能夠享受有競爭力的價格，這些都是任何消費者都關心的事情，無論你身處中國、歐洲、美國或世界任何地方，我們都會繼續做這些事情。

I know it's not -- China is a very competitive market. And it's going to take some time. And as we said when we talked about our priorities, you'll note that we'd say U.S., I don't say China, but I would like to be able to say, look, we have been able to be successful in gaining market share in the U.S. over the last few years.

我知道並非如此——中國市場競爭非常激烈。這需要一些時間。正如我們之前談到優先事項時所說，你會注意到我們說的是美國，而不是中國，但我希望能夠說，你看，過去幾年我們在美國市場已經成功獲得了一定的市場份額。

I think everybody can see those numbers. So yes, we will try and do better than we did in the past in China, but I don't think anybody should start going to the bank with any expectations of significant improvements anytime in the near term.

我想大家都能看到這些數據。所以，是的，我們會努力在中國做得比過去更好，但我認為任何人都不應該指望短期內情況會有任何顯著改善。

What was your second question? What was that? What was the second question.

你的第二個問題是什麼？是什麼？第二個問題是什麼？

No. No. Is there another U.S.? So is there -- not Europe, but is there another regional market where you think your market share probably isn't where you want it to be, and you can use U.S. learnings to expand share in that market?

不，不。還有另一個美國嗎？那麼，除了歐洲，還有沒有其他區域市場，你認為你在該市場的份額可能沒有達到預期，而你可以藉鏡美國的經驗來擴大在該市場的份額？

Well, we want to increase our market share everywhere, of course. The reason we kept calling out the U.S., the U.S. is very similar to Europe in many ways. And we had noticed how underindexed we were there.

當然，我們希望在世界各地提高市場份額。我們之所以一直強調美國市場，是因為美國在許多方面都與歐洲非常相似。而且我們注意到，我們在美國市場的市佔率嚴重不足。

That's not quite the same case when we look around the world, albeit in -- except in China, which you've noted. We do fairly well in a lot of parts of the world, but there's nothing that we pull out separately and say, "Hey, here's another area where we're going to really press hard to try and do better at." We've kind of do what we've been doing throughout the world for a long time, it's gaining share everywhere.

但放眼全球，情況就不盡相同了——當然，中國是個例外，正如你所提到的。我們在世界很多地方都做得相當不錯，但我們並沒有專門挑出某個領域，說：「嘿，這是我們要重點努力改進的另一個領域。」我們一直以來在全球範圍內都採取同樣的策略，而且這種策略在各地都取得了更大的市場份額。

Okay. And congratulations, David.

好的。恭喜你，大衛。

Mark, thank you. Just to add to comments. Relative to what we're seeing in January, we saw obviously a nice improvement in the Asia region compared to Q4. That is not being driven by China. That's been driven by the other markets in the Asia region. China is a small contributor to that improvement so far.

馬克，謝謝。我補充一點。與一月份的情況相比，亞洲地區顯然比第四季有了顯著改善。這並非中國市場推動的，而是亞洲其他市場共同作用的結果。目前來看，中國市場對此改善的貢獻較小。

Your next question comes from Lloyd Walmsley, UBS.

下一個問題來自瑞銀集團的勞埃德·沃姆斯利。

If I heard you right, you talked to, I think, 50 bps of revenue take rate improvement this year. How much of that is kind of the timing headwind unwinding? What are kind of some other puts and takes we should think about impacting revenue take rates this year?

如果我理解沒錯，您提到了今年營收轉換率提升了50個基點。其中有多少是因為時間因素的消除所致？還有哪些因素會影響今年的營收轉換率？

And as we think about '24 and growth continues to normalize, is that -- is there another 50 bps in take rate just from that kind of timing unwind? You talked about the 1% headwind to '22.

當我們展望2024年，且經濟成長持續趨於正常化時，這種時機調整是否會導致成交率再下降50個基點？您提到了2022年1%的不利因素。

And then the second one, I guess, you've been picking up share in the U.S. for a while now. Can you talk about just how repeat business is coming in and specifically repeat direct is coming in as that kind of cohort of users starts to age in the U.S.? And maybe how that compares to historical levels? Anything you can share there would be great.

其次，我想你們在美國的市佔率已經持續成長一段時間了。能否談談隨著美國用戶群逐漸老化，回頭客和直接回購的具體情況？以及與歷史水準相比如何？任何相關資訊都非常感謝。

Yes. Lloyd, let me take the first part of that. So I think I kind of went through a little bit of this in the commentary, but there's a lot of numbers in the commentary with all the comparisons of versus last year versus 2019, et cetera.

是的。勞埃德，讓我先說第一部分。我想我在解說中已經稍微提到過這一點，但解說中有很多數據，以及與去年、2019年等等的比較。

So relative to the 50 bps of improvement this year, essentially, the timing drag on take rates last year has basically gone -- almost entirely gone away. So there was about a point of timing last year that goes away. And also, we get a little bit of an increase from payments as payment mix increases.

因此，相較於今年50個基點的改善，去年影響交易成功率的時間因素基本上已經消失──幾乎完全消失了。所以去年存在的那個時間因素現在已經不存在了。此外，隨著支付方式組合的增加，支付業務也略有成長。

The offsetting amount to those get you to the plus 50 is that we have continuing this year at the same level of merchandise we exited last year out, broadly speaking. So you get a year-on-year impact of merchandising that's a negative and flight mix as well. So that's how you get to the cap plus 50 improvement from last year.

抵銷這些因素，使最終實現50%的增幅的原因在於，我們今年的商品銷售水準與去年基本持平。因此，商品銷售和航班組合的年比影響為負值。這就是最終實現比去年增長50%的原因。

So to your question on 2024 though, the timing impact has really gone away at this point in time compared to 2019, a lot less, of course, growth rate change, much more than expected during the year. So essentially, there are puts and takes along the lines. The same thing I talked about, payments, merchandising, flights, et cetera.

至於你提到的2024年，與2019年相比，時間因素的影響現在基本上已經消失了，當然，成長率的變化也小得多，遠超預期。所以本質上，這方面有利弊權衡。就像我之前提到的，付款、商品銷售、航班等等。

But we don't expect major changes in the take rate level from where we are right now. You shouldn't be modeling big changes in to take rates because we have some things helping and we have some things that are hurting, and they're generally going to offset each of that broadly speaking at this point in time.

但我們預計目前的成交率不會有太大變化。你不應該預測成交率會大幅波動，因為目前有一些因素有利，也有一些因素不利，但總體而言，這些因素的影響會相互抵消。

We don't go regional in terms of your question there. We're not going to be talking about in the U.S. in terms of specific that you're asking for.

就您的問題而言，我們不涉及地理因素。我們不會討論您詢問的美國具體情況。

Okay. Any directional sense of just how you're feeling about the aging cohorts in the market share gains you've had just broadly?

好的。您能否大致談談您對市場佔有率成長中老化群體的影響有何感受？

No, I'm not going to be specific in terms of that. I just would say how pleased I am. We've been talking about it for some time on these calls about what we're doing in the U.S. and gaining share and the reasons that we're doing, how we're doing it, and I'm just reiterating how pleased we are to be able to do that, and we're going to keep on grinding the way to continue to try and gain share.

不，我不會具體說明。我只想表達我的喜悅之情。我們已經在之前的電話會議上討論過一段時間，關於我們在美國的業務、市場份額的增長以及我們這樣做的原因和方法，我再次重申，我們非常高興能夠取得這樣的成績，我們將繼續努力，爭取繼續擴大市場份額。

Your next question comes from Justin Post, Bank of America Merrill Lynch.

下一個問題來自美國銀行美林證券的賈斯汀·波斯特。

Maybe 1 for David and 1 for Glenn. David, it looks like you're getting your EBITDA back towards the 33%, maybe 33.5% range this year in guidance. How do you think about where you are now versus pre pandemic? And what are the levers going forward?

或許給大衛和格倫各一份。大衛，看來你今年的 EBITDA 預期目標正在回升，預計將達到 33%，甚至 33.5%。你覺得你現在的狀況與疫情前相比如何？未來有哪些可以採取的措施？

And then, Glenn, I think you said AA nights were about 29% of total and that's kind of flattish with last year. How are you thinking about your alternative accommodation business? And to the extent you can talk about it, obviously, competitive concerns, what are your big initiatives for that business this year?

格倫，我記得你說過AA住宿晚數約佔總晚數的29%，與去年基本持平。你如何看待你的非傳統住宿業務？在允許的情況下，當然也包括競爭方面的考量，今年你針對這項業務有哪些重大措施？

All right. Just let me take the EBITDA margin question first. So if we add a couple of points to where we are in '22 to '23, the drivers between that, the difference between that, the 39 points we were at in 2019, are basically a few things.

好的。我先來回答一下 EBITDA 利潤率的問題。如果我們在 2022 年到 2023 年的水準上增加幾個百分點，那麼造成這一差距（即 2019 年的 39 個百分點）的因素主要有以下幾點。

One, we're leaning in more relative to marketing and merchandising that we did in 2019, that's very conscious to continue to gain share in the recovering market. We've got the mix of lower-margin business. We said that flights and payments will start to have an impact as they grow and they are making part of the difference.

首先，我們比2019年更重視行銷和商品推廣，這是為了在復甦的市場中持續擴大份額。我們同時兼顧低利潤業務。我們曾說過，隨著航班和支付業務的成長，它們將開始產生影響，並且正在發揮重要作用。

We've got some targeted OpEx investments in -- when you look at our total OpEx expense vis-a-vis 2019, we've got DST and we've got FX. I mean, I don't know their impact -- rough order of impact. That's how you kind of get to the 6 points of difference.

我們有一些針對性的營運支出投資——如果你看一下我們2019年與2019年的總營運支出，你會發現有夏令時和匯率的影響。我的意思是，我不太清楚它們的具體影響——大概影響程度如何。這就是造成這6個百分點差異的原因。

So when you think about where we would go going forward from that, we do expect to be able to increase EBITDA margins from this level. We're not trying to get back to COVID, pre-COVID volume levels, I just want to be super clear, but we do think there's still some growth potential from where we are right now.

所以，展望未來，我們預計能夠在此基礎上提升 EBITDA 利潤率。我們並非試圖恢復到疫情前的銷售水平，這一點我必須強調，但我們認為，從目前的水平來看，我們仍然有一定的成長潛力。

And the drivers of that, if you think of the things I just mentioned are the reasons we're down below versus 2019 now. The drivers of that, that we think we can use to our advantage over time is that as our direct mix increases, we should be able to kind of lean in less in total to our margin spend. We may lean in to the same level in absolute terms on paid marketing, but paid market becomes a smaller part of the business.

造成這種情況的原因，如果你仔細想想我剛才提到的那些因素，就會發現它們正是我們目前業績低於2019年水準的原因。我們認為可以利用這些因素，隨著直接行銷組合的增加，我們可以減少整體利潤支出。雖然我們在付費行銷方面的投入總量可能保持不變，但付費市場在業務中所佔的比重會逐漸縮小。

We do believe that over time, we can get more leverage on our fixed costs. But then we do expect to see continued pressure from the lower mix -from the higher mix of lower-margin businesses that will continue to grow. We believe that over the kind of medium term, we can still increase margins from where we are today into 2023. But again, not back to the 2019 levels.

我們相信，隨著時間的推移，我們可以更好地利用固定成本。但我們也預期，低利潤業務佔比上升（這些業務將持續成長）將帶來持續的壓力。我們相信，在中期內，到2023年，我們仍然可以提高目前的利潤率。但同樣，我們無法恢復到2019年的水準。

Regarding the alternative accommodation space, we are very pleased with what we're doing in growing. And I mentioned in the prepared remarks some of the things that we did last year and I won't repeat them all, but those are the things that we're doing to make sure that partners, that suppliers, they want to put their properties on to our platform.

關於替代住宿空間，我們對目前的發展狀況非常滿意。我在事先準備好的演講稿中提到了一些我們去年所做的工作，這裡就不一一贅述了，但這些工作旨在確保合作夥伴和供應商願意將他們的房源上架到我們的平台上。

And that's the first thing. And having done that and doing that right now, is that how do we get the awareness. So you noticed, for example, our Super Bowl ad, where we do include the non-hotel accommodation in that make sure -- as we grow that branding throughout the year to make sure people are aware.

這是第一點。既然我們已經做到了這一點，而且現在也正在這樣做，那麼我們該如何提高知名度呢？例如，您可能已經注意到，在我們的超級盃廣告中，我們確實包含了非飯店住宿訊息，以確保——隨著我們全年品牌推廣的深入，確保人們能夠了解這一點。

It's really -- it's not anything that is magic is making a product that people want to use and making a product that people who own properties want to put on our platform and then putting in the marketing to push it through. It has increased. It has not increased substantially over the years as our hotel product continues to build quite rapidly too.

其實，這並非什麼魔法，而是打造一款人們想要使用的產品，一款業主願意將其房源放到我們平台上的產品，然後進行有效的營銷推廣。近年來，我們的業務量有所成長，但成長幅度並不大，因為我們的飯店產品也持續快速發展。

We can have a big increase in this share of the trends of accommodations that we saw growing in the hotel area, but we're doing both. So that's the point. And our thing is we know, and this is really important.

我們可以大幅提高住宿領域的成長趨勢，就像我們在飯店領域看到的那樣，但我們兩方面都在做。這就是關鍵所在。我們明白這一點，而且這一點真的非常重要。

We know customers come to our site, come to our app. They start a one type of property. And then they switch and they look at another one, another entirely different one. And then they go back and they come back. We really believe having both types of properties, hotels and on hotels in the same place that enables a customer to be able to compare and contrast, and look what they cause or look at the reviews makes a better process for consumers over time.

我們知道，顧客會造訪我們的網站和應用程式。他們一開始會瀏覽一種類型的房源，然後切換到另一種，甚至是完全不同的房源。之後他們又會回到我們的網站和應用程序，如此反覆。我們堅信，將飯店和民宿這兩種類型的房源放在同一個平台上，讓顧客能夠進行比較和對比，查看房源詳情或用戶評價，從長遠來看，這將為消費者帶來更佳的體驗。

Now look, we just got a lot of the stuff out last year. And for example, I mentioned our requested book, we're still trialing that, we're just piloting that. It's going to take some more time. But I am very encouraged by where we are and where we're going. So I have no concerns about us continuing in the same direction.

你看，我們去年才推出很多東西。例如，我剛才提到的讀者要求出版的書，我們還在試行，還在試行階段。這還需要一些時間。但我對我們目前的進展和未來的發展方向感到非常鼓舞。所以我並不擔心我們會繼續朝著這個方向前進。

Your next question comes from Eric Sheridan, Goldman Sachs.

下一個問題來自高盛的艾瑞克·謝裡丹。

Glenn, your comments around the competitive intensity that you faced in I'd love to look backwards as the first part of the question and sort of reflecting back on '22, how you saw the competitive intensity of the industry broadly evolve against the backdrop where sort of pent-up demand was sort of a bit of a tailwind for the industry from a growth perspective.

格倫，關於你之前在2022年面臨的競爭強度，我想回顧一下，作為問題的第一部分，回顧一下當時的情況，你如何看待整個行業的競爭強度，以及在被壓抑的需求從增長角度來看對行業來說是一種順風的背景下，這種競爭強度是如何演變的。

And as you look forward into '23 and beyond as demand somewhat normalizes away from the pent-up dynamic. How should we be thinking about some of those key initiatives you're most focused on to sort of meet where you see pockets of competitive intensity against a more normalized demand environment?

展望2023年及以後，隨著需求逐漸從先前的壓抑狀態恢復正常，我們該如何看待您最關注的那些關鍵舉措，才能在更加正常的需求環境下，應對您認為仍然存在的激烈競爭？

Sure. Well, the competitiveness was quite clear when you compare '22 versus '21. We had a very nice recovery in '21, and we benefited from the fact that a lot of our competitors just didn't seem to be out of the gate so fast in terms of their marketing, in terms of what they're doing, whether it be brand performance marketing in terms of trying to get the same demand that we are out getting there.

當然。如果你比較2022年和2021年，競爭情勢就非常明顯了。我們在2021年實現了非常好的復甦，這得益於許多競爭對手在行銷方面似乎沒有像我們一樣迅速行動起來，無論是品牌效果行銷，還是其他方面，他們都未能像我們一樣獲得同樣的市場需求。

So in 2022, also we're putting a full throttle on to get those customers. So that's what we saw. We saw it in performance marketing. We saw it significantly increasing the amount of money being put into brand marketing in lots of different ways that everybody wanted to make sure that they're out trying to get those customers.

所以，在2022年，我們也將全力以赴去獲取這些客戶。這就是我們所看到的。我們在效果行銷中看到了這一點。我們看到，品牌行銷的投入顯著增加，而且涉及的管道多種多樣，每個人都想確保自己能夠獲得這些客戶。

That was the difference between '21 and '22. That's when I speak about what a competitive market really was last year. But look, this industry has always been competitive. The wonderful thing about the way technology has developed is that enables customers with very little friction to be able to look at all the different ways they can do their travel.

這就是2021年和2022年的差別。也因為如此，我才說去年的市場競爭有多激烈。但其實，這個行業一直都很競爭激烈。科技發展帶來的美妙之處在於，它讓客戶能夠輕鬆、方便地了解所有不同的出行方式。

So we have to always be providing them with a great service, a great price, so they will actually use us. It's one thing that I think some people will recognize as much perhaps is that this is on every day we go out there and we fight for those customers. Yes, we have loyal customers.

所以我們必須始終為他們提供優質的服務和優惠的價格，這樣他們才會真正選擇我們。我想有些人可能也意識到了這一點，那就是我們每天都在努力爭取客戶。是的，我們擁有忠實的客戶群。

They're loyal because we've providing them with a great service and great price. We got to keep on doing it to maintain their loyalty. And we're going to keep on doing that. Now in terms of the future, in terms of areas that I don't think it's going to get any less competitive, but I do think that we do have some advantages because of our great technology because of the skill sets that we have to continue to try and advance this service better, so people do use it and then they do say, "Hey, I'm going to go to Booking because it's just better." And that's what we're going to have to keep on doing, but there's no magic bullet here. We've got to do it every day.

他們之所以忠誠，是因為我們為他們提供了優質的服務和優惠的價格。為了保持他們的忠誠度，我們必須繼續這樣做。而我們也會繼續這樣做。至於未來，我認為競爭不會減弱，但我確實認為我們擁有一些優勢，這得益於我們先進的技術和我們擁有的技能，我們可以不斷改進這項服務，讓用戶在使用後說：「嘿，我要去Booking，因為它更好。」 這就是我們必須繼續努力的方向，但這沒有捷徑可走。我們必須每天堅持不懈。

Your next question comes from John Colantuoni, Jefferies.

下一個問題來自傑富瑞集團的約翰·科蘭圖奧尼。

Great. So marketing efficiency moved back to 2019 levels in the second half of '22 after being much higher in the first half. And I realize some of that is just the timing of the recovery and sort of the transition to a more competitive environment that you just talked about in the prior question. But how are you thinking about balancing continued investments in customer acquisition with driving EBITDA dollars in 2023, along with the mix between sort of merchandising and marketing? So any detail there would be helpful.

太好了。 2022年下半年，行銷效率回落到2019年的水平，而上半年則高得多。我知道這部分原因在於復甦的時機以及您剛才在上一個問題中提到的向更具競爭性的環境過渡。但是，您打算如何平衡持續的客戶獲取投資與2023年EBITDA成長，以及商品銷售和行銷之間的平衡？任何細節都將不勝感激。

And then if you could give some more detail about how bookings so far in the core summer period have trended, that would be great.

如果您能詳細介紹一下夏季旺季至今的預訂趨勢，那就太好了。

All right. John, let me answer both those questions. So as I think you know, we took a conscious decision, especially in 2022 to kind of lean into our marketing channels, the combination of merchandising and marketing.

好的，約翰，讓我來回答這兩個問題。我想你也知道，我們特意在2022年做出了一個決定，那就是更加重視我們的行銷管道，將商品銷售和行銷結合起來。

And collectively, they were a fair amount higher than they were in 2019 from an expense point of view. And that was a conscious choice, we believe that is reflected in the share gains we've made, not just in the U.S., but also globally.

從支出角度來看，這些費用整體比2019年高出不少。我們認為這是我們有意為之，這一點也體現在我們取得的市場份額成長上，不僅在美國，而且在全球範圍內都是如此。

We -- obviously, we have recovered the level much more than the travel industry as we talked. When you look at occupancy rates and how they've recovered and you look at our room nights, and obviously, we're significantly in front of that. So we believe that has been a sensible investment.

顯然，正如我們剛才提到的，我們的復甦程度遠遠超過旅遊業整體水準。看看入住率的恢復情況，再看看我們的客房夜數，顯然我們都遙遙領先。因此，我們認為這是一項明智的投資。

We -- as I mentioned in my prepared comments, we will keep the combined investments in marketing and merchandising in 2023 at about the same level as it was in 2022. Now during the year, we'll kind of look at what we think the right balance of merchandising versus marketing is.

正如我在事先準備好的演講稿中所提到的，我們將把2023年行銷和商品銷售的總投資維持在與2022年大致相同的水準。接下來，我們將在今年探討商品銷售與行銷之間的合適平衡點。

From the comments that I made, you would realize we probably on average across the year compared to 2022, spending a bit more on merchandising, a bit less on marketing, but that could change during the year. We are kind of really thinking of the 2 together based upon the efficiencies we see in each of the sales.

從我剛才的發言中，您應該可以看出，與2022年相比，我們今年的平均支出可能略高於商品銷售，略低於市場營銷，但這種情況可能會在年內有所變化。我們實際上是根據每項銷售的效率情況，將這兩項支出結合起來考慮的。

And we'll stay at that more elevated level because we believe the market is still recovering. There's still potential for share gains for us in our marketplace. So we kind of really think of the 2 together. And if you kind of look at it versus 2019, it's a fairly sizable step up.

我們將繼續維持目前的較高水平，因為我們相信市場仍在復甦。我們在市場上仍有提升份額的潛力。所以我們把這兩點結合起來考慮。而且，如果與2019年相比，這是一個相當大的進步。

But we think that's been a smart investment and a good investment that makes sense at least this year, we still see recovery in the travel industry.

但我們認為這是一項明智的投資，至少在今年來看，這是一項有意義的投資，我們仍然看到旅遊業正在復甦。

And if you remind me again, please, the second part of your question?

如果您能再提醒我一下，請問您問題的第二部分是什麼？

Second part was if you could give any detail around summer bookings so far.

第二部分是關於目前為止夏季預訂情況的詳細情況。

Yes. Thank you. So summer bookings, yes. So we have seen, as I mentioned, the travel window -- the booking window recover completely on a global basis. But actually, the booking window has now expanded a little bit in Europe and North America and still slowly it was -- or strongly it was, I would say, in Asia.

是的，謝謝。夏季預訂情況確實不錯。正如我之前提到的，我們已經看到全球範圍內的旅行預訂窗口已經完全恢復。事實上，歐洲和北美的預訂窗口現在已經略有擴大，而亞洲的預訂窗口雖然仍在緩慢恢復，但應該說恢復勢頭強勁。

So that means that in Europe and North America, we're seeing strong demand for short-term bookings but also for summer bookings. So we're seeing the summer booking season shaping up quite well. We're not going to go and -- we're not going to repeat the kind of on the book side metrics we talked about last year.

這意味著在歐洲和北美，我們看到短期預訂和夏季預訂的需求都很強勁。因此，我們看到夏季預訂季的情況相當不錯。我們不會——我們不會重複去年討論的那些預訂方面的指標。

We think they perhaps caused a bit of confusion, but more appropriate for a recovering environment. But you can see based upon the fact that we have strong growth in room nights, we have now in those markets, slightly lengthened booking windows, strong growth in gross bookings, then obviously, that would certainly say subject to, obviously, the fact that things are cancelable and a high degree of our bookings are flexible, but it certainly looks like it's shaping up to be a strong summer season for us.

我們認為這些措施或許造成了一些混亂，但更適合復甦的環境。從客房夜數的強勁成長可以看出，我們在這些市場略微延長了預訂窗口期，總預訂量也實現了強勁增長。當然，這肯定要考慮到預訂可以取消，而且我們的大部分預訂都具有靈活性，但看起來我們今年的夏季業績將會非常強勁。

Your next question comes from Kevin Kopelman, Cowen.

下一個問題來自 Cowen 公司的 Kevin Kopelman。

I want to ask about the flights initiatives. Could you update us there and what the outlook is for flights this year? And then also could you comment on the [Etraveli]?

我想問一下航班方面的計劃。您能否為我們介紹一下最新進展，以及今年的航班前景如何？另外，您能否談談[Etraveli]？

Sure, Kevin. So in the prepared remarks, you talked a little bit about the number of countries we have. They're obviously we're very pleased where we are in terms of the growth of the number of tickets that we're selling now is very good product. We like it because, as I mentioned, people -- some people go to flights first, and we want to make sure they know who we are and then start buying from us.

當然，凱文。你在事先準備好的發言稿中，稍微提到了我們涵蓋的國家數量。顯然，我們對目前的票務成長非常滿意，我們現在的票務產品非常好。我們喜歡這樣的現狀，因為正如我剛才提到的，有些人會先預訂機票，我們希望確保他們了解我們，然後再開始從我們這裡購買機票。

In terms of the acquisitions, I can't -- there were regulations, I'm not going to comment on that. We continue to work with the people in the process and continue to work on that. But I would say, just so please, we look where we were -- again, because I listened to that call 3 years ago, the earnings call, and we just -- 3 years ago talked, we just gotten in 2019, the flights been up off the ground, so sorry about the point at Booking.com.

關於收購方面，我不能──因為有相關規定，我不方便置評。我們仍在與相關人員合作，並繼續推進此事。但我想說的是，請大家回顧一下我們當時的情況——因為我聽了三年前的財報電話會議，我們當時只是——三年前我們談到，直到2019年，航班才開始起飛，所以對於Booking.com的情況，我深表歉意。

And we're just starting to where we are now. I just love the -- what the people have been able to build, and I love the fact that people like it and are coming to us. And we have high hopes for the future in this area.

我們現在所處的階段才剛開始。我非常喜歡大家共同創造的一切，也很高興人們喜歡這裡，並且慕名而來。我們對這個地區的未來充滿希望。

Glenn, and a quick -- one other quick one. As we think about year-over-year comps as the year goes on, is it fair to think if Q2 has a pretty tough comp and then the second half is more normal?

格倫，還有一個問題──再問一個問題。隨著一年的進行，當我們考慮年比數據時，如果第二季同比數據比較高，那麼下半年數據就比較正常，這種想法是否合理？

I'll let David talk about that if he wants to or not.

如果大衛想說，我會讓他說，不想說也行。

Yes, if you look at year-on-year, then obviously, the comps get harder when we get past Q1, right? Q1 is going to be the easiest comp on a year-on-year basis.

是的，如果以年比來看，很明顯，過了第一季之後，比較難度就會增加，對吧？第一季以年比比較來說會是最容易的。

And the toughest quarter on a year-on-year basis will be Q2 because remember, we had that kind of early peak in travel bookings in the May time frame last year as we have -- went through our nonlinear recovery. We always said it would be a nonlinear. So Q1 will be the easiest comp. Q2 will be the toughest comp. And Q3 and Q4 a little way between.

年比來看，第二季將是情況最嚴峻的季度，因為去年5月份我們經歷了旅行預訂的早期高峰，之後便開始了非線性復甦。我們一直都說復甦過程不會是線性的。所以第一季的年比基數最小，第二季的年比基數最大，第三季和第四季則介於兩者之間。

Ladies and gentlemen, that was your final question. I will now turn it back to Glenn Fogel for closing remarks.

女士們、先生們，這是你們的最後一個問題。現在我將把發言權交還給格倫·福格爾，請他作總結發言。

Thank you. I want to thank our partners, our customers, our dedicated employees and our shareholders. We appreciate your support as we continue to build on the long-term vision for our company.

謝謝大家。我要感謝我們的合作夥伴、客戶、敬業的員工和股東。感謝你們的支持，我們將繼續朝著公司的長遠願景邁進。

And I want to close by thanking everyone at Booking Holdings and everyone around the world who are contributing to help the people a bit so terribly hurt by the tragic events in Turkey and Syria. We have employees in Turkey and many more who have family and friends there, along with supply partners in the devastated area. Our hearts go out to all who are suffering there. Thank you, and good night.

最後，我要感謝Booking Holdings的每一位員工，以及世界各地所有為幫助土耳其和敘利亞遭受巨大苦難的人們而貢獻力量的人們。我們在土耳其有員工，還有許多人的家人和朋友在那裡，我們在受災地區也有供應商合作夥伴。我們向所有正在受苦難的人們致以最深切的慰問。謝謝大家，晚安。

Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝各位的參與，請各位掛斷電話。