(BKNG) 2023 Q4 法說會逐字稿

Welcome to Booking Holdings' Fourth Quarter and Full Year 2023 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. 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. 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 statement at the end of Booking Holdings' earnings press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

歡迎參加 Booking Holdings 2023 年第四季和全年電話會議。 Booking Holdings 謹提醒大家，本次電話會議可能包含根據 1995 年《私人證券訴訟改革法案》安全港條款做出的前瞻性陳述。這些前瞻性陳述並非對未來業績的保證，並受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。未來目標或期望的表達以及反映歷史事實以外的事物的類似表達旨在識別前瞻性陳述。有關可能導致 Booking Holdings 的實際結果與前瞻性聲明中描述的結果存在重大差異的一系列因素，請參閱 Booking Holdings 收益新聞稿末尾的安全港聲明以及 Booking Holdings 的最最近向美國證券交易委員會提交的文件。

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 at www.bookingholdings.com.

除非法律要求，Booking Holdings 不承擔公開更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。 Booking Holdings 的獲利新聞稿以及隨附的財務和統計補充資料可在 Booking Holdings 網站 www.bookingholdings.com 的「投資者專區」部分取得。

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

現在我想介紹一下 Booking Holdings 今天下午的發言人 Glenn Fogel 和 David Goulden。請繼續，先生們。

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 solid finish to 2023 as fourth quarter room nights slightly exceeded our expectations and grew a bit more than 9% year-over-year or 11% when excludes Israel from both periods. When compared to 2019, our room nights grew 21% versus our expectations of 20%. We delivered record fourth quarter revenue of $4.8 billion and record adjusted EBITDA of $1.5 billion, which were ahead of our expectations.

謝謝，歡迎參加 Booking Holdings 第四季電話會議。今天下午我們的財務長 David Goulden 也加入了我的行列。我很高興地向大家報告2023 年的圓滿收官，因為第四季度的間夜數略高於我們的預期，同比增長略高於9%，如果將以色列排除在兩個時期內，則增長11 %。與 2019 年相比，我們的間夜數增加了 21%，而我們的預期為 20%。我們第四季的營收達到創紀錄的 48 億美元，調整後的 EBITDA 達到創紀錄的 15 億美元，超出了我們的預期。

Finally, non-GAAP earnings per share in the quarter grew 29% year-over-year, helped by the reduction in our share count versus last year.

最後，由於我們的股票數量比去年減少，本季非公認的會計準則每股收益年增 29%。

At the start of 2024, we continued to see resiliency in global leisure travel demand. As we look to the year ahead, we see strong growth on the books for travel that's scheduled to take place in 2024, which gives early indications of potentially another record summer travel season.

2024 年初，我們持續看到全球休閒旅遊需求的彈性。展望未來一年，我們看到計劃於 2024 年進行的旅行預訂量將強勁增長，這初步表明可能會再次創紀錄的夏季旅行季節。

As we've noted previously, a high percentage of these bookings are cancellable and what is on the books today for the summer period represents a small percentage of the total bookings that we expect to ultimately receive. David will provide further details on our fourth quarter results and on our thoughts about the first quarter and full year 2024.

正如我們之前所指出的，這些預訂中很大一部分是可以取消的，而今天夏季預訂的預訂量只占我們預計最終收到的總預訂量的一小部分。 David 將提供有關我們第四季度業績以及我們對 2024 年第一季和全年的想法的更多詳細資訊。

Looking back at the full year of 2023, I am proud of our efforts to drive more benefits to our travelers and supply partners, while also delivering record-setting industry-leading financial results. We reached a significant milestone last year with our customers' booking an all-time high of over 1 billion room nights on our platform, which was an increase of 17% versus 2022. Gross bookings of $151 billion increased 24% versus 2022.

回顧 2023 年全年，我為我們努力為旅客和供應合作夥伴帶來更多利益，同時實現創紀錄的行業領先財務業績而感到自豪。去年，我們實現了一個重要的里程碑，客戶在我們平台上的預訂間夜量創歷史新高，超過10 億間夜，與2022 年相比增長了17%。總預訂量為1,510 億美元，與2022年相比成長了24%。

In 2023, we reached a new revenue record of over $21 billion, which was 25% higher than 2022. We achieved this strong top line result while improving our profitability with record adjusted EBITDA of $7.1 billion, an increase of 34% versus 2022, and our adjusted EBITDA margin expanded by over 2 percentage points year-over-year.

2023 年，我們創下了超過210 億美元的新營收紀錄，比2022 年成長了25%。我們在實現這一強勁營收業績的同時，提高了獲利能力，調整後EBITDA 達到創紀錄的71 億美元，比2022 年成長了34%，我們調整後的 EBITDA 利潤率年增超過 2 個百分點。

Our non-GAAP earnings per share of about $152 increased 52% year-over-year and was 48% higher than our prior full year all-time high back in 2019.

我們的非 GAAP 每股盈餘約為 152 美元，較去年同期成長 52%，比 2019 年創下的全年歷史新高高出 48%。

Across all of our key metrics in 2023, we were a meaningfully larger and faster-growing business than we were in 2019. Our ambition going forward in a normalized growth in market for the travel industry is to continue to grow our gross bookings, revenue and earnings per share faster than we did in 2019. We are confident we will achieve these objectives because we've invested in building a stronger business and better product offerings for our travelers and partners that we had back then. We can see this in many areas, but I will highlight a few examples of where we have strengthened our offering relative to 2019.

從我們 2023 年的所有關鍵指標來看，我們的業務規模比 2019 年明顯更大、增長更快。我們在旅遊業市場正常化增長方面的目標是繼續增加我們的總預訂量、收入和收入。每股盈餘成長速度比2019 年更快。我們有信心實現這些目標，因為我們投資了為當時的旅客和合作夥伴打造更強大的業務和更好的產品。我們可以在許多領域看到這一點，但我將重點介紹幾個例子，說明我們相對在 2019 年加強了我們的產品和服務。

We now have a scaled up merchant platform at Booking.com, which processed first half of Booking.com's gross bookings in 2023. Our merchant offering brings many benefits to our travelers and partners as well as new strategic benefits to us, including the ability to merchandise.

我們現在在Booking.com 上擁有一個規模化的商家平台，該平台處理了2023 年上半年Booking.com 總預訂量。我們的商家產品為我們的旅客和合作夥伴帶來了許多好處，也為我們帶來了新的戰略利益，包括能夠商品。

On flights, we have continued to scale up our offering at Booking.com since in 2019, with total company air tickets booked in 2023 up more than 400% over that time frame, primarily driven by Booking.com. We see this vertical bring new customers to our platform while delivering a more complete offering to our existing customers, making travel planning and booking easier for them and creating opportunities to provide more value to them.

在航班方面，自 2019 年以來，我們不斷擴大 Booking.com 的服務範圍，主要由 Booking.com 推動，2023 年公司機票預訂總量在此期間增長了 400% 以上。我們看到這個垂直領域為我們的平台帶來了新客戶，同時為我們現有客戶提供了更完整的產品，使他們的旅行計劃和預訂變得更加容易，並創造了為他們提供更多價值的機會。

On alternative accommodations, we continue to increase the mix of our alternative accommodations room nights, which reached 33% of Booking.com's room nights in 2023 as we improve our product offering and increase our supply choices with further opportunities ahead, particularly in the U.S.

在替代住宿方面，我們繼續增加替代住宿夜的組合，隨著我們改進產品供應並增加我們的供應選擇以及未來的更多機會，特別是在美國，到2023 年，替代住宿夜將達到Booking .com 的33%。

While early, we are pleased that for Booking.com, we have created foundations necessary to offer insurance attractions and ground transportation options and expect these offerings to add value to our Connected Trip vision.

雖然很早，我們很高興為 Booking.com 建立了提供保險景點和地面交通選項所需的基礎，並期望這些產品能夠為我們的互聯旅行願景增加價值。

On marketing, we've improved our abilities in using performance marketing channels even more effectively and are now better focused on our brand spending.

在行銷方面，我們提高了更有效地利用效果行銷管道的能力，現在更加專注於我們的品牌支出。

On loyalty, we've expanded and enhanced our Genius loyalty program at Booking.com to deliver more benefits to more of our traveler customers with more of our property and rental car partners participating.

在忠誠度方面，我們擴大並增強了 Booking.com 的 Genius 忠誠度計劃，透過更多的房地產和租車合作夥伴的參與，為更多的旅客客戶提供更多優惠。

And lastly, we are continuing to strengthen the direct relationship with our travelers as our mobile app room nights and total direct room nights continue to increase in our mix.

最後，隨著我們的行動應用程式間夜數和直接間夜總數持續增加，我們將繼續加強與旅客的直接關係。

We remain confident in our long-term outlook for the travel industry, which we believe will grow faster than GDP growth across our core markets. With that foundation of industry growth and the improvements we've made to strengthen our offerings, we are positive about our future and believe we are well-positioned to deliver attractive growth across our key metrics in the coming years.

我們對旅遊業的長期前景仍然充滿信心，我們相信旅遊業的成長速度將超過我們核心市場的 GDP 成長速度。憑藉行業成長的基礎以及我們為加強產品所做的改進，我們對未來充滿信心，並相信我們有能力在未來幾年的關鍵指標上實現有吸引力的成長。

With our long-term positive outlook, solid financial performance and strong balance sheet, we returned over $10 billion to shareholders during 2023 by repurchasing our shares. Returning capital to shareholders will remain a high priority for the company going forward. And today, we are taking another important step in that journey by announcing that our Board of Directors has declared a quarterly dividend to complement our existing share repurchase program. David will provide further thoughts on our approach to capital returns in his remarks.

憑藉我們的長期積極前景、穩健的財務業績和強勁的資產負債表，我們在 2023 年透過回購股票向股東返還了超過 100 億美元。向股東返還資本仍將是公司未來的首要任務。今天，我們在這趟旅程中又邁出了重要一步，宣布我們的董事會已宣布派發季度股息，以補充我們現有的股票回購計畫。大衛將在演講中對我們的資本回報方法提供進一步的想法。

In addition to our strong financial results in 2023, we made meaningful progress against our key strategic priorities, which include advancing our Connected Trip vision, further integrating AI technology into our offerings, supporting our supply partners and growing alternative accommodations and building more direct relationships with our traveler customers.

除了2023 年強勁的財務表現之外，我們還在關鍵策略重點方面取得了有意義的進展，其中包括推進我們的互聯旅行願景、進一步將人工智慧技術融入我們的產品、支持我們的供應合作夥伴、發展替代住宿以及與客戶建立更直接的關係。我們的旅行者客戶。

Let me address the progress we have made in each of these areas. On the Connected Trip, we continue to take steps towards our long-term vision to make planning, booking and experiencing travel easier, more personal and more enjoyable, while delivering better value to our travelers and supplier partners. We believe this is important because we know the current travel experience is much more complicated, fragmented and frustrating to travelers than it should be. The Connected Trip vision aims to greatly improve that experience for consumers which we believe will drive further differentiation of our offerings and lead to improved loyalty, increase direct bookings, higher frequency and a greater share of total travel spend on our platform over time. This is good not only for our travelers, but also for our partner suppliers who will be able to utilize different elements of the Connected Trip to obtain additional business in an efficient and lower cost way.

讓我談談我們在每個領域的進展。在互聯旅行方面，我們繼續採取措施實現我們的長期願景，讓旅行的規劃、預訂和體驗變得更輕鬆、更個性化和更愉快，同時為我們的旅行者和供應商合作夥伴提供更好的價值。我們認為這很重要，因為我們知道當前的旅行體驗比應有的情況更加複雜、碎片化和令人沮喪。 Connected Trip 願景旨在大幅改善消費者的體驗，我們相信這將推動我們的產品進一步差異化，並提高忠誠度、增加直接預訂、提高頻率以及隨著時間的推移在我們平台上的總旅行支出中佔據更大份額。這不僅有利於我們的旅行者，也有利於我們的合作供應商，他們將能夠利用互聯旅行的不同元素，以高效且低成本的方式獲得額外業務。

As we continue to make progress in developing the Connected Trip, you will see incremental improvements and enhancements to our platform that moves us closer to this long-term vision. This approach allows us to realize benefits while we are building towards that future state. In fact, some of the key improvements to our platform over the last few years that I spoke about earlier were driven by our work on the Connected Trip. For example, our merchant platform at Booking.com is a foundational base to the Connected Trip, and it helps deliver a more seamless and frictionless booking experience for our travelers. Plus, it enables us to smartly merchandise a variety of partner and self-supply offers when appropriate.

隨著我們在開發互聯旅行方面不斷取得進展，您將看到我們平台的逐步改進和增強，使我們更接近這個長期願景。這種方法使我們能夠在朝著未來狀態邁進的同時實現效益。事實上，我之前提到的過去幾年我們平台的一些關鍵改進是由我們在互聯旅行方面的工作所推動的。例如，我們的 Booking.com 商家平台是 Connected Trip 的基礎，它有助於為我們的旅客提供更無縫、無摩擦的預訂體驗。此外，它使我們能夠在適當的時候巧妙地銷售各種合作夥伴和自供產品。

Another example would be the development of flights on Booking.com, with flights being one of the most important elements of travel outside of accommodations. In 2023, air tickets booked on our platforms increased 58% year-over-year, driven primarily by the growth of Booking.com's flight offering. We continue to see a healthy number of new customers to Booking.com through the flight vertical, and are encouraged by the rate that these customers book other services on our platform.

另一個例子是Booking.com上航班的開發，航班是住宿之外旅行中最重要的元素之一。 2023 年，我們平台上預訂的機票年增 58%，這主要是由 Booking.com 航班服務的成長所推動的。我們繼續看到 Booking.com 透過航班垂直領域新增大量新客戶，這些客戶在我們平台上預訂其他服務的比例也令人鼓舞。

Outside of flights and accommodations, we need solid progress in expanding the breadth of our attraction supply that is available to our travelers. While we don't expect -- we do not expect contractions to be a major financial contributor on its own, we see benefits from a strong attractions offering given the potential bundling opportunities as we will see ability to increase traveler engagement with the app while travelers are in-destination.

除了航班和住宿之外，我們還需要在擴大遊客可用的景點供應範圍方面取得紮實的進展。雖然我們不期望——我們不期望收縮本身成為主要的財務貢獻者，但考慮到潛在的捆綁機會，我們看到了強大的景點提供的好處，因為我們將看到有能力提高旅行者與應用程序的互動，同時旅行者正在目的地。

Overall, we believe we have made great progress in building toward our Connected Trip vision, and we are starting to see early signs of the benefits. We continue to see a growing percentage of transactions, which we count as connected trips, though these are still a small percentage of our total transactions today. Importantly, we see these types of customers returning to us more frequently, and we point to experiment with expanding Genius program to include all travel verticals in 2024, which we expect will drive more value to travelers across the different elements of the connected trip. We plan to continue to build out our Connected Trip vision, which we believe will result in increased travel and supplier engagement with our platform.

總的來說，我們相信我們在實現互聯旅行願景方面已經取得了巨大進展，並且我們開始看到這些好處的早期跡象。我們繼續看到交易的比例不斷增加，我們將其視為互聯旅行，儘管這些仍然只占我們今天總交易的一小部分。重要的是，我們看到這些類型的客戶更頻繁地回訪我們，我們計劃嘗試擴大Genius 計劃，以在2024 年涵蓋所有旅行垂直領域，我們預計這將為互聯旅行的不同元素的旅行者帶來更多價值。我們計劃繼續建立我們的互聯旅行願景，我們相信這將增加旅行和供應商與我們平台的互動。

In order to achieve the easier and more personalized experience of the Connected Trip, we have always envisioned AI technology playing a central role. Over the last few quarters, I have discussed the hard work our teams have been doing to integrate generative AI into our offerings in innovative ways, including Booking.com's AI Trip Planner and Priceline's generative AI travel assistant, named Penny.

為了實現更輕鬆、更個人化的互聯旅行體驗，我們一直設想人工智慧技術將發揮核心作用。在過去的幾個季度中，我討論了我們的團隊為以創新方式將生成式人工智慧整合到我們的產品中所做的努力，包括Booking.com 的人工智慧旅行規劃器和Priceline 的生成式人工智能旅行助理Penny。

After launching Booking.com's AI Trip Planner in the U.S. last summer, we expanded the rollout to the U.K. market in the fourth quarter. At this early stage, the team remains focused and learn more about customers who want to interact with the tool and what types of questions they will ask. We see the AI Trip Planner is getting better answering customers' inquiries and we are excited to start testing other verticals outside of accommodations.

去年夏天在美國推出 Booking.com 的 AI Trip Planner 後，我們在第四季將其推廣範圍擴大到了英國市場。在這個早期階段，團隊仍然專注於更多地了解想要與該工具互動的客戶以及他們會提出什麼類型的問題。我們看到人工智慧旅行規劃器正在更好地回答客戶的詢問，我們很高興開始測試住宿以外的其他垂直領域。

At Priceline, last week, they announced their weaker product release, which included several enhancements to Penny following 6 months of real-world interaction with users that resulted in valuable learnings from the Priceline team. Priceline's AI travel assistant product can now help travelers beyond just the hotel category as it now covers flights, car rentals and vacation packages. While Penny was initially launched at the end of the booking funnel on the checkout page, it is now available on the Priceline homepage where it can help with travel planning, booking and modifying a trip after it has been booked. This is a clear example of how our teams iterate and enhance our AI-powered products as we learn more through user interactions.

上週在 Priceline 上，他們宣布了較弱的產品版本，其中包括在與用戶進行了 6 個月的實際互動後對 Penny 進行了多項增強，這些增強了 Priceline 團隊的寶貴經驗。 Priceline 的人工智慧旅行助理產品現在可以幫助旅行者，而不僅僅是酒店類別，它現在涵蓋航班、汽車租賃和度假套餐。雖然 Penny 最初是在結帳頁面預訂管道的末端推出的，但現在可以在 Priceline 主頁上使用，它可以幫助您進行旅行計劃、預訂以及在預訂後修改行程。這是一個明顯的例子，說明我們的團隊如何透過用戶互動了解更多信息，迭代和增強我們的人工智慧產品。

We continue to see encouraging signs that Priceline's Penny product helps lower customer service contact rates across travel verticals, and we believe, improves the customer experience. Beyond improving customer service contact rates, we believe that, over time, we can leverage generative AI technology to help make our customer service agents more efficient across our entire organization.

我們繼續看到令人鼓舞的跡象，表明 Priceline 的 Penny 產品有助於降低整個旅遊垂直領域的客戶服務聯繫率，我們相信這可以改善客戶體驗。除了提高客戶服務聯繫率之外，我們相信，隨著時間的推移，我們可以利用生成式人工智慧技術來幫助我們的客戶服務代理在整個組織中提高效率。

Outside of customer service, we continue to explore areas where we believe we can use generative AI tools to increase productivity. We have early indications that using generative AI enhances the productivity of our software developers and are encouraged by the results so far. We look forward to experimenting with these and other ways GenAI tools might make our business more efficient in the future.

除了客戶服務之外，我們還繼續探索我們認為可以使用生成式人工智慧工具來提高生產力的領域。早期跡象表明，使用生成式人工智慧可以提高軟體開發人員的生產力，並且對迄今為止的結果感到鼓舞。我們期待嘗試這些以及 GenAI 工具的其他方式，讓我們的業務在未來變得更有效率。

Turning to our supply partners. We strive to be a trusted and valuable partner for all accommodation types on our platform. And we look to add value for our partners by delivering incremental bookings and developing products and features to help support their businesses. The majority of our partners are small independent businesses, and we are pleased to see many are reporting significantly improved business performance over the last year. We believe that helping our smaller partners thrive contributes to the long-term diversity and sustainability of our sector.

轉向我們的供應夥伴。我們致力於成為平台上所有住宿類型值得信賴且有價值的合作夥伴。我們希望透過提供增量預訂以及開發產品和功能來幫助支援他們的業務，從而為合作夥伴增加價值。我們的大多數合作夥伴都是小型獨立企業，我們很高興看到許多合作夥伴報告去年的業務績效顯著改善。我們相信，幫助較小的合作夥伴蓬勃發展有助於我們行業的長期多樣性和永續性。

One area in which we work with many small independent businesses is through our alternative accommodation offering at Booking.com. This is an area which we have continued to strengthen our business by increasing supply and raising product awareness among travelers. Alternative accommodation room nights grew 19% year-over-year in the fourth quarter and 24% for the full year, which was faster than our traditional hotel category. We saw meaningfully higher growth in our U.S. alternative accommodation room nights, though this is off a relatively small base.

我們與許多小型獨立企業合作的一個領域是透過 Booking.com 提供的另類住宿服務。我們透過增加供應和提高旅行者的產品意識來繼續加強這一領域的業務。另類住宿夜數第四季年增 19%，全年成長 24%，成長快於我們的傳統飯店類別。我們看到美國的另類住宿夜數顯著成長，儘管基數相對較小。

Globally, alternative accommodations represented about 33% of Booking.com's total room nights in 2023, which was 3 percentage points higher than in 2022. Our strong alternative accommodation room nights growth is benefiting from having more listings available on our platform for travelers to choose from. We are seeing continued momentum in annual alternative accommodation supply both globally and in the U.S., with global listings reaching about 7.4 million by the end of 2023, which is about 12% percent higher than the 6.6 million last year. We're focused on continuing to build on this progress by further improving the product for our supply partners and travelers, particularly in the U.S.

在全球範圍內，2023 年，另類住宿約佔Booking.com 總間夜數的33%，比2022 年高出3 個百分點。我們的另類住宿夜量強勁增長得益於我們平台上有更多房源可供旅客選擇。我們看到全球和美國的年度另類住宿供應持續成長，到 2023 年底，全球房源數量將達到約 740 萬套，比去年的 660 萬套增加約 12%。我們致力於透過進一步改進為我們的供應合作夥伴和旅行者（尤其是美國的供應合作夥伴和旅行者）提供的產品，繼續鞏固這一進步。

For our travelers, we remain focused on building a better experience that leads to increasing loyalty, frequency, spend and direct relationships over time. I am encouraged that in 2023 at Booking.com, we had strong growth in our base of repeat bookers, demonstrating strong retention, while we're also pleased with the increase in the number of new users to our platform versus 2022.

對於我們的旅客來說，我們仍然專注於打造更好的體驗，從而隨著時間的推移提高忠誠度、頻率、支出和直接關係。令我感到鼓舞的是，2023 年 Booking.com 的回頭客數量強勁增長，顯示出強勁的保留率，同時我們也對我們平台的新用戶數量較 2022 年有所增加感到高興。

We're also strengthening the direct relationship with our travelers as our mix of customers booking directly on our platforms continue to increase year-over-year in the fourth quarter and when measured for the full year. We see a very high level of direct bookings in the mobile app, which is an important platform as it allows us more opportunities to engage directly with travelers. Our mix of room nights booked through our mobile apps increased year-over-year by about 5 percentage points for the full year to 49%.

我們也加強了與旅客的直接關係，因為我們直接在我們平台上預訂的客戶數量在第四季度和全年中持續同比增長。我們在行動應用程式中看到了非常高水準的直接預訂，這是一個重要的平台，因為它讓我們有更多機會直接與旅行者互動。我們透過行動應用程式預訂的間夜比例全年年增約 5 個百分點，達到 49%。

Booking.com remained the #1 downloaded travel app in the world in 2023. In Asia, Booking.com and Agoda are top 5 travel apps. And in the U.S., Booking.com, Priceline and OpenTable are all in the top 10 travel apps. We will continue our efforts to enhance the app experience to build on the recent success we have seen here.

2023 年，Booking.com 仍然是全球下載量排名第一的旅遊應用程式。在亞洲，Booking.com 和 Agoda 是前 5 名的旅遊應用程式。在美國，Booking.com、Priceline 和 OpenTable 均躋身前 10 名旅遊應用程式之列。我們將繼續努力增強應用程式體驗，以我們最近在這裡看到的成功為基礎。

Finally, I want to briefly address a regulatory matter that's impacting the financial results we are reporting today. The Spanish competition authority has issued a draft decision alleging infringement by Booking.com of Spanish competition law and then intends to issue a fine of $530 million. We could not disagree more with this draft decision and the arbitrarily large fine that they have proposed, which is completely disproportionate to the alleged conduct. If the draft decision were to become final, we plan to appeal.

最後，我想簡要談談影響我們今天報告的財務表現的監管問題。西班牙競爭管理機構已發布決定草案，指控 Booking.com 違反西班牙競爭法，並擬處以 5.3 億美元的罰款。我們非常不同意這項決定草案以及他們提出的任意巨額罰款，這與所指控的行為完全不相稱。如果決定草案成為最終決定，我們計劃提出上訴。

The success of our business is built on a mutually beneficial and balanced partnership with our millions of hotels and other accommodation partners around the world. We provide exceptional choice, value and service for travelers, and we provide a marketplace for hotels and other partners that allows them to attract travelers from around the world at lower cost than many other marketing channels. We have a clear track record of cooperating with many competition and consumer authorities to find amicable and workable solutions to their concerns, including working with the European Commission on the Digital Markets Act.

我們業務的成功建立在與世界各地數百萬家酒店和其他住宿合作夥伴互惠互利、平衡的合作夥伴關係之上。我們為旅客提供卓越的選擇、價值和服務，並為飯店和其他合作夥伴提供一個市場，使他們能夠以比許多其他行銷管道更低的成本吸引來自世界各地的旅客。我們與許多競爭和消費者主管機關合作，為他們的擔憂找到友好且可行的解決方案，包括與歐盟委員會就《數位市場法案》進行合作，有著良好的記錄。

As we have previously disclosed, we plan to file our notification for designation under the DMA soon, and we believe the main concerns raised by the Spanish authority overlap with the DMA. We will continue to work closely with these regulatory bodies to maintain consistent rules. And most importantly, we will continue to ensure that we are offering the best possible platform to our partners and our customers.

正如我們之前所披露的，我們計劃很快根據 DMA 提交指定通知，並且我們認為西班牙當局提出的主要擔憂與 DMA 重疊。我們將繼續與這些監管機構密切合作，以維持一致的規則。最重要的是，我們將繼續確保為我們的合作夥伴和客戶提供最好的平台。

In conclusion, I am encouraged by the strong fourth quarter results and the continued resilience of leisure travel demand. Our teams continue to execute well against our key strategic priorities, which helps position our business well over the long term. We continue our work to deliver a better offering experience for our supply partners and our travelers. We are confident in the long-term growth of travel and the opportunities ahead for our company.

總之，第四季的強勁業績和休閒旅遊需求的持續彈性令我感到鼓舞。我們的團隊繼續出色地執行我們的關鍵策略優先事項，這有助於我們的業務長期處於有利地位。我們將繼續努力為我們的供應合作夥伴和旅客提供更好的服務體驗。我們對旅遊業的長期成長和公司未來的機會充滿信心。

I will now turn the call over to our CFO, David Goulden.

我現在將把電話轉給我們的財務長 David Goulden。

Thank you, Glenn, and good afternoon. I will review our results for the fourth quarter and provide some color on the trends we are seeing so far in the first quarter and our thoughts on 2024. All growth rates are on a year-on-year basis unless otherwise indicated. 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.

謝謝你，格倫，下午好。我將回顧我們第四季度的業績，並對第一季迄今為止我們看到的趨勢以及我們對 2024 年的想法提供一些說明。除非另有說明，所有成長率均按同比計算。我們將參考 2019 年的可比時期，我們認為這些是有幫助的。有關非公認會計原則結果與公認會計原則結果調節的資訊可以在我們的收益報告中找到。

We will post our prepared remarks to the Booking Holdings investor relations website after the conclusion of the earnings call.

財報電話會議結束後，我們將在 Booking Holdings 投資者關係網站上發布準備好的評論。

One housekeeping item before discussing our results. We have reclassified digital services taxes into sales and other expenses and out of G&A expense. Due to the highly variable nature of DSTs, which are tied to the revenue earned in the countries where DSTs are inactive. We have provided a table with 2 areas of updated quarterly financials in our earnings press release that reflects this change in P&L geography, and all of my comments on this call will also reflect the change.

在討論我們的結果之前，先做一個整理項目。我們已將數位服務稅重新分類為銷售和其他費用以及一般管理費用。由於 DST 的高度可變性，這與 DST 不活躍的國家/地區賺取的收入相關。我們在收益新聞稿中提供了一個表格，其中包含兩個更新的季度財務數據，反映了損益地理的變化，我對本次電話會議的所有評論也將反映這一變化。

Now on to our quarter results. Our room nights in the fourth quarter grew 9% year-over-year and 21% versus 2019, which was slightly better than our expectations of about 9% and 20%. Excluding Israel, Q4 room nights were up 11% versus 2022 and 22% versus 2019.

現在來看我們的季度業績。我們第四季的間夜數年增 9%，與 2019 年相比成長 21%，略優於我們約 9% 和 20% 的預期。不包括以色列，第四季間夜數較 2022 年成長 11%，較 2019 年成長 22%。

Looking at our year-over-year room nights by region in the fourth quarter, Asia was up mid-teens, Europe was up low double digits, Rest of World was up low single digits, and the U.S. was flat. All regions improved from October.

從第四季度各地區的同比間夜量來看，亞洲增長了十幾歲左右，歐洲增長了兩位數，世界其他地區增長了個位數，而美國則持平。所有地區均較 10 月有所改善。

The average booking window of Booking.com expanded in Q4 versus the same period in both 2022 and 2019, but was a bit less expanded than it was in the third quarter.

Booking.com 的平均預訂窗口在第四季較 2022 年和 2019 年同期有所擴大，但增幅略低於第三季。

In Q4, mobile app mix of about 53% was about 5 percentage points higher than the fourth quarter of 2022. 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 our room nights in the fourth quarter relative to the fourth quarter of 2022.

第四季度，行動應用程式佔比約為 53%，比 2022 年第四季高出約 5 個百分點。我們繼續看到透過直接管道獲得的總間夜數不斷增加。與 2022 年第四季相比，第四季直接通路占我們客房夜數的百分比增加。

The international mix of our room nights in Q4 was 50%, up from about 48% in the fourth quarter of 2022 and reaching about the same level as the pre-pandemic Q4 mix.

第四季我們的國際間夜比例為 50%，高於 2022 年第四季的約 48%，達到與疫情前第四季的比例大致相同的水平。

Our cancellation rate in the fourth quarter was slightly higher than Q4 2022, impacted by the war in the Middle East. As we expected, the higher overall cancellation in October normalized by the end of the quarter.

受中東戰爭影響，我們第四季的取消率略高於 2022 年第四季。正如我們預期的那樣，10 月整體取消數量較高的情況到本季末已趨於正常化。

For our alternative accommodations at Booking.com, our Q4 room night growth was 19% year-over-year, and the global mix of alternative accommodation room nights was about 32%, which was up versus about 29% in the fourth quarter of 2022.

對於 Booking.com 的另類住宿，我們第四季的間夜成長率為 19%，全球另類住宿夜比例約為 32%，高於 2022 年第四季的約 29% 。

Q4 gross bookings increased 16% year-over-year or about 15% on a constant currency basis, which was ahead of our expectations. The 16% increase in gross bookings was 7 percentage points higher than the 9% room night growth due to about 4% higher accommodation constant currency ADRs, plus over 1 percentage point of positive impact from each of FX movements and flight bookings.

第四季總預訂量年增 16%，以固定匯率計算成長約 15%，超出了我們的預期。總預訂量成長 16%，比間夜成長 9% 高出 7 個百分點，原因是住宿固定貨幣 ADR 上漲約 4%，加上外匯變動和航班預訂各帶來超過 1 個百分點的正面影響。

Our year-over-year ADR growth was natively impacted by regional mix due to higher mix of room nights from Asia. Excluding regional mix, constant currency ADRs were up about 5 percentage points year-over-year. Despite higher ADRs in the fourth quarter, we have not seen a change in the mix of hotel star rating levels being booked or changes in the length of stay that could indicate that consumers are trading down. We continue to watch the dynamics closely.

我們的平均日均房價年增率本身就受到區域組合的影響，因為亞洲的間夜組合較多。不包括區域組合，固定匯率的 ADR 年成長約 5 個百分點。儘管第四季度的平均房價有所上升，但我們並沒有看到預訂的酒店星級組合發生變化，也沒有看到可能表明消費者正在降低消費的入住時間的變化。我們繼續密切關注動態。

Airline tickets in the fourth quarter were up about 46% year-over-year, driven by the continued growth of Booking.com's flight offering.

受 Booking.com 航班服務持續成長的推動，第四季機票年增約 46%。

Revenue for the fourth quarter exceeded our expectations, increasing 18% year-over-year or about 17% on a constant currency basis. Revenue as a percentage of gross bookings was 15.1%, which was about in line with our expectations.

第四季的營收超出了我們的預期，年增 18%，以固定匯率計算約成長 17%。收入佔總預訂量的百分比為 15.1%，與我們的預期基本一致。

Marketing expense, which is a highly variable expense line, increased 9% year-over-year. Marketing expense as a percentage of gross bookings was about 30 basis points lower than Q4 2022 due to higher ROIs in our paid channels and a higher mix of business. Performance margin ROIs increased year-over-year, helped by our ongoing efforts to improve the efficiency of our marketing spend.

行銷費用是一個高度可變的費用項目，年增 9%。由於我們的付費管道的投資報酬率更高以及業務組合更高，行銷費用佔總預訂量的百分比比 2022 年第四季低約 30 個基點。在我們持續努力提升行銷支出效率的幫助下，績效利潤投資報酬率逐年增加。

Marketing merchandising combined as a percentage of gross bookings in Q4 was about 15 basis points lower than last year, which was better than our expectation due to lower merchandising expense, higher direct mix and better performance marketing ROIs.

第四季行銷推銷佔總預訂量的百分比比去年低約 15 個基點，由於較低的推銷費用、更高的直接組合和更好的行銷投資回報率，這比我們的預期要好。

Q4 sales and other expenses as a percentage of gross bookings were up about 20 basis points compared with last year and also about 20 basis points above our expectation normalize for the DST reclassification, due in large parts to higher accounts receivable provisions related to our decision to delay some collections during the partner payment issue we discussed last quarter. We do not expect this to be an ongoing issue.

第四季銷售和其他費用佔總預訂量的百分比與去年相比上升了約20 個基點，也比我們對DST 重新分類正常化的預期高出約20 個基點，這在很大程度上是由於我們決定在我們上季度討論的合作夥伴付款問題期間延遲了一些收款。我們預計這不會成為一個持續存在的問題。

Our more fixed expenses in aggregate were up 21% year-over-year, which was below our expectations primarily due to lower personnel and IT expense as well as due to the DST reclassification. 21% is calculated using our non-GAAP expenses in both Q4 2023 and Q4 2022.

我們的固定支出總額年增 21%，低於我們的預期，主要是由於人員和 IT 支出減少以及 DST 重新分類。 21% 是根據 2023 年第四季和 2022 年第四季的非 GAAP 費用計算得出的。

Adjusted EBITDA of almost $1.5 billion was ahead of our expectation and was up 18% year-over-year and would have been about 22% on a constant currency basis. Separately, Q4 adjusted EBITDA was negatively impacted by a $37 million loss recorded in other income related to the devaluation of the Argentinian peso, which is not factored into our prior guidance. This reduced Q4 adjusted EBITDA margin by almost 1%.

調整後 EBITDA 接近 15 億美元，超出了我們的預期，年增 18%，以固定匯率計算約為 22%。另外，第四季度調整後的 EBITDA 受到與阿根廷比索貶值相關的其他收入中記錄的 3,700 萬美元損失的負面影響，該損失未計入我們先前的指導中。這使得第四季度調整後 EBITDA 利潤率下降了近 1%。

Non-GAAP net income of $1.1 billion resulted in non-GAAP earnings per share of $32 a share, which was up 29% year-over-year. Our average share count in the fourth quarter was 9% below Q4 2022. Our non-GAAP results exclude &276 million of expense in personnel related to a ruling in the Netherlands Pension Fund matter and $530 million of expense in G&A related to a draft decision by the Spanish competition authority. I'd like to provide some perspective on each of these.

非 GAAP 淨利潤為 11 億美元，非 GAAP 每股收益為 32 美元，較去年同期成長 29%。我們第四季的平均股票數量比2022 年第四季低9%。我們的非GAAP 業績不包括與荷蘭退休基金事項裁決相關的2.76 億美元的人事費用，以及與荷蘭退休基金事項裁決相關的5.3億美元的一般管理費用。西班牙競爭管理局。我想對其中每一個提供一些觀點。

As Glenn mentioned, we strongly disagree with the draft decision and unprecedented fine proposed by Spanish competition authority, which we plan to appeal if it becomes final. The appeal process could take a few years. During any appeal process, we would expect to influence some changes to our business practices in Spain, we do not currently undertake that these will have a significant impact on our business.

正如格倫所提到的，我們強烈不同意西班牙競爭主管機構提出的決定草案和史無前例的罰款，如果決定成為最終決定，我們計劃提出上訴。上訴過程可能需要幾年時間。在任何上訴過程中，我們預計會對我們在西班牙的業務實踐產生一些變化，但我們目前不承諾這些變化會對我們的業務產生重大影響。

Turning to the Dutch pension case. In January, the court of appeal in the Hague ruled the most Booking.com employees in the Netherlands should be enrolled in a travel industry-wide pension fund. The liability we recorded in our Q4 results is for prior periods related to this pension plan. We're working through how we align this travel industry-wide plan with the existing pension plan we offer to our employees in the Netherlands. We expect there will be some increase in our pension plan costs in the Netherlands going forward, but we do not expect these to be material.

轉向荷蘭退休金案例。一月份，海牙上訴法院裁定，荷蘭大多數 Booking.com 員工應加入旅遊業退休基金。我們在第四季業績中記錄的負債是與該退休金計畫相關的前期負債。我們正在研究如何使這項旅遊業範圍內的計劃與我們向荷蘭員工提供的現有退休金計劃保持一致。我們預計未來荷蘭的退休金計畫成本將會增加，但我們預計這些增加幅度不會很大。

On a GAAP basis, we had net income of $222 million in the quarter.

以 GAAP 計算，本季我們的淨利潤為 2.22 億美元。

When looking at the full year, we are pleased to report that our 2023 room nights grew 17% year-over-year, and our gross bookings grew 24% and about 25% on a constant currency basis. Our full year revenue was over $21 million, which was up 25% year-over-year and up similarly on a constant currency basis.

綜觀全年，我們很高興地報告，2023 年的間夜數年增 17%，總預訂量成長 24%，以固定匯率計算成長約 25%。我們的全年營收超過 2,100 萬美元，年增 25%，以固定匯率計算也有類似成長。

Full year revenue as a percentage of gross bookings was 14.2% in 2023, which is up slightly versus 14.1% in 2022. For the full year, there was more than 0.5 percentage points of positive impact from timing as well a benefit to take rates from increased revenues associated with payments, but this was mostly offset by an increase in the mix of flights, an increase in Asia mix as the region recovered, and by our increased investments in merchandising. Our underlying accommodation take rates continue to be in line with 2019 levels.

2023 年全年收入佔總預訂量的百分比為 14.2%，比 2022 年的 14.1% 略有上升。對於全年而言，時機以及收取費率的好處帶來了超過 0.5 個百分點的積極影響與支付相關的收入增​​加，但這大部分被航班組合的增加、隨著該地區復甦而亞洲組合的增加以及我們對商品的投資增加所抵消。我們的基本住宿入住率持續與 2019 年水準保持一致。

For the full year, our marketing plus merchandising at Booking.com as a percentage of gross bookings was 5.6%, down from 5.9% in 2022, driven by marketing efficiencies and direct mix. The 5.6% in 2023 is still up from 5.5% in 2019 and are leading into a recovered travel market more than offset gains due to increased direct mix.

全年來看，在行銷效率和直接組合的推動下，Booking.com 的行銷加商品銷售佔總預訂量的百分比為 5.6%，低於 2022 年的 5.9%。 2023 年的 5.6% 仍高於 2019 年的 5.5%，並且正在導致旅遊市場復甦，足以抵消直接組合增加的收益。

For the full year, the direct channel as a percentage of our room nights continued to increase in mix. When we exclude our B2B, or business-to-business business, our direct mix was in the low 60% range for the year.

全年來看，直接通路占我們住宿晚數的比例持續增加。當我們排除 B2B（即企業對企業）業務時，我們今年的直接組合處於 60% 的低水平範圍內。

Our full year adjusted EBITDA was more than $7 million and was up 34% year-over-year and up about 37% on a constant currency basis. Adjusted EBITDA margin was 33%, which was a couple of percentage points higher than our adjusted EBITDA margin in 2022 and in line with our expectations at the start of the year.

我們全年調整後 EBITDA 超過 700 萬美元，年增 34%，以固定匯率計算成長約 37%。調整後 EBITDA 利潤率為 33%，比我們 2022 年調整後 EBITDA 利潤率高出幾個百分點，符合我們年初的預期。

Our full year non-GAAP earnings per share was about $152 a share, which is up 52% year and up about 58% on a constant currency basis.

我們全年的非 GAAP 每股盈餘約為 152 美元，較去年同期成長 52%，以固定匯率計算成長約 58%。

Now on to our cash and liquidity position. Our Q4 ending cash and investment balance of $13.1 billion was down versus our Q3 ending balance of $14.3 billion due to the $2.4 billion in share repurchases we completed in the quarter, partially offset by the $1.3 billion of free cash flow we generated in the fourth quarter. For the full year, we generated $7 billion in free cash flow.

現在談談我們的現金和流動性狀況。由於我們在本季完成了24 億美元的股票回購，我們第四季末的現金和投資餘額為131 億美元，而第三季末的現金和投資餘額為143 億美元，這部分被我們在第四季產生的13 億美元的自由現金流所抵銷。 。全年我們創造了 70 億美元的自由現金流。

We repurchased over $10 billion worth of shares in 2023, taking our remaining repurchase authorization down to $14 billion and reducing our year-end share count by 9% versus 2022 and by 16% versus 2021, which is just before we restarted our share repurchase program.

我們在2023 年回購了價值超過100 億美元的股票，將剩餘的回購授權減少至140 億美元，並將我們的年末股票數量比2022 年減少了9%，比2021 年（就在我們重新啟動股票回購計畫之前）減少了16% 。

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

當我們考慮未來的資本結構和分配框架時，我們仍然專注於適當投資我們的業務並為股東增加回報，同時保持我們強大的投資等級信用評級。

Given our confidence in our earnings power, strong free cash flow profile and our ability to consistently shareholders, we are announcing today that our Board of Directors declared a quarterly dividend of $8.75 per share to complement our existing share repurchase program. The dividend is payable March 28, 2024 to shareholders record on March 8, 2024. We believe the introduction of a dividend will allow us to enhance our capital return program and further expand our base of investors.

鑑於我們對獲利能力、強勁的自由現金流狀況以及持續股東能力的信心，我們今天宣布，董事會宣布派發每股 8.75 美元的季度股息，以補充我們現有的股票回購計畫。股息將於2024年3月28日支付給2024年3月8日登記的股東。我們相信引入股息將使我們能夠加強我們的資本回報計劃並進一步擴大我們的投資者基礎。

In terms of composition of capital returns, we expect the share repurchases will represent the vast majority of our total capital return to shareholders going forward. We continue to expect to complete the $24 billion share repurchase authorization we announced early 2023 within 4 years of when we started, which would be before the end of 2026.

就資本回報的組成而言，我們預期股票回購將占我們未來股東資本回報總額的絕大多數。我們仍預計在 2023 年初宣布的 240 億美元股票回購授權將在啟動後 4 年內完成，即 2026 年底之前。

We reiterate our previously stated gross leverage target 2x, and our goal to move to a 1x net leverage over time. The initiation of a dividend does not change our thinking around these targets.

我們重申先前提出的 2 倍總槓桿率目標，以及隨著時間的推移轉向 1 倍淨槓桿率的目標。派發股息並不會改變我們對這些目標的思考。

Now on to our thoughts for the first quarter of 2024. All growth rates are on a year-on-year basis. Given that we're now beyond the COVID period, when granular short-term information was helpful in assessing the path of the recovery, we're returning to our historical guidance approach with outcome range for the full quarter ahead and less detail on monthly trends and individual P&L line items.

現在談談我們對 2024 年第一季的看法。所有成長率均以年比計算。鑑於我們現在已經過了新冠疫情時期，具體的短期資訊有助於評估復甦路徑，我們將回歸歷史指導方法，其中包括未來整個季度的結果範圍，而月度趨勢的細節較少以及個別損益行項目。

Based on the solid travel demands we've seen so far in the first quarter, we expect Q1 room night growth to be between 4% and 6%. We expect the ongoing war in the Middle East have a negative 1% impact on Q1 room night growth. We're also comparing with a strong start to the year in 2023 when we started to see an expansion of the booking window.

根據我們第一季迄今看到的強勁旅遊需求，我們預計第一季間夜成長率將在 4% 至 6% 之間。我們預計中東持續的戰爭會對第一季間夜成長產生 1% 的負面影響。我們也與 2023 年的強勁開局進行比較，當時我們開始看到預訂窗口的擴大。

January room night growth was above the high end of that range. As we move through the quarter, every room bank growth will benefit from an extra day, our March room night growth will be hurt by Easter being in March. We expect these to roughly offset each other.

一月份間夜成長高於該範圍的上限。當我們進入本季度時，每個房間庫的增長都將受益於額外的一天，我們的三月間夜增長將因三月的復活節而受到損害。我們預計這些將大致相互抵消。

We expect Q1 gross bookings growth to be between 5% and 7%, about 1 percentage point faster than room night growth due to slightly higher accommodation constant currency ADRs and faster growth from flights, partially offset by about 1 percentage point of FX pressure.

我們預計第一季總預訂量成長將在5% 至7% 之間，比間夜成長快約1 個百分點，原因是住宿固定貨幣ADR 略高以及航班成長加快，部分抵銷了約1 個百分點的外匯壓力。

We expect Q1 revenue growth will be between 11% and 13%, faster than Q1 bookings growth due in part to the Easter shift, which we expect to bear the Q1 revenue by about 3 percentage points. We expect a similar negative impact on revenue growth in Q2.

我們預計第一季營收成長將在 11% 至 13% 之間，快於第一季預訂成長，部分原因是復活節的轉變，我們預計第一季營收將成長約 3 個百分點。我們預計第二季的營收成長也會受到類似的負面影響。

We expect Q1 adjusted EBITDA to be between $680 million and $720 million, which at the midpoint would be 19% year-on-year growth and about a 1 percentage point increase in EBITDA margin. We expect EBITDA margin to benefit from market expenses growing slower than revenue and growing similar to gross bookings, which we expect will more than offset our fixed OpEx growth -- growing slightly faster than revenue.

我們預計第一季調整後 EBITDA 將在 6.8 億美元至 7.2 億美元之間，中間值將年增 19%，EBITDA 利潤率將成長約 1 個百分點。我們預計 EBITDA 利潤率將受益於市場費用成長慢於收入且與總預訂量成長相似，我們預計這將足以抵消我們的固定營運支出成長（成長略快於收入）。

As we turn to our thoughts on the full year ahead, I want to first address our longer-term ambition for growth in our business. As we've discussed previously, in a more normalized market environment, we're aiming to achieve constant currency growth rates for gross booking revenue and earnings per share that are higher than what we achieved in 2019. This would mean growing above 8% for each of the top line metrics and above 15% for earnings per share. We believe we'll be able to achieve these levels of growth given the investments we made to build a stronger business and a better offering for our travelers and partners versus what we had 5 years ago.

當我們展望未來一年時，我想先談談我們業務成長的長期目標。正如我們之前討論的，在更正常化的市場環境中，我們的目標是實現總預訂收入和每股收益的恆定貨幣增長率，高於 2019 年的水平。這意味著增長超過 8%每個頂線指標均高於每股收益15%。我們相信，鑑於我們為建立更強大的業務以及為旅客和合作夥伴提供比 5 年前更好的服務而進行的投資，我們將能夠實現這些成長水平。

At recent FX rates, we expect changes in FX will negatively impact our reported growth rate by a little more than 1 percentage point. With that framework and with FX in mind, we expect to grow our full year 2024 gross bookings slightly faster than 7% including the assumption that the war in the Middle East will negatively impact our full year 2024 growth rate by 1%.

按照最近的匯率，我們預期匯率變動將對我們報告的成長率產生略高於 1 個百分點的負面影響。考慮到這個框架並考慮到外匯，我們預計 2024 年全年總預訂量成長略高於 7%，其中假設中東戰爭將對我們 2024 年全年成長率產生 1% 的負面影響。

We expect revenue for the year to grow at similar rate to our gross bookings growth. We expect our more fixed expense in 2024 to grow in the low to mid-teens. We are planning for leverage from these more fixed expenses in 2025. We expect 2024 adjusted EBITDA will grow slightly faster than revenue, largely due to expectations for an increased direct mix. We expect adjusted EBITDA margins to expand year-over-year by a bit less than a percentage point. Lastly, we expect EPS growth to be above 40%.

我們預計今年的營收成長速度與總預訂成長速度相似。我們預計 2024 年我們的固定支出將在十幾歲至十幾歲之間增長。我們計劃在 2025 年從這些更固定的支出中發揮槓桿作用。我們預計 2024 年調整後的 EBITDA 將略快於收入的成長，這主要是由於對直接組合增加的預期。我們預計調整後的 EBITDA 利潤率將年增率略低於一個百分點。最後，我們預計 EPS 成長將超過 40%。

In closing, we are pleased with our Q4 results, our Q1 outlook and our expectation in 2024 for us to grow faster than 2019 across gross bookings, revenue, adjusted EBITDA and EPS with expanding EBITDA margin year-over-year. We expect 2024 to be another strong year for us.

最後，我們對第四季度的業績、第一季的前景感到滿意，並期望2024 年我們的總預訂量、收入、調整後EBITDA 和EPS 的增長速度將快於2019 年，並且EBITDA 利潤率同比擴大。我們預計 2024 年將是我們又一個強勁的一年。

We'll now move to Q&A. Sarah, will you please open the lines?

我們現在進入問答環節。莎拉，請你開線好嗎？

(Operator Instructions) Your first question goes from the line of Justin Post with Bank of America Merrill Lynch.

（操作員說明）您的第一個問題來自美國銀行美林銀行的賈斯汀·波斯特（Justin Post）。

One for David, and I guess this might be your last call, I'd love to hear about your -- who you are on CFO transition. But the guidance, is January growing above the 4% to 6% for room nights? I thought January might have tougher comps. So maybe talk a little bit about the shape of the quarter. And then maybe bigger picture for Glenn. Just was wondering, you have so much data as the share leader in room nights. How do you think the AI transition could play out for booking? And do you think you have some advantages versus search engines or your peers? How you're thinking about that?

大衛的電話，我想這可能是你的最後一次電話，我很想聽聽你在財務長過渡中的身份。但指導方針是，1 月的間夜成長率是否高於 4% 至 6%？我認為一月份的比賽可能會更艱難。所以也許可以談談四分之一的形狀。然後也許是格倫的更大藍圖。只是想知道，您作為客房之夜的共享領導者擁有如此多的數據。您認為人工智慧的轉型會對預訂產生怎樣的影響？您認為與搜尋引擎或同行相比，您有一些優勢嗎？你怎麼想這個？

Yes, Justin, thank you. Let me take the first one, handover to Glenn for the second one. So yes, as I said in my remarks, just to reiterate, January is -- did grow faster than the high end of the 4% to 6% range we talked about. It did benefit, we believe, slightly maybe in the range of about 1% from the shift of Chinese New Year this year, which we expect to be offset in February. And as we said, we would expect, therefore, February and March to have a lower growth rate in January, essentially consistent with our prior guidance of expecting deceleration during the quarter.

是的，賈斯汀，謝謝你。讓我來處理第一個，第二個交給格倫。所以，是的，正如我在發言中所說，只是重申一下，1 月份的成長速度確實快於我們討論的 4% 至 6% 範圍的高端。我們認為，今年農曆新年的轉變確實帶來了約 1% 左右的小幅收益，我們預計這一收益將在 2 月得到抵銷。正如我們所說，因此，我們預計 2 月和 3 月的成長率將低於 1 月，這與我們先前預期本季增速放緩的指導基本一致。

Thanks, Dave, for that. Justin, AI, obviously, incredibly important subject for everybody in any business right now. And I think I talked about it at the last call and certainly, we are talking about it a lot whenever I speak about how important this is for anybody who is looking to the future to create something that could be transformational. We're very early, as I've said in the past. I like pointing out the things that we've done so far and some of the early signs we see that this is going to be just fantastic for us. But certainly, nobody knows how long it will take.

謝謝戴夫。賈斯汀（Justin），人工智慧，顯然對於目前任何行業的每個人來說都是極其重要的主題。我想我在上次電話會議上談到了這一點，當然，每當我談到這對於任何展望未來、創造可能具有變革性的東西的人來說有多麼重要時，我們都在談論它。正如我過去所說，我們還很早。我喜歡指出我們迄今為止所做的事情以及我們看到的一些早期跡象，這些跡象表明這對我們來說非常棒。但可以肯定的是，沒有人知道這需要多長時間。

One of the things I love is us being in a position because of our financial position, because of the number of people we have who have capabilities to look into this. Because of the data we have, as you pointed out, that people can then be able to use it to create models and use it in ways that are complementary to other people are doing in terms of creating large language models and so on. I do believe we have an advantage because of our seen scale and the capabilities of our people to create something in all parts of the business, whether it be, as I discussed, things that help the traveler, which are the sort of products there; or helping us in the back part of our business, the back office and make it efficient go throughout I think we do have an advantage. Of course, we'll see over time how well and how quickly we can actually translate that into better numbers in terms of margins, in terms of more people coming to us, people increasing loyalty, et cetera. But I am very encouraged with what I'm seeing so far. And I certainly believe that we do have the full position here in the travel industry.

我喜歡的一件事是，我們之所以能夠處於這樣的位置，是因為我們的財務狀況，因為我們有很多有能力研究這個問題的人。正如您所指出的，由於我們擁有數據，人們可以使用它來創建模型，並以與其他人在創建大型語言模型等方面所做的互補的方式使用它。我確實相信我們有優勢，因為我們的規模和我們的員工有能力在業務的各個部分創造一些東西，無論是像我討論的那樣，幫助旅行者的東西，也就是那裡的產品；或者幫助我們進行業務的後部部分，即後台辦公室並使其高效運轉，我認為我們確實有優勢。當然，隨著時間的推移，我們將看到我們能夠以多快的速度將其轉化為更好的利潤、更多的人來找我們、人們提高忠誠度等等。但到目前為止我所看到的一切讓我深受鼓舞。我當然相信我們在旅遊業中確實擁有充分的地位。

Justin, just before we hand back to the operator for the next question. I just want to reiterate 2 other things I said about the Q1 room night guide. This is growth after the impact of about 1 point of hurt from the Middle East. And of course, we are comping against a very strong start to last year when we saw room nights the booking window moving from a contracted position to add expanded in the first quarter that also created some strong results in Q1 last year. So you have to factor those things into account as well.

賈斯汀，就在我們將下一個問題交還給接線員之前。我只想重申我關於 Q1 客房夜間指南所說的另外 2 件事。這是在受到中東約1個點的傷害影響後的成長。當然，我們正在與去年的強勁開局進行比較，當時我們看到預訂窗口的間夜數從收縮的位置轉向增加，這在去年第一季也創造了一些強勁的業績。所以你也必須考慮這些因素。

Your next question comes from the line of Kevin Kopelman with TD Cowen.

您的下一個問題來自 Kevin Kopelman 和 TD Cowen 的對話。

I wanted to ask about marketing. First, merchandising was only up slightly in the mix or only up slightly as a percentage of GBV, I should say, 2023. Do you feel that that's reached a steady state in the mix? Or do you see incremental pushes this year in merchandising? And then on advertising, are you seeing any changes to the bidding environment?

我想問一下行銷方面的問題。首先，商品銷售在組合中僅略有上升，或者說，我應該說，2023 年，商品銷售佔 GBV 的百分比僅略有上升。您認為組合中的情況已達到穩定狀態嗎？或者您認為今年在銷售方面會有增量推動嗎？那麼在廣告方面，您是否看到競價環境有任何變化？

Okay. Yes. So Kevin, so we have now, I think, as you characterize, looking at scale with our merchandising activities, that's been something that we've been ramping up over time at Booking.com. And I think we now kind of deploy it in place in what we plan to deploy. So it has reached more of safe stage, only a slight increase in merchandising in total from last year to this year as a percentage of GBV. So when we kind of look at our model going forward, we do expect that across marketing merchandising with our continued increase in direct mix, that can be a source of leverage for us. And of course, as I mentioned in my commentary about the full year, that will be the biggest driver of our EBITDA margin expansion this year and will be joined by OpEx next year.

好的。是的。凱文，我認為，正如您所描述的那樣，我們的行銷活動規模是我們在 Booking.com 隨著時間的推移而不斷加強的。我認為我們現在將其部署在我們計劃部署的地方。所以它已經達到了更安全的階段，從去年到今年，商品總量佔 GBV 的百分比僅略有增加。因此，當我們審視我們未來的模式時，我們確實預計，隨著我們直接組合的持續增加，整個行銷商品銷售可以成為我們的槓桿來源。當然，正如我在全年評論中提到的，這將是我們今年 EBITDA 利潤率擴張的最大推動力，明年的營運支出也將加入其中。

And then longer to the competitive environment, it stays competitive. I mean these are very competitive markets. There are many players in there. I think people realize it's not just the OTAs, there are meta players, there are hotel players, there are chains, you name it, a lot of people are bidding in these marketplaces. So I think it just remains competitive, but we're pleased with how we're doing in a competitive marketplace.

然後在競爭環境中，它會保持競爭力。我的意思是這些都是競爭非常激烈的市場。裡面有很多玩家。我認為人們意識到這不僅僅是 OTA，還有元參與者、酒店參與者、連鎖店，凡是你能想到的，很多人都在這些市場上競價。所以我認為它仍然具有競爭力，但我們對我們在競爭激烈的市場中的表現感到滿意。

And Kevin, just reference back to Justin's question about AI and data and merchandising, how we do it, et cetera. One of the great things I really see about, our position is that using data, using all things we know to merchandise smartly. Do it where we think it's going to give us an advantage, to not do it when we're just giving away money. And I really see as all this AI technology develops further, as we begin to optimize over time with all the different parts of the Connected Trip, we're going to be able to provide value to both the travelers and be able to get our suppliers to help provide merchandising opportunities in us doing an intelligent way. So it's win for the traveler, win for the partner and us as the people are doing all this, we will also win.

凱文，請回顧賈斯汀關於人工智慧、數據和行銷、我們如何做等等的問題。我真正看到的偉大的事情之一是，我們的立場是使用數據，使用我們所知道的所有東西來聰明地進行銷售。在我們認為會為我們帶來優勢的地方去做，而不是在我們只是捐錢的時候去做。我確實看到，隨著所有這些人工智慧技術的進一步發展，隨著我們開始優化互聯旅行的所有不同部分，我們將能夠為旅行者提供價值，並能夠讓我們的供應商幫助我們以明智的方式提供推銷機會。因此，這對旅行者來說是勝利，對合作夥伴和我們來說都是勝利，因為人們正在做這一切，我們也將獲勝。

Your next question comes from the line of Mark Mahaney with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Two questions, please. In terms of your guidance for the full year on margin side, what are you embedding in there in terms of marketing or sales and marketing spend and merchandising spend as a percentage of bookings? Are you assuming a little bit of leverage in there? And I'm sorry if you covered that in your published comments, but if you could answer that. And then secondly, on the buybacks in Q3, I think they were a little -- in Q4, I think they were a little bit lower than in Q3. Was that your intention? Was there a particular reason why you maybe -- may have been a little less active than the market in Q4?

請教兩個問題。就您對全年利潤的指導而言，您在行銷或銷售和行銷支出以及商品支出佔預訂量的百分比方面嵌入了什麼？您是否假設其中有一點槓桿作用？如果您在發表的評論中提到了這一點，我很抱歉，但如果您能回答這個問題。其次，關於第三季的回購，我認為第四季的回購量比第三季低。這是你的意圖嗎？是否有特殊原因導致您可能比第四季的市場更活躍？

All right. Thank you, Mark. I'll take those. So as I said in the prepared remarks, the biggest driver of leverage we expect this year on EBITDA margin going to be from our direct mix increase, which means that we'll have a small percentage of the business, which has paid a higher percent of mix and therefore, we'd expect to get some leverage on marketing and merchandise. We expect to continue to be aggressive and still lead into the markets where we are spending money on paid boxing. We don't necessarily -- we're offsetting anything about our ROI, so we don't do that to tip any hand, but we'd expect that it would be the direct mix increase. It will be the driver of leverage in marketing and merchandising, therefore, would be the driver of improvement in our EBITDA margins.

好的。謝謝你，馬克。我會接受那些。因此，正如我在準備好的發言中所說，我們預計今年EBITDA 利潤率的最大槓桿驅動因素將來自我們的直接組合成長，這意味著我們將擁有一小部分業務，而該業務已支付更高的百分比因此，我們希望在行銷和商品方面獲得一些影響力。我們預計將繼續積極進取，並繼續進入我們花錢購買付費拳擊的市場。我們不一定——我們會抵消投資回報率的任何內容，所以我們這樣做並不是為了給任何人帶來好處，但我們預計這將是直接的組合增加。它將成為行銷和銷售槓桿的驅動力，因此，也將成為我們 EBITDA 利潤率改善的驅動力。

On the buybacks in Q4, I think they're roughly similar size to Q3. At the start of Q4, where share price was lower, we said if the share price stays at a lower level, we would buy more in Q4 than in Q3. Share price moved up during the quarter, and we take share price into account when thinking about the level of buybacks and of course, we've taken a long-term view. But in the short term, we do moderate based upon how share price moves. So that's perhaps why we wanted it being a little bit less than you may have expected, a little bit less than we perhaps indicated on the last earnings call, but still a big number and still over $10 billion for the year as you see a significant reduction in our share count...

關於第四季的回購，我認為其規模與第三季大致相似。在第四季初，股價較低，我們表示，如果股價保持在較低水平，我們將在第四季度購買比第三季更多的股票。本季股價上漲，我們在考慮回購水準時考慮了股價，當然，我們採取了長期觀點。但短期內，我們會根據股價走勢進行調整。因此，這也許就是為什麼我們希望它比您預期的要少一點，比我們在上次財報電話會議上可能表示的要少一點，但仍然是一個很大的數字，而且今年仍然超過100 億美元，因為您會看到一個重大的數字。我們的股份數量減少...

Your next question comes from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

I just want to follow up on the full year outlook. It sounds like you're very confident in the business overall. Just does the full year outlook reflect just normalization of trends in '24, the tough comp and the Middle East impact that you mentioned? Is there anything else to consider here?

我只想跟進全年展望。聽起來您對整個業務非常有信心。全年展望是否反映了 24 年趨勢的正常化、您所提到的嚴峻的競爭和中東的影響？這裡還有什麼需要考慮的嗎？

Yes, I think there's a couple of things to bear in mind in the full year outlook. Bear in mind, we're talking about our framework. So we said that we would grow faster than [8 8 1 5] on a constant currency basis. And we're saying we're going to do that even with the impact of the Middle East slowing our business down. So I think that is a positive outlook. Of course, we've adjusted the numbers to a reported number. So when you include the FX shift at current rates of roughly 1%, then the 8 8 1 5 becomes [7 7 1 4]. But again, it's essentially 8 8 1 5 on a constant currency basis, and we expect to be higher than that even with roughly a point of hurt to the business on the top line and the bottom line from what's happening in the Middle East. So it's consistent with our framework and I believe is confident of our position of the travel market and our continued ability to gain share in travel.

是的，我認為全年展望中有幾件事需要牢記。請記住，我們正在談論我們的框架。所以我們說，在固定貨幣基礎上，我們的成長速度將快於 [8 8 1 5]。我們說，即使中東的影響導致我們的業務放緩，我們也會這樣做。所以我認為這是一個積極的前景。當然，我們已將數字調整為報告的數字。因此，當您以目前約 1% 的匯率計算匯率變動時，8 8 1 5 就變成了 [7 7 1 4]。但同樣，以固定匯率計算，該數字基本上為 8 8 1 5，即使中東發生的事件對業務的營收和利潤造成了一定程度的損害，我們預計也會高於這個數字。因此，這與我們的框架是一致的，我相信我們對我們在旅遊市場的地位以及我們持續獲得旅遊市場份額的能力充滿信心。

Your next question comes from the line of Brian Nowak with Morgan Stanley.

你的下一個問題來自摩根士丹利的布萊恩諾瓦克（Brian Nowak）。

I have two sort of on the U.S. The first one, when you talk about the U.S. being flat, does that include alternative accommodations? So is the hotel business in the U.S. actually declining then? That's the first one. And then just sort of, Glenn, as you look into 2024, what are the investments you have to make in the U.S., both on the hotel side as well as the alternative accommodation side to sort of drive more and more durable, consistent growth from here?

我對美國有兩點看法。第一個，當你談到美國經濟持平時，這是否包括其他住宿？那麼美國的旅館業真的在衰退嗎？這是第一個。然後，格倫，當您展望 2024 年時，您必須在美國進行哪些投資，無論是在酒店方面還是在其他住宿方面，以推動越來越持久、持續的增長這裡？

I'll start with the first one, pass it to Glenn for second one. So U.S. was flat for the quarter. But bear in mind, it was down in October. And October, it was driven very much by the kind of ripple or shock effect of the -- what was happening in the Middle East. So therefore, it was back into growth mode in November and December and U.S. has been flat for the quarter. So I wouldn't read too much into a whole quarter that you've got to kind of look what happened in October. Yes, that doesn't include alternative. As Glenn said, alternative grew very nicely in the U.S., but it's a much lower mix of our business in the U.S. than it is in other parts of the world. So again, I wouldn't go too much into assuming that means this hotels...

我將從第一個開始，然後將第二個傳遞給格倫。因此，美國本季持平。但請記住，十月它有所下降。十月份，這在很大程度上是由中東發生的事情的連鎖反應或衝擊效應所推動的。因此，11 月和 12 月又回到成長模式，而美國本季表現持平。因此，我不會對整個季度進行太多解讀，你必須看看 10 月發生了什麼。是的，這不包括替代方案。正如格倫所說，替代品在美國成長得非常好，但我們在美國的業務組合比世界其他地區要低得多。再說一次，我不會過多地假設這意味著這家酒店......

Yes. And regarding -- the question regarding how we're going to do even better in the U.S., we've talked about the numbers that we've shown so far and I'm very pleased. You look back to 2019, see what our share was and what our numbers were then, look at them now. It was really fantastic growth and great work by the team. I think last quarter, I gave shout out to the team then, and I'll do it again because they're doing fantastic work.

是的。關於我們如何在美國做得更好的問題，我們已經討論了迄今為止所顯示的數字，我對此感到非常高興。你回顧 2019 年，看看我們當時的份額和數字是多少，現在看看它們。這確實是令人驚嘆的成長和團隊的出色工作。我想上個季度，我向球隊大聲喊叫，我會再次這樣做，因為他們做得非常出色。

One of the things is because we are underindexed, because we are smaller in terms of -- in our tier of the U.S. versus other parts, this is a great opportunity for us. And I've talked about it . We have to continue to improve our product, particularly in the alternative accommodation on account of that, and we've been doing that. And that's why we have this large growth rate in U.S. alternative accommodations. Very pleased to see that happening. They continue to provide to our hotel partners what they need and what they want is incremental demand. They don't want us to be a provider to manage we think they can always get.

其中之一是因為我們的指數較低，因為我們在美國的級別與其他地區相比較小，這對我們來說是一個很好的機會。我已經談過了。因此，我們必須繼續改進我們的產品，特別是在替代住宿方面，我們一直在這樣做。這就是為什麼美國的另類住宿成長如此之快。非常高興看到這樣的事情發生。他們繼續向我們的酒店合作夥伴提供他們需要的東西，而他們想要的是增量需求。他們不希望我們成為我們認為他們總是能得到的管理提供者。

And one of the great things about our team is working closely with our hotel partners. As you know, a lot of the U.S. is large chains, and we have developed, I think, very good relations with them to work together to help them do what they need to do to achieve their results and us being a provider of those services and getting what we need, which is more bookings. I'm pleased with the results we've done so far. And I think we've got a great opportunity to continue to do so for a long time.

我們團隊最棒的事情之一就是與我們的酒店合作夥伴密切合作。如你所知，美國很多地方都是大型連鎖店，我認為我們與他們建立了非常良好的關係，共同幫助他們做他們需要做的事情來實現他們的成果，而我們是這些服務的提供者並得到我們所需要的，即更多的預訂。我對我們迄今為止的成果感到滿意。我認為我們有很好的機會在很長一段時間內繼續這樣做。

Your next question comes from the line of James Lee with Mizuho.

你的下一個問題來自詹姆斯李和瑞穗的對話。

Two here. I think, Glenn, you talked about maybe increasing supply of home accommodation -- alternative accommodation in the U.S. Can you elaborate, maybe talk about that plan a little bit, help us understand your strategy there? And also secondly, I think you guys talked about maybe on the loyalty program to include all verticals in 2024. It would be great if you provide some details there as well.

這裡有兩個。我想，格倫，你談到了可能增加家庭住宿的供應——美國的替代住宿。你能詳細說明一下，也許談談這個計劃，幫助我們理解你在那裡的策略嗎？其次，我認為你們可能討論了 2024 年涵蓋所有垂直領域的忠誠度計劃。如果您也提供一些詳細信息，那就太好了。

Thanks, James. And I didn't quite get the second one. Let's start with the first one. Maybe David heard the second one. because in our last call, I went into a little bit about what do we need to do to increase that supply of alternative combinations. And I talked a little bit -- and this is -- it wasn't the first time I talked about this. Where we have -- while we are even to urban and rural and such. I have talked in the past, though, how we don't have as many of the single properties that perhaps some of our competitors have lesser down the road. .

謝謝，詹姆斯。而第二個我還沒完全明白。讓我們從第一個開始。也許大衛聽到了第二個。因為在我們上次的電話會議中，我討論了我們需要做什麼來增加替代組合的供應。我談了一點——這不是我第一次談論這個。我們在哪裡——而我們甚至在城市和農村等等。不過，我過去曾說過，我們沒有那麼多的單一資產，而我們的一些競爭對手可能在未來擁有的資產更少。 。

But the whole idea is we want to do things efficiently and want do things effectively, which means it goes through the things where you can get larger groups of properties listing quicker by going to the big property managers who have a lot of them. That may be that you're going to end up with more dreams that are not single home properties. But then after we don't not enough, and that's the low hanging after we got the comes, then we got to go on and start getting more of the single homes, et cetera. And I expressed my own disappointment that when I look for a single property sometime, I've mentioned, at one point on the call about wanting to get something out in the Hampton, New York for the summer and not seeing enough properties for us. There's lots of opportunity. I look at this as an opportunity, not as a negative, but thinking look how well we're doing, even though there's other stuff to go out and get. That's the way I feel about it, and I'm pretty pleased the way the team is going out, look, 12% increase in our listings or $6.6 million, now over $7.4 million. I like the fact that we're increasing those numbers, doing it in a nice size and also particularly really like the fact that our growth rate of return on combination was significantly higher than some other people in our space. So I was very happy to see that.

但整個想法是，我們希望有效率地做事，並且希望有效地做事，這意味著它會經歷一些事情，透過與擁有大量房產的大型物業經理聯繫，您可以更快地獲得更大的房產清單。這可能意味著您最終會實現更多非單身住宅的夢想。但是，當我們做得還不夠時，這就是我們收到貨後的低風險，然後我們必須繼續並開始獲得更多的獨立屋，等等。我表達了自己的失望之情，當我在尋找一處房產時，我曾在電話中提到過，我想在紐約漢普頓買一些東西過夏天，但沒有看到足夠的房產。有很多機會。我認為這是一個機會，而不是消極的，但想想我們做得有多好，即使還有其他東西可以出去獲得。這就是我的感受，我對團隊的出去方式感到非常高興，看，我們的清單增加了 12%，即 660 萬美元，現在超過 740 萬美元。我喜歡這樣一個事實：我們正在增加這些數字，以一個不錯的規模進行，並且特別喜歡這樣一個事實：我們的組合回報增長率明顯高於我們領域的其他一些人。所以我很高興看到這一點。

I didn't catch the second part of your question.

我沒聽清楚你問題的第二部分。

Yes, of course. The second part of the question is about your loyalty program, Genius. I think, Glenn, you had mentioned, you want to include all travel verticals into the program this year. And I was wondering if you can provide some details on that.

是的當然。問題的第二部分是關於您的忠誠度計劃，Genius。我想，格倫，你曾經提到過，你希望將所有旅遊垂直領域納入今年的計畫中。我想知道你是否可以提供一些細節。

Sure. Okay. So what I said is we're going to experiment. And we really see. We always to experiment, where do things work, where do we see return for it? Where do we see how this is working so well -- so we're going to continue to experiment and we do have, for example, rental cars well established into our Genius program. Obviously, our combination as well into we're going to experiment with all the different verticals thing, is there a way to do in flights? Is there a way to do it in track? How do we do it in terms of potentially even insurance in all sorts of ways, ride business when people need a ride from the airport to the hotel or hotel to the airport or from their home to the airport.

當然。好的。所以我說的是我們要進行實驗。我們真的看到了。我們總是去嘗試，看看事情在哪裡有效，我們在哪裡可以看到回報？我們在哪裡看到它是如何運作得這麼好的 - 所以我們將繼續進行實驗，例如，我們確實在我們的 Genius 計劃中建立了很好的租賃汽車。顯然，我們的組合以及我們將嘗試所有不同的垂直領域，有沒有辦法在飛行中進行？有沒有辦法在軌道上做到這一點？當人們需要從機場到酒店或酒店到機場或從家到機場的乘車時，我們如何以各種方式甚至潛在的保險來做到這一點，乘車業務。

Again, this goes back to the first question, I think it was Justin asked about AI and about how you use data. And that's kind of one of the key things is when you have these models, and you can figure out what the best way to provide a benefit, and that's through our loyalty Genius program, that's doing that in a way that it provides value to the traveler, that's where they use us, that's why they come back to us. That's why they come to us direct. Maybe they use the app because it's so simple do it. At the same time, Genus is primarily almost -- right now, primarily being funded by our partners because they see value in that. They see value in providing a discount or some other type of benefit that we put into the offering so that the traveler will book that supplier what they want to sell. And doing together in a scientific way in doing it in a way that is going to make sure that we're not leaving value out of the cycle in a way that's not going to be beneficial to our supplier partners, doing it smartly. That's the thing that I love, and that's why we're going to continue to experiment on that. And I think it's worked so well in hotels, and I think it's in a combination -- alternative accommodations, I think this is going to work great in all of it. But we'll see after we expand it.

再次，這又回到了第一個問題，我認為賈斯汀問的是人工智慧以及如何使用數據。關鍵的事情之一是，當您擁有這些模型時，您可以找出提供福利的最佳方式，這就是透過我們的忠誠天才計劃，以一種為客戶提供價值的方式做到這一點。旅行者，這就是他們使用我們的地方，這就是他們回到我們身邊的原因。這就是為什麼他們直接來找我們。也許他們使用該應用程式是因為它非常簡單。同時，Genus 目前幾乎主要由我們的合作夥伴資助，因為他們看到了其中的價值。他們看到了我們在產品中提供折扣或其他類型的好處的價值，以便旅客可以向供應商預訂他們想要出售的商品。以科學的方式共同努力，確保我們不會以對我們的供應商合作夥伴無益的方式將價值排除在循環之外，明智地做到這一點。這就是我喜歡的事情，這就是為什麼我們要繼續對此進行實驗。我認為它在酒店中效果很好，而且我認為它是一種組合——替代住宿，我認為這在所有方面都會發揮很好的作用。但我們會在擴展它之後看到。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

你的下一個問題來自高盛的艾瑞克‧謝裡丹（Eric Sheridan）。

Maybe following up on that last question from James. You talked earlier about Connected Trip and feeling optimistic about attach rates there but still work to do. When you think about what you're trying to accomplish with Connected Trip longer term and you think about rising conversion, reducing. What do you put it down to? Is it consumer education? Is it supply? How should we be thinking about the building blocks behind Connected Trip to accomplish your longer-term goals?

也許是在跟進詹姆斯的最後一個問題。您之前談到了 Connected Trip，並對那裡的附加費率感到樂觀，但仍有工作要做。當您考慮長期嘗試透過 Connected Trip 實現什麼目標時，您會考慮提高轉換率、減少轉換率。你認為這是什麼？是消費者教育嗎？是供應嗎？我們應該如何考慮互聯旅行背後的建造模組來實現您的長期目標？

So if the question was really how do we get from here early, early stage showing good signs, but it's still small to scale and really showing the bottom line and top line and a loyalty and all those things. I think that -- is that the question really?

因此，如果問題真的是我們如何儘早從這裡開始，早期階段顯示出良好的跡象，但規模仍然很小，並且真正顯示出底線和頂線以及忠誠度和所有這些東西。我認為——這真的是問題嗎？

It is, Glenn.

是的，格倫。

Yes. So look, one of the things that we have to -- and I've said this is a long-term path. And the first thing was we had to build the verticals to begin with. One of the fun things was to mention that we started Booking.com, really guarded off the ground in 2019 and now put all our flight numbers together, you see 400% increase there that's included, of course, Priceline had placed before that, where you just see the growth rate of flights right now. Great. So we got that vertical up and we got excellences up and the traction is still early, but up. But these things -- all of these things are the car rental was up, but we still do on that and of course, the wides business and others.

是的。所以看，我們必須做的事情之一——我說過這是一條長期的道路。首先，我們必須先建構垂直行業。其中一件有趣的事情是，我們創辦了Booking.com，在2019 年確實非常謹慎，現在將我們所有的航班號碼放在一起，你會看到其中包括400% 的增長，當然，Priceline 在此之前已經放置過，其中您現在只看到航班的增長率。偉大的。所以我們得到了垂直提升，我們得到了卓越，牽引力還處於早期，但已經上升。但這些事情——所有這些事情都是汽車租賃增加了，但我們仍然在做這件事，當然還有廣泛的業務和其他業務。

All of these things are at different levels of development, but still relatively new. And one of that, then we have to build all the modeling, all the ways to figure out what's the best way to offer one versus the other. And make sure that we're doing it the right way. And then it's one with our partner suppliers to provide us and prove out to them that this is worthwhile to them. All of these things take time. But I do like to say, we are seeing those signals. We are seeing the numbers. It is early -- and I'm not going to do -- I'm sure you'd like me to give you some numbers, say, here's what it's going to be tomorrow, here's are the milestone. I'm not going to do that, but I can say I see we are on the right path.

所有這些東西都處於不同的發展水平，但仍然相對較新。其中之一是，我們必須建立所有的建模，所有的方法來找出提供一種方法與另一種方法的最佳方法。並確保我們以正確的方式做這件事。然後是我們的合作供應商向我們提供並向他們證明這對他們來說是值得的。所有這些事情都需要時間。但我確實想說，我們正在看到這些訊號。我們正在看到這些數字。現在還早——我不會這麼做——我確信你希望我給你一些數字，比如說，這是明天的情況，這是里程碑。我不會那樣做，但我可以說我看到我們走在正確的道路上。

That is all the time we have for questions. I will turn the call to Glenn for closing remarks.

這就是我們提問的全部時間。我將把電話轉給格倫，讓其致閉幕詞。

Thank you. So I want to thank our partners, our customers, our dedicated employees, our shareholders. And as mentioned by a couple of people on the call, I have to give out a very special thank you to my very good friend and colleague, David Goulden. As you know, after 24 earnings calls as Booking Holdings' CFO, David is retiring from this role and we'll be working on other areas of the business going forward. We greatly appreciate everything that David has done for this company, and we greatly appreciate everyone else's support as well as we continue to build on the long-term vision of our company. Thank you very much, and good night.

謝謝。所以我要感謝我們的合作夥伴、我們的客戶、我們敬業的員工、我們的股東。正如電話中的幾個人所提到的，我必須特別感謝我的好朋友和同事大衛古爾登。如您所知，在擔任 Booking Holdings 財務長的 24 次財報電話會議之後，David 將從這一職位上退休，我們將在未來致力於業務的其他領域。我們非常感謝大衛為這家公司所做的一切，我們非常感謝其他人的支持，以及我們繼續發展公司的長期願景。非常感謝，晚安。

This concludes today's call. We thank you for joining. You may now disconnect.

今天的電話會議到此結束。我們感謝您的加入。您現在可以斷開連線。