Booking Holdings Inc (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，這些陳述係根據 1995 年《私人證券訴訟改革法案》的安全港條款作出。這些前瞻性陳述並非對未來績效的保證，且受某些難以預測的風險、不確定性和假設的影響。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。對未來目標或預期以及反映歷史事實以外的類似表述旨在識別前瞻性陳述。有關可能導致 Booking Holdings 實際業績與前瞻性陳述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 at 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. Please go ahead, gentlemen.

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

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.

謝謝各位，歡迎參加Booking Holdings第四季財報電話會議。今天下午，我們的財務長David Goulden先生也出席了會議。我很高興地宣布，2023年第四季業績穩健收官，客房夜數略超預期，年增率略高於9%，若不計入以色列的數據，則較去年同期成長11%。與2019年相比，客房夜數成長21%，高於我們先前20%的預期。第四季營收達到創紀錄的48億美元，調整後EBITDA達到創紀錄的15億美元，都超乎預期。

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，由於與去年相比我們的股份數量減少，本季非GAAP每股收益較去年同期成長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，全球休閒旅遊需求持續維持韌性。展望未來一年，我們預計2024年已預訂的旅遊行程將實現強勁增長，預示著今年夏季旅遊旺季預計再創佳績。

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.

正如我們之前提到的，這些預訂中很大一部分是可以取消的，而且目前夏季的預訂量僅占我們預期最終預訂總量的一小部分。 David 將會詳細介紹我們第四季的業績，以及我們對 2024 年第一季和全年的展望。

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，我為我們為旅客和供應商合作夥伴創造更多利益，同時取得創紀錄的行業領先財務業績而感到自豪。去年，我們達成了一個重要的里程碑，客戶透過我們的平台預訂的客房晚數創歷史新高，超過10億間夜，比2022年增長了17%。總預訂金額達1510億美元，比2022年增加了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，我們的營收創下新紀錄，超過210億美元，比2022年成長了25%。在實現這一強勁營收業績的同時，我們的獲利能力也得到了提升，調整後EBITDA達到創紀錄的71億美元，比2022年增長了34%，調整後EBITDA利潤率同比增長超過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每股收益約為152美元，年增52%，比2019年創下的全年歷史最高紀錄高出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.

2023年，我們所有關鍵指標的規模和成長速度都顯著高於2019年。展望未來，在旅遊業市場成長趨於正常的情況下，我們的目標是繼續維持比2019年更快的預訂總量、收入和每股盈餘成長速度。我們有信心實現這些目標，因為我們已投入資源，打造更強大的業務，並為我們的旅客和合作夥伴提供比以往更優質的產品和服務。這一點體現在許多方面，我將重點介紹幾個我們相對於2019年加強了產品和服務的例子。

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.

Booking.com 現在擁有一個規模更大的商家平台，該平台處理了 Booking.com 2023 年上半年的總預訂量。我們的商家服務為我們的旅客和合作夥伴帶來了許多好處，同時也為我們帶來了新的策略優勢，包括商品銷售能力。

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.

自 2019 年以來，我們持續擴大在 Booking.com 上的機票業務規模，2023 年公司機票預訂總量較上年同期增長超過 400%，這主要得益於 Booking.com 的推動。我們看到，這個業務部門不僅為我們的平台帶來了新客戶，也為現有客戶提供了更完善的服務，簡化了他們的旅行計劃和預訂流程，並創造了更多為他們創造價值的機會。

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，我們不斷增加替代住宿客房夜數的佔比，到 2023 年，替代住宿客房夜數佔 Booking.com 客房夜數的 33%。我們不斷改進產品供應，增加供應選擇，未來還有更多機遇，尤其是在美國。

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.

雖然還處於早期階段，但我們很高興Booking.com已經建立了必要的基礎，可以提供保險景點和地面交通選擇，並期望這些產品能夠為我們的互聯旅行願景增添價值。

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，我們提高了利用效果行銷管道的能力，並且現在更加重視品牌支出。

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，我們擴大並加強了 Booking.com 的 Genius 忠誠度計劃，以便為更多旅客客戶提供更多福利，並有更多酒店和租車合作夥伴參與其中。

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客房夜數和直接客房夜數總額在我們的產品組合中持續增長，我們正在繼續加強與旅客的直接聯繫。

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依然充滿信心，相信其在核心市場的成長速度將超過GDP成長率。憑藉著產業成長的良好基礎以及我們為提升產品和服務所做的改進，我們對未來充滿信心，並相信我們已做好充分準備，在未來幾年內實現各項關鍵指標的顯著成長。

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.

憑藉我們長期的積極前景、穩健的財務業績和強勁的資產負債表，我們在2023年透過股票回購向股東返還了超過100億美元。未來，向股東返還資本仍將是公司的首要任務。今天，我們宣布董事會已批准派發季度股息，以補充我們現有的股票回購計劃，這標誌著我們朝著這一目標邁出了另一個重要步伐。 David將在發言中進一步闡述我們實現資本回報的策略。

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 年強勁的財務業績外，我們在關鍵策略重點方面也取得了實質進展，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和服務、支持我們的供應商合作夥伴、發展替代住宿以及與我們的旅客客戶建立更直接的關係。

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.

讓我來談談我們在這些領域的進展。在「互聯旅行」方面，我們正朝著長期願景穩步邁進，力求讓旅行的規劃、預訂和體驗更加便捷、個性化和愉悅，同時為我們的旅客和供應商合作夥伴創造更大價值。我們認為這一點至關重要，因為我們深知，目前的旅行體驗遠比應有的複雜、分散且令人沮喪。 「互聯旅行」願景旨在顯著改善消費者的旅行體驗，我們相信這將進一步提升我們產品的差異化優勢，並最終提高客戶忠誠度，增加直接預訂量、提升出行頻率，並隨著時間的推移，提高我們平台上的旅行消費佔比。這不僅有利於我們的旅客，也有利於我們的合作夥伴供應商，他們將能夠利用「互聯旅行」的不同功能，以更有效率、更低成本的方式拓展業務。

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「互聯旅行」專案上的不斷推進，您將會看到我們的平台逐步改進和增強，從而更接近這個長期願景。這種方法使我們能夠在建構未來願景的同時，也獲得實際效益。事實上，我之前提到的過去幾年中，我們平台的一些關鍵改進正是源自於我們在「互聯旅行」計畫上的努力。例如，Booking.com 的商家平台是「互聯旅行」的基礎，它有助於為旅客提供更流暢便捷的預訂體驗。此外，它還使我們能夠在適當的時候，聰明地展示各種合作夥伴和自營供應商的優惠資訊。

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.

Booking.com 航班業務的發展就是一個例證，而航班是除住宿外最重要的旅遊要素之一。 2023 年，透過 Booking.com 平台預訂的機票數量年增 58%，這主要得益於 Booking.com 航班業務的成長。我們持續看到大量新客戶透過航班業務加入 Booking.com，而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，我們需要在拓展可供旅客選擇的景點方面取得實質進展。雖然我們預計景點數量不會成為主要的財務貢獻因素，但我們認為，強大的景點產品組合能夠帶來許多好處，例如潛在的捆綁銷售機會，這將提升旅客在目的地期間使用應用程式的參與度。

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.

總體而言，我們相信在建立「互聯旅行」願景方面取得了顯著進展，並已開始看到初步成效。我們看到，被我們定義為「互聯旅行」的交易比例持續增長，儘管目前這些交易在我們總交易量中所佔比例仍然很小。重要的是，我們看到這類客戶的回頭率顯著提高。我們計劃在2024年嘗試將「Genius」計畫擴展至所有旅遊垂直領域，預計這將為旅客在「互聯旅行」的各個環節創造更多價值。我們將繼續推動「互聯旅行」願景的構建，相信這將提升旅行社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.

為了實現更便利、更個人化的互聯旅行體驗，我們始終認為人工智慧技術將發揮核心作用。在過去的幾個季度裡，我曾多次談到我們的團隊為將生成式人工智慧以創新方式融入我們的產品和服務所做的努力，例如Booking.com的AI旅行規劃器和Priceline的生成式人工智慧旅行助手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.

繼去年夏天在美國推出Booking.com的AI旅行規劃器後，我們在第四季將其推廣至英國市場。目前，團隊仍專注於深入了解希望使用該工具的客戶以及他們會提出的問題類型。我們看到AI旅行規劃器在回答客戶諮詢方面不斷改進，並期待在住宿以外的其他垂直領域進行測試。

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，Priceline 發布了功能較為精簡的產品版本，其中包括對 Penny 的多項改進。這些改進源自於 Priceline 團隊在過去六個月與用戶進行的實際互動，並從中汲取了寶貴的經驗。 Priceline 的這款人工智慧旅遊助理產品現在不僅能幫助旅客預訂飯店，還能提供機票、租車和度假套裝等更多服務。 Penny 最初是在預訂流程的最後階段——結帳頁面推出的，現在已上線 Priceline 首頁，用戶可以在這裡規劃行程、預訂旅行，甚至在預訂後修改行程。這充分體現了我們的團隊如何透過用戶互動不斷迭代和改進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.

我們持續看到令人鼓舞的跡象，表明 Priceline 的 Penny 產品有助於降低旅遊業的客戶服務聯繫率，並且我們相信，它還能改善客戶體驗。除了降低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提高我們整個公司客戶服務人員的工作效率。

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，我們也持續探索其他領域，相信可以利用生成式人工智慧工具來提高生產力。初步跡象表明，使用生成式人工智慧可以提升軟體開發人員的生產力，目前為止的成果令人鼓舞。我們期待嘗試這些以及其他生成式人工智慧工具未來可能提升業務效率的方式。

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.

回到我們的供應商夥伴。我們致力於成為平台上所有住宿類型值得信賴且極具價值的合作夥伴。我們希望透過增加預訂量、開發產品和功能來提升合作夥伴的業務價值。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在過去一年中業績顯著提升。我們相信，幫助小型合作夥伴蓬勃發展有助於我們行業的長期多元化和永續發展。

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.

我們與眾多小型獨立企業合作的一個領域是透過Booking.com上的另類住宿服務。我們透過增加供應量和提高旅客對另類住宿的認知度，持續加強了這一領域的業務。第四季另類住宿客房夜數年增19%，全年年增24%，增幅超過了傳統飯店類別。儘管美國地區的另類住宿客房夜數基數相對較小，但我們在美國市場實現了更顯著的成長。

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.

2023年，全球範圍內，非傳統住宿約佔Booking.com總房晚數的33%，比2022年增加了3個百分點。非傳統住宿房晚數的強勁增長得益於我們平台上可供旅客選擇的房源數量增加。我們看到，全球和美國地區的非傳統住宿供應量持續成長，預計到2023年底，全球房源數量將達到約740萬間，比去年的660萬間成長約12%。我們將致力於在此基礎上繼續發展，進一步改進產品，為我們的供應商合作夥伴和旅行者（尤其是在美國）提供更優質的服務。

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.

對於我們的旅客而言，我們始終致力於打造更優質的體驗，從而提升旅客忠誠度、預訂頻率、消費額以及與旅客的直接聯繫。令人欣喜的是，Booking.com 在 2023 年實現了回頭客數量的強勁增長，展現了我們強大的客戶留存率；同時，我們也對平台新用戶數量的增長感到滿意，與 2022 年相比，這一增長尤為顯著。

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%.

隨著第四季及全年直接透過我們平台預訂的客戶比例較去年同期持續成長，我們也持續加強與旅客的直接聯繫。行動應用程式的直接預訂量非常高，這是一個重要的平台，因為它為我們提供了更多與旅客直接互動的機會。全年透過行動應用程式預訂的客房夜數佔年增約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.

Booking.com在2023年仍穩居全球下載量第一的旅遊應用程式寶座。在亞洲，Booking.com和Agoda名列前五名。在美國，Booking.com、Priceline和OpenTable均躋身前十名。我們將繼續努力提升應用程式體驗，以鞏固近期的成功。

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，我想簡要談談一個影響我們今天公佈的財務業績的監管問題。西班牙競爭管理局發布了一份決定草案，指控Booking.com違反了西班牙競爭法，並擬對其處以5.3億美元的罰款。我們完全不同意這份決定草案及其提出的巨額罰款，該罰款與涉嫌違法行為完全不成比例。如果該決定草案最終生效，我們將提起上訴。

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全球數百萬家酒店及其他住宿合作夥伴互惠互利、平衡發展的夥伴關係之上。我們為旅客提供卓越的選擇、超值的價格和優質的服務，同時為飯店及其他合作夥伴打造一個平台，使他們能夠以低於其他許多行銷管道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監管機構保持良好的合作記錄，致力於找到友好且切實可行的解決方案，以應對他們提出的各種問題，包括與歐盟委員會就《數位市場法案》開展合作。

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.

正如我們先前所揭露的，我們計劃盡快提交DMA指定申請，並且我們認為西班牙監管機構提出的主要擔憂與DMA的要求基本一致。我們將繼續與這些監管機構密切合作，以確保規則的一致性。最重要的是，我們將繼續致力於為我們的合作夥伴和客戶提供最佳平台。

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，我對第四季強勁的業績以及休閒旅遊需求的持續韌性感到鼓舞。我們的團隊持續出色地執行各項關鍵策略重點，這有助於我們業務的長期發展。我們將繼續努力，為供應商合作夥伴和旅客提供更優質的產品和服務體驗。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。

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

現在我將把電話轉交給我們的財務長大衛古爾登。

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.

謝謝格倫，下午好。我將回顧我們第四季度的業績，並簡要介紹我們在第一季觀察到的趨勢以及我們對2024年的展望。除非另有說明，所有成長率均為年比數據。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。

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，我們將把準備好的演講稿發佈到 Booking Holdings 投資者關係網站上。

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.

在討論業績之前，有一項需要說明的事項。我們已將數位服務稅從一般及行政費用中重新歸類至銷售及其他費用。這是因為數位服務稅的性質非常不穩定，它與未徵收數位服務稅的國家的收入掛鉤。我們在獲利新聞稿中提供了一個表格，其中包含兩個更新後的季度財務數據，反映了損益表地域劃分的這項變更。我在本次電話會議上的所有發言也將反映這項變更。

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.

接下來是我們的季度業績。第四季客房夜數年增9%，年增21%，略高於我們先前約9%和20%的預期。若不計入以色列市場，第四季客房夜數年增11%，年增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.

從第四季各地區的年比客房夜數來看，亞洲成長了15%左右，歐洲成長了兩位數左右，世界其他地區成長了個位數左右，美國則與去年同期持平。所有地區的客房夜數均較10月份增加。

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 第四季的平均預訂窗口期較 2022 年和 2019 年同期有所擴大，但比第三季擴大的幅度略小。

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，行動應用預訂佔比約53%，比2022年第四季高出約5個百分點。我們持續看到，透過直銷管道預訂的客房夜數佔比不斷增長。與2022年第四季相比，第四季直銷通路預訂量佔客房夜數的比例上升。

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.

第四季度，我們的國際客房夜數佔比為 50%，高於 2022 年第四季的約 48%，與疫情爆發前的第四季佔比基本持平。

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.

受中東戰爭的影響，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月份較高的整體取消率在季度末恢復正常。

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.

Booking.com 的替代住宿方面，第四季客房夜數年增 19%，全球替代住宿客房夜數佔比約 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%，超出預期。總預訂量16%的增幅比客房夜數9%的增幅高出7個百分點，這主要得益於住宿平均房價（以固定匯率計算）上漲約4%，以及匯率波動和航班預訂量分別帶來的超過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.

由於亞洲客房夜數佔比較高，我們的年比平均房價成長受到區域組成的影響。剔除區域構成因素後，以固定匯率計算的平均房價年增約5個百分點。儘管第四季平均房價有所上漲，但我們並未觀察到預訂飯店星級組成或入住時長發生變化，這表明消費者並未降低入住檔次。我們將繼續密切關注市場動態。

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 航班業務持續成長的推動，第四季機票價格年增約 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.

第四季營收超出預期，年增18%，以固定匯率計算成長約17%。營收佔總預訂量的15.1%，與預期基本一致。

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.

行銷費用是一項波動性較大的支出項目，較去年同期成長9%。由於付費管道的投資報酬率提高以及業務組合更加多元化，行銷費用佔總預訂額的比例較2022年第四季下降約30個基點。業績利潤率年增，這得益於我們持續提升行銷支出效率的努力。

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.

第四季行銷商品銷售佔總預訂額的百分比比去年同期下降了約 15 個基點，比我們的預期要好，因為商品銷售費用降低，直接銷售組合增加，以及效果行銷投資回報率提高。

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.

第四季銷售額及其他費用佔總預訂額的百分比較去年同期增長約20個基點，也比我們經DST重新分類調整後的預期高出約20個基點，這主要是由於上季度我們討論的合作夥伴付款問題導致部分應收賬款延遲收款，從而計提了更高的應收賬款撥備。我們預計這不會是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%，低於預期，主要原因是人員和IT支出減少以及DST重新分類的影響。 21%的增幅是根據我們2023年第四季和2022年第四季的非GAAP支出計算得出的。

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%.

調整後的 EBITDA 接近 15 億美元，超出預期，年增 18%，以固定匯率計算約 22%。此外，由於阿根廷比索貶值，其他收入中計入了 3,700 萬美元的損失，對第四季度經調整後的 EBITDA 造成了負面影響，而這筆損失並未計入我們先前的業績指引。這使得第四季度經調整後的 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淨利為11億美元，非GAAP每股收益為32美元，較去年同期成長29%。第四季平均流通股數較2022年第四季下降9%。我們的非GAAP表現不包括與荷蘭退休基金案件裁決相關的2.76億美元人員支出，以及與西班牙競爭管理局草案決定相關的5.3億美元一般及行政費用。我想就這些支出分別做一些說明。

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.

正如格倫所言，我們強烈反對西班牙競爭管理局提出的草案決定和史無前例的罰款，如果最終裁決生效，我們將提起上訴。上訴過程可能需要數年時間。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影響，但我們目前並不認為這些影響會對我們的業務造成重大衝擊。

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.

接下來談談荷蘭退休金案。今年1月，海牙上訴法院裁定，Booking.com在荷蘭的大部分員工應加入旅遊業通用的退休基金。我們在第四季財報中確認的負債是與該退休金計畫相關的前期費用。我們正在研究如何將這項旅遊業通用計劃與我們為荷蘭員工提供的現有退休金計劃相銜接。我們預計未來在荷蘭的退休金計畫成本將會增加，但預計不會造成重大影響。

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

以美國通用會計準則計算，本季我們的淨收入為 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.

回顧全年業績，我們欣喜地報告，2023年客房夜數年增17%，總預訂量成長24%，以固定匯率計算成長約25%。全年營收超過2,100萬美元，年增25%，以固定匯率計算也實現了類似的成長。

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年全年營收佔總預訂量的百分比為14.2%，略高於2022年的14.1%。全年來看，時間因素帶來了超過0.5個百分點的正面影響，支付相關收入的增加也提升了佣金率，但這些影響基本上被航班組合的增加、亞洲地區復甦帶來的亞洲業務佔比提升以及我們在商品銷售方面加大投入所抵消。我們的住宿佣金率與2019年持平。

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，Booking.com 的行銷和商品推廣費用佔總預訂額的 5.6%，低於 2022 年的 5.9%，主要得益於行銷效率的提升和直銷管道的增加。 2023 年的 5.6% 仍高於 2019 年的 5.5%，並且預計旅遊市場復甦帶來的收益將超過直銷管道增加的收益。

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，直接通路在我們客房夜數中所佔的比例持續成長。若剔除B2B（企業對企業）業務，全年直接通路的比例約為60%。

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 2022 年的調​​整後 EBITDA 利潤率高出幾個百分點，與我們年初的預期一致。

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每股收益約為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.

接下來談談我們的現金和流動性狀況。由於本季完成了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，低於第三季末的143億美元，但部分被第四季產生的13億美元自由現金流所抵銷。全年來看，我們共產生了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.

2023 年，我們回購了價值超過 100 億美元的股票，使我們剩餘的回購授權額度降至 140 億美元，並使我們的年末股票數量比 2022 年減少了 9%，比 2021 年減少了 16%（2021 年正是我們重新啟動股票回購計畫之前）。

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.

展望未來，在考慮資本結構和配置框架時，我們將繼續專注於對業務進行適當投資，為股東創造更多回報，同時保持我們強勁的投資級信用評級。

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.

鑑於我們對自身獲利能力、強勁的自由現金流狀況以及持續回饋股東的能力充滿信心，我們今日宣布，董事會已批准派發每股8.75美元的季度股息，以補充我們現有的股票回購計畫。該股將於2024年3月28日支付給截至2024年3月8日登記在冊的股東。我們相信，派發股息將有助於我們完善資本回報計劃，並進一步擴大投資者群體。

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.

就資本回報構成而言，我們預期股票回購將佔未來股東總資本回報的絕大部分。我們仍預計在啟動後的四年內完成2023年初宣布的240億美元股票回購授權，即在2026年底前完成。

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.

我們重申先前設定的毛槓桿目標為2倍，並力爭最終將淨槓桿降至1倍。開始發放股利並不會改變我們對這些目標的看法。

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.

接下來，我們來談談2024年第一季的展望。所有成長率均以年比為基礎。鑑於我們現在已經走出了新冠疫情時期，此前細緻的短期資訊對於評估復甦路徑至關重要，因此我們將恢復以往的業績指引方式，提供未來整個季度的業績預期範圍，而不再提供月度趨勢和具體損益項目的詳細信息。

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.

根據第一季迄今強勁的旅遊需求，我們預計第一季客房夜數成長將在4%至6%之間。我們預計中東持續不斷的戰爭將對第一季客房夜數成長產生1%的負面影響。此外，我們還將與2023年年初的強勁勢頭進行比較，當時我們開始看到預訂窗口期的延長。

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.

1月份客房夜數成長高於預期範圍的上限。隨著季度推進，每間客房的成長都將受益於多出的一天，但3月份由於復活節在3月，客房夜數增長會受到影響。我們預計這些影響將大致相互抵消。

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，比客房夜數增長快約 1 個百分點，這主要得益於住宿業按固定匯率計算的平均房價略高以及航班增長速度加快，但部分會被匯率壓力抵消約 1 個百分點。

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，高於第一季預訂量成長，部分原因是復活節假期導致的銷售週期調整，預計將使第一季營收下降約3個百分點。我們預計第二季營收成長也將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，取中間值，年增 19%，EBITDA 利潤率將提高約 1 個百分點。我們預期 EBITDA 利潤率將受惠於市場支出成長低於營收成長速度，且與總預訂量成長持平，這有望抵銷我們固定營運支出（成長率略高於營收成長速度）的成長。

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.

展望未來一年，我首先想談談我們對業務長期成長的目標。正如我們之前討論過的，在市場環境趨於正常化的情況下，我們力爭實現以固定匯率計算的總預訂收入和每股收益增長率高於2019年的水平。這意味著兩個主要指標的成長率將超過8%，每股盈餘的成長率將超過15%。我們相信，鑑於我們為打造更強大的業務和為旅客及合作夥伴提供更優質的服務所做的投資（與五年前相比），我們能夠實現這些成長目標。

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%.

根據近期匯率，我們預期匯率波動將使我們公佈的成長率受到略高於1個百分點的負面影響。基於此框架並考慮到匯率因素，我們預計2024年全年總預訂量成長率將略高於7%，其中已假設中東戰爭將使我們2024年全年成長率受到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%.

我們預計全年營收成長速度將與總預訂量成長持平。我們預計2024年固定支出成長率將達到10%左右。我們計劃在2025年利用這些固定支出來實現槓桿效應。我們預計2024年調整後EBITDA成長率將略高於營收成長速度，主要得益於直接銷售佔比的預期提升。我們預計調整後EBITDA利潤率將年增率略低於1個百分點。最後，我們預期每股收益成長將超過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.

綜上所述，我們對第四季業績、第一季展望以及2024年的預期感到滿意。我們預計2024年總預訂量、營收、調整後EBITDA和每股盈餘的成長速度將超過2019年，且EBITDA利潤率將較去年同期成長。我們預計2024年將是另一個強勁的年份。

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

現在進入問答環節。莎拉，請你開通電話線好嗎？

(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證券的賈斯汀·波斯特。

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?

給David一個問題，我想這可能是你最後一次打電話了。我很想聽聽你對CFO交接的看法。關於業績指引，1月的客房夜數成長能否超過4%到6%？我原以為1月的年比數據會比較低。所以，能不能簡單談談本季的業績狀況？然後，Glenn，或許可以談談更宏觀的層面。身為客房夜數市佔率的領導者，你們掌握著大量的數據。你認為人工智慧轉型會對預訂業務產生怎樣的影響？你覺得你們比起搜尋引擎或同行有哪些優勢？你是怎麼看待這個問題的？

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。第一個問題我先回答，第二個問題交給格倫。正如我剛才所說，我再次重申一下，1月的成長速度確實超過了我們之前討論的4%到6%區間的上限。我們認為，今年春節假期的調整可能略微促進了1%的成長，但我們預計這部分影響將在2月被抵銷。正如我們所說，因此我們預計2月和3月的成長率會低於1月份，這與我們先前關於本季成長放緩的預期基本一致。

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，人工智慧顯然是目前任何產業、任何領域都極為重要的議題。我想我在上次會議上也談到了這一點，而且每次我談到它對那些著眼未來、渴望創造變革性產品的人來說有多麼重要時，我們都會反覆提及。正如我之前所說，我們還處於非常早期的階段。我喜歡指出我們目前所取得的成就，以及我們看到的一些早期跡象，這些都表明人工智慧對我們來說意義非凡。但當然，沒有人知道它需要多長時間才能真正發揮作用。

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.

我最喜歡的一點是，憑藉我們雄厚的財力，以及我們擁有許多具備相關能力的人才，我們才能處於這樣的地位。正如您所指出的，我們擁有大量數據，人們可以利用這些數據創建模型，並以互補的方式將其應用於構建大型語言模型等其他領域。我相信，憑藉我們已實現的規模優勢和員工在業務各個環節的創造力，我們擁有巨大的優勢。無論是像我剛才提到的，幫助旅行者的產品，還是幫助我們提升後台營運效率，我認為我們都具備這樣的優勢。當然，隨著時間的推移，我們將觀察我們能否有效、快速地將這些優勢轉化為更高的利潤率、更多的客戶、更高的客戶忠誠度等等。但我對目前所看到的感到非常鼓舞。我堅信，我們在旅遊業已經佔了絕對優勢。

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，在我們把麥克風交還給接線員回答下一個問題之前，我想重申一下我之前提到的關於第一季度客房夜數指南的兩點。首先，這是在剔除了中東地區約1個百分點的負面影響後所實現的成長。其次，當然，我們是在與去年同期強勁的業績進行比較。去年第一季度，客房夜數預訂窗口從受限狀態轉為開放狀態，這也為去年第一季帶來了不錯的業績。所以，您也必須將這些因素納入考量。

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

你的下一個問題來自 Kevin Kopelman 和 TD Cowen 的連線。

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，商品銷售在總銷售額中的佔比（或佔總銷售額的比例）在2023年只略有成長。您認為商品銷售在總銷售額中的佔比是否已經趨於穩定？或者您認為今年商品銷售方面還會有進一步的成長？另外，在廣告方面，您認為競價環境是否有任何改變？

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，正如你所說，我們現在正在擴大商品銷售活動的規模，這在Booking.com一直是我們逐步推進的。我認為我們現在已經基本按照計劃部署了這些活動。目前已經進入了一個比較穩健的階段，商品銷售總額佔總銷售額的比例從去年到今年僅略有成長。因此，展望未來，我們預期隨著直接行銷組合的持續成長，商品銷售將成為我們獲利的槓桿。當然，正如我在全年業績報告中提到的，這將是今年我們EBITDA利潤率成長的最大驅動力，明年營運支出也將起到重要作用。

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.

至於競爭環境，競爭仍激烈。我的意思是，這些都是競爭非常激烈的市場，參與者眾多。我認為大家也意識到，參與的不只是OTA平台，還有元平台、飯店業者、連鎖飯店等等，各行各業的人都在這些市場上競相出價。所以我認為競爭依然存在，但我們對自身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，就回到賈斯汀關於人工智慧、數據和商品銷售的問題，例如我們是如何做到的等等。我認為我們優勢之一在於，利用數據，利用我們掌握的所有資訊進行智慧商品銷售。我們會選擇那些我們認為能帶來優勢的地方來銷售，而不是白白浪費錢。隨著人工智慧技術的不斷發展，隨著我們不斷優化互聯旅行的各個環節，我相信我們將能夠為旅客創造價值，同時也能讓供應商幫助我們以更聰明的方式提供商品銷售機會。這樣一來，旅客、合作夥伴以及我們這些參與其中的人都能從中受益。

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

你的下一個問題來自 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?

請問兩個問題。關於您對全年利潤率的預期，您在行銷、銷售和市場推廣支出以及商品銷售支出佔預訂額的百分比方面做了哪些調整？您是否考慮了一定的槓桿效應？如果您已在公開評論中提及，恕我直言，但能否再次解答一下？其次，關於第三季的股票回購，我認為第四季的回購規模略低於第三季。這是您的有意安排嗎？您在第四季回購規模略低於市場平均水平，是否有特殊原因？

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。我收下這些。正如我在準備好的演講稿中所說，我們預計今年EBITDA利潤率成長的最大驅動因素將來自直接銷售組合的增加。這意味著我們將有一小部分業務（付費銷售佔比更高）在組合中佔據更高的比例，因此，我們預計在行銷和商品銷售方面將獲得一定的槓桿效應。我們將繼續保持積極進取的策略，繼續在付費拳擊等我們投入資金的市場中保持領先地位。我們不一定——我們不會就投資回報率做任何解釋，所以我們不會透露任何信息，但我們預計直接銷售組合的增加將是推動市場營銷和商品銷售槓桿效應的主要因素，因此，也將成為我們EBITDA利潤率提升的主要驅動因素。

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...

關於第四季的股票回購，我認為規模與第三季大致相同。第四季初，股價較低時，我們曾表示，如果股價維持低位，我們將在第四季增加回購規模。第四季股價上漲，我們在考慮回購規模時會將股價因素納入考量，當然，我們著眼於長期。但短期內，我們會根據股價走勢調整回購規模。因此，我們最終的回購規模可能略低於您的預期，也略低於我們在上次財報電話會議上提到的數額，但仍然是一個相當大的數字，全年回購總額仍超過100億美元，因為您可以看到我們的流通股數量大幅減少…

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

你的下一個問題來自摩根大通的道格安穆斯。

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?

我想就全年展望做個後續跟進。聽起來您對公司整體業務非常有信心。請問，這個全年展望是否僅僅反映了2024年趨勢的正常化、您提到的高基數效應以及中東市場的影響？還有其他需要考慮的因素嗎？

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，我認為在全年展望中需要注意幾點。請記住，我們討論的是我們自身的框架。我們之前說過，以固定匯率計算，我們的成長速度將超過[8815]。即使中東局勢對我們的業務造成影響，我們仍然能夠實現這一目標。所以我認為這是一個積極的展望。當然，我們已經將這些數字調整為報告數據。因此，如果將當前匯率約1%的匯率變動考慮在內，那麼8815將變為[7714]。但再次強調，以固定匯率計算，其基本值為8815，我們預期即使受到中東局勢對營收和利潤造成一定程度的影響，實際成長速度仍將高於這個數字。因此，這與我們的框架相符，我相信我們對自身在旅遊市場的地位以及持續擴大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。

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?

關於美國，我有兩個問題。第一個問題，您提到美國經濟停滯不前，這是否也包括其他住宿方式？也就是說，美國酒店業實際上正在衰退嗎？這是第一個問題。第二個問題，格倫，展望2024年，您需要在美國進行哪些投資？包括飯店業和其他住宿方式，才能推動更持久、更穩定的成長？

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...

我先說第一個問題，第二個問題交給格倫。美國市場本季業績持平。但請記住，10月美國市場出現了下滑。 10月份的下滑很大程度上是受到中東局勢的連鎖反應或衝擊的影響。因此，11月和12月美國市場恢復了成長，而本季則保持穩定。所以，我不建議過分解讀整個季度的業績，我還得看看10月份的情況。是的，這不包括另類投資。正如格倫所說，另類投資在美國成長非常強勁，但它在我們美國業務中所佔的比例遠低於世界其他地區。所以，我再次強調，我不建議過度推斷這意味著酒店業務…

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。至於我們如何在美國做得更好這個問題，我們已經討論過目前為止的成績，我非常滿意。回顧2019年，看看我們當時的市佔率和業績，再看看現在。這真的是非常驚人的成長，團隊付出了巨大的努力。我想上個季度我曾經表揚過團隊，現在我還要再次表揚他們，因為他們做得非常好。

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.

其中一個原因是，由於我們在美國同類市場中規模較小，與其他地區相比，我們的市場份額相對較低，這對我們來說是一個絕佳的機會。我之前也談過這一點。正因如此，我們必須不斷改進我們的產品，尤其是在替代住宿方面，而我們也一直在這樣做。這就是為什麼我們在美國替代住宿領域能夠實現如此高的成長率。我很高興看到這種情況。他們持續為我們的酒店合作夥伴提供所需的產品和服務，而他們想要的是不斷增長的需求。他們不希望我們成為一個可以隨時提供服務的供應商。

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.

我們團隊的一大優勢在於與飯店夥伴的緊密合作。眾所周知，美國許多酒店都是大型連鎖酒店，我們與他們建立了非常良好的合作關係，共同幫助他們達成目標，而我們作為服務提供商，也從中獲得了我們所需的——更多的預訂。我對目前所取得的成果感到滿意，我認為我們擁有巨大的潛力，可以長期維持這樣的合作動能。

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

你的下一個問題來自 James Lee 與瑞穗銀行的合作。

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.

這裡有兩個問題。格倫，我想你之前提到可能會增加美國家庭住宿——或者說替代住宿——的供應。能詳細說說這個計畫嗎？幫我們了解一下你們的策略。另外，我想你們之前也提到過，可能會在2024年將忠誠度計畫擴展到所有垂直領域。如果你們也能提供一些細節就太好了。

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。第二個問題我沒太聽懂。我們先來說第一個問題吧。也許大衛聽到了第二個問題。因為在上次通話中，我稍微談到了我們需要做些什麼來增加可供選擇的組合。我之前也說過──這並非我第一次談到這個問題。我們目前的情況是，儘管我們兼顧了城市和鄉村等不同區域，但我過去也說過，我們擁有的單一房產數量可能不如一些競爭對手那麼多。

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.

但我們的核心理念是有效率地做事，這意味著我們要透過與擁有大量房源的大型物業管理公司合作，更快地獲得大量房源。這或許會導致我們最終獲得的房源並非全部都是獨棟住宅。但當我們發現房源不足時——這是在獲得大量房源之後最容易解決的問題——我們必須繼續努力，爭取更多獨棟住宅等等。我表達了自己的失望，因為我有時在尋找獨棟住宅時，例如在電話會議上提到過，我想在紐約州漢普頓找一套房子過夏天，但房源數量不夠。那裡有很多機會。我把這看作是一個機會，而不是壞事，而是在想，看看我們做得多麼出色，即使還有其他項目需要爭取。我就是這麼想的，而且我對團隊目前的表現非常滿意。你看，我們的房源數量增加了12%，也就是660萬美元，現在已經超過740萬美元了。我很高興看到這些數字都在成長，而且成長幅度相當可觀。尤其讓我欣喜的是，我們的組合投資報酬率成長率遠高於同行業的其他一些公司。所以，看到這些我真的非常開心。

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.

當然可以。問題的第二部分是關於你們的會員忠誠計畫 Genius。格倫，我記得你之前提到過，你們今年想把所有旅遊相關業務都納入這個計畫。我想請你詳細介紹一下。

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。我剛才說的是，我們會進行試驗。我們會觀察，看看哪些方面行之有效，哪些方面能帶來回報，哪些方面效果顯著——所以我們會繼續試驗，例如，我們的 Genius 計劃中已經很好地整合了租車服務。顯然，我們也會嘗試各種不同的垂直領域，例如航班服務、賽道服務等等。我們甚至可能在保險領域，以及人們需要從機場到酒店、從酒店到機場或從家到機場的接送服務時，如何開展各種形式的出行業務。

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.

這又回到了第一個問題，我想是賈斯汀問的關於人工智慧以及如何使用數據的問題。關鍵在於，當你擁有這些模型時，你就能找到提供優惠的最佳方式。而我們的忠誠度計畫「Genius」正是透過這種方式為旅客創造價值，這也是他們選擇我們、再次光顧的原因。他們直接聯絡我們，或許是因為我們的應用程式操作簡單。同時，「Genius」目前主要由我們的合作夥伴提供資金，因為他們看到了其中的價值。他們看到了提供折扣或其他優惠的價值，這些優惠旨在吸引旅客預訂供應商提供的產品或服務。我們以科學的方式合作，確保不會讓供應商合作夥伴從中獲利，從而實現智慧化營運。這就是我喜歡的地方，也是我們繼續嘗試的原因。我認為它在酒店業已經取得了巨大的成功，而且我認為它與其他類型的住宿方式——比如其他類型的住宿——相結合，應該也能取得很好的效果。不過，我們得等推廣之後才能知道結果。

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。

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?

也許可以接著James的最後一個問題繼續討論。您之前提到過Connected Trip，並且對它的附加率持樂觀態度，但也知道還有很多工作要做。從長遠來看，您希望透過Connected Trip實現的目標是什麼？是提高轉換率，還是減少不必要的支出？您認為關鍵在於什麼？是消費者教育？還是供應不足？為了實現您的長期目標，我們應該如何建立Connected Trip的底層架構？

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?

所以，如果真正的問題是，我們如何從目前這個早期階段——雖然已經展現出一些良好跡象，但規模仍然很小——發展到真正能夠體現盈利、營收、客戶忠誠度等等這些方面，我認為這才是真正的問題所在嗎？

It is, Glenn.

沒錯，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。所以你看，我們必須做的一件事——我已經說過這​​是一條長期的道路。首先，我們必須先建立起各個垂直業務。值得一提的是，我們在2019年推出了Booking.com，當時我們非常謹慎地控制著它的發展，現在把所有航班數據匯總起來，你會發現增長了400%，當然，這其中也包括了Priceline，你可以看到目前航班業務的增長率。太棒了。所以我們成功建立了這個垂直業務，也建立了卓越服務（Excellence）業務，雖然目前還處於早期階段，但成長勢頭良好。此外，租車業務也取得了成長，我們仍在繼續發展這項業務，當然，還有其他業務等等。

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.

所有這些項目都處於不同的發展階段，但都還比較新。首先，我們需要建立所有模型，研究各種方法來找出哪種方式最適合提供不同的服務，並確保我們以正確的方式進行工作。其次，我們需要與合作夥伴供應商合作，向他們證明這對他們來說是值得的。所有這些都需要時間。但我確實想說，我們已經看到了這些跡象，看到了相應的數據。現在還處於早期階段——我不會——我知道你們肯定希望我能給一些具體數字，例如明天會是多少，里程碑是什麼。但我不會這樣做，但我可以說，我認為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.

提問時間到此結束。接下來我將把電話交給格倫，請他作總結發言。

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。我想感謝我們的合作夥伴、客戶、敬業的員工和股東。正如電話會議上幾位提到的，我還要特別感謝我的好朋友和同事大衛古爾登。大家都知道，在擔任Booking Holdings財務長24次財報電話會議後，大衛即將卸任，我們將共同致力於公司其他領域的業務。我們非常感謝大衛為公司所做的一切，也衷心感謝大家的支持，我們將繼續推動公司的長期發展願景。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。感謝您的參與。您可以斷開連線了。