Booking Holdings Inc (BKNG) 2024 Q4 法說會逐字稿

Welcome to Booking Holdings' fourth quarter 2024 conference call.

歡迎參加 Booking Holdings 2024 年第四季電話會議。

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.

Booking Holdings 謹提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述是根據 1995 年私人證券訴訟改革法案的安全港規定做出的。

These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict.

這些前瞻性陳述並不能保證未來的表現，並且受到難以預測的某些風險、不確定性和假設的影響。

Therefore, actual results may differ materially from those expressed, implied, or forecasted in any such forward-looking statements.

因此，實際結果可能與任何此類前瞻性陳述中表達、暗示或預測的結果有重大差異。

Expressions of future goals or expectations and similar expressions reflecting something other than historical facts are intended to identify forward-looking statements.

未來目標或期望的表達以及反映非歷史事實的類似表達旨在識別前瞻性陳述。

For a list of factors that could cause Booking Holdings actual results to differ materially from those described in the forward-looking statements, please refer to the Safe Harbor statements in Booking Holdings' earnings press release, as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

有關可能導致 Booking Holdings 實際結果與前瞻性聲明中描述的結果存在重大差異的因素列表，請參閱 Booking Holdings 收益新聞稿中的安全港聲明，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.

除非法律要求，否則 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。

A copy of Booking Holdings' earnings press release is available in the For Investors section of Booking Holdings' website, www.bookingholdings.com.

Booking Holdings 收益新聞稿的副本可在 Booking Holdings 網站 www.bookingholdings.com 的投資者專區找到。

And now I'd like to introduce Booking Holdings speakers for this afternoon, Glenn Fogel and Ewout Steenbergen.

現在，我想介紹今天下午的 Booking Holdings 演講者 Glenn Fogel 和 Ewout Steenbergen。

Go ahead, gentlemen.

請說吧，先生們。

Thank you.

謝謝。

Welcome to Booking Holdings' fourth-quarter conference call.

歡迎參加 Booking Holdings 第四季電話會議。

I'm joined this afternoon by our CFO, Ewout Steenbergen.

今天下午我和我們的財務長 Ewout Steenbergen 一起參加了這次會議。

I am pleased to report we had a strong finish to 2024, closing out another successful year.

我很高興地報告，我們在 2024 年取得了圓滿的成績，結束了另一個成功的一年。

I'm even more pleased to report the progress we are making on our long-term strategic plan.

我更高興地報告我們的長期策略計劃正在取得進展。

In a few days, I will mark my 25th year at this company, a quarter of a century, and I am more excited than ever about our potential.

再過幾天，我就將在這家公司工作 25 週年了，已經 25 年了，我對我們的潛力比以往任何時候都更加興奮。

It's an incredible time to be in the travel industry, with the transformative force of AI, particularly Generative AI, redefining how people will experience the world.

這是旅遊業的黃金時代，人工智慧（特別是生成式人工智慧）的變革力量正在重新定義人們體驗世界的方式。

Adapting to and leveraging new technologies has been in our DNA from the start, and Generative AI is pushing the pace of technology innovation faster than ever.

從一開始，適應和利用新技術就存在於我們的 DNA 中，而生成式人工智慧正以前所未有的速度推動技術創新的步伐。

In this dynamic environment, I am confident that we are well positioned to deploy this technology to further benefit our travelers and partners given our legacy of innovation, resources, proprietary data, the global nature of our business, and years of experience with AI.

在這種充滿活力的環境中，我相信，憑藉我們在創新、資源、專有數據、業務的全球性以及多年的人工智慧經驗，我們完全有能力部署這項技術，進一步造福我們的旅行者和合作夥伴。

I'll speak more about the AI opportunity shortly, but first I'll briefly cover our financial highlights from the last quarter and the full year.

我很快就會多談論人工智慧機會，但首先我將簡要介紹我們上個季度和全年的財務亮點。

Our fourth quarter room nights exceeded the high end of our prior expectations and grew 13% year over year.

我們第四季的客房間夜量超出了我們之前預期的高端，比去年同期成長了 13%。

The improvement in room night growth was seen across all our major regions, each of which grew by double digits in the quarter.

我們所有主要地區的間夜量均有所增長，本季每個地區的間夜量都實現了兩位數的成長。

The stronger than expected room night growth helped drive fourth quarter gross bookings growth of 17% and revenue growth of 14%, both above the high end of our prior guidance ranges.

強於預期的客房夜數成長推動第四季總預訂量成長 17%，營收成長 14%，均高於我們先前預期範圍的高點。

Adjusted EBITDA of $1.8 billion was 26% higher than the fourth quarter of 2023 and 12% above the high end of our prior guidance range driven by revenue outperformance and lower than expected adjusted fixed OpEx.

調整後的 EBITDA 為 18 億美元，比 2023 年第四季高出 26%，比我們先前指引範圍的高階主管高出 12%，這得益於營收表現優異且調整後的固定營運支出低於預期。

Finally, adjusted earnings per share in the quarter grew 30% year over year.

最後，本季調整後的每股盈餘年增30％。

Looking back at the full year of 2024, I am proud of our achievements, including advancing our Connected Trip Vision, further innovating our AI capabilities, expanding our merchant offerings, growing alternative accommodations, and enhancing and expanding our genius loyalty program.

回顧 2024 年全年，我為我們的成就感到自豪，包括推進我們的互聯旅行願景、進一步創新我們的 AI 能力、擴大我們的商家產品、增加替代住宿以及增強和擴展我們的天才忠誠度計劃。

Our achievements in these areas allowed us to deliver even more value to our travelers and supplier partners while also helping to drive our strong financial results for the year.

我們在這些領域的成就使我們能夠為旅客和供應商合作夥伴提供更多價值，同時也有助於推動我們今年強勁的財務表現。

For the full year, gross bookings of $166 billion increased 10% versus 2023, and revenue of $24 billion grew 11% year by year.

全年總預訂額1,660億美元，較2023年成長10%，營收240億美元，較去年同期成長11%。

We achieved these strong top line results while growing our bottom line even faster with adjusted EBITDA of over $8 billion increasing 17% year over year.

我們取得了這些強勁的營收業績，同時我們的獲利成長更快，調整後的 EBITDA 超過 80 億美元，較去年同期成長 17%。

Finally, adjusted earnings per share was up 23% year over year, helped by the 7% reduction in our full year average share count versus last year.

最後，調整後的每股盈餘較去年同期成長 23%，這得益於全年平均股數較去年同期減少 7%。

I would note that on a constant currency basis, our full-year gross bookings revenue adjusted EBITDA and adjusted EPS all grew about 1 percentage point faster than the reported growth rates I just mentioned.

我要指出的是，以固定匯率計算，我們全年總預訂收入調整後的 EBITDA 和調整後的 EPS 都比我剛才提到的報告增長率快了約 1 個百分點。

Our long-term ambition in a normalized travel environment continues to be: to grow our annual constant currency gross bookings by at least 8%; to grow our constant currency revenue by at least 8%; and to grow our constant currency adjusted earnings per share by at least 15%.

在正常化的旅行環境中，我們的長期目標仍然是：以固定匯率計算，年度總預訂量成長至少 8%；讓我們的固定貨幣收入至少成長 8%；並將我們的固定匯率調整後每股盈餘成長至少 15%。

I'm proud to say that we exceeded these growth targets in 2024.

我很自豪地說，我們在 2024 年超額實現了這些成長目標。

At the start of 2025, we continue to see healthy demand for leisure travel globally.

2025 年初，我們將繼續看到全球對休閒旅遊的健康需求。

Assuming another year of normalized growth for the travel industry, we are targeting full year constant currency growth rates that would again deliver on our long-term growth ambition for gross bookings, revenue, and adjusted EPS.

假設旅遊業再過一年正常化成長，我們的目標是全年固定匯率成長率，再次實現我們對總預訂量、收入和調整後每股盈餘的長期成長目標。

Given the importance of travel to consumers and the aspirations of people to experience the world, we remain confident in the long-term outlook for the travel industry and believe that we are well positioned to deliver attractive growth across our key metrics in the coming years.

鑑於旅行對消費者的重要性以及人們體驗世界的渴望，我們對旅遊業的長期前景仍然充滿信心，並相信我們有能力在未來幾年內在關鍵指標上實現可觀的成長。

Ewout will provide further details on our fourth quarter results, our expectations for 2025, and our approach to capital returns in his remarks.

Ewout 將在他的演講中進一步詳細介紹我們的第四季度業績、我們對 2025 年的預期以及我們的資本回報方法。

At Booking Holdings, we have always been driven by innovation from the early days of the internet and online travel, to being one of the first deployers of large scale A/B testing, to the advent of the smartphone and consumer adoption of mobile apps, to using sophisticated machine learning models early in our business, we have consistently evolved to meet the needs of travelers and partners.

在 Booking Holdings，我們始終以創新為動力，從互聯網和線上旅遊的早期開始，到成為首批部署大規模 A/B 測試的公司之一，到智慧型手機的出現和消費者對行動應用程式的採用，再到在我們業務早期使用複雜的機器學習模型，我們一直在不斷發展以滿足旅行者和合作夥伴的需求。

We believe that compelling, AI-powered offerings, like a travel vertical-specific agent, will play a central role indelivering an even more seamless and personalized Connected Trip experience to travelers.

我們相信，引人注目的人工智慧服務（例如專門針對垂直旅遊領域的代理商）將在為旅行者提供更無縫和個性化的互聯旅行體驗方面發揮核心作用。

We see the development and use of AI agents, and those agents working with other AI agents, as a potential way to more quickly bring together the different elements of travel into a truly connected offering on our platforms.

我們認為人工智慧代理的開發和使用，以及這些代理與其他人工智慧代理的協作，是一種潛在的方式，可以更快地將旅行的不同元素整合到我們平台上真正互聯的產品中。

We are highly focused on the many opportunities with AI and will continue the sophisticated work already happening across our company to integrate Generative AI into our offerings, which includes Booking.com's AI Trip Planner and Priceline's AI-powered travel assistant called Penny.

我們高度關注人工智慧帶來的眾多機遇，並將繼續公司範圍內已經在進行的複雜工作，將生成性人工智慧融入我們的產品中，其中包括 Booking.com 的人工智慧旅行計劃器和 Priceline 的人工智慧旅行助理 Penny。

In addition, we are pleased to see the work being done at OpenTable with its use of Salesforce's Agentforce platform, while Agoda and Kayak are making their own Generative AI advances.

此外，我們很高興看到 OpenTable 利用 Salesforce 的 Agentforce 平台開展工作，而 Agoda 和 Kayak 也不斷取得自己的生成式人工智慧進展。

As we continue to incorporate this technology, we are confident that it will enhance our ability to attract and satisfy our travelers as well as our partners, who have long relied on our technology advancements to help attract customers and grow their businesses.

隨著我們不斷融入這項技術，我們相信它將增強我們吸引和滿足旅行者和合作夥伴的能力，他們長期以來一直依賴我們的技術進步來幫助吸引客戶和發展業務。

In addition, we believe Generative AI has the potential to drive improvements in operational efficiency, which would contribute to a further deceleration of our fixed expense growth in 2025.

此外，我們相信生成式人工智慧有潛力推動營運效率的提高，這將有助於我們在 2025 年進一步減緩固定支出的成長。

Whether customer service, partner service, developer productivity, or other areas where we are finding more efficient ways of working, we are already seeing some early benefits, and we plan to continue to build on this.

無論是客戶服務、合作夥伴服務、開發人員生產力，還是我們正在尋找更有效率工作方式的其他領域，我們都已看到了一些早期的好處，並且我們計劃繼續在此基礎上再接再厲。

We are also excited to be working with leading Generative AI organizations on their agentic developments.

我們也很高興能與領先的生成式人工智慧組織合作進行代理開發。

These collaborations reflect our commitment to staying at the forefront of this rapidly developing field and are consistent with our longstanding approach to work with different sources of new customer traffic.

這些合作反映了我們致力於保持在這一快速發展領域前沿的承諾，也符合我們長期以來與不同新客戶流量來源合作的做法。

And with our track record in this area, I am confident in our ability to create value for all participants in this new, evolving, economic landscape.

憑藉我們在該領域的過往業績，我相信我們有能力為這個新興的經濟格局中的所有參與者創造價值。

We expect that agentic models will change the way some bookers discover and use our platforms.

我們預計代理模型將改變一些預訂者發現和使用我們平台的方式。

And we believe that working with these models will be another, attractive way for us to deliver unique value to our travelers and partners through competitive pricing, loyalty benefits and rewards, offering of other travel products, high quality customer service, and an easy and trusted payment process.

我們相信，採用這些模式將是我們透過具有競爭力的價格、忠誠度福利和獎勵、提供其他旅遊產品、高品質的客戶服務以及簡單而值得信賴的支付流程為我們的旅客和合作夥伴提供獨特價值的另一種有吸引力的方式。

Given the complexity, expense, and importance of travel to customers, it is critical to deliver value and to continue to be a trusted platform in order to have customers choose to make bookings with us.

考慮到旅行的複雜性、費用以及對客戶的重要性，為了讓客戶選擇透過我們預訂，提供價值並繼續成為一個值得信賴的平台至關重要。

I'm encouraged to see that we continue to build trust with travelers as evidenced by our growing mix of direct bookings, which was in the mid-sixties percentage of our B2C room nights in 2024.

我很高興地看到，我們繼續與旅客建立信任，這從我們不斷增長的直接預訂結構中可以看出，到 2024 年，直接預訂占我們 B2C 間夜量的 65% 左右。

We will continue to learn about how consumers want to interact with all forms of GenAI, but I like how we are positioned.

我們將繼續了解消費者希望如何與所有形式的 GenAI 進行互動，但我喜歡我們的定位。

I am excited about the changes and benefits that this technology is bringing to us now and we expect will do even more so in the future.

我對這項技術現在帶給我們的改變和好處感到非常興奮，我們期待未來它會帶來更多的改變和好處。

Connected Trip Now focusing a bit more on our Connected Trip vision, we are making steady progress toward simplifying the planning, booking, and travel experience, making it more personalized, seamless, and enjoyable, while delivering better value to our travelers and supplier partners.

互聯旅行現在我們更加關注互聯旅行的願景，我們正在穩步簡化計劃、預訂和旅行體驗，使其更加個性化、無縫和愉快，同時為我們的旅行者和供應商合作夥伴提供更好的價值。

We saw Connected Trip transaction growth accelerate to over 45% year over year in the fourth quarter, and these connected transactions represented a high single digit percentage of Booking.com's total transactions.

我們看到第四季度的關聯旅行交易量年增超過 45％，這些關聯交易占 Booking.com 總交易量的 10% 以上。

Flights are an important component in many of the connected trips that our travelers book.

航班是我們旅客預訂的許多連線行程的重要組成部分。

For the full year, our travelers booked almost 50 million airline tickets across our platforms, which increased 38% year over year and had a gross bookings value of $13.1 billion.

全年，旅客透過我們的平台預訂了近 5,000 萬張機票，年增 38%，總預訂額達到 131 億美元。

We continued to see this vertical bringing new customers to our platforms while delivering a more complete offering to our existing customers, making travel planning and booking easier for them and creating opportunities for us to provide more value to them.

我們繼續看到這個垂直領域為我們的平台帶來新客戶，同時為現有客戶提供更完整的服務，使他們更容易進行旅行規劃和預訂，並為我們創造為他們提供更多價值的機會。

And we believe that GenAI, coupled with our data and machine learning capabilities, will enable us to improve our supplier partners' businesses, particularly the small- and medium-sized businesses who do not have easy access to these sophisticated technologies.

我們相信，GenAI 加上我們的數據和機器學習能力，將使我們能夠改善供應商合作夥伴的業務，特別是那些無法輕鬆獲得這些先進技術的中小型企業。

Another foundational component of the Connected Trip vision is our expanding merchant offering at Booking.com. Merchant capabilities offer more flexibility for our travelers and partners, while also unlocking the ability to merchandise across verticals.

Connected Trip 願景的另一個基礎組成部分是我們在 Booking.com 上不斷擴展的商家服務。商家功能為我們的旅客和合作夥伴提供了更大的靈活性，同時也釋放了跨垂直產業銷售商品的能力。

The mix of merchant gross bookings reached 59% of total gross bookings at Booking.com in 2024, an increase of about nine percentage points year over year, which is higher than our expectations at the start of 2024.

2024 年，商家總預訂量佔 Booking.com 總預訂量的 59%，年增約 9 個百分點，高於我們在 2024 年初的預期。

We are pleased to see that processing transactions through Booking.com's merchant offering generated incremental contribution margin dollars in 2024, though this was still a small percentage of our total adjusted EBITDA.

我們很高興地看到，透過 Booking.com 的商家產品處理交易在 2024 年產生了增量貢獻利潤，儘管這仍然只占我們總調整後 EBITDA 的一小部分。

We believe that we are still very early in our fintech journey and expect over the upcoming years to reduce the costs of transactions for our travelers and supplier partners while also contributing to our bottom line.

我們相信，我們在金融科技領域的旅程才剛開始，我們期望在未來幾年內降低旅客和供應商合作夥伴的交易成本，同時也為我們的獲利做出貢獻。

We believe our Genius loyalty program at Booking.com also helps to connect more elements of travel as we extend this program beyond accommodations into other travel verticals.

我們相信，Booking.com 的 Genius 忠誠度計劃也有助於連接更多的旅行元素，因為我們將該計劃從住宿領域擴展到其他旅遊垂直領域。

We believe the value this program delivers will promote customer loyalty, frequency, and direct booking behavior.

我們相信該計劃帶來的價值將提高客戶忠誠度、客戶頻率和直接預訂行為。

We are encouraged to see more of our travelers moving into our higher Genius tiers of Levels 2 and 3, which represent over 30% of our active travelers, and these travelers booked a mid-fifties percentage of Booking.com's room nights in 2024.

我們很高興看到更多的旅行者進入我們更高的 Genius 等級 2 和 3，這代表了我們活躍旅行者的 30% 以上，並且這些旅行者在 2024 年預訂了 Booking.com 的房間晚數的 55% 左右。

These Genius Level 2 and 3 travelers have a meaningfully higher direct booking rate and a higher booking frequency than the rest of our travelers.

這些 Genius 2 級和 3 級旅客的直接預訂率和預訂頻率明顯高於其他旅客。

We continued to drive more Genius benefits to our travelers in 2024, and we have seen steady growth in the share of Connected Trip transactions that receive Genius benefits.

2024 年，我們將繼續為旅客提供更多 Genius 優惠，並且我們看到獲得 Genius 優惠的 Connected Trip 交易份額穩步增長。

We believe that all of the Connected Trip elements provide value to our customers, leading them to choose to book more frequently, and directly, with us.

我們相信，Connected Trip 的所有元素都能為我們的客戶提供價值，從而引導他們選擇更頻繁、更直接地向我們預訂。

We are encouraged to see that the direct booking channel continues to grow faster than room nights acquired through paid marketing channels.

我們很欣慰地看到，直接預訂管道的間夜量成長速度持續快於透過付費行銷管道獲得的間夜量。

Providing great supply choices for our travelers is another way we deliver a comprehensive planning and booking experience, and one area where we are actively expanding our supply is alternative accommodations.

為我們的旅客提供優質的供應選擇是我們提供全面規劃和預訂體驗的另一種方式，而我們積極擴大供應的一個領域是替代住宿。

For alternative accommodations at Booking.com, we continue to see year-over-year growth with listings at the end of Q4 reaching 7.9 million, up about 8% from last year.

對於 Booking.com 上的替代住宿，我們繼續看到同比增長，第四季度末的房源數量已達到 790 萬，比去年增長了約 8%。

More listings means more accommodation choices for our travelers, which we believe contributed to strong alternative accommodations room night growth of 19% in the fourth quarter, which was an acceleration from 14% growth in the third quarter.

更多的房源意味著我們的旅客有更多的住宿選擇，我們認為這促使第四季度替代住宿間夜量強勁增長 19%，高於第三季度 14% 的增幅。

We were pleased to see alternative accommodation room night growth accelerate in the quarter across all of our regions.

我們很高興看到本季所有地區的非標住宿間夜量成長加速。

We remain committed to being a trusted and valuable partner to all of the accommodation properties on our platforms by delivering incremental travel demand and developing products and features designed to support the success of these businesses, the majority of which are small independents.

我們將繼續致力於成為我們平台上所有住宿物業值得信賴和有價值的合作夥伴，透過提供增量旅行需求和開發旨在支持這些企業（其中大多數是小型獨立企業）成功的產品和功能。

Now I want to briefly discuss our transformation program and Ewout will provide further details in his commentary.

現在我想簡要討論一下我們的轉型計劃，Ewout 將在他的評論中提供更多細節。

In November 2024, we announced our intention to implement certain organizational changes, including modernizing processes and systems, initiating an expected workforce reduction, optimizing procurement, and seeking real estate savings.

2024 年 11 月，我們宣布了實施某些組織變革的意圖，包括對流程和系統進行現代化改造、啟動預期的裁員、優化採購以及尋求房地產節省。

We are in the process of reviewing some of these potential workforce reductions with works councils, employee representatives, and other organizations.

我們正在與工會、員工代表和其他組織一起審查一些潛在的裁員措施。

While workforce reductions in some areas along with investing in other areas involve very difficult decisions, we believe that these steps are critical to improve organizational agility and drive greater operating efficiencies.

雖然在某些領域裁員以及在其他領域進行投資涉及非常艱難的決定，但我們相信這些措施對於提高組織敏捷性和提高營運效率至關重要。

Reallocating resources across our strategic initiatives in a disciplined manner is a key requirement to maintain global competitiveness.

以規範的方式重新分配我們戰略計劃中的資源是保持全球競爭力的關鍵要求。

Ultimately, we believe this will help drive stronger and more durable topline and earnings growth over the long term.

最終，我們相信這將有助於推動長期更強勁、更持久的營收和獲利成長。

In conclusion, as I look back over 2024, I am proud of all of the hard work and excellent execution by our teams as they continued to advance our strategic initiatives while delivering strong financial results.

總而言之，回顧 2024 年，我為我們團隊的所有辛勤工作和出色執行感到自豪，他們繼續推進我們的策略計劃，同時實現強勁的財務業績。

These are exciting times for our industry, and I am confident in our company's position and ability to leverage Generative AI technology to deliver an even better offering for our travelers and partners.

對於我們的行業來說，這是一個令人興奮的時刻，我對我們公司的地位和利用生成式人工智慧技術為我們的旅行者和合作夥伴提供更好服務的能力充滿信心。

I will now turn the call over to our CFO, Ewout Steenbergen.

現在我將電話轉給我們的財務長 Ewout Steenbergen。

Thank you, Glenn, and good afternoon.

謝謝你，格倫，下午好。

I will now review our results for the fourth quarter and the full year of 2024 and provide our thoughts for the first quarter and full year of 2025.

我現在將回顧我們 2024 年第四季和全年的業績，並對 2025 年第一季和全年提出我們的想法。

All growth rates are on a year-over-year basis.

所有成長率均以年比計算。

Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release.

關於非 GAAP 結果與 GAAP 結果的調整資訊可以在我們的收益報告中找到。

4 We will be posting a summary earnings presentation as well as our prepared remarks to the Booking Holdings investor relations website after the conclusion of the earnings call.

4 收益電話會議結束後，我們將在 Booking Holdings 投資者關係網站上發布收益摘要以及我們的準備好的評論。

Now let's move to our fourth quarter and full year results.

現在讓我們來看看第四季和全年的業績。

Our room nights in the fourth quarter grew 13%, which exceeded the high end of our guidance by five percentage points.

我們第四季的客房間夜量增加了 13%，比我們預期的高點高出了 5 個百分點。

The higher-than-expected room night growth was driven by stronger than expected performance across all our regions, with the largest impact coming from Europe.

客房夜數成長高於預期是由於我們所有地區的表現都優於預期，其中歐洲地區的影響最大。

Looking at our room night growth by region in the fourth quarter, Europe was up low double digits, Asia was up mid-teens, Rest of World was up about 20%, and the US was up about 10%.

從第四季各地區客房夜數成長來看，歐洲地區成長了近兩位數，亞洲地區成長了15%左右，世界其他地區成長了約 20%，美國成長了約 10%。

We are encouraged by the progress we are making in enhancing the experience for our travelers and partners as we continue to advance our strategic initiatives and build towards our Connected Trip vision.

隨著我們繼續推進策略性舉措並朝著「互聯旅行」願景邁進，我們在提升旅客和合作夥伴的體驗方面所取得的進展令我們感到鼓舞。

This includes strengthening our offering through alternative accommodations growth, increasing the direct and mobile app mix of our bookings, expanding our Genius loyalty program, and growing our other travel verticals.

這包括透過增加替代住宿來增強我們的服務，增加我們的直接和行動應用程式預訂組合，擴大我們的 Genius 忠誠度計劃，以及發展我們的其他旅遊垂直業務。

For our alternative accommodations at Booking.com, our fourth quarter room night growth accelerated to 19% and continued to outpace the overall business.

對於Booking.com的替代住宿而言，第四季間夜量成長率加速至19%，並持續超過整體業務的成長速度。

The global mix of alternative accommodation room nights at Booking.com was 33%, which was up one percentage point from the fourth quarter of 2023.

Booking.com 全球替代住宿間夜量佔 33%，較 2023 年第四季上升了一個百分點。

We continue to strengthen our direct relationships with our travelers and increase loyalty on our platforms.

我們將繼續加強與旅客的直接關係，並提高我們平台的忠誠度。

For the full year, the mix of our total room nights coming to us through the direct channel was in the mid 50% range and increased year-over-year.

就全年而言，我們透過直接管道獲得的客房間夜量佔比在 50% 左右，且較去年同期成長。

When we exclude our B2B business, our full year B2C direct mix was in the mid 60% range, which is an improvement from the low 60% range in 2023.

當我們排除 B2B 業務時，我們全年的 B2C 直接業務組合處於 60% 的中間範圍，這比 2023 年的 60% 的低範圍有所改善。

The mobile app mix of our total fourth quarter room nights was in the mid-50% range, which was up from the low 50% range in 2023.

我們第四季總間夜量的行動應用組合處於 50% 左右，高於 2023 年的 50% 低點。

We continue to see that the significant majority of bookings received from our mobile apps come through the direct channel.

我們持續看到，從我們的行動應用程式收到的絕大多數預訂都是透過直接管道獲得的。

For our Genius loyalty program, the mix of Booking.com room nights booked by travelers in the higher Genius tiers of Levels 2 and 3 was in the mid-50% range in 2024 and this mix increased year-over-year.

對於我們的 Genius 忠誠度計劃，2024 年 Genius 較高等級 2 級和 3 級的旅客在 Booking.com 上預訂的客房晚數佔比約為 50% 左右，並且這一比例逐年增加。

In our other travel verticals, about 14 million airline tickets were booked across our platforms in the fourth quarter.

在我們的其他旅遊垂直領域，第四季度透過我們的平台預訂了約 1400 萬張機票。

Airline ticket growth in the fourth quarter was 52%, driven by the continued growth of our flight offerings at Booking.com and Agoda, and accelerated from 39% growth in the third quarter.

第四季機票成長 52%，這得益於 Booking.com 和 Agoda 航班產品的持續成長，高於第三季 39% 的增幅。

Fourth quarter gross bookings increased 17% year-over-year and increased about 18% on a constant currency basis, which was approximately five percentage points higher than the 13% room night growth due to a few percentage points from higher flight bookings growth and an increase in constant currency accommodation ADRs of about 2%.

第四季總預訂量較去年同期成長 17%，以固定匯率計算成長約 18%，比客房夜數成長 13% 高出約五個百分點，這得益於航班預訂量成長幾個百分點，以及以固定匯率計算的住宿 ADR 成長約 2%。

The year-over-year ADR increase was impacted by a higher mix of room nights from Asia.

平均房價年增，是受到亞洲地區間夜數增加的影響。

Excluding regional mix, constant currency ADRs were up about 3% versus the fourth quarter of 2023.

不包括區域組合，固定匯率 ADR 較 2023 年第四季上漲約 3%。

The increase in gross bookings exceeded the high end of our guidance by eight percentage points due to stronger than expected room night growth, as well as stronger than expected constant currency accommodation ADRs and flight ticket growth, partially offset by about one percentage point of impact from changes in FX.

由於客房晚數增長超出預期，以及按固定匯率計算的住宿平均房價和機票價格增長超出預期，總預訂量的增幅超出了我們預期的高端，高出 8 個百分點，但外匯變化帶來約 1 個百分點的影響部分抵消了這一影響。

Fourth quarter revenue of $5.5 billion grew 14% year-over-year, which exceeded the high end of our guidance by five percentage points.

第四季營收為 55 億美元，年增 14%，超出我們預期的最高水準 5 個百分點。

Constant currency revenue growth was about 15%.

以固定匯率計算，收入成長率約為15%。

Revenue as a percentage of gross bookings of 14.7% was lower than expected due to impacts from timing and a higher mix of flight bookings.

由於時間安排和航班預訂組合較高等影響，收入佔總預訂量的 14.7% 低於預期。

The timing impact was driven by the acceleration in bookings in the fourth quarter, as well as a booking window that was more expanded in the quarter than expected.

時間影響是由於第四季度預訂量的加速，以及本季預訂窗口比預期擴大。

Revenue as a percentage of gross bookings was also lower than the fourth quarter of 2023 due to impacts from timing and an increased mix of flight bookings, partially offset by increased revenues associated with payments.

由於時間安排和航班預訂組合增加的影響，收入佔總預訂量的百分比也低於 2023 年第四季度，但與支付相關的收入增​​加部分抵消了這一影響。

We expect the impact from timing in the fourth quarter will benefit our revenue in 2025.

我們預計第四季度的時間影響將有利於我們 2025 年的收入。

Marketing expense, which is a highly variable expense line, increased 10% year-over-year.

行銷費用是一項高度可變的費用項目，年增了 10%。

Marketing expense as a percentage of gross bookings was 4.2%, about 30 basis points better than the fourth quarter of 2023 due to lower brand marketing expense and higher direct mix, partially offset by higher spend in social media channels at attractive incremental ROIs.

行銷費用佔總預訂量的百分比為 4.2%，比 2023 年第四季高出約 30 個基點，原因是品牌行銷費用降低和直接組合增加，但社群媒體管道支出增加且投資回報率具有吸引力，部分抵消了這一影響。

Fourth quarter sales and other expenses as a percentage of gross bookings was 2.0%, in line with last year despite the higher merchant mix, as higher payment expenses were offset by efficiencies in customer service.

第四季銷售和其他費用佔總預訂量的百分比為 2.0%，儘管商家結構較高，但仍與去年持平，因為支付費用的增加被客戶服務效率的提高所抵消。

Adjusted fixed operating expenses were up 9% year-over-year, which was better than expected due primarily to lower IT and G&A expenses.

調整後固定營運費用年增 9%，優於預期，主要由於 IT 和 G&A 費用下降。

Throughout this year we have been very focused on carefully managing the growth of our fixed expenses.

今年我們一直非常注重謹慎管理固定支出的成長。

Adjusted EBITDA of $1.8 billion grew 26% year-over-year and was 12% above the high end of our guidance range largely driven by the higher revenue and also by the better-than-expected adjusted fixed operating expenses.

調整後的 EBITDA 為 18 億美元，年增 26%，比我們預期的高點高出 12%，這主要得益於收入增加以及調整後的固定營運費用好於預期。

Adjusted EBITDA margin of 33.8% in the fourth quarter was up versus last year by about 320 basis points due primarily to leverage from adjusted fixed operating expenses and marketing expenses.

第四季調整後的 EBITDA 利潤率為 33.8%，較去年同期上升約 320 個基點，主要由於調整後的固定營運費用和行銷費用產生的槓桿作用。

Adjusted EPS of $41.55 per share was up 30% and benefited from a 5% lower average share count than the fourth quarter of 2023.

調整後每股收益為 41.55 美元，成長 30%，且受益於平均股數比 2023 年第四季下降 5%。

On a GAAP basis, net income was $1.1 billion in the fourth quarter and was impacted by a mark-to-market adjustment to the conversion option premium of our convertible note due May 2025.

根據 GAAP 計算，第四季淨收入為 11 億美元，受到 2025 年 5 月到期的可轉換票據轉換選擇權溢價的市價調整的影響。

This was mostly offset by FX remeasurement gains on our Euro bonds.

這主要被我們歐元債券的外匯重估收益所抵銷。

Both items were excluded from our adjusted results.

這兩項均被排除在我們的調整結果之外。

When looking at the full year, we are pleased to report that our 2024 room nights grew 9% year-over-year.

回顧全年，我們很高興地報告，我們的 2024 年客房晚數同比增長了 9%。

On a regional basis, we saw full year room night growth from Europe up high single digits, Asia was up mid-teens, Rest of World was up high single digits, and the US was up mid single digits.

從地區來看，我們看到歐洲全年客房間夜量成長率達到高個位數，亞洲成長率達到中個位數，世界其他地區成長率達到高個位數，美國成長率達到中個位數。

European bookers represented about half of the room nights booked in 2024, Asian bookers were about a quarter, and US bookers were a low double digits percentage.

歐洲預訂者佔 2024 年預訂間夜量的約一半，亞洲預訂者約佔四分之一，美國預訂者佔比低兩位數。

The growth in room nights helped drive increases in gross bookings, revenue, and adjusted EPS that were above our long-term annual growth ambition.

間夜量的成長帶動了總預訂量、收入和調整後每股收益的成長，這些都超出了我們的長期年度成長目標。

Our full-year gross bookings and revenue increased 10% and 11%, respectively, and both growth rates were about one percentage point higher on a constant currency basis.

我們的全年總預訂量和收入分別成長了 10％ 和 11％，以固定匯率計算，成長率均高出約一個百分點。

Revenue as a percentage of gross bookings was 14.3% in 2024, which was up slightly versus 14.2% in 2023 due to a positive impact from increased revenues associated with payments, mostly offset by an increased mix of flights.

2024 年，收入佔總預訂量的百分比為 14.3%，較 2023 年的 14.2% 略有上升，這主要是由於與支付相關的收入增​​加產生了積極影響，但大部分被航班組合增加所抵消。

Our underlying accommodation take rates continue to be stable year-over-year.

我們的基礎住宿收費率是年比持續穩定。

Marketing as a percentage of gross bookings in 2024 was 4.4%, down slightly from 4.5% in 2023, driven by higher direct mix, lower brand marketing expenses, and higher performance marketing ROIs, partially offset by higher spend in social media which became a more significant channel for us in 2024.

2024 年行銷佔總預訂量的百分比為 4.4%，略低於 2023 年的 4.5%，這得益於直接組合的增加、品牌行銷費用的降低以及績效行銷投資回報率的提高，但社群媒體支出的增加部分抵消了這一影響，社群媒體在 2024 年成為我們更重要的管道。

Our full year adjusted fixed operating expenses were up 8% versus 2023, which was better than our expectation for low to mid-teens growth at the start of 2024 and was a source of leverage due to many management actions taken throughout the year.

我們全年調整後的固定營運費用較 2023 年增長了 8%，這好於我們對 2024 年初低至中等增長率的預期，並且由於全年採取了許多管理行動而成為槓桿的來源。

Our full year adjusted EBITDA was more than $8 billion, which was up 17% year-over-year and up about 18% on a constant currency basis.

我們全年調整後的 EBITDA 超過 80 億美元，較去年同期成長 17%，以固定匯率計算成長約 18%。

We are proud to have generated $1.2 billion more adjusted EBITDA than in 2023, delivering profitable growth and expanding margins while investing in strategic initiatives.

我們很自豪，2023 年的調整後 EBITDA 比 2023 年增加了 12 億美元，在投資策略舉措的同時實現了獲利成長和利潤率擴大。

Adjusted EBITDA margin was 35%, which was 170 basis points higher than our adjusted EBITDA margin in 2023 and ahead of our expectations at the start of the year.

調整後的 EBITDA 利潤率高出 35%，比我們 2023 年的調整後 EBITDA 利潤率高出 170 個基點，且超出了我們年初的預期。

Our adjusted EBITDA margins, along with every other profit metric that we report, includes the impact of stock-based compensation expense, as this is a very real cost of doing business.

我們的調整後 EBITDA 利潤率以及我們報告的所有其他利潤指標都包括股票薪酬費用的影響，因為這是經營業務的實際成本。

Our full year adjusted EPS was over $187 per share, which was up 23% year-over-year and up about 24% on a constant currency basis.

我們全年調整後的每股盈餘超過 187 美元，年增 23%，以固定匯率計算成長約 24%。

Our full year average share count was 7% lower than 2023 due to the impact of our share repurchase program.

由於股票回購計畫的影響，我們的全年平均股票數量比 2023 年低 7%。

Now on to our cash and liquidity position.

現在來談談我們的現金和流動性狀況。

Our fourth quarter ending cash and investments balance of $16.7 billion was up versus our third quarter ending balance of $16.3 billion due to about $1.9 billion of debt raised in November and about $650 million in free cash flow generated in the quarter, partially offset by about $1.4 billion of capital return including share repurchases and dividends.

我們第四季的期末現金和投資餘額為 167 億美元，高於第三季的期末餘額 163 億美元，原因是 11 月籌集了約 19 億美元的債務，並且本季度產生了約 6.5 億美元的自由現金流，但包括股票回購和股息在內的約 14 億美元的資本回報部分抵消了這一影響。

Free cash flow in the fourth quarter was pressured by about $825 million from changes in working capital, driven primarily by the seasonal reduction in our deferred merchant bookings balance.

第四季的自由現金流因營運資本變動而承受約 8.25 億美元的壓力，這主要是由於我們的遞延商家預訂餘額的季節性減少所致。

For the full year, we repurchased about $6 billion of stock and paid out $1.2 billion in quarterly cash dividends.

全年我們回購了約 60 億美元的股票，並支付了 12 億美元的季度現金股利。

Since restarting our repurchase program in early 2022, we have repurchased almost $23 billion of stock, or 21% of our shares outstanding at the start of 2022.

自 2022 年初重啟回購計畫以來，我們已回購了近 230 億美元的股票，佔 2022 年初已發行股票的 21%。

We ended 2024 with about $7.7 billion remaining under our existing share repurchase authorization.

截至 2024 年，我們現有的股票回購授權剩餘金額約為 77 億美元。

As we look ahead, we remain focused on strategically investing in our business and returning capital to shareholders while maintaining our strong investment grade credit ratings.

展望未來，我們將繼續專注於對我們的業務進行策略性投資並向股東返還資本，同時保持強勁的投資級信用評級。

We are pleased to announce today that our Board of Directors approved a new $20 billion share repurchase authorization, along with a 10% increase to our quarterly cash dividend per share.

我們今天很高興地宣布，我們的董事會批准了新的 200 億美元股票回購授權，同時將每股季度現金股利提高 10%。

These actions reflect our confidence in our earnings power, strong free cash flow generation, and our ability to consistently return capital to shareholders through both share repurchases and dividends.

這些舉措反映了我們對獲利能力、強勁的自由現金流產生能力以及透過股票回購和股息持續向股東返還資本的能力的信心。

Moving to our thoughts for the first quarter.

談談我們對第一季的想法。

We expect the comparison to the extra day in February 2024 to be about a one percentage point headwind to our first quarter growth rates.

我們預計，與 2024 年 2 月的額外一天相比，我們的第一季成長率將面臨約一個百分點的阻力。

Also, we expect the calendar shift of Easter from March in 2024 to April in 2025 to be a small tailwind to room nights and gross bookings growth and a larger headwind to revenue and profitability growth in the first quarter.

此外，我們預計復活節從 2024 年 3 月移至 2025 年 4 月，這將對第一季度的客房晚數和總預訂量增長產生小幅推動作用，但對收入和盈利能力增長產生較大阻力。

We expect first quarter room night growth to be between 5% and 7%, which includes a slight benefit from the calendar shift of Easter into April.

我們預計第一季客房夜數將增加 5% 至 7% 之間，其中包括因復活節推遲到四月而帶來的小幅增長。

We expect first quarter gross bookings to increase between 5% and 7%, which includes about four percentage points of impact from changes in FX, offset by about two percentage points of positive impact from higher flight ticket growth, about 1% higher constant currency accommodation ADRs, and a slight benefit from the calendar shift of Easter.

我們預計第一季的總預訂量將成長 5% 至 7%，其中包括外匯變動帶來約 4 個百分點的影響，機票價格上漲帶來約 2 個百分點的正面影響，以固定匯率計算的住宿平均房價上漲約 1%，以及復活節日曆變化帶來的輕微好處。

We expect first quarter revenue growth to be between 2% and 4%, which includes a headwind of about three percentage points from changes in FX and about three percentage points from the calendar shift of Easter into April.

我們預計第一季的營收成長率將在 2% 至 4% 之間，其中包括外匯變化帶來的約 3 個百分點的阻力，以及復活節推遲到 4 月帶來的約 3 個百分點的阻力。

We expect first quarter adjusted EBITDA to be between about $800 million and $850 million, down 5% year-over-year at the high end, which includes about 14 percentage points of year-over-year impact from the Easter shift and about two percentage points of impact from changes in FX.

我們預計第一季調整後的 EBITDA 約為 8 億至 8.5 億美元，年比最高下降 5%，其中包括復活節調整帶來的約 14 個百分點的同比影響以及外匯變化帶來的約 2 個百分點的影響。

Note that historically the first quarter is our seasonally lowest EBITDA quarter for the year.

請注意，從歷史上看，第一季是我們一年中 EBITDA 最低的季度。

Normalizing for the impacts of Easter timing, changes in FX, and the leap year, our expectation for first quarter gross bookings, revenue, and adjusted EBITDA is for low double-digit growth at the high end of each of those ranges.

考慮到復活節時間、外匯變化和閏年的影響，我們預計第一季的總預訂量、收入和調整後的 EBITDA 將分別在每個範圍的高端實現低兩位數的增長。

Turning to the full year 2025.

展望 2025 年全年。

We are targeting full-year constant currency growth rates that would reach our long-term growth ambition of at least 8% growth for gross bookings and revenue, and 15% growth for adjusted earnings per share.

我們設定的全年固定匯率成長率將達到我們的長期成長目標，即總預訂量和營收至少成長 8%，調整後每股盈餘成長 15%。

We believe we are well positioned to achieve these levels of growth given the investments we have made to build a stronger foundation for our business and a better product offering for our travelers and partners.

我們相信，鑑於我們為打造更強大的業務基礎以及為旅行者和合作夥伴提供更好的產品而進行的投資，我們完全有能力實現這些成長水平。

At recent FX rates, we expect changes in FX will impact our reported growth rates by about three percentage points for gross bookings and revenue, and by about three and a half percentage points for adjusted EBITDA and adjusted EPS.

按照最近的外匯匯率，我們預期外匯變化將影響我們報告的總預訂量和收入成長率約三個百分點，調整後 EBITDA 和調整後 EPS 成長率約三個百分點半。

As a result, we expect full year reported gross bookings and revenue to increase mid single digits, and on a constant currency basis to both increase high single digits.

因此，我們預計全年報告的總預訂量和收入將成長中等個位數，且以固定匯率計算將同時成長高個位數。

We expect to drive leverage in our marketing expenses.

我們希望提高行銷費用的槓桿作用。

Additionally, we expect revenue to grow faster than adjusted fixed operating expenses, in line with our prior commitment for 2025, which we communicated at the start of last year.

此外，我們預計收入成長速度將快於調整後的固定營運費用，這符合我們去年年初傳達的 2025 年承諾。

As a result, we expect adjusted EBITDA to grow a couple of percentage points faster than revenue, and on a constant currency basis to increase low double digits.

因此，我們預計調整後的 EBITDA 將比營收成長快幾個百分點，且以固定匯率計算將實現低兩位數的成長。

We expect to continue to expand our adjusted EBITDA margins in 2025 and deliver margin growth of slightly below 100 basis points.

我們預計 2025 年調整後的 EBITDA 利潤率將持續擴大，並實現略低於 100 個基點的利潤率成長。

We expect our full year adjusted EPS to grow low double digits, and on a constant currency basis to grow mid-teens.

我們預期全年調整後每股盈餘將成長低兩位數，以固定匯率計算則成長中位數。

Finally, we remain focused on managing our capital expenditures, and we expect that CapEx will be about 2% of revenue, similar to 2024.

最後，我們仍然專注於管理我們的資本支出，我們預計資本支出將佔收入的 2% 左右，與 2024 年類似。

Turning to our new Transformation Program, which we announced in November.

談談我們11月宣布的新轉型計畫。

Our intention is to implement certain organizational changes to reduce complexity and increase agility, which we estimate will ultimately produce annual run rate cost reductions of approximately $400 million to $450 million versus our 2024 expense base, and we expect the majority of these savings to be realized after 2025.

我們的目的是實施某些組織變革，以降低複雜性並提高靈活性，我們估計，這將最終使年度運行成本相對於我們的 2024 年支出基數減少約 4 億至 4.5 億美元，並且我們預計大部分節省將在 2025 年後實現。

By the end of 2024, we have already actioned over $35 million in run rate savings.

到 2024 年底，我們已經實現了超過 3500 萬美元的運行率節約。

We estimate the aggregate transformation costs that we will incur over the coming two to three years to be similar to the expected annual run rate savings.

我們估計，未來兩到三年內我們將產生的總轉型成本與預期的年度運行成本節省相似。

In order to provide transparency, we will report these costs separately in a transformation costs expense line, and we expect that certain of these costs will be excluded from our adjusted results.

為了提供透明度，我們將在轉型成本費用項目中單獨報告這些成本，我們預計其中某些成本將被排除在調整後的結果之外。

Embedded in our full year 2025 guidance is about $150 million in cost savings related to the Transformation Program, the majority of which we expect to be in variable costs.

我們 2025 年全年指引中包含與轉型計畫相關的約 1.5 億美元成本節省，其中大部分我們預計為變動成本。

Beyond the Transformation Program, we expect to drive additional efficiencies in our ongoing operations.

除了轉型計劃之外，我們還希望在當前營運中提高額外的效率。

With the capacity created by these savings and efficiencies, we are reinvesting about $170 million above our baseline investments in 2025 to support our strategic priorities for long-term value creation while still expanding our adjusted EBITDA margins for the year.

利用這些節約和提高效率所創造的能力，我們將在 2025 年再投資約 1.7 億美元，超過基準投資，以支持我們長期價值創造的戰略重點，同時仍在擴大今年的調整後 EBITDA 利潤率。

These investments will be in areas such as progressing our GenAI capabilities, advancing our Connected Trip vision, and expanding our FinTech offering.

這些投資將用於提升我們的 GenAI 能力、推進我們的互聯旅行願景以及擴展我們的金融科技產品等領域。

We see the potential for these investments to contribute incremental revenue growth in future years and deliver attractive returns.

我們看到這些投資有潛力在未來幾年貢獻增量收入並帶來可觀的回報。

In conclusion, we're pleased with our fourth quarter results and our outlook for the first quarter and the full year of 2025.

總而言之，我們對第四季度的業績以及對 2025 年第一季和全年的展望感到滿意。

We're excited about our long term vision for the Connected Trip.

我們對互聯旅行的長期願景感到非常興奮。

And enhancing our offering for technological advancements such as Generative AI.

並增強我們提供的生成式人工智慧等技術進步。

Thank you to all of my colleagues across the company for their amazing work and dedication to drive new product offerings, tech innovation, speed and agility, and deliver value to our shareholders, travelers, and partners.

感謝公司全體同事的出色工作和奉獻精神，推動新產品的推出、技術創新、速度和敏捷性，並為我們的股東、旅行者和合作夥伴創造價值。

With that, we will now take your questions.

現在我們來回答你們的問題。

Operator, will you please open the lines?

接線生，請您接通線路好嗎？

(Operator Instructions) Lee Horowitz, Deutsche Bank.

（操作員指令）德意志銀行 Lee Horowitz。

Great, thanks for the question.

非常好，謝謝您的提問。

Maybe, starting with Glenn on Generative AI.

也許，從 Glenn 的生成式人工智慧開始。

Thanks for the details on all the products you guys have rolling out there.

感謝您提供有關您們推出的所有產品的詳細資訊。

But I guess how do you contextualize the risks associated with perhaps greater competition from agentic platforms.

但我想，您如何看待與代理平台更激烈的競爭相關的風險？

We have massive buckets of investment aimed at building functional AI agents that could circumvent listings on booking go-direct to hotels.

我們投入了大量資金，旨在打造功能性人工智慧代理，以繞過直接預訂酒店的清單。

Any more thoughts that would be helpful, and then one follow-up if I could.

如果還有什麼想法會有所幫助，那麼如果可以的話，我會進行一次跟進。

Sure.

當然。

Hi, Lee.

你好，李。

Thanks for the question.

謝謝你的提問。

I'm not surprised by it.

我對此並不感到驚訝。

I've been here now, as I mentioned in my prepared remarks, I've been here almost 25 years, and it's been a rare time that somebody hasn't brought to me the thought that we were going to be disintermediated that someone else is going to take away our business.

正如我在準備好的演講中提到的那樣，我現在已經在這裡待了將近 25 年，很少有人告訴我我們將被取消中介機構，其他人將奪走我們的業務。

And at first it was the hotels.

最開始是酒店。

We're going to build our websites, and we will go direct there.

我們將建立我們的網站並直接進入那裡。

It was Google, it was going to get rid of us, and et cetera, et cetera, et cetera.

它是谷歌，它要擺脫我們，等等，等等，等等。

So it does not surprise me that new technology comes out and people are asking the appropriate question, how is that going to impact your business?

因此，當新技術出現並且人們提出相應的問題“這將如何影響您的業務”時，我並不感到驚訝。

And are you still going to be able to achieve what you've been able to achieve for a quarter of a century?

您還能完成您二十五年來的成就嗎？

And I would say one of the great things about this company is our ability to evolve, adapt, use all of our resources, our technological knowledge, the tremendous ability of our people, our capital.

我想說這家公司的偉大之處在於我們有能力發展、適應，並利用我們所有的資源、技術知識、員工的巨大能力和資本。

In terms of a agentic AI, one of the important things is data.

對於代理人工智慧而言，最重要的事情之一就是數據。

It's something that I think about a lot, as do many people in the management team, how can we change so we make sure that we are the winner of these new technologies.

這是我和管理團隊中許多人經常思考的問題，我們如何改變確保我們成為這些新技術的贏家。

One of the things we mentioned about was coming up with a travel vertical specific agent having a model that domain specific.

我們提到的事情之一是提出一個具有特定領域模型的旅遊垂直特定代理。

There are a lot of different things we're working on.

我們正在做很多不同的事情。

I'm not going to spell out all of the playbook and how we will make sure that we maintain this lead in the industry, but I recognize the question, and I say that we will be able to do it not only by ourselves, but we also, as I mentioned, and I -- we've talked about this in the past, that we're working with all of the major players in the valley and elsewhere, that we are working together to do things that would be better as togetherness instead of trying to do separately.

我不會詳細說明我們將如何確保保持行業領先地位，但我認識到了這個問題，而且我說我們不僅能夠自己做到這一點，而且正如我提到的，我——我們過去曾談論過這個問題，我們正在與矽谷和其他地方的所有主要參與者合作，我們正在共同努力做一些事情，團結起來會比單獨行動更好。

And I believe that the past is a good example of being able to adapt and continue to go forward and create something that is even better than it was in the past.

我相信，過去是一個很好的例子，我們可以適應並繼續前進，創造出比過去更好的東西。

I'm incredibly excited about this new world of AI, Generative AI, agentic AI models.

我對這個人工智慧、生成式人工智慧、代理人工智慧模式的新世界感到無比興奮。

All of these things are incredible opportunities for someone like us that has the ability to actually turn it into something that is better than it was before.

對於像我們這樣有能力將其轉變為比以前更好的事物的人來說，所有這些事情都是難以置信的機會。

So, I hear you, Lee.

所以，李，我了解你的意思。

I hear that question.

我聽到了這個問題。

It's not new, but I believe we will be a winner in this.

這並不是什麼新鮮事，但我相信我們會成為贏家。

Let me build on the answer that Glenn gave with one other perspective.

讓我從另一個角度來闡述格倫的答案。

As we all know, these developers of large language models are spending an incredible amount of capital expenditures, and they have choices.

眾所周知，這些大型語言模型的開發者正在花費令人難以置信的資本支出，而且他們有選擇。

One choice could be, are they trying to figure out the complexity of travel themselves or what is probably more likely is partnering with us as they are already doing today because we are able to give them very clear monetization opportunities, which of course is going to be very important in order to prove that there will be very sound returns on these very large CapEx numbers.

一個選擇可能是，他們是否試圖自己弄清楚旅行的複雜性，或者更有可能的是與我們合作，就像他們今天已經在做的那樣，因為我們能夠為他們提供非常明確的盈利機會，這當然非常重要，以證明這些非常大的資本支出數字將帶來非常可觀的回報。

So really the economic argument on top of all the arguments that Glenn has mentioned is very important from our perspective as well.

因此，從我們的角度來看，格倫提到的所有論點中的經濟論點也非常重要。

Makes sense, thanks.

有道理，謝謝。

And maybe just to follow up on alternative accommodations.

或許只是為了跟進替代住宿。

I guess, it's fairly clear you guys are a share gainer at this point.

我想，現在很明顯你們的份額已經增加了。

I wonder if you could maybe unpack a bit more on a regional basis.

我想知道您是否可以根據區域情況進行更深入的闡述。

Where you see the biggest contributions to your sort of consistent teams growth rate and the alternative accommodations business in '24?

您認為對你們團隊持續成長以及 24 年替代住宿業務貢獻最大的是什麼？

What regions do you perhaps expect to invest most behind the '25?

您預計 25 年後哪些地區的投資最多？

And what do you think is resonating so strongly with the consumer to -- that allows you guys to really outpace the competitors at this point?

您認為是什麼讓消費者產生如此強烈的共鳴，讓您現在真正超越競爭對手？

Yeah, Lee, I think a brief answer on that question.

是的，李，我想簡單回答這個問題。

The first part is we see higher growth in alternative accommodations in all the regions in the world compared to the traditional accommodations.

首先，我們發現，與傳統住宿相比，世界所有地區的替代住宿都呈現更高的成長。

And the second part of your question is why are we growing so fast?

你問題的第二部分是，我們為什麼發展得這麼快？

I think that has to do with the total proposition that we offer, really great supply, expansion of the proposition in terms of accommodations that we can offer to travelers, and most importantly that we have traditional accommodations and alternative accommodations together on the platform, and travelers can compare and ultimately pick the best option in their particular situation.

我認為這與我們提供的整體建議有關，我們能夠為旅客提供的住宿選擇非常豐富，而且範圍也得到了擴大，最重要的是，我們在平台上提供傳統住宿和替代住宿，旅客可以進行比較，最終根據自己的具體情況選擇最佳方案。

And what we're hearing back is that it's absolutely something that travelers like that we have that all combined on our platform.

我們收到的回饋是，這絕對是旅行者喜歡的，我們將這些功能整合到我們的平台上。

So those are a couple of the reasons why we are growing faster, really the quality of our platform and our products.

這些就是我們發展更快的一些原因，實際上就是我們的平台和產品的品質。

That's a good opportunity to do a shout out to the team who has done such wonderful work for so long now.

這是一個很好的機會來向長期以來做出如此出色工作的團隊致敬。

I mean, the 14 out of the last 15 quarters to be a leader in the space, and it's not because we're small.

我的意思是，在過去 15 個季度中，我們有 14 個季度是該領域的領導者，這並不是因為我們規模小。

I mean, our [home's] the area in terms of a room night number and you compare it to the leader, we're more than two-thirds, potentially a lot more than two-thirds, you don't really know because the number one puts their experiences and their room nights together.

我的意思是，我們 [家] 的面積以房間數來計算，如果你將它與領導者進行比較，我們的面積超過三分之二，可能遠遠超過三分之二，你真的不知道，因為第一個數字是把他們的經歷和房間數放在一起的。

So, but it's at least two-thirds.

但至少是三分之二。

So it's not like we're tiny.

所以這並不意味著我們很小。

So it's really just wonderful, the incredible ability of us to come from.

所以，我們擁有如此令人難以置信的能力，真是太奇妙了。

What was something that a lot of people didn't think we'd be able to do and achieve something that is now a competitive product.

很多人認為我們無法做到並且實現這一點，如今我們已經擁有了具有競爭力的產品。

Helpful, thank you both.

很有幫助，謝謝你們。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Okay, let's see.

好的，讓我們看看。

I'd like to ask about airlines and then operator.

我想詢問有關航空公司和運營商的問題。

On the airlines, that growth you had, you talked about a little bit on the call, but that's the, I think the fastest growth you've had in, I don't know, a year and a half or something like that.

關於航空公司，您在電話會議上談到了一些增長情況，但我認為，這是您在一年半左右的時間內實現的最快增長。

So maybe just talk about the growth going forwards, like how much higher you think the attach rate could be or how many more markets is do you still have the airline offering to roll out in?

所以也許只是談論未來的成長，例如您認為附加率可能會高出多少，或者您還有多少家航空公司可以在這些市場上推出服務？

Like just give us a sense of what inning we are in terms of the growth of airline as a product in the booking portfolio.

就像讓我們了解航空公司作為預訂組合產品的成長。

And then could you talk a little bit about the operator experience you have, anything you disclose on the economics?

然後，您能否談談您的運營商經驗以及您透露的任何經濟方面的資訊？

How did that partnership come together and what do you expect to get out of that going forwards?

這種合作關係是如何達成的？

Thank you very much.

非常感謝。

Sure.

當然。

Hi, Mark.

你好，馬克。

It's Glenn.

是格倫。

Yeah, very excited about those flight numbers. 52% growth, and it was an acceleration from the previous quarter of 39%.

是的，我對這些航班號碼感到非常興奮。成長52%，較上一季的39%有所加速。

I look back, it was even acceleration from the quarter before, so I think, it's really nice to see that trend.

回顧過去，我發現它比上一季還加速成長，所以我認為看到這種趨勢真的很好。

I do not think anybody should be projecting in a linear way that's just going to continue to increase and accelerate, accelerate, accelerate, that obviously is not going to happen.

我認為任何人都不應該以線性方式預測它只會持續增加和加速、加速、加速，這顯然不會發生。

But I do believe that we will continue to maintain a strong growth in our flight business and it's not just by adding more markets.

但我相信，我們的航空業務將繼續保持強勁成長，而這不僅僅是透過增加更多市場來實現的。

I don't think there's a lot to be done in that area.

我認為在那個領域沒有什麼可做的。

It's going to do a lot.

它將會做很多事情。

What it is is providing a better service to the traveler.

它的宗旨是為旅行者提供更好的服務。

So the traveler wants to use us versus all the other ways they can do a flight, and that includes bringing together part of our Connected Trip, giving all the other types of value that we can provide.

因此，旅行者希望使用我們而不是其他出行方式，其中包括整合我們的互聯旅行部分，提供我們可以提供的所有其他類型的價值。

And it's not just giving them a hotel, it's not just giving them perhaps a discount in terms of a ground transportation from the airport or insurance or -- actually, it's creating something that really is different.

這不僅僅是為他們提供酒店，也不僅僅是為他們提供機場地面交通或保險方面的折扣——實際上，它創造了一些真正不同的東西。

Something that provides a value that the traveler has always wanted, and that is that travel agent in your pocket.

它能為旅行者提供他們一直想要的價值，這就是您口袋裡的旅行社。

And that travel agent in your pocket lives in the phone.

而您口袋裡的旅行代理人就存在於手機中。

And the idea is that this Connected Trip, which many people when they start their travel planning starts with a flight.

這個理念是“互聯旅行”，許多人在開始旅行計劃時都是從乘飛機開始的。

So we want to get them in.

所以我們想讓他們加入。

But once they're in, give them a lot more value.

但一旦他們加入，就賦予他們更多價值。

And then of course they're telling other people that this is something new and actually a much better way to do it.

然後他們當然會告訴其他人，這是一種新事物，而且實際上是一種更好的方法。

That's the idea, and that's how we maintain a strong growth rate in all of our verticals, not just flights, and that's what we're going to do.

這就是我們的想法，這就是我們如何在所有垂直領域（而不僅僅是航班）保持強勁的成長率，這就是我們要做的。

Now in terms of operator, that is very early.

現在從營運商的角度來看，這還為時過早。

I don't think we're going to disclose any economics, and I'll be perfectly honest with you, as you may not be surprised, I don't think there'd be much to talk about in that area right now.

我認為我們不會透露任何經濟訊息，而且我會非常坦誠地告訴你，你可能不會感到驚訝，我認為現在在這個領域沒有太多可談的。

This is an area though that has just started and just learning how it works.

但這個領域才剛起步，還在學習如何運作。

What is the purpose of it?

它的目的是什麼？

It's working with a very respected partner who knows a lot about AI.

它正在與一位非常受人尊敬、對人工智慧非常了解的合作夥伴合作。

We know a lot about the travel industry.

我們對旅遊業了解很多。

How can we do things together that be mutually beneficial to both of us, and we'll learn.

我們怎麼能一起做一些對雙方都有好處的事情，我們會學到很多東西。

Look, you go way back again.

瞧，你又回去了。

I'm going back in the past.

我要回到過去。

I look at our sites from 1999 and 2000.

我查看了我們 1999 年和 2000 年的網站。

My God, it was horrible.

天啊，太可怕了。

It's amazing anybody bought anything back then.

令人驚訝的是那時還有人買東西。

And now this thing too, it's not the easiest.

而現在這件事並不是最簡單的。

I've used it.

我用過。

It's a little clunky and stuff, but it will get better, and we'll improve and build upon it.

現在它有點笨重，但它會變得更好，我們會改進和建立它。

Gotta start somewhere and we've already started.

總得從某個地方開始，而我們已經開始了。

All right, thanks, Glenn.

好的，謝謝，格倫。

Brian Nowak, Morgan Stanley.

摩根士丹利的布萊恩諾瓦克 (Brian Nowak)。

Great, thanks for taking my questions.

太好了，謝謝您回答我的問題。

I have one for on agentic for you.

我有一個關於 agentic 的給你。

Just want to ask you a question.

只是想問你一個問題。

So when you think about partnering with some of these other players like operator or maybe Gemini or any of the emerging potential next generation travel players, you give them access to your differentiated supply.

因此，當您考慮與其他一些參與者（例如運營商或 Gemini 或任何新興的潛在下一代旅行參與者）合作時，您就可以讓他們獲得您的差異化供應。

How do you sort of think about managing the long-term risk that a larger percentage of people and travelers could start using those products the next 3, 5, 10 years as opposed to going direct to you and it potentially has a negative impact on your overall mix between paid and direct traffic?

您如何看待管理長期風險？

Well, that is obviously something that people think about when you're putting together an agreement of any type with anyone in terms of what you're going to maintain proprietary to yourself, what you're going to be able to share with someone else to use, how the economic powers between the parties is going to work.

嗯，當你與任何人達成任何類型的協議時，人們顯然都會考慮這些事情，例如你將保留什麼專有權，你將能夠與其他人共享什麼，雙方之間的經濟權力將如何運作。

Lots of things to still work out, that is something that's going to be a negotiation with a lot of the different parties involved in this, and we'll see how it plays out.

還有很多事情需要解決，這將需要與涉及此事的許多不同當事方進行談判，我們將看看結果如何。

I will say the obvious that we are aware of the issues that you bring up.

我可以說，顯然我們知道你提出的問題。

I do believe there are going to be different ways to come together so that different parties in this new world of agentic AI in that ecosystem, there'll be ways for lots of players to do well, and I'm just pleased to be in the business we are with all the data we have, with the resources we have, the people we have, the worldwide network of consumers who trust us, which is also a very big deal.

我確實相信會有不同的方式讓不同的各方走到一起，在這個生態系統中，這個新的代理人工智能世界中，會有很多參與者能夠做得很好，我很高興能夠從事我們所從事的業務，擁有我們所有的數據，擁有我們的資源，擁有我們的人才，以及信任我們的全球消費者網絡，這也是一件非常重要的事情。

People when they're putting together travel, for a lot of people, it's a lot of money to them, and they don't do it often enough that they're just willing to just throw it at anybody.

對許多人來說，當人們計劃旅行時，這是一大筆錢，但他們並不經常這樣做，所以他們只是願意把錢隨意扔給任何人。

They want to do it with somebody they trust.

他們想和自己信任的人一起做這件事。

So we have the advantage of having a brand that is trusted.

因此，我們的優勢在於擁有值得信賴的品牌。

All those things together help us in terms of discussions with other players who have other expertise to bring, and I am positive that we are in a very, very good position for this going forward.

所有這些因素都有助於我們與其他擁有其他專業知識的參與者進行討論，我確信，我們在未來的工作中處於非常非常有利的位置。

Ewout, you may have some more.

呃，你可能還要一些。

Yeah, and Brian, one other perspective to think of is the following.

是的，布萊恩，還有一個需要考慮的觀點如下。

So with multiple agents that are going to be developed, and we will see many, many agents by many developers over time, horizontal agents, vertical agents, very tasks specific agents.

因此，隨著多個代理的開發，隨著時間的推移，我們將看到許多開發人員開發的許多代理，水平代理，垂直代理，以及特定任務的代理。

For us that actually, from an economic perspective, will create an advantage because think about the cost of acquisition.

對我們來說，這實際上從經濟角度來看將創造優勢，因為我們考慮收​​購成本。

If there are many parties and many providers working together with them will give us some advantage in terms of cost of acquisition that will come down from where we are today.

如果有許多方和許多供應商與他們合作，將會為我們在收購成本方面帶來一些優勢，而收購成本將會比現在下降。

So actually, with all the partnerships that were building, all the relationships plus our own travel specific vertical agents that we are developing over time, we believe that actually this could help us very much from an overall economics perspective for the company.

因此實際上，透過建立所有合作夥伴關係、所有關係以及我們自己隨著時間的推移而發展的特定旅遊垂直代理商，我們相信這實際上可以從公司的整體經濟角度為我們帶來很大幫助。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼（Kevin Kopelman），TD Cowen 公司。

Great.

偉大的。

Thanks a lot.

多謝。

Could you give us your updated thoughts on your interest or lack of interest in larger M&A deals given recent activity in the space?

鑑於近期該領域的活動，您能否告訴我們您對更大規模併購交易的興趣或不感興趣的最新想法？

Thanks.

謝謝。

Well, as we don't discuss about M&A except when we have a transaction to discuss then we'll just keep it the way I said every single of the 33 conference calls.

好吧，除非有交易需要討論，否則我們不會討論有關併購的事情，因此我們只會按照我在 33 次電話會議中所說的方式進行。

This is the same one, same answers.

這是同樣的問題，同樣的答案。

We don't comment on M&A.

我們對併購不予置評。

Okay, fair enough.

好吧，夠公平。

Can I ask about, ad cost?

可以問一下廣告費用嗎？

You mentioned that you're expecting leverage this year.

您提到預計今年將使用槓桿。

Could you give us more color there on the trends you're seeing?

您能否向我們詳細介紹一下您所看到的趨勢？

Is it safe to assume that direct traffic you expect to continue to go up, and if you could touch on what you're doing with your brand spend, you mentioned it was down and also merchandizing.

您是否可以安全地假設您預期的直接流量將繼續上升，並且您是否可以談談您在品牌支出方面的舉措，您提到品牌支出和商品銷售支出都在下降。

Thanks.

謝謝。

Absolutely, Kevin.

當然，凱文。

So we expect marketing leverage to continue for the full year 2025, driven by the same trends that you have seen in the more recent past.

因此，我們預計行銷槓桿將在 2025 年全年繼續保持，這受到近期所見相同趨勢的推動。

More direct traffic is clearly a benefit overall at higher performance marketing ROIs that we are able to achieve based on all the optimization algorithms that we are running and where the company has built so much expertise over time.

顯然，更多的直接流量總體上有利於提高行銷投資回報率 (ROI)，而這得益於我們正在運行的所有優化演算法，而且該公司長期以來積累了豐富的專業知識。

And then I would very much like to call out also how excited we are about the development of social media channels.

然後我還想說一下我們對社群媒體管道的發展感到非常興奮。

This is a big area of investment for us.

對我們來說，這是一個很大的投資領域。

We have invested a lot of our technology in this space and expertise working together with some of the large social media channels, particularly Meta, where we have built a very close relationship.

我們在這個領域投入了大量技術和專業知識，與一些大型社群媒體管道合作，特別是 Meta，我們與其建立了非常密切的關係。

I don't want to say too much about that from a competitive perspective, but this is very much bespoke model where both teams of both companies have built a very effective way how we can monetize their leads and our leads because this is really based on both remarketing and prospecting that comes from both sides as well as very personalized creative content in terms of feeds.

我不想從競爭的角度對此說太多，但這是一個非常客製化的模型，兩家公司的團隊都建立了一種非常有效的方式，讓我們能夠將他們的線索和我們的線索貨幣化，因為這實際上是基於雙方的再行銷和勘探，以及在 feed 方面非常個性化的創意內容。

So incremental ROIs that you can measure with respect to social media channels is something that is new.

因此，可以根據社群媒體管道衡量增量投資報酬率 (ROI) 是一個新事物。

But we have been able to find out, figure out how to do that.

但我們已經能夠找到答案，並知道該如何做到這一點。

So therefore, we are very confident that this is not ultimately a traveler that would have booked anyhow with us, but it's really an incremental traveler that comes to us and therefore we're spending much more at attractive incremental ROI.

因此，我們非常有信心，這最終並不是一個無論如何都會向我們預訂的旅行者，而是一個真正主動找我們的增量旅行者，因此我們會以具有吸引力的增量投資回報率投入更多。

So the combination of all of that means that we are very positive and enthusiastic about the outlook with respect to continued marketing leverage for the company.

所以，所有這些因素結合起來意味著，我們對公司持續的行銷槓桿前景非常樂觀和熱情。

Great, thank you so much.

太好了，非常感謝。

Stephen Ju, UBS.

瑞銀（UBS）的 Stephen Ju。

Hey, great.

嘿，太棒了。

Thank you.

謝謝。

So, Glenn, I wanted to dig in a little bit more on your thoughts on AI.

所以，格倫，我想更深入地了解你對人工智慧的看法。

I think I heard in your prepared remarks about products that can help drive more revenue, and on the other side, other products that can help in cost avoidance.

我認為我從您準備好的演講中聽到了有關可以幫助增加收入的產品，以及另一方面可以幫助避免成本的其他產品。

So as we talked to other companies, it seems like the cost avoidance part seems easier to deliver and things that might help revenue may take some more effort.

因此，當我們與其他公司交談時，似乎避免成本的部分似乎更容易實現，而可能有助於增加收入的事情可能需要付出更多努力。

So where do you see yourself position in terms of, when we can start seeing, I guess, noticeable impact to either the top or bottom line.

那麼，當我們開始看到對營收或淨利潤產生明顯影響時，您認為自己處於什麼位置？

Thanks.

謝謝。

That's a very good question and I'm going to talk a little bit.

這是一個非常好的問題，我來談談。

I'll let Ewout what he wants to disclose in terms of what we're already seeing in terms of some of the benefits.

就我們已經看到的一些好處而言，我將讓 Ewout 透露他想披露的內容。

But let's start with the cost avoidance part.

但讓我們先從避免成本部分開始。

Last call we talked a little bit about what we were seeing in benefits in customer service.

上次通話中我們稍微談論了我們在客戶服務方面所看到的好處。

Clearly an area where there's a great opportunity for anybody who has a large customer service operation to achieve significant savings.

顯然，對於任何擁有大型客戶服務業務的人來說，這是一個實現大幅節約的絕佳機會。

Even something as simple as a CS agent that has to do a summarization at the end of the call, well, right away you have something that can do it automatically, thereby making the amount of time the agent is spending not talking to a customer but summarizing those away.

即使像客服人員在通話結束時要做一個總結這樣簡單的事情，現在你也可以用某種程序來自動完成這個工作，這樣就可以減少客服人員花在與客戶交談上的時間，而是花在總結客戶意見上。

Simple example, but there's so many about that.

這是一個簡單的例子，但是相關內容還有很多。

And then think not just in terms of the cost there, but this is an important one is there are a few things that are as frustrating as having to wait on hold to get in touch with a customer service agent.

然後不要只考慮成本，更重要的是，有些事情很令人沮喪，例如必須等待聯絡客服人員。

The wonderful thing as we develop AI capabilities and customer services, we won't be waiting for somebody to answer the phone.

奇妙的是，隨著我們開發人工智慧功能和客戶服務，我們不再需要等待別人接電話。

The agent will be answering the phone.

代理人將會接聽電話。

In fact, one of the things that we mentioned in the call, it's not a big thing for our income statement, but I like saying it, it's an open table in the interactions they're doing with sales agent, Salesforce in their agentware and coming up with some things that are very helpful in that area.

事實上，我們在電話會議中提到的一件事，對我們的損益表來說不是什麼大事，但我想說的是，這是他們與銷售代理、Salesforce 在其代理軟體中進行的互動中的一個開放的表格，並提出了一些在該領域非常有用的東西。

So that's just one area.

這只是一個領域。

Of course, you have the coding efficiencies that everybody talks about.

當然，每個人都在談論編碼效率。

You get hopefully some significant benefits down the road as our developers are able to do a lot more work in the same amount of time, and they're all different areas.

由於我們的開發人員能夠在相同的時間內完成更多的工作，並且涉及不同的領域，因此希望您將來能夠獲得一些顯著的益處。

So I'm not sure what Ewout's going to want to talk in terms of numbers for that.

因此我不確定 Ewout 會用數字來談論什麼。

I'll let him say how much he wants to disclose or not.

我會讓他自己決定是否願意透露多少。

On the revenue side, yeah, it is going to be a little slower in showing up in terms of increases.

從收入方面來看，成長速度會稍微慢一點。

But it's great to see what we're already doing.

但很高興看到我們已經取得了成果。

And again, it's the benefit of having the knowledge, the expertise, and the resources to do this.

再次強調，擁有知識、專業技能和資源是完成這項工作的好處。

I mean, one of the things when you're not involved in the industry, you're not as knowledgeable about the complexity of travel.

我的意思是，如果你不參與這個行業，你就不會那麼了解旅行的複雜性。

It's not just simply you press a button, and you get a boogie.

這並非只是簡單地按一下按鈕就能得到一首舞曲。

I mean, even things as simple as the regulatory world that you have to deal with to make sure if you're using AI, it's not like the travel rules you have to worry about.

我的意思是，即使是像監管世界這樣簡單的事情，你也必須處理，以確保如果你使用人工智慧，它並不像你需要擔心的旅行規則。

You've got to worry about the legal things with AI, for example, in Europe, there's the EU AI Act.

你必須擔心人工智慧的法律問題，例如，在歐洲，有歐盟人工智慧法案。

So you've got to make sure anything you're building is going to fit that.

所以你必須確保你正在建造的任何東西都符合這一點。

And then there's obviously it's the context, awareness, and data knowledge of travel.

然後顯然還有旅行的背景、意識和數據知識。

The great thing is having the incredible amount of data we have, really understanding what works, what doesn't work, and being able to put that into a database that can then be used by a Gnerative AI model, that's an advantage.

最棒的事情是，我們擁有大量的數據，真正了解什麼有效，什麼無效，並能夠將其放入資料庫中，然後可供生成式人工智慧模型使用，這是一個優勢。

I can go on and on.

我還可以繼續。

I won't use it all the time, but I just -- yeah, it's going to be a little slower perhaps than the cost savings, but that revenue opportunity is huge and Ewout, I don't know what you want to disclose.

我不會一直使用它，但我只是——是的，它可能比成本節省慢一點，但這個收入機會是巨大的，Ewout，我不知道你想透露什麼。

Stephen, I would like actually more to point at actual numbers and to speak about some percentage of savings that sometimes is being mentioned, but then of course the question is where does it actually show up in the results.

史蒂芬，我實際上更想指出實際數字，並談談有時會提到的節省百分比，但當然問題是它在結果中實際上體現在哪裡。

So let me first point you to our sales and other expenses for the fourth quarter.

因此，我首先要向您介紹我們第四季的銷售和其他費用。

What you see here is that those were flat as a percentage of growth bookings, around 2% of growth bookings compared to the fourth quarter of 2023.

您在這裡看到的是，這些預訂量佔成長預訂量的百分比持平，與 2023 年第四季相比，成長預訂量的百分比約為 2%。

Underneath, what is happening there is with the growth of our merchant bookings, we have higher payment related expenses, but that is offset by efficiencies in our customer service.

背後的原因是，隨著商家預訂量的不斷增長，我們的支付相關費用也隨之增加，但這被我們客戶服務效率的提高所抵消。

So the fact that we have basically flat as an all expenses, as a percentage of growth bookings, despite the growing merchant business is a clear point in our results that we're already seeing the advantage of Generative AI in terms of actual efficiencies.

因此，儘管商家業務不斷成長，但我們所有費用佔成長預訂量的百分比基本上持平，這一事實在我們的結果中清楚地表明，我們已經看到了生成式人工智慧在實際效率方面的優勢。

The other example that I can give is that in terms of the Transformation Program savings in year 2025 of $150 million, a meaningful part of that is already coming from efficiencies that we will be able to achieve with Generative AI in multiple parts of the company.

我可以給出的另一個例子是，就 2025 年 1.5 億美元的轉型計劃節省而言，其中很有意義的一部分已經來自於我們能夠透過生成式人工智慧在公司多個部門實現的效率。

So it is already clearly showing up in our numbers in the fourth quarter as well as the savings target that we have for 2025.

因此，這已經清楚地體現在我們第四季的數據以及我們 2025 年的儲蓄目標中。

Justin Postm Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Postm)。

Great, thanks for taking my question.

太好了，感謝您回答我的問題。

Glenn, I'd like to comment a little bit more on the merchant mix shift.

格倫，我想就商家組合轉變再發表一些評論。

Obviously, way faster growth for merchant bookings.

顯然，商家預訂量的成長速度要快得多。

Can you talk a little bit about how that might translate to higher margins or better loyalty, or better repeat rates, and just how that's kind of transforming your business over time?

您能否稍微談談這將如何轉化為更高的利潤、更好的忠誠度或更好的重複率，以及這將如何隨著時間的推移改變您的業務？

And then I'd love to ask about room nights, obviously some desal in Q1, but you seem very confident on the year.

然後我想問房間夜數，顯然第一季有一些下降，但你對今年的情況似乎非常有信心。

So what were some of those nights borrowed in Q4, and then maybe talk about summer booking pacings if you can.

那麼第四季借用的夜晚有哪些呢？

Thank you.

謝謝。

Sure, Justin, I'll take the first and then I'll let Ewout take the second.

當然，賈斯汀，我會選擇第一個，然後我會讓尤奧特選擇第二個。

Now on the first one, when we first started the merchant program, Booking.com, there was a lot of question of why are we getting out of an agency model that seems so simple, so clean, and why are you're doing that.

現在談談第一個問題，當我們首次啟動商家計畫 Booking.com 時，有很多人質疑我們為什麼要放棄看起來如此簡單、如此乾淨的代理模式，以及為什麼要這樣做。

And one of the key things right from the get-go was to achieve the connected provision.

從一開始，關鍵的事情之一就是實現互聯互通。

We -- you need to have that foundational platform in payments, very, very important.

我們－你需要擁有這個支付基礎平台，這非常非常重要。

We have that now, obviously, the numbers you just mentioned, they continue to increase in terms of the share of the total amount of our bookings.

顯然，現在您剛才提到的數字在我們的總預訂量中所佔的份額還在持續增加。

That's very important in terms of being able to give benefits to our customers.

這對於為我們的客戶帶來利益來說非常重要。

It's also very important for giving them the way they want to pay.

為他們提供他們想要的付款方式也非常重要。

Some of them want to pay in one way, some want to pay in another way.

有些人想以一種方式付款，有些人想以另一種方式付款。

A lot of people who aren't international don't understand that a lot of people don't use Visa.

許多非國際人士不明白許多人並不使用 Visa。

They don't use MasterCard.

他們不使用萬事達卡。

They have their own way to pay.

他們有自己的付款方式。

And the traveler on the other side -- the supplier on the other side doesn't really want to take the payment the way the traveler wants to give it.

而另一端的旅行者——另一端的供應商實際上並不想按照旅行者希望的方式收取付款。

So for example, the easy example is out of China, somebody's using Alipay.

舉個簡單的例子，在中國以外，有人使用支付寶。

The small hotel in France doesn't take Alipay.

法國的小旅館不接受支付寶。

Fortunately we, as that person in the middle, with that merchant pay, we can do that.

幸運的是，我們作為中間人，透過商家付款，我們可以做到這一點。

So it makes it a win-win for everybody, and it can be less expensive given the FX charges, the interchange charges, et cetera.

因此，這對每個人來說都是雙贏的，而且外匯費用、交換費用等成本也會更低。

There's money to be made for all of us.

我們每個人都可以賺錢。

It's cheaper for the traveler.

對於旅行者來說更便宜。

It is cheaper for the supplier, and we can make money in the middle.

對於供應商來說比較便宜，而我們又可以在中間賺點錢。

That's one example.

這是一個例子。

But then you come up with new products, new things that we talked about.

但隨後你就推出了我們討論過的新產品、新事物。

Ewout, as mentioned, the pay in your own currency type thing.

Ewout，正如提到的那樣，以您自己的貨幣支付。

There are lots of different things.

有很多不同的事情。

Here's the thing.

事情是這樣的。

So we said we did $166 billion of total transaction value in 2024.

因此我們表示，2024 年我們的交易總額將達到 1,660 億美元。

Now not all of that was done on payments, so with agency, but it's continued to grow up as our total volume continues to increase.

現在，並非所有這些都是透過付款完成的，因此需要透過代理商進行，但隨著我們的總量不斷增加，它也在繼續增長。

The question is, what percentage of that, how many basis points, what should we be able to get out of that as profit?

問題是，其中的百分比是多少、多少基點、我們能從中獲得多少利潤？

And I'll let everybody else make their own guesses and estimates on that.

我會讓其他人對此做出自己的猜測和估計。

But there's a lot of way to make some very good returns at the same time providing better services to both sides of the marketplace.

但是，有許多方法可以帶來豐厚的回報，同時為市場雙方提供更好的服務。

And Ewout, you can go ahead his room nights question.

還有 Ewout，您可以繼續問他房間過夜的問題。

Justin, let me first zoom out a little bit for our guidance with respect to the first quarter, and then I will give you a more specific answer with respect to room night.

賈斯汀，首先讓我稍微介紹一下我們對第一季的指導，然後我會就客房夜數給你一個更具體的答案。

So first, let me point out for the first quarter normalized, and it means normalized for the impacts of Easter, FX, and leap year, we are having guidance that shows low double-digit growth with respect to growth bookings, revenue, and EBITDA, low double-digit growth.

首先，讓我指出的是，對於第一季的正常化，這意味著對於復活節、外匯和閏年的影響進行正常化，我們的指導顯示，在增長訂單、收入和 EBITDA 方面，都呈現低兩位數增長，低兩位數增長。

So specifically on room nights, there's a few elements, why it's 5% to 7%.

那麼具體到房晚數，有幾個因素，為什麼它是 5% 到 7%。

Looking first back to the fourth quarter of 2024, the comps were a little bit easier in the fourth quarter, particularly due to the effect of the October 7 attacks in 2023.

首先回顧 2024 年第四季度，第四季的同店銷售額稍微低一些，尤其是受到 2023 年 10 月 7 日攻擊事件的影響。

So that drove a little bit of the higher growth and also the expansion of the booking window.

這在一定程度上推動了更高的成長，也擴大了預訂窗口。

And then we have for the first quarter of this year, a little bit of a headwind from the impact of the leap year compared to a year ago.

與去年同期相比，今年第一季我們受到了閏年的影響，面臨一些阻力。

So those are a couple of specific elements.

這些是幾個具體的元素。

Why we are guided to 5% to 7%, but as I said, normalized, we think it's going to be a really good quarter.

為什麼我們預期會成長 5% 到 7%，但正如我所說，在正常化之後，我們認為這將是一個非常好的季度。

And again, for the full-year guidance, what you see is on a constant currency basis, we're hitting our long-term algorithm for the company.

再次，對於全年指引，您看到的是基於固定匯率計算的，我們正在實現公司的長期演算法。

So coming out of a, I think, fantastic quarter for the company with a lot of momentum, we're very encouraged about the outlook for the year, and we see a lot of underlying healthy trends for the company.

因此，我認為，對於公司來說，這是一個發展勢頭強勁的非常好的季度，我們對今年的前景感到非常鼓舞，我們看到公司許多潛在的健康趨勢。

I'll hand back today's call

我會把今天的電話交還

-- (multiple speakers)

——（多位發言者）

Thank you.

謝謝。

So I just want to say I thank our partners, our customers, our dedicated employees, and our stockholders.

因此，我只想說，我感謝我們的合作夥伴、我們的客戶、我們敬業的員工以及我們的股東。

We're truly grateful for everyone's support as we work towards realizing our company's long-term vision.

在我們努力實現公司長期願景的過程中，我們衷心感謝大家的支持。

Thank you very much, and good night.

非常感謝，晚安。

This concludes today's call.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。

You may now disconnect your lines.

現在您可以斷開線路了。