Booking Holdings Inc (BKNG) 2025 Q3 法說會逐字稿

Welcome to Booking Holdings third quarter 2025 conference call.

歡迎參加 Booking Holdings 2025 年第三季電話會議。

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. These forward-looking statements are not guaranteed 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.

Booking Holdings 謹提醒大家，本次電話會議可能包含依據 1995 年《私人證券訴訟改革法案》安全港條款所作的前瞻性聲明。這些前瞻性陳述並不保證未來的表現，並且受到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 fact are intended to identify forward-looking statements. For a list of factors that could cause Booking Holdings' actual results to differ materially from those described in the forward-looking statements, please refer to the Safe Harbor statements in Booking Holdings' earnings, press release, as well as Booking Holdings' most recent filings with the Securities and Exchange Commission.

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

除非法律要求，否則 Booking Holdings 不承擔公開更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。Booking Holdings 收益新聞稿的副本可在 Booking Holdings 網站 www.bookingholdings.com 的「投資者」部分找到。

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

現在我想介紹 Booking Holdings 今天下午的演講者 Glenn Fogel 和 Ewout Steenbergen。先生們，請繼續。

Thank you, and welcome to our third quarter conference call. I'm joined this afternoon by Ewout, our CFO.

謝謝，歡迎參加我們的第三季電話會議。今天下午，我們的財務長 Ewout 也加入了我。

I’m pleased to report another strong quarter that underscores the power of our platform, the discipline of our execution, and the momentum we’re building for the future. Our room nights, gross bookings, and revenue all exceeded our prior expectations.

我很高興地報告又一個強勁的季度，這突顯了我們平台的強大、我們執行的紀律以及我們為未來打造的勢頭。我們的房間晚數、總預訂量和收入都超出了我們先前的預期。

Beyond the financial results, I am very encouraged by the progress we have made on our strategic priorities. We are at a moment where advances in AI are just beginning to create new ways that people plan and experience travel. With our history of innovation, scale, and data that helps us understand what customers want and when they want it, we are well positioned to harness these developments to drive more value for both our travelers and partners. I’ll share specific examples from the quarter shortly. But before diving into those, let’s review our third quarter financial highlights.

除了財務表現之外，我們在策略重點上的進展也令我感到非常鼓舞。我們正處於人工智慧進步剛開始為人們規劃和體驗旅行創造新方式的時代。憑藉我們創新、規模和數據的歷史，我們可以了解客戶的需求以及何時需要，我們完全有能力利用這些發展為我們的旅客和合作夥伴創造更多價值。我很快就會分享本季的具體例子。但在深入探討這些問題之前，讓我們先回顧一下第三季的財務亮點。

We delivered double-digit gross bookings and revenue growth, reflecting robust demand across our globally diversified business. Our third quarter room nights reached 323 million, an 8% year-over-year increase. This exceeded the high end of our prior expectations, driven by healthy demand across all of our major regions. Of particular note was the US, where growth accelerated to high-single-digits, supported primarily by stronger outbound travel, and momentum in our B2B business.

我們實現了兩位數的總預訂量和收入成長，反映了我們全球多元化業務的強勁需求。我們第三季的客房間夜量達到3.23億，年增8%。這超出了我們之前預期的高端，這得益於我們所有主要地區旺盛的需求。尤其值得注意的是美國，其成長率加速至高個位數，主要得益於出境旅遊的強勁成長以及 B2B 業務的強勁發展勢頭。

The better-than-expected room night growth helped drive third quarter gross bookings, up 14%, and revenue, up 13%. Adjusted EBITDA reached $4.2 billion, up 15% from the prior year quarter. All three metrics were above the high end of our prior guidance ranges. Finally, adjusted earnings per share in the quarter grew 19% year-over-year. Consistent with our prior earnings guidance, I want to note that FX benefited our growth rates by approximately 400 basis points to 500 basis points.

好於預期的客房夜數成長推動第三季總預訂量成長 14%，營收成長 13%。調整後的 EBITDA 達到 42 億美元，較去年同期成長 15%。這三個指標均高於我們先前指導範圍的高端。最後，本季調整後每股盈餘較去年同期成長19%。與我們先前的獲利預期一致，我想指出的是，外匯使我們的成長率受益約 400 個基點至 500 個基點。

As we enter the fourth quarter, we continue to observe stable levels of global leisure travel demand. Ewout will provide more detailed financial insights shortly, including our outlook for this quarter and for the full year.

進入第四季度，我們繼續觀察到全球休閒旅遊需求保持穩定水準。Ewout 很快就會提供更詳細的財務見解，包括我們對本季和全年的展望。

Beyond the headline numbers, I’m excited about the meaningful progress we’re making on key initiatives. We’re advancing our Connected Trip vision, strengthening our loyalty programs, and building AI capabilities that create more value for both travelers and suppliers. Asia and alternative accommodations continue to remain growth drivers. Together, these efforts are reshaping how people plan, book, and experience travel, and how we are unlocking greater value for our partners.

除了整體數字之外，我對我們在關鍵舉措上取得的有意義的進展感到興奮。我們正在推進我們的互聯旅行願景，加強我們的忠誠度計劃，並建立人工智慧功能，為旅行者和供應商創造更多價值。亞洲和非傳統住宿持續保持成長動力。這些努力共同重塑了人們計劃、預訂和體驗旅行的方式，以及我們如何為合作夥伴釋放更大的價值。

Let me start with the Connected Trip. We continue to advance on our long-term vision to make the planning, booking, and traveling journey simpler, more personalized and with less friction, while providing new opportunities for our partners through data-driven insights. Today at Booking.com, travelers can already book accommodations, flights, rental cars, pre-booked rides, and attractions on our platforms, and we continue to invest to expand these verticals and to deliver a more seamless experience.

讓我先從「互聯旅行」開始。我們將繼續推進我們的長期願景，使計劃、預訂和旅行過程更加簡單、更加個人化、更少摩擦，同時透過數據驅動的洞察為我們的合作夥伴提供新的機會。如今，旅客已經可以在 Booking.com 平台上預訂住宿、航班、租車、預訂車輛和景點，我們將繼續投資以擴展這些垂直領域並提供更無縫的體驗。

For example, we enhanced our home screen to adapt dynamically to each traveler’s most recent search, making it easier to move across verticals and transition smoothly from planning into booking. And we continue to broaden our flight supply, most recently adding new partnerships with Ryanair in Europe and Southwest in the US, giving travelers even more choice.

例如，我們增強了主螢幕，使其能夠動態適應每個旅行者最近的搜索，從而更容易跨垂直領域移動，並從計劃順利過渡到預訂。我們繼續擴大航班供應，最近與歐洲的瑞安航空和美國的西南航空建立了新的合作夥伴關係，為旅客提供更多選擇。

These efforts are resonating. Connected Trip transactions, meaning a trip that includes more than one travel vertical grew mid 20% year-over-year in the third quarter, and now represent a low double-digit percentage of Booking.com’s total transactions. Our other verticals also continued to deliver strong growth, with flight tickets up 32% year-over-year and attractions up close to 90%, albeit from a relatively smaller base.

這些努力引起了共鳴。互聯旅行交易（即包含多個旅遊垂直領域的旅行）在第三季度同比增長了 20% 左右，目前佔 Booking.com 總交易量的低兩位數百分比。我們的其他垂直領域也持續保持強勁成長，機票價格年增 32%，景點價格成長近 90%，儘管基數相對較小。

Most importantly, travelers who choose to book multi-vertical trips with us also choose to come back to us for future bookings more often, which reinforces the long-term value proposition of the Connected Trip vision.

最重要的是，選擇透過我們預訂多垂直旅行的旅客也會選擇更頻繁地回到我們這裡進行未來的預訂，這強化了 Connected Trip 願景的長期價值主張。

Now I’d like to spend some time on Booking.com’s Genius loyalty program, which plays an ever more important role in attracting and engaging travelers and stands out as one of our core differentiators. The purpose of Genius is straightforward: reward our most loyal customers with extra value, while delivering real benefits for our partners.

現在我想花點時間介紹一下 Booking.com 的 Genius 忠誠度計劃，該計劃在吸引和吸引旅行者方面發揮著越來越重要的作用，並且是我們的核心差異化因素之一。Genius 的目的很簡單：以額外的價值獎勵我們最忠實的客戶，同時為我們的合作夥伴帶來真正的利益。

Genius members book more often, convert at higher rates, book further in advance, cancel less, and choose to come back more consistently than non-Genius customers. In fact, in the third quarter, travelers in Genius levels 2 and 3 made up over 30% of our active base and accounted for a mid 50% range of our room nights over the last four quarters, increasing from last year’s levels.

與非 Genius 客戶相比，Genius 會員預訂更頻繁、轉換率更高、提前預訂更早、取消率更低，並且選擇回頭的頻率更高。事實上，在第三季度，Genius 2 級和 3 級旅客占我們活躍旅客總數的 30% 以上，占我們過去四個季度間夜量的 50% 左右，高於去年的水平。

Today, Genius is available in over 200 countries and territories. The program spans our range of supply, from large global hotel chains to independent properties, and increasingly, alternative accommodations and our other verticals. What sets Genius apart is that travelers get immediate, tangible benefits such as tiered discounts or perks like free breakfast or room upgrades. We’re continuing to invest to make these benefits more personalized, data-driven, and relevant to each traveler’s journey.

如今，Genius 已覆蓋 200 多個國家和地區。該計劃涵蓋了我們的供應範圍，從大型全球連鎖酒店到獨立酒店，以及越來越多的替代住宿和我們的其他垂直行業。Genius 的獨特之處在於，旅客可以獲得即時、切實的利益，例如分級折扣或免費早餐或客房升級等額外福利。我們將繼續投資，使這些福利更加個人化、數據驅動，並與每位旅行者的旅程更加相關。

On the partner side, we carefully design Genius so that it provides incremental value rather than simply shifting existing demand. Our data shows that Genius members submit reviews more often, driving higher property visibility, and increasing occupancy rates for participating properties, particularly during off-peak periods. That helps partners optimize their revenue management. At the end of the third quarter, over 850,000 partners had chosen to participate in Genius.

在合作夥伴方面，我們精心設計 Genius，以便它提供增量價值，而不是簡單地轉移現有需求。我們的數據顯示，Genius 會員提交評論的頻率更高，從而提高了酒店的知名度，並增加了參與酒店的入住率，尤其是在非高峰時段。這有助於合作夥伴優化他們的收入管理。截至第三季末，已有超過 85 萬名合作夥伴選擇參與 Genius。

Looking ahead, we see several opportunities to continue strengthening our Genius offering. We are already expanding our offering across verticals and exploring ways to provide additional benefits. Loyalty programs remain a core pillar across our brands, not just at Booking.com.

展望未來，我們看到了繼續加強 Genius 產品的幾個機會。我們已經在各個垂直領域擴展我們的服務，並探索提供額外利益的方法。忠誠度計畫仍然是我們各個品牌的核心支柱，而不僅僅是 Booking.com。

Most recently, OpenTable enhanced its program, which is now called OpenTable Regulars. The updated program offers new ways for diners to redeem points on experiences and introduces a new loyalty tier that provides enhanced benefits such as one named: Priority Notify Me, which will alert diners to last-minute tables earlier than others, with additional benefit launches planned over coming quarters. For restaurants, it helps encourage more repeat visits from high-value guests.

最近，OpenTable 增強了其程序，現在稱為 OpenTable Regulars。更新後的計劃為食客提供了兌換體驗積分的新方式，並推出了一個新的忠誠度等級，該等級提供增強的福利，例如名為“優先通知我”的福利，該福利將比其他人更早地提醒食客最後一刻的餐桌，併計劃在未來幾個季度推出更多福利。對於餐廳來說，它有助於鼓勵更多高價值客人再次光臨。

Let me now turn to GenAI, which we continue to believe represents a major opportunity to enhance the traveler and partner experience. While there is certainly a lot of excitement in the industry, our approach has been disciplined and focused on where AI can make a real difference for our customers, our partners, and our business.

現在讓我來談談 GenAI，我們仍然相信它代表著提升旅行者和合作夥伴體驗的重大機會。雖然業界確實有很多令人興奮的事情，但我們的方法一直是嚴謹的，並專注於人工智慧可以為我們的客戶、合作夥伴和業務帶來真正的改變。

On the customer side, we saw encouraging developments this past quarter. At Agoda, for example, we launched an AI-powered chatbot that provides travelers with prompt, hotel-specific answers. By cutting through complexity and delivering precise information quickly, it helps travelers make timely and more confident booking decisions, reducing uncertainty and improving the overall experience.

在客戶方面，我們看到了上個季度令人鼓舞的發展。例如，在 Agoda，我們推出了一款人工智慧聊天機器人，可以為旅客提供及時的、針對飯店的答案。透過消除複雜性並快速提供精確的訊息，它可以幫助旅客及時、更自信地做出預訂決策，減少不確定性並改善整體體驗。

Another example is Kayak’s AI mode, a natural-language search experience that combines Kayak and Large Language Model data to deliver smarter, contextual results, right from the home page. And at Booking.com, we've begun integrating new features into our app to assist travelers earlier in their planning process. These include natural language search capabilities that offer more inspiration, such as destination highlights.

另一個例子是 Kayak 的 AI 模式，這是一種自然語言搜尋體驗，它結合了 Kayak 和大型語言模型數據，可直接從主頁提供更聰明、更具情境性的結果。在 Booking.com，我們已經開始將新功能整合到我們的應用程式中，以便在規劃過程中儘早為旅客提供協助。其中包括提供更多靈感的自然語言搜尋功能，例如目的地亮點。

As we further develop our agentic capabilities, combine them with our data-driven insights on when to offer relevant suggestions, and advance our Connected Trip vision, we believe travelers will increasingly recognize the value proposition of our platform.

隨著我們進一步發展我們的代理能力，將其與我們何時提供相關建議的數據驅動洞察力相結合，並推進我們的互聯旅行願景，我們相信旅行者將越來越認識到我們平台的價值主張。

We also see important opportunities for AI to create more benefits for our partners. By driving better personalization and conversion, AI helps generate incremental demand across our verticals. Just as importantly, we are applying AI to make partner-to-guest communication faster, more streamlined, and more intuitive. A core strength of our business has always been the unique value we bring to our supply partners, and AI is enhancing these capabilities.

我們也看到了人工智慧為合作夥伴創造更多利益的重要機會。透過推動更好的個人化和轉化，人工智慧有助於在我們的垂直領域產生漸進式需求。同樣重要的是，我們正在應用人工智慧，使合作夥伴與客人之間的溝通更快、更簡化、更直觀。我們業務的核心優勢一直是我們為供應合作夥伴帶來的獨特價值，而人工智慧正在增強這些能力。

As an example, Booking.com continued to add to its robust suite of GenAI tools for partners, including Smart Messenger and Auto-Reply. Smart Messenger uses intelligent response generation and automated workflows to bring together relevant partner, property, and reservation information, knowing when and what to suggest to support accommodation partners in their communications to guests.

例如，Booking.com 繼續為合作夥伴增加其強大的 GenAI 工具套件，包括 Smart Messenger 和 Auto-Reply。Smart Messenger 使用智慧回應產生和自動化工作流程來匯集相關的合作夥伴、飯店和預訂訊息，了解何時以及提出什麼建議來支持住宿合作夥伴與客人的溝通。

Auto-Reply takes this further, allowing partners to set custom reply topics that deliver instant, personalized responses to both common and unique guest questions. Early results have shown an increase in partner satisfaction compared with our prior messaging tools, underscoring how AI can provide tangible, differentiated value to our partners.

自動回覆功能更進一步，讓合作夥伴設定自訂回覆主題，為常見且獨特的客戶問題提供即時、個人化的答案。早期結果顯示，與我們先前的訊息傳遞工具相比，合作夥伴的滿意度有所提高，這凸顯了人工智慧如何為我們的合作夥伴提供有形的、差異化的價值。

Beyond our internal efforts, we are also building relationships with leading AI organizations, reflecting our ambition to remain at the forefront of this rapidly developing field and to broaden our potential sources of customer traffic. We recognize that GenAI is transforming how travelers research and find inspiration for their trips, and we are committed to continuing to expand, evolve and meet them wherever they choose to search.

除了內部努力之外，我們還與領先的人工智慧組織建立關係，這反映了我們保持在這個快速發展的領域領先地位並拓寬潛在客戶流量來源的雄心。我們認識到 GenAI 正在改變旅行者研究和尋找旅行靈感的方式，我們致力於繼續擴展、發展並滿足他們選擇搜尋的任何地方。

Most recently, we were one of the first wave of apps available in OpenAI’s ChatGPT app store, after being one of the launch partners for their Operator platform earlier this year. Our strong relationships with companies such as OpenAI, Google, Amazon, and Salesforce, combined with our disciplined approach, give us confidence that GenAI will be an important driver of long-term value for our travelers, as well as our partners.

最近，我們成為 OpenAI ChatGPT 應用程式商店中首批上線的應用程式之一，而今年早些時候，我們成為了其 Operator 平台的發布合作夥伴之一。我們與 OpenAI、Google、亞馬遜和 Salesforce 等公司建立了牢固的關係，再加上我們嚴謹的方法，讓我們相信 GenAI 將成為我們旅行者和合作夥伴長期價值的重要驅動力。

On alternative accommodations, we are continuing to strengthen our offering. In the most recent quarter, listings grew to over 8.6 million, up approximately 10% year-over-year, with double-digit room night growth. Travelers value choice, and the breadth of supply across hotels, homes, and unique properties differentiates us as a platform.

在替代住宿方面，我們正在繼續加強我們的服務。最近一個季度，房源數量成長至 860 多萬，年增約 10%，客房間夜量達到兩位數成長。旅行者重視選擇，而酒店、住宅和獨特物業的廣泛供應使我們作為一個平台脫穎而出。

Alternative accommodations remain a long-term growth opportunity. Customer demand for alternative accommodations is healthy across every region, and our ability to combine that breadth of supply with our marketing reach and payments capabilities makes us well positioned in this segment.

替代住宿仍然是一個長期的成長機會。每個地區的客戶對替代住宿的需求都很旺盛，我們能夠將廣泛的供應與我們的行銷範圍和支付能力相結合，這使我們在這一領域佔據有利地位。

Finally, I want to touch on Asia, which remains a driver of growth for us and is one of our most exciting long-term opportunities. It is the fastest growing major travel market in the world, with industry growth expected to remain in the high-single-digits over the next several years. And our ambition is to grow even faster than the market.

最後，我想談談亞洲，它仍然是我們成長的動力，也是我們最令人興奮的長期機會之一。它是世界上成長最快的主要旅遊市場，預計未來幾年產業成長率將保持在高個位數。我們的目標是比市場成長得更快。

Our offering in the region is built on the complementary strengths of Agoda and Booking.com. Agoda is a strong local player with consumer trust across Asia, while Booking.com brings global reach and brand recognition. Together, they create a combination that allows us to serve both local and outbound travelers across the region.

我們在該地區的服務建立在 Agoda 和 Booking.com 互補優勢的基礎上。 Agoda 是一家強大的本地企業，深受亞洲消費者信賴，而 Booking.com 則擁有全球影響力和品牌知名度。他們共同創造了一種組合，使我們能夠為該地區的本地和出境旅客提供服務。

As we look forward, we know we are operating in a period of rapid change driven by geopolitical developments, macroeconomic uncertainty, and accelerating technological innovation. What gives us confidence, and makes me optimistic about the future is the strength of our value proposition. Through the Connected Trip, our Genius loyalty program, and our relationships and innovations in GenAI, we are building products that engage travelers, generate incremental demand and value for our partners, and create differentiators.

展望未來，我們知道我們正處於一個快速變化的時期，這段時期受到地緣政治發展、宏觀經濟不確定性和加速技術創新的推動。讓我們充滿信心、讓我對未來充滿樂觀的是我們的價值主張的力量。透過 Connected Trip、我們的 Genius 忠誠度計劃以及我們在 GenAI 中的關係和創新，我們正在打造吸引旅行者、為我們的合作夥伴創造增量需求和價值並創造差異化的產品。

With that, I’ll turn it over to Ewout to walk through the financial results in more detail. Ewout?

接下來，我將把時間交給 Ewout，讓他更詳細地介紹財務結果。呃？

Thank you, Glenn and good afternoon, everyone. I’m pleased to walk you through our results for the third quarter and share our current outlook for the fourth quarter and full year. All growth rates are on a year-over-year basis, and the reconciliation of Non-GAAP to GAAP financials can be found in our earnings release.

謝謝你，格倫，大家下午好。我很高興向您介紹我們第三季的業績，並分享我們對第四季和全年的當前展望。所有成長率均以同比計算，非公認會計準則與公認會計準則財務狀況的對帳可在我們的收益報告中找到。

Now let’s turn to our third quarter performance. Our room nights in the third quarter grew 8%, a positive result versus a strong prior year comparison, and exceeded the high end of our guidance by nearly 3 percentage points. This outperformance was helped by an expansion of the booking window beyond our prior expectation and what we experienced in the second quarter, resulting in more room nights being pulled forward into the third quarter.

現在讓我們來看看第三季的表現。我們第三季的客房間夜量成長了 8%，與去年同期相比取得了積極的成果，並且超出了我們預期的高端近 3 個百分點。這一優異表現得益於預訂窗口的擴大，超出了我們之前的預期以及我們在第二季度所經歷的情況，導致更多的客房預訂晚數被提前到第三季度。

We saw broad-based strength in room night growth across all major regions, and each region exceeded our expectations. Europe and the US were up high-single-digits, and Asia and Rest of World each delivered low double-digit growth. Our globally diversified portfolio proved its value once again, as we continued to see robust growth in certain travel corridors, including Canada to Mexico and Europe to Asia, which effectively offset softer demand in certain inbound corridors to the US.

我們看到所有主要地區的房間夜數增長都呈現普遍強勁勢頭，並且每個地區都超出了我們的預期。歐洲和美國均實現了高個位數成長，亞洲和世界其他地區均實現了低兩位數成長。我們的全球多元化投資組合再次證明了其價值，因為我們繼續看到某些旅遊走廊的強勁增長，包括加拿大到墨西哥和歐洲到亞洲，這有效地抵消了某些入境美國走廊的需求疲軟。

Notably, our US booker room night growth accelerated meaningfully from the second quarter, driven by solid improvements in domestic and outbound growth, and we believe our growth once again outpaced the broader US accommodations industry in a meaningful way. We are also encouraged by the growth in our direct channel in the US. We saw the booking window in the US normalize in the third quarter, which is also an encouraging improvement from the second quarter.

值得注意的是，受國內和出境成長強勁推動，我們的美國預訂間夜量從第二季度開始顯著增長，我們相信我們的增長速度再次顯著超過了美國住宿業的整體水平。我們在美國直銷管道的成長也令我們感到鼓舞。我們看到美國的預訂窗口在第三季恢復正常，這也是比第二季更令人鼓舞的進步。

That said, in the US, we continued to see slightly lower ADRs and a shorter length of stay versus the prior year, which may indicate that some US consumers are continuing to be thoughtful on their discretionary spending.

話雖如此，在美國，我們仍然看到平均每日房價 (ADR) 略有下降，入住時間也比前一年縮短，這可能表明一些美國消費者在可自由支配的支出方面仍在謹慎考慮。

More broadly, global ADRs on a constant currency basis were up about 1% year-over-year, which was an improvement from the second quarter. And the global average length of stay remained similar to last year.

更廣泛地說，以固定匯率計算，全球 ADR 年比成長約 1%，較第二季有所改善。全球平均住院日數與去年持平。

While we are pleased with our third quarter results, we remain focused on accelerating our long-term earnings potential, and are energized by the progress we are making across many key strategic initiatives. We continue to strengthen our direct relationship with our travelers and see tangible progress with increases in our direct mix, mobile app mix, and loyalty mix.

雖然我們對第三季的業績感到滿意，但我們仍然專注於加速我們的長期獲利潛力，並為我們在許多關鍵策略舉措中取得的進展感到振奮。我們繼續加強與旅行者的直接關係，並透過直接組合、行動應用程式組合和忠誠度組合的增加看到了切實的進展。

Over the last four quarters, our B2C direct mix was in the mid 60% range, which was up versus the low 60% range one year ago. The mobile app mix of our room nights was in the mid 50% range over the last four quarters, which was up from the low 50% range one year ago. We find that the significant majority of bookings received from our mobile apps come through the direct channel.

在過去四個季度中，我們的 B2C 直銷組合處於 60% 左右的範圍內，而一年前這一比例僅為 60% 左右。過去四個季度，我們客房間夜量的行動應用程式組合處於 50% 左右的範圍內，高於一年前的 50% 左右。我們發現，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進行的。

We continue to drive engagement in our Genius loyalty program that delivers value to both our travelers and partners. 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 over the last four quarters, and this mix increased year-over-year. These Genius Level 2 and 3 travelers have a meaningfully higher direct booking rate than our other travelers which demonstrates the strength of the program’s value proposition.

我們將繼續推動 Genius 忠誠度計劃的參與，為我們的旅客和合作夥伴帶來價值。在過去四個季度中，Genius 會員等級較高（2 級和 3 級）的旅客在 Booking.com 預訂的客房晚數佔比處於 50% 左右，並且這一比例逐年增加。這些 Genius 2 級和 3 級旅行者的直接預訂率明顯高於我們的其他旅行者，這證明了該計劃的價值主張的強大。

We also see continued momentum in diversifying and expanding our businesses into growth areas such as alternative accommodations, payments, flights, and attractions. For our alternative accommodations at Booking.com, our room night growth was about 10%, and growth outpaced our overall business in each of our major regions. The global mix of alternative accommodation room nights was 36%, which was up 1 percentage point from the third quarter of 2024.

我們還看到，我們的業務在多元化和擴展至替代住宿、支付、航班和景點等成長領域方面繼續保持強勁勢頭。對於 Booking.com 的替代住宿，我們的客房夜數增長了約 10%，並且增長速度超過了我們每個主要地區的整體業務。全球替代住宿夜量佔 36%，較 2024 年第三季上升 1 個百分點。

Our total merchant gross bookings increased 26% year-over-year in the third quarter. Over the last four quarters, merchant gross bookings surpassed $123 billion in total transaction value, representing about 68% of total gross bookings, an increase from about 61% one year ago. Our merchant payments business is foundational to the Connected Trip, offers more flexibility for our travelers and partners, and generates incremental revenue and contribution margin dollars for our business.

第三季度，我們的商家總預訂量年增 26%。過去四個季度，商家總預訂量超過 1,230 億美元，佔總預訂量的 68% 左右，較一年前的 61% 有所成長。我們的商家支付業務是 Connected Trip 的基礎，為我們的旅客和合作夥伴提供更多的靈活性，並為我們的業務創造增量收入和貢獻利潤。

We marked another quarter of solid growth in our other travel verticals, reaffirming our strategic focus on building on our Connected Trip vision. During the third quarter, over 17 million airline tickets were booked across our platforms, representing an increase of 32% year-over-year, driven by the continued growth of our flight offerings at Booking.com and Agoda.

我們在其他旅遊垂直領域又實現了一個季度的穩健成長，再次證明了我們致力於實現互聯旅行願景的策略重點。第三季度，我們平台上的機票預訂量超過 1,700 萬張，年增 32%，這得益於 Booking.com 和 Agoda 上航班產品的持續成長。

We also delivered another quarter of meaningful expansion of our attractions vertical, with tickets booked on our platforms growing nearly 90% year-over-year, from a relatively smaller base. As Glenn mentioned before, we are seeing healthy growth in Connected Trip transactions, and our data shows that travelers who book more than one travel vertical with us, more frequently choose to book directly with us in the future.

我們還實現了景點垂直領域的另一個季度的有意義的擴張，儘管基數相對較小，但我們平台上的門票預訂量同比增長了近 90%。正如 Glenn 之前提到的，我們看到 Connected Trip 交易正在健康成長，我們的數據顯示，透過我們預訂多個旅遊垂直產品的旅客將來會更頻繁地選擇直接透過我們預訂。

The progress across all these initiatives is interrelated, and the combined effect is helping us expand the number of customers who choose to come to us directly and book with higher frequency.

所有這些舉措的進展都是相互關聯的，其綜合效應正在幫助我們擴大選擇直接來找我們並以更高頻率預訂的客戶數量。

Before turning back to our third quarter results, it is important to note that the third quarter has historically been our seasonally highest absolute quarter in terms of revenue and earnings. Gross bookings of $50 billion increased 14% year-over-year or about 10% on a constant currency basis. The constant currency growth rate was approximately 2 percentage points higher than room night growth due to about 1 percentage point from higher bookings growth from flights and other travel verticals, as well as an increase in constant currency accommodation ADRs of about 1%.

在回顧我們的第三季業績之前，值得注意的是，從營收和收益來看，第三季歷來是我們季節性最高的絕對季度。總預訂額達 500 億美元，年增 14%，以固定匯率計算成長約 10%。固定匯率成長率比客房夜數成長率高出約 2 個百分點，原因是航班和其他旅遊垂直產業的預訂量成長了約 1 個百分點，以及固定匯率住宿 ADR 成長了約 1%。

The increase in gross bookings exceeded the high end of our guidance by about 4 percentage points, driven by the room night outperformance as well as about 2% higher accommodation ADRs versus our expectations. The impact from changes in FX was about in line with our expectations.

總預訂量的增幅超出了我們預期的高端約 4 個百分點，這得益於客房夜數的超額表現以及住宿平均房價比我們的預期高出約 2%。外匯變化的影響與我們的預期大致相符。

Third quarter revenue of $9.0 billion grew 13% year-over-year, which exceeded the high end of our guidance by about 4 percentage points, in line with the outperformance on gross bookings. Constant currency revenue growth was about 8%. Revenue as a percentage of gross bookings of 18.1% was lower by about 30 basis points year-over-year due to an increased mix of flight bookings as well as increased merchandising contra-revenue, some of which was tied to bookings made in prior quarters. This was partially offset by higher revenues from payments.

第三季營收為 90 億美元，年增 13%，超出我們預期的高端約 4 個百分點，與總預訂量的優異表現一致。以固定匯率計算，收入成長率約為8%。收入佔總預訂量的 18.1%，年減約 30 個基點，原因是航班預訂組合增加以及商品銷售收入增加，其中一些與前幾季的預訂有關。但這一增長被支付收入的增加部分抵消。

Marketing expense, which is a highly variable expense line, increased 9% year-over-year. Marketing expense as a percentage of gross bookings was a source of leverage, driven by changes in traffic mix and lower brand marketing expenses as a percentage of total gross bookings. We continue to make disciplined investments in social media channels at attractive ROIs.

行銷費用是一項高度可變的支出項目，年增了 9%。行銷費用佔總預訂量的百分比是一個槓桿來源，這是由流量組合的變化和品牌行銷費用佔總預訂量的百分比降低所驅動的。我們繼續以誘人的投資回報率對社群媒體管道進行有紀律的投資。

On a combined basis, marketing and merchandising as a percentage of gross bookings also had leverage in the quarter. As expected, third quarter sales and other expenses as a percentage of gross bookings was slightly higher compared to a year ago, driven by an increasing merchant mix resulting in higher payment expenses, partially offset by increased efficiencies in customer service.

從整體來看，本季行銷和商品銷售佔總預訂量的百分比也具有影響力。正如預期的那樣，第三季銷售額和其他費用佔總預訂額的百分比與去年同期相比略有上升，這是由於商家組合增加導致支付費用增加，但客戶服務效率的提高部分抵消了這一影響。

Adjusted fixed operating expenses increased 10% year-over-year, or mid-single digits after normalizing for changes in FX. The year-over-year increase was also impacted by increased cloud costs. We continue to drive efficiencies in our fixed expenses through our ongoing cost optimization initiatives, while at the same time reinvesting into the business to effectively drive long-term growth.

調整後的固定營運費用年增 10%，在外匯變動正常化後成長了中等個位數。年比成長也受到雲端成本增加的影響。我們持續透過持續的成本優化措施來提高固定支出的效率，同時對業務進行再投資以有效推動長期成長。

Adjusted EBITDA of approximately $4.2 billion grew 15% year-over-year, which was about 6 percentage points faster than the high end of our guidance due primarily to stronger revenue growth. Adjusted EPS of $99.50 per share was up 19% year-over-year, faster than the growth in adjusted EBITDA, helped by the benefit of a 4% lower average share count.

調整後的 EBITDA 約為 42 億美元，年成長 15%，比我們預期的高端高出約 6 個百分點，這主要歸因於更強勁的營收成長。調整後每股收益為 99.50 美元，年增 19%，高於調整後 EBITDA 的成長速度，這得益於平均股數下降 4%。

During the third quarter, we realized approximately $70 million of in-quarter savings from the Transformation Program, primarily in sales and other expenses and in personnel expenses. We also took further actions during the quarter to advance certain efficiency initiatives into the implementation phase, and as a result, we now estimate in-year savings for 2025 will exceed $225 million, and we have enabled approximately $450 million in annual run-rate savings, surpassing our prior expectations.

第三季度，我們透過轉型計畫實現了約 7,000 萬美元的季度節省，主要用於銷售和其他費用以及人事費用。我們還在本季度採取了進一步行動，將某些效率舉措推進到實施階段，因此，我們現在估計 2025 年的年度節省將超過 2.25 億美元，並且我們實現了約 4.5 億美元的年度運行率節省，超出了我們之前的預期。

For the full program, we now expect to deliver about $500 million to $550 million in run-rate savings, and we estimate the aggregate transformation costs will be approximately one time the run-rate savings. In the third quarter, we incurred $105 million in transformation costs, which were excluded from our adjusted results.

對於整個計劃，我們現在預計將實現約 5 億至 5.5 億美元的運行率節省，並且我們估計總轉型成本大約是運行率節省的 1 倍。第三季度，我們發生了 1.05 億美元的轉型成本，這筆成本未計入我們的調整後表現。

As a reminder, we are reinvesting approximately $170 million above our baseline investments in 2025 to support our strategic priorities for long-term value creation. This reinvestment is funded by the savings generated from the Transformation Program, combined with additional operational efficiencies in our ongoing operations.

提醒一下，我們將在 2025 年的基礎上再投資約 1.7 億美元，以支持我們長期價值創造的策略重點。此次再投資的資金來自轉型計畫產生的節省，以及我們正在進行的營運中的額外營運效率。

Now turning to our cash and liquidity position. Our third quarter ending cash and investments balance was $17.2 billion compared to our second quarter ending balance of $18.2 billion, due to a reduction of $2.4 billion from Deferred Merchant Bookings and Other Current Liabilities. We generated $1.4 billion in free cash flow, offset by capital return activities including about $700 million in share repurchases and about $300 million in dividends. Additionally, we paid $1.5 billion to redeem high-coupon debt that was originally due in 2030.

現在談談我們的現金和流動性狀況。我們的第三季末現金和投資餘額為 172 億美元，而第二季末餘額為 182 億美元，這是由於遞延商家預訂和其他流動負債減少了 24 億美元。我們產生了 14 億美元的自由現金流，但被資本回報活動所抵消，其中包括約 7 億美元的股票回購和約 3 億美元的股息。此外，我們還支付了 15 億美元來贖回原定於 2030 年到期的高利率債務。

As we look ahead to the fourth quarter, while there remains some uncertainty in the macroeconomic and geopolitical backdrop, we are pleased to see continued momentum with steady travel demand trends in our business so far in the fourth quarter. As always, we’ll continue to closely monitor the travel environment for any changes. Our guidance for the fourth quarter assumes recent FX rates for the remainder of the quarter, including the Euro-US Dollar at 1.17. We estimate changes in FX will positively impact our fourth quarter US Dollar reported growth rates by about 5 percentage points.

展望第四季度，儘管宏觀經濟和地緣政治背景仍然存在一些不確定性，但我們很高興看到第四季度迄今為止我們的業務繼續保持穩定發展勢頭，旅遊需求趨勢也保持穩定。與往常一樣，我們將繼續密切關注旅行環境的變化。我們對第四季業績的預期是基於本季剩餘時間的近期匯率，包括歐元兌美元匯率為1.17。我們估計，外匯匯率的變動將對我們第四季美元報告的成長率產生約5個百分點的正面影響。

We currently expect fourth quarter room night growth to be between 4% and 6%. We expect growth to moderate from the third quarter as we expect the booking window to be less expanded in the fourth quarter. We currently expect fourth quarter gross bookings to increase between 11% and 13%, including about 2 percentage points of positive impact from higher flight ticket growth. We expect constant currency accommodation ADRs to be about in line with last year.

我們目前預計第四季客房夜數成長率將在 4% 至 6% 之間。我們預計從第三季開始成長將會放緩，因為我們預計第四季的預訂窗口將不會擴大。我們目前預計第四季總預訂量將成長 11% 至 13%，其中機票價格上漲將帶來約 2 個百分點的正面影響。我們預計，以固定匯率計算的 ADR 將與去年持平。

We currently expect fourth quarter revenue growth to be between 10% and 12%, lower than the increase in gross bookings due to a higher mix of flight bookings. We currently expect fourth quarter adjusted EBITDA to be between $2.0 billion and $2.1 billion, or about 14% growth at the high end.

我們目前預計第四季度營收成長率將在 10% 至 12% 之間，由於航班預訂組合增加，成長率低於總預訂量的增幅。我們目前預計第四季度調整後的 EBITDA 將在 20 億美元至 21 億美元之間，最高成長約 14%。

We currently expect fourth quarter adjusted EBITDA margins to be slightly higher than last year driven by leverage on adjusted fixed operating expenses.

我們目前預計，受調整後固定營運費用槓桿的推動，第四季度調整後的 EBITDA 利潤率將略高於去年。

Turning to the full year 2025. With a strong third quarter on the books, steady trends to date, along with improved visibility for the fourth quarter, we are increasing our full year guidance. Assuming recent FX rates remain steady for the remainder of the year, we estimate changes in FX will positively impact our full year reported growth rates by about 3 percentage points for gross bookings and revenue, and by about 4 percentage points for adjusted EBITDA and adjusted EPS.

展望2025年全年。由於第三季業績強勁、迄今為止趨勢穩定以及第四季度前景看好，我們上調了全年業績預期。假設近期外匯匯率在今年剩餘時間內保持穩定，我們估計外匯變化將對我們全年報告的成長率產生正面影響，總預訂量和收入成長率將上升約 3 個百分點，調整後 EBITDA 和調整後 EPS 成長率將上升約 4 個百分點。

On a constant currency basis, our latest expectations are above our long-term growth ambition of at least 8% gross bookings and revenue growth, and 15% adjusted EPS growth. On a reported basis, for the full year we now expect room nights to be up about 7%; gross bookings to be up about 11% to 12%; revenue to be up about 12%; adjusted EBITDA to be up about 17% to 18%; adjusted EBITDA margins to expand year-over-year by about 180 basis points, higher than our prior expectation of about 125 basis points; revenue to grow faster than both marketing and adjusted fixed operating expenses; sales and other expenses to grow similar to revenue; and adjusted EPS to be up slightly more than 20%.

以固定匯率計算，我們的最新預期高於我們的長期成長目標，即至少 8% 的總預訂量和收入成長，以及 15% 的調整後每股盈餘成長。據報道，我們目前預計全年客房晚數將增長約 7%；總預訂量將增長約 11% 至 12%；收入將增長約 12%；調整後的 EBITDA 將增長約 17% 至 18%；調整後的 EBITDA 利潤率將同比增長約 180 個基點，高於我們之前預期的 125個基點；收入成長速度將快於行銷和調整後的固定營運費用；銷售和其他費用的成長速度與收入相似；調整後的每股盈餘將略微增長 20% 多一點。

In conclusion, we are energized and highly motivated by the clear momentum in the business. Our continued progress reinforces our confidence that our loyal customers and global supply, along with our technology and data, all powered by our people, are industry-defining assets that will fuel our long-term success.

總而言之，業務的明顯發展勢頭讓我們充滿活力和動力。我們的持續進步增強了我們的信心：我們忠實的客戶和全球供應，以及由我們的員工提供支援的技術和數據，都是由產業定義的資產，將推動我們的長期成功。

Thank you to all of my colleagues across the company for their shared commitment and extraordinary work.

感謝公司全體同事的共同承諾和出色工作。

With that, we'll now take your questions. Operator, will you please open the lines.

現在，我們將回答您的問題。接線員，請您接通線路。

(Operator Instructions)

（操作員指示）

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼（Kevin Kopelman），TD Cowen。

Thanks so much. I was hoping to dig in on your US acceleration in Q3. Could you talk about your B2B initiatives in the US that you mentioned and maybe globally? And then it sounds like B2C also accelerated in the US. So any additional color on what you saw as the key drivers there would be great.

非常感謝。我希望深入了解您在第三季在美國的發展加速。您能談談您提到的美國乃至全球的 B2B 計畫嗎？聽起來 B2C 在美國也加速發展了。因此，如果您能對其中的關鍵驅動因素進行補充說明，那就太好了。

So obviously, we're very pleased about our US acceleration. I hadn't looked at the numbers. So I guess it's three quarters of the row that we have some acceleration, which is always good to see, and it is both B2B and B2C. And we are pleased about what we're doing in the B2B region. We haven't talked about it a lot in the past. We're not there beating our breasts about how great our B2B is, but it's pretty darn good.

顯然，我們對美國業務的加速發展感到非常高興。我沒有看過這些數字。因此，我猜想我們在四分之三的行數上會有一些加速，這總是令人高興的，而且它既是 B2B 也是 B2C。我們對在 B2B 領域所做的事情感到非常高興。我們過去沒有談論過太多這個問題。我們不會吹噓我們的 B2B 有多棒，但它確實非常棒。

And we've been winning some contracts. We don't make big announcements about them, but they are good, and we're continuing to advance. So we're very pleased with where we are. There's nothing really specific to talk about right now. We have talked a little bit about bringing together, become more efficient.

我們已經贏得了一些合約。我們不會對它們做出重大宣布，但它們確實很好，而且我們正在繼續前進。我們對目前的狀況非常滿意。現在沒有什麼具體的事情可以談。我們已經討論過一些關於團結、提高效率的事情。

We have many different B2B units around the world because we have the different brands, have different B2B units, we're going to create things that are more efficient, really bring the best of all breeds together. So we really have something that's even better for our partners and our travelers.

我們在世界各地擁有許多不同的 B2B 部門，因為我們擁有不同的品牌，擁有不同的 B2B 部門，我們將創造更有效率的東西，真正將所有品種的優點整合在一起。因此，我們確實為我們的合作夥伴和旅行者提供了更好的服務。

In regards to the B2C area, also good numbers there. We're really pleased to see what we're doing, but this has been a very long-term process that we've been talking about for many, many years about how improving the product will improve the results, and that's what we've been doing.

在 B2C 領域，數據也不錯。我們非常高興看到我們正在做的事情，但這是一個非常長期的過程，我們已經討論了很多年如何改進產品以改善結果，這就是我們一直在做的事情。

There's nothing that's a miracle. There's no magic bullet happening, etc. It's bringing the brand together. It's doing the product better. I mean, just to give you some examples. I hope people watching the baseball have seen some of our branding there. I certainly have gotten some calls from people, and that's the thing. Make people aware that we have a great product and then execute and do what's necessary. If anything goes wrong, provide that great customer service that really brings people back because they love using it.

沒有什麼是奇蹟。沒有什麼靈丹妙藥，等等。它只是將品牌整合在一起。它使產品變得更好。我的意思是，只是給你舉幾個例子。我希望觀看棒球比賽的人們能夠在那裡看到我們的一些品牌。我確實接到了一些人的電話，就是這樣。讓人們知道我們有一個很棒的產品，然後執行並做必要的事情。如果出現任何問題，請提供優質的客戶服務，讓人們回頭，因為他們喜歡使用它。

I don't know. Ewout, you got anything more to add to that? Yeah.

我不知道。Ewout，您還有什麼要補充的嗎？是的。

Let me add a few other data points there, Glenn. Kevin, clearly, we saw healthy growth domestically, in terms of travel as well as outbound saw some healthy growth. So both were doing well from a US perspective. Another important thing that I would like to point out, and I think we're really positive and really excited about this is the growth of our direct channel in the US. So what we're seeing is clearly a payoff of our brand awareness that is getting stronger in the US, more familiarity, and therefore more customers coming now direct to us in the US. So that is really Something that has seen quite a step up in the third quarter and we see that as a really positive trend.

格倫，讓我在這裡添加一些其他數據點。凱文，顯然，我們看到國內旅遊和出境旅遊都出現了健康的成長。因此從美國的角度來看，兩國都表現良好。我想指出的另一件重要的事情是，我認為我們對此非常積極和興奮，那就是我們在美國直銷管道的成長。因此，我們顯然看到的是，我們的品牌知名度在美國越來越強，越來越為人所知，因此現在有更多的美國客戶直接來找我們。所以這確實是第三季出現了相當大的進步，我們認為這是一個非常正面的趨勢。

And ultimately, that is all the result of all the investments we have been making over the last number of quarters and years. Investments in products, investments in supply, in marketing, and in brands. So overall, indeed, thank you for pointing it out. We're very happy where the US is this quarter.

最終，這一切都是我們過去幾個季度和幾年來所做的所有投資的結果。對產品、供應、行銷和品牌的投資。總的來說，確實感謝您指出這一點。我們對美國本季的表現非常滿意。

Doug Anmuth, JPMorgan.

摩根大通的道格·安穆斯。

Thanks for taking the question. I know you were early in the test program with OpenAI as well, but can you talk about your thought process heading into the app integration and what you're seeing in the early days and just how should we think about economic impact if bookings were to shift from direct traffic or from Google? Thank you.

感謝您回答這個問題。我知道您也參與了 OpenAI 的早期測試計劃，但您能否談談您對應用程式整合的思考過程以及您在早期看到的情況，以及如果預訂從直接流量或谷歌轉移，我們應該如何看待其經濟影響？謝謝。

Hi Doug. Well, it's a question I would have expected. Of course, you sort of -- you gave the answer there about how early it is. So it's a little difficult to talk about anything besides and say it's early. We're very happy to be in the first wave of apps with open AI. I think that says something about us and the value we bring to partners that they would do it with us to get it going.

你好，道格。嗯，這是我預料到的一個問題。當然，您已經給出了關於現在有多早的答案。因此，除了談論其他事情並說現在還為時過早之外，談論其他事情都有些困難。我們很高興能夠成為第一批採用開放式人工智慧的應用程式之一。我認為這說明了我們以及我們為合作夥伴帶來的價值，他們願意與我們一起努力實現這一目標。

It's one of those areas that -- obviously we want to explore every area where a traveler may want to begin their discovery, their inspiration, etc., and then be able to provide that traveler with what they need in terms of actually executing what they want to accomplish in their travel needs.

這是其中一個領域——顯然，我們希望探索旅行者可能想要開始發現、尋找靈感等的每個領域，然後能夠為旅行者提供他們所需的一切，以實際實現他們想要在旅行中實現的目標。

Your question is like, what will the future be if more and more people started OpenAI? That obviously is the old -- I think it used to be called the $64,000 question. I think it's much bigger nowadays. It's something that a lot of people don't know. But what I am very confident of is that even though people may change over time how they want to start their travel inspiration discovery, I believe that we will always be there in the area to provide what is really necessary, which is going beyond that, and executing and doing the actual transaction fulfillment.

你的問題是，如果越來越多人開始使用 OpenAI，未來會怎樣的？這顯然是一個老問題——我認為它曾經被稱為價值 64,000 美元的問題。我認為現在它已經大得多了。這是很多人不知道的事。但我非常有信心的是，儘管人們可能會隨著時間的推移而改變他們開始旅行靈感探索的方式，但我相信我們將永遠在該地區提供真正需要的東西，超越這一點，並執行和完成實際的交易。

They're working to make sure they're getting the best value. The area making sure you're doing the right types of payments. The area making sure you're following all the regulations, very complex. It's one of those things where people sometimes are a little naive about how incredibly complex this travel business is, and it's not so easy. You just throw something out, it's easy. You just put up a name and somebody's going to be able to book across and just intermediate somewhere. That's not the way the world works.

他們正在努力確保最佳價值。該區域確保您進行正確類型的付款。該區域確保您遵守所有規定，非常複雜。人們有時會對旅遊業的複雜性感到有點天真，而且它並不那麼容易。你只要丟掉一些東西，這很簡單。您只需報上名字，就會有人為您預訂，或只是在某個地方進行中間預訂。世界並不是這樣運作的。

And if it did work that way, we would be disappearing a long time ago. Google would have taken this thing over a long time ago. Look, we're very proud of where we are right now, but we're even more proud of how we are building out even more value, and that goes into things like the Connected Trip. Being able to bring together all the different verticals in a way that the traveler really sees the reason they want to come to us because they really are getting more benefit from using us.

如果情況真的如此，我們早就消失了。谷歌早就接管這個東西了。瞧，我們對現在的狀況感到非常自豪，但更讓我們自豪的是我們如何創造更多價值，而這些價值體現在諸如 Connected Trip 之類的事物中。我們能夠將所有不同的垂直領域整合在一起，讓旅行者真正了解他們選擇我們的原因，因為他們確實從使用我們的服務中獲得了更多好處。

And of course, the other side, being able to use our Connected Trip in a way that the partner is able to -- be able to get more incremental demand. And it's using science; it's using data; it's using a proprietary knowledge that we have that we don't share with people. Those are some of the things that we have that we believe are key that will keep us at the forefront of the travel industry. And I don't know, you got anything you want to add?

當然，另一方面，我們能夠以合作夥伴能夠獲得更多增量需求的方式使用我們的 Connected Trip。它利用科學；它利用數據；它利用我們擁有但不與他人分享的專有知識。我們相信，這些都是讓我們保持旅遊業領先地位的關鍵因素。我不知道您還有什麼要補充的嗎？

Yeah. Maybe a couple of points, Doug. Just you also asked about the economics and some of the data. So first of all, what we are seeing in terms of traditional search that we still see volume growth. So travel clicks that are coming to us from traditional search are still going up year-over-year. That of course might change over time, but I think that is an important data point.

是的。也許有幾點，道格。剛才您也詢問了經濟狀況和一些數據。首先，就傳統搜尋而言，我們看到搜尋量仍在增加。因此，透過傳統搜尋獲得的旅遊點擊量仍在逐年增加。當然，這可能會隨著時間而改變，但我認為這是一個重要的數據點。

The other is the number of leads that we are receiving from large language models relatively small, but it is growing. And probably over time, these two worlds might become more hybrid because we're seeing, of course, more AI being built into browsers at this point in time.

另一個是我們從大型語言模型中獲得的線索數量相對較少，但正在增長。並且可能隨著時間的推移，這兩個世界可能會變得更加混合，因為我們當然看到此時此刻更多的人工智慧被內建在瀏覽器中。

What are we measuring in terms of impact? Ultimately, faster search, better conversion, lower cancellation rates, and higher customer satisfaction. Very early signals we're having around it, but overall very encouraged we are with what we are seeing at this moment.

就影響力而言，我們要衡量什麼？最終實現更快的搜尋速度、更好的轉換率、更低的取消率和更高的客戶滿意度。我們收到了一些非常早期的訊號，但總體而言，我們對目前看到的情況感到非常鼓舞。

Lee Horowitz, Deutsche Bank.

德意志銀行的李·霍洛維茲。

Great, thanks for the question. Maybe sticking with the AI topic. There's obviously a lot of noise in the market around some of your hotel partners looking to partner directly with some of the generative search players in order to perhaps increasingly bypass platforms like yourself. I guess how do you contextualize this particular risk and what tools do you think you have at your disposal to make maybe mitigate this kind of disruption? Thanks so much.

太好了，謝謝你的提問。也許會堅持人工智慧主題。顯然，市場上有很多聲音說，你們的一些酒店合作夥伴希望直接與一些生成性搜尋引擎合作，以便可能逐漸繞過像你們這樣的平台。我想您該如何看待這種特殊的風險，以及您認為您可以使用哪些工具來減輕這種破壞？非常感謝。

So for a very long time, Lee, as you know, hotels have found a way that they can be shown for, let's say Google, and some people will go to Google, and we'll go directly to a hotel. When that happens, we would love for people to come to us first and we continue to try and create something that is a better reason for them to come to us. So they just want to go directly to one of our hotel partners. That will probably happen in an LLM world too. Some people will do that too. I wouldn't be surprised.

李，正如你所知，很長一段時間以來，酒店已經找到了一種可以向谷歌展示的方式，有些人會去谷歌，而我們會直接去酒店。當這種情況發生時，我們希望人們先來找我們，我們會繼續嘗試創造一些東西，讓他們有更好的理由來找我們。所以他們只想直接去找我們的飯店夥伴。這也可能在法學碩士 (LLM) 領域發生。有些人也會這麼做。我不會感到驚訝。

But this idea that that is going to cause this giant shift, I just think that that's not the way the world is going to work. And again, proof is that it hasn't happened in the old day of Google, and so far, we're seeing that -- I don't think it's going to happen in an LLM model.

但這種認為這將導致巨大轉變的想法，我認為世界不應該這樣運作。再次證明，這種事情在谷歌的舊時代並沒有發生過，到目前為止，我們看到的是——我不認為這種事情會在法學碩士 (LLM) 模式中發生。

One of the things again comes into what do we bring to the table? Why do customers still continue to come to us and they come to us direct. That's the point Ewout made about that mid 60% number of people into us direct in the B2C area and it continues to grow. It continues to increase. Why is that happening?

問題之一變成了我們能帶來什麼？為什麼客戶仍然繼續來找我們，而且是直接來找我們。這就是 Ewout 提出的觀點，在 B2C 領域，直接進入我們的人數約佔 60%，而且這個數字還在持續成長。它還在持續增加。為什麼會發生這種情況？

It's happening because we do a lot of things for the customer that they feel is the best way for them to execute their travel needs, and it's really a lot of it comes down to trust, it's giving more value, it's making sure that they get the best way to do it. And of course having our genius program, which Ewout also talked about, and think about that.

之所以發生這種情況，是因為我們為客戶做了很多事情，他們認為這是滿足他們旅行需求的最佳方式，而這很大程度上取決於信任，它提供了更多的價值，確保他們得到最好的方式來實現它。當然，我們還有天才計劃，Ewout 也談到了這一點，想想吧。

More than 30% of our active customers in Genius Levels 2 and 3. Mid 50% of the room nights at Booking.com. This is a program that really gives incredible value, which is why somebody instead of going direct, they come to us. And as we continue to build that out and are able to provide the exact perfect, perfect offer to that traveler, working with the partner to make sure it's going to be incremental to them. That's a win, win-win. Win for the traveler. Win for the partner. Win for us.

我們的活躍客戶中有超過 30% 處於 Genius Level 2 和 3 水準。Booking.com 的房間夜數佔比約 50%。這是一個真正物超所值的計劃，這就是為什麼有些人選擇我們而不是直接預訂。隨著我們不斷完善這個體系，並且能夠為旅行者提供完美無缺的服務，我們將與合作夥伴一起努力，確保服務能為他們帶來遞增的效益。這是雙贏。為旅行者贏得勝利。為合作夥伴贏得勝利。為我們贏得勝利。

Now think about trying to do that in open AI or any of the large language models. That ain't happening. So I obviously -- I don't disagree. Some people are going to go to a large language model. They'll see a hotel, they'll go directly there, sure. But I think that is an overblown threat at this time.

現在考慮嘗試在開放式 AI 或任何大型語言模型中做到這一點。這不會發生。所以我顯然——我不反對。有些人會去研究大型語言模型。他們會看到一家酒店，當然會直接去那裡。但我認為，目前這種威脅有些誇大了。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Okay, thank you. I want to ask on two topics, please. First is social media. I think you mentioned kind of leaning into social media marketing. I think you've been talking about this for a year, maybe two. Could you spend a little bit more time on that? Is that now become a material, let's say a double-digit percent of your performance marketing coming from there? And do you find that the returns have been continually improving?

好的，謝謝。我想問兩個話題。首先是社群媒體。我認為您提到過傾向於社交媒體行銷。我想你已經談論這個問題一年了，也許兩年了。您能多花一點時間討論這個問題嗎？現在這是否已經成為一種材料，比如說，您的績效行銷的兩位數百分比來自那裡？您是否發現回報率一直在持續提高？

And then, Asia. You riffed on Asia in the opening comments. So could you peel that back a little bit? There are particular parts within Asia that have really started to perform better for you? You've been -- I know that the region as a whole has got the world's highest travel growth rates, but do you feel like with the Agoda and Booking that you've been particularly able to penetrate certain markets better than others? Thank you very much.

然後是亞洲。您在開場白中對亞洲進行了評論。那你能稍微解釋一下嗎？亞洲的某些地區是否真的開始表現得更好了？我知道該地區總體而言擁有世界上最高的旅遊成長率，但您是否覺得透過 Agoda 和 Booking，您能夠比其他公司更好地滲透某些市場？非常感謝。

Hello, Mark. This is Ewout. First, on the social media, we continue to experiment and invest and with the social media channels whilst we also continue to stay very disciplined with respect to ROIs, which is really important because these channels, the ROIs, can really fluctuate a lot. So we are very much focused on really being able to measure incremental ROIs in a very clear way.

你好，馬克。這是 Ewout。首先，在社群媒體上，我們繼續透過社群媒體管道進行實驗和投資，同時我們也持續對投資報酬率保持嚴格控制，這一點非常重要，因為這些管道的投資報酬率確實可能會有很大波動。因此，我們非常注重能夠以非常清晰的方式真正衡量增量投資報酬率。

We see different stages of where the social media channels are. Some are more lenient in than others. So changes will happen there over time with all the different channels. I prefer not to go too much in detail which ones are really better working for us than others because obviously I don't want to make others smarter than they are at this point in time.

我們看到了社群媒體管道所處的不同階段。有些人比其他人更寬容。因此，隨著時間的推移，所有不同的管道都會改變。我並不想過多地詳細闡述哪些方法對我們來說比其他方法更有效，因為顯然我不想讓其他人變得比現在更聰明。

But what we like is really diversifying our multiple social media platforms because expanding our performance marketing channels overall is a positive. In terms of spend, you should think about that it is a couple of hundreds of millions, which is meaningful, of course, a total number. But if you look at the total marketing spend for us, it's of course still a smaller percentage of the overall spend.

但我們真正喜歡的是使我們的多個社交媒體平台多樣化，因為擴大我們的績效行銷管道總體上是一件好事。就支出而言，你應該想想，這是幾億，當然，這是一個有意義的數字。但如果你看一下我們的總行銷支出，當然它仍然只佔總支出的較小比例。

In terms of Asia, very clearly, we are very happy with the growth we're seeing in Asia. We have two strong brands, two different strategies. Agoda is very much focused on localization, and they really present themselves as a Korean company in Korea and a Japanese company in Japan. Booking has far more the global reach, the global model, the global optimization that they bring to the region. We're making a lot of investments in terms of our products, in terms of our marketing, in terms of our supply, and overall we are happy with the growth we are seeing, and we're really -- despite of course, always healthy competition we're having in Asia, we're really holding up very well in that overall environment.

就亞洲而言，顯然，我們對亞洲的成長感到非常高興。我們有兩個強大的品牌，兩種不同的策略。Agoda 非常注重在地化，他們在韓國確實將自己定位為韓國公司，在日本則是日本公司。Booking 為該地區帶來了更強大的全球影響力、全球模式和全球優化。我們在產品、行銷和供應方面進行了大量投資，總體而言，我們對所看到的成長感到滿意，儘管我們在亞洲一直面臨著良性競爭，但我們在整體環境中確實表現得非常好。

Asia is of course, from a medium and long-term perspective, the most important market. That is where we will see over the next few decades the largest growth in the world because the GDP growth is going to be the highest there. There will be very large parts of the population that will start to travel and travel more in the future. So the fact that we are already the market leader outside of mainland China and being able to be focused to hold that position is going to be positioning us very well for the next couple of years.

從中長期來看，亞洲當然是最重要的市場。未來幾十年我們將看到那裡出現世界上最大的成長，因為那裡的 GDP 成長率將達到最高。未來將會有很大一部分人開始旅行，並且旅行次數會更多。因此，事實上，我們已經是中國大陸以外市場的領導者，並且能夠專注於保持這一地位，這將使我們在未來幾年處於非常有利的地位。

Ronald Josey, Citi.

花旗銀行的羅納德‧喬西 (Ronald Josey)。

Hey, thanks for taking the question. I have two, please. Glenn, as the entry points to the web and booking evolve here, given this newer tools and opening eye being one of them. Can you talk to us how maybe this evolves or changes your strategy to attract a, call it 30%-35% or so traffic that's not direct? So question about how the front end is changing and sort of thoughts there?

嘿，謝謝你回答這個問題。請給我兩份。格倫，作為網路和預訂的入口點，這裡不斷發展，其中之一就是新工具和開闊的視野。您能否與我們談談這可能會如何發展或改變您的策略以吸引約 30%-35% 的非直接流量？那麼問題來了，前端是如何變化的，您有什麼想法嗎？

And then on the product side, look, seeing tons of innovation with AI trip planner, plenty hotel search, AI mode, concierge. I think you talked about the homepage is unique now per user. Talk to us about the impacts this might be having on other cancellation rates, conversion rates, things along those lines. Thank you.

然後在產品方面，我們可以看到大量的創新，包括人工智慧旅行規劃器、大量飯店搜尋、人工智慧模式、禮賓服務。我認為您談到的主頁現在每個用戶都是獨一無二的。請與我們討論這可能會對其他取消率、轉換率等產生的影響。謝謝。

I'll let Ewout talk on your second question. Your first question you want to hear, and I make sure I understand your question right. You want to hear more about how we are going to deal with trying to get that last 35% to come direct? Is that kind of the question? Maybe give me a little sense of what you're asking.

我請 Ewout 來回答你的第二個問題。您想聽到的第一個問題，我確保我正確理解了您的問題。您想了解更多有關我們將如何處理並嘗試直接獲得最後 35% 的資訊嗎？是這樣的嗎？也許可以讓我稍微了解一下你在問什麼。

That's exactly right. I guess I'm wondering how much, how more important brands are going forward as OpenAI goes through this app strategy and as users front end of the web evolves?

完全正確。我想知道，隨著 OpenAI 實施這項應用策略以及用戶網路前端不斷發展，有多少更重要的品牌將向前發展？

Yeah. So that is a good question. And of course, as we all know. You don't want to go to 100% direct because you may be missing out on a lot of customers who may come from a different channel. There's some type of optimization that we should be doing. And obviously right now, we still enjoy getting a higher direct coming to us.

是的。這是個好問題。當然，我們都知道。您不想完全採用直銷，因為您可能會錯過許多來自其他管道的客戶。我們應該進行某種類型的優化。顯然，現在我們仍然很高興能得到更高層級的直接支持。

And how do you do that? Again, it goes back to the simple things that all people who deal with retail type services should. It's giving more value to that customer. And it's not just having a better travel service. It's, as I said earlier, is you got to make people aware of it. And I know I just got some interesting advertising brand data recently, and in certain areas of the world, US, for example, our brand awareness is still not where I'd want it to be.

那你是怎麼做到的呢？再次，它回到了所有從事零售服務的人都應該做的簡單的事情。它為該客戶提供了更多價值。這不僅僅是提供更好的旅行服務。正如我之前所說的，你必須讓人們意識到這一點。我知道我最近得到了一些有趣的廣告品牌數據，在世界的某些地區，例如美國，我們的品牌知名度仍然沒有達到我想要的水平。

And as I've talked many times in the past on these calls about how certainly in the homes area in the US, we are not where I'd like to be in terms of brand awareness. So it's not only improving the products. It's also making people aware of it. That is something that is not -- something that is impossible. It's actually very possible. It just requires us to continue to do what we've been doing, which is why we've been grinding it out and increasing, albeit not as fast as I'd like, but it hasn't happened.

正如我過去在電話會議中多次談到的那樣，在美國家居領域，我們的品牌知名度還沒有達到我希望達到的水平。所以這不僅僅是改進產品。這也讓人們意識到了這一點。這是不存在的——不可能的事。這實際上很有可能。它只是要求我們繼續做我們一直在做的事情，這就是為什麼我們一直在努力並不斷增加，儘管沒有我希望的那麼快，但這並沒有發生。

That's increase in the service and putting more brand power behind this. There's nothing really secret about it. There's nothing unique about this. It's just continuing to do the work, so to speak, and that we've been doing it for -- I've been here now 25 years, and that's how we've done from a nothing company to now many, many hundreds of millions of satisfied customers.

這不僅提升了服務質量，也增強了品牌影響力。這其實沒有什麼秘密。這沒什麼獨特之處。可以這麼說，我們只是繼續做這項工作，我們已經做了 25 年了，這就是我們如何從無名小卒發展到現在擁有數億滿意客戶的。

That's basically all we can really say without giving away. Here's what we're going to do next quarter, and that's another thing. I don't want to tell my competitors what that's going to be. But we're going to keep on doing it, and I am pleased with the progress we've made. Ewout, you want to give on a second question?

這基本上就是我們能說的全部內容，但不能透露太多。這是我們下個季度要做的事情，這是另一回事。我不想告訴我的競爭對手那會是什麼。但我們會繼續這樣做，我對我們所取得的進展感到滿意。Ewout，你想回答第二個問題嗎？

Sure, Ron, we're seeing a couple of things. First, conversion. Definitely with all the new tools that we're having, we're seeing that people have an opportunity to find easier what they are looking for, can be more targeted, have a faster path of ultimately get to a booking, and that is helping conversion levels.

當然，羅恩，我們看到了一些事情。第一，轉化。毫無疑問，透過我們擁有的所有新工具，我們看到人們有機會更輕鬆地找到他們想要的東西，可以更有針對性，更快地完成預訂，這有助於提高轉換率。

Then also what we are seeing at the same time is that cancellation rates are a bit lower. Every period, if you look at it, it's slightly lower than in the comparable period one year ago, and that's also positive. And we believe that this is not a coincidence. This is also because people can find exactly what they're looking for, so they don't need to continue to search and ultimately cancel one booking and book somewhere else or book something else with us. So they are satisfied with what they have booked, so cancellation rates slowly coming down also clearly a huge economic effect.

同時我們也發現取消率有下降。如果你看一下，你會發現每個時期都比去年同期略低，這也是正面的。我們相信這並非巧合。這也是因為人們可以準確地找到他們想要的東西，所以他們不需要繼續搜索並最終取消一個預訂並在其他地方預訂或透過我們預訂其他東西。因此，他們對所預訂的服務感到滿意，因此取消率的緩慢下降顯然也帶來了巨大的經濟效應。

And then if something goes wrong, what we're also seeing is that customer service is seeing a huge benefit in what we can deliver. Reduced contact rates, faster handling time and higher customer satisfaction. I think it's actually remarkable if you look at our results this quarter. Our customer service costs are down year-over-year in absolute terms, despite volume growth of close to 10%.

如果出現問題，我們也會看到客戶服務從我們提供的服務中獲得了巨大的好處。減少聯繫率，加快處理時間並提高客戶滿意度。如果你看看我們本季的業績，我認為它確實非常出色。儘管業務量成長了近 10%，但我們的客戶服務成本絕對值卻是年減。

So the average cost per booking is coming down very rapidly and the satisfaction scores are going up. So all of these things are interrelated. It's interrelated with all the elements that Glenn said. People come more direct to us, are booking more often with us, are booking more across multiple protocols, are canceling less, are having higher satisfaction, and like to come back and book more direct. So all of these things are interrelated and really strengthening each other.

因此，每次預訂的平均成本正在迅速下降，而滿意度分數卻在上升。所以所有這些事情都是相互關聯的。它與格倫所說的所有元素都是相互關聯的。人們更直接地來找我們，更頻繁地向我們預訂，透過多種協議進行更多預訂，取消的次數更少，滿意度更高，並且喜歡回來更直接地預訂。所以所有這些事情都是相互關聯、相互加強的。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特。

Great. A couple. First, I'd like to dive into the US. It really seems like the OTA industry is maybe taking some share here. Just wondering if it's the loyalty program, leisure growing faster than business, what's helping the industry take share and you specifically take some share? And then on the algorithm, just wondering, there's a lot of stuff going on with Connected Trip. Obviously payments and more air. Just could you help us think about how both bookings could grow relative to nights and also how you're thinking about revenue take rates over the next couple of years? Thank you.

偉大的。一對夫婦。首先，我想深入了解美國。看起來 OTA 產業確實可能在這裡佔據一些份額。我只是想知道，如果是忠誠度計劃，休閒成長速度比商務更快，那麼是什麼幫助該行業佔據了份額，而您具體佔據了一些份額？然後關於演算法，我只是好奇，Connected Trip 中有很多事情正在發生。顯然付款和更多的空氣。您能否幫助我們思考一下預訂量相對於夜晚數如何成長，以及您如何考慮未來幾年的營收成長率？謝謝。

Sure, Justin. I'll talk about the first one. I'll let Ewout talk what kind of specifics he wants to give about the numbers regarding Connected Trip and etc., the questions you asked. So on the US, we talked a little bit about this already, how pleased we are with those numbers, and I did mention brand is obviously important, improving the service and product, that's important.

當然，賈斯汀。我先講第一個。我會讓 Ewout 談談他想給出的有關 Connected Trip 等數字的具體細節，以及您提出的問題。因此，關於美國，我們已經談論了一些這個問題，我們對這些數字感到非常滿意，我確實提到品牌顯然很重要，改善服務和產品也很重要。

You asked about consumer versus business. Obviously, we get both, but we do tilt much more to consumer. So clearly we are doing well in that area. Now, as you know, there's a lot of debate about what's going on in the US economy right now. People, some people say, well, we have a two-speed economy where the higher ends of the economic strata are doing very well and they're spending a lot of money, and areas of the bottom part of the economic strata are suffering a little bit more, not being able to purchase as many services as perhaps they wanted to, etc.

您詢問的是消費者與企業的關係。顯然，我們兩者兼得，但我們確實更傾向於消費者。顯然我們在該領域做得很好。現在，正如你所知，關於美國經濟現狀存在著許多爭論。有些人說，我們的經濟是雙速的，經濟階層的高端做得很好，他們花了很多錢，而經濟階層的底層地區遭受的損失更大一些，無法購買他們想要的那麼多服務，等等。

It's interesting because we play the entire gamut of the economy. We are able to sell at the top. We sell more economy products and services too. So clearly, for us we are able to benefit whether it's a strong economy or not a strong economy. We're doing well. Look, I can't say anything that is more specific than the fact that we continue to execute well.

這很有趣，因為我們涉及整個經濟領域。我們能夠以最高價出售。我們也銷售更多經濟型產品和服務。因此顯然，無論經濟是否強勁，我們都能從中受益。我們做得很好。聽著，除了我們繼續表現良好之外，我無法說出任何更具體的事情。

Making sure the service is good. Make sure all the things that we talked about are working well. Making sure we're getting that bread in front of people, making sure if anything goes wrong, we fix it. That's how we do a good job. And it adds on itself, and they use that word flywheel. More people become aware of it. They've had a good experience. They come back.

確保服務良好。確保我們討論的所有事情都進展順利。確保我們能把麵包送到人們面前，確保如果有任何問題，我們都能解決。這就是我們做好工作的方式。而且它本身就是附加的，他們使用“飛輪”這個詞。越來越多的人意識到了這一點。他們有過很好的經驗。他們回來了。

Yeah, the awareness is not where I'd like it to be, but it is improving. This is the way we do it. And we talk -- I've been talking about this with you. Justin, we've talked about this for many, many years. I know, I want to be bigger in the US and that we grow, and here's how we're going to do it, and we're doing it. It's blocking and tackling day by day, improving it. No, as I said already once, is that there are no silver bullets in this business. It's just continue to execute day after day after day. Ewout, you can talk about numbers you'd like on the Connected Trip stuff.

是的，雖然意識還沒有達到我希望的水平，但正在改善。這就是我們的做法。我們談論——我一直在和你談論這個。賈斯汀，我們已經談論這個問題很多年了。我知道，我想在美國做大，我們也會成長，這就是我們要做的事情，而我們正在這樣做。它每天都在阻擋和解決問題，不斷進步。不，正如我曾經說過的，這個行業沒有靈丹妙藥。只是日復一日地繼續執行。Ewout，您可以談談您想要的有關 Connected Trip 的數據。

Justin, when we speak about Connected Trip, I would like to make a distinction between what we're seeing now and then really where we're heading to in the future. So what are we seeing now? We're seeing a lot of our other protocols growing in a very healthy way. Flights 32%, traction 90%. We see our payment related bookings going up in the mid 20%. We see our Connected Trip transactions. So where someone books more than one protocol for the same.

賈斯汀，當我們談論互聯旅行時，我想區分我們現在所看到的和我們未來的真正發展方向。那我們現在看到的是什麼？我們看到許多其他協議正在以非常健康的方式發展。飛行32%，牽引90%。我們發現與付款相關的預訂量增加了 20% 左右。我們看到了我們的 Connected Trip 交易。因此，有人會為同一個事物預訂多個協議。

Growing up mid-20s, of course, the direct element is a part of that. So all of these metrics look really in the direction that customers like, to really bring those elements together because it's peace of mind. It's all-in-one platform and we deliver a lot of value for them as a consequence.

當然，在 20 多歲左右成長的過程中，直接因素是其中的一部分。因此，所有這些指標實際上都是朝著客戶喜歡的方向發展的，真正將這些元素結合在一起，因為這會讓客戶感到安心。這是一個一體化平台，因此我們為他們提供了許多價值。

But if we think about generative AI, this is really the opportunity for us. We can make the real Connected Trip come to life over the next couple of years, and what I mean with that is building an intelligence layer that all these elements of the trip naturally fit together, are interrelated, all personalized based on what we know and what you like to do, and how you like to travel and where you like to dine.

但如果我們考慮產生人工智慧，這對我們來說確實是一個機會。我們可以在未來幾年內讓真正的互聯旅行成為現實，我的意思是建立一個智能層，讓旅行的所有元素自然地融合在一起，相互關聯，並根據我們所了解的情況和您喜歡做的事情、您喜歡的旅行方式和喜歡的用餐地點進行個性化設置。

If something happens, everything can automatically be updated. It means that people will be more frequently using our app. We can become more proactive in what we offer to you, and more and more value can be created as a consequence. So actually, that is our big opportunity around generative AI, and I think the value we can generate in that way is really going to be even more than what we are seeing today. So that's where I am personally really excited about.

如果發生什麼事情，一切都可以自動更新。這意味著人們將更頻繁地使用我們的應用程式。我們可以更積極主動地為您提供服務，從而創造越來越多的價值。所以實際上，這是我們在生成人工智慧方面的巨大機遇，我認為我們透過這種方式所能創造的價值將比我們今天所看到的還要多。這就是我個人真正興奮的地方。

Maybe one quick follow-up. Do you think the gap between bookings growth and room night growth can grow?

也許有一個快速的後續行動。您認為預訂量成長和間夜量成長之間的差距還會擴大嗎？

Yes. There's of course always a few things that go in the mix. Take FX aside, what are ADRs doing? That is of course one element there. It's the growth in other verticals that is going in there. But generally, we would say yes, because if we take room nights plus ADRs plus other verticals, we would like to, of course, to see that total growth bookings will grow faster than room nights on average over time.

是的。當然，總是會有一些事情混雜在一起。撇開外匯不談，ADR 表現如何？這當然是其中一個因素。其他垂直領域的成長也正在發生。但一般來說，我們會說是的，因為如果我們把間夜數加上平均房價加上其他垂直行業，我們當然希望看到，隨著時間的推移，總增長預訂量的增長速度將快於間夜數的平均增長速度。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great, thanks. Glenn, maybe a bigger picture one for you. From a competitive standpoint, do you foresee competitive intensity picking up over the next two- to three years? It seems as though a major Asia player has aspirations in Europe, while an accommodation competitor is making a big push into traditional hotels and adjacentcies.

太好了，謝謝。格倫，也許對你來說這是一個更大的圖像。從競爭的角度來看，您是否預見到未來兩到三年競爭強度會加劇？似乎有一家亞洲大型企業有意進軍歐洲，而一家住宿業競爭對手則大舉進軍傳統飯店及週邊地區。

Meanwhile, consumers will have a new channel via AI tools to make travel all that much more accessible. And if you do see competitive intensity picking up, how are you evolving your strategy to better position booking for that environment?

同時，消費者將透過人工智慧工具獲得新的管道，使旅行變得更加便利。如果您確實看到競爭強度加劇，您將如何改進策略以更好地適應這種環境？

Yeah it's a good question, Trevor. But I have to say that this business, this industry -- and I take to the regulators all the time in Europe, has always been one of the most competitive of any industry that I've ever experienced. And sure, there are new things to look at now, and there are old competitors in the past and they're no longer there.

是的，這是個好問題，特雷弗。但我必須說，這個行業，這個行業——我一直向歐洲的監管機構表示，一直是我經歷過的所有行業中競爭最激烈的行業之一。當然，現在有很多新事物需要關注，過去也有老競爭對手，但他們已經不存在了。

I remember once upon a time, every time I go, what about, TripAdvisor? Well, where is TripAdvisor now? No offense to them, but they're not the threats. They were at one point. Or what's going to happen with Meta? And I can go through over different things that we have had to face incredible competition time after time after time.

我記得曾經有一段時間，每次去，都會去TripAdvisor看看，怎麼樣？那麼，TripAdvisor 現在在哪裡？無意冒犯他們，但他們並不構成威脅。他們曾經處於同一點。或者 Meta 會發生什麼事？我可以回顧一下我們一次又一次面對的令人難以置信的競爭的不同情況。

So sure, there's a lot of competition right now. And I know you're alluding to Trip.com, Ctrip in China. Yes, a very good competitor, and sure, now we have AI as a competitive threat, but also in that one a little different is, that gives us incredible benefits too, incredible power because of the incredible scale we have and the incredible engineering talent, etc., in AI is actually a competitive advantage, I would say in a net-net situation.

所以可以肯定的是，現在競爭非常激烈。我知道您指的是中國的Trip.com和攜程。是的，一個非常好的競爭對手，當然，現在人工智慧已經成為我們的競爭威脅，但有一點不同的是，它也給我們帶來了難以置信的好處，難以置信的力量，因為我們擁有令人難以置信的規模和令人難以置信的工程人才等等，在人工智慧方面，我想說，在淨網情況下，這實際上是一種競爭優勢。

But in the long run, I believe it's the same way it's always been. We just have to keep on grinding out better things for our services. Look, there's a time there was no such thing as mobile. Mobile comes in. We had to immediately create a great mobile site for our customers, which we did. Well, now we have AI and lots of great things working together can make it even better.

但從長遠來看，我相信情況還是一如既往。我們只需要繼續努力為我們的服務提供更好的東西。瞧，曾經有一段時間，還沒有行動裝置這種東西。行動裝置進入市場。我們必須立即為我們的客戶創建一個出色的行動網站，我們做到了。現在我們有了人工智慧，許多偉大的事物共同作用可以讓它變得更好。

One of the really good things about being the scale that we are and the data we have, that proprietary data that we have and the incredible number of customers and partners. And all these new things we've already begun to do and all the different verticals and in addition to things that we don't talk about a lot, things like insurance, for example. We don't talk about that a lot, where things we're doing in terms of providing advertising opportunities for a party. We don't talk about that one too.

我們的規模和擁有的數據、專有數據以及數量驚人的客戶和合作夥伴是我們真正受益的一點。我們已經開始做所有這些新的事情，涉及所有不同的垂直領域，以及我們不常談論的事情，例如保險。我們很少談論這個，我們所做的事情就是為某個政黨提供廣告機會。我們也不談論這個。

There are so many things that we are just beginning to really put together and putting it all together, using, as I said before, the data, the science, being able to build these things in a way that's much better that smaller players cannot possibly do. That's an advantage we have.

我們才剛開始真正地整合很多東西，並將它們整合在一起，正如我之前所說的那樣，利用數據和科學，能夠以小型企業無法做到的更好的方式建立這些東西。這是我們的優勢。

So I see actually, yeah, it's extremely competitive. But I said this -- I don't know which quarter recently I said about it. I find this is the most exciting time for us ever. I actually see us in a much better position than we were years ago, decades ago. I see this as an opportunity for us to create, as Ewout was just talking about. Bringing it all together in a way that we can really accelerate the growth factor here if we do it right over and you pointed out a five-year type horizon. That's what we want to do, and I believe we can do it, and it's up to us to make sure it does happen.

所以我認為實際上競爭非常激烈。但我說過這個——我不知道最近在哪個季度說過這件事。我發現這是我們有史以來最令人興奮的時刻。事實上，我認為我們現在的處境比幾年前、幾十年前好得多。我認為這是我們創造的一個機會，正如 Ewout 剛才所說的那樣。如果我們把所有這些結合起來，我們就能真正加速這裡的成長因素，如果我們做得正確，就像您指出的五年期一樣。這就是我們想要做的，我相信我們能夠做到，而我們必須確保它能夠實現。

And ladies and gentlemen, that concludes our question-and-answer session. I will now turn the conference back over to Mr. Glenn Fogel for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我將會議交還給格倫·福格爾先生，請他致閉幕詞。

Thank you, and I'm glad to have ended on that. I can think of the future. It's so great. So I want to express my gratitude to our partners, our customers, our dedicated employees, and our stockholders. We truly appreciate your support as we continue advancing our long-term vision. Thank you and good night.

謝謝，我很高興就此結束。我能想到未來。太棒了。因此，我想向我們的合作夥伴、客戶、敬業的員工和股東表示感謝。在我們繼續推進我們的長期願景的過程中，我們非常感謝您的支持。謝謝，晚安。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。