Booking Holdings Inc (BKNG) 2021 Q4 法說會逐字稿

Welcome to Booking Holdings Fourth Quarter 2021 Conference Call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantee 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.

歡迎參加 Booking Holdings 2021 年第四季電話會議。 Booking Holdings 特此提醒各位，本次電話會議可能包含前瞻性陳述，這些陳述均符合 1995 年《私人證券訴訟改革法案》的安全港條款。這些前瞻性陳述並非對未來績效的保證，且受某些難以預測的風險、不確定性和假設的影響。因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果有重大差異。

Expressions of future goals or expectations and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements. For a list of factors that could cause Booking Holdings' actual results to differ materially from those described in the forward-looking statements, please refer to the safe harbor statements at the end of Booking Holdings' earnings press release as well as Booking Holdings' most recent filings with the Securities and Exchange Commission. Unless required by law, Booking Holdings undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. A copy of Booking Holdings' earnings press release, together with an accompanying financial and statistical supplement, is available in the For Investors section of Booking Holdings' website, www.bookingholdings.com.

凡涉及未來目標或預期，以及反映歷史事實以外的類似表述，均旨在識別前瞻性陳述。有關可能導致Booking Holdings實際業績與前瞻性陳述中所述業績存在重大差異的因素列表，請參閱Booking Holdings盈利新聞稿末尾的安全港聲明以及Booking Holdings向美國證券交易委員會提交的最新文件。除非法律另有規定，Booking Holdings不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性聲明的義務。 Booking Holdings獲利新聞稿及其隨附的財務和統計補充文件可在Booking Holdings網站www.bookingholdings.com的「投資者關係」欄位查閱。

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

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

Thank you, and welcome to Booking Holdings' fourth quarter conference call. I'm joined this afternoon by our CFO, David Goulden.

謝謝各位，歡迎參加Booking Holdings第四季財報電話會議。今天下午與我一同出席的還有我們的財務長大衛古爾登。

Despite the appearance of the Omicron variant in late November and its rapid spread throughout Europe, the U.S. and other parts of the world, we closed out 2021 by delivering fourth quarter revenue and adjusted EBITDA of $3 billion and $940 million, respectively, which were better than we expected. Room nights decelerated from down 10% in October compared to 2019 to down 35% in December. However, I am pleased to say that since December, we have seen a meaningful improvement in top line trends, with room nights in the first half of February reaching 2019 levels and with gross bookings higher than 2019. At Booking.com, I'm encouraged to see strong gross bookings on our books for the summer period in Western Europe and North America, both of which are now ahead of where we were at this time in 2019. Although I note that a high percentage of these bookings are cancelable.

儘管奧密克戎病毒變種於11月下旬出現，並迅速蔓延至歐洲、美國及世界其他地區，但我們2021年第四季營收和調整後EBITDA分別達到30億美元和9.4億美元，均超乎預期。客房夜數年減10%（10月）至12月份下降35%，成長放緩。然而，令人欣慰的是，自12月份以來，我們的營收趨勢已顯著改善，2月上半月的客房夜數已恢復至2019年同期水平，總預訂量也高於2019年同期。 Booking.com方面，西歐和北美夏季的預訂量表現強勁，均已超過2019年同期水平，這令我倍感鼓舞。不過，我也注意到，這些預訂中有相當一部分是可以取消的。

2021 was a year in which our hopes for a return to normalcy were set back several times; first, with the Delta variant, and then Omicron. However, we witnessed proof that people have a deep desire to travel. When leisure travelers believe it is safe to travel and restrictions are lifted, people book travel, and we are currently seeing this starting to happen in many parts of the world.

2021年，我們對恢復正常生活的希望屢屢受挫；先是達美航空的變體航班，然後是奧密克戎航班。然而，我們也見證了人們對旅行的強烈渴望。當休閒旅客認為旅行安全且限制解除時，他們就會預訂行程，而我們目前在世界許多地方都看到了這種情況的發生。

While this is a potentially favorable backdrop for 2022, we do expect there will still be periods when COVID negatively impacts travel trends as we move through the current year. David will provide additional details on our fourth quarter results and what we are seeing so far in the first quarter in his remarks.

儘管這為2022年帶來了潛在的有利前景，但我們預計，在今年內，新冠疫情仍會對旅遊趨勢產生負面影響。 David將在演講中詳細介紹我們第四季的業績以及第一季至今的情況。

As I look back over the last year, I am proud of the work we have done under still difficult times to strengthen our core accommodation business by driving benefits to our traveler customers and to our supplier partners.

回顧過去一年，我為我們在依然困難的時期所做的工作感到自豪，我們透過為旅客客戶和供應商合作夥伴帶來利益，加強了我們的核心住宿業務。

For our customers, we remain focused on addressing our customers' critical needs of value, choice and convenience. One of the many ways we provide value for our customers and partners on Booking.com is through our Genius loyalty program. For our customers, our Genius loyalty program offers lower prices and other benefits like complimentary breakfast, room upgrades and discounted airport taxis. For our partners, our Genius program delivers incremental room nights to properties from our most loyal customers. Over the last year, we have meaningfully expanded our Genius loyalty program at Booking.com by opening the lowest level of Genius benefits to any customer who creates an account and is logged in on Booking.com.

我們始終致力於滿足客戶對價值、選擇和便利性的關鍵需求。 Booking.com 為客戶和合作夥伴提供價值的方式有很多，其中之一就是我們的 Genius 會員計劃。對於客戶而言，Genius 會員計劃提供更低的價格以及其他優惠，例如免費早餐、客房升級和機場出租車折扣。對合作夥伴而言，Genius 計畫則能為飯店帶來更多來自我們最忠實客戶的入住晚數。過去一年，我們大幅擴展了 Booking.com 的 Genius 會員計劃，現在所有在 Booking.com 創建並登入帳戶的客戶都可以享受 Genius 會員計劃的最低級別權益。

At the beginning of 2022, we fully launched a third tier of Genius for our top customers that made at least 15 bookings in the last 2 years. These Genius Level 3 members have access to even lower prices and priority customer service support in addition to all the benefits available to Genius Levels 1 and 2. These improvements to our Genius program are indicative of our efforts to move beyond just the transaction and increase our focus on value for the customer. With a higher degree of customer focus, we aim to increase loyalty, frequency, spend and our direct relationships with our customers over time.

2022年初，我們針對過去兩年內至少完成15次預訂的頂級客戶，正式推出了第三級「天才會員」計畫。這些「天才會員」第三級會員除了享有「天才會員」第一級和第二級的所有權益外，還能享有更低的價格和優先客戶服務支援。我們對「天才會員」計畫的這些改進，體現了我們致力於超越單純的交易，更加重視為客戶創造價值的努力。透過更以客戶為中心的理念，我們旨在隨著時間的推移，提升客戶忠誠度、增加客戶消費頻率、提高客戶消費額，並加強與客戶的直接聯繫。

Over the last year, we have enhanced Booking.com's mobile app, making it more user-friendly and easier to use. As I said before, the app is a critical platform as it allows us more opportunities to engage directly with travelers. It is also where an increasing number of bookings are happening, and ultimately, we see it as the center of our connected trip experience.

過去一年，我們對Booking.com的行動應用程式進行了升級，使其更加用戶友好、易於使用。正如我之前所說，這款應用程式是一個至關重要的平台，因為它讓我們有更多機會直接與旅客互動。此外，越來越多的預訂也透過這款應用程式完成，最終，我們將其視為我們互聯旅行體驗的核心。

In 2021, Booking.com was the #1 downloaded OTA app globally according to a third-party research firm. For 2022, we are increasing our efforts to enhance the app in order to build on the success we saw over the last year.

根據第三方研究公司的調查，Booking.com 在 2021 年是全球下載量排名第一的線上旅行社 (OTA) 應用程式。 2022 年，我們將加強改善應用，以期在過去一年的成功基礎上再創佳績。

In the fourth quarter and for the full year, we saw a consistently higher mix of our customers booking directly with us than in 2019, and our direct mix improved even as we leaned into performance marketing channels during the year. We will continue to lean into performance marketing channels at appropriate ROIs as we look to bring more customer demand to our platform during the recovery.

第四季及全年來看，直接預訂的客戶比例持續高於2019年同期水平，即使我們在這一年中加大了對效果行銷管道的投入，直接預訂的比例依然有所提升。我們將繼續在適當的投資報酬率下加大對效果行銷管道的投入，以期在經濟復甦期間為我們的平台帶來更多客戶需求。

In addition to performance marketing, we will be utilizing brand marketing, particularly in markets where we are looking to raise consumer awareness of our customer-facing brands. A timely example of that, which I hope all of you saw 2 weeks ago or so, was Booking.com's first Super Bowl ad in which we reintroduced the Booking.yeah slogan to our U.S. audience. We had a great year in the U.S. in 2021 with strong growth in room night and very strong growth in gross bookings versus 2019, even though Booking.com was relatively quiet from a brand marketing perspective. We are looking to accelerate the momentum of last year's performance by layering in brand marketing that extends beyond the Super Bowl ad through the rest of the year in order to introduce Booking.com to an even broader audience.

除了效果行銷，我們也將運用品牌行銷，尤其是在我們希望提升消費者對我們面向客戶的品牌認知度的市場。一個恰當的例子是，我希望大家都在兩週前左右看到了Booking.com的首支超級碗廣告，我們在廣告中重新向美國用戶推出了Booking.yeah的口號。儘管Booking.com在品牌行銷方面相對低調，但我們在2021年在美國市場取得了巨大的成功，客房夜數和總預訂量均較2019年實現了強勁增長。我們希望透過在超級盃廣告之後，繼續進行貫穿全年的品牌行銷活動，進一步擴大Booking.com的受眾範圍，從而加速去年的業績成長動能。

As I mentioned last quarter, we have an ambition to acquire more customers in the medium intent space. We continue to work on strengthening our foundations for digital marketing, including in social channels. However, our spend so far remains relatively small.

正如我上個季度提到的，我們的目標是在中等意向客戶群中獲取更多客戶。我們持續加強數位行銷基礎建設，包括社群媒體管道。然而，目前我們的投入仍然相對較小。

For our supply partners, we strive to be a valuable partner to all accommodation types on our platform, which means focusing on bringing incremental demand to properties from the broad audience of potential customers on our platform. For alternative accommodations, our global mix of room nights in 2021 of about 29% was in line with 2019 levels. In Europe, where our alternative accommodation offering is more competitive, our mix of room nights increased in 2021 by a few percentage points relative to 2019.

對於我們的供應商合作夥伴，我們致力於成為平台上所有住宿類型的寶貴合作夥伴，這意味著我們將專注於從平台上廣泛的潛在客戶群中為房源帶來增量需求。就另類住宿而言，我們2021年全球客房夜佔比約29%，與2019年水準相當。在歐洲，我們的另類住宿產品更具競爭力，2021年客房夜數佔比較2019年成長了幾個百分點。

We continue to work on improving the competitiveness of our alternative accommodation offering in the U.S. market, where we have added targeted supply over the last year and have plans for more additions and improvements to come in 2022. We closed out the year with 2.4 million hotel and alternative accommodation properties and over 28 million total reported listings on Booking.com, both of which were stable relative to the prior year.

我們持續致力於提升美國市場替代住宿產品的競爭力。過去一年，我們針對性地增加了供應量，並計劃在2022年進一步增加供應量和改進現有產品。截至年底，我們在Booking.com上擁有240萬家酒店和其他住宿選擇，以及超過2800萬個房源信息，這兩項數據均與上年持平。

Let me now talk about the progress we have made over the last year and some of our key strategic priorities around payments and the connected trip. These strategic priorities are interrelated, and we believe both will further enhance the strength of our core accommodations business and support its continued growth. On payments at Booking.com, we saw a further increase in adoption by our property partners in the U.S. in the fourth quarter, now with over half of U.S. gross bookings booked at properties that have adopted payments. Globally, about 60% of gross bookings are booked at properties that have adopted payments. About 30% of Booking.com's total gross bookings in Q4 were processed through our payment platform, which brings the full year 2021 mix to about 27% compared to about 22% for the full year 2020 and about 15% in 2019.

現在我想談談過去一年我們在支付和互聯旅行方面取得的進展以及我們的一些關鍵策略重點。這些策略重點相互關聯，我們相信它們都將進一步增強我們核心住宿業務的實力，並支持其持續成長。在Booking.com的支付方面，我們看到美國酒店合作夥伴在第四季度進一步提高了支付平台的使用率，目前美國超過一半的預訂總額來自已採用支付方式的酒店。在全球範圍內，約60%的預訂總額來自已採用付款方式的飯店。 Booking.com第四季約30%的預訂總額是透過我們的支付平台完成的，這使得2021年全年的支付佔比達到約27%，而2020年全年約為22%，2019年約為15%。

We will continue our work on positioning Booking.com as an attractive and trusted payment intermediary by providing payment options favored by both travelers and our supplier partners across hotels, alternative accommodations, cars, flight and attractions. Furthermore, we see Booking.com's payment platform as a key component of our larger connected trip vision.

我們將繼續致力於把 Booking.com 打造成一個極具吸引力且值得信賴的支付中介平台，為旅客和我們的供應商合作夥伴提供涵蓋酒店、其他住宿選擇、租車、機票和景點門票等多種支付方式。此外，我們認為 Booking.com 的支付平台是我們建立互聯旅行願景的關鍵組成部分。

On our connected trip vision, we made progress in 2021 as we work to build a robust flight platform on Booking.com. This flight platform gives us the ability to engage with potential customers who choose their flight options early in their discovery process and allows us an opportunity to cross-sell our accommodation and other services to these flight bookers. Flights also enables us to provide a more complete travel offering to our accommodation of customers. Booking.com's flight platform is now live in 34 countries, which collectively represented about 70% of Booking.com's room nights booked in 2019.

在建立互聯旅行願景方面，我們在2021年取得了進展，致力於在Booking.com上打造一個強大的航班平台。該平台使我們能夠與在搜尋過程中早期就選擇航班的潛在客戶互動，並有機會向這些預訂航班的客戶交叉銷售住宿和其他服務。航班服務也使我們能夠為住宿客戶提供更全面的旅行方案。 Booking.com的航班平台現已在34個國家/地區上線，這些國家/地區在2019年共佔Booking.com客房預訂量的約70%。

We continue to see that over 25% of Bookings flight bookers are entirely new customers to the platform. And of those new customers, an encouraging percentage are attaching an accommodation to their flight booking. These are positive early signals, which help demonstrate that our flight offering can drive incremental new customers to us and we can cross-sell our accommodations product to them. We will continue our work to further optimize the cross-sell opportunity and build on the early positive signals we are seeing in flights.

我們持續看到，Bookings平台上超過25%的機票預訂用戶都是全新的客戶。而在這部分新客戶中，有相當一部分在預訂機票的同時預訂了住宿，這一比例令人鼓舞。這些都是正面的早期訊號，顯示我們的航班服務能夠吸引更多新客戶，並且我們可以向他們交叉銷售住宿產品。我們將繼續努力，進一步優化交叉銷售機會，並鞏固目前在機票銷售上所取得的正面成果。

In November, we announced our intention to acquire Etraveli for EUR 1.6 billion, and we expect to close the transaction later this year pending regulatory approvals. Etraveli is one of the largest flight-centric online travel agencies and is a leader in flight booking technology. They've developed a comprehensive technology platform, sourcing complex flight content from a variety of supply providers, which is then distributed to consumer-facing sites. Booking.com and Etraveli have been successfully partnering over the last 2 years, with Etraveli powering Bookings flight product. Given the strategic importance of flights to our connected trip offering, we believe it is critical to bring Etraveli's flight expertise and technology in-house while also unlocking some of the limitations that exist in our current commercial agreement. When the deal closes, Etraveli will continue to operate as an independent company within Booking Holdings while further supporting the development of booking.com's flight platform.

去年11月，我們宣布計劃以16億歐元收購Etraveli，預計今年稍後完成交易，但需獲得監管部門的批准。 Etraveli是全球最大的以航班為中心的線上旅行社之一，也是航班預訂技術的領導者。他們開發了一個綜合技術平台，從眾多供應商處獲取複雜的航班信息，並將其分發到面向消費者的網站。過去兩年，Booking.com與Etraveli一直保持著成功的合作關係，Etraveli為Booking.com的航班產品提供技術支援。鑑於航班對我們互聯旅遊產品策略的重要性，我們認為至關重要的是將Etraveli的航班專業知識和技術納入公司內部，同時突破我們現有商業協議中的一些限制。交易完成後，Etraveli將繼續作為Booking Holdings旗下的獨立公司運營，並進一步支持Booking.com航班平台的開發。

Outside of flights, Booking.com has significantly improved the coverage of its attractions product over the last year, in part, due to the successful integration of third-party supply from Viator and Musement. We now have bookable attractions available in cities that represent about half of Booking.com's accommodation transactions, which is up from about 10% coverage a year ago. While the volume of attractions bookings is still modest, we believe that developing a compelling, easy-to-use attractions product will help keep travelers engaged with our platform through the trip and build loyalty.

除了機票之外，Booking.com 在過去一年中大幅提升了景點產品的覆蓋範圍，這部分得益於成功整合了 Viator 和 Musement 等第三方供應商。目前，我們已在約佔 Booking.com 住宿交易量一半的城市提供可預訂的景點，而一年前的覆蓋率僅為 10% 左右。儘管景點預訂量目前仍處於較低水平，但我們相信，開發一款引人入勝、易於使用的景點產品將有助於提升旅客在旅途中對我們平台的參與度，並建立用戶忠誠度。

We had a very busy end to 2021 and start to 2022, so I'd like to address a few other important recent updates. First, I am very excited to welcome the Getaroom team to Booking Holdings. We closed our $1.2 billion acquisition of Getaroom at the end of December, and we are well underway with integrating Getaroom into Priceline, where it will help expand Priceline's current strategic partnerships business. Getaroom is a B2B-focused distributor of hotel rooms, primarily servicing leisure demand through about 150 affiliate partners primarily in the North American market. The B2B business is an important component and channel in our expansion efforts to reach new customers and partners, particularly in key markets such as the U.S. We believe B2B business can generate attractive returns by providing inventory to affiliate partners without the B2B business needing to invest significant dollars in brand marketing or online performance channels to generate customer demand. I am confident that the combined strategic partnership business of Priceline and Getaroom will improve B2B distribution for hotel partners while offering a robust accommodations technology stack for affiliate partners to help further enhance our offerings in North America.

2021年底和2022年初我們非常忙碌，因此我想談談其他一些重要的近期進展。首先，我非常高興地歡迎Getaroom團隊加入Booking Holdings。我們在12月底完成了對Getaroom的收購，交易金額為12億美元。目前，Getaroom與Priceline的整合工作正在順利進行，這將有助於Priceline拓展其現有的策略合作夥伴業務。 Getaroom是一家專注於B2B的飯店客房經銷商，主要透過約150家合作夥伴滿足休閒旅遊的需求，這些合作夥伴主要分佈在北美市場。 B2B業務是我們拓展新客戶和合作夥伴的重要組成部分和管道，尤其是在美國等關鍵市場。我們相信，B2B業務可以透過向合作夥伴提供庫存來創造可觀的回報，而無需B2B業務本身投入大量資金用於品牌行銷或線上推廣管道來創造客戶需求。我相信 Priceline 和 Getaroom 的策略合作夥伴關係將改善飯店合作夥伴的 B2B 分銷，同時為聯盟合作夥伴提供強大的住宿技術堆疊，以幫助進一步增強我們在北美的產品和服務。

Second, some of you may have seen the news 2 weeks ago that Booking.com plans to enter into an expanded strategic partnership with Majorelle, one of our most trusted long-term external customer support partners. As part of this partnership, which is still subject to consultation with works councils and regulatory approvals, Majorelle will begin employing most of the customer service representatives that previously worked for Booking.com outside The Netherlands and the U.K. We have been successfully working with Majorelle for 6 years in order to help meet the evolving seasonal demands of our business, and we believe that this expanded partnership will help increase the flexibility and efficiency of our customer service offering going forward.

其次，兩週前，Booking.com 計畫與我們最值得信賴的長期外部客戶支援合作夥伴之一 Majorelle 擴大策略夥伴關係，相信不少朋友已經看到了相關新聞。作為這項合作的一部分（目前仍需與工會協商並獲得監管部門批准），Majorelle 將開始聘用先前在荷蘭和英國以外地區為 Booking.com 工作的絕大部分客戶服務代表。六年來，我們一直與 Majorelle 保持著成功的合作關係，共同應對業務不斷變化的季節性需求。我們相信，此次擴大合作關係將有助於提升我們未來客戶服務的靈活性和效率。

Finally, on our last earnings call in early November, I discussed the urgency of tackling the global climate crisis and the importance of our industry coming together to work towards the goal of carbon neutrality by 2050. Shortly after that earnings call, Booking.com launched its Travel Sustainable Program. This is a first-of-its-kind program that features a travel-sustainable badge for any property on our platform that has implemented a combination of sustainable practices.

最後，在11月初的最後一次財報電話會議上，我討論了應對全球氣候危機的迫切性，以及我們產業攜手努力，力爭在2050年實現碳中和目標的重要性。財報電話會議後不久，Booking.com推出了「永續旅行計畫」。這是一個首創的計劃，旨在為我們平台上任何實施了一系列可持續實踐的酒店頒發“可持續旅行”徽章。

When searching for accommodations, travelers can see whether or not a property has been given a travel-sustainable badge and can filter search results based on the badge. We believe our greatest influence on sustainable travel is through enabling our accommodation partners to showcase their sustainable practices to travelers who are looking for ways to travel more sustainably. We are looking forward to talking more about this program and other efforts and commitments related to sustainability when we publish our 2021 sustainability report and our first climate action plan in March.

在搜尋住宿時，旅客可以看到住宿是否獲得了永續旅行認證，並可以根據認證篩選搜尋結果。我們相信，我們對永續旅行的最大貢獻在於，能夠幫助我們的住宿合作夥伴向尋求更永續旅行方式的旅客展示他們的永續實踐。我們期待在3月發布2021年永續發展報告和首個氣候行動計畫時，與大家詳細探討這項計畫以及其他與永續發展相關的措施和承諾。

In conclusion, we executed well and produced strong results in 2021. As we look ahead to 2022, I am encouraged by the quick rebound in bookings we have seen so far this year and the level of summer travel on our books. While we expect to see some volatility in trends as a result of the ongoing effects of COVID, I am confident in the continued recovery in travel demand globally as there is clearly a very strong desire to travel among our leisure bookers.

總之，我們在2021年執行得當，取得了優異的績效。展望2022年，我對今年迄今為止預訂量的快速反彈以及夏季旅行預訂量感到鼓舞。儘管我們預計受新冠疫情持續影響，市場趨勢會出現一些波動，但我對全球旅行需求的持續復甦充滿信心，因為我們的休閒旅客顯然有著非常強烈的旅行意願。

Of course, we are concerned and are monitoring the situation in Eastern Europe, which we recognize could be disruptive to travelers who may be going to that region. Overall, we believe we are well positioned to continue capturing travel demand, and we'll continue our work executing against our strategic priorities. As I have said before, we are thinking about our business beyond just getting back to 2019 levels of demand. And we are focused on building a larger and faster-growing business with more products that generate some more earnings after the full recovery and for the long run.

當然，我們對東歐局勢感到擔憂，並正在密切關注，我們意識到這可能會對前往該地區的旅客造成影響。整體而言，我們相信我們已做好充分準備，繼續滿足旅行需求，並將繼續推動各項戰略重點的實施。正如我之前所說，我們著眼於長遠發展，而不僅僅是恢復到2019年的需求水準。我們致力於打造一個規模更大、成長更快、產品更豐富的業務，以便在全面復甦後以及長遠發展中創造更多收益。

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

現在我將把電話轉接給我們的財務長大衛古爾登。大衛？

Thank you, Glenn, and good afternoon. I'll review our results for the fourth quarter, provide some color on the trends we've seen so far in the first quarter and our thoughts on 2022. All growth rates for 2021 and 2022 are relative to the comparable period in 2019 unless otherwise indicated. Information regarding reconciliation of non-GAAP results to GAAP results can be found in our earnings release.

謝謝格倫，下午好。我將回顧我們第四季的業績，簡要介紹第一季至今的發展趨勢，並展望2022年。除非另有說明，因此2021年和2022年的所有成長率均相對於2019年同期。有關非GAAP績效與GAAP績效的調節訊息，請參閱我們的獲利報告。

Now on to our results for the fourth quarter. On our November earnings call, we discussed the improvement in trends that we saw throughout the third quarter driven by Europe, followed by a further improvement in October driven by Asia. You will recall the trends weakened in Europe towards the end of October driven by a number of countries that have seen recent increases in the Delta variant infections at that time.

現在來看我們第四季的業績。在11月份的財報電話會議上，我們討論了第三季在歐洲的推動下出現的趨勢改善，以及10月份在亞洲的推動下出現的進一步改善。您可能還記得，10月底歐洲的疫情趨勢減弱，原因是當時一些國家的Delta變異株感染病例增加。

In November, we saw a slowdown from October in our overall trends driven mainly by Europe, and this slowdown continued to worsen in December across all regions with future Omicron variant concerns. This resulted in Q4 reported room nights declining 21% versus Q4 2019, which was 11% worse than the 10% decline in October but only a few points worse than the 18% decline in Q3. December room nights were 35% below 2019.

11月，受歐洲市場影響，我們的整體成長趨勢較10月放緩。 12月，由於對未來奧密克戎變異株的擔憂，所有地區的成長放緩趨勢持續惡化。這導致第四季報告的客房夜數較2019年第四季下降21%，比10月份的10%降幅高出11%，但僅比第三季的18%降幅略低。 12月的客房夜數比2019年同期下降了35%。

Looking across the full quarter. The slowdown in Q4 versus Q3 was driven primarily by Europe, which declined about 20% versus Q4 2019, while our other regions improved in Q4 versus Q3. Compared with Q4 2019, the U.S. continued to have strong growth in the fourth quarter, while Asia was still down considerably and rest of the world was down modestly. However, as I mentioned, we saw a slowdown across all of our regions in December, most meaningfully in Europe and in the U.S.

綜觀整個季度，第四季較第三季成長放緩主要受歐洲市場影響，歐洲市場較2019年第四季下降約20%，而其他地區第四季較第三季均有所改善。與2019年第四季相比，美國市場在第四季持續保持強勁成長，而亞洲市場仍大幅下滑，世界其他地區則略有下降。然而，正如我之前提到的，我們在12月份所有地區的成長速度均有所放緩，其中歐洲和美國市場的放緩最為顯著。

Mobile bookings primarily through our apps represented 2/3 of our total room nights in the fourth quarter and for the full year. Our apps continue to represent an increasing majority of our mobile bookings. We all continue to see greater than 50% of our total room nights coming to us through the direct channel. Our direct channel increased as a percentage of our room nights in the fourth quarter and for the full year relative to 2020 and 2019.

第四季及全年，主要透過我們應用程式完成的行動端預訂佔總客房夜數的2/3。我們的應用程式在行動端預訂中所佔比例持續成長。我們仍然看到超過50%的總客房夜數來自直銷通路。與2020年及2019年相比，第四季及全年直銷通路客房夜數佔總客房夜數的比例均有所成長。

The international mix of our total room nights in Q4 was about 33%, in line with Q3. Q4 international room nights were down almost 50% compared to Q4 2019 levels, a few points worse than the decline in Q3. We continue to see growth in our domestic room nights in the fourth quarter, also at a level slightly below Q3. The December slowdown was more severe for international than for domestic.

第四季國際客房夜數佔總客房夜數的比例約為33%，與第三季基本持平。第四季國際客房夜數較2019年第四季下降近50%，降幅略高於第三季。第四季國內客房夜數持續維持成長，但略低於第三季水準。 12月份國際客房夜數的下滑幅度大於國內客房夜數。

Our cancellation rates were up a few percentage points versus 2019 in Q4 and for the full year, and increased meaningfully in December due to concerns about the Omicron variant. The booking window in Q4 of Booking.com was much shorter than it was in the fourth quarter of 2019 and contracted further in December as customers focused mainly on short-term travel needs.

與2019年第四季及全年相比，我們的取消率略有上升，12月份的取消率增幅尤為顯著，這主要是由於消費者對Omicron病毒株的擔憂。 Booking.com第四季的預訂窗口期遠短於2019年第四季度，由於客戶主要關注短期旅遊需求，12月份的預訂窗口期進一步縮短。

Alternative accommodation of Booking.com, the global mix of room nights is about 27% in Q4 and about 29% for the full year was in line with 2019 levels. The global mix was impacted by the underperformance of Europe relative to North America. Within Europe, our mix of alternative accommodations increased in Q4 by a couple of percentage points, and for the full year, by a few percentage points relative to 2019.

Booking.com的替代住宿在全球客房夜數佔比中，第四季約27%，全年約29%，與2019年水準持平。全球佔比受到歐洲市場表現遜於北美市場的影響。在歐洲市場，第四季替代住宿佔比略有成長，全年佔比也較2019年成長了幾個百分點。

Gross fee declined 8% in Q4, which is less than the 21% decline in room nights due to an increase in average daily rates for accommodations on a constant currency basis of about 13% versus 2019 and very strong performance in our flights business. Our accommodation constant currency ADR benefited by about 4 percentage points from an increased mix of business in North America, which is a higher-ADR region; and a decrease of mix in business in Asia, which is a lower-ADR region. Excluding regional mix effects, constant currency ADRs were up about 9% driven by rate increases in most of our regions, most notably in Europe and North America and especially in higher-demand, leisure-oriented destinations. Constant currency ADRs were higher than expected due in part to continued higher rates for flexible bookings plus generally higher pricing in North America and in Europe.

第四季總營收下降8%，降幅小於客房夜數21%的降幅，這主要得益於以固定匯率計算的住宿平均每日房價較2019年同期上漲約13%，以及我們航班業務的強勁表現。我們的住宿固定匯率平均房價受惠於北美業務佔比增加（北美地區平均房價較高）及亞洲業務佔比下降（亞洲地區平均房價較低），成長約4個百分點。剔除區域業務佔比的影響，固定匯率平均房價上漲約9%，主要得益於我們大部分地區的房價上漲，尤其是在歐洲和北美，以及需求旺盛的休閒旅遊目的地。固定匯率平均房價高於預期，部分原因是彈性預訂價格持續走高，以及北美和歐洲整體價格上漲。

Airline tickets booked in the fourth quarter were up 116%, and for the full year, were up 104% versus 2019 driven by very strong growth of Priceline and by-flight bookings at Booking.com. We're encouraged to see a full year of triple-digit growth from our flights business, which is a key component of our multiproduct connected trip strategy.

第四季機票預訂量成長了116%，全年年增104%，這主要得益於Priceline的強勁成長以及Booking.com的機票預訂量成長。我們很高興看到機票業務全年實現了三位數的成長，這是我們多產品互聯旅遊策略的關鍵組成部分。

Consolidated revenue for the fourth quarter was almost $3 billion, down sequentially 36% from Q3 2021 and 11% below Q4 2019. Q4 2021 revenue was more than double the $1.2 billion of revenue we recognized in the fourth quarter of 2020. Q4 revenue was stronger than our expectation due to higher ADRs and a shorter booking window. Revenue was less impacted than bookings from Omicron in Q4. Revenue as a percentage of gross bookings was about 40 basis points below Q4 2019, which was better than our expectations as the deceleration within Q4 more negatively impacted our gross bookings than revenue in the quarter. Excluding timing impacts, our underlying accommodation take rates were about in line with Q4 2019 levels.

第四季綜合營收接近30億美元，季減36%（2021年第三季），較去年同期下降11%（2019年第四季）。 2021年第四季營收是2020年第四季12億美元的兩倍多。由於平均房價上漲和預訂窗口期縮短，第四季度收入超出預期。與第四季Omicron的預訂量相比，營收受到的影響較小。營收佔總預訂量的百分比比2019年第四季低約40個基點，優於預期，因為第四季成​​長放緩對總預訂量的影響大於對營收的影響。剔除時間因素的影響，我們的基礎住宿預訂率與2019年第四季大致持平。

Our full year revenue was almost $11 billion, which is 27% below 2019, but improved 61% versus 2020. Full year revenue as a percentage of gross bookings was 14.3%, which was lower than 15.6% in 2019, primarily due to the timing differences between gross bookings and revenue recognition. The strong revenue results in the fourth quarter helped drive adjusted EBITDA of $940 million, which was 27% below Q4 2019. Sequentially, Q4 EBITDA was down 55%, which is better than we expected. This was driven primarily by the higher-than-expected revenue and lower-than-expected OpEx in our more fixed expense categories.

我們全年營收接近110億美元，較2019年下降27%，但較2020年成長61%。全年營收佔總預訂量的14.3%，低於2019年的15.6%，主要原因是總預訂量和營收確認存在時間差異。第四季強勁的營收表現推動調整後EBITDA達到9.4億美元，較2019年第四季下降27%。環比來看，第四季EBITDA下降55%，優於預期。這主要得益於營收高於預期，以及固定支出類別的營運支出低於預期。

Marketing expense, which is a highly variable expense line, decreased 2% versus Q4 2019. Marketing expense as a percentage of gross bookings increased slightly versus 2019, in line with our expectations. The marketing ROIs were a little lower than our expectations due to the negative impact of cancellations late in the quarter, and this was offset by a higher-than-expected mix of direct business.

行銷費用是一項波動性較大的支出項目，與2019年第四季相比下降了2%。行銷費用佔總預訂金額的比例較2019年略有上升，符合我們的預期。由於季度末取消訂單的負面影響，行銷投資回報率略低於預期，但高於預期的直接業務佔比抵消了這一影響。

Sales and other expenses were 21% higher than Q4 2019 due to a higher volume of merchant gross bookings and higher outsourced call center costs. About 30% of Booking.com's gross bookings were processed through our payments platform in Q4 and about 27% for the full year, up from 22% in 2020.

由於商家總預訂量增加以及外包呼叫中心成本上升，銷售額和其他費用較2019年第四季成長了21%。 Booking.com第四季約30%的總預訂量透過我們的支付平台處理，全年約27%，高於2020年的22%。

We expected our more fixed expense categories in aggregate to be about in line with Q3 due to lower personnel costs offset by higher IT and G&A costs. They came in 10% lower than Q3 due to year-end finalization of our bonus expense accruals as well as lower-than-expected IT costs. This means our Q4 personnel expenses do not reflect our run rates going into 2022.

我們預計，由於人員成本下降被IT和一般及行政費用上升所抵消，整體上固定支出類別將與第三季基本持平。但由於年末獎金支出提列的最終確定以及低於預期的IT成本，實際支出比第三季下降了10%。這意味著我們第四季的人員支出並不能反映我們進入2022年的營運水準。

Non-GAAP net income of $554 million results in non-GAAP EPS of $15.83, which were down 32% versus Q4 2019. Our non-GAAP tax rate of 20% was higher than 18% in Q4 2019. Our full year non-GAAP tax rate of 20% was 1% higher than in 2019 due to a high proportion of nondeductible tax expenses -- nontax-deductible expenses in relation to a lower pretax income versus 2019. On a GAAP basis, we had operating income of $848 million in Q4. We recorded GAAP net income of $618 million in the quarter, which included income tax expense of $198 million.

非GAAP淨利為5.54億美元，非GAAP每股收益為15.83美元，較2019年第四季下降32%。我們的非GAAP稅率為20%，高於2019年第四季的18%。由於不可抵扣稅項支出比例較高（即稅前利潤較2019年下降），全年非GAAP稅率為20%，較2019年同期上升1%。以GAAP準則計算，我們第四季的營業收入為8.48億美元。該季度GAAP淨利潤為6.18億美元，其中包括1.98億美元的所得稅費用。

Now on to our cash and liquidity position. Our Q4 ending cash and investment balance of $14.3 billion was down versus our Q3 ending balance of $15.4 billion, primarily driven by the $1.2 billion Getaroom acquisition, partially offset by positive free cash flow of about $178 million.

接下來談談我們的現金和流動性狀況。第四季末的現金和投資餘額為143億美元，低於第三季末的154億美元，主要原因是12億美元的Getaroom收購案，部分被約1.78億美元的自由現金流所抵銷。

Two housekeeping notes about Getaroom. The first is that it closed at the end of Q4 and was not meaningful to Q4 results. The second is that we did not include the incremental room nights from Getaroom in our commentary about January and February. These incremental room nights will be included when we release our Q1 actual results.

關於Getaroom，有兩點需要說明。第一，Getaroom已於第四季末關閉，因此對第四季業績沒有影響。第二，我們在1月和2月業績的分析中並未包含Getaroom帶來的新增客房夜數。這些新增客房夜數將在我們發布第一季實際業績時計入。

In early January, we started returning capital to shareholders under our remaining authorization and have to date purchased about $500 million. Assuming that travel recovery continues, we still expect to complete our remaining organization within the next 3 years.

1月初，我們開始在剩餘授權範圍內向股東返還資本，迄今已購入約5億美元。假設旅遊業持續復甦，我們仍預計在未來3年內完成剩餘的組織架構調整。

Now on to our thoughts for the first quarter. And to remind you, we'll make comparisons with 2019 unless otherwise indicated. January room nights declined about 22%, an improvement from the 35% decline in December as concerns around the Omicron variant ease. This improvement was driven primarily by a recovery in cross-border travel within the European region and domestic travel in Europe. We saw room nights trends improving throughout January and continuing into February. Our room nights in the first half of February were about in line with 2019 levels, and gross bookings were higher.

接下來我們來談談第一季的業績。需要提醒的是，除非另有說明，所有數據均與2019年同期進行比較。 1月客房夜數下降約22%，較12月份35%的降幅有所改善，這主要得益於人們對歐米克隆病毒變異體的擔憂有所緩解。這項改善主要得益於歐洲區域內跨境旅行和歐洲國內旅行的復甦。我們觀察到，整個1月客房夜數持續改善，並延續到了2月份。 2月上半月的客房夜數與2019年同期水準基本持平，而總預訂量則有所增長。

In the first half of February, we saw a meaningful improvement across all of our regions compared to January. The U.S. has strong room night growth versus 2019 in the first half of February, while Europe had about 10% growth. Rest of the world was up slightly, and Asia was down about 35%. Our mix of international room night recovered from about 23% in December to over 40% in the first half of February, which is the highest international mix we've seen since the start of COVID. As a reminder, our pre-COVID international mix was just over 50%.

2月上半月，我們所有地區的業績都較1月顯著改善。美國地區客房夜數較2019年同期強勁成長，歐洲地區成長約10%。世界其他地區略有成長，而亞洲地區則下降約35%。國際客房夜數佔比從12月的約23%回升至2月上半月的40%以上，這是自新冠疫情爆發以來最高的國際客房夜數佔比。作為參考，疫情前的國際客房夜數佔比略高於50%。

As I mentioned, the improvements we see in the first half of February are broad-based with large countries in Europe and international travel routes within Europe driving the largest impact. The new cross-border bookings we're seeing in Q1 in Europe on average have a longer length of stay and a shorter booking window than comparable bookings in 2019. As we've seen throughout the pandemic, when travel restrictions are lifted and traveler confidence increases, bookings improve quite quickly.

正如我之前提到的，2月上半月的改善是普遍性的，歐洲大國和歐洲內部的國際旅行航線受到的影響最大。我們觀察到，今年第一季歐洲新增的跨國預訂平均停留時間較長，預訂窗口期較短，與2019年同期相比有所改善。正如我們在整個疫情期間所看到的，一旦旅行限制解除，旅客信心增強，預訂量就會迅速回升。

Given the rapid changes during the first half of Q1, it's difficult to predict how room nights for the remainder of the quarter will develop. While it's encouraging to see the recent improvements, we are still in a potentially volatile environment with high COVID infection rates in some part of the world and geopolitical uncertainty that could impact our business, especially in Europe. So far in Q1, the overall booking window of Booking.com has contracted less versus 2019 than it did in Q4. We've seen recent strength in our summer booking trends, and our gross bookings for the summer are higher than they were at this time in 2019.

鑑於第一季上半季的快速變化，很難預測本季剩餘時間的客房夜數將如何發展。儘管近期的改善令人鼓舞，但我們仍處於潛在的動盪環境中，世界部分地區的 COVID 感染率居高不下，地緣政治的不確定性也可能對我們的業務產生影響，尤其是在歐洲。第一季至今，Booking.com 的整體預訂窗口與 2019 年同期相比的收縮幅度小於第四季。我們近期的夏季預訂趨勢表現強勁，夏季總預訂量高於 2019 年同期水準。

The summer booking trends are stronger in Western Europe, where gross bookings for the summer period are up double digits versus 2019, and gross bookings for the U.S. are also higher for the summer than they were at this time in 2019. Of course, a very high percentage of all bookings for summer are cancelable, so things could change rapidly.

西歐的夏季預訂趨勢更為強勁，夏季總預訂量較2019年同期成長兩位數；美國的夏季總預訂量也高於2019年同期水準。當然，夏季預訂中很大一部分都可以取消，因此情況可能瞬息萬變。

Turning to the income statements. We expect the change in gross bookings in Q1 versus 2019 to be several percentage points better than the change in room nights due to an increase in ADRs and very strong flight bookings. Constant currency ADRs in Q1 so far have increased versus 2019 at a similar rate to Q4. We expect Q1 revenue as a percentage of gross bookings to be about 1.5 percentage points lower than in Q1 2019 as the booking deceleration in Q4 negatively impacts revenue -- negatively impact on revenue, and the booking recovery in Q1 benefits revenue in future quarters. This 1.5 percentage points of difference in revenue as a percentage gross bookings could be higher if booking trends increased meaningfully from the first half of February, especially if a high percentage of these bookings offer stays in future quarters.

接下來分析損益表。我們預計，由於平均房價 (ADR) 上漲和強勁的航班預訂，第一季總預訂量與 2019 年同期相比將比客房夜數增幅高出幾個百分點。第一季迄今為止，以固定匯率計算的平均房價與 2019 年同期相比的漲幅與第四季相近。我們預計，由於第四季度預訂量放緩對收入產生負面影響，而第一季預訂量的復甦將有利於未來幾季的營收成長，因此第一季營收佔總預訂量的百分比將比 2019 年第一季低約 1.5 個百分點。如果從 2 月上半月開始預訂趨勢顯著增長，尤其是如果這些預訂中有相當一部分是未來幾個季度的入住，那麼收入佔總預訂量的百分比的這 1.5 個百分點的差異可能會更大。

We expect margin expenses in Q1 will trend about in line with gross bookings compared to Q1 2019. We expect sales and other expense in Q1 as a percentage of gross bookings to be about the same as it was in Q4. We expect our more fixed expenses in aggregate will be about 15% higher in Q1 than in Q4 on a dollar basis due to the impact of seasonal increase in benefit costs, the 2021 year-end personnel-related accrual finalizations and the impact of planned hiring as well as increases in IT expenses, including some deferral from Q4. In what I just explained and reminding you that Q1 is our seasonally lowest quarter, we expect adjusted EBITDA to be positive but down sequentially from Q4 significantly more than the sequential declines we saw pre-COVID primarily due to the impact of Omicron on Q1 revenues.

我們預計第一季的毛利支出將與總預訂量基本持平，與2019年第一季相比。我們預計第一季的銷售和其他支出佔總預訂量的百分比將與第四季大致相同。由於福利成本的季節性增長、2021年底人事相關應計項目的最終結算、計劃招聘以及IT支出（包括部分從第四季度遞延的支出）的影響，我們預計第一季的固定支出總額將比第四季度高出約15%。正如我剛才解釋的，並再次提醒各位，第一季度通常是我們業績最淡的季度，我們預計調整後的EBITDA將為正，但環比下降幅度將遠超新冠疫情前的環比降幅，這主要是由於Omicron對第一季度收入的影響。

As we think about the full year ahead, we're encouraged about the strong summer bookings we're seeing so far, and we're optimistic about the continued recovery of later travel. However, we do expect continued volatility in our top line trends driven by COVID. There are other uncertainties on the horizon, including the current geopolitical situation, which could impact travel. If we look at Russia and Ukraine combined as destination markets, they represent a very low single-digit percentage of our total gross bookings. All this makes it very difficult to predict how the top line will progress during the year and how the full year will turn out.

展望未來一年，我們對目前強勁的夏季預訂量感到鼓舞，並對下半年旅遊市場的持續復甦持樂觀態度。然而，我們預期受新冠疫情影響，營收趨勢仍將持續波動。此外，未來還存在其他不確定因素，例如當前的地緣政治局勢，這些都可能對旅遊業產生影響。如果將俄羅斯和烏克蘭這兩個目的地市場合併來看，它們在我們總預訂量中所佔的比例僅為個位數。所有這些因素都使得我們難以預測全年營收的成長以及最終的業績表現。

As we think about the recovery of travel in 2022 and the opportunity in front of us, we plan to invest in marketing, other incentives and improvements and expansion of our products to attract existing and new customers to our platforms and to drive additional loyalty in the future. This also requires investments in people and technology. We're excited about the opportunity to expand our business, and we believe we can strengthen our position in accommodations and build a much more complete travel solution for our customers and partners. We believe this is the right thing to do for higher longer-term returns from our business.

展望2022年旅遊業復甦以及擺在我們面前的機遇，我們計劃加大對行銷、其他激勵措施以及產品改進和拓展的投資，以吸引現有客戶和新客戶使用我們的平台，並在未來提升客戶忠誠度。這同樣需要對人才和技術進行投資。我們對拓展業務的機會感到興奮，並相信我們能夠鞏固在住宿領域的地位，為客戶和合作夥伴打造更完善的旅遊解決方案。我們相信，這樣做能為我們的業務帶來更高的長期回報。

With this in mind, there are a few factors to consider when thinking about shape of the P&L for the full year. These fall into 4 buckets: revenue, marketing, sales and other expenses and our more fixed operating expenses. Starting with revenue as a percentage of gross bookings, we expect this to be higher in 2022 than it was in 2021 but lower than in 2019. In 2021, our revenue as a percentage of gross bookings was about 130 basis points lower than 2019, mainly due to timing differences between the recovery of gross bookings and revenue. In 2022, we expect this timing to be less of an impact than it was in 2021.

有鑑於此，在考慮全年損益表結構時，需要考慮以下幾個因素。這些因素可分為四類：收入、行銷、銷售及其他費用以及較為固定的營運費用。首先來看收入佔總預訂量的百分比，我們預計2022年該百分比將高於2021年，但低於2019年。 2021年，我們的收入佔總預訂量的百分比比2019年低約130個基點，這主要是由於總預訂量和收入恢復的時間差異造成的。我們預計2022年，這種時間差異的影響將小於2021年。

Moving to marketing. There are a number of factors that come into play. We expect the environment to remain competitive, especially as the leisure travel market moves closer towards full recovery. We intend to remain disciplined in our performance marketing ROIs, and we'll continue to invest in developing the medium intent social media channels, and you'll see us active in branding in the U.S. and other major markets. Our goal continues to be to use our marketing strength to gain share in markets where we can with reasonable returns. We expect to run initiatives and programs during the year to attract both existing and new customers to our platforms.

接下來談談行銷。其中涉及諸多因素。我們預期市場競爭將持續激烈，尤其是在休閒旅遊市場逐步恢復之際。我們將嚴格把控效果行銷的投資報酬率，並繼續投資開發中等規模的社群媒體管道。您將會看到我們在美國和其他主要市場積極開展品牌推廣活動。我們的目標仍然是利用自身的行銷優勢，在能夠獲得合理回報的市場中擴大市場份額。我們計劃在年內開展一系列活動和項目，以吸引現有客戶和新客戶使用我們的平台。

It's difficult to know exactly how these factors will play out across the year, but we expect marketing as a percentage of gross bookings to be a little higher than it was in 2019 and also in 2021. Of course, an increasing direct mix helps our marketing efficiency, and we believe the investments we're making will result in a higher direct mix over time.

很難準確預測這些因素在全年的具體影響，但我們預期行銷費用佔總預訂額的比例將略高於2019年和2021年。當然，不斷提高的直接行銷比例有助於提升我們的行銷效率，我們相信，我們正在進行的投資最終將帶來更高的直接行銷比例。

Turning to sales and now expenses. We expect these to be up 50 basis points higher than in 2021 as a percentage of gross bookings. This is mainly from additional payment processing costs but also impacted by anticipated higher third-party customer service expenses. The additional expenses related to payments are offset by a higher payment-related revenue.

接下來是銷售額和支出。我們預計這些支出佔總預訂金額的比例將比 2021 年高出 50 個基點。這主要是由於支付處理成本增加，但也受到預期第三方客戶服務費用上漲的影響。不過，與支付相關的額外支出將被更高的支付相關收入所抵銷。

The last area is our more fixed operating expenses, which include personnel, G&A and IT. We expect our personnel expenses to be impacted by higher-than-average annual wage increases, especially in the product and technology areas; and by planned headcount increasing in key areas, including product and technology and bond-related functions. We expect personnel expenses to be about 10% higher than in 2021. We expect that G&A and IT will both grow faster than personnel driven by a number of factors, including digital services taxes, returning to a hybrid work environment and the investments to enhance our customer and partner-facing and internal systems.

最後一個面向是我們較固定的營運支出，包括人員、一般及行政費用及資訊科技費用。我們預計，由於年度薪資漲幅高於平均水平，尤其是在產品和技術領域，以及計劃在關鍵領域（包括產品、技術和債券相關職能部門）增加員工人數，人員支出將受到影響。我們預計人員支出將比2021年成長約10%。我們預計，受多種因素影響，一般及行政費用和資訊科技費用的成長速度將超過人員支出，這些因素包括數位服務稅、恢復混合辦公模式以及為提升面向客戶和合作夥伴的系統以及內部系統而進行的投資。

The comments we made for 2022 do not include the anticipated reduction to personnel expense and increases to sale and other expense from the enhanced strategic partnership with Majorelle that Glenn spoke about. We do not anticipate much of an impact on adjusted EBITDA in 2022 from this initiative, and we'll update you again in May. Also, we expect our acquisition of Getaroom to have a small positive impact on our P&L in 2022. As Glenn noted, we expect that the Etraveli acquisition will close later this year, which will result in a minor impact to the P&L in 2022.

我們先前對2022年的預測並未包含格倫提到的與Majorelle加強策略合作後預計的人員費用減少以及銷售和其他費用增加。我們預期這項措施對2022年調整後EBITDA的影響不大，並將於5月再次向您報告最新情況。此外，我們預期Getaroom的收購將在2022年對損益表產生輕微的正面影響。正如格倫所指出的，我們預計對Etraveli的收購將於今年稍後完成，這將對2022年的損益表產生較小的影響。

So when thinking about the shape of the P&L in 2022, these factors mean that revenue recovery will lag the gross bookings recovery, and EBITDA recovery will lag revenue recovery. Some of the lag in EBITDA versus revenue is timing, i.e. the marketing we spend on bookings we expect to recover ahead of revenue. On top of this, we plan to make investments in customer acquisition and in expanding our product offerings we mentioned earlier. Taken together, we expect our EBITDA margins in 2022 to be a few points higher than we were in 2021.

因此，在展望2022年的損益表時，這些因素意味著收入復甦將落後於總預訂量的復甦，而EBITDA的復甦也將落後於收入復甦。 EBITDA與收入之間的滯後部分源於時間因素，例如，我們用於提升預訂量的行銷支出預計會先於收入復甦。此外，我們也計劃投資於客戶獲取和拓展產品線，如前文所述。綜上所述，我們預計2022年的EBITDA利潤率將比2021年略高。

Looking beyond 2022, we continue to remain focused on investing to build a larger and faster-growing business with more products than we had pre-COVID that delivers more EBITDA dollars and more earnings per share with industry-leading EBITDA margins.

展望 2022 年後，我們將繼續專注於投資，打造一個規模更大、成長更快、產品種類比新冠疫情前更多的業務，從而帶來更多的 EBITDA 金額和更高的每股收益，並實現行業領先的 EBITDA 利潤率。

In closing, we're confident in our ability to capture demand as the global travel market recovers and to execute against our strategic priorities.

最後，我們有信心在全球旅遊市場復甦之際抓住市場需求，並實現我們的策略目標。

With that, we'll take your questions. And Chris, I'll turn the call over to you for Q&A.

那麼，接下來我們將回答大家的問題。克里斯，現在我把電話交給你回答問題。

(Operator Instructions) Your first question comes from the line of Justin Post of Bank of America.

（操作員說明）您的第一個問題來自美國銀行的賈斯汀·波斯特。

Great to see your bookings back to '19 levels. I know there's a lot of thought about what Booking looks like post-travel recovery. So I'm wondering if we could revisit some of the things you're thinking about, what the business could look like as far as booking levels and margins when we get back to normal. And I know you've made a couple of acquisitions. I'm sure you're excited about those. And obviously, your connected vision trip seems to be in the right direction. So maybe we could revisit how you're thinking about the absolute number -- the absolute value of bookings and also what the absolute level of EBITDA could look like once we get to a full recovery.

很高興看到您的預訂量恢復到 2019 年的水平。我知道大家都在認真思考 Booking 在旅遊業復甦後的發展方向。所以我想問大家，我們能否重新探討您正在考慮的一些問題，例如當一切恢復正常後，預訂量和利潤率會是什麼樣子。我知道您最近進行了一些收購，相信您對此感到非常興奮。而且，您提出的互聯願景似乎也朝著正確的方向發展。所以，或許我們可以重新探討一下您對絕對數字的看法——預訂量的絕對價值，以及在全面復甦後 EBITDA 的絕對水平會是什麼樣子。

Thank you, Justin. Why don't I let David handle the margin. Though he did -- he just say it in his prepared remarks, but I'll let him say it again.

謝謝你，賈斯汀。不如讓大衛來處理邊際效益的問題。雖然他之前已經說過──他在準備好的演講稿裡已經提過了，但我還是讓他再說一次。

Justin, let me give you a little bit more color. And I appreciate the question. So we are focused upon, as I said, growing a business that is larger than it was in 2019. It's more diverse in terms of products offerings. It's growing faster than it was in 2019. It has more absolute EBITDA dollars and EPS dollars. That's our focus.

賈斯汀，讓我再詳細解釋一下。感謝你的提問。正如我剛才所說，我們專注於發展一項比2019年規模更大、產品種類更豐富、成長速度更快、EBITDA和EPS絕對值更高的業務。這就是我們的重點。

We've given you obviously some color where things go in 2022. We expect that we can expand our volume beyond 2022. And we expect that once we are kind of to normal in that final state, we'll have industry-leading EBITDA margins. But beyond that, we don't want to get too specific about exactly what they're going to be other than our goal is to give more EBITDA dollars, more EPS dollars that are growing faster than they were pre-COVID.

我們已經大致介紹了2022年的發展趨勢。我們預計2022年以後銷量還能持續成長。我們預計，一旦業務恢復正常，我們的EBITDA利潤率將達到行業領先水準。但除此之外，我們不想透露具體的數字，我們的目標是創造更高的EBITDA和每股收益，並且成長速度要超過疫情前的水平。

Great. And then the 2 acquisitions you made, one you've closed and one is still open. How are you thinking about those? Are those areas that are really going to help you save costs? Or do you think those are actually booking drivers?

太好了。還有你們的兩項收購，一項已經完成，另一項還在洽談中。你們是怎麼看待這兩項收購的？這些領域真的能幫你們節省成本嗎？還是說你們覺得它們其實只是在增加司機預訂量？

Well, they're really 2 different acquisitions, Justin. Why don't I take them separately. So the Getaroom one, as I just described in my prepared remarks, is very much adding to what we already have at Priceline in a B2B business that helps bring in customers that we wouldn't have gotten through our other marketing programs, whether it be pay-for-performance or brand. These customers are coming from affiliates. And there are contracts that Getaroom had and different technologies they have that by bringing them in is going to get us additional business that we wouldn't have gotten otherwise.

嗯，賈斯汀，這實際上是兩項不同的收購案。不如我分開來說。正如我剛才在準備好的發言稿中提到的，Getaroom 的收購極大地增強了 Priceline 在 B2B 業務方面的現有實力，幫助我們獲得那些我們透過其他行銷項目（無論是按效果付費還是品牌推廣）都無法獲得的客戶。這些客戶主要來自我們的合作夥伴。 Getaroom 擁有一些合約和不同的技術，他們的加入將為我們帶來額外的業務，而這些業務原本是我們無法獲得的。

On Etraveli, that was a different situation where, as I pointed out many times, how important it is for us to have this connected trip vision fulfilled. And one of the critical parts of it is our flight business. And we absolutely are very pleased to see not only the growth in our number of flight bookings, but also the fact the number of new customers getting -- coming and the number who are then buying an accommodation.

在Etraveli，情況則有所不同。正如我多次強調的，實現互聯旅行願景對我們至關重要。而其中關鍵的一環就是我們的航班業務。我們非常高興地看到，不僅航班預訂量有所增長，新客戶數量也在增加，而且最終預訂住宿的客戶數量也在增長。

Now Etraveli has been powering the Booking.com product for 2 years. Great technology. They do a lot of things that could we recreate on our own? Probably, but would take a long time, would require us to use resources that we want to use elsewhere. So by acquiring Etraveli, we're going to bring that technology in-house and be able to do things that we couldn't do when we were just a commercial partner. So I'm looking very forward to having that close, and hopefully, as we said, in the future, and then really began to develop a great, great combination.

Etraveli 已經為 Booking.com 的產品提供技術支援兩年了。他們的技術非常出色。他們做的很多事情我們自己也能做到嗎？也許可以，但這會耗費很長時間，而且會佔用我們原本想用在其他地方的資源。所以，透過收購 Etraveli，我們將把這項技術納入公司內部，以便能夠做一些我們作為商業夥伴時無法做到的事情。我非常期待收購的完成，希望正如我們所說，未來能夠真正打造一個強大的組合。

Your next question is from the line of Lloyd Walmsley of UBS.

你的下一個問題來自瑞銀集團的勞埃德‧沃姆斯利。

Two, if I can. First, can you give us just an update around how you're thinking about timing for adding some of the value-added features to the payments that could drive positive contribution to the P&L? And is it safe to say that even if you pass some of that cost, some of that margin along to consumers, it would likely drive faster growth, and therefore, revenue, even if it wasn't directly revenue margin-accretive? And then the second question would be, can you maybe give us some color around the benefits of connected trip beyond incremental revenue from adding new products? So what do you see with repeat rates or direct rates among users who adopt multiple products? Anything you could share there would be great.

第二個問題，如果可以的話。首先，您能否簡單介紹一下您目前對在支付系統中添加一些增值功能（這些功能可能會對損益表產生正面影響）的時機安排有何想法？即使將部分成本或利潤轉嫁給消費者，是否可以說，即使這些功能並非直接增加收入利潤，也可能促進更快的成長，從而提高收入？第二個問題是，除了增加新產品帶來的增量收入之外，您能否詳細說明一下互聯旅行的其他好處？例如，您認為使用多種產品的使用者的複購率或直接購買率如何？如果您能分享一些相關信息，那就太好了。

Sure, Lloyd. Two separate questions. Let me talk a little bit about the payments product and what we're developing and how it's going, and I'll let David add a little more to it. I'm sure he want to add some more specifics. Clearly, we've talked about this in the past that one of the critical things is enabling a customer to be able to pay in the way they want to pay and enabling the supplier to get paid in the way they want to get paid. So right away, getting that out in the market enables us to have more business.

當然，勞埃德。這是兩個不同的問題。我先簡單談談支付產品，以及我們正在開發的產品和進度，然後讓大衛補充一些細節。我相信他也會想補充一些細節。顯然，我們之前討論過，關鍵在於讓客戶能夠以他們想要的方式付款，也讓供應商能夠以他們想要的方式收款。所以，盡快將這項產品推向市場，就能幫助我們拓展業務。

Then you go beyond that and you see do it cheaper for our suppliers, do it in a way that is cheaper than they're doing it right now the way they're doing their payments, the way they're getting it through our old agency model Booking.com, and finding a way that we can do that in a way that not only improves their business because they'll not to pay as much, but obviously, we'll make a little out of that, too.

然後，你更進一步，你會發現，我們可以為供應商降低成本，以比他們目前透過我們舊的代理模式 Booking.com 收款的方式更低的成本來完成這項工作，找到一種方法，不僅可以改善他們的業務，因為他們不用支付那麼多費用，而且顯然，我們也能從中賺取一些利潤。

But then it goes much more beyond, and that is the connected trip. The connected trip doesn't work if you don't have payments because we need to put it all together in one payment that we can then handle on our own. And particularly, if there's anything that goes wrong, we don't have to undo it, too. That's really going to be helpful to us.

但它的意義遠不止於此，它還包含互聯旅行功能。如果沒有支付功能，互聯旅行就無法運作，因為我們需要將所有費用整合到一個付款中，以便我們可以自行處理。尤其重要的是，如果出現任何問題，我們也不必撤銷。這對我們來說真的很有幫助。

And then it's not just payments, but it's our fintech unit, which is the payments people, but doing more things. It's coming in and helping out in flexible-type products. People want a flexible product. They can cancel. Thus, creating that on our own is something we'll be doing more so in the future. There are a number of different things we can do that will absolutely increase both the ease of use, the convenience and enable us to make more money out of it.

而且，這不僅關乎支付，我們的金融科技部門（也就是負責支付的部門）正在拓展業務範圍。他們正在參與開發靈活型產品。人們需要靈活的產品，可以隨時取消。因此，未來我們將更自主地開發這類產品。我們可以採取多種措施，大幅提升產品的易用性和便利性，並從中獲得更多效益。

And I'll pause there and let David, if he wants to add anything more to that.

我就先停在這裡，讓大衛補充一些內容。

No, I think, Glenn, you did a great summary of the interconnectivity between those 2 and the new areas. A lot on timing. Nothing major in terms of market impact in 2022. We're still in building mode for some of those value-added products that you mentioned. And market entry where you might see any impact will be more into the 2023-2024 time frame.

不，格倫，我覺得你對這兩者以及新領域之間的相互聯繫做了很好的總結。時間安排方面談了很多。 2022年不會對市場產生重大影響。我們仍在開發你所提到的那些加值產品。而真正可能產生影響的市場進入階段，要等到2023-2024年。

Then to the second thing, Lloyd, in terms of the connected trip, step one is build out the verticals. We didn't have flights a couple of years ago on Booking.com at all. And as you can tell by the numbers I put out, we still don't have 100% coverage for all the areas that we do accommodations. Have to build that out.

其次，Lloyd，就聯程旅行而言，第一步是拓展垂直領域。幾年前，Booking.com 上根本沒有航班服務。正如我提供的數據所示，我們目前在住宿方面還沒有實現 100% 的覆蓋範圍。這方面還需要進一步拓展。

Also just some of the technologies at Etraveli, we have a lot of things we can do to just improve that product. I talked a little bit about the attractions product where we had only 10% coverage last year. Now we made a lot of good progress to 50%. We had to put that all 3out. And then there are other areas, ground transportation, other parts of the trip. So we're building out all the verticals first to make sure we have the supply, make sure it works well, et cetera.

此外，Etraveli 的一些技術也值得關注，我們可以做很多事情來改進產品。我之前簡單提到過景點產品，去年我們的覆蓋率只有 10%。現在我們取得了很大的進展，達到了 50%。我們不得不把這三個面向都完善起來。除此之外，還有其他領域，例如地面交通和旅行的其他環節。所以我們首先要建立所有垂直領域，以確保供應充足、運作良好等等。

At the same time, we are beginning, as I pointed out, about the people who get flights and then buying accommodatin, we are doing some of that cross-selling and bringing that out. We'll do more and more. The goal, of course, is to make it so that it is so seamless, so frictionless that people, when they're using Booking.com for any kind of travel they're doing, they're finding easier and offering more value. And that value comes from suppliers being willing to chime in to our platform and be able to offer different things that we can then very, very scientifically target at different customers in a way that gets an incremental customer to that supplier. The customer is happy, the supplier is happy, and we, of course, make money. That will develop the loyalty, that will develop the direct business, and that's where we're going for. And it's the same way in other parts of e-commerce where people don't shop around, they don't look around. They go to one player because they know that's the place where they're going to get the most value, easiest to do, et cetera. And that's what we're going for. It's going to take some time, but I love the progress that we're making.

同時，正如我之前提到的，我們正在著手處理那些預訂機票後又預訂住宿的用戶，進行一些交叉銷售，並將這些服務推廣出去。我們會不斷加大力度。當然，我們的目標是讓整個流程盡可能無縫銜接，讓用戶在使用Booking.com預訂任何類型的旅行時都能更輕鬆、更划算。而這種價值來自於供應商願意加入我們的平台，提供各種各樣的產品和服務。我們可以非常精準地將這些產品和服務推送給不同的客戶群，從而為供應商帶來更多客戶。客戶滿意，供應商也滿意，當然也能獲利。這將有助於培養客戶忠誠度，促進直接業務成長，而這正是我們努力的方向。在其他電商領域，人們不再貨比三家，也不再四處比較，情況也是如此。他們之所以選擇某個球員，是因為他們知道在那裡能獲得最大的價值，操作也最方便等等。而這正是我們努力的方向。這需要一些時間，但我對我們的進展感到非常滿意。

And Glenn, I'd just add to that as well that when we kind of look at our customer base, and not too surprisingly, our top customers, the ones who kind of spend the most with us, users most often are more likely to use multiple things, more likely to use the app and are much more likely to interest directly. So that's the model that we're trying to build upon to build the loyalty that Glenn mentioned. And we do have good evidence that, that is a trend that we can build on. And the more we build value, complete travel offering, frequency, direct linkage via the app, the more loyal those customers become.

格倫，我還要補充一點，當我們審視我們的客戶群時，不出所料，我們的頂級客戶，也就是那些消費最多的客戶，往往更傾向於使用多種服務，更傾向於使用我們的應用程序，也更有可能直接購買我們的產品。所以，我們正努力建立基於這種模式的客戶忠誠度，就像格倫提到的那樣。我們有充分的證據表明，這是一個值得我們繼續發展的趨勢。我們越是創造價值，提供更全面的旅遊服務，提高客戶購買頻率，並透過應用程式建立更直接的聯繫，客戶的忠誠度就越高。

Your next question is from the line of Kevin Kopelman of Cowen & Company.

你的下一個問題來自 Cowen & Company 的 Kevin Kopelman。

I had a follow-up on the latest recovery trends. Based on all the data that you have, do you have a sense of to what extent the strong booking numbers you saw in the first half of February reflect sustainable levels that you could see going forward in the coming months as opposed to kind of a short-term catch-up after the Omicron pressure that you saw in December and the start of the year?

我跟進了最新的復甦趨勢。根據您掌握的所有數據，您是否認為2月上半月強勁的預訂量在多大程度上反映了未來幾個月可持續的水平，而不是像12月和年初Omicron壓力過後出現的短期追趕？

And as a follow-up to that, to what extent are travel restrictions that are still in place in many European countries still hurting booking activity based on the data that you've got?

其次，根據您掌握的數據，目前許多歐洲國家仍實施的旅行限制在多大程度上影響了預訂活動？

Kevin, so I think it's very difficult for anybody to have a perfect crystal ball into exactly what is driving the good numbers that David talked about for the first half of February. However, I think we can all feel fairly certain that there's a tremendous amount of pent-up demand for travel. For several years, people have not been able to travel the way they wanted to travel. Savings are up so people have cash. And I hear it anecdotally. I hear it when I talk to CEOs in the industry, what they're seeing, what they're hearing. I think everybody feels that people want to travel. And I don't think I would just see this as just a little bit of an Omicron rebound is what we're seeing. I think what we're seeing is people being able to travel, restrictions are going down, people are feeling safer. There are some new things coming out that will reduce the frictions further in Europe. There's an announcement by the EU counsel about wanting to -- suggest getting rid of some of the restrictions. Those things all help people feel better about travel. And of course, though, there are parts of the world that are still having problems. And eventually, those are going to go down, too. So I feel good about the demand. I feel good about the future of travel.

凱文，我認為任何人想要準確預測大衛提到的二月上半月那些亮眼數據背後的驅動因素都非常困難。然而，我認為我們都可以相當肯定的是，人們對旅行的需求被壓抑了很久。好幾年以來，人們都無法按照自己想要的方式旅行。現在人們的儲蓄增加了，所以手邊寬裕。我從一些非正式管道了解到這一點，也從與業內CEO的交流中了解到他們所看到的、所聽到的。我認為每個人都能感受到人們渴望旅行。而且，我認為這不僅僅是Omicron指數的輕微反彈。我認為我們看到的是人們能夠旅行，限制措施正在減少，人們感到更安全。一些新的措施即將出台，這將進一步減少歐洲的摩擦。歐盟委員會宣布希望—建議取消一些限制。所有這些都有助於增強人們對旅行的信心。當然，世界上仍然有一些地區面臨問題。但最終，這些問題也會得到解決。所以我對市場需求感到樂觀，對旅遊業的未來充滿信心。

That being said, and David made -- mentioned it several times, there are a lot of uncertainty still about how linear this is going to be. And I think we have to all look back at the past. Many times, we thought things were out of the woods, and then we weren't out of the woods. And of course, David also mentioned and I mentioned there are some macro events happening in different parts of the world that can also impact travel. So I think we all have to be cautious but optimistic.

話雖如此，正如大衛多次提到的，目前疫情發展究竟會如何，仍有許多不確定性。我認為我們都應該回顧過去。很多時候，我們以為情況已經好轉，但最終卻發現並非如此。當然，大衛也提到過，我也提到過，世界各地正在發生的一些宏觀事件也會對旅行產生影響。所以我認為我們都應該保持謹慎，但同時也要保持樂觀。

Here's the thing I absolutely do know, though, the long run. I know in the long run, we're going to do well in travel. People are going to come back. You can't stop that demand in the human being that wants to travel. How fast? We can't be certain, but I am confident in our future.

不過，有一點我非常確定，就是長遠來看。我知道從長遠來看，旅遊業一定會蓬勃發展。人們終將回歸。你無法阻止人類對旅行的渴望。至於回歸的速度，我們無法確定，但我對未來充滿信心。

Could you comment on the travel restriction piece in Europe? To what extent are you still seeing restrictions in Europe still limiting some of the activity? Or is that pretty much up already?

您能否就歐洲的旅行限制發表一下看法？您認為歐洲目前在多大程度上仍有限制，從而影響到一些活動？還是說這些限制已經基本解除？

No. It's not completely done. The different countries -- you had different counties, and I look at the list all the time. Some places are letting them up completely. U.K., you're probably aware; other places, still some. And the question is, do you need to take a test before you show up or not? If you're vaccinated, but you're not vaccinated with an EU-approved vaccination here with the WHO vaccination approval, what's the difference there? All these things.

不，還沒完全結束。各國的情況都不一樣——包括不同的郡縣，我一直在關註名單。有些地方已經完全取消了。英國的情況你可能已經知道了；其他一些地方，還有一些地方仍然保留著。問題是，入境前是否需要進行檢測？如果你有接種過疫苗，但接種的不是歐盟批准的、世衛組織批准的疫苗，那有什麼不同？諸如此類的問題。

But I think a lot of this stuff is going to be going away. And I hope, I hope in other parts of the world also, that these restrictions around the world can go down as quickly as possible. Australia, for example, is letting tourists back in, and you maybe you saw some of those happy, happy photographs. Look, the fact is that I do not believe, and I've seen a lot of data on this, that the restrictions on travel, and this comes from the WHO and other authoritative sources, that travel restrictions do not have a significant impact on reducing the amount of infections in countries. And therefore, given the social costs, financial costs, et cetera, a lot of these restrictions should be lifted.

但我認為很多這樣的限制措施終將消失。我希望，也希望世界其他地區也能盡快解除這些限制。例如，澳洲已經允許遊客入境，你可能也看到了一些遊客歡欣雀躍的照片。事實上，我並不相信，而且我也看過很多相關數據，這些數據來自世界衛生組織和其他權威機構，顯示旅行限制對降低各國的感染人數沒有顯著作用。因此，考慮到這些限制措施帶來的社會成本、經濟成本等等，許多限制措施都應該解除。

Your next question comes from Doug Anmuth of JPMorgan.

下一個問題來自摩根大通的道格·安穆斯。

One for Glenn and one for David. Glenn, was just hoping you could talk about the elevated brand strategy in the U.S. and just how the approach differs here versus in previous years. And then also, any comments just framing the broader marketing landscape as you go into stronger recovery. And then, David, unless I missed it, I was just curious on any financial implications from expanding the customer service partnership with Majorelle.

一個問題問格倫，一個問題問大衛。格倫，我希望你能談談美國市場升級後的品牌策略，以及今年的策略與往年有何不同。另外，隨著經濟復甦勢頭強勁，你對更廣泛的行銷格局有什麼看法？大衛，如果我沒記錯的話，我很好奇擴大與Majorelle的客戶服務合作會帶來哪些財務影響。

So Doug, I heard the second part a little bit about the brand marketing, but I didn't hear the first part. Let me answer the brand and our general marketing approach in the U.S. going forward, and then maybe give me -- say again the beginning part there.

道格，關於品牌行銷的第二部分我聽得有點明白了，但是第一部分我沒聽清楚。讓我先回答一下關於品牌以及我們未來在美國的整體行銷策略，然後再——再說一次開頭那部分。

Clearly, you saw that we didn't do a lot of brand marketing at the worst of the pandemic. And obviously, there's no reason to spend that money. And now with the recovery coming, we're coming back. And I'm very pleased with what we saw with our Superbowl add. It's very, very early, but I'm pleased with the numbers and what I've seen so far. And so we are stepping back into a more normal marketing approach as we did in 2019.

顯然，在疫情最嚴重的時候，我們並沒有投入太多資金進行品牌行銷。很顯然，當時也沒有理由在這方面花錢。現在隨著疫情逐漸好轉，我們正在回歸。我對超級盃廣告的效果非常滿意。雖然現在下結論還為時過早，但我對目前的數據和所見所聞都感到滿意。因此，我們正逐步恢復到2019年那種較為正常的行銷模式。

That being said, we're always going to do what we've already done, which is look where do we think we're going to get the best return for our marketing dollars. And we continue to evaluate what's going to give us the greatest return. But one thing that we have been changing over time, and that is not looking just for the immediate transaction, seeing what are we doing in terms of building out the long term, the loyalty, the repeat business, the coming back direct, and being able to measure where that person came from and what they do after that. So we're a little more scientific in it than perhaps we were in the past in the long run, but I'm pleased with that because I think that's what we need to do to really build the franchise and increase the value of the company.

話雖如此，我們仍會堅持過去的做法，那就是尋找能夠最大限度提高行銷投入回報率的管道。我們會持續評估哪些管道能帶來最大回報。但有一點我們一直在改變，那就是我們不再只關注短期交易，而是著眼於長期發展，培養客戶忠誠度、提高復購率和回頭客率，並追蹤客戶的來源和後續行為。因此，從長遠來看，我們現在的做法比以往更加科學嚴謹，我對此感到欣慰，因為我認為這正是我們真正發展品牌、提升公司價值所需要的。

The first part -- what's the first part, Doug, you asked about?

第一部分──道格，你問的第一部分是什麼？

I think you hit the brand strategy pretty well. The second part I wanted to ask about the customer service partnership expansion and just financial implication.

我認為你對品牌策略的把握相當不錯。第二部分我想問的是客戶服務夥伴關係拓展以及相關的財務影響。

Yes, sure, Doug. So let me take that. So first of all, let's put this into context. We -- this is to do with Booking.com. So at Booking.com, we've been working with external service providers for a long period of time. And you may or may not know that when we get to our peak periods, the majority of our customer contacts' actually handled by our XL partners. So for example, typically, last summer, we had about 75% of the CS contacts were handled by XL partners. So this is not something new. It's just something we have a little bit more accelerated.

好的，Doug。那我來說說。首先，我們先來了解一下背景。這跟Booking.com有關。 Booking.com一直以來都與外部服務供應商合作。您可能知道也可能不知道，在業務高峰期，我們的大部分客戶諮詢實際上都是由我們的外部服務提供者處理的。例如，去年夏天，大約75%的客戶服務諮詢都是由外部服務提供者處理的。所以這並不是什麼新鮮事，只是我們加快了這一進程。

Financial impacts, do not expect much in 2022. We're still working through, as Glenn said, through approvals and the close process, then there will be a transition period. Going forward, 2023 and 2024, this is more about potentially having the ability to have -- let the cost increase than in the past, but the cost driver is not really the driver for doing this. It's really about ability. We have incredible variability in our workload from peak periods to low periods. And to run an in-house CS team is quite inefficient and also isn't the best employee experience for our workers because -- so they are experiencing peaks and troughs, and the Korea development is also restricted because it's a very in-house group. So the bigger factor is really our flexibility. Can we get a bigger pool of opportunity for our employees, and then with that comes some cost -- potential cost benefits in the form of lower increases as we ramp up the volumes.

財務方面，預計2022年不會有太大影響。正如格倫所說，我們仍在推進審批和最終流程，之後會有一個過渡期。展望2023年和2024年，重點在於我們是否有能力──允許成本比以往增加，但成本並非我們此舉的真正驅動因素。關鍵在於能力。我們的工作量波動極大，高峰期和低谷期不等。營運內部客戶服務團隊效率低下，對員工來說體驗也不好，因為他們會經歷工作量的起伏。此外，由於韓國業務是內部團隊，其發展也受到限制。因此，更重要的因素是我們的靈活性。我們能否為員工提供更多機會？隨之而來的是一些潛在的成本效益，例如隨著業務量的增加，成本漲幅會降低。

And I would just add one other thing is we still believe absolutely the importance of great customer service. This has nothing to do with changing that. We're still going to be doing the technology that goes into the customer service process, our policies, all those things we're doing that.

我還要補充一點，我們仍然堅信優質客戶服務的重要性。這一點不會改變。我們仍會繼續推進客戶服務流程所需的技術、政策以及其他所有相關工作。

Also, it's looking to the future, but we hope to build a very big company. The idea of then having to build a very big internal customer service operation is just not the best use of our resources, our managerial capabilities. This is something that is better done by people who are experts in that and can really do it better than we can do it, but we can still provide all the great things in the actual customer service to the customer. It's definitely a win-win.

此外，我們著眼於未來，希望打造一家規模龐大的公司。但到那時，再去建構一個龐大的內部客戶服務體系，顯然不是對我們資源和管理能力的最佳運用。這項工作更適合由專業人士來完成，他們肯定比我們做得更好，但我們仍然可以為客戶提供優質的客戶服務。這絕對是雙贏之舉。

Our next question from Mark Mahaney of Evercore.

接下來，讓我們來聽聽 Evercore 公司的 Mark Mahaney 提出的問題。

Two questions, please. That 9% constant currency ADR growth, I think that's the highest I've ever heard you talk about. And I guess that's -- and if I'm right, maybe that's not surprising given what's happened to overall inflation rates being at decade-highs. So when you think about this year, what are you assuming in terms of the sustainability of that? Maybe I'm even asking whether inflation is temporary or permanent. So just your thoughts on what do you expect to happen with ADR. Like when you -- when you're running your business, what are your assumptions?

請容許我問兩個問題。您提到的9%的固定匯率ADR成長率，我想這是我聽過您說過的最高成長率。而且，考慮到整體通膨率已達到十年來的最高水平，如果我沒理解錯的話，這或許並不令人意外。那麼，您展望今年時，對這種成長的可持續性有何預期？或許我也可以問，通膨是暫時的還是永久性的？所以，請您談談對ADR未來走勢的預期。例如，在您經營業務時，您的預期是什麼？

And then the second thing I want to ask is, David, when you talk about the ability of Booking to grow post the recovery, to grow faster than it did in 2019. If that were to actually happen, what would be the biggest drivers of that? Like what would be the greatest things it would cause on the top line, the business to grow faster post-COVID than it did pre-COVID?

其次，我想問的是，David，你提到Booking在疫情後有能力成長，而且成長速度會超過2019年。如果這種情況真的發生，最大的驅動因素是什麼？例如，疫情後業務成長速度超過疫情前，會對營收產生哪些最大的正面影響？

Sure, Mark. Let me take both of those. So yes, the 9% constant currency ADR growth was actually adjusted for basically geo mix, right, so same country. And that is a strong number. We experienced 9% ADR growth last year, again, versus 2019. So it's quite possible ADR is going to be at or higher than they were in 2021.

當然，馬克。讓我來回答這兩個問題。是的，9%的固定匯率平均每日房價成長率實際上已經根據地理組成進行了調整，對吧，也就是針對同一國家/地區。這是一個非常強勁的數字。去年我們同樣實現了9%的平均每日房價成長，與2019年相比。因此，2021年的平均每日房價很有可能達到或超過目前的水準。

I mentioned what the factors were. I mentioned the fact it was higher than our expectations. We do think that the rates would start to tail off a little bit when we got into the -- got to the high season where obviously, there was more supply relative to demand, but the rates continue to hold up. And as I mentioned, flexible rates are still at a premium. But just underneath that, there was basically just higher prices, particularly in the left-oriented, high-demand areas remain strong. So we think that ADR is likely to be as high in '22 as we were in '21 compared to 2019.

我之前提到過影響房價的因素。我也提到房價高於我們的預期。我們認為，隨著旺季的到來，供過於求，房價會略有回落，但目前仍保持堅挺。正如我之前提到的，靈活房價仍然很高。除此之外，房價整體偏高，尤其是左傾、高需求地區，房價依然強勁。因此，我們認為2022年的平均房價（ADR）可能會像2021年一樣高，與2019年相比。

And then in terms of faster growth, I mean there are a number of factors there. We do believe that it can take together. We believe that there's further growth for us in the accommodation business, both on a geographic point of view, expanding our offering into alternative accommodations and adding on to that all the benefits from the connected trip, what we can do on top of that because of payments because of the fact we offer a more complete offering, thinking about more targeted ways to customize a complete solution for our customers, our pricing, payments, customer service. We think that we are solving today a relatively small part of the total travel equation, and the potential for us to solve more of that is what's going to drive more growth, basically create a better product, a better service, have customers coming to us more frequently, increasing loyalty. They all work together to provide what we think is a great growth opportunity for us.

至於更快的成長，我認為其中涉及許多因素。我們相信這些因素可以共同作用。我們相信，住宿業務還有進一步成長的空間，這體現在兩個方面：一是地域擴張，將我們的產品擴展到其他類型的住宿；二是整合互聯旅行帶來的所有優勢；三是支付方式的改進，因為我們提供更全面的服務，並思考如何更有針對性地為客戶定製完整的解決方案，包括定價、支付和客戶服務。我們認為，目前我們只解決了旅行中相對較小的部分問題，而解決更多問題的潛力才是推動成長的關鍵，這最終將帶來更好的產品、更好的服務，從而提高客戶的回頭率和忠誠度。所有這些因素共同作用，為我們提供了巨大的成長機會。

At this time, I would now like to turn the conference back to Glenn Fogel for his concluding remarks. You may proceed.

現在，我謹將會議交還給格倫·福格爾，請他作總結發言。各位可以開始了。

Thank you. We are very pleased with 2021. It was a volatile and difficult year, but it showed progress. And as always, I want to thank our partners, our customers, our dedicated employees and our shareholders. We appreciate your support as we continue to build on the long-term vision for our company. Thank you and good night.

謝謝大家。我們對2021年的成績非常滿意。雖然這一年充滿挑戰和動盪，但我們取得了進步。一如既往，我要感謝我們的合作夥伴、客戶、敬業的員工和股東。感謝大家的支持，我們將繼續朝著公司的長遠願景邁進。謝謝大家，晚安。

Thank you. And that concludes today's conference. Thank you, everyone, for participating. You may now all disconnect.

謝謝大家。今天的會議到此結束。感謝各位的參與。現在大家可以斷開連線了。