(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.

歡迎來到 Booking Holdings 2021 年第四季度電話會議。 Booking Holdings 想提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。這些前瞻性陳述不能保證未來的表現，並且受制於某些難以預測的風險、不確定性和假設。因此，實際結果可能與任何此類前瞻性陳述中明示、暗示或預測的結果存在重大差異。

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.

未來目標或期望的表達以及反映歷史事實以外的類似表達旨在識別前瞻性陳述。有關可能導致 Booking Holdings 的實際結果與前瞻性聲明中描述的結果存在重大差異的因素列表，請參閱 Booking Holdings 收益新聞稿末尾的安全港聲明以及 Booking Holdings 最最近向美國證券交易委員會提交的文件。除非法律要求，否則 Booking Holdings 不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。 Booking Holdings 的收益新聞稿副本以及隨附的財務和統計補充資料可在 Booking Holdings 網站 www.bookingholdings.com 的投資者部分獲取。

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

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

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

謝謝，歡迎來到 Booking Holdings 的第四季度電話會議。今天下午，我們的首席財務官 David Goulden 加入了我的行列。

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 Omicron 變體在 11 月下旬出現，並迅速蔓延到歐洲、美國和世界其他地區，但我們在 2021 年結束時實現了第四季度收入和調整後的 EBITDA 分別為 30 億美元和 9.4 億美元，這更好超出我們的預期。與 2019 年相比，10 月份的客房夜數下降了 10%，12 月份下降了 35%。不過，我很高興地說，自 12 月以來，我們看到了收入趨勢的顯著改善，2 月上半月的房晚達到 2019 年的水平，總預訂量高於 2019 年。在 Booking.com，我我們鼓勵我們在夏季期間在西歐和北美看到強勁的總預訂量，這兩個地區現在都超過了我們在 2019 年這個時候的水平。儘管我注意到這些預訂中有很大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 年是我們恢復正常的希望數次落空的一年；首先，使用 Delta 變體，然後是 Omicron。然而，我們見證了人們對旅行的強烈渴望。當休閒旅行者認為旅行是安全的並且限制被解除時，人們就會預訂旅行，我們目前看到這種情況開始在世界許多地方發生。

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.

儘管這可能是 2022 年的有利背景，但我們確實預計，隨著我們今年的到來，COVID 仍會在某些時期對旅行趨勢產生負面影響。大衛將在他的講話中提供有關我們第四季度業績的更多細節以及我們在第一季度迄今為止所看到的情況。

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.

回顧過去的一年，我為我們在困難時期所做的工作感到自豪，通過為我們的旅行者客戶和我們的供應商合作夥伴帶來利益來加強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.

對於我們的客戶，我們始終專注於滿足客戶對價值、選擇和便利性的關鍵需求。我們在 Booking.com 上為客戶和合作夥伴提供價值的眾多方式之一是通過 Genius 忠誠度計劃。對於我們的客戶，我們的 Genius 忠誠度計劃提供更低的價格和其他福利，例如免費早餐、客房升級和打折的機場出租車。對於我們的合作夥伴，我們的 Genius 計劃為我們最忠實的客戶提供更多的房晚。去年，我們在 Booking.com 上有意義地擴展了我們的 Genius 忠誠度計劃，向任何創建帳戶並登錄 Booking.com 的客戶開放最低級別的 Genius 禮遇。

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，我們為過去 2 年至少進行 15 次預訂的頂級客戶全面推出 Genius 第三層。這些 Genius 3 級會員除了享有 Genius 1 級和 2 級的所有好處外，還可以獲得更低的價格和優先的客戶服務支持。我們對 Genius 計劃的這些改進表明我們正在努力超越交易並增加我們的專注於為客戶創造價值。隨著客戶關注度的提高，我們的目標是隨著時間的推移提高忠誠度、頻率、支出以及我們與客戶的直接關係。

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.

去年，我們增強了 Booking.com 的移動應用程序，使其更加用戶友好和易於使用。正如我之前所說，該應用程序是一個關鍵平台，因為它讓我們有更多機會直接與旅行者互動。這也是越來越多的預訂發生的地方，最終，我們將其視為我們互聯旅行體驗的中心。

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數據，2021 年，Booking.com 是全球下載量排名第一的 OTA 應用程序。對於 2022 年，我們將加大力度來增強應用程序，以便在去年取得的成功基礎上再接再厲。

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.

在第四季度和全年，我們看到直接向我們預訂的客戶組合持續高於 2019 年，即使我們在這一年傾向於績效營銷渠道，我們的直接組合也有所改善。我們將繼續以適當的投資回報率向績效營銷渠道傾斜，因為我們希望在復蘇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.

除了績效營銷外，我們還將利用品牌營銷，特別是在我們希望提高消費者對我們面向客戶的品牌認知度的市場。我希望你們所有人在兩週前看到的一個及時的例子是 Booking.com 的第一個超級碗廣告，我們在其中重新向美國觀眾介紹了 Booking.yeah 的口號。與 2019 年相比，我們在 2021 年在美國度過了美好的一年，儘管從品牌營銷的角度來看，Booking.com 相對安靜，但與 2019 年相比，我們的客房夜數增長強勁，總預訂量增長也非常強勁。我們希望通過在今年剩餘時間裡超越超級碗廣告的品牌營銷分層來加速去年的業績勢頭，以便將 Booking.com 介紹給更廣泛的受眾。

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，我們有在中等意向領域獲得更多客戶的雄心。我們將繼續努力加強我們的數字營銷基礎，包括社交渠道。但是，到目前為止，我們的支出仍然相對較小。

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.

對於我們的供應合作夥伴，我們努力成為我們平台上所有住宿類型的有價值的合作夥伴，這意味著專注於為我們平台上廣大潛在客戶的物業帶來增量需求。對於替代住宿，我們在 2021 年的全球房晚組合約為 29%，與 2019 年的水平一致。在歐洲，我們提供的另類住宿服務更具競爭力，與 2019 年相比，我們 2021 年的房晚組合增加了幾個百分點。

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.

我們繼續努力提高我們在美國市場的替代住宿產品的競爭力，我們在去年增加了目標供應，併計劃在 2022 年進行更多的增加和改進。我們以 240 萬家酒店結束了這一年和其他住宿物業，以及在Booking.com上報告的超過2800萬個總房源，與上一年相比，兩者都保持穩定。

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.

現在讓我談談我們在過去一年中取得的進展，以及我們圍繞支付和互聯旅行的一些關鍵戰略重點。這些戰略重點是相互關聯的，我們相信兩者都將進一步增強我們核心住宿業務的實力並支持其持續增長。在 Booking.com 的付款方面，我們看到我們在美國的房地產合作夥伴在第四季度的採用率進一步提高，現在超過一半的美國總預訂量是在採用付款方式的酒店預訂的。在全球範圍內，大約 60% 的總預訂量是在採用付款方式的酒店預訂的。 Booking.com 第四季度的總預訂量中約有 30% 是通過我們的支付平台處理的，這使 2021 年全年的組合達到約 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.

我們將繼續致力於將 Booking.com 定位為有吸引力且值得信賴的支付中介，提供旅行者和我們的供應商合作夥伴都喜歡的酒店、替代住宿、汽車、航班和景點的支付選項。此外，我們將 Booking.com 的支付平台視為我們更大的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.

在我們的互聯旅行願景方面，我們在 2021 年取得了進展，我們致力於在 Booking.com 上建立一個強大的飛行平台。這個航班平台使我們能夠與在發現過程中及早選擇航班選項的潛在客戶進行互動，並讓我們有機會向這些航班預訂者交叉銷售我們的住宿和其他服務。航班還使我們能夠為我們的客戶住宿提供更完整的旅行服務。 Booking.com 的航班平台現已在 34 個國家/地區上線，合計佔 Booking.com 2019 年預訂的房晚約 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.

我們繼續看到，超過 25% 的 Bookings 航班預訂者是該平台的全新客戶。在這些新客戶中，令人鼓舞的百分比是在他們的航班預訂中附加住宿。這些都是積極的早期信號，有助於證明我們的航班服務可以為我們帶來更多的新客戶，我們可以向他們交叉銷售我們的住宿產品。我們將繼續努力進一步優化交叉銷售機會，並利用我們在航班中看到的早期積極信號。

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.

11 月，我們宣布打算以 16 億歐元收購 Etraveli，我們預計將在今年晚些時候完成交易，等待監管部門的批准。 Etraveli 是最大的以航班為中心的在線旅行社之一，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，從各種供應商那裡採購複雜的航班內容，然後分發到面向消費者的網站。 Booking.com 和 Etraveli 在過去 2 年中一直成功合作，Etraveli 為 Bookings 航班產品提供支持。鑑於航班對我們的互聯旅行產品的戰略重要性，我們認為將 Etraveli 的飛行專業知識和技術引入內部，同時解除我們當前商業協議中存在的一些限制是至關重要的。交易完成後，Etraveli 將繼續作為 Booking Holdings 旗下的一家獨立公司運營，同時進一步支持 Booking.com 航班平台的發展。

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.

在航班之外，Booking.com 在去年顯著提高了其景點產品的覆蓋率，部分原因是成功整合了來自 Viator 和 Musement 的第三方供應。我們現在在佔 Booking.com 住宿交易一半的城市提供可預訂景點，高於一年前約 10% 的覆蓋率。雖然景點預訂量仍然不大，但我們相信開發引人注目且易於使用的景點產品將有助於讓旅行者在整個旅程中與我們的平台保持互動並建立忠誠度。

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，所以我想談談其他一些最近的重要更新。首先，我很高興歡迎 Getaroom 團隊加入 Booking Holdings。我們在 12 月底完成了對 Getaroom 的 12 億美元收購，我們正在將 Getaroom 整合到 Priceline 中，這將有助於擴大 Priceline 當前的戰略合作夥伴業務。 Getaroom 是一家專注於 B2B 的酒店客房分銷商，主要通過北美市場的約 150 個附屬合作夥伴滿足休閒需求。 B2B 業務是我們拓展新客戶和合作夥伴的重要組成部分和渠道，尤其是在美國等關鍵市場。我們相信 B2B 業務可以通過向附屬合作夥伴提供庫存來產生有吸引力的回報，而 B2B 業務無需大量投資美元的品牌營銷或在線績效渠道，以產生客戶需求。我相信 Priceline 和 Getaroom 的合併戰略合作夥伴業務將改善酒店合作夥伴的 B2B 分銷，同時為附屬合作夥伴提供強大的住宿技術堆棧，以幫助進一步增強我們在北美的產品。

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，你們中的一些人可能已經在兩週前看到了 Booking.com 計劃與 Majorelle 建立擴大戰略合作夥伴關係的消息，Majorelle 是我們最值得信賴的長期外部客戶支持合作夥伴之一。作為該合作夥伴關係的一部分（仍需與勞資委員會協商並獲得監管部門的批准），Majorelle 將開始僱用之前在荷蘭和英國以外的 Booking.com 工作的大部分客戶服務代表。我們已與 Majorelle 成功合作6 年，以幫助滿足我們業務不斷變化的季節性需求，我們相信這種擴大的合作夥伴關係將有助於提高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緊迫性以及我們行業共同努力實現到 2050 年實現碳中和目標的重要性。在那次財報電話會議後不久，Booking.com 推出了其旅行可持續計劃。這是首創的計劃，為我們平台上已實施可持續實踐組合的任何酒店提供可持續旅遊徽章。

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.

在搜索住宿時，旅行者可以查看酒店是否獲得了可持續旅行徽章，並可以根據徽章過濾搜索結果。我們相信，我們對可持續旅行的最大影響是通過讓我們的住宿合作夥伴向正在尋找更可持續旅行方式的旅行者展示他們的可持續實踐。當我們在 3 月份發布 2021 年可持續發展報告和第一個氣候行動計劃時，我們期待更多地談論該計劃以及與可持續發展相關的其他努力和承諾。

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.

總而言之，我們在 2021 年表現良好並取得了強勁的業績。展望 2022 年，我對今年迄今為止的預訂量快速反彈以及我們賬面上的夏季旅行水平感到鼓舞。儘管由於 COVID 的持續影響，我們預計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，因為我們的休閒預訂者顯然非常強烈地希望旅行。

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，我們擔心並正在監測東歐的局勢，我們認為這可能會對可能前往該地區的旅行者造成乾擾。總體而言，我們相信我們有能力繼續捕捉旅行需求，我們將繼續根據我們的戰略重點執行工作。正如我之前所說，我們正在考慮我們的業務，而不僅僅是回到 2019 年的需求水平。我們專注於建立一個規模更大、增長更快的業務，提供更多產品，在全面復甦後和長期內產生更多收益。

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

我現在將把電話轉給我們的首席財務官 David Goulden。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.

謝謝你，格倫，下午好。我將回顧我們第四季度的業績，為我們迄今為止在第一季度看到的趨勢以及我們對 2022 年的想法提供一些顏色。除非另有說明，否則 2021 年和 2022 年的所有增長率都是相對於 2019 年可比期間的表明的。有關非 GAAP 結果與 GAAP 結果對賬的信息可在我們的收益發布中找到。

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度的業績。在我們 11 月的財報電話會議上，我們討論了我們在整個第三季度看到的受歐洲推動的趨勢改善，隨後 10 月份受亞洲推動進一步改善。您會回想起 10 月底歐洲趨勢減弱的情況，這些趨勢是由當時的 Delta 變異感染最近有所增加的一些國家推動的。

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，我們看到主要由歐洲推動的總體趨勢較 10 月放緩，而這種放緩在 12 月在所有地區繼續惡化，未來 Omicron 變體問題令人擔憂。這導致第 4 季度報告的客房間夜數與 2019 年第 4 季度相比下降了 21%，比 10 月份的 10% 下降幅度下降了 11%，但僅比第 3 季度 18% 的下降幅度下降了幾個百分點。 12 月間夜數比 2019 年減少 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.

縱觀整個季度。第 4 季度與第 3 季度的放緩主要是由歐洲推動的，與 2019 年第 4 季度相比下降了約 20%，而我們的其他地區在第 4 季度與第 3 季度相比有所改善。與 2019 年第四季度相比，美國第四季度繼續保持強勁增長，而亞洲仍大幅下滑，世界其他地區則小幅下滑。然而，正如我所提到的，我們在 12 月看到我們所有地區的放緩，最有意義的是在歐洲和美國。

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.

主要通過我們的應用程序進行的移動預訂占我們第四季度和全年總房晚的 2/3。我們的應用程序繼續在我們的移動預訂中佔據越來越多的份額。我們都繼續看到超過 50% 的總房晚是通過直接渠道向我們提供的。與 2020 年和 2019 年相比，我們的直接渠道在第四季度和全年的客房夜數中增加了。

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.

我們在第四季度的總房晚的國際組合約為 33%，與第三季度一致。與 2019 年第四季度的水平相比，第四季度的國際間夜量下降了近 50%，比第三季度的下降幅度還要低幾個百分點。我們繼續看到第四季度國內房晚的增長，也略低於第三季度的水平。 12 月份國際市場的放緩比國內市場更為嚴重。

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 年第四季度和全年相比，我們的取消率上升了幾個百分點，並且由於對 Omicron 變體的擔憂，在 12 月顯著增加。 Booking.com 第四季度的預訂窗口遠短於 2019 年第四季度，並在 12 月進一步收縮，因為客戶主要關注短期旅行需求。

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，第四季度全球房晚組合約為 27%，全年約 29% 與 2019 年水平一致。全球組合受到歐洲相對於北美表現不佳的影響。在歐洲，我們的替代住宿組合在第四季度增加了幾個百分點，全年相比 2019 年增加了幾個百分點。

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.

總費用在第四季度下降了 8%，低於 21% 的房晚下降幅度，原因是按固定貨幣計算的住宿平均每日費率與 2019 年相比上漲了約 13%，而且我們的航班業務表現非常強勁。我們的住宿固定貨幣 ADR 受益於北美的業務組合增加約 4 個百分點，這是一個更高的 ADR 地區；亞洲的業務組合減少，這是一個較低的 ADR 地區。剔除區域混合效應，固定匯率 ADR 增長了約 9%，這是由於我們大部分地區的利率上漲，尤其是在歐洲和北美，尤其是在需求較高、以休閒為導向的目的地。固定貨幣 ADR 高於預期，部分原因是靈活預訂費率持續走高，加上北美和歐洲的定價普遍較高。

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.

第四季度預訂的機票增長了 116%，全年相比 2019 年增長了 104%，這得益於 Priceline 和 Booking.com 的航班預訂的強勁增長。我們很高興看到我們的航班業務全年實現三位數的增長，這是我們多產品互聯旅行戰略的關鍵組成部分。

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.

第四季度的合併收入接近 30 億美元，比 2021 年第三季度環比下降 36%，比 2019 年第四季度下降 11%。2021 年第四季度的收入是我們在 2020 年第四季度確認的 12 億美元收入的兩倍多。第四季度的收入更強勁由於更高的 ADR 和更短的預訂窗口，超出了我們的預期。與第四季度 Omicron 的預訂相比，收入受到的影響較小。收入佔總預訂量的百分比比 2019 年第四季度低約 40 個基點，這好於我們的預期，因為第四季度的減速對我們的總預訂量的負面影響大於本季度的收入。排除時間影響，我們的基本住宿費率與 2019 年第四季度的水平大致一致。

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.

我們的全年收入接近 110 億美元，比 2019 年下降 27%，但與 2020 年相比提高了 61%。全年收入佔總預訂量的百分比為 14.3%，低於 2019 年的 15.6%，主要是由於時機總預訂量和收入確認之間的差異。第四季度強勁的收入結果幫助推動調整後的 EBITDA 達到 9.4 億美元，比 2019 年第四季度低 27%。隨後，第四季度 EBITDA 下降了 55%，好於我們的預期。這主要是由於我們更固定的費用類別中收入高於預期和運營支出低於預期。

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.

營銷費用是一個高度可變的費用項目，與 2019 年第四季度相比下降了 2%。營銷費用佔總預訂量的百分比與 2019 年相比略有增加，符合我們的預期。由於本季度末取消的負面影響，營銷投資回報率略低於我們的預期，這被高於預期的直接業務組合所抵消。

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.

由於商戶總預訂量增加和外包呼叫中心成本增加，銷售額和其他費用比 2019 年第四季度高 21%。在第四季度，Booking.com 的總預訂量中約有 30% 是通過我們的支付平台處理的，全年約為 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.

由於較低的人員成本被較高的 IT 和 G&A 成本所抵消，我們預計我們更多的固定費用類別總體上將與第三季度一致。由於我們的獎金支出應計年終確定以及低於預期的 IT 成本，它們比第三季度低 10%。這意味著我們第四季度的人員費用並不能反映我們到 2022 年的運行率。

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.

Non-GAAP 淨收入為 5.54 億美元，非 GAAP 每股收益為 15.83 美元，與 2019 年第四季度相比下降 32%。我們 20% 的非 GAAP 稅率高於 2019 年第四季度的 18%。我們的全年非 GAAP 20% 的稅率比 2019 年高 1%，原因是不可扣除的稅收費用比例很高——與 2019 年相比，稅前收入較低的不可扣稅費用。根據公認會計原則，我們在 2019 年的營業收入為 8.48 億美元Q4。我們在本季度記錄的 GAAP 淨收入為 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.

現在談談我們的現金和流動性頭寸。我們的第四季度末現金和投資餘額為 143 億美元，低於第三季度末的 154 億美元，主要受 12 億美元收購 Getaroom 的推動，部分被約 1.78 億美元的正自由現金流所抵消。

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 的兩份家政記錄。首先是它在第四季度末結束，對第四季度的結果沒有意義。第二個是我們在關於 1 月和 2 月的評論中沒有包括 Getaroom 增加的房晚。當我們發布第一季度的實際結果時，這些增加的房晚將包括在內。

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，我們根據剩餘授權開始向股東返還資本，迄今已購買約 5 億美元。假設旅行恢復繼續，我們仍然希望在未來 3 年內完成我們剩餘的組織。

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.

現在談談我們對第一季度的想法。提醒您，除非另有說明，否則我們將與 2019 年進行比較。由於對 Omicron 變體的擔憂有所緩解，1 月份的客房夜數下降了約 22%，較 12 月份的 35% 下降有所改善。這一改善主要是由於歐洲地區跨境旅行和歐洲國內旅行的複蘇。我們看到整個 1 月的房晚趨勢有所改善，並持續到 2 月。我們在 2 月上半月的房晚與 2019 年的水平大致相當，總預訂量更高。

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，與 1 月相比，我們所有地區都取得了顯著改善。 2 月上半月，與 2019 年相比，美國的客房夜數增長強勁，而歐洲的增長約為 10%。世界其他地區小幅上漲，亞洲下跌約 35%。我們的國際間夜組合從 12 月的約 23% 恢復到 2 月上半月的 40% 以上，這是自 COVID 開始以來我們看到的最高國際組合。提醒一下，我們在 COVID 之前的國際組合剛剛超過 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.

正如我所提到的，我們在 2 月上半月看到的改善是廣泛的，歐洲大國和歐洲境內的國際旅行路線產生了最大的影響。與 2019 年的同類預訂相比，我們在第一季度在歐洲看到的新跨境預訂平均停留時間更長，預訂窗口更短。正如我們在整個大流行中看到的那樣，當旅行限制解除和旅行者信心增加時增加，預訂改善很快。

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.

鑑於第一季度上半年的快速變化，很難預測本季度剩餘時間的客房夜數將如何發展。儘管看到最近的改善令人鼓舞，但我們仍處於潛在動蕩的環境中，世界某些地區的 COVID 感染率很高，地緣政治的不確定性可能會影響我們的業務，尤其是在歐洲。到目前為止，在第一季度，Booking.com 的整體預訂窗口與 2019 年相比收縮幅度小於第四季度。我們在夏季預訂趨勢中看到了近期的強勁勢頭，我們夏季的總預訂量高於 2019 年的這個時候。

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，夏季的總預訂量與 2019 年相比增長了兩位數，而美國的夏季總預訂量也高於 2019 年的這個時候。夏季的所有預訂中有很大一部分是可取消的，因此情況可能會迅速變化。

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.

轉向損益表。由於 ADR 的增加和非常強勁的航班預訂，我們預計第一季度與 2019 年的總預訂量變化將比房間晚數的變化好幾個百分點。迄今為止，第一季度的固定貨幣 ADR 與 2019 年相比以與第四季度相似的速度增長。我們預計第一季度收入佔總預訂量的百分比將比 2019 年第一季度低約 1.5 個百分點，因為第四季度的預訂減速會對收入產生負面影響——對收入產生負面影響，而第一季度的預訂恢復將有利於未來幾個季度的收入。如果預訂趨勢從 2 月上半月開始顯著增加，特別是如果這些預訂中的很大一部分保留在未來幾個季度，那麼收入佔總預訂百分比的 1.5 個百分點的差異可能會更高。

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.

與 2019 年第一季度相比，我們預計第一季度的利潤率支出將與總預訂量大致一致。我們預計第一季度的銷售額和其他費用佔總預訂量的百分比將與第四季度大致相同。由於福利成本的季節性增長、2021 年年底與人事相關的應計最終確定以及計劃招聘的影響，我們預計第一季度的固定支出總額將比第四季度高出約 15%。以及 IT 費用的增加，包括第四季度的一些延期。在我剛剛解釋並提醒您的內容中，第一季度是我們季節性最低的季度，我們預計調整後的 EBITDA 將是正數，但比第四季度的連續下降幅度要明顯大於我們在 COVID 之前看到的連續下降，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.

當我們考慮未來的全年時，我們對迄今為止看到的強勁夏季預訂感到鼓舞，我們對後期旅行的持續復甦持樂觀態度。但是，我們確實預計受 COVID 驅動的收入趨勢將持續波動。地平線上還有其他不確定性，包括當前的地緣政治局勢，這可能會影響旅行。如果我們將俄羅斯和烏克蘭合併為目的地市場，它們在我們的總預訂量中僅佔極低的個位數百分比。所有這一切都使得很難預測這一年的收入將如何發展以及全年將如何發展。

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.

當我們考慮到 2022 年旅遊業的複蘇和擺在我們面前的機遇時，我們計劃投資於營銷、其他激勵措施、改進和擴展我們的產品，以吸引現有和新客戶到我們的平台，並在旅遊中提高忠誠度未來。這也需要對人員和技術進行投資。我們很高興有機會擴展我們的業務，我們相信我們可以加強我們在住宿方面的地位，並為我們的客戶和合作夥伴構建更完整的旅行解決方案。我們相信這是為了從我們的業務中獲得更高的長期回報而做的正確的事情。

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.

考慮到這一點，在考慮全年損益表的形狀時需要考慮幾個因素。這些分為四類：收入、營銷、銷售和其他費用以及我們更固定的運營費用。從收入佔總預訂量的百分比開始，我們預計 2022 年這一數字將高於 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，主要是由於恢復總預訂量和收入之間的時間差異。到 2022 年，我們預計這一時機的影響將小於 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.

轉向營銷。有許多因素在起作用。我們預計環境將保持競爭力，尤其是隨著休閒旅遊市場接近全面復甦。我們打算在我們的績效營銷投資回報率方面保持紀律，我們將繼續投資於開發中等意圖的社交媒體渠道，您會看到我們在美國和其他主要市場積極開展品牌推廣。我們的目標仍然是利用我們的營銷實力在我們可以獲得合理回報的市場中獲得份額。我們希望在年內開展計劃和計劃，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.

很難確切知道這些因素將如何在全年發揮作用，但我們預計營銷佔總預訂量的百分比將略高於 2019 年和 2021 年。當然，不斷增加的直接組合有助於我們的營銷效率，我們相信隨著時間的推移，我們所做的投資將導致更高的直接組合。

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.

轉向銷售和現在的費用。我們預計這些佔總預訂量的百分比將比 2021 年高出 50 個基點。這主要來自額外的支付處理成本，但也受到預期較高的第三方客戶服務費用的影響。與付款相關的額外費用被較高的付款相關收入所抵消。

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.

最後一個領域是我們更固定的運營費用，包括人員、G&A 和 IT。我們預計我們的人事費用將受到高於平均年工資增長的影響，尤其是在產品和技術領域；併計劃在關鍵領域增加員工人數，包括產品和技術以及與債券相關的職能。我們預計人員費用將比 2021 年高出約 10%。我們預計 G&A 和 IT 的增長速度都將超過人員的增長速度，這些因素包括數字服務稅、重返混合工作環境以及增強我們的投資面向客戶和合作夥伴的內部系統。

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.

我們對 2022 年所做的評論不包括格倫談到的與馬若雷勒加強戰略合作夥伴關係帶來的預期人員費用減少以及銷售和其他費用的增加。我們預計該計劃不會對 2022 年調整後的 EBITDA 產生太大影響，我們將在 5 月再次向您更新。此外，我們預計我們對 Getaroom 的收購將對我們 2022 年的損益產生小的積極影響。正如 Glenn 所指出的，我們預計對 Etraveli 的收購將在今年晚些時候完成，這將對 2022 年的損益產生輕微影響。

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，在考慮 2022 年損益表的形態時，這些因素意味著收入恢復將落後於總預訂量恢復，而 EBITDA 恢復將滯後於收入恢復。 EBITDA 與收入的一些滯後是時間問題，即我們在預訂上花費的營銷費用預計會在收入之前恢復。最重要的是，我們計劃在客戶獲取和擴大我們之前提到的產品供應方面進行投資。綜上所述，我們預計 2022 年的 EBITDA 利潤率將比 2021 年高出幾個百分點。

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 年以後，我們將繼續專注於投資，以建立規模更大、增長更快的業務，提供比 COVID 之前更多的產品，以行業領先的 EBITDA 利潤率提供更多的 EBITDA 美元和更高的每股收益。

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時捕捉需求並執行我們的戰略重點。

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

有了這個，我們會回答你的問題。克里斯，我會把電話轉給你進行問答。

(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 Justin Post。

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恢復到 19 年的水平。我知道有很多關於 Booking 看起來像旅行後恢復的想法。所以我想知道我們是否可以重新審視您正在考慮的一些事情，當我們恢復正常時，就預訂水平和利潤率而言，業務會是什麼樣子。我知道你已經進行了幾次收購。我相信你對這些很興奮。顯然，您的互聯視覺之旅似乎朝著正確的方向發展。所以也許我們可以重新審視你對絕對數字的看法——預訂的絕對價值，以及一旦我們完全恢復，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。我為什麼不讓大衛處理保證金。雖然他做到了——他只是在準備好的講話中說了出來，但我會讓他再說一遍。

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，讓我給你多一點顏色。我很欣賞這個問題。因此，正如我所說，我們專注於發展比 2019 年更大的業務。它在產品供應方面更加多樣化。它的增長速度比 2019 年更快。它擁有更多的絕對 EBITDA 美元和每股收益美元。這是我們的重點。

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.

顯然，我們已經為您提供了 2022 年情況的一些顏色。我們預計我們可以在 2022 年之後擴大我們的銷量。我們預計，一旦我們在最終狀態下恢復正常，我們將擁有行業領先的 EBITDA 利潤率.但除此之外，除了我們的目標是提供更多的 EBITDA 美元，更多的 EPS 美元增長速度比 COVID 之前，我們不想太具體地說明它們將成為什麼。

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?

偉大的。然後是您進行的 2 次收購，其中一項您已關閉，另一項仍處於開放狀態。你怎麼想那些？這些領域真的會幫助您節省成本嗎？還是您認為這些實際上是在預訂司機？

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.

好吧，賈斯汀，他們真的是兩次不同的收購。我為什麼不把它們分開。因此，正如我剛剛在準備好的評論中所描述的那樣，Getaroom 極大地增加了我們在 Priceline 在 B2B 業務中已經擁有的東西，它有助於吸引我們無法通過其他營銷計劃獲得的客戶，無論是按績效或品牌付費。這些客戶來自附屬公司。 Getaroom 擁有合同，並且他們擁有不同的技術，通過引入它們將為我們帶來額外的業務，否則我們將無法獲得。

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，情況有所不同，正如我多次指出的那樣，實現這種互聯旅行願景對我們來說是多麼重要。其中一個關鍵部分是我們的飛行業務。我們非常高興地看到，不僅我們的航班預訂數量有所增長，而且還看到新客戶的數量——即將到來以及隨後購買住宿的數量。

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.

現在，Etraveli 已經為 Booking.com 產品提供動力 2 年了。偉大的技術。他們做了很多我們可以自己重建的事情？可能，但需要很長時間，需要我們使用我們想在其他地方使用的資源。因此，通過收購 Etraveli，我們將把這項技術帶入內部，並能夠做我們只是商業合作夥伴時無法做到的事情。所以我非常期待能夠接近，並且希望，正如我們所說，在未來，然後真正開始發展一個偉大的、偉大的組合。

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

您的下一個問題來自瑞銀的 Lloyd Walmsley。

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.

二，如果可以的話。首先，您能否向我們介紹一下您如何考慮在支付中添加一些可以為損益做出積極貢獻的增值功能的時機？是否可以肯定地說，即使你將部分成本、部分利潤轉嫁給消費者，它也可能會推動更快的增長，從而推動收入，即使它沒有直接增加收入利潤率？然後第二個問題是，除了通過添加新產品增加收入之外，您能否給我們一些關於互聯旅行的好處的看法？那麼，您對採用多種產品的用戶的重複率或直接率有何看法？你可以在那里分享的任何東西都會很棒。

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。兩個單獨的問題。讓我談談支付產品以及我們正在開發什麼以及它的進展情況，我會讓大衛補充一點。我確定他想添加更多細節。顯然，我們過去曾討論過這一點，關鍵的事情之一是使客戶能夠以他們想要的支付方式進行支付，並使供應商能夠以他們想要的方式獲得報酬。因此，立即將其推向市場使我們能夠擁有更多業務。

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，您會超越這一點，您會發現對我們的供應商來說這樣做更便宜，以一種比他們現在更便宜的方式進行，他們的付款方式，他們通過我們的舊方式獲得的方式代理模式 Booking.com，並找到一種方法，我們可以這樣做，不僅可以改善他們的業務，因為他們不會支付那麼多，但顯然，我們也會從中賺到一點錢。

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，那就是互聯旅行。如果您沒有付款，則聯程旅行將不起作用，因為我們需要將所有款項放在一起，然後我們可以自行處理。特別是，如果出現任何問題，我們也不必撤消它。這對我們真的很有幫助。

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.

然後不僅僅是支付，而是我們的金融科技部門，即支付人員，但做更多的事情。它正在進入並幫助靈活型產品。人們想要靈活的產品。他們可以取消。因此，我們自己創建它是我們將來會做的更多事情。我們可以做許多不同的事情，這絕對會增加易用性和便利性，並使我們能夠從中賺到更多的錢。

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

如果大衛想要添加更多內容，我會在此稍作停頓。

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，我認為，格倫，你對這兩個領域和新領域之間的相互聯繫做了一個很好的總結。很多時間。就 2022 年的市場影響而言，沒有什麼大不了的。您提到的一些增值產品，我們仍處於建設模式。您可能會看到任何影響的市場進入將更多地出現在 2023-2024 年的時間範圍內。

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.

然後到第二件事，勞埃德，就互聯旅行而言，第一步是建立垂直。幾年前，我們在 Booking.com 上根本沒有航班。從我提供的數字可以看出，我們仍然沒有 100% 覆蓋我們提供住宿的所有區域。必須建立它。

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.

也只是 Etraveli 的一些技術，我們可以做很多事情來改進該產品。我談到了我們去年只有 10% 覆蓋率的景點產品。現在我們取得了很大的進步，達到了 50%。我們不得不把所有的3都拿出來。然後是其他領域，地面交通，旅行的其他部分。因此，我們首先建立所有垂直領域，以確保我們有供應，確保它運作良好，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.

與此同時，正如我所指出的，我們正在開始關於獲得航班然後購買住宿的人，我們正在做一些交叉銷售並將其推出。我們會做的越來越多。當然，我們的目標是讓它變得如此無縫、無摩擦，以至於人們在使用 Booking.com 進行任何類型的旅行時，會發現更容易並提供更多價值。這種價值來自於供應商願意加入我們的平台，並能夠提供不同的東西，然後我們可以非常、非常科學地針對不同的客戶，從而為該供應商吸引更多的客戶。客戶高興，供應商高興，我們當然賺錢。這將發展忠誠度，這將發展直接業務，這就是我們的目標。在電子商務的其他部分，人們不貨比三家，也不四處張望，情況也是如此。他們去找一名球員，因為他們知道那是他們將獲得最大價值、最容易做到的地方，等等。這就是我們要做的。這需要一些時間，但我喜歡我們正在取得的進展。

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，毫不奇怪，我們的頂級客戶，那些與我們一起花費最多的客戶，用戶通常更有可能使用多種東西，更有可能使用該應用程序並且更有可能直接感興趣。這就是我們試圖建立的模型，以建立格倫提到的忠誠度。我們確實有充分的證據表明，這是我們可以建立的趨勢。我們通過應用程序建立的價值、完整的旅行產品、頻率、直接聯繫越多，這些客戶就越忠誠。

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

您的下一個問題來自 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?

我對最新的複蘇趨勢進行了跟進。根據您擁有的所有數據，您是否知道 2 月上半月的強勁預訂量在多大程度上反映了未來幾個月您可以看到的可持續水平，而不是短期的- 您在 12 月和年初看到的 Omicron 壓力之後的長期追趕？

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?

作為對此的後續行動，根據您獲得的數據，許多歐洲國家仍然存在的旅行限制在多大程度上仍會損害預訂活動？

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，所以我認為任何人都很難有一個完美的水晶球來準確了解大衛在 2 月上半月談到的良好數據的驅動力。然而，我認為我們都可以相當確定，有大量被壓抑的旅行需求。多年來，人們一直無法按照自己想要的方式旅行。儲蓄增加了，所以人們有現金。我聽到它的軼事。當我與業內的 CEO 交談時，我會聽到他們所看到的和聽到的。我想每個人都覺得人們想要旅行。而且我認為我不會僅僅將其視為 Omicron 的一點點反彈就是我們所看到的。我認為我們看到的是人們能夠旅行，限制正在減少，人們感覺更安全了。一些新事物的出現將進一步減少歐洲的摩擦。歐盟法律顧問宣布希望 - 建議擺脫一些限制。這些東西都有助於人們對旅行感覺更好。當然，儘管如此，世界上有些地方仍然存在問題。最終，這些也會下降。所以我對需求感覺良好。我對未來的旅行感覺很好。

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，大衛也多次提到它，但關於這將是多麼線性仍然存在很多不確定性。我認為我們都必須回顧過去。很多時候，我們認為事情已經走出困境，然後我們並沒有走出困境。當然，大衛也提到，我提到世界不同地區發生的一些宏觀事件也會影響旅行。所以我認為我們都必須謹慎但樂觀。

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，從長遠來看，這是我絕對知道的事情。我知道從長遠來看，我們會在旅行方面做得很好。人們會回來的。你無法阻止想要旅行的人的這種需求。多快？我們不能確定，但我對我們的未來充滿信心。

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?

你能評論一下歐洲的旅行限制嗎？您在多大程度上仍然看到歐洲的限制仍在限制某些活動？還是已經差不多了？

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，它還沒有完全完成。不同的國家——你有不同的縣，我一直在看名單。有些地方完全讓他們失望了。英國，你可能知道；其他地方，還是有的。問題是，您是否需要在出現之前進行測試？如果您接種了疫苗，但您沒有在這裡接種歐盟批准的疫苗並獲得世界衛生組織的疫苗接種批准，那有什麼區別？所有這些東西。

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東西將會消失。我希望，我也希望在世界其他地方，世界各地的這些限制能夠盡快解除。例如，澳大利亞正在讓遊客重新入境，你可能看到了一些快樂、快樂的照片。看，事實是我不相信，而且我已經看到很多關於旅行的數據，旅行限制，這來自世界衛生組織和其他權威來源，旅行限制不會對減少各國的感染人數。因此，考慮到社會成本、財務成本等，許多這些限制應該被取消。

Your next question comes from Doug Anmuth of JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

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.

一份給格倫，一份給大衛。格倫，只是希望你能談談在美國提升品牌戰略，以及這裡的方法與前幾年有何不同。然後，當您進入更強勁的複蘇時，任何評論都只會勾勒出更廣泛的營銷格局。然後，大衛，除非我錯過了，否則我只是對擴大與馬若雷勒的客戶服務合作夥伴關係帶來的任何財務影響感到好奇。

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.

所以道格，我聽說了第二部分關於品牌營銷的一些內容，但我沒有聽到第一部分。讓我回答品牌和我們未來在美國的一般營銷方法，然後也許給我——再說一遍那裡的開始部分。

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，您看到我們在大流行最嚴重的時候沒有做很多品牌營銷。顯然，沒有理由花這筆錢。現在隨著復甦的到來，我們又回來了。我對我們在 Superbowl 中看到的內容感到非常滿意。現在非常非常早，但我對這些數字和到目前為止所看到的情況感到滿意。因此，我們正像 2019 年那樣重新採用更正常的營銷方式。

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，我們總是會做我們已經做過的事情，那就是看看我們認為我們將在哪裡獲得營銷資金的最佳回報。我們將繼續評估什麼會給我們帶來最大的回報。但是隨著時間的推移，我們一直在改變的一件事，那就是不只是尋找即時交易，看看我們在建立長期、忠誠度、重複業務、直接回來和成為能夠衡量那個人來自哪里以及之後他們做了什麼。因此，從長遠來看，我們在這方面可能比過去更科學，但我對此感到高興，因為我認為這是我們真正建立特許經營權並增加公司價值所需要做的事情.

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.

我認為你很好地實現了品牌戰略。第二部分我想詢問客戶服務合作夥伴關係的擴展以及財務影響。

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.

是的，當然，道格。所以讓我接受。所以首先，讓我們把它放到上下文中。我們——這與Booking.com有關。因此，在 Booking.com，我們與外部服務提供商合作了很長時間。您可能知道也可能不知道，當我們到達高峰期時，我們的大多數客戶聯繫人實際上由我們的 XL 合作夥伴處理。例如，去年夏天，我們通常有大約 75% 的 CS 聯繫人由 XL 合作夥伴處理。所以這不是什麼新鮮事。這只是我們有一點加速的東西。

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.

財務影響，不要對 2022 年有太大期望。正如格倫所說，我們仍在努力通過批准和關閉程序，然後會有一個過渡期。展望未來，2023 年和 2024 年，這更多是關於潛在的能力——讓成本比過去增加，但成本驅動因素並不是這樣做的真正驅動因素。這真的是關於能力。從高峰期到低谷期，我們的工作量有著令人難以置信的變化。並且運行內部 CS 團隊效率很低，而且對我們的員工來說也不是最好的員工體驗，因為 - 所以他們正在經歷高峰和低谷，而且韓國的發展也受到限制，因為它是一個非常內部的團隊.所以更大的因素實際上是我們的靈活性。我們能否為我們的員工獲得更多的機會，然後隨之而來的是一些成本——隨著我們增加產量，潛在的成本收益會以較低的增長形式出現。

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.

我只想補充一件事，我們仍然絕對相信優質客戶服務的重要性。這與改變它無關。我們仍將使用用於客戶服務流程的技術、我們的政策以及我們正在做的所有這些事情。

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.

而且，它著眼於未來，但我們希望建立一個非常大的公司。然後必須建立一個非常大的內部客戶服務運營的想法只是不能最好地利用我們的資源，我們的管理能力。這件事最好由這方面的專家來做，並且比我們做得更好，但我們仍然可以在實際的客戶服務中為客戶提供所有很棒的東西。這絕對是雙贏的。

Our next question from Mark Mahaney of Evercore.

我們來自 Evercore 的 Mark Mahaney 的下一個問題。

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?

請教兩個問題。 9% 的固定貨幣 ADR 增長，我認為這是我聽過你談論的最高水平。我猜這是——如果我是對的，考慮到整體通脹率處於十年來的高位，這也許並不奇怪。所以當你考慮今年的時候，你對它的可持續性有什麼假設？也許我什至在問通貨膨脹是暫時的還是永久性的。所以只是你對 ADR 的預期結果的想法。就像您在經營業務時一樣，您的假設是什麼？

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?

然後我想問的第二件事是，大衛，當你談到 Booking 在復蘇後增長的能力時，增長速度比 2019 年更快。如果真的發生了，那麼最大的驅動力是什麼？那？就像它將在頂線上造成的最偉大的事情是什麼，該業務在 COVID 之後的增長速度比在 COVID 之前的速度更快？

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。讓我把這兩個都拿走。所以，是的，9% 的固定貨幣 ADR 增長實際上是針對基本地理組合進行調整的，對，同一個國家。這是一個強大的數字。與 2019 年相比，我們去年的 ADR 再次增長了 9%。因此，ADR 很有可能達到或高於 2021 年的水平。

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.

我提到了這些因素。我提到了它高於我們的預期的事實。我們確實認為，當我們進入旺季時，利率會開始下降一點點，顯然，相對於需求而言，供應量更多，但利率繼續保持不變。正如我所提到的，靈活費率仍然很貴。但在此之下，基本上只是價格上漲，特別是在左傾、高需求地區仍然強勁。因此，我們認為與 2019 年相比，22 年的 ADR 可能與 21 年一樣高。

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.

然後就更快的增長而言，我的意思是有很多因素。我們相信它可以結合在一起。我們相信，無論是從地理角度來看，我們的住宿業務都會進一步增長，將我們的產品擴展到替代住宿，並增加互聯旅行的所有好處，我們可以在此基礎上做些什麼，因為付款，因為我們提供更完整的產品，考慮更有針對性的方式為我們的客戶定製完整的解決方案，我們的定價，支付，客戶服務。我們認為我們今天正在解決整個旅行方程式中相對較小的一部分，而我們解決更多問題的潛力將推動更多增長，基本上創造更好的產品，更好的服務，讓客戶來找我們更頻繁，增加忠誠度。他們齊心協力，為我們提供了我們認為的巨大增長機會。

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

在這個時候，我現在想把會議轉回格倫福格爾的總結髮言。你可以繼續。

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.

謝謝你。我們對 2021 年感到非常滿意。這是動盪而艱難的一年，但它顯示出進步。和往常一樣，我要感謝我們的合作夥伴、客戶、敬業的員工和股東。感謝您的支持，因為我們將繼續為我們公司建立長期願景。謝謝，晚安。

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

謝謝你。今天的會議到此結束。謝謝大家的參與。您現在可以全部斷開連接。