Booking Holdings Inc. (BKNG) 2026 Q3 法說會逐字稿

Hello, and welcome to Booking Holdings third quarter 2026 conference call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and are subject to 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.

大家好，歡迎參加 Booking Holdings 2026 年第三季財報電話會議。Booking Holdings 提醒各位，本次電話會議可能包含前瞻性陳述，該等陳述係依據 1995 年《私人證券訴訟改革法案》的「安全港」條款作出。這些前瞻性陳述並非對未來績效的保證，且受難以預測的風險、不確定性與假設所影響。因此，實際結果可能與任何此類前瞻性陳述中所表達、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 facts are intended to identify forward-looking statements. For a list of factors that could cause Booking Holdings’ actual results to differ materially from those described in the forward-looking statements, please refer to the Safe Harbor statements in the Booking Holdings earnings press release, as well as the Booking Holdings most recent filings with the Securities and Exchange Commission.

對未來目標或預期的表述，以及其他反映非歷史事實的類似表述，旨在識別前瞻性陳述。如需了解可能導致 Booking Holdings 實際結果與前瞻性陳述所述內容出現重大差異的因素清單，請參閱 Booking Holdings 財報新聞稿中的安全港聲明，以及 Booking Holdings 最近向美國證券交易委員會（SEC）提交的文件。

Unless required by law, Booking Holdings undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, a future event, or otherwise. A copy of Booking Holdings earnings press release is available in the For Investors section of Booking Holdings’ website at www.bookingholdings.com. Booking Holdings intends to use the Investor Relations page of its website, ir.bookingholdings.com, to disclose material information for purposes of the SEC’s Regulation Fair Disclosure.

除法律另有要求外，Booking Holdings 不承擔公開更新任何前瞻性陳述的義務，無論係因新資訊、未來事件或其他原因所致。Booking Holdings 的財報新聞稿可於 Booking Holdings 網站 www.bookingholdings.com 的「投資人」專區取得。Booking Holdings 擬使用其網站的投資人關係頁面 ir.bookingholdings.com，依 SEC 的《公平揭露規則》（Regulation FD）之目的揭露重大資訊。

Booking Holdings encourages investors to monitor this website in addition to other public announcements and SEC filings, as information posted on that page could be deemed to be material information. (Operator Instructions)

Booking Holdings 鼓勵投資人除其他公開公告與 SEC 申報文件外，也持續關注該網站，因為該頁面所發布的資訊可能被視為重大資訊。（接線員指示）

Now, I’d like to introduce Booking Holdings speakers for this afternoon, Glenn Fogel and Ewout Steenbergen. Go ahead, gentlemen.

現在，我想介紹今天下午 Booking Holdings 的發言人：Glenn Fogel 與 Ewout Steenbergen。兩位請開始。

Good afternoon, and thank you for joining us today. I am pleased to report that our teams delivered another quarter of strong operating performance, with results exceeding the high end of our guidance across each of our key financial metrics. These results reflect the resilience of travel demand and the work our teams have done to strengthen our products and services. While travel trends can fluctuate in the near term, we remain focused on making travel easier, more connected, and more personalized.

各位下午好，感謝今天加入我們。我很高興報告，我們的團隊在本季再次交出強勁的營運表現，且在各項關鍵財務指標上，結果均超越我們指引區間的上緣。這些成果反映旅遊需求的韌性，以及我們團隊為強化產品與服務所做的努力。儘管短期內旅遊趨勢可能波動，我們仍專注於讓旅行更容易、更互聯、也更個人化。

This quarter, we continued to advance several priorities that support that goal. Let me begin with AI, which is creating significant opportunities to better serve travelers and partners while strengthening our business. We believe this is the most transformational time for industries since the dawn of the Industrial Revolution. Particularly in travel distribution, AI is opening up new ways for people to discover, plan, book, and manage travel. The technologies and the way people use them are evolving quickly. We are actively testing AI across the traveler journey, learning from real-world usage, and scaling the capabilities that create the most value for travelers and partners.

本季，我們持續推進多項支持該目標的優先事項。我先從 AI 談起；AI 正創造重大機會，使我們能更好地服務旅客與合作夥伴，同時強化我們的業務。我們相信，這是自工業革命開端以來，各產業最具變革性的時期。特別是在旅遊分銷領域，AI 正開啟人們探索、規劃、預訂與管理旅行的新方式。技術本身以及人們使用技術的方式都在快速演進。我們正積極在旅客旅程各環節測試 AI，從真實世界的使用情境中學習，並擴大能為旅客與合作夥伴創造最大價值的能力。

We have made tangible progress across our brands over the last several months. For example, at Booking.com, we are expanding AI tools that help travelers explore destinations in greater detail at the top of the funnel. We also continue to advance our agentic capabilities, enabling customers to cancel a booking or get answers about their stay without having to contact customer service. Early testing is showing encouraging customer satisfaction results and fewer escalations to our service teams.

過去幾個月，我們在各品牌上都取得了具體進展。例如，在 Booking.com，我們正在擴展 AI 工具，協助旅客在漏斗頂端更深入地探索目的地。我們也持續推進代理式（agentic）能力，使客戶無需聯繫客服，即可取消預訂或取得關於住宿的問題解答。早期測試顯示，客戶滿意度結果令人鼓舞，且升級轉交至服務團隊的案件更少。

Agoda launched its new AI Assistant, which is now live across 21 markets, and helps travelers move from an initial idea to a bookable trip using Agoda’s live selection of accommodations, flights, and activities. At Priceline, we continue to develop Penny, its AI travel assistant, and bring more of Penny’s capabilities into the main Priceline experience so more customers can benefit from them.

Agoda 推出了全新的 AI 助理，目前已在 21 個市場上線，並利用 Agoda 的即時住宿、航班與活動選擇，協助旅客從初步想法走向可預訂的行程。在 Priceline，我們持續開發其 AI 旅遊助理 Penny，並將更多 Penny 的能力整合進 Priceline 的主要體驗中，讓更多客戶能從中受益。

These experiences show the difference between recommending a trip and actually enabling someone to book it seamlessly. Whether it is comparing locations, photos, room choices, and prices, we can combine the ease of an AI assistant with the information, live inventory, booking capabilities, and service of our platforms.

這些體驗展現了「推薦一趟旅行」與「真正讓人順暢完成預訂」之間的差異。無論是比較地點、照片、房型選擇與價格，我們都能把 AI 助理的便利性，與我們平台所提供的資訊、即時庫存、預訂能力與服務結合起來。

We are also excited to see the birth of new AI-native experiences beyond our existing brands. In September, we launched Lola, which helps people access unique travel, dining, and event inventory across platforms beyond our company through a conversational experience and a membership model. A few weeks later, we launched Vayo, a proactive AI personal travel agent designed to help travelers from initial planning through booking and beyond.

我們也很興奮看到，在既有品牌之外，新的 AI 原生（AI-native）體驗正在誕生。9 月，我們推出 Lola，透過對話式體驗與會員制模式，協助人們跨越本公司以外的平台，取得獨特的旅遊、餐飲與活動庫存。幾週後，我們推出 Vayo——一位主動式 AI 個人旅遊代理，旨在協助旅客從初步規劃到預訂，乃至後續各階段。

It can bring existing reservations from a traveler’s email history into one place and use that history to create more personalized offers and suggest ways to fill gaps in an itinerary. Vayo also continuously monitors prices and stays engaged after booking, alerting travelers to changes and helping them adjust their plans along the way. These platforms are testing grounds where we can explore new AI capabilities, iterate quickly, and apply what we learn across Booking Holdings.

它可以將旅客電子郵件歷史中的既有預訂匯入同一處，並利用該歷史建立更個人化的優惠，並建議如何補齊行程中的空檔。Vayo 也會持續監控價格，並在預訂後保持互動，提醒旅客變動情況，並協助他們在旅途中調整計畫。這些平台是測試場域，使我們能探索新的 AI 能力、快速迭代，並將所學應用到 Booking Holdings 全體。

Our established brands give us the scale to bring successful capabilities to our partner and customer bases. This combination allows us to pursue several approaches and direct resources towards the experiences that prove most useful to travelers and partners.

我們既有的品牌讓我們具備規模，能將成功的能力帶給合作夥伴與客戶群。這種組合使我們能同時採取多種方法，並將資源導向對旅客與合作夥伴最有用、經驗證的體驗。

Alongside these investments, our partnerships give us additional ways to reach travelers wherever they choose to engage. We continue to work with leading technology and AI companies, including Meta, OpenAI, Google, Anthropic, and Amazon. OpenTable’s native integration with OpenAI has become one of the brand’s fastest-growing channels from a small base, and OpenTable recently debuted as the first dining partner with Meta’s Muse personal agent. Agoda is live on Muse as a launch partner in Asia, connecting Muse directly with Agoda’s new AI Assistant.

除這些投資之外，我們的合作夥伴關係也讓我們能以更多方式觸及旅客，無論他們選擇在哪裡互動。我們持續與領先的科技與 AI 公司合作，包括 Meta、OpenAI、Google、Anthropic 與 Amazon。OpenTable 與 OpenAI 的原生整合，已從小規模基礎快速成為該品牌成長最快的渠道之一；此外，OpenTable 近期也首次亮相，成為 Meta 的 Muse 個人代理的首個餐飲合作夥伴。Agoda 亦作為亞洲的首發合作夥伴在 Muse 上線，將 Muse 直接連結至 Agoda 全新的 AI 助理。

Finally, AI is helping us operate more efficiently. We use it to help customer service teams handle routine requests, accelerate product development, and improve our internal processes. As an example, in the third quarter, customer service costs declined despite higher booking volumes, while satisfaction remained high. We are also seeing higher engineering productivity, while the cost per merge request continues to decline. These are real efficiency gains we are seeing today, and we believe AI can deliver more over time.

最後，AI 也在幫助我們更有效率地營運。我們使用 AI 協助客服團隊處理例行請求、加速產品開發，並改善內部流程。例如，在第三季，儘管預訂量更高，客服成本仍下降，同時滿意度維持在高水準。我們也看到工程生產力提升，而每次合併請求（merge request）的成本持續下降。這些是我們今天就能看到的實質效率提升，我們相信 AI 隨時間推進還能帶來更多效益。

Now, let me turn to the value we provide to our supplier partners, as the benefits of these AI improvements that we are bringing to our traveler customers have been built on the foundational relationships we have developed with our suppliers over many years. Independent hotels and alternative accommodation partners generate the vast majority of our room nights at Booking.com. Another way to look at this is the 10 largest global hotel chains account for only a low double-digit percentage of room nights at Booking.com.

接下來，我想談談我們為供應商合作夥伴所提供的價值；因為我們帶給旅客客戶的這些 AI 改善，其效益建立在我們多年來與供應商所發展的基礎關係之上。在 Booking.com，上架的獨立飯店與替代住宿合作夥伴貢獻了我們絕大多數的間夜數。換個角度看，全球前 10 大飯店連鎖在 Booking.com 的間夜數占比僅為低雙位數百分比。

Many of our partners do not have significant resources. The value we provide to them is to improve their business by enabling them to have incremental travelers from around the world at lower cost, and by providing services and expertise they may not be able to develop on their own.

我們的許多合作夥伴並沒有充足的資源。我們為他們提供的價值在於：以更低成本協助他們獲得來自全球的增量旅客，並提供他們可能無法自行建立的服務與專業能力，從而改善其業務。

For example, small and even medium-sized accommodation providers are generally not able to efficiently market themselves globally. Our brand and marketing reach, supported by years of investment in machine learning and AI, helps connect partners’ offers with travelers across markets and channels. Partners benefit from that reach without upfront marketing costs, paying us only when they earn revenue from a room night that might have otherwise gone empty.

例如，小型甚至中型住宿供應商通常無法有效率地在全球範圍行銷自己。我們的品牌與行銷觸及力，加上多年在機器學習與 AI 的投資支持，有助於在不同市場與渠道之間，將合作夥伴的供給與旅客連結起來。合作夥伴可在無需前期行銷成本的情況下受益於這種觸及力，僅在他們因某一間夜獲得收入時才向我們付費；而該間夜原本可能會空置。

To help our partners, we provide them with sophisticated data and tools to better understand travel demand patterns and improve their performance. We provide different products, like Genius, that offer them opportunities to be more competitive.

為了協助我們的合作夥伴，我們提供先進的數據與工具，幫助他們更深入了解旅遊需求模式並提升其表現。我們提供不同的產品，例如 Genius，讓他們有機會更具競爭力。

Our value goes beyond just showing a property to a traveler with advice on how to display it to improve conversion. We provide payment services. We provide customer service in over 40 languages, with both AI agents and people available around the clock. Our dedicated partner service teams are on the ground across the world, working directly with properties to help them improve their operations.

我們的價值不僅止於向旅客展示房源，並提供如何呈現以提升轉換率的建議。我們提供支付服務。我們以超過 40 種語言提供客服服務，結合 AI 代理與真人團隊，全天候待命。我們專屬的合作夥伴服務團隊遍布全球各地，直接與住宿業者合作，協助他們改善營運。

Local knowledge matters. Traveler preferences, payment methods, and regulations vary widely from one market to another. Payments are a good example. Travelers want to use methods they know and trust, even when those methods are unfamiliar to the property where they are staying.

在地知識很重要。旅客偏好、支付方式與法規在不同市場之間差異很大。支付就是一個很好的例子。旅客希望使用他們熟悉且信任的方法，即使這些方法對其入住的住宿業者而言並不熟悉。

Today, we can process more than 100 payment methods in over 50 currencies. That helps properties welcome guests from around the world without having to manage that complexity themselves or lose bookings because they cannot accept a traveler’s preferred payment method. This combination of global reach and local expertise supports our growth in markets where we see significant opportunity. The US and Asia are two such important priorities.

目前，我們可處理超過 100 種支付方式，涵蓋 50 多種貨幣。這有助於住宿業者接待來自世界各地的旅客，而無需自行管理這些複雜性，或因無法接受旅客偏好的支付方式而流失訂單。這種全球觸及與在地專業的結合，支持我們在看到重大機會的市場中持續成長。美國與亞洲就是兩個重要的優先市場。

In the US, we have mentioned in the past seeing significant room to grow over the long term. We have invested in product, supply, brand, marketing, and technology to build a stronger offering over the past several years, and our progress is clear. We have outperformed the broader market in terms of room night growth for the last three years, as we have deepened direct engagement and more travelers have chosen to book multiple parts of their trip on our platform. These results reflect the consistent execution of our strategic priorities and reinforces my confidence in the opportunity ahead.

在美國，我們過去曾提到，長期而言仍有相當大的成長空間。過去幾年，我們在產品、供給、品牌、行銷與技術方面持續投資，以打造更強的產品服務，而我們的進展相當明顯。過去三年，隨著我們深化直接互動，且更多旅客選擇在我們的平台上預訂行程中的多個部分，我們在間夜成長方面的表現優於整體市場。這些成果反映了我們對策略優先事項的一貫執行，也進一步強化我對未來機會的信心。

Asia is another important area of growth. Its many distinct markets call for local execution, and we believe Booking.com’s global reach and Agoda’s local expertise position us well to deliver it. Across the region, we continue to invest in products, payments, marketing, distribution, and supply relationships that reflect how people travel in each market.

亞洲是另一個重要的成長領域。其眾多且各具特色的市場需要在地化執行，我們相信 Booking.com 的全球觸及與 Agoda 的在地專業，使我們具備良好條件來交付成果。在整個區域內，我們持續投資於產品、支付、行銷、分銷與供給關係，以反映各市場人們的旅行方式。

As we discussed last quarter, that can mean adapting payment options, working with local properties, or reaching customers through the social and messaging platforms that they use every day. These investments help us better serve travelers and partners while supporting our long-term growth in the region.

如同我們在上季所討論的，這可能意味著調整支付選項、與在地住宿業者合作，或透過他們每天使用的社群與訊息平台觸及客戶。這些投資有助於我們更好地服務旅客與合作夥伴，同時支持我們在該區域的長期成長。

Across all of our markets, we are focused on building relationships that extend beyond a single booking. We want to help travelers with more of their trip and give them more reasons to choose us again for the next one. Our Connected Trip efforts and Genius loyalty program are central to that goal.

在我們所有市場中，我們都專注於建立超越單次預訂的關係。我們希望在旅程中協助旅客更多面向，並給他們更多理由在下一次旅行再次選擇我們。我們的 Connected Trip（串聯旅程）計畫與 Genius 忠誠計畫是達成該目標的核心。

Travel can be fragmented. A trip may involve accommodations, flights, ground transportation, and attractions, often with different providers. By bringing these pieces together, we can engage travelers earlier, help with more of their trip, and seek to build a stronger relationship over time.

旅行可能是零散的。一趟旅程可能包含住宿、航班、地面交通與景點，且往往由不同供應商提供。透過把這些環節串聯起來，我們可以更早與旅客互動，協助其旅程的更多部分，並力求隨時間建立更強的關係。

Genius adds value for travelers and encourages them to return to Booking.com, and we are seeing progress on both. Connected Trip transactions, where a traveler books more than one travel vertical with us for the same trip, grew three times faster than Booking.com’s overall transactions from a relatively small base. Those travelers also tend to return more frequently.

Genius 為旅客帶來價值並鼓勵他們回到 Booking.com，而我們在這兩方面都看到進展。Connected Trip 交易（即旅客在同一趟旅程中透過我們預訂超過一個旅遊垂直品類）從相對較小的基礎出發，其成長速度是 Booking.com 整體交易量的三倍。這些旅客也傾向於更頻繁回訪。

Higher-tier Genius members plan further ahead, return more consistently, and book directly at a higher rate than non-Genius travelers. Over the last 12 months, level 2 and level 3 members represented more than 30% of Booking.com’s active customer base and accounted for a high 50% share of room nights, up from a year ago.

較高等級的 Genius 會員會更早規劃行程、回訪更穩定，且相較非 Genius 旅客有更高比例會直接預訂。在過去 12 個月中，等級 2 與等級 3 會員占 Booking.com 活躍客群超過 30%，並貢獻了高達 50% 的間夜占比，較一年前提升。

In closing, our teams executed well in the third quarter, delivering solid results while advancing the priorities I discussed today. I want to thank them for that work. The pace of change in technology is accelerating, and therefore, the pace of change in travel is also accelerating. AI is creating new ways for people to discover and plan trips, compare various travel options, and do it all in an easier way. We are building quickly to continue to help shape that future.

最後，我們的團隊在第三季執行表現良好，在推進我今天所談的優先事項的同時，也交出穩健成果。我想感謝他們的努力。科技變革的速度正在加快，因此旅遊變革的速度也在加快。AI 正在創造新的方式，讓人們發掘並規劃旅程、比較各種旅遊選項，並以更簡單的方式完成所有流程。我們正快速建置，以持續協助塑造那樣的未來。

Through it all, though, our mission remains the same: to make it easier for everyone to experience the world. We have spent years building the brands, partner relationships, and services that help us deliver on that mission. We help travelers turn ideas into trips that they can book with confidence, and our services help our partners welcome customers from around the world.

然而，無論如何，我們的使命始終不變：讓每個人都能更輕鬆地體驗世界。多年來，我們打造品牌、合作夥伴關係與服務，協助我們實現這項使命。我們幫助旅客把想法轉化為能夠安心預訂的旅程，而我們的服務也協助合作夥伴迎接來自世界各地的客人。

However a traveler begins their travel inspiration and planning, we see opportunities to make the whole travel process better, easier, with less frustration and anxiety. In the end, it comes down to providing more value to both sides of the travel marketplace. That is the work our teams are focused on. It is why I am confident in the future of Booking Holdings.

無論旅客如何開始獲得旅行靈感並進行規劃，我們都看到機會讓整個旅行流程變得更好、更容易，並減少挫折與焦慮。歸根結底，就是要為旅遊市場的供需兩端提供更多價值。這正是我們團隊專注投入的工作。這也是我對 Booking Holdings 未來充滿信心的原因。

With that, I’ll turn the call over to Ewout to discuss our financial results and outlook.

接下來，我把電話會議交給 Ewout，請他說明我們的財務結果與展望。

Thank you, Glenn, and good afternoon, everyone. I will now review our results for the third quarter and provide our current thoughts for the fourth quarter and full year. All growth rates are on a year-over-year basis, and the reconciliation of non-GAAP to GAAP financials can be found in our earnings release.

謝謝你，Glenn，各位下午好。我現在將回顧我們第三季的業績，並分享我們對第四季與全年目前的看法。所有成長率皆以年對年為基礎，非 GAAP 與 GAAP 財務數字的調節表可在我們的財報新聞稿中找到。

I am pleased to report that room nights, gross bookings, adjusted revenue, and adjusted EBITDA all exceeded the high end of our guidance for the third quarter. We delivered profitable growth in a complex macro and travel environment while investing in our long-term priorities. Our results reflect the fundamental strength of our global business and the continued focus and discipline of our teams.

我很高興報告，第三季的間夜數、總預訂額、調整後營收與調整後 EBITDA 均超過我們指引區間的上緣。在複雜的總體經濟與旅遊環境下，我們在投資長期優先事項的同時，實現了獲利性成長。我們的成果反映了全球業務的基本面實力，以及團隊持續的專注與紀律。

Travel demand was resilient in the quarter, although we saw some moderation towards the end of the period. Prices increased as we saw constant currency ADRs up approximately 3% year-over-year, primarily driven by Europe, but also by the US and Asia. We saw a slight expansion in the booking window in Europe and at the global level, while the booking window in the US modestly contracted. Average length of stay increased year over year for our business outside Asia, as Asia domestic travel outpaced international travel by the widest margin of any region.

本季旅遊需求展現韌性，儘管我們在期末看到一些降溫。隨著我們看到以固定匯率計算的 ADR（平均每日房價）年增約 3%，價格有所上升，主要由歐洲帶動，但美國與亞洲也有貢獻。我們看到歐洲及全球層面的預訂提前期略有拉長，而美國的預訂提前期則小幅縮短。就亞洲以外的業務而言，平均住宿天數年增；而在亞洲，國內旅遊相較國際旅遊的增速差距為各區域中最大。

Now let’s turn to our third quarter results. Room nights grew 7%, up from the 5% in the second quarter, driven by an improvement in international travel from bookers in Europe and Asia, while domestic room night growth was stable at a higher level. Globally, domestic room nights grew high single digits, and international room nights grew mid-single digits.

接下來我們來看第三季的業績。間夜數成長 7%，高於第二季的 5%，主要受惠於來自歐洲與亞洲預訂者的國際旅遊改善，而國內間夜成長則在較高水準上保持穩定。在全球範圍內，國內間夜成長為高個位數，國際間夜成長為中個位數。

We continued to navigate the indirect impacts of the conflict in the Middle East, with elevated airfares and reduced capacity on certain routes weighing on long-haul travel demand. Looking at room night growth by booker region, Europe grew high single digits, with domestic room nights up high single digits. Asia grew high single digits, with domestic room nights up low double digits.

我們持續因應中東衝突的間接影響，部分航線的機票價格上升與運能下降，對長程旅遊需求造成壓力。按預訂者所在區域來看間夜成長，歐洲為高個位數成長，其中國內間夜亦為高個位數成長。亞洲為高個位數成長，其中國內間夜為低雙位數成長。

The US grew mid-single digits, driven by domestic room night growth. We are pleased to see another consecutive quarter of direct channel growth in the US. Rest of world grew mid-single digits, which was stable from the second quarter, as we continue to see growth from bookers in the Middle East.

美國業務以中個位數成長，主要由國內間夜量成長所帶動。我們很高興看到美國直連渠道連續又一季成長。世界其他地區亦以中個位數成長，與第二季持平，因為我們持續看到來自中東訂房客的成長。

Over the past four quarters, our B2C direct mix remained stable in the mid-60% range as room nights booked through the direct channel continued to grow in line with the rest of the business, while the mix of room nights coming from direct visits to our websites and mobile apps increased year over year.

在過去四個季度中，我們的 B2C 直連占比維持在約 60% 中段的穩定水準，因為透過直連渠道預訂的間夜量持續與整體業務同步成長；同時，來自旅客直接造訪我們網站與行動 App 的間夜占比也較去年同期提升。

LLM referrals have accelerated over the last several weeks, but still account for significantly less than 1% of Booking.com’s room nights. Organic referrals increased following the release of the latest ChatGPT models, which improved citation rates and drove more traffic to our platforms. Paid referrals are also growing as we continue to partner with OpenAI by expanding into additional markets and testing and refining our approach.

在過去幾週，LLM 推薦流量加速成長，但仍僅占 Booking.com 間夜量的遠低於 1%。隨著最新 ChatGPT 模型發布後，自然推薦流量增加，因其提升了引用率並為我們的平台帶來更多流量。付費推薦流量也在成長，因為我們持續與 OpenAI 合作，擴展至更多市場，並測試與優化我們的方法。

The mobile app mix of total room nights over the past four quarters was in the high 50% range, up from the mid-50% range a year ago. The mix of Booking.com room nights booked by travelers in Genius levels two and three was in the high 50% range, which also increased from a year ago.

過去四個季度，行動 App 在總間夜量中的占比約在 50% 高段，較一年前的 50% 中段有所提升。由旅客以 Genius 第二級與第三級身分在 Booking.com 預訂的間夜占比約在 50% 高段，也較一年前增加。

What is particularly encouraging is the behavior of travelers who engage with Booking.com across all three dimensions: booking directly, using our mobile app, and participating in Genius levels 2 and 3. Room nights booked by this cohort grew meaningfully faster than those booked by other travelers, both in the third quarter and year to date.

特別令人鼓舞的是，同時在三個面向與 Booking.com 互動的旅客行為：直接預訂、使用我們的行動 App，以及參與 Genius 第 2 與第 3 級。該族群所預訂的間夜量，不論在第三季或年初至今，成長速度都明顯快於其他旅客。

These trends reinforce our confidence in the investments we are making to deepen our direct relationships with travelers, and we believe our broader selection of accommodations, flights, and attractions, together with progress in payments, the Connected Trip, and more personalized and proactive AI-powered experiences will give travelers even more reasons to choose us and return for future trips.

這些趨勢強化了我們對於持續投資、加深與旅客直接關係的信心；我們相信，更廣泛的住宿、機票與景點選擇，加上支付、Connected Trip（互聯旅程）的進展，以及更個人化且更主動的 AI 驅動體驗，將讓旅客有更多理由選擇我們並在未來旅程再次回流。

Alternative accommodations represented approximately 37% of Booking.com’s room nights, up about 1 percentage point from the third quarter of 2025, with room night growth of 7%, improving from 4% growth in the second quarter, as we saw an acceleration across all of our major regions. We also saw alternative accommodation listings growth accelerate to 9%, which is an encouraging signal for our future growth in this category.

非傳統住宿約占 Booking.com 間夜量的 37%，較 2025 年第三季提升約 1 個百分點；其間夜量成長 7%，較第二季 4% 的成長有所改善，因為我們在所有主要地區都看到成長加速。我們也看到非傳統住宿的房源刊登數成長加速至 9%，這對我們未來在此類別的成長是一項令人鼓舞的訊號。

In our other travel verticals, flight tickets increased 19% year-over-year, a strong acceleration from the second quarter and ahead of the broader market, despite continued pressure from elevated ticket prices and reduced capacity on certain routes. Attraction tickets grew 24% year-over-year, also an acceleration from the second quarter. Importantly, Connected Trip transactions growth accelerated to almost 20% year-over-year and represented a low double-digit mix of Booking.com’s total transactions.

在其他旅遊垂直領域方面，機票張數年增 19%，相較第二季顯著加速，且優於整體市場，儘管票價高企與部分航線運能下降仍帶來壓力。景點門票年增 24%，同樣較第二季加速。更重要的是，Connected Trip 交易量成長加速至接近年增 20%，並占 Booking.com 總交易量的低雙位數比例。

This share has increased substantially over the past few years as we have expanded our supply across travel verticals beyond accommodations. We expect further increases as we deliver more personalized and gen AI-powered experiences and bring these offerings together more seamlessly through our Genius loyalty program. Our data shows that travelers who book with us across multiple travel verticals return more frequently, reinforcing our confidence in the Connected Trip opportunity.

隨著我們將供給擴展至住宿以外的各旅遊垂直領域，這一占比在過去幾年已大幅提升。我們預期，隨著我們提供更個人化且由生成式 AI 驅動的體驗，並透過 Genius 忠誠計畫更無縫地整合這些產品，該占比將進一步提高。我們的數據顯示，透過我們在多個旅遊垂直領域預訂的旅客回訪更頻繁，進一步強化我們對 Connected Trip 機會的信心。

Our total merchant gross bookings represented approximately 75% of total gross bookings, up about 3 percentage points year-over-year. Our merchant payments platform is a key enabler of our Connected Trip vision, providing travelers with a more seamless and flexible booking experience, helping partners accept customers’ preferred payment methods, and generating incremental contribution margin dollars for our business.

我們的商戶模式（merchant）總訂單金額約占總訂單金額的 75%，較去年同期提升約 3 個百分點。我們的商戶支付平台是實現 Connected Trip 願景的關鍵推動力，為旅客提供更順暢且更彈性的預訂體驗，協助合作夥伴接受客戶偏好的支付方式，並為我們的業務帶來額外的貢獻毛利（contribution margin）美元。

Total gross bookings increased 10% year-over-year, or approximately 11% on a constant currency basis. Constant currency gross bookings growth was approximately 4 percentage points higher than room night growth, primarily reflecting the higher constant currency ADRs and the contribution from flights and other verticals.

總訂單金額年增 10%，若以固定匯率計算約年增 11%。固定匯率下的訂單金額成長約比間夜量成長高 4 個百分點，主要反映固定匯率 ADR（平均每日房價）較高，以及機票與其他垂直領域的貢獻。

Adjusted revenue increased 9% year-over-year, or approximately 10% on a constant currency basis. Adjusted revenue as a percentage of gross bookings was about 15 basis points lower year-over-year due to a higher mix of flight bookings and the timing of bookings versus travel, partially offset by higher revenues from facilitating payments.

調整後營收年增 9%，若以固定匯率計算約年增 10%。調整後營收占訂單金額的比例較去年同期低約 15 個基點，原因在於機票訂單占比提高，以及訂單與實際出行時間的時點差異；部分被我們在促成支付方面帶來的較高收入所抵銷。

Marketing expense increased 11% year-over-year, slightly faster than gross bookings, driven primarily by faster growth in B2B affiliate marketing expenses. Excluding our B2B affiliate business, our B2C business had marketing leverage in the quarter as we continue to aim to grow our top-line metrics faster than marketing investments.

行銷費用年增 11%，略快於訂單金額成長，主要由 B2B 聯盟行銷費用成長較快所帶動。若排除我們的 B2B 聯盟業務，我們的 B2C 業務在本季展現行銷槓桿效益，因為我們持續以讓營收端指標成長快於行銷投資為目標。

Adjusted sales and other expenses were 2.0% of gross bookings and were a source of leverage. Efficiencies in third-party customer service, supported by AI-enabled tools, more than offset higher payment expenses associated with our increasing merchant mix. Disciplined cost management continued to support operating leverage in the quarter. Adjusted fixed operating expenses increased 6% year-over-year, reflecting actions we have taken to manage our cost base.

調整後銷售及其他費用占訂單金額的 2.0%，並成為槓桿效益來源。在 AI 賦能工具的支持下，第三方客服效率提升，足以抵銷因商戶模式占比提高而帶來的較高支付費用。嚴謹的成本管理持續支撐本季的營運槓桿。調整後固定營運費用年增 6%，反映我們為管理成本基礎所採取的措施。

As our use of gen AI scales, we are applying the same cost discipline, including price caps on higher-cost models and model routing simpler tasks to more cost-effective models. For example, at Agoda, our blended cost per million AI tokens declined by more than 25% between June and September. For the company overall, developer productivity continued to improve, while cost per merge request declined double digits. These gains are helping us deliver new capabilities faster, including several Glenn highlighted in his opening remarks.

隨著我們對生成式 AI 的使用規模擴大，我們同樣採取成本紀律，包括對較高成本模型設定價格上限，並將較簡單的任務透過模型路由分派至更具成本效益的模型。例如在 Agoda，我們每百萬 AI tokens 的加權平均成本在 6 月至 9 月間下降超過 25%。就公司整體而言，開發者生產力持續改善，而每次合併請求（merge request）的成本下降達雙位數百分比。這些成果正協助我們更快交付新能力，包括 Glenn 在開場致詞中提到的數項。

Adjusted EBITDA of approximately $4.6 billion grew 9% year-over-year. We delivered 9% adjusted revenue growth while expanding our adjusted EBITDA margin slightly to 47.0%, including stock-based compensation as an expense, a powerful combination of growth and profitability that underscores the strength of our business model and disciplined execution. Adjusted EPS of $4.66 per share increased 17% year-over-year, faster than adjusted EBITDA growth, helped by a 7.5% reduction in our average share count.

調整後 EBITDA 約 46 億美元，年增 9%。我們在實現 9% 調整後營收成長的同時，調整後 EBITDA 利潤率小幅擴張至 47.0%，且將股票基礎薪酬視為費用列入；成長與獲利能力兼具的強勁組合，凸顯我們商業模式的韌性與紀律執行。調整後每股盈餘（Adjusted EPS）為每股 4.66 美元，年增 17%，增速快於調整後 EBITDA，部分受惠於我們平均流通股數減少 7.5%。

We continue to execute on our Transformation Program and remain on track to achieve the full $650 million in annual run rate savings in 2027. We incurred approximately $23 million of transformation costs in the third quarter, the majority of which were excluded from our adjusted results.

我們持續推進轉型計畫（Transformation Program），並仍按進度在 2027 年達成每年 6.5 億美元的年度化節省（annual run rate savings）目標。第三季我們發生約 2,300 萬美元的轉型成本，其中大部分已自我們的調整後結果中排除。

Now on to our cash and liquidity position. Our third quarter ending cash and investments balance was $16.2 billion compared to $17.7 billion at the end of the second quarter. During the quarter, we generated free cash flow of $1.1 billion, which was impacted by a working capital decrease driven by a $3.6 billion seasonal unwind of deferred merchant bookings. We also returned $2.4 billion to shareholders, including $2.1 billion of share repurchases.

接著說明我們的現金與流動性狀況。第三季期末現金與投資餘額為 162 億美元，相較第二季期末的 177 億美元。本季我們產生 11 億美元自由現金流，但受到營運資金下降影響，主因為遞延商戶訂單的季節性回轉（unwind）達 36 億美元。我們也向股東返還 24 億美元，其中包含 21 億美元的庫藏股回購。

During the first nine months of 2026, we returned $10.5 billion of capital to shareholders, including $9.5 billion of share repurchases. We remain committed to a disciplined capital allocation framework, investing behind the highest return growth opportunities across our business, while also actively returning capital to shareholders and maintaining a strong balance sheet.

在 2026 年前九個月，我們向股東返還資本 105 億美元，其中包含 95 億美元的庫藏股回購。我們仍致力於嚴謹的資本配置框架：一方面投資於全公司範圍內回報最高的成長機會，另一方面也積極向股東返還資本並維持強健的資產負債表。

Moving to our thoughts for the fourth quarter, the travel environment is mixed. As I mentioned earlier, we saw some moderation in global demand trends toward the end of the third quarter, driven by international travel. Domestic travel continues to hold up as we are seeing travelers take shorter trips and choose destinations closer to home.

談到我們對第四季的看法，旅遊環境呈現好壞參半。如我先前提到的，我們在第三季末看到全球需求趨勢有所降溫，主要由國際旅遊所帶動。國內旅遊仍維持韌性，因為我們看到旅客傾向進行較短的行程，並選擇離家更近的目的地。

In October, a number of external factors have also affected demand, including disruptions to travel to and from the Middle East, the conflict’s broader indirect effects such as elevated airfares, and localized unrest in certain European cities. Our guidance reflects these near-term disruptions and assumes that both the direct and indirect impacts of the Middle East conflict on travel persist through the end of the year.

在10月，多項外部因素也影響了需求，包括往返中東的旅遊中斷、衝突更廣泛的間接影響（例如機票價格上升），以及歐洲部分城市的局部動盪。我們的指引反映了這些短期干擾，並假設中東衝突對旅遊的直接與間接影響將持續至年底。

Our guidance also assumes recent FX rates for the remainder of the year, including the euro-US dollar exchange rate at 1.12. We estimate changes in FX will negatively impact our fourth quarter reported US dollar growth rates by about 2 percentage points.

我們的指引也假設今年剩餘期間匯率維持在近期水準，包括歐元兌美元匯率為1.12。我們估計匯率變動將使我們第四季以美元呈報的成長率受到約2個百分點的負面影響。

For the full year, we estimate changes in FX will positively impact reported growth rates by about 1 percentage point for gross bookings and about half a percentage point for adjusted revenue. We currently expect fourth quarter room nights to increase between 1% and 3%, reflecting the toughest prior year comparison of 2026 and the uncertainty around the impact of recent events on travel demand.

就全年而言，我們估計匯率變動將使呈報成長率對總預訂額帶來約1個百分點的正面影響，對調整後營收帶來約0.5個百分點的正面影響。我們目前預期第四季間夜數將成長1%至3%，反映2026年最艱難的去年同期比較基期，以及近期事件對旅遊需求影響的不確定性。

We currently expect gross bookings to increase between 2% and 4%, or between 4% and 6% on a constant currency basis, which is higher than room night growth due to higher constant currency ADRs and flight ticket growth. We currently expect adjusted revenue to increase between 0% and 2%, or between 2% and 4% on a constant currency basis, slower than gross bookings due to flight bookings mix and differences in the timing of bookings versus travel, partially offset by higher revenue from payments.

我們目前預期總預訂額將成長2%至4%，若以固定匯率計則為4%至6%；由於固定匯率下ADR較高以及機票成長，該成長幅度高於間夜數成長。我們目前預期調整後營收將成長0%至2%，若以固定匯率計則為2%至4%；由於機票預訂組合以及預訂時間與實際出行時間的差異，成長速度慢於總預訂額，但部分將由支付業務帶來的較高營收所抵銷。

We currently expect adjusted EBITDA to be about flat year-over-year, or up about 2% on a constant currency basis, and to be impacted by increased planned investments behind our long-term strategic priorities, including expanding capabilities across non-accommodation verticals such as flights, attractions, and dining, advancing our AI capabilities, and enhancing our underlying technology infrastructure and platforms. We expect these investments to be partially offset by marketing leverage.

我們目前預期調整後EBITDA年對年大致持平，若以固定匯率計約成長2%；並將受到我們在長期策略優先事項上增加既定投資的影響，包括擴展住宿以外垂直領域（如航班、景點與餐飲）的能力、推進我們的AI能力，以及強化底層技術基礎設施與平台。我們預期這些投資將部分由行銷槓桿所抵銷。

For the full year, on a reported basis, we continue to expect gross bookings, adjusted revenue, and adjusted EBITDA to be up high single digits and adjusted EPS to be up low to mid-teens. At the high end, this outlook is broadly in line with our long-term constant currency growth ambition of at least 8% for gross bookings and adjusted revenue, and 15% for adjusted EPS.

就全年而言，以呈報口徑計，我們仍預期總預訂額、調整後營收與調整後EBITDA將呈高個位數成長，調整後每股盈餘（EPS）將呈低到中十位數成長。在高端情境下，這一展望大致符合我們長期固定匯率成長目標：總預訂額與調整後營收至少成長8%，以及調整後EPS成長15%。

In conclusion, our third quarter results demonstrated the resilience of our global platform and the disciplined execution of our teams in a dynamic environment. We continue to focus on key areas that we believe can further strengthen our long-term growth outlook, including expansion in key markets, deepening traveler relationships through Connected Trip and Genius, creating greater value for our partners, and advancing our approach to AI.

總結來說，我們第三季的結果展現了全球平台的韌性，以及團隊在動態環境中的紀律執行力。我們將持續聚焦於我們認為可進一步強化長期成長展望的關鍵領域，包括在重點市場擴張、透過Connected Trip與Genius深化旅客關係、為合作夥伴創造更大價值，以及推進我們的AI策略。

As agentic AI evolves, we’re taking a multi-pronged approach. First, building our own AI agent-powered experiences. Second, participating in new distribution channels that bring incremental demand at attractive economics. And third, using AI to improve customer service, developer productivity, and operating efficiency.

隨著代理型AI（agentic AI）的演進，我們採取多管齊下的策略。第一，打造由AI代理驅動的自有體驗。第二，參與新的分銷渠道，以具吸引力的經濟效益帶來增量需求。第三，運用AI改善客服、提升開發者生產力與營運效率。

We believe Booking Holdings is well-positioned to win as the landscape evolves. Our confidence is grounded in the capabilities that matter when inspiration turns into an actual trip: extensive supply, real-time price and availability, trusted brands, attractive loyalty programs, payments and service capabilities, and longstanding relationships with travelers and partners. We believe these will create economic value both within our own platforms and through emerging channels, supporting sustained growth and attractive returns over time.

我們相信，隨著產業版圖演變，Booking Holdings具備良好條件取得勝利。我們的信心建立在當靈感轉化為實際旅程時所需的關鍵能力之上：廣泛的供給、即時價格與可用性、值得信賴的品牌、具吸引力的忠誠計畫、支付與服務能力，以及與旅客與合作夥伴長期建立的關係。我們相信，這些能力將在我們自有平台內以及透過新興渠道創造經濟價值，支持長期持續成長並帶來具吸引力的報酬。

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

接下來，我們將開始回答各位的提問。接線員，請協助開放線路。

(Operator Instructions)

（接線員指示）

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通（JPMorgan）。

Thanks for taking the questions. I have two. First on the tangible AI progress that you are seeing in brands, obviously good to see the customer service cost efficiencies. Is there anything that you can share in terms of some of the top-line benefits perhaps that you are seeing around either conversion rates or frequencies or just other ways to quantify? On those accelerating AI referrals in recent weeks, are you seeing any differences in some of the newer agents, like Muse and Grok, relative to what you saw previously with the other LLMs? Thank you.

謝謝讓我提問。我有兩個問題。第一個是關於你們在各品牌看到的具體AI進展；顯然很高興看到客服成本效率的提升。就營收端的效益而言，你們是否能分享一些你們看到的成果，例如轉換率或使用頻率，或其他可量化的方式？另外，關於近幾週加速成長的AI導流，你們是否看到一些較新的代理（例如Muse與Grok）相較於先前其他LLM有任何差異？謝謝。

Hello, Doug. Good evening. This is Ewout. First, on some of the tangible AI progress. There are four key categories where we see some positive early indicators. Let me explain that and give a couple of examples around that. First, we are seeing higher engagement. Examples here are Booking.com’s daily AI search visitors are up 10 times with trip search in the third quarter compared to the second quarter.

你好，Doug。晚安。我是Ewout。先談一些具體的AI進展。我們看到四個關鍵類別出現一些正向的早期指標。我來說明一下，並舉幾個例子。第一，我們看到更高的互動參與度。例如，Booking.com在第三季的每日AI搜尋訪客數（以行程搜尋計）相較第二季增加了10倍。

A second example here is our new Vayo platform users are connecting their email, and we are seeing strong conversational engagements with Vayo at the moment.

第二個例子是，我們新的Vayo平台使用者正在連結他們的電子郵件，而我們目前看到使用者與Vayo之間有很強的對話式互動。

Second area is higher conversion. A couple of examples again. Priceline’s Penny and Agoda’s AI Assistant users have converted at approximately twice the rate of non-users.

第二個領域是更高的轉換率。再舉幾個例子。Priceline的Penny與Agoda的AI Assistant使用者，其轉換率約為非使用者的兩倍。

Third area, higher booking value. We see Agoda’s AI Assistant users have an average booking value of approximately 20% higher than non-users.

第三個領域是更高的預訂價值。我們看到Agoda的AI Assistant使用者，其平均預訂價值約比非使用者高20%。

The fourth category is incrementality. Again, some examples. OpenTable’s native integration with OpenAI has become one of the brand’s fastest-growing channels and had, in September, 190,000 seated covers. And then OpenTable’s agentic interactions with Muse and other horizontal agents have brought a significant number of completely new customers to our platform.

第四個類別是增量效應。同樣舉幾個例子。OpenTable與OpenAI的原生整合已成為該品牌成長最快的渠道之一，並在9月帶來19萬個到店入座（seated covers）。此外，OpenTable與Muse及其他通用型代理的代理式互動，為我們平台帶來了相當數量的全新客戶。

So four key areas where we see improvements and really positive indicators: higher engagement, higher conversion, higher booking value, and incrementality. It is early days, but we are encouraged by the momentum, and we really think these are really nice positive uplifts on these metrics.

因此，我們看到四個關鍵領域的改善與非常正向的指標：更高的互動參與度、更高的轉換率、更高的預訂價值，以及增量效應。目前仍在早期階段，但我們對這股動能感到鼓舞，也認為這些指標的提升相當不錯。

In terms of your question around referrals from LLMs versus the newer horizontal agents, what we are seeing that this traffic is still very small in aggregate. Nothing is really jumping out there in terms of one that is growing faster than another. So it is still very small. Yes, we have seen some acceleration in the recent weeks, but it is still significantly below 1%.

至於你問到LLM導流與較新的通用型代理之間的差異，我們看到這些流量整體加總仍然非常小。就目前而言，沒有哪一個特別明顯地比其他成長更快。所以它仍然非常小。是的，近幾週我們確實看到一些加速，但仍遠低於1%。

I also would like to point out that the vast majority of the traffic is coming to us, and that is based on third-party data sources. We are not missing out on the traffic, but it is still really small.

我也想指出，絕大多數的流量是來到我們這裡，而這是基於第三方資料來源。我們並沒有錯失這些流量，但它仍然非常小。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

Thanks. Two questions, please. I know you have got this partnership with Muse with Agoda in Asia, and just talk a little bit about the strategy of, you have got three sort of global brands. Why work with Muse with Agoda versus one of the others?

謝謝。我有兩個問題。我知道你們在亞洲與 Agoda 透過 Muse 有這項合作夥伴關係，想請你談談策略：你們有三個算是全球品牌。為什麼要透過 Agoda 與 Muse 合作，而不是另外兩個品牌之一？

And then the marketing deleverage in B2B, and I think that is been the case for a quarter or two or three. I think you are leaning into this as a channel. Could you talk about any signs of traction, of success, more momentum you are getting just in the B2B segment? Thank you very much.

另外，B2B 的行銷去槓桿，我想這種情況已經持續了一兩季或三季。我認為你們正把它當作一個通路來加大投入。能否談談在 B2B 區塊是否看到任何進展、成功的跡象，或是動能是否正在增強？非常感謝。

Hi, Mark. Why don’t I take the first one, and I will let Ewout take the second one.

嗨，Mark。第一個我來回答，第二個我讓 Ewout 來回答。

It is interesting which agreements with whom we get done first and priorities, et cetera. Look, I think the important thing to recognize is that we are working with everybody all the time. Some things are going to happen faster than others. Some things are going to get completed faster than others.

有趣的是，我們會先跟誰把協議談成、優先順序等等。你看，我認為重要的是要認知到：我們一直都在跟所有人合作。有些事情會比其他事情進展更快。有些事情會比其他事情更快完成。

You should not think just because we have Agoda getting the launch in Singapore is somehow more important than what we end up in the US with Muse or anyone else. Please don’t misinterpret that. I have confidence that we will have great relationships with all the players, and not just the ones that you know of now, because we know there are a lot more coming down the road.

你不應該因為 Agoda 在新加坡先上線，就認為這 somehow 比我們最後在美國與 Muse 或其他任何人的合作更重要。請不要誤解。我有信心我們會與所有參與者建立很好的關係，而且不只是你現在知道的那些，因為我們知道未來還會有更多夥伴陸續加入。

Mark, with respect to your second question, with respect to B2B and marketing deleverage, let me point out the following. We are pleased, of course, with third quarter marketing leverage for B2C, and also, of course, pleased with the growth of our B2B business volumes.

Mark，關於你的第二個問題，也就是 B2B 與行銷去槓桿，我想指出以下幾點。我們當然對第三季 B2C 的行銷槓桿感到滿意，同時也對我們 B2B 業務量的成長感到滿意。

Specifically, your question about B2B, that is a business that is getting more focus and attention internally. I think you know about our plans that we are launching on January 1, a combined B2B business, so you will also see then more details about their numbers, because most likely we will break that out going forward.

具體來說，你問到 B2B：這是一個在內部獲得更多聚焦與關注的業務。我想你也知道我們的計畫：我們將在 1 月 1 日推出整合後的 B2B 業務，因此你也會看到更多關於其數字的細節，因為未來我們很可能會把它單獨拆分揭露。

What is happening there is if the business is growing and they are reporting more revenues, usually the commission structures are based on a rev share, therefore also the rev share and the commissions are going up, and that is flowing through the marketing line. That is for a good reason, because if that is going up, it means that from an economics perspective, it is also very healthy for the company.

那邊正在發生的是：如果業務在成長、他們回報更多營收，通常佣金結構是以營收分成（rev share）為基礎，因此營收分成與佣金也會上升，而這會反映在行銷費用那一行。這是有其正當理由的，因為如果那個數字在上升，從經濟性角度來看，也代表對公司而言是非常健康的。

Matt Cost, Morgan Stanley.

Matt Cost，Morgan Stanley。

Hi, thanks for taking the question. I am sure you have seen data out there showing that a lot of the commercial activity that is happening on these early agents is skewing towards travel. I guess, to the extent that you are seeing that come to your brands. Should we view that as something that is just a convenience for people who are going to book travel already, or is there an aspect here where by removing friction from a very complex purchase process, there may actually be incremental demand that is engendered by these tools? Thank you.

嗨，謝謝讓我提問。我相信你們已經看過一些資料顯示，這些早期代理（agents）上的大量商業活動偏向旅遊。我想問的是，在你們的品牌端若也看到這種情況，我們應該把它視為：只是讓原本就要訂旅遊的人更方便；還是說，透過移除一個非常複雜購買流程中的摩擦，這些工具其實可能會帶來額外的增量需求？謝謝。

That is an interesting thing, and we are seeing the data you are mentioning. Lots of people using these personal agents or any form of AI to do travel discovery. It is easy, it is interesting, people like to do travel discovery throughout all the time. It does not end up with a lot of bookings, as Ewout mentioned. The referrals numbers are pretty darn small, and we believe we are getting a good number of the total number out there.

這很有意思，我們也看到了你提到的那些數據。很多人使用這些個人代理或任何形式的 AI 來做旅遊探索。這很容易、也很有趣，人們一直都喜歡做旅遊探索。但如 Ewout 提到的，最後並不會帶來很多訂單。導流（referrals）的數字其實相當小，而我們相信在外部總量中，我們拿到的占比已經不錯。

What does it mean for us, though? Over time, it may end up being another perhaps significant way that we get business, the way we have gotten business in the past from other people who had a front door of discovery. It may be making it easier for people, less friction to try and learn what they need to do, so perhaps we end up with things that are actually going to convert at a higher rate.

不過，這對我們意味著什麼？隨著時間推進，它可能會成為我們獲取業務的另一種、也許相當重要的方式，就像過去我們也曾從其他擁有「探索入口」的業者那裡獲得業務一樣。它可能讓人們更容易、摩擦更少地去了解他們需要做什麼，因此我們或許會看到實際轉換率更高的流量。

We believe it is important enough that we are coming out with things like Vayo, like Lola, and all our brands coming out with things too, so people can come to us first. Look, what I really want to do is complete our Connected Trip using AI to make it easier, provide more value to the consumer, so that when they are thinking of travel, they are always wanting to come to us first.

我們認為這件事重要到：我們推出像 Vayo、像 Lola 這樣的產品，我們所有品牌也都會推出相關功能，讓人們可以先來找我們。你看，我真正想做的是用 AI 完成我們的 Connected Trip，讓流程更容易、為消費者提供更多價值，讓他們一想到旅遊，就總是想先來找我們。

Now, we know we are not going to get everyone, but we absolutely believe that we should, with the technology capabilities that we have, with the capital we have, with the resources we have, with the relationships with the suppliers, so we can help provide more value to the consumer. Of course, that customer service that is so important, being able to make people able to trust that when they come to us, they are going to be able to have the best experience in their travel.

當然，我們知道不可能拿下所有人，但我們絕對相信，憑藉我們的技術能力、資本、資源，以及與供應商的關係，我們可以幫助為消費者提供更多價值。當然還有非常重要的客戶服務，讓人們能夠信任：當他們來找我們時，他們將能在旅途中獲得最佳體驗。

Those type of things are really important. I believe this is actually a wonderful thing, that there could be much more of a fragmentation of the way people are beginning their discovery, so as to enables us to actually be able to obtain customers at a lower cost. We could see that happen.

這類事情真的很重要。我認為這其實是一件很棒的事：人們開始探索的方式可能會更加碎片化，這反而讓我們有機會以更低成本獲取客戶。我們可能會看到這種情況發生。

Ewout, anything you want to add to that?

Ewout，你還想補充什麼嗎？

Just to say one more thing is strategically, of course, these new channels are important for us because it gives us an opportunity for diversification of third-party channels, and that ultimately will drive an economic advantage to us. We have been talking about that in the past, but I think that is already really showing up in practice, because clearly there are many AI platforms now, many AI tools, agentic tools out there.

我再補充一點：從策略上來說，這些新通路對我們很重要，因為它讓我們有機會分散第三方通路來源，而這最終會為我們帶來經濟上的優勢。我們過去就談過這點，但我認為現在在實務上已經很明顯地展現出來，因為現在確實有很多 AI 平台、很多 AI 工具、代理式（agentic）工具。

They are still figuring out their economic model. They haven’t really come to a conclusion there because the competition is very high. We get the vast majority of the traffic because they like to connect to aggregators. That is much better for them, and that is good for us. From an economics perspective, the diversification looks like it is going to be a positive for us at the end.

它們仍在摸索自己的商業模式。由於競爭非常激烈，它們還沒有真正得出結論。我們獲得了絕大多數的流量，因為它們喜歡連接到聚合平台（aggregators）。這對它們來說更好，對我們也有利。從經濟性角度來看，通路多元化最後看起來會對我們是正面的。

Alex Brignall, Redburn Atlantic.

Alex Brignall，Redburn Atlantic。

Thank you very much. I will ask a follow-on on that previous question. It is something I have asked in the past about fragmentation. You are obviously seeing some B2C leverage. If you could talk about the components of that would be very helpful.

非常感謝。我想延伸追問上一題。這也是我過去問過的、關於碎片化的問題。你們顯然看到一些 B2C 槓桿。如果你們能談談其中的構成要素，會非常有幫助。

Then, sat over here in Europe, we have obviously, and specifically continental Europe, seen the DMA impact on Google’s search results, which have thrown a bit of a spanner in what they can display when people search for travel. I wonder if you could give us some thoughts on that and how it might affect your numbers. Thank you.

另外，我人在歐洲這邊，我們顯然——特別是在歐陸——看到 DMA 對 Google 搜尋結果的影響，這對他們在人們搜尋旅遊時能展示的內容造成了一些干擾。我想請你們談談對此的看法，以及它可能如何影響你們的數字。謝謝。

Alex, with respect to our B2C leverage, nothing is different than what we have always done. We are managing that in a disciplined way. We see two advantages there flowing through. One is we are always trying to drive up higher ROIs in our paid channels, and then also what we are seeing is that the direct traffic is up at the same time.

Alex，關於我們的 B2C 槓桿，並沒有任何不同於我們一貫做法的地方。我們以嚴謹自律的方式在管理。我們看到有兩個優勢在其中發揮作用。第一，我們一直在努力提高付費通路的 ROI；同時我們也看到自然／直接流量在同一時間上升。

Both in combination are helping us to achieve B2C marketing leverage in the third quarter. Also, we are looking at the possibility to deliver on marketing leverage in the fourth quarter as well. This is always our standard, what we are going after.

兩者結合正協助我們在第三季達成 B2C 行銷槓桿。此外，我們也在評估第四季同樣實現行銷槓桿的可能性。這一直是我們的標準，也是我們所追求的方向。

Glenn, do you want to take the question about Europe, the DMA, and Google?

Glenn，你要不要來回答關於歐洲、DMA 以及 Google 的問題？

Yeah, I’ll talk a little bit about that. Right now, we don’t see any great advantage from this change. Obviously, it’s early, et cetera. We haven’t seen anything in terms of numbers change. I know some people have been talking about that, oh, it’s going to be such an advantage for the OTAs. I hope it is. I haven’t seen it yet. We’ll see.

好的，我來稍微談一下。目前我們看不出這項變動帶來任何很大的優勢。顯然現在還很早，等等。就數據而言，我們也沒有看到任何變化。我知道有些人一直在談，說這會對 OTA 帶來很大的優勢。我希望真是如此。但我目前還沒看到。我們再觀察。

What’s interesting, though, since you mentioned DMA, it gives me an opportunity to talk about something I don’t see a lot of people writing about, and that talks about the regulatory framework in many parts of the world, particularly in Europe, and how these horizontal personal agents are going to be able to do things or not, what sort of access they’re going to be allowed to have in terms of personal information, what the requirements are going to be, what’s going to be allowed in being a commerce platform along with being an advertising platform.

不過有趣的是，既然你提到 DMA，這也讓我有機會談一件我沒看到太多人在寫的事：那就是世界許多地區、特別是歐洲的監管框架，以及這些橫向的個人代理（horizontal personal agents）能做或不能做什麼、在個人資訊方面會被允許擁有何種存取權限、會有哪些要求，以及在同時作為商務平台與廣告平台時，哪些事情會被允許。

It’s very complex. There’s a lot of regulatory stuff out there, whether it be the DMA or the EU AI Act or the DSA or the VLOP laws, or you get into the UK, and I saw something by one of the senior executives, I think it was out of the Treasury. It was regarding the FCA, I think, in terms of being able to allow to do monetary things in news or not.

這非常複雜。外面有很多監管相關的規範，不管是 DMA、EU AI Act、DSA、VLOP 法規；或者談到英國，我看到某位資深主管（我想是財政部那邊）提到一些內容。我記得是關於 FCA，涉及是否允許在新聞中進行金錢相關行為之類的議題。

I think there’s parts of the world where the adoption of these horizontal personal agents may be much slower than is anticipated, and we’ll see what that may mean for ourselves. We don’t know. But it is interesting that I don’t see a lot of people talking about that.

我認為在世界某些地區，這些橫向個人代理的採用速度可能會比預期慢很多，而我們也會看看這對我們自身意味著什麼。我們還不知道。但有意思的是，我沒看到太多人在談這件事。

Justin Post, Bank of America.

Justin Post，美國銀行。

Great. Thanks. A couple on agentic. In addition to economics, one of the concerns is they might be preferencing direct sites versus OTAs. Are you seeing any evidence of that, and what can you do to really improve your relevance in AI results?

很好。謝謝。我有幾個關於 agentic 的問題。除了經濟性之外，其中一個疑慮是它們可能會偏好直營網站而不是 OTA。你們有看到任何這方面的跡象嗎？以及你們能做些什麼來真正提升在 AI 結果中的相關性？

Then second, just thinking about the cost increases in Q4, there are some questions on how you are thinking about investment in 2027 and what that could do to your algorithm. Any help with that would be very helpful. Thank you.

第二個問題，談到第四季成本上升，有些人想了解你們如何看待 2027 年的投資，以及那可能會如何影響你們的演算法。如果能提供一些說明會非常有幫助。謝謝。

I will talk a little bit about the first question. I will let Ewout talk about investments going forward. It is interesting you say that, because I have heard some of that, but I see other things too where the OTAs are actually getting a greater advantage right now. The real story is, and this is the way we believe we need to play it, you have to provide more value, whether it be to a human traveler or to the agent, such that we want that agent or that person to be using us, looking at our stuff, going through us, transacting with us. If we are able to do that, in the long run, we will have a competitive advantage, and that is really the way it is.

我先稍微回答第一個問題。至於後續的投資，我會讓 Ewout 來談。你這麼說很有意思，因為我也聽過一些這樣的說法，但我也看到其他情況是 OTA 其實在目前反而取得更大的優勢。真正的重點是——也是我們認為必須採取的打法——你必須提供更多價值，不管是對人類旅客或對代理而言，讓那個代理或那個人願意使用我們、看我們的內容、透過我們完成流程、並在我們這裡交易。如果我們能做到，長期而言我們就會有競爭優勢，而事情本質上就是如此。

Now, one of the things that we provide is to the small independents, and Ewout mentioned a little bit about that, how a very small percentage of our business comes from the big hotels, and so much of it is the small, medium-sized ones who do not have the resources, who absolutely are afraid that in the new world, they will not be seen at all.

另外，我們提供的一項價值是給小型獨立業者；Ewout 也稍微提到，我們的業務只有很小一部分來自大型飯店，而很大一部分來自中小型業者，他們沒有資源，而且非常擔心在新的世界裡，他們可能完全不會被看見。

But that is okay, because we are there to provide them what they need. That is what we have been doing for the almost 27 years I have been at this company, is providing value to our partners, being able for them to get incremental travelers because they could not, whether it was 20 years ago, go online and have a website, or then they do not have an app, or now it is, how do I show up in an LLM? How is my agentic horizontal going to find me, see me, or whatever?

但這沒關係，因為我們就在那裡提供他們所需要的。我在這家公司將近 27 年來一直在做的，就是為合作夥伴提供價值，讓他們能獲得原本拿不到的增量旅客——不管是 20 年前他們無法上網、沒有網站；後來是沒有 App；而現在則是：我如何在 LLM 裡被呈現？我的 agentic 橫向代理要如何找到我、看到我，或諸如此類？

We are there to provide it for them, and we do it at a risk-free rate. Essentially, they do not have to pay anything unless they get a head in the bed, and that is what we are able to do for them. So, I absolutely believe that we have an advantage. This is the great time for us now, being able to use our technologies, all these things to be able to provide even more value to both the travelers and the partners, and I see the future is very bright.

我們就在那裡為他們提供這些，而且是以零風險的方式。基本上，除非真的有客人入住（head in the bed），否則他們不需要支付任何費用，而這就是我們能為他們做到的。所以，我絕對相信我們具備優勢。現在對我們而言是很好的時機，能運用我們的技術與各種能力，為旅客與合作夥伴提供更多價值；我認為未來非常光明。

So, Ewout, do you want to talk about investments needed to achieve all this?

那麼，Ewout，你要不要談談為了達成這些所需要的投資？

Yes, Justin. Let me give some commentary about the fourth quarter, and you also asked about 2027. First, about the fourth quarter. Our philosophy is to make disciplined investments for the long term of the company while also protecting profitability in the near term.

好的，Justin。我先針對第四季做一些評論，你也問到了 2027。先談第四季。我們的理念是在兼顧短期獲利保護的同時，為公司的長期發展進行有紀律的投資。

From a big-picture perspective, I think everyone knows that we have already industry-leading EBITDA and EBITDA margins, and that is on a fully loaded basis, so we are not capitalizing a lot. We have a fully loaded expense base, including stock-based compensation. We do not understand how people are pulling that out. That is a real cost of running your business.

從大方向來看，我想大家都知道我們已經擁有業界領先的 EBITDA 以及 EBITDA 利潤率，而且這是在 fully loaded 的基礎上，也就是我們並沒有資本化很多成本。我們的費用基礎是 fully loaded 的，包含股票基礎薪酬。我們不理解人們怎麼會把那部分剔除。那是經營企業的真實成本。

At the same time, we also have strong execution and discipline regarding the delivery on our productivity programs, efficiency targets, operating leverage, and that is then offset by increased investments in strategic initiatives, and those were planned in the fourth quarter at a higher level. But obviously, we have attractive business cases underneath. I also would like to point out that our full-year EBITDA margins, we expect to be stable.

同時，我們在生產力計畫、效率目標與營運槓桿的落地上，也有很強的執行力與紀律；而這些成果會被策略性計畫的加碼投資所抵銷，而那些投資在第四季原本就規劃在較高水準。但顯然，底下都有具吸引力的商業案例支撐。我也想指出，我們預期全年 EBITDA 利潤率將維持穩定。

With respect to 2027, it is a bit too early to provide commentary. We will do that in February with our fourth-quarter results. But what I can say is that we remain confident with respect to our long-term growth outlook, and we will stay disciplined how we are planning to invest in the business also next year and in the future.

至於 2027 年，現在要提供評論還稍微太早。我們會在 2 月公布第四季結果時再談。但我能說的是，我們對長期成長展望仍然有信心，而且我們在規劃明年及未來對業務的投資時，仍會保持紀律。

Maybe one thing to throw out for 2027, and this is not related to cost, but more on the commercial side, it is a very early directional indicator, so it is still subject to change, like cancellations and others. But if you look at our on-the-book statistics for the first half of 2027, that actually looks healthy, so that gives us confidence in the outlook for next year.

或許補充一點關於 2027 年的觀察：這與成本無關，而是偏商業面；這是一個非常早期的方向性指標，因此仍可能因取消等因素而變動。但如果你看我們 2027 年上半年 on-the-book 的統計數據，其實看起來是健康的，這也讓我們對明年的展望更有信心。

Ron Josey, Citi.

Ron Josey，花旗。

Hey, thanks for taking the question. Glenn, I wanted to go back to your comments on just applying the learnings from Lola and Vayo and using Booking’s platforms as a testing ground. Talk to us about the metrics insights you are looking for from those tools and the other AI tools that you have before applying the learnings.

嗨，謝謝讓我提問。Glenn，我想回到你先前提到的：把從 Lola 和 Vayo 得到的學習套用起來，並把 Booking 的平台當作測試場。請談談在把這些學習落地之前，你希望從那些工具以及你們現有的其他 AI 工具中獲得哪些指標面的洞察。

Then we just talked about it, but I would love to hear your thoughts on just the value of the supply that Booking has as agents become a larger partner, potentially larger partner, or a new front door for the internet overall. Just the value of Booking supply. Thank you.

另外我們剛剛也談到一些，但我也很想聽聽你對於 Booking 所擁有供給端價值的看法：當代理（agents）成為更大的合作夥伴、可能是更大的合作夥伴，或成為整體網際網路新的入口時。也就是 Booking 供給的價值。謝謝。

Hi, Ron. In terms of what we use in terms of learnings and why we started up two greenfield operations to be able to come up with a new agentic way to do our travel business in two different ways, two different companies doing different. I mean, they are not the same. You are probably reading about what they are doing.

嗨，Ron。就我們如何運用學習、以及為什麼我們啟動兩個綠地（greenfield）營運來提出一種新的「代理式」（agentic）方式、用兩種不同路徑來經營旅遊業務——兩家不同公司做不同的事情。我的意思是，它們並不一樣。你大概也有在讀他們在做什麼。

The way we do this is seeing what customers like, what is converting well, what people are signing up for, whether or not, for example, at Vayo, will they take an email? Will they have the whole email history in the thing or not? We have learned that actually, yes, most will, which is really good to know. That is how we do it.

我們的做法是看客戶喜歡什麼、什麼轉換表現好、人們會註冊什麼，以及例如在 Vayo，他們是否願意提供電子郵件？他們是否願意把完整的郵件往來歷史放進系統裡？我們學到的是，實際上是的，多數人願意，這點非常值得知道。我們就是這樣做的。

In terms of the actual specific metrics, I am not going to go around and get into the details of how we are going to do it. But obviously, when we see things that are working, that is such a value to bring to the much bigger companies, Booking, Agoda, Priceline, and being able to transfer that so that they can then take the advantage of doing that.

至於實際的具體指標，我不會到處去把我們要怎麼做的細節講得太清楚。但很明顯地，當我們看到哪些事情有效時，把這些帶回更大的公司——Booking、Agoda、Priceline——就是很大的價值；並且能把這些移轉過去，讓他們也能利用這些做法的優勢。

It really is a wonderful place to be when you have the capabilities, the capital, the resources, the number of people that you can afford to do this type of agile, creating new things and being able to test it out, and then test bed type stuff, come bring it back when it is working or do not bother, and it did not hurt you because you tried it on a much bigger platform and it was not working. That is on that one.

當你具備能力、資本、資源，以及足夠的人力去做這種敏捷式的嘗試、創造新東西並加以測試——像測試平台（test bed）那樣——有效就帶回來，沒效就算了；而且因為你是在更大的平台上試，若不奏效也不至於傷到你，這真的是很棒的位置。這是第一部分。

In terms of supply, what is the value? Make sure I got you right, Ron. If you are asking what value do we provide to the supplier in a new AI world? Was that the question?

至於供給端，價值是什麼？Ron，我先確認我理解正確：你是在問，在新的 AI 世界裡，我們為供應商提供什麼價值嗎？是這個問題嗎？

More like the other way around. When we do our searches on Muse, we see Booking show up, whether we are looking for a hotel in Panama City, Panama, or in Paris, for example. Booking inherently is always there, and I think that is because of the supply, but I wanted to get your thoughts there.

比較像反過來。當我們在 Muse 上搜尋時，會看到 Booking 出現——不管我們是在找巴拿馬城（巴拿馬）的飯店，或例如在巴黎。Booking 天生就總是在那裡，我覺得這是因為供給端的關係，但我想聽聽你的看法。

Why are we showing up more there than others or that? That is a hard thing to say. I think we have a lot of theories about why the models are choosing us. We believe it has a lot to do with the level of the content, the reliability of it, the value that the way the models go look through and see what value this content provides. Truth is, though, there is no handbook out, how do you show up more in an LLM? How do you show up more in a personal agent or not?

為什麼我們在那裡出現得比其他人更多，或是類似這樣？這很難說。我想我們對於模型為何選擇我們有很多理論。我們相信這和內容的水準、可靠性，以及模型在檢索時如何判斷這些內容提供了什麼價值，有很大關係。但事實是，現在沒有一本手冊教你：要怎麼在 LLM 裡出現得更多？要怎麼在個人代理（personal agent）裡出現得更多或不出現？

In the end, what we really want is what I said earlier, though, and this is being able to provide the more value. The agents, when agent to agent, our agent is talking to the personal agent, the horizontal, and really being instantly giving all the reasons it is better, and it is not just price, of course. All the elements that we have talked about over the last 40 minutes or so about what we provide to the traveler and to the partner, that that is the best place to do this travel in such a way that the horizontal agent recognizes it and is recommending or saying, do it here because this is best. That is what we want to achieve.

最後，我們真正想要的其實是我先前說的：能提供更多價值。當代理對代理（agent to agent）時，我們的代理在和個人代理、水平型（horizontal）代理對話時，能即時給出所有「為什麼更好」的理由，而且當然不只是價格。我們在過去大約 40 分鐘談到的、我們為旅客與合作夥伴提供的一切要素——讓水平型代理能辨識到：以這種方式在這裡完成旅遊安排是最好的，並因此推薦或說「在這裡做，因為這裡最好」。這就是我們想達成的。

If I can add a few elements there, Ron. I think brand credibility is a very important element. I think that is why those horizontal agents want to work with us, because it gives them instant credibility being associated with our brand.

Ron，如果我可以補充幾點。我認為品牌可信度是非常重要的要素。我想這也是為什麼那些水平型代理想和我們合作，因為和我們的品牌連結能立刻帶來可信度。

As I said before, they like to partner with aggregators. It is going to be very expensive for them to connect to 4.7 million properties directly and get all the information about real-time data, pricing, availability, so they can get that through us and immediately have also the possibility in the future of a potential monetization model with us. Those are a couple of reasons why we think that we are showing so much up on those platforms.

如我之前說過，他們喜歡和聚合商（aggregators）合作。對他們來說，若要直接連到 470 萬個物件並取得所有即時資料、價格、可訂狀況，成本會非常高；所以他們可以透過我們取得這些，並且也立刻擁有未來與我們之間潛在的變現模式可能性。這些是我們認為我們在那些平台上出現得這麼多的幾個原因。

Just to add to Ewout’s point, if these horizontal agents do go down the route of some type of monetization that is not dissimilar to what we have been doing over the last two decades, we will be even in a better position.

再補充 Ewout 的觀點，如果這些水平型代理真的走向某種變現路徑，而那種模式與我們過去二十年所做的並沒有太大不同，那我們的處境會更有利。

Benjamin Black, Deutsche Bank.

Benjamin Black，德意志銀行。

Great. Thank you for taking my question. Genius has become a much larger part of your transaction mix. Can you dig into how you are thinking about the next evolution of the program and how you can deepen loyalty without maybe becoming more reliant on supplier-funded discounts?

很好。謝謝讓我提問。Genius 已經在你們的交易組合中占比大幅提高。你能否深入談談你們如何看待該計畫的下一階段演進，以及如何在不讓自己更依賴由供應商出資的折扣的情況下，加深忠誠度？

Then maybe a follow-up on the eight, 15 framework. As AI begins to drive real efficiencies across customer service, across engineering, across other parts of the cost base, does 15 still seem like the right long-term kind of EPS algorithm, or is there a scenario where AI-driven operating leverage allows you to outperform that framework without even driving faster top-line growth? Thank you.

另外可能追問一下 8、15 的框架。隨著 AI 開始在客服、工程，以及成本基礎的其他部分帶來真正的效率提升，15 仍然看起來是正確的長期 EPS 演算法嗎？或者是否存在一種情境：AI 驅動的營運槓桿讓你們即使不需要更快的營收成長，也能超越那個框架？謝謝。

Nice, Benjamin. I will take the first, I will let Ewout take the second there. Do me a favor, repeat that first one again. It gives me a little more time to think exactly how I want to answer it.

很好，Benjamin。第一個我來回答，第二個我讓 Ewout 來回答。幫我個忙，把第一個問題再重複一次。這樣我也多一點時間想清楚我要怎麼回答。

Yeah. It is really about Genius and how you are thinking about evolving it from here. It has already become a much larger part of your transaction mix.

好的。主要是關於 Genius，以及你們接下來打算如何從這裡開始演進。它已經成為你們交易組合中更大的一部分。

Yeah. All right. Here is the deal. I have kind of teased this out a little bit in the past, I just want to be very careful what I say. We are going to improve Genius. It is going to be an even better program down the road. I absolutely believe, and I said it earlier, I said it several times now, the issue, the importance of providing value, providing value to that traveler, and it is also value to the partner.

是的。好。事情是這樣。我過去有稍微釋放過一些訊息，但我想非常小心我說的內容。我們會改善 Genius。未來它會成為更好的計畫。我絕對相信——我之前也說過，而且我現在已經說了好幾次——關鍵在於提供價值：為旅客提供價值，同時也為合作夥伴提供價值。

Genius works right now very well because the partner is funding a lot of it and is getting a good ROI out of that. Of course, the traveler is getting a great deal too because they are getting a lower cost for their holiday. It works both ways. There are a lot of other ways we can improve upon that tremendously.

Genius 目前運作得很好，因為合作夥伴為其中很大一部分提供資金，並且從中獲得良好的投資報酬率（ROI）。當然，旅客也得到很棒的優惠，因為他們的假期成本更低。這是雙贏。我們還有很多其他方式可以在此基礎上大幅提升。

There are other things that travelers want, and maybe the partner would be willing to give it up either at no cost, because there is very little marginal cost to them, or perhaps they would be willing to do it at a lesser cost that we could help work with. These are ways we have to think about down the road is, how do we continue to make sure that we are giving more value, and in a way that travelers who use us get even more value because they use us, loyalty, spend more with us, stay with us more, do things more with us, get more benefit, continue to do that in a way that it creates a flywheel effect and continues to grow.

旅客還有其他想要的東西，而合作夥伴可能願意提供：要麼不收費，因為對他們而言邊際成本非常低；要麼也可能願意以較低的成本提供，而我們可以協助一起推動落地。這些都是我們必須從長計議的思考方向：我們要如何持續確保提供更多價值，而且要讓使用我們的旅客因為使用我們而獲得更高的價值——提升忠誠度、在我們這裡花更多、與我們停留更多、透過我們做更多事情、獲得更多好處——並以能夠形成飛輪效應、帶動持續成長的方式來做到這一點。

Now, not going to give away when we’re going to bring out what or what they’re actually going to be, but I absolutely recognize the importance of continuing to come up with a differentiating value that enables us to continue to show up as the better way for the traveler to use us and for the partner to participate.

現在，我不會透露我們何時會推出什麼、或實際內容會是什麼，但我完全認同持續提出具差異化的價值主張的重要性，讓我們能持續以更好的方式出現在旅客面前，讓旅客選擇使用我們，也讓合作夥伴願意參與其中。

Ewout, I think the question about the algo is yours.

Ewout，我想關於演算法的問題是你的。

Yeah, Ben, with respect to the eight, 15 and the benefits from AI that might flow into that, I think it is a little bit too early to tell you exactly how we will see that changing our long-term algorithm. What I can say is that we’re already moving from experimentation to measurable operating value across the company coming from AI.

是的，Ben，關於 8、15 以及 AI 可能帶來的效益如何反映在其中，我認為現在要精確告訴你我們會如何看待它改變我們的長期演算法，還稍微早了一點。但我可以說的是，我們已經在全公司範圍內，從實驗階段走向可衡量的營運價值，而這些價值正來自 AI。

So, in a couple of areas. First, we are fundamentally improving the travel experience for our traveler customers. Think about engagement, think about conversion, think about booking value, think about incrementality, and some of the examples that I gave earlier during this call.

所以，主要在幾個領域。第一，我們正在從根本上改善旅客客戶的旅行體驗。想想互動參與、想想轉換率、想想訂單價值、想想增量效益，以及我在本次電話會議稍早所舉的一些例子。

Then we have been speaking before about the benefits, for example, in customer service, where the average costs per booking are coming down and the customer satisfaction remains high. Also in our engineering groups, where the average costs per merge request are coming down in a significant way.

接著，我們之前也談過相關效益，例如在客服方面，每筆訂單的平均成本正在下降，而客戶滿意度仍維持在高水準。另外在我們的工程團隊，每個合併請求（merge request）的平均成本也在顯著下降。

Then the third area is our headcount growth has been very minimal over the last two years, and that has been mostly in lower-cost locations like our Center of Excellence in India, where we also can find great talent. So, we’re pleased that we’re already seeing some tangible results, but it is a little bit too early to exactly determine in which way that will impact our long-term algorithm.

第三，我們過去兩年的員工人數成長非常有限，而且主要是在成本較低的地點，例如我們在印度的卓越中心（Center of Excellence），那裡也能找到非常優秀的人才。因此，我們很高興已經看到一些具體成果，但現在要精確判斷它將以何種方式影響我們的長期演算法，仍稍嫌過早。

Meredith Jensen, HSBC.

Meredith Jensen，匯豐（HSBC）。

Good afternoon. Thank you. I just had one question a little bit related to the last, but potentially a smaller piece to the pie. But if you might talk about a little bit of the changes in the distribution landscape and how it might open some new doors for Booking and hotel suppliers in ways that they could collaborate, particularly around loyalty programs and guest recognition. If you could, I know, Glenn, you’ve spoken a little bit about this in the past in interviews, and I would just love some updated thoughts. Thank you.

午安。謝謝。我只有一個問題，和上一題有點相關，但可能只是整體中的較小一部分。想請你談談分銷版圖的一些變化，以及這可能如何為 Booking 與飯店供應商開啟一些新的合作機會，特別是在忠誠度計畫與住客識別（guest recognition）方面。如果可以的話——我知道 Glenn 你過去在訪談中談過一些——我很想聽聽最新的想法。謝謝。

Meredith, so I make sure I understand your question, you’d like to know a little bit more about how, in terms of recognition for the suppliers in the process, or were you talking more for the traveler?

Meredith，為了確保我理解你的問題，你是想多了解在流程中對供應商的識別／認可（recognition）是如何進行的？還是你更想問的是針對旅客端？

Just if there’s the loyalty program connectivity between some of the hotel programs to, if they book through Muse and Booking is the connector, how that kind of could play out over time because everything’s moving so quickly.

主要是想了解：如果某些飯店的會員／忠誠度計畫能夠互通——例如旅客透過 Muse 訂房，而 Booking 作為連接者——這種模式隨著時間推進可能會如何發展，因為一切變化都非常快。

It is. It absolutely is. And that’s one of those interesting questions in terms of networks and how do you create a loyalty program so you have more and more people who want to participate in it, gives more value. We all know the value of a network, and the more nodes you have, the exponential increase in the value of that network.

確實如此。絕對是。而這正是關於網路效應的一個有趣問題：你要如何打造一個忠誠度計畫，讓越來越多人想參與其中，並帶來更多價值。我們都知道網路的價值——節點越多，該網路的價值就會呈指數型增加。

Absolutely talking with hoteliers, talking with every travel player and non-hotelier players, non-travel players, people outside the travel ecosystem, and figure out ways, again, in these types of loyalty programs that you can actually, though, give more value to both the person who is participating, the traveler, and anyone who’s on the other side supplying some type of service or product.

我們確實正在與飯店業者對話，也與所有旅遊領域的參與者以及非飯店業者、甚至非旅遊領域的參與者——也就是旅遊生態系之外的人——交流，並找出方法：在這類忠誠度計畫中，如何真正為參與者（旅客）以及另一端提供某種服務或產品的供應方，雙方都創造更多價值。

We absolutely believe that is an important part of helping build out and ensure that the Genius program remains one of the most valuable programs there is, and the reason people will want to come. Again, I do not want to give away too much of what we are building down the road, but we absolutely understand the need to continue to provide more value to both sides of that network. Is that helpful?

我們絕對相信，這是協助擴展並確保 Genius 計畫仍是最有價值的計畫之一、也是人們願意前來的重要原因之一。同樣地，我不想透露太多我們未來要打造的內容，但我們完全理解必須持續為這個網路的兩端提供更多價值。這樣有幫助嗎？

Yes. Thank you so much.

有的。非常感謝。

Thank you. Well, I guess that was our last question, so let me conclude. First, as always, I want to thank our employees for their dedication and strong execution. I want to thank our shareholders for their continued support. Of course, I have got to thank the travelers and the partners who place their trust in us every day.

謝謝。好，我想那是我們最後一個問題了，那我來做個結語。首先，一如既往，我要感謝我們員工的投入與強勁的執行力。我也要感謝股東持續的支持。當然，我也必須感謝每天信任我們的旅客與合作夥伴。

We together, we are so excited about the role AI is going to play in travel, and I am absolutely encouraged by the progress we are making across our strategic priorities. Look, we are going to continue to navigate this near-term uncertainty with the discipline we have always had, and we are going to be investing thoughtfully in the opportunities ahead.

我們大家都對 AI 將在旅遊領域扮演的角色感到非常興奮，而我也對我們在各項策略優先事項上取得的進展深受鼓舞。你看，我們會以一貫的紀律持續應對短期的不確定性，同時也會審慎地投資於前方的機會。

Our people and the capabilities we continue to develop gives us the confidence in our ability to continue to play a leading role in shaping the future of travel and delivering lasting value for our shareholders. Thank you very much, and good night.

我們的人才，以及我們持續打造的能力，讓我們對自身能夠持續在塑造旅遊未來、並為股東創造長期價值方面扮演領導角色充滿信心。非常感謝，晚安。

Ladies and gentlemen, this does conclude today’s conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。