Despegar.com Corp (DESP) 2024 Q3 法說會逐字稿

Good day, and welcome to Despegar's third-quarter 2024 earnings conference call. My name is Jeannie, and I will be the operator for today's call. (Operator Instructions)

美好的一天，歡迎參加 Despegar 的 2024 年第三季財報電話會議。我叫珍妮，我是今天電話的接線生。（操作員說明）

Please note that this call is being recorded. There will be an opportunity for you to ask questions at the end of today's presentation. Now I would like to turn the call over to Mr. Luca Pfeifer, Investor Relations. Please go ahead.

請注意，此通話正在錄音。在今天的演示結束時，您將有機會提問。現在我想將電話轉給投資者關係部門的 Luca Pfeifer 先生。請繼續。

Good afternoon, everyone, and thanks for joining us today. In addition to reporting unaudited financial results in accordance with US generally accepted accounting principles, we will discuss certain non-GAAP financial measures and operating metrics, including foreign exchange neutral calculations.

大家下午好，感謝您今天加入我們。除了根據美國公認會計準則報告未經審計的財務表現外，我們還將討論某些非公認會計準則財務指標和營運指標，包括外匯中性計算。

Investors should carefully read the definitions of these measures and metrics included in our press release to ensure that they understand them. Non-GAAP financial measures and operating metrics should not be considered in isolation, as substitute or superior to GAAP financial measures and are provided as a supplemental information on.

投資者應仔細閱讀我們新聞稿中包含的這些措施和指標的定義，以確保他們理解它們。非 GAAP 財務指標和營運指標不應被孤立地視為 GAAP 財務指標的替代或優於 GAAP 財務指標的替代品或優於 GAAP 財務指標的補充資訊。

Before we begin our prepared remarks, please allow me to remind you that certain statements made during the course of the discussion may constitute forward-looking statements, which are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to materially differ, including factors that may be beyond the company's control. These include, but are not limited to, expectations and assumptions related to the integration and performance of the businesses we acquire.

在我們開始準備好的發言之前，請允許我提醒您，討論過程中做出的某些陳述可能構成前瞻性陳述，這些陳述基於管理層當前的期望和信念，並受到許多風險和不確定性的影響。這些包括但不限於與我們收購的業務的整合和業績相關的預期和假設。

For a description of these risks, please refer to our filings with the US Securities and Exchange Commission and our press release. Joining us on today's call are our CEO, Damian Scokin, who will kick things off with an overview of Despegar's performance in the third quarter and an update on key growth initiatives.

有關這些風險的描述，請參閱我們向美國證券交易委員會提交的文件和我們的新聞稿。我們的執行長 Damian Scokin 參加了今天的電話會議，他將首先概述 Despegar 第三季的業績，並介紹關鍵成長計畫的最新情況。

Following Damian, Sebastian Mackinnon, our Chief of Travel Partners will share the latest on our B2B efforts; and then our CTO, Gonzalo Estebarena, will walk you through the recent advancements we have made with SOFIA, our AI travel assistance. Diving deeper into the financials, our CFO, Amit Singh will provide a detailed review of the quarter's results. Finally, Damian will wrap up our prepared remarks before we open the floor for your questions.

繼 Damian 之後，我們的旅遊合作夥伴主管 Sebastian Mackinnon 將分享我們 B2B 工作的最新進展；然後我們的技術長 Gonzalo Estebarena 將向您介紹我們在 AI 旅行援助 SOFIA 方面的最新進展。我們的財務長 Amit Singh 將深入研究財務狀況，對本季的業績進行詳細審查。最後，在我們開始提問之前，達米安將總結我們準備好的演講。

Damian, please go ahead.

達米安，請繼續。

Thank you, Luca, and welcome to Despegar's third-quarter conference call.

謝謝盧卡，歡迎參加 Despegar 的第三季電話會議。

We are pleased to report that our third quarter results were robust, reflecting a continuation of the positive trends we've seen through the year. Even though during the quarter, gross bookings declined slightly to $1.3 billion, this was anticipated due to the foreign exchange headwinds, particularly in Brazil and Mexico.

我們很高興地報告，我們第三季的業績強勁，反映出我們全年看到的正面趨勢的延續。儘管本季總預訂量小幅下降至 13 億美元，但這是由於外匯不利因素（特別是在巴西和墨西哥）造成的。

In constant currency, our gross bookings demonstrated an industry-leading growth of 35% year over year, underscoring the very strong fundamental trends of our business. Our commercial efforts during the quarter were highly successful, leading to a record high take rate of 14.6%.

以固定匯率計算，我們的總預訂量年增 35%，處於行業領先地位，凸顯了我們業務非常強勁的基本趨勢。本季我們的商業努力非常成功，採用率創下 14.6% 的歷史新高。

This significant increase was driven by two key factors: First, our continued emphasis on package sales led to a 250 basis point increase year-on-year in packaged sales as a percentage of gross bookings, reaching 33%. Second, we saw a recovery in travel demand in Argentina, where bookings increased sequentially for the first time since the fourth quarter of 2023.

這項顯著成長由兩個關鍵因素推動：首先，我們持續重視套餐銷售，導致套餐銷售佔總預訂量的比例年增 250 個基點，達到 33%。其次，我們看到阿根廷的旅遊需求有所復甦，預訂量自 2023 年第四季以來首次較上季成長。

We achieved this success in part to our ability to offer a comprehensive portfolio of payment options, combined with product innovation, like allowing Argentine customers to pay for international transactions in local currency. In line with this favorable trend, total revenues for the quarter increased by 9% year over year, reaching $194 million.

我們取得這項成功的部分原因是我們能夠提供全面的支付選項組合，並結合產品創新，例如允許阿根廷客戶以當地貨幣支付國際交易。與此有利趨勢一致，本季總營收年增 9%，達到 1.94 億美元。

Notably, non-air revenues represented 62% of our consolidated top line, further diversifying our revenue mix and in line with last year's results. Importantly, we're adjusting for foreign exchange headwinds, our total revenues increased by 53% year over year, highlighting again the underlying strength of our business.

值得注意的是，非航空收入占我們合併營收的 62%，進一步豐富了我們的收入結構，並與去年的業績一致。重要的是，我們正在針對外匯不利因素進行調整，我們的總收入年增了 53%，再次凸顯了我們業務的潛在實力。

Our top-line growth combined with the continued focus on operational efficiency enabled us to deliver a gross margin of almost 74%, our strongest since Despegar's IPO in 2017. Key drivers of this efficiency includes cost savings in installment-related expenses and credit card process increase.

我們的營收成長加上對營運效率的持續關注，使我們的毛利率達到近 74%，這是自 2017 年 Despegar 首次公開募股以來的最高水準。這種效率的主要驅動因素包括分期付款相關費用的成本節省和信用卡流程的增加。

Additionally, in line with our results throughout the year, we achieved additional savings in general and administrative and technology expenses. As a result, of our improving operational efficiency, adjusted EBITDA increased 94% year over year, reaching $48 million, a new record for the company.

此外，根據我們全年的業績，我們在一般費用、管理費用和技術費用方面實現了額外的節省。結果，隨著我們營運效率的提高，調整後的 EBITDA 年成長 94%，達到 4800 萬美元，創下了公司的新紀錄。

Our adjusted EBITDA margin also approved 25%, making another all-time high for Despegar. This result reflect our ability to deliver profitable growth while continuing to enhance operational leverage, positioning us strongly for the future. Also of note is the increase in adjusted net income, which rose an impressive 309% year over year, reaching $36 million for the quarter.

我們的調整後 EBITDA 利潤率也達到了 25%，為 Despegar 創造了另一個歷史新高。這一結果反映了我們在繼續提高營運槓桿的同時實現獲利成長的能力，為我們的未來奠定了堅實的基礎。另外值得注意的是調整後淨利潤的成長，年增 309%，本季達到 3,600 萬美元。

As a consequence, adjusted earnings per share rose to $0.34 during the third quarter of 2024, up from $0.1 in the year ago quarter. In our core B2C segment, gross bookings reached $1.1 billion for the quarter, decreasing 8.4% year-on-year, in line with the anticipated FX heading.

因此，2024 年第三季調整後每股收益從去年同期的 0.1 美元增至 0.34 美元。在我們的核心 B2C 領域，本季總預訂額達到 11 億美元，年減 8.4%，與預期的外匯走勢一致。

Despite this temporary trend, we remain focused on our commercial strategy centered around higher-margin packages and hotel sales, particularly in Brazil and Argentina, while we experienced notable success.

儘管有這種暫時的趨勢，我們仍然專注於以高利潤套餐和酒店銷售為中心的商業策略，特別是在巴西和阿根廷，同時我們取得了顯著的成功。

Our strategic focus in this market has been on offering a compelling and comprehensive product portfolio alongside a market-leading financial solutions, which are integral to travel decisions and purchases in Latin America. In our B2B segment, we continue to see strong growth trends that have remained steady throughout the year.

我們在這個市場的戰略重點是提供引人注目的全面產品組合以及市場領先的金融解決方案，這些解決方案對於拉丁美洲的旅行決策和購買至關重要。在我們的 B2B 領域，我們繼續看到全年保持穩定的強勁成長趨勢。

B2B gross bookings, which include our white level segment and comprehensive technology solutions for online and offline travel agencies grew by 23% year-over-year and now account for almost 19% of our total gross bookings. We are pleased with the sustained growth in B2B, which reflects the strength of our technological platform and the successful ramp-up of new partnerships with leading brands positioning us for continued growth in this segment.

B2B 總預訂量（包括我們的白級細分市場以及為線上和線下旅行社提供的綜合技術解決方案）年增 23%，目前占我們總預訂量的近 19%。我們對 B2B 業務的持續成長感到高興，這反映了我們技術平台的實力以及與領先品牌成功建立的新合作夥伴關係，使我們能夠在這一領域持續成長。

During the quarter, we achieved another significant milestone as we redefine our long-term commercial relationship with Expedia Group. We're excited to announce the signing of a new 10-year lodging outsourcing agreement with Expedia set to take effect on January 1, 2025. This partnership not only enhances the collaboration between our companies, but also unlock substantial growth opportunities for both parties.

本季度，我們重新定義了與 Expedia Group 的長期商業關係，並實現了另一個重要里程碑。我們很高興地宣布與 Expedia 簽署新的為期 10 年的住宿外包協議，該協議將於 2025 年 1 月 1 日生效。這種夥伴關係不僅加強了我們公司之間的合作，也為雙方帶來了巨大的成長機會。

And it's this agreement Despegar will further optimize its lodging supply, focusing on key initiatives such as our B2B white label, software-as-a-service and M&A strategy while also expanding our directly sourced hotel inventory outside Latin America.

根據該協議，Despegar 將進一步優化其住宿供應，重點關注 B2B 白標、軟體即服務和併購策略等關鍵舉措，同時擴大我們在拉丁美洲以外直接採購的飯店庫存。

The partnership also provides Despegar with greater flexibility to forge new strategic alliances and pursue business in complementary segments, positioning us to further strengthen our market presence across the region and beyond.

此次合作也為 Despegar 提供了更大的靈活性，可以建立新的策略聯盟並在互補領域開展業務，使我們能夠進一步加強我們在該地區及其他地區的市場佔有率。

This collaboration builds on our combined strength, Despegar's leading technology platform and extensive customer base and Expedia's vast global launching supply. We believe this enhanced partnership reinforces our competitive mode and will foster new growth opportunities for both companies over the next decade.

此次合作建立在我們的綜合實力、Despegar 領先的技術平台和廣泛的客戶群以及 Expedia 龐大的全球發布供應之上。我們相信，這種加強的合作關係將強化我們的競爭模式，並將在未來十年為兩家公司創造新的成長機會。

Additionally, another key financial benefits of this new agreement is that the previously recorded $155 million perpetual contingent liability on Despegar's balance sheet will now be amortized over 10 years, significantly improving our net asset position.

此外，這項新協議的另一個主要財務好處是，Despegar 資產負債表上先前記錄的 1.55 億美元永久或有負債現在將在 10 年內攤銷，從而顯著改善我們的淨資產狀況。

We are thrilled to embark on this new phase of our relationship with Expedia and the evolution of the partnership underscores our commitment to delivering innovative customer-centric solutions and will further solidify our position as a leading travel technology company.

我們很高興與 Expedia 開啟合作關係的新階段，合作夥伴關係的發展凸顯了我們致力於提供以客戶為中心的創新解決方案的承諾，並將進一步鞏固我們作為領先旅行技術公司的地位。

Innovation remains at the heart of Despegar's success exemplified this year by the launch of our AI-powered travel assistant, SOFIA. Since it's debut in March, SOFIA's capabilities have evolved significantly. Today, the assistant allows customers to seamlessly search, browse and book both air and hotel services directly within the conversation prompt.

創新仍然是 Despegar 成功的核心，今年推出的人工智慧旅行助理 SOFIA 就是例證。自三月首次亮相以來，SOFIA 的功能已經發生了顯著的發展。如今，該助理允許客戶直接在對話提示中無縫搜尋、瀏覽和預訂航空和飯店服務。

This conversational approach has enhanced the user experience by offering a more personalized and efficient way to plan and book travel. Throughout this recent quarter, we made notable advances in SOFIA after sales support capabilities as well. Customers can now easily make cost booking inquiries through SOFIA, resulting in a notable reduction in costly consensus resolutions.

這種對話式方法透過提供更個人化和高效的旅行計劃和預訂方式來增強用戶體驗。在最近一個季度，我們在 SOFIA 售後支援能力方面也取得了顯著進展。客戶現在可以透過 SOFIA 輕鬆進行成本預訂查詢，從而顯著減少昂貴的共識解決方案。

Furthermore, we've introduced a feature that enables customers to grow their conversation history, allowing the user to manage multiple distinct travel conversations in parallel all within the same tool. This not only improves customer satisfaction, but also reduces friction in the travel planning process.

此外，我們還推出了一項功能，使客戶能夠增加他們的對話歷史記錄，讓用戶在同一個工具中並行管理多個不同的旅行對話。這不僅提高了客戶滿意度，也減少了旅行規劃過程中的摩擦。

A further testament of this improvement is our NPS, net promoting score, which reached 71.1% of our highest scores for the quarter. While these advances are impressive in their own right, the most significant development regarding SOFIA is our ability to offer as a software asset service solution to our business partners.

我們的 NPS（淨促銷得分）進一步證明了這項改進，達到本季最高得分的 71.1%。雖然這些進步本身就令人印象深刻，但 SOFIA 最重要的發展是我們能夠為我們的業務合作夥伴提供軟體資產服務解決方案。

As recently announced, we signed our first software-as-a-service agreement, and we are incredibly excited about these new growth avenues. This strategic move opens up opportunities for Despegar to leverage its AI technology beyond its own platform, allowing our B2B and white label partners to benefit from SOFIA's cutting edge capabilities.

正如最近宣布的，我們簽署了第一份軟體即服務協議，我們對這些新的成長途徑感到非常興奮。這項策略性舉措為 Despegar 提供了在其自身平台之外利用其人工智慧技術的機會，使我們的 B2B 和白標合作夥伴能夠從 SOFIA 的尖端功能中受益。

Our goal is to integrate SOFIA into our partner platforms, effortlessly, making it a vital resource for enriching their ecosystem and elevating the customer experiences they offer. It will also be a growing source of recurring revenue and enable us to further diversify our revenue stream.

我們的目標是輕鬆地將 SOFIA 整合到我們的合作夥伴平台中，使其成為豐富其生態系統並提升其提供的客戶體驗的重要資源。它也將成為不斷增長的經常性收入來源，並使我們能夠進一步實現收入來源多元化。

Later in the call, Gonzalo will provide more details on this exciting new product offering. I would like to highlight our loyalty program, Pasaporte Despegar, which remains a key pillar of the value proposition we offer our customers. In the quarter, the program grew by more than 50% year-over-year, reaching a milestone of 30 million loyalty members.

稍後在電話會議中，貢薩洛將提供有關這項令人興奮的新產品的更多詳細資訊。我想強調我們的忠誠度計劃 Pasaporte Despegar，它仍然是我們為客戶提供的價值主張的關鍵支柱。本季度，該計劃同比增長超過 50%，達到了 3000 萬忠誠會員的里程碑。

The impact of our loyalty program provides customers with the ability to earn Pasaporte points on every transaction booked through Despegar while also accumulating loyalty points from hotels and airline programs. This dual accumulation significantly enhances the benefits and appeal of our loyalty program, making it more attractive to frequent travelers.

我們的忠誠度計畫的影響力使客戶能夠在透過 Despegar 預訂的每筆交易中賺取 Pasaporte 積分，同時還可以透過飯店和航空公司計畫累積忠誠度積分。這種雙重累積顯著增強了我們忠誠度計畫的好處和吸引力，使其對常旅客更具吸引力。

An important indicator of the program's success is a continued increase in redemption rates. In the third quarter, 12% of all transactions were completed using Pasaporte points, demonstrating the growing value customers place on the rewards began through Despegar. In addition to our loyalty program, our mobile app plays a crucial role in enhancing the overall customer experience.

該計劃成功的一個重要指標是贖回率的持續上升。第三季度，12% 的交易是使用 Pasaporte 積分完成的，這表明客戶對透過 Despegar 開始的獎勵的重視不斷增長。除了我們的忠誠度計劃之外，我們的行動應用程式在增強整體客戶體驗方面也發揮著至關重要的作用。

We continuously refine the app to improve the travel search and booking process, which in turn drives cross-selling opportunities, both customer engagement and repeat booking rights. During the quarter, the app's downloads increased 47% year over year, reaching 19 million total downloads.

我們不斷完善該應用程序，以改善旅遊搜尋和預訂流程，從而推動交叉銷售機會，包括客戶參與度和重複預訂權。本季度，該應用程式的下載量年增 47%，總下載量達到 1,900 萬次。

Furthermore, the updated transactions now account for almost 51% of our total bookings, underscoring the growing importance of our mobile-first approach and its ability to drive organic traffic. Once again, this quarter, we have made significant progress towards being the preferred choice for travel booking in Latin America while also expanding our margins to drive profitable growth and create additional shareholder value.

此外，更新後的交易量目前幾乎占我們總預訂量的 51%，這凸顯了我們的行動優先方法及其推動自然流量的能力日益增長的重要性。本季度，我們再次在成為拉丁美洲旅行預訂首選方面取得了重大進展，同時擴大了利潤率，以推動利潤成長並創造額外的股東價值。

We're also laying the groundwork for continued future industry-leading growth through several exciting new initiatives with Sebastian and Gonzalo will discuss shortly. This initiative represents significant opportunities to fuel our momentum and drive long-term value for both our customers and shareholders.

我們也透過與 Sebastian 和 Gonzalo 即將討論的幾項令人興奮的新舉措，為未來持續行業領先的成長奠定基礎。這項舉措代表著重要的機會，可以推動我們的發展勢頭，為我們的客戶和股東帶來長期價值。

I will now turn the call over to Sebastian, who will walk you through our latest B2B initiative and white level partnership.

我現在將把電話轉給 Sebastian，他將引導您了解我們最新的 B2B 計劃和白級合作夥伴關係。

Thank you, Damian, and good day, everyone. I'm excited to share our latest advancement in the B2B segment which continues to experience remarkable growth.

謝謝你，達米安，祝大家美好。我很高興與大家分享我們在 B2B 領域的最新進展，該領域繼續經歷顯著的成長。

To recap, our B2B segment includes both our white label operations and tech ecosystem, providing online and offline travel agencies with access to our extensive travel inventory. As outlined in previous earnings calls, we remain focused on our robust commercial strategy that leverage our top-tier technology and local expertise. This approach consistently delivers exceptional value to our partners while strengthening our leadership in the Latin American region.

回顧一下，我們的 B2B 部門包括我們的白標營運和技術生態系統，為線上和線下旅行社提供我們廣泛的旅行庫存。正如先前的財報電話會議中所述，我們仍然專注於利用我們的頂級技術和本地專業知識的穩健商業策略。這種方法始終如一地為我們的合作夥伴提供卓越的價值，同時加強我們在拉丁美洲地區的領導地位。

As Damian noted, our third quarter B2B growth has outpaced the industry with gross booking increasingly by 23% year-over-year to nearly $250 million. This strong performance is in part driven by demand from more than 17,000 online and offline travel agencies using our inventory. A particularly exciting trend is the rising interest among online agency bookings accommodations for international clients exploring Latin America.

正如 Damian 指出的那樣，我們第三季的 B2B 成長速度超過了該行業，預訂總額同比增長 23%，達到近 2.5 億美元。這種強勁的業績在一定程度上是由使用我們庫存的超過 17,000 家線上和線下旅行社的需求所推動的。一個特別令人興奮的趨勢是，線上代理商為探索拉丁美洲的國際客戶預訂住宿的興趣日益濃厚。

This trend is expanding our reach beyond our goal Latin American market, allowing us to capture new demand from international markets. Currently, our B2B growth is fueled mainly by hotels bookings. However, with the upcoming launch of our flight booking engine, we anticipate entering a new growth phase within the B2B segment, further strengthening our market position. I'd now like to update you on our white label partnerships. This year, we prioritized onboarding 19 new clients and actively displacing competitors.

這一趨勢正在擴大我們的業務範圍，超越我們的目標拉丁美洲市場，使我們能夠抓住國際市場的新需求。目前，我們的 B2B 成長主要由飯店預訂推動。然而，隨著我們的航班預訂引擎即將推出，我們預計 B2B 領域將進入新的成長階段，進一步鞏固我們的市場地位。我現在想向您介紹我們白標合作關係的最新情況。今年，我們優先吸引 19 個新客戶並積極取代競爭對手。

Today, we operate over 80 white label partnerships across the region solidifying our position as the leading B2B player in Latin America. Recent announcements highlight our success in securing major new clients. We are currently developing tailored solutions and scaling up services for new partners onboarded in recent months.

如今，我們在該地區經營 80 多個白標合作夥伴，鞏固了我們作為拉丁美洲領先 B2B 參與者的地位。最近的公告凸顯了我們在爭取主要新客戶方面所取得的成功。我們目前正在為近幾個月加入的新合作夥伴開發客製化解決方案並擴大服務範圍。

To give you a sense of the progress we've made, I'll share some specific achievements. In the banking and loyalty program space, we now operate more than 40 partnerships across Latin America, providing solutions for over half of the top banks and loyalty programs in the region.

為了讓您了解我們所取得的進展，我將分享一些具體的成就。在銀行和忠誠度計畫領域，我們現在在拉丁美洲經營 40 多個合作夥伴，為該地區超過一半的頂級銀行和忠誠度計劃提供解決方案。

This past quarter alone, we added 4 new deals, including one of the major banks in Brazil. The new partnership set to launch in the coming months will allow customers to redeem loyalty bonds for travel services directly accessing Despegar's market-leading inventory. This integration will provide exclusive deals available only on our partners' platform, making travel more accessible, affordable for millions.

光是上一季度，我們就增加了 4 筆新交易，其中包括巴西的一家主要銀行。這項新的合作夥伴關係將於未來幾個月推出，客戶將可以透過直接訪問 Despegar 市場領先的庫存來兌換旅遊服務的忠誠度債券。此次整合將提供僅在我們合作夥伴平台上提供的獨家優惠，讓數百萬人的旅程變得更加便利、實惠。

Beyond technology in these types of partnerships, Despegar also provide customer service, post-sale support for all travel-related inquiries, ensuring our expertise supports customers at every step from booking to post travel assistance. This, combined with our ability to tailor solutions to partner needs and support diverse payments and redemption options makes our White label solutions the premier choice for financial institutions and other partners.

除了此類合作夥伴關係中的技術之外，Despegar 還為所有旅行相關的諮詢提供客戶服務和售後支持，確保我們的專業知識在從預訂到旅行後協助的每一步為客戶提供支援。再加上我們能夠根據合作夥伴的需求客製化解決方案並支援多樣化的支付和兌換選項，使我們的白標解決方案成為金融機構和其他合作夥伴的首選。

In the air sector, we've developed one of the most advanced packages booking engines and currently work with one of Latin America's largest airline. Today, our partnership cover operations in 8 different countries and offer packages, hotel bookings and other hotel services as well and integrations with the airlines frequent flyer program.

在航空領域，我們開發了最先進的套餐預訂引擎之一，目前與拉丁美洲最大的航空公司之一合作。如今，我們的合作關係涵蓋 8 個不同國家的業務，並提供套餐、酒店預訂和其他酒店服務以及與航空公司常旅客計劃的整合。

Importantly, we are currently in a very advanced negotiation with a prominent, fun regional airline that operates flights within Latin America to US and Europe. Our solution will be fully integrated with the airlines inventory and feature automated aftersales support, all powered by our state-of-the-art technology platform. Turning to our partnership with retailers. We've made great stride here as well.

重要的是，我們目前正在與一家著名的、有趣的支線航空公司進行非常深入的談判，該航空公司在拉丁美洲運營飛往美國和歐洲的航班。我們的解決方案將與航空公司庫存完全集成，並提供自動化售後支持，所有這些均由我們最先進的技術平台提供支援。談到我們與零售商的合作關係。我們在這裡也取得了很大的進步。

During the third quarter, we signed three new deals with retail partners in major markets, solidifying our position in the regional travel market. Our platform enables the more than 15 retailers we work with to monetize traffic, integrate specific payment methods and efficiently operate physical travel stores within their retail locations.

第三季度，我們與主要市場的零售合作夥伴簽署了三項新協議，鞏固了我們在區域旅遊市場的地位。我們的平台使超過 15 家與我們合作的零售商能夠將流量貨幣化、整合特定的支付方式並在其零售地點高效地經營實體旅遊商店。

We also worked closely with more than 20 leading global and local hotel plans to support their package offerings. In Q3, we've signed multiple new agreements that allow these hotels to provide comprehensive travel options, leveraging our platform's best in light solution, payment flexibility and multi-market capabilities, including operations in the US.

我們還與 20 多家領先的全球和本地酒店計劃密切合作，以支持他們的套餐服務。在第三季度，我們簽署了多項新協議，使這些酒店能夠利用我們平台的最佳輕型解決方案、支付靈活性和多市場能力（包括在美國的業務）提供全面的旅行選擇。

Finally, as part of our ongoing innovation, we have developed a travel solution specifically designed for super apps. During our latest earnings call, we mentioned that we signed a white label partnership with a global ride-hailing app.

最後，作為我們持續創新的一部分，我們開發了專為超級應用程式設計的旅行解決方案。在我們最近的財報電話會議上，我們提到我們與一家全球叫車應用程式簽署了白標合作夥伴關係。

Today, we are on track to launch this travel platform by the end of 2024. This partnership marks an exciting expansion into the super app space, a fast-growing sector that presents new opportunities both in Latin America and beyond. In summary, we've built strong momentum for our B2B segment, which sets the stage for significant top line growth in the years ahead.

今天，我們預計在 2024 年底推出這個旅行平台。此次合作標誌著超級應用領域令人興奮的擴張，這是一個快速成長的領域，為拉丁美洲及其他地區帶來了新的機會。總之，我們已經為 B2B 領域建立了強勁的勢頭，這為未來幾年的營收顯著成長奠定了基礎。

Our partnerships are helping us to make travel more accessible, partialized and seamlessly integrated not only across Latin America, but also new markets as we expand globally. This progress in our B2B initiative underscores Despegar's potential to lead the travel technology innovation, positioning us as a global leader, not just a regional one.

我們的合作關係正在幫助我們讓旅行變得更加便利、個人化和無縫整合，不僅在拉丁美洲，而且在我們全球擴張的過程中也讓新市場變得更加便利。我們 B2B 計畫的這項進展凸顯了 Despegar 引領旅遊科技創新的潛力，使我們成為全球領導者，而不僅僅是地區領導者。

With that, I will turn the call over to Gonzalo who will share some exciting new updates about SOFIA, Despegar's AI travel assistant.

接下來，我會將電話轉接給 Gonzalo，他將分享有關 Despegar 的 AI 旅行助理 SOFIA 的一些令人興奮的新更新。

Thank you, Sebastian, and hello, everyone. It has been nine months since we launched SOFIA publicly, and we are extremely pleased with the customer engagement feedback and evolution of this cutting-edge technology.

謝謝你，賽巴斯蒂安，大家好。自從我們公開推出 SOFIA 以來已經九個月了，我們對客戶參與回饋和這項尖端技術的發展感到非常滿意。

Since its launch, SOFIA has materially improved in every respect, daily conversations continue to increase rapidly, doubling every five weeks on a sustained basis as we incorporate more products and services into SOFIA's knowledge base, significantly expanding her capabilities.

自推出以來，SOFIA 在各方面都取得了實質改進，隨著我們將更多產品和服務納入SOFIA 的知識庫，日常對話持續快速增加，每五週持續翻一番，顯著擴展了她的能力。

Growing adoption and a sharp increase in returning users to a service, which is 50% higher than just one quarter ago, signal that SOFIA's capabilities are helping set us apart in the travel inventory, offering our customers unique and tangible benefits from the moment they begin planning the trip through to the booking process.

越來越多的採用率以及回訪服務的用戶急劇增加（比四分之一前增加了50%），這表明SOFIA 的能力正在幫助我們在旅行庫存中脫穎而出，從客戶開始使用的那一刻起就為他們提供獨特而切實的好處規劃行程直至預訂流程。

During the quarter, we concentrated our efforts on three specific areas of focus. First and foremost, we made significant improvements to SOFIA's after sales capability and incorporated the chatbot as part of our customer service flow.

本季度，我們將重點放在三個具體領域。首先也是最重要的是，我們對 SOFIA 的售後能力進行了重大改進，並將聊天機器人納入我們的客戶服務流程的一部分。

Today, SOFIA can assist customers with various post-booking stuff ranging from simple answers to frequently asked questions to more complex situations like providing support during checking process, making a special request for a meal during a slide or a type of bed for a hotel stay.

如今，SOFIA 可以協助客戶處理各種預訂後事務，從簡單的解答到常見問題，再到更複雜的情況，例如在辦理入住手續期間提供支援、在滑梯期間提出特殊餐食要求或飯店住宿床型的特殊要求。

These requests are then automatically relayed to the appropriate third parties, significantly streamlining the process for our customers. The primary goal of this enhancement is to provide a self-service tool that empowers customers to resolve most of their travel-related inquiries independently. This not only improves the customer journey, but also leads to a measurable reduction in call volumes at our call centers, resulting in tangible cost savings for Despegar and improved NPS.

然後，這些請求會自動轉發給適當的第三方，從而顯著簡化我們客戶的流程。此增強功能的主要目標是提供自助服務工具，使客戶能夠獨立解決大部分與旅行相關的查詢。這不僅改善了客戶旅程，還顯著減少了我們呼叫中心的呼叫量，為 Despegar 節省了切實的成本並改善了 NPS。

The second focus area has centered on enhancing SOFIA's conversational ability. As we mentioned in our last earnings call, one of our primary goals is to replicate a natural human-to-human interaction with SOFIA. To bring this experience to life, we are working on giving SOFIA a voice preparing to launch SOFIA on call, which will enable customers to engage with her just as they would with a human operator over the home.

第二個重點領域則集中在增強 SOFIA 的對話能力。正如我們在上次財報電話會議中提到的，我們的主要目標之一是透過 SOFIA 複製自然的人與人互動。為了將這種體驗變為現實，我們正在努力為 SOFIA 提供語音功能，準備推出 SOFIA on call，這將使客戶能夠與她互動，就像與家中的人工接線員互動一樣。

Customers will be able to discuss both sales and after sales topics in a manner that feels intelligence, empathetic and human, all leveraging the same robust infrastructure and travel technology as we've done during the past nine months with response times that are comparable to those in human interaction.

客戶將能夠以一種感覺聰明、富有同情心和人性化的方式討論銷售和售後主題，所有這些都利用與我們在過去九個月中所做的相同的強大基礎設施和旅行技術，響應時間與那些類似在人際互動中。

Notably, conversations don't have to follow up reset flow. It can progress at the customer's discretion. Users can even interrupt SOFIA mid-response and she will instantly adapt to the new topic or, if needed, transfer the call seamlessly to a human operator.

值得注意的是，對話不必遵循重置流程。它可以由客戶自行決定進度。使用者甚至可以中斷 SOFIA 的回應，她會立即適應新主題，或在需要時將呼叫無縫轉接給人工接線員。

We are very excited about this new capability and look forward to seeing how it will transform customer interactions in the future by creating a more dynamic responsive and consumer-like experience, we believe SOFIA will not only improve customer satisfaction but also depend the trust and connection customers feel with our brands while driving efficiencies in our fulfillment center.

我們對這項新功能感到非常興奮，並期待看到它將如何透過創建更加動態響應和消費者般的體驗來改變未來的客戶交互，我們相信SOFIA 不僅會提高客戶滿意度，而且還取決於信任和聯繫客戶對我們的品牌有感覺，同時提高了我們營運中心的效率。

This evolution marks a significant step forward in our commitment to providing exceptional personalized service, and we can't wait to see the positive impact it will bring. Lastly, we are focusing on developing SOFIA as a software as a service product. The improvements we are making to our customer-facing AI travel assistance are also attracting many prospective B2B customers.

這一演變標誌著我們在提供卓越個人化服務的承諾方面向前邁出了重要一步，我們迫不及待地想看到它將帶來的積極影響。最後，我們專注於將 SOFIA 開發為軟體即服務產品。我們對面向客戶的人工智慧旅行協助所做的改進也吸引了許多潛在的 B2B 客戶。

A major milestone on this front was the licensing agreement that we recently signed with Charisma Hotels and Resorts, our first software as a service partnership. As we recently announced, it marks a significant step forward for both companies.

這方面的一個重要里程碑是我們最近與 Charisma Hotels and Resorts 簽署的授權協議，這是我們的第一個軟體即服務合作夥伴關係。正如我們最近宣布的那樣，這標誌著兩家公司向前邁出了重要一步。

Through this collaboration, Charisma will integrate SOFIA into their operations to enhance digital engagement with customers and offer guests a truly personalized travel experience. This partnership is our first client win as a part of our strategy to expand our B2B business through SaaS model, and it underscores the growing demand we see for Despegar's cutting-edge AI technology in the global product industry.

透過此次合作，Charisma 將把 SOFIA 整合到其營運中，以增強與客戶的數位化互動，並為客人提供真正個人化的旅遊體驗。此次合作是我們贏得的第一個客戶，也是我們透過 SaaS 模式擴展 B2B 業務策略的一部分，它強調了我們看到全球產品產業對 Despegar 尖端人工智慧技術不斷增長的需求。

By licensing SOFIA to Charisma, we are not only deepening our collaboration with a valued travel partner but also positioning Charisma at the forefront of technological innovation in the hospitality industry. There are several standard features of this partnership.

透過將 SOFIA 授權給 Charisma，我們不僅加深了與重要旅遊合作夥伴的合作，還將 Charisma 置於酒店業技術創新的前沿。這種夥伴關係有幾個標準特徵。

First, SOFIA will provide enhanced travel assistance, offering Charisma's guest in-depth knowledge of their unique hotel offerings rates and activities. This means customers will receive personalized guidance throughout our travel planning process, creating a more streamlined and engaging experience.

首先，索菲亞將提供增強的旅行協助，讓 Charisma 的客人深入了解其獨特的飯店產品價格和活動。這意味著客戶將在我們的整個旅行規劃過程中獲得個人化指導，從而創造更簡化和更具吸引力的體驗。

Second, after the search and planning process is complete, seamless booking integration will allow guests to book their accommodation directly through conversations with the SOFIA powered assistant. This simplifies the booking journey by eliminating the need for customers to reenter details on a separate preservation page, making the entire process more convenient and efficient.

其次，在搜尋和規劃過程完成後，無縫預訂整合將允許客人透過與 SOFIA 支援的助理對話直接預訂住宿。客戶無需在單獨的保存頁面上重新輸入詳細信息，從而簡化了預訂過程，使整個過程更加方便和高效。

Another advantage is comprehensive travel support. Beyond bookings, SOFIA will use natural language processing to answer questions about travel logistics, local attractions and other destination details, providing Charisma customers with a complete travel companion.

另一個優點是全面的旅行支援。除了預訂之外，SOFIA 還將使用自然語言處理來回答有關旅行物流、當地景點和其他目的地詳細資訊的問題，為 Charisma 客戶提供完整的旅行伴侶。

We're incredibly excited about the potential this partnership has unlocked. Not only does it highlight the versatility and strength of our high technology, it opens the door for further expansion of our SaaS offering. We are eager to see the impact this will have on Charisma's customers' experience and look forward to extending this innovative solution to more partners in the near future.

我們對這次合作所釋放的潛力感到非常興奮。它不僅凸顯了我們高科技的多功能性和實力，而且為進一步擴展我們的 SaaS 產品打開了大門。我們渴望看到這將對 Charisma 的客戶體驗產生影響，並期待在不久的將來將這項創新解決方案擴展到更多合作夥伴。

With that, I will hand the call to Amit, who will review more of our third quarter financial results.

接下來，我將把電話轉給阿米特，他將審查我們第三季財務業績的更多內容。

Thank you, Gonzalo, and good day, everyone. Our third-quarter results were very robust. Once again, we delivered solid revenue growth and record profitability, helped by continued secular demand trends across our markets.

謝謝你，貢薩洛，大家好。我們的第三季業績非常強勁。在整個市場持續的長期需求趨勢的幫助下，我們再次實現了穩健的收入成長和創紀錄的獲利能力。

For the quarter, revenues increased by 8.9% year over year, reaching $194 million as we focused on profitable growth, especially in our key markets such as Brazil and Mexico and captured some demand recovery in Argentina.

本季營收年增 8.9%，達到 1.94 億美元，因為我們專注於獲利成長，特別是在巴西和墨西哥等關鍵市場，並抓住了阿根廷的部分需求復甦。

Similar to what we observed in the second quarter, foreign exchange headwinds impacted our results across the region. Despite these challenges, the underlying demand remains solid, as demonstrated by our FX-neutral revenue growth which was 53% year over year. This underscores the strength of our business fundamentals. Now let's take a closer look at our regional performance, starting with Brazil, our largest and most important market. During the third quarter, transactions grew by a healthy 14% year-over-year, reaching $1.2 million.

與我們在第二季度觀察到的情況類似，外匯逆風影響了我們在整個地區的表現。儘管面臨這些挑戰，潛在需求仍然強勁，我們的外匯中性收入年增 53% 就證明了這一點。這凸顯了我們業務基礎的實力。現在讓我們仔細看看我們的區域表現，首先從我們最大、最重要的市場巴西開始。第三季度，交易額較去年同期健康成長 14%，達到 120 萬美元。

This growth was driven by a rise in domestic air transactions and stronger demand for both domestic and international hotels. As anticipated, average selling prices experienced a temporary 15% decline year-over-year primarily due to the depreciation of the Brazilian real. Excluding this FX impact, gross bookings grew by 10% year over year, while on a reported basis, they showed a 3% decline.

這一增長是由國內航空交易量的增加以及對國內和國際酒店的需求強勁推動的。正如預期的那樣，平均售價暫時年減 15%，主要是由於巴西雷亞爾貶值。排除匯率影響，總預訂量年增 10%，而根據報告顯示，預訂量下降了 3%。

Turning to Mexico, our second-largest market. Transactions declined by 22% year over year, in part driven by the divestiture of our Destination Management Company business during the quarter.

轉向墨西哥，我們的第二大市場。交易量年減 22%，部分原因是本季我們剝離了目的地管理公司業務。

Excluding the impact of this sale, transactions declined 14% year-over-year, primarily due to our strong strategic focus on driving profitability, FX headwinds and a significant reduction in domestic air capacity, particularly on routes to Cancun. These factors led to a temporary contraction in gross bookings of 14% on an FX-neutral basis and 22% as reported for our Mexican operations.

排除此次出售的影響，交易量年減 14%，這主要是由於我們對提高盈利能力的戰略重點、外匯逆風以及國內航空運力大幅減少（特別是飛往坎昆的航線）。這些因素導致我們的墨西哥業務總預訂量暫時收縮 14%（在匯率中立的基礎上）和 22%。

As for our operations in the rest of Latin America, we began to observe a positive shift in trend, particularly in Argentina, where demand was stronger than anticipated. Thanks to the tailored payment solutions we offer in Argentina, coupled with our leading product portfolio, we have gained significant market share and achieved strong take rates.

至於我們在拉丁美洲其他地區的業務，我們開始觀察到趨勢的積極轉變，特別是在阿根廷，那裡的需求比預期強勁。由於我們在阿根廷提供的客製化支付解決方案，加上我們領先的產品組合，我們獲得了巨大的市場份額並實現了強勁的採用率。

It's important to note that due to the various exchange rates applicable to transactions in Argentina, our ability to adapt and offer flexible payment options has proven to be a competitive advantage. That said, I would like to emphasize that we continue to keep our exposure to the Argentinian peso to a minimum, in line with our company policies in order to mitigate potential currency risk. However, this policy introduces FX hedging costs in our P&L.

值得注意的是，由於阿根廷交易適用的匯率多種多樣，我們適應和提供靈活支付選項的能力已被證明是一種競爭優勢。儘管如此，我想強調的是，我們將繼續將阿根廷比索的曝險保持在最低限度，符合我們公司的政策，以減輕潛在的貨幣風險。然而，這項政策在我們的損益表中引入了外匯對沖成本。

In summary, our strong commercial execution, unmatched local market expertise and focus on profitability alongside implementing innovative payment solutions in Argentina enabled us to achieve Despegar's highest ever take rate of 14.6%. A record-setting take rate, combined with gross bookings of $1.3 billion drove revenues to $194 million, an increase of 53% in constant currency and 9% in as-reported terms.

總而言之，我們強大的商業執行力、無與倫比的本地市場專業知識、對盈利能力的關注以及在阿根廷實施創新支付解決方案，使我們能夠實現 Despegar 有史以來最高的 14.6% 的接受率。創紀錄的接受率加上 13 億美元的總預訂量，使收入達到 1.94 億美元，以固定匯率計算增長 53%，按報告計算增長 9%。

As we have emphasized throughout the year, we continue to prioritize operating leverage and have achieved substantial efficiencies in cost of revenues. Key drivers of these savings for the quarter included a decline in installment costs and credit card processing fees in Mexico, reduced customer card expenses due to improvements in fall saw prevention performance and lower interest rates in Argentina.

正如我們全年強調的那樣，我們繼續優先考慮營運槓桿，並在收入成本方面取得了顯著的效率。本季度節省費用的主要驅動因素包括墨西哥分期付款成本和信用卡手續費的下降、由於秋鋸預防性能改善而減少的客戶卡費用以及阿根廷較低的利率。

As a result, we reported our strongest ever gross profit margin of 73.8%, generating a total gross profit of $143.1 million, which was 18.7% higher than third quarter of 2023.

結果，我們報告了有史以來最高的毛利率，達到 73.8%，總毛利達到 1.431 億美元，比 2023 年第三季高出 18.7%。

In addition to cost of revenue efficiencies, we also made significant progress in streamlining operating expenses. While selling and marketing expenses rose year-over-year, largely due to increased commission payments driven by a rapid growth in our B2B business, total operating expenses remained largely flat.

除了收入效率成本之外，我們在精簡營運費用方面也取得了重大進展。雖然銷售和行銷費用年增，主要是由於我們的 B2B 業務快速成長推動佣金支付增加，但總營運費用基本上持平。

This stability drove operating leverage with regard to general and administrative technology and product and development expenses, allowing us to maintain a lean cost structure. We are pleased to announce that as a result of these efforts, we achieved record adjusted EBITDA of $48 million, representing a 94.2% year-over-year increase and an adjusted EBITDA margin of 24.8%, another record for our company. Turning to our financial expense, which was $29 million for the quarter. This was in large part due to us moving funds into US dollars and moving outside of Argentina, as I noted earlier.

這種穩定性推動了一般和管理技術以及產品和開發費用方面的營運槓桿，使我們能夠保持精益的成本結構。我們很高興地宣布，由於這些努力，我們實現了創紀錄的調整後 EBITDA 4800 萬美元，年增 94.2%，調整後 EBITDA 利潤率為 24.8%，這是我們公司的另一項記錄。談到我們本季的財務費用，該費用為 2900 萬美元。正如我之前指出的，這在很大程度上是由於我們將資金轉為美元並轉移到阿根廷之外。

Then analyzing adjusted net income which excludes from GAAP net income, FX translation impacts and other primarily nonrecurring expenses, we reported an impressive $36.1 million in adjusted net income, representing a more than a fourfold improvement versus the $8.8 million that we reported in third quarter of 2023.

然後分析調整後的淨利潤（不包括GAAP 淨利潤、外匯換算影響和其他主要非經常性費用），我們報告的調整後淨利潤高達3,610 萬美元，比我們第三季報告的880 萬美元增長了四倍多。

Importantly, our adjusted EPS improved year over year to $0.34 from $0.01 in the same quarter last year. In terms of operating cash flow, we generated $26.6 million this quarter compared to $12.7 million in the last quarter.

重要的是，我們調整後的每股盈餘較去年同期的 0.01 美元增至 0.34 美元。就營運現金流而言，本季我們產生了 2,660 萬美元，而上季為 1,270 萬美元。

Our robust operating cash flow has enabled us to further strengthen our solid financial position as capital expenditures remained steady at $7.7 million for the quarter. Our strong commercial execution has also led to a total cash balance of $220 million, an increase of $15.2 million compared to the end of second quarter of 2024.

本季資本支出穩定在 770 萬美元，強勁的營運現金流使我們能夠進一步加強穩健的財務狀況。我們強大的商業執行力也導致現金餘額總額達到 2.2 億美元，比 2024 年第二季末增加 1,520 萬美元。

Notably, we grew cash 7% quarter on quarter despite a $7 million payment to our preferred shareholders. During the quarter, we also extended around $17 million in working capital benefits through cash advances to our core travel partners as part of our strategy to strengthen our supplier relationships.

值得注意的是，儘管我們向優先股股東支付了 700 萬美元，但我們的現金卻比上季成長了 7%。本季度，作為加強供應商關係策略的一部分，我們還透過向核心旅遊合作夥伴預付現金，提供了約 1,700 萬美元的營運資金收益。

Let's turn now to our capital allocation strategy. Our approach remains centered on evaluating acquisition opportunities across Latin America and selectively beyond the region. When assessing any potential transaction, we rigorously apply a disciplined framework that examines the strategic benefits of new capabilities that enhance our offerings or competitive advantages, increase market penetration or geographic expansion.

現在讓我們轉向我們的資本配置策略。我們的方法仍然集中在評估整個拉丁美洲的收購機會，並有選擇地超越該地區。在評估任何潛在交易時，我們嚴格應用嚴格的框架來檢視新功能的策略利益，這些新功能可以增強我們的產品或競爭優勢，提高市場滲透率或地理擴張。

Each opportunity then weighed against the targets implied valuation to ensure that it meets our high standards for value creation. Our focus is clear, we only perceive the transactions that can generate long-term shareholder value by delivering both revenue and cost synergies that support and complement our strong organic growth profile.

然後，每個機會都會與目標隱含估值進行權衡，以確保其符合我們價值創造的高標準。我們的重點很明確，我們只關注那些能夠透過提供收入和成本協同效應來產生長期股東價值的交易，從而支持和補充我們強大的有機成長狀況。

With our robust cash position and favorable working capital dynamics, we have the flexibility to execute transactions efficiently. Now looking towards the year-end, we are confident in our commercial strategy for the fourth quarter high season. Our extensive inventory, leading bundling capabilities and comprehensive payment solutions made Despegar the preferred choice across Latin America.

憑藉我們強勁的現金狀況和良好的營運資金動態，我們能夠靈活且有效率地執行交易。現在展望年底，我們對第四季旺季的商業策略充滿信心。我們豐富的庫存、領先的捆綁能力和全面的支付解決方案使 Despegar 成為整個拉丁美洲的首選。

However, FX has further moved against us since last quarter. With that in mind, we are maintaining our full year revenue guidance of at least $760 million, representing year-over-year top line growth of 8%. However, given our sustained margin expansion, we are raising our adjusted EBITDA forecast from a minimum of $160 million to at least $170 million, which equates to a year-over-year increase of 47%.

然而，自上個季度以來，外匯走勢進一步對我們不利。考慮到這一點，我們將全年收入指引維持在至少 7.6 億美元，即營收年增 8%。然而，鑑於我們的利潤率持續成長，我們將調整後的 EBITDA 預測從最低 1.6 億美元提高到至少 1.7 億美元，相當於年增 47%。

In closing, we remain confident in our ability to lead the consolidation of Latin America's travel market. And we are particularly excited about the new growth opportunities that Sebastian Gonzalo outlined with regard to our strategic B2B and SaaS initiatives.

最後，我們對領導拉丁美洲旅遊市場整合的能力仍然充滿信心。我們對 Sebastian Gonzalo 概述的有關我們戰略 B2B 和 SaaS 計劃的新增長機會感到特別興奮。

These trends, together with the strong secular tailwinds, uniquely positioned Despegar to set the pace for sustained market-leading growth in Latin America while also tapping into the $2.5 trillion global travel market.

這些趨勢，加上強勁的長期順風，使 Despegar 處於獨特的地位，能夠為拉丁美洲市場持續領先的成長奠定基礎，同時進軍價值 2.5 兆美元的全球旅遊市場。

I'll now turn the call back over to Damian for a few closing remarks.

現在我將把電話轉回給達米安，讓他做一些結束語。

Thanks, Amit. To conclude, we are very pleased with our main significant achievements this quarter, demonstrating a strong revenue growth and a leading margin expansion despite foreign exchange challenges across Latin America.

謝謝，阿米特。總而言之，我們對本季的主要重大成就感到非常滿意，儘管整個拉丁美洲面臨外匯挑戰，但仍顯示出強勁的收入成長和領先的利潤率擴張。

Our results reflect the strength of our business model with record levels of profitability in terms of adjusted EBITDA and adjusted net income and underscore the effectiveness of our growth strategy, commercial approach as well as operational focus and efficiency.

我們的業績反映了我們業務模式的實力，在調整後 EBITDA 和調整後淨利潤方面創紀錄的盈利水平，並強調了我們成長策略、商業方法以及營運重點和效率的有效性。

Our commitment to delivering outstanding value is apparent in the presence of Latin American travelers, many of whom continue to chooses Despegar as their preferred travel platform, thanks to our vast inventory, regional expertise and unmatched payment solution.

我們致力於提供卓越價值的承諾在拉丁美洲遊客面前顯而易見，得益於我們龐大的庫存、區域專業知識和無與倫比的支付解決方案，許多遊客繼續選擇 Despegar 作為他們的首選旅行平台。

This quarter, we took significant strides to strengthen our competitive edge, notably through our expanded partnership with Expedia, which enable us to leverage an unparalleled global inventory for new growth initiatives. Moreover, our recent B2B2C agreement, coupled with the significant business potential of our AI-driven travel assistant, SOFIA for the clear path forward.

本季度，我們在增強競爭優勢方面取得了重大進展，特別是透過擴大與 Expedia 的合作夥伴關係，這使我們能夠利用無與倫比的全球庫存來實施新的成長計劃。此外，我們最近的 B2B2C 協議，加上我們人工智慧驅動的旅行助理 SOFIA 的巨大商業潛力，為我們指明了清晰的前進道路。

Our objective is to seamlessly integrate SOFIA into a partner platform, position it as an essential tool and resource for enhancing their ecosystem and their customer experiences they deliver. This will not only help drive sustained organic growth but further diversified our portfolio of offerings, broaden our strategic mode and reinforce our status as an industry leader.

我們的目標是將 SOFIA 無縫整合到合作夥伴平台中，將其定位為增強其生態系統及其提供的客戶體驗的重要工具和資源。這不僅有助於推動持續的有機成長，還將進一步豐富我們的產品組合、拓寬我們的策略模式並鞏固我們作為產業領導者的地位。

These initiatives underscore our commitment to capitalizing on global growth opportunities and solidifying our leadership in an international scale. In summary, we are posed to end the fiscal year on a strong note, bolstered by the successful execution of our growth strategies and robust market demand. Our focus remains on continuous improvement and maximizing value for our customers and stakeholders.

這些舉措強調了我們對利用全球成長機會並鞏固我們在國際範圍內的領導地位的承諾。總之，在成功執行成長策略和強勁的市場需求的推動下，我們將以強勁的勢頭結束本財年。我們的重點仍然是持續改進並為客戶和利害關係人實現價值最大化。

With that, we are now ready to take your questions.

至此，我們現在準備好回答您的問題了。

(Operator Instructions) Naved Khan, B. Riley Securities.

（操作員指令）Naved Khan，B. Riley Securities。

I have a question on just take rate, which is very strong. How should we think about your ability to kind of maintain these kind of levels not only in Q4, but maybe if I look at 2025. Do you think this is a sustainable kind of level? And then the other question I have is just around the Expedia renegotiation. So when should we think about the benefits that could accrue in the P&L? I know that the reset happened on January 1, but when do you think you are prepared internally to kind of take advantage of these renegotiated contracts?

我有一個關於直接採用率的問題，這是非常強烈的。我們應該如何看待你不僅在第四季度而且在 2025 年保持這種水平的能力。您認為這是一個可持續的水平嗎？我的另一個問題是關於 Expedia 的重新談判。那我們什麼時候該考慮損益表中可能產生的效益呢？我知道重置發生在 1 月 1 日，但您認為您什麼時候在內部準備好利用這些重新談判的合約？

Thank you for the questions. So I'll start with the take rate question, and then I'll pass it to Damian to talk about the Expedia contract. So on take rate, as you saw in the prepared remarks, the company has a very strong focus on driving profitable growth. And that's something you can see across our P&L and how we are trending in all the geographies.

謝謝你的提問。因此，我將從接受率問題開始，然後將其交給 Damian 討論 Expedia 合約。因此，就採用率而言，正如您在準備好的評論中看到的那樣，該公司非常注重推動利潤成長。您可以在我們的損益表以及我們在所有地區的趨勢中看到這一點。

That boosted by, obviously, the packages as a proportion of bookings continuing to increase with us providing innovative payment solutions and differentiating ourselves in the market, all those are helping us to drive strong take rates, which in turn, as you saw, help us drive very strong EBITDA margin as well. But going forward, I mean, obviously, we're not guiding to 2025 right now.

顯然，隨著我們提供創新的支付解決方案並在市場上脫穎而出，套餐在預訂中所佔的比例不斷增加，所有這些都在幫助我們推動強勁的採用率，正如您所看到的，這反過來又幫助我們也推動了非常強勁的 EBITDA 利潤率。但展望未來，我的意思是，顯然我們現在並不是在指導 2025 年。

But as we look over the mid, long term, we continue to believe that the right take rate for us as a company, given all the various strategies that we have in place for the coming years is around that 13% level as we have discussed in the past. So that's how I would think about it in the mid, long term. But in the short term, our strong focus on profitability is yielding very strong results on take rate.

但當我們展望中長期時，我們仍然相信，考慮到我們在未來幾年制定的各種策略，我們作為一家公司的正確採用率約為 13% 的水平，正如我們所討論的那樣在過去。這就是我從中長期來看的想法。但在短期內，我們對獲利能力的強烈關注正在產生非常強勁的成果。

As per the impact of the renegotiation of the agreement with Expedia, I would say, first of all, that the new agreement with Expedia is transformational in at least a couple of ways. First of all, the profitability impact of being able to source directly a larger portion of our inventory and that's going to start a bit reflected on our P&L as early as the first quarter of next year.

至於與 Expedia 重新談判協議的影響，我想說，首先，與 Expedia 的新協議至少在幾個方面具有變革性。首先，能夠直接採購大部分庫存對獲利能力的影響，最快將於明年第一季開始反映在我們的損益表上。

We will gradually ramp that up, and we should start being reflected as early as the first quarter. But more importantly, the flexibility options in terms of our growth strategy that, that opens is significant because we will be able to source in a more competitive way from different regions of the world. And the growth of our B2B business beyond LatAm relies significantly on that achievement.

我們將逐步加大力度，最早應該在第一季就開始反映出來。但更重要的是，就我們的成長策略而言，靈活性選擇非常重要，因為我們將能夠以更具競爭力的方式從世界不同地區進行採購。我們在拉丁美洲以外的 B2B 業務的成長在很大程度上依賴於這一成就。

And then maybe just a follow-up to your answer, Amit, on the margin. So what are the puts and takes that can bring the 14% plus kind of take rate down to 13%? I know B2B probably is lower but just give us thoughts there.

然後也許只是對你的答案的後續行動，阿米特，在邊緣。那麼，哪些看跌期權和看跌期權可以將 14% 以上的期權率降至 13% 呢？我知道 B2B 的價格可能較低，但請給我們一些想法。

Yes. So I think B2B, you mentioned that's one of the factors. But also, in our mind, we also think going forward, we have to take an approach that the air take rates could possibly come down from current levels.

是的。所以我認為 B2B，你提到這是因素之一。而且，在我們看來，我們也認為，展望未來，我們必須採取一種方法，使空運率可能從目前的水平下降。

So we have -- and then for us also, we are driving a lot of other strategies which help us gain market share in various regions, and that could have some impact on take rate in the coming years. So when we combine all of those factors, that's what's right now leading us to believe that in the mid, long term, that 13% is the right level for us to operate at.

因此，我們正在推動許多其他策略，幫助我們在各個地區獲得市場份額，這可能會對未來幾年的採用率產生一些影響。因此，當我們將所有這些因素結合起來時，我們現在就相信，從中長期來看，13% 是我們營運的正確水準。

And then a very quick clarification, if I could. There was some impact from the storms, I guess, on the bookings. I think we mentioned that on the previous call. Do you have any number to share in terms of what that impact was in the third quarter?

如果可以的話，然後快速澄清一下。我猜風暴對預訂產生了一些影響。我想我們在上次通話中提到過這一點。您是否有任何數據可以分享第三季的影響？

I think right now, the overall impact, as we discussed, is pretty much the same from those storms. It's around that $10 million-ish impact. The only incremental impact that we had to our revenues was more from FX since last quarter to this quarter.

我認為現在，正如我們所討論的，總體影響與那些風暴幾乎相同。其影響約為 1000 萬美元左右。自上季到本季度，我們對營收的唯一增量影響更多來自外匯。

I think none of those other factors had any other incremental impact, but FX got further weaker for us since last quarter, and that is having an incremental around $10 million-ish impact to our full-year revenue expectations. So -- and we highlighted that in our script.

我認為這些其他因素都不會產生任何其他增量影響，但自上季度以來，外匯對我們來說進一步疲軟，這對我們的全年收入預期產生了約 1000 萬美元左右的增量影響。所以——我們在劇本中強調了這一點。

Andrew Ruben, Morgan Stanley.

安德魯魯本，摩根士丹利。

Hoping to dig in a bit more on Argentina. You mentioned a few times, but it seems like there was really an inflection in the quarter. So hoping if you could break down what changed from a top-down perspective versus company initiatives and kind of within your company initiatives -- you mentioned the FX arrangement. So trying to understand how impactful that was, really just any bridge to understand what changed top-down, bottom-up in Argentina this quarter would be very helpful.

希望對阿根廷有更多的了解。您提到過幾次，但似乎本季確實出現了變化。因此，希望您能從自上而下的角度分析一下公司舉措以及公司內部舉措發生了什麼變化——您提到了外匯安排。因此，試圖了解這有多大影響，實際上，任何了解阿根廷本季自上而下、自下而上變化的橋樑都會非常有幫助。

On Argentina, I will start with the market. The market in the third quarter evolved on a positive trend, although still very well below 2023 levels. Within that market, we were particularly effective gaining market share, as Amit explained, by offering payment methods and payment and alternatives that help our customers pay less for their travel through implementing what we call the monetary strategy, which has to do with the different FX regulations that are in Argentina.

關於阿根廷，我將從市場開始。第三季的市場呈現正面趨勢，但仍遠低於 2023 年的水準。正如阿米特所解釋的，在這個市場中，我們特別有效地獲得了市場份額，透過提供支付方式、支付方式和替代方案，透過實施我們所說的貨幣策略（與不同的外匯有關）來幫助我們的客戶減少旅遊費用。

So we were able to provide our customers with a unique payment value proposition that helped us gain significant market share. As we expect that to continue in Q4, both the underlying market positive evolution and our share gain. As you know, Argentina is going through a very positive momentum, and we're very excited also regarding what's going -- what the market is going to look like in 2025.

因此，我們能夠為客戶提供獨特的支付價值主張，幫助我們獲得重要的市場份額。正如我們預計第四季度這種情況將持續下去，基礎市場的積極發展和我們的份額都會增加。如你所知，阿根廷正在經歷非常積極的勢頭，我們對即將發生的事情也感到非常興奮 - 2025 年市場將會是什麼樣子。

And I know you spoke about the take rate overall, but I think in the presentation, Argentina was called out as one of the positive drivers for take rate. Similarly, do you see that market being a sustained higher take rate or anything that we should consider reverting there? I know you talked about the company's overall drivers, but just understanding if there's any Argentina nuance to the take rate to consider.

我知道您談到了整體的採用率，但我認為在演示中，阿根廷被認為是採用率的積極推動因素之一。同樣，您是否認為該市場的採用率持續較高，或者我們應該考慮恢復該市場？我知道您談到了公司的整體驅動因素，但只是了解阿根廷在採取率方面是否有任何細微差別需要考慮。

So yes, in Argentina, I would say, given what Damian was describing, we are being able to differentiate ourselves materially and also the products and all that we are offering is helping us drive strong take rates in the market.

所以，是的，在阿根廷，我想說，鑑於達米安所描述的，我們能夠在實質上使自己與眾不同，而且我們提供的產品和所有產品都有助於我們在市場上推動強勁的採用率。

In the near midterm, we do expect that differentiation to remain but as I'm talking about our longer-term expectation and take rate coming down or our longer-term expectation of that 13%-ish take rate, we are also taking that into account that potentially some of that higher take rate trends in the other direction.

在近期中期，我們確實預計這種差異將繼續存在，但當我談論我們的長期預期和採取率下降或我們對 13% 左右的採取率的長期預期時，我們也會考慮到這一點考慮到可能有一些較高的採用率趨勢朝另一個方向發展。

But all that is built into our mid- to long-term expectations for take rate. But to Damian's point, right now, the solutions that we are providing is helping us cement our leadership position in Argentina and take very strong market shares. More than just the take rate and all, take very strong or gain significant market share in the region.

但所有這些都建立在我們對採用率的中長期預期中。但達米安認為，目前我們提供的解決方案正在幫助我們鞏固在阿根廷的領導地位並佔據非常強大的市場份額。不僅僅是佔有率等等，在該地區佔有非常強大或獲得顯著的市場份額。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼，TD·考恩。

Could you give us -- could we start off by talking about the Q4 trends a little bit, in particular, what are you seeing quarter-to-date in transaction growth. It looks like in Q3, that was about 2% ex the divestiture, and you mentioned some of the Mexico pressure, so I was just wondering how that was kind of trending this quarter.

您能為我們介紹一下嗎？看起來在第三季度，扣除資產剝離後，這一比例約為 2%，而且您提到了墨西哥的一些壓力，所以我只是想知道本季的趨勢如何。

I mean, look, our guidance sort of -- we don't specifically guide to transactions, but our guidance of revenue for the full year and for EBITDA does imply sort of year-over-year growth in both of those metrics. Q4 is important for us and especially that it is generally the strongest quarter in the region and generally, the second half of November and first part of December is the high season when it comes to travel.

我的意思是，看，我們的指導有點——我們沒有具體指導交易，但我們對全年收入和 EBITDA 的指導確實意味著這兩個指標都出現了同比增長。第四季對我們來說很重要，特別是它通常是該地區最強勁的季度，而且一般來說，11 月下半月和 12 月上半月是旅遊旺季。

But we feel very -- what I can say is very confident about the guidance that we have provided. Obviously, the trends both on top line -- despite unusually strong FX headwinds this year, the trends in top line remain solid, and our overall progress towards -- on the margin side also continues to be extremely solid.

但我可以說，我們對我們提供的指導非常有信心。顯然，收入的趨勢——儘管今年外匯逆風異常強勁，但收入的趨勢仍然穩固，而且我們在利潤方面的整體進展仍然非常穩固。

And maybe just to drill into the Mexico trends, you noted the kind of some of the temporary pressures there. Is that like temporary Q3 or do you see it more of like maybe like a 4-quarter thing on the air capacity? And then once we anniversary it will start looking better?

也許只是為了深入了解墨西哥的趨勢，您注意到那裡存在一些暫時的壓力。這是否像第三季的臨時情況，或者您認為這更像是第四季的航空運力？然後一旦我們週年紀念日它就會開始看起來更好？

Yes. I mean some of the air capacity impact could go will go in 4Q as well and then the FX headwinds that have happened in including Mexico and in other regions as well that impact should happen in Q4 as well, and that's included in the guidance that we are providing.

是的。我的意思是，一些航空運力影響可能會在第四季度發生，然後包括墨西哥和其他地區在內的外匯逆風也會發生，這種影響也應該在第四季度發生，這包括在我們的指導中正在提供。

But to your point, as we move into the following years, 2025 and beyond, I mean, this year is exceptional when it comes to the FX headwinds that are there. So at least at this point, we don't expect these type of material headwinds to happen in the coming years. So that should be positive for the company as we are looking at sort of the following years, especially when it comes to bookings and revenue growth in dollar terms.

但就你的觀點而言，隨著我們進入接下來的幾年，即 2025 年及以後，我的意思是，就目前的外匯逆風而言，今年是特殊的一年。因此，至少在這一點上，我們預計未來幾年不會出現此類物質阻力。因此，這對公司來說應該是積極的，因為我們正在考慮接下來的幾年，特別是當涉及到以美元計算的預訂和收入成長時。

And then could you give your kind of -- I mean you kind of touched on it there, but just how you're thinking about growth versus margins next year initially?

然後你能否給出你的想法——我的意思是你在那裡談到了這一點，但你最初是如何考慮明年的成長與利潤率的？

Yes. So I mean, to be very open. We are currently in the middle of our budgeting process. And at this point, obviously, we don't guide to next year. As we have discussed in the past, our goal is drive -- we've talked about a lot of strategic growth initiatives for our company. In the past quarters, we did talk about, for us, starting investing, for example, in our SaaS solutions.

是的。所以我的意思是，要非常開放。我們目前正處於預算編制過程中。顯然，在這一點上，我們不會指導明年。正如我們過去所討論的，我們的目標是驅動力——我們已經討論了公司的許多策略成長計劃。在過去的幾個季度中，我們確實談到了開始投資我們的 SaaS 解決方案。

And then now as Gonzalo mentioned, and as Sebastian was mentioning, we've already started winning clients in that area. We have talked about investments in technology. And through that SaaS solutions, now we are actually licensing our technology. So we have a lot of -- along with that, we have a lot of growth initiatives, which we believe should help us drive industry-leading growth for the foreseeable future.

現在，正如貢薩洛（Gonzalo）和塞巴斯蒂安（Sebastian）所提到的那樣，我們已經開始贏得該領域的客戶。我們已經討論過技術投資。透過 SaaS 解決方案，現在我們實際上正在授權我們的技術。因此，我們有很多——除此之外，我們還有很多成長計劃，我們相信這些計劃應該有助於我們在可預見的未來推動行業領先的成長。

And as we are going through our budgeting process, we'll evaluate what type of investments will be required in the near midterm for those type of initiatives. We also need to evaluate what type of fee strategy we need to drive in various geographies.

當我們進行預算流程時，我們將評估這些類型的計劃在近期中期需要什麼類型的投資。我們也需要評估我們需要在不同地區推行哪種類型的收費策略。

So all that will help us determine how should the margins and all look for sort of next year. But what I can tell you is like the business as usual if we operate business as usual without going into any initiatives and all, the trend remains positive.

因此，所有這些都將幫助我們確定明年的利潤率和所有情況如何。但我可以告訴你的是，如果我們照常經營而不採取任何舉措，那麼一切都會照常進行，趨勢仍然是正面的。

But as it should be for any company, our goal is to how do we position this company not just for growth next year, but how do we position this company for a sustained industry-leading growth over the mid, long term. So our investment decisions will be very much based on that mid long-term industry-leading growth-creation standpoint.

但對於任何公司來說，我們的目標是如何定位這家公司，不僅是為了明年的成長，而是如何定位這家公司在中長期實現持續的產業領先成長。因此，我們的投資決策將在很大程度上基於中長期行業領先的成長創造立場。

And then just on -- with B2B accelerating, is there anything to call out on the take rate or EBITDA margin side as we think about that mix shift over the next year going forward?

然後，隨著 B2B 的加速發展，當我們考慮未來一年的混合轉變時，在接受率或 EBITDA 利潤率方面有什麼值得關注的嗎？

Yes. I mean, on EBITDA level, largely similar-ish. Some of the white labels have -- depending on the clients, you would have different margin profile, but EBITDA margin profile. But broadly, I would say, similarly adjusted EBITDA margin profile for B2C side versus the B2B side.

是的。我的意思是，在 EBITDA 水平上，基本上是相似的。一些白標有 - 根據客戶的不同，你會有不同的利潤概況，但 EBITDA 利潤概況。但總的來說，我想說，B2C 方面與 B2B 方面的 EBITDA 利潤率狀況也進行了類似的調整。

I would say, if you look at the B2B growth, which is about 20%, and maybe Sebastian can add more to it, we're very excited about where that business is going, not just in the type of white label solutions, we are winning and hopefully, we can announce more and more -- and there's always some restrictions in how much we can announce as well.

我想說，如果你看看B2B 的成長，大約是20%，也許塞巴斯蒂安可以增加更多，我們對該業務的發展方向感到非常興奮，而不僅僅是在白標解決方案的類型中，我們正在獲勝，希望我們能夠宣布越來越多的消息——而且我們可以宣布的數量總是存在一些限制。

But hopefully, we can announce more and more in the coming quarters to give everyone an idea of the strong scale we are achieving there. But also on the other side, what we are doing with agencies and tapping into the offline market, which is almost 50% of Latin American market, through our B2B solutions.

但希望我們能夠在未來幾季宣布更多的消息，讓每個人都了解我們正在實現的強大規模。但另一方面，我們正在與代理商合作，透過我們的 B2B 解決方案進軍線下市場，該市場幾乎佔拉丁美洲市場的 50%。

So I don't know, Sebastian, if you want to add anything over there, but very excited about where B2B will go for us in the coming years.

所以，Sebastian，我不知道您是否想在那裡添加任何內容，但我對未來幾年 B2B 的發展方向感到非常興奮。

Yes. Totally agree. We are -- I'm sure we are building a strong momentum in our B2B segment. We are setting the stage for a significant [indiscernible] coming to us. I'm very motivated by three main initiatives. The first one we have incorporated more than 3,500 off-line and online agencies, so we are nowadays totalizing 17,000 agencies. Secondly, we have onboarded more than 19 new call labels and partners.

是的。完全同意。我們—我確信我們正在 B2B 領域建立強勁的勢頭。我們正在為即將到來的重大[音訊不清晰]奠定基礎。三項主要措施非常激勵我。第一個我們已經整合了3500多家線下和線上代理機構，所以現在我們總共有17,000家代理機構。其次，我們已經加入了超過 19 個新的品牌和合作夥伴。

So we are now operating with more than 80 partners. And finally, we are about to launch our flight booking engine. So up to now, we were only fueling our growth from hotel bookings, so flight is coming and I'm sure that will help a lot. Well, as said a while ago, we are now expanding our B2B globally also. So I'm very confident of the strong momentum we are building on the B2B segments.

因此，我們現在與 80 多個合作夥伴開展業務。最後，我們即將推出我們的航班預訂引擎。所以到目前為止，我們只是透過飯店預訂來推動我們的成長，所以航班即將到來，我相信這會很有幫助。嗯，正如剛才所說，我們現在也在全球範圍內擴展我們的 B2B。因此，我對我們在 B2B 領域建立的強勁勢頭非常有信心。

Our final question is via the webcast from Walter Chiarvesio of Santander. What is the real impact of FX in Mexico and Brazil? Only AST or travelers are retracting consumption due to higher cost of traveling mainly abroad, affecting numbers of transactions, too. Do you expect this to improve in the short term?

我們的最後一個問題是透過桑坦德銀行的沃爾特·基亞維西奧（Walter Chiarvesio）的網路廣播提出的。外匯對墨西哥和巴西的真正影響是什麼？只有 AST 或旅行者正在減少消費，因為主要出國旅行的成本較高，這也影響了交易數量。您預計這種情況在短期內會有所改善嗎？

Yes, in the Mexican market, we see both a decline at the market level of transactions, coupled on compounded with the FX decline. What we see is obviously the foreign travel is becoming more expensive, and there's also the challenge of reduced air capacity. We expect some of these factors to be temporary, particularly air capacity, although the FX is more of a question mark.

是的，在墨西哥市場，我們看到市場交易水準下降，再加上外匯下跌。我們看到的顯然是出國旅行變得越來越貴，而且還面臨航空運力減少的挑戰。我們預期其中一些因素是暫時的，尤其是航空運力，儘管匯率更多的是一個問號。

Having said that, Mexico remains a very large market for us, and we are striving to regain revenue growth momentum there, and we're very optimistic about the next few months and being able to -- for the market to recover.

話雖如此，墨西哥對我們來說仍然是一個非常大的市場，我們正在努力恢復那裡的收入成長勢頭，我們對未來幾個月非常樂觀，並且能夠讓市場復甦。

There are no further questions at this time. I will now turn the call over to Mr. Scokin for any closing remarks.

目前沒有其他問題。我現在將把電話轉給斯科金先生，請他發表結束語。

I just wanted to thank you all for your interest in Despegar, and your participation, and we look forward to seeing you again in our next call in which we will share with you our fourth quarter results. Thank you all, and take care.

我只是想感謝大家對 Despegar 的興趣和參與，我們期待在下次電話會議中再次見到您，我們將與您分享我們的第四季業績。謝謝大家，保重。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。