Expedia Group Inc (EXPE) 2024 Q4 法說會逐字稿

Good day everyone, and welcome to the Expedia Group Q4 2024 financial results teleconference.

大家好，歡迎參加 Expedia Group 2024 年第四季財務業績電話會議。

My name is Alex and I'll be the operator for today's call.

我叫亞歷克斯，我將擔任今天電話的接線生。

(Operator Instructions)

（操作員指令）

For opening remarks, I'll turn the call over to SVP, Corporate Development, Strategy, and Investor Relations, Harshit Vaish.

在開幕致詞時，我將把電話轉給負責企業發展、策略和投資者關係的高級副總裁 Harshit Vaish。

Please go ahead.

請繼續。

Good afternoon and welcome to Expedia Group's fourth quarter 2024 earnings call.

下午好，歡迎參加 Expedia Group 2024 年第四季財報電話會議。

I'm pleased to be joined on today's call by our CEO, Ariane Gorin; and our Incoming CFO, Scott Schenkel.

我很高興我們的執行長 Ariane Gorin 參加今天的電話會議；以及我們即將上任的財務長 Scott Schenkel。

As a reminder, our commentary today will include references to certain non-GAAP measures.

提醒一下，我們今天的評論將參考某些非公認會計準則指標。

Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in our earnings release.

我們的收益報告中包含了這些非 GAAP 指標與最具可比性的 GAAP 指標的對帳。

Unless otherwise stated, all growth rates are on a year-over-year basis and any reference to expenses excludes stock-based compensation.

除非另有說明，所有成長率均為年成長，且任何提及的費用均不包括股票薪酬。

We will also be making forward-looking statements during the call, which are predictions, projections, or other statements about future events.

我們還將在電話會議中做出前瞻性陳述，即對未來事件的預測、預期或其他陳述。

These statements are based on current expectations and assumptions, which are subject to risks and uncertainties that are difficult to predict.

這些聲明是基於目前的預期和假設，這些預期和假設受到難以預測的風險和不確定性的影響。

Actual results could materially differ due to factors discussed during this call and in our most recent forms 10-K, 10-Q, and other filings with the SEC.

由於本次電話會議中討論的因素以及我們最近提交的 10-K、10-Q 表格和向美國證券交易委員會提交的其他文件中提到的因素，實際結果可能存在重大差異。

Except as required by law, we do not undertake any responsibility to update these forward-looking statements.

除法律要求外，我們不承擔更新這些前瞻性陳述的任何責任。

Our earnings release, SEC filings, and a replay of today's call can be found on our Investor Relations website at ir.expediagroup.com.

我們的收益報告、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播可在我們投資者關係網站 ir.expediagroup.com 上找到。

And with that, let me turn the call over to Ariane.

現在，請允許我將電話轉給阿麗亞娜。

Thanks, Harshit, and thank you all for joining us today.

謝謝，Harshit，也謝謝大家今天加入我們。

I want to start by welcoming Scott Schenkel as our new CFO.

首先，我歡迎 Scott Schenkel 擔任我們的新財務長。

It's great to have him on board, and you'll hear from him shortly.

非常高興他能加入我們，您很快就會收到他的回覆。

Our fourth quarter results exceeded our expectations, with room nights, gross bookings, and revenue all growing double digits.

我們第四季的業績超出了我們的預期，客房晚數、總預訂量和收入均實現了兩位數的成長。

This topline strength reflects our continued strong execution, along with better than expected travel demand.

這項營收強勁成長反映了我們持續強勁的執行力，以及好於預期的旅遊需求。

Our disciplined cost management and top line outperformance resulted in strong EBITDA growth with margin expansion.

我們嚴格的成本管理和出色的營收表現帶來了強勁的 EBITDA 成長和利潤率擴大。

Bookings for the consumer business accelerated for the third consecutive quarter to 9%, up 5 points sequentially.

消費者業務預訂量連續第三個季度加速成長至 9%，季增 5 個百分點。

Each of our core brands, Brand Expedia, Hotels.com, and Vrbo saw booking's growth.

我們的每個核心品牌，Brand Expedia、Hotels.com 和 Vrbo 都實現了預訂量的成長。

Our B2B business had a stellar quarter, with booking's growth increasing 5 points sequentially to 24%.

我們的 B2B 業務本季表現出色，預訂量較上季成長 5 個百分點，達到 24%。

And our advertising business posted yet another strong quarter with 25% revenue growth.

我們的廣告業務再創佳績，營收成長了 25%。

Travel demand remained healthy in Q4 despite price increases in Hotels, Vacation Rentals, and Air.

儘管飯店、度假租賃和機票價格上漲，但第四季的旅遊需求依然保持強勁。

Like last quarter, international demand was stronger than the US, with booked room nights growing high single digits in the US, low double digits in Europe and high teens in the rest of the world.

與上一季一樣，國際需求強於美國，美國預訂間夜數成長率為個位數高位，歐洲為兩位數低位，世界其他地區為十幾歲高位。

Our B2B business continues to benefit from this strong international demand, especially in APAC.

我們的 B2B 業務持續受益於強勁的國際需求，尤其是在亞太地區。

And in our consumer business, our global expansion efforts continue to show solid progress, with booking's growth outside the US accelerating 4 points sequentially.

在我們的消費者業務方面，我們的全球擴張努力持續取得穩步進展，美國以外地區的預訂量成長連續加快了 4 個百分點。

Within our consumer business, Brand Expedia remains strong with room nights growing mid-teens.

在我們的消費者業務中，品牌 Expedia 依然保持強勁勢頭，客房夜數成長率達到十幾歲。

Air on Expedia notably improved, driven by higher ticket prices, continued package product improvements, and new merchandising capabilities.

由於機票價格上漲、套餐產品持續改善和新的行銷能力，Expedia 機票業務明顯改善。

For Hotels.com, bookings returned to slight growth driven by momentum in international markets.

對 Hotels.com 而言，受國際市場動能的推動，預訂量恢復小幅成長。

And for Vrbo, booking's growth accelerated sequentially as well, with improved traffic and conversion.

對 Vrbo 來說，預訂量的成長也連續加速，流量和轉換率都有所提高。

Global active membership in our loyalty program grew 7% in Q4, and our 12-month member repeat rate was also up over 300 basis points year over year.

我們忠誠度計畫的全球活躍會員人數在第四季度增加了 7%，我們的 12 個月會員重複率也比去年同期上升了 300 個基點以上。

Across our three core brands, nearly 50% of room nights came from Silver, Gold, or Platinum members.

在我們的三個核心品牌中，近 50% 的間夜量來自銀卡、金卡或白金卡會員。

These higher tier members receive additional benefits such as member discounts, which are funded by our supply partners and help to drive loyalty to our brands.

這些更高等級的會員可享有額外福利，例如會員折扣，這些福利由我們的供應合作夥伴資助，有助於提高對我們品牌的忠誠度。

Our strong fourth-quarter results contributed to a solid full year 2024.

我們強勁的第四季業績為 2024 年全年的穩健表現做出了貢獻。

When I stepped in as CEO last year, we set an ambition to bring Vrbo and Hotels.com back to growth, while extending our strengths in Brand Expedia, B2B and advertising, and being disciplined in our costs.

去年我接任執行長時，我們就立志讓 Vrbo 和 Hotels.com 恢復成長，同時擴大我們在 Brand Expedia、B2B 和廣告方面的優勢，並控製成本。

While we have more work ahead, I'm proud of how our teams delivered against this call to action and built momentum over the course of the year.

雖然我們還有更多工作要做，但我對我們的團隊如何響應這一號召並在一年中積累力量感到自豪。

Booking's growth in our consumer business accelerated every quarter in 2024 from negative 3% in Q1 to 9% in Q4.

2024 年，Booking 消費者業務的成長每季都在加速，從第一季的負 3% 上升至第四季的 9%。

B2B bookings grew 21% for the full year.

全年B2B預訂量成長21%。

We've grown bookings from existing partners through strong account management, great inventory, and new product features, and had our best year ever in production from new partners.

我們透過強大的客戶管理、大量的庫存和新的產品功能增加了來自現有合作夥伴的預訂量，並且從新合作夥伴那裡獲得了有史以來最好的生產業績。

Overall, B2B accounted for 27% of our bookings last year, and we've cemented our leadership here.

總體而言，B2B 占我們去年預訂量的 27%，我們在這個領域鞏固了領導地位。

Our Advertising business -- sorry, our Advertising revenue grew 32% in 2024 and drove 5% of our overall revenue.

我們的廣告業務—抱歉，我們的廣告收入在 2024 年成長了 32%，占我們總收入的 5%。

We onboarded more advertisers to our platform, launched new ad types like video, and introduced new tools for partners to manage their campaigns, all of which are resonating strongly with our advertisers.

我們吸引了更多廣告商加入我們的平台，推出了影片等新廣告類型，並為合作夥伴推出了管理廣告活動的新工具，所有這些都引起了廣告商的強烈共鳴。

As a reminder, Advertising is a high margin, high growth business, and we see a lot more opportunity to innovate.

提醒一下，廣告是一個高利潤、高成長的業務，我們看到了更多的創新機會。

Supply is at the heart of our business, and we made great strides last year in improving our supply through technology investments, stronger partner relationships, and everyday efforts from our commercial teams.

供應是我們業務的核心，去年我們透過技術投資、更強大的合作夥伴關係以及商業團隊的日常努力，在改善供應方面取得了長足的進步。

We're sourcing more traveler benefits, whether through member deals or package discounts.

我們正在為旅客提供更多福利，無論是透過會員優惠還是套餐折扣。

We've released new functionality around merchandizing and have improved the quality of our vacation rental supply.

我們發布了有關商品銷售的新功能，並提高了度假租賃供應的品質。

All of these are great for travelers, while delivering valuable and targeted demand to our supply partners.

所有這些對旅行者來說都很有幫助，同時也能為我們的供應夥伴提供有價值且有針對性的需求。

As we move into 2025, we have three overarching priorities, building on our progress from 2024.

當我們邁入 2025 年時，我們有三個首要任務，以鞏固我們在 2024 年所取得的進展。

First, deliver more value for travelers.

首先，為旅客提供更多價值。

Second, invest where we see the greatest opportunity to drive growth in each part of our business.

第二，在我們認為最有機會推動業務各個部分成長的地方進行投資。

And third, continue driving operating efficiencies and expanding our margins.

第三，繼續提高營運效率並擴大利潤率。

I'll share more color on each and then talk about how AI will help us across all three.

我將在每方面分享更多細節，然後討論人工智慧將如何幫助我們解決這三個問題。

Let's start with our first priority of delivering more value for travelers.

我們的首要任務是為旅行者提供更多價值。

Already today, we create effortless, personalized and rewarding experiences for customers.

今天，我們已經為客戶創造了輕鬆、個人化和有益的體驗。

We do this through our supply with deals travelers can only get through us, and bundles and savings that we can uniquely create.

我們透過為旅客提供只有透過我們才能獲得的優惠以及我們獨創的套餐和優惠來實現這一目標。

We also do it through our industry leading customer service and innovative products and features that travelers want.

我們也透過業界領先的客戶服務以及旅客想要的創新產品和功能來實現這一目標。

And in 2025 we're going to do even more.

到 2025 年，我們將會做得更多。

In supply, more member rates beyond hotels, and more targeted offers.

在供應方面，提供更多飯店以外的會員價格以及更有針對性的優惠。

In servicing, more self-service options both in the product flows and in the virtual agent experience.

在服務方面，產品流程和虛擬代理體驗都提供了更多的自助選項。

And of course in product, all powered by deep insights and data that enable personalized experiences that travelers trust.

當然，在產品方面，所有這些都由深刻的洞察和數據提供支持，從而實現旅行者信賴的個人化體驗。

Moving next to our second priority, we'll invest where we see the greatest opportunity to drive growth in each part of our business.

接下來是我們的第二要務，我們將在最有機會推動業務各部分成長的地方進行投資。

In our consumer business this means focusing on our three biggest brands, having clear sharp value propositions for each of them.

在我們的消費業務中，這意味著專注於我們最大的三大品牌，並為每個品牌提供明確的價值主張。

For Expedia, for example, that's building on our strength as a one-stop shop and focusing on differentiators like packages while scaling newer products like vacation rentals.

例如，對於 Expedia 而言，這建立在我們作為一站式商店的優勢之上，並專注於套餐等差異化因素，同時擴大度假租賃等新產品的規模。

Our consumer business is still heavily weighted to the US, and while we made progress in 2024, looking ahead we'll continue to push internationally in a targeted way.

我們的消費者業務仍然主要集中在美國，雖然我們在 2024 年取得了進展，但展望未來，我們將繼續有針對性地推進國際業務。

In our loyalty program and marketing, we'll be even more targeted in our spending, for example, looking deeply at where we see the biggest impact from our loyalty earn.

在我們的忠誠度計劃和行銷中，我們將更有針對性地進行支出，例如，深入研究我們的忠誠度收入帶來的最大影響。

And in B2B, it's about sourcing unique supply for our B2B partners, testing new products, and signing new deals and deepening our commercial partnerships.

在 B2B 領域，我們為 B2B 合作夥伴尋找獨特的供應，測試新產品，簽署新協議並深化我們的商業夥伴關係。

And finally, our third priority is to continue driving operational efficiencies and expanding our margins.

最後，我們的第三個優先事項是繼續提高營運效率並擴大利潤率。

We were disciplined in our cost management in 2024, and that allowed us to expand profit margins while reinvesting in strategic areas.

2024 年，我們在成本管理方面非常嚴格，這使我們能夠在策略領域進行再投資的同時擴大利潤率。

We believe we still have room to deliver further efficiencies across our variable costs and fixed cost base to expand our margins even farther.

我們相信，我們仍有空間進一步提高變動成本和固定成本的效率，以進一步擴大我們的利潤率。

AI is an accelerator for all three of these priorities, and we've only scratched the surface.

人工智慧是實現這三個優先事項的加速器，而我們僅觸及了表面。

As we look ahead, we're exploring the many ways AI will unlock even more value in our products.

展望未來，我們正在探索人工智慧為我們的產品釋放更多價值的多種方式。

We're already seeing evidence of how AI is driving better experiences across the discovery, shopping, and post-booking journey, which in turn are driving loyalty and growth.

我們已經看到證據表明人工智慧如何在整個發現、購物和預訂後過程中帶來更好的體驗，從而推動忠誠度和成長。

Going forward, we'll continue to test and release AI generated features to further personalize our traveler experience.

展望未來，我們將繼續測試和發佈人工智慧生成的功能，以進一步個性化我們的旅行者體驗。

AI also opens new possibilities to drive traffic to our brands as consumers increasingly search in new GenAI-native experiences, and we're ensuring that we meet them where they are.

隨著消費者越來越多地搜尋新的 GenAI 原生體驗，人工智慧也為我們的品牌帶來流量開闢了新的可能性，我們確保在他們所在的地方滿足他們的需求。

As for our B2B business, the AI-native travel start-ups that will inevitably emerge present new partnership opportunities for us.

就我們的B2B業務而言，必然會出現的人工智慧原生旅遊新創公司為我們提供了新的合作機會。

Finally, we see tremendous opportunity to use AI to allow our teams to move faster and be more productive.

最後，我們看到了利用人工智慧來提高團隊行動速度和工作效率的巨大機會。

It's not just about cost reduction, what's even more exciting is how it will enable our teams to spend more time where they can have the biggest impact.

這不僅可以降低成本，更令人興奮的是，它將使我們的團隊花更多的時間在能夠產生最大影響的地方。

We're excited about the potential and are seeing early results across customer support, technology, marketing, and our commercial teams, really across all parts of how we operate our business.

我們對這一潛力感到非常興奮，並且在客戶支援、技術、行銷和商業團隊，以及我們業務運營的各個部分都看到了早期成果。

So in closing, we're pleased with our fourth-quarter performance and the momentum we've built over 2024.

最後，我們對第四季的表現以及 2024 年建立的勢頭感到滿意。

And we believe that in 2025 and beyond, we have a substantial opportunity to drive even greater value for our travelers, partners, and shareholders.

我們相信，在 2025 年及以後，我們有很大機會為我們的旅客、合作夥伴和股東創造更大的價值。

With that, over to you, Scott.

現在，就交給你了，史考特。

Thank you, Ariane, and good afternoon, everyone.

謝謝你，阿麗亞娜，大家下午好。

I'm excited to join Expedia Group, and I look forward to partnering with you and the team to help deliver our priorities.

我很高興加入 Expedia 集團，並期待與您和團隊合作，幫助我們實現優先事項。

Let's get started.

讓我們開始吧。

We wrapped 2024 with a strong fourth quarter, both financially and across many of the operating metrics.

無論從財務角度還是從多項營運指標來看，我們以強勁的第四季結束了 2024 年。

Room nights, gross bookings and revenue all grew double digits with EBITDA margins expanding nicely.

客房夜數、總預訂量和收入均達到兩位數成長，EBITDA 利潤率也大幅提升。

Total gross bookings of $24.4 billion grew 13% with a 5 point sequential acceleration in both B2C and B2B with a better-than-expected demand environment and strong operational execution.

總預訂量達 244 億美元，成長 13%，B2C 和 B2B 業務均較上季成長 5 個百分點，需求環境優於預期，營運執行強勁。

We had a particularly strong post-Thanksgiving promotional window, where bookings during this period were our highest ever.

我們的感恩節後促銷活動尤其強勁，此期間的預訂量達到了有史以來的最高水平。

Lodging gross bookings grew 12%, which includes our hotel business growing 14%, and continued acceleration at Vrbo.

住宿總預訂量成長了 12%，其中飯店業務成長了 14%，Vrbo 也持續加速成長。

Outside of our lodging business, we also saw notable strength in our air business driven by higher air prices, growth in multi-item packages, and our new merchandising capabilities.

除住宿業務外，我們的航空業務也表現出色，這得益於機票價格上漲、多項套餐業務的成長以及我們新的行銷能力。

Revenue of $3.2 billion grew 10%, led by our B2B business which grew 21%.

營收為 32 億美元，成長 10%，其中 B2B 業務成長 21%。

Revenue growth accelerated 7 points from the third quarter primarily driven by Vrbo's bookings momentum throughout the year translating into stays, and further improvement in Hotels.com.

營收成長較第三季加速了 7 個百分點，這主要得益於 Vrbo 全年的預訂動能轉化為住宿，以及 Hotels.com 的進一步改善。

Gross margin was nearly 90% for the quarter, up 125 basis points.

本季毛利率接近 90%，上漲 125 個基點。

We are pleased to see our ongoing initiatives continue to deliver transactional efficiencies, particularly in customer service.

我們很高興看到我們正在採取的措施繼續提高交易效率，特別是在客戶服務方面。

Direct sales and marketing expense in the fourth quarter was $1.5 billion, up 13%, leading to flat leverage as a percent of gross bookings.

第四季直接銷售和行銷費用為 15 億美元，成長 13%，導致槓桿率佔總預訂量的百分比持平。

This was over 20 basis points of sequential improvement driven by continued efficiencies at Brand Expedia.

這是連續超過 20 個基點的改善，這得益於 Brand Expedia 持續的效率提升。

As I noted earlier, Brand Expedia did benefit from the merchandising actions for our air business as they resulted in bookings without any incremental marketing expenses.

正如我之前提到的，Brand Expedia 確實從我們航空業務的行銷活動中受益，因為它們在不增加任何行銷費用的情況下帶來了預訂。

Overhead expenses were $643 million, a decrease of 1% resulting in nearly 250 basis points of leverage.

管理費用為 6.43 億美元，下降 1%，導致槓桿率上升近 250 個基點。

This was primarily driven by lower people costs and product and technology from our actions in 2024 as well as overall strong expense control.

這主要得益於我們在 2024 年採取行動降低人力成本、降低產品和技術，以及整體強而有力的費用控制。

We remain committed to driving efficiencies across our P&L, and were pleased to see another quarter of strong overhead leverage.

我們仍然致力於提高整個損益表的效率，並且很高興看到另一個季度的強勁管理費用槓桿。

We delivered fourth quarter EBITDA of $643 million, up 21%, with an EBITDA margin of 20.2%, an expansion of 175 basis points.

我們第四季的 EBITDA 為 6.43 億美元，成長 21%，EBITDA 利潤率為 20.2%，擴大 175 個基點。

This was better than expected due to both the higher revenue growth and effective expense management.

由於收入成長較高且費用管理有效，此結果優於預期。

We delivered $338 million of EBIT with a margin of 10.6%, up 280 basis points.

我們實現了 3.38 億美元的息稅前利潤，利潤率為 10.6%，上漲 280 個基點。

This was 105 basis points greater than EBITDA margin expansion driven by lower stock base comp and ongoing depreciation leverage.

這比 EBITDA 利潤率擴張高出 105 個基點，這得益於較低的股票基礎補償和持續的折舊槓桿。

Turning to the full-year results, we posted gross bookings of $111 billion, up 7% and revenue of nearly $14 billion, also up 7%, underpinned by a notable recovery throughout the year in our B2C business, and continued strength in B2B and our advertising business.

回顧全年業績，我們的總預訂金額達到 1,110 億美元，成長 7%，營收接近 140 億美元，也成長了 7%，這得益於我們 B2C 業務全年的顯著復甦，以及 B2B 和廣告業務的持續強勁成長。

While we decided to invest in marketing to accelerate our B2C business we feel that was net beneficial to the business, and we paid for this by being financially disciplined and driving gross margin improvement of 170 basis points and overhead of approximately 140 basis points.

雖然我們決定投資行銷來加速我們的 B2C 業務，但我們認為這對業務來說是淨收益，而且我們透過嚴守財務紀律並推動毛利率提高 170 個基點和管理費用降低約 140 個基點來支付這筆費用。

As a result, EBITDA margin for the year was 21.4%, an expansion of approximately 60 basis points.

因此，全年 EBITDA 利潤率為 21.4%，擴大約 60 個基點。

This strong earnings growth enabled us to generate another year of robust free cash flow at $2.3 billion, up 26%, driven primarily by higher EBITDA, growth in deferred merchant bookings and lower capital expenditures.

強勁的獲利成長使我們能夠在另一年產生 23 億美元的強勁自由現金流，成長 26%，這主要得益於 EBITDA 的提高、遞延商家預訂的成長以及資本支出的降低。

Moving to our balance sheet.

前往我們的資產負債表。

With the strong cash flow, we ended the quarter with $4.5 billion of unrestricted cash and short-term investments.

憑藉強勁的現金流，我們在本季末擁有 45 億美元的無限現金和短期投資。

In late January, we notified the holders of our May 25 debt tranche that we will pay those notes in February.

一月底，我們通知了 5 月 25 日債務部分的持有人，我們將在二月支付這些票據。

We continue to actively manage our balance sheet with the goal of maintaining debt levels consistent with our current investment grade rating.

我們繼續積極管理我們的資產負債表，目標是維持與我們目前的投資等級評級一致的債務水準。

As a result, and subject to market conditions, we intend to refinance and maintain our target leverage ratio of 2 times.

因此，根據市場情況，我們打算進行再融資，並維持 2 倍的目標槓桿率。

As part of our disciplined capital allocation strategy, we repurchased $1.6 billion, or, 12.1 million shares in 2024.

作為我們嚴謹的資本配置策略的一部分，我們在 2024 年回購了價值 16 億美元，即 1,210 萬股股票。

This, combined with the shares we have repurchased since we reinstated the program a little over two years ago, has resulted in over $4 billion, or 36 million shares repurchased.

加上我們自兩年多前恢復該計劃以來所回購的股票，我們已經回購了超過 40 億美元，即 3,600 萬股股票。

So in summary, a solid year, with a strong Q4 finish.

總而言之，這是堅實的一年，第四季表現強勁。

Moving to our first-quarter guidance.

轉向我們的第一季指引。

We expect our first quarter gross bookings growth to be in the 4% to 6% range and revenue growth to be 3% to 5%.

我們預計第一季總預訂量成長率在 4% 至 6% 之間，營收成長率在 3% 至 5% 之間。

This reflects approximately two points of foreign exchange headwind at current rates, and the impact from lapping Leap Year, and in revenue, the Easter shift to April.

這反映了以當前匯率計算大約兩個點的外匯逆風，以及閏年重疊的影響，以及復活節推遲到四月帶來的收入影響。

In Q1, we expect EBITDA margins to be flat to slightly better year-over-year.

我們預計第一季 EBITDA 利潤率將與去年同期持平或略有改善。

As a reminder, the first quarter is our lowest EBITDA quarter, causing margins to be highly sensitive.

提醒一下，第一季是我們 EBITDA 最低的季度，導致利潤率高度敏感。

Moving to the full-year guide, we expect our 2025 gross bookings and revenue growth in the 4% to 6% range, which is roughly in line with 2024, factoring in the two points of negative FX impact.

對於全年指南，我們預計 2025 年的總預訂量和收入成長率將在 4% 至 6% 之間，考慮到兩點負面外匯影響，與 2024 年大致持平。

On the bottom line, we will continue to optimize our cost structure to deliver efficiencies.

最重要的是，我們將繼續優化成本結構以提高效率。

And as a result, we expect to deliver another record year of EBITDA, with margin expansion of 50 basis points year-over-year.

因此，我們預計今年的 EBITDA 將再創紀錄，利潤率將比去年增加 50 個基點。

With strong performance on EBITDA and cash flow, we will continue to buy back our stock opportunistically with approximately $3.2 billion remaining on our share repurchase authorization.

憑藉 EBITDA 和現金流的強勁表現，我們將繼續適時回購我們的股票，我們的股票回購授權剩餘約 32 億美元。

Additionally, today we announced that we are reinstating our quarterly dividend starting in March of 2025 with a dividend of $0.40 per share which is approximately a 1% annual dividend yield.

此外，今天我們宣布，我們將從 2025 年 3 月開始恢復季度股息，每股股息為 0.40 美元，約為 1% 的年股息收益率。

So in closing, we remain focused on delivering long-term profitable growth while being disciplined capital allocators.

因此，總而言之，我們將繼續專注於實現長期獲利成長，同時嚴守資本配置原則。

I'm confident that with our strategies for growth and strong ongoing execution, we will continue to deliver shareholder returns in 2025 and beyond.

我相信，憑藉我們的成長策略和強勁的持續執行，我們將在 2025 年及以後繼續為股東帶來回報。

Let me now open the call for questions.

現在請允許我開放提問。

Thank you.

謝謝。

(Operator Instructions) Mark Mahaney, Evercore ISI.

（操作員指示）Mark Mahaney，Evercore ISI。

Thanks.

謝謝。

I just wanted to ask about Vrbo and Hotels.com, the recovery that you've seen, the improvement recovery for HCom and the ongoing improvement for Vrbo.

我只想問一下關於 Vrbo 和 Hotels.com 的情況，您所看到的復甦、HCom 的改善復甦以及 Vrbo 的持續改善。

Just just talk about the sustainability of those into next year, what were the initiatives that you think really started turning those businesses around?

只是談論一下這些業務明年的可持續性，您認為哪些舉措真正開始扭轉這些業務的局面？

So help us to have confidence that that's going to continue into '25.

所以請幫助我們相信這種狀況將持續到2025年。

Thank you very much.

非常感謝。

Okay, thanks, Mark.

好的，謝謝，馬克。

Let me start with Vrbo.

讓我從 Vrbo 開始。

We did a lot of work in 2024 on product, supply and marketing, and all three of those drove the acceleration through the year.

2024 年我們在產品、供應和行銷方面做了很多工作，這三項工作都推動了全年的加速發展。

And I do want to take a minute to thank the teams for that because it was a big task to do it.

我確實想花一點時間感謝這些團隊，因為這是一個艱鉅的任務。

We are cognizant of the fact though that Vrbo with Hotels.com was meaningfully disrupted during the re-platforming, and we lost travelers that were still winning back.

然而，我們意識到，Vrbo 與 Hotels.com 在平台重組期間受到了嚴重的干擾，我們失去了仍在贏回的旅客。

On products, we put back some features that we had lost.

在產品上，我們恢復了一些已經遺失的功能。

Vrbo also benefited from some of the platform capabilities like dateless search or property comparison.

Vrbo 也受益於該平台的一些功能，例如無日期搜尋或房產比較。

But we recognize that we still have more work to do, whether it's on product or supply, in particular, and we've got some exciting plans coming in 2025 around both of those.

但我們認識到，我們還有更多工作要做，特別是在產品和供應方面，我們已經在 2025 年針對這兩個方面製定了一些令人興奮的計劃。

So I would just say, especially on product and supply, we know there's more work ahead.

所以我只想說，特別是在產品和供應方面，我們知道還有更多的工作要做。

We're going to continue leaning in where we see the best returns and pulling back where the returns aren't as strong.

我們將繼續在回報最佳的領域中傾向投資，並在回報不那麼強勁的領域中撤退。

When it comes to Hotels.com, that one was also -- that brand was also pretty meaningfully impacted with not only the tech migration, but also the change in the loyalty program and pulling back in international.

說到 Hotels.com，該品牌也受到了相當大的影響，不僅因為技術遷移，還因為忠誠度計劃的變化和國際業務的撤退。

As I said, we have come back to modest growth at the end of the year.

正如我所說，我們在年底恢復了適度增長。

And the team has some big plans around really reinvigorating that brand that we'll see come to life in 2025.

該團隊制定了一些宏偉計劃，旨在真正重振品牌，我們將在 2025 年看到這些計劃成為現實。

So I would say all up, we've got conviction in these two brands.

所以我想說，總的來說，我們對這兩個品牌充滿信心。

We know there's still a bunch more work to do, but we feel good about where we are right now.

我們知道還有很多工作要做，但我們對目前的狀況感到很滿意。

Justin Post, Bank of America.

美國銀行的賈斯汀·波斯特 (Justin Post)。

Looks like Q1 guidance has some detail in bookings.

看起來第一季的指導在預訂方面有一些細節。

Could you talk about -- I know there's been some weather issues maybe and other issues.

您能談談嗎——我知道可能存在一些天氣問題和其他問題。

Any headwinds early Q1 that you're thinking about?

您認為第一季初期會遇到什麼不利因素嗎？

And then just longer term on margins, 50 bps, nice improvement year-over-year.

從長期來看，利潤率成長了 50 個基點，年比有了很大的改善。

But where you are versus peers, it looks like there's a lot of room there.

但與同行相比，你們似乎還有很大的進步空間。

How are you thinking about longer term and what you can do with margins versus your peers?

您如何考慮長期發展？

Let me start with the Q1 guide.

讓我從 Q1 指南開始。

First off, as I said in my script, the bookings growth is 4% to 6%, factoring in 2 points of FX headwind and about 1 point lapping leap year.

首先，正如我在腳本中所說，預訂量增長率為 4% 至 6%，其中考慮到 2 個百分點的外匯逆風和約 1 個百分點的閏年。

So if you look at that, that's roughly 7% to 9% excluding those two realities.

所以如果你看一下，排除這兩個現實因素，這個比例大約是 7% 到 9%。

When -- nothing appears to be structurally different in the travel environment, to your question.

當—對於您的問題，旅行環境在結構上似乎沒有任何不同。

We have seen some softening relative to Q4, which was strong, as we pointed out, and our latest guide reflects that.

正如我們所指出的，與第四季度相比，我們看到了一些疲軟跡象，但這種跡象表現強勁，我們的最新指南也反映了這一點。

And in light of strong -- some strong holiday promotions in December, we also believe there may be some -- there might have been some pull-ins of some of the January bookings.

鑑於 12 月份強勁的假日促銷活動，我們相信 1 月份的部分預訂可能會增加。

So we think all of that kind of brings us to the 4% to 6%, and we feel pretty good about that.

因此我們認為所有這些都將使我們達到 4% 到 6% 的目標，我們對此感到非常滿意。

But pivot to revenue growth, just to kind of close out the point, I'm sure our guide of 3% to 5% reflects some added pressure from lapping last year, in particular, the Easter timing shift.

但轉向收入成長，只是為了結束這一觀點，我相信我們的 3％ 到 5％ 的指導反映了去年的一些額外壓力，特別是復活節時間的變化。

So you take 3% to 5% plus 2 points of foreign exchange, plus 1 point from leap year and roughly 1 point from Easter, we're at a kind of rate very equivalent to last year is the way we think about it.

因此，你拿 3% 到 5% 加上 2 個點的外匯，再加上閏年的 1 個點和復活節的大約 1 個點，我們的利率就與去年非常相似，這是我們的想法。

Maybe I'll take a shot at margins.

或許我會嘗試一下利潤。

Look, I think, 0.5 point of margin in 2024 and 0.5 point of margin in '25, nice 1 point is a good start.

我認為，2024 年的利潤率為 0.5 個百分點，2025 年的利潤率為 0.5 個百分點，1 個百分點是一個好的開始。

And I think we're doing it in a way that balances growth, make sure that we handle what we need to with marketing and make sure that we keep the traffic and demand up, and we balance the forward-looking needs for overhead and make sure we reduce that.

我認為我們正在以平衡成長的方式做到這一點，確保我們處理好行銷所需的事情，確保我們保持流量和需求，平衡前瞻性的管理費用需求，並確保我們降低管理費用。

And I think you've seen both in 2024 and '25 overhead come down and realized some nice leverage in the cost structure.

我認為您已經看到 2024 年和 2025 年的管理費用都下降了，並且在成本結構中實現了一些良好的槓桿作用。

Ariane, I don't know if you can add anything else.

阿麗亞娜，我不知道您是否還有什麼可以補充。

Deepak Mathivanan, Cantor Fitzgerald.

馬蒂瓦南 (Deepak Mathivanan)、費茲傑拉領唱者。

Ariane, I just wanted to dig a little bit deeper into the B2B side.

亞莉安娜，我只是想更深入地了解 B2B 方面。

What's driving the strength in APAC?

推動亞太地區實力增強的因素有哪些？

Can you also talk about kind of like the road map of new partnerships?

您還能談談新夥伴關係的路線圖嗎？

And what would be the primary growth drivers as we think about 2025 for the B2B business?

那麼，當我們考慮 2025 年時，B2B 業務的主要成長動力是什麼？

And then, Scott, great to hear from you again.

然後，斯科特，很高興再次收到你的來信。

Maybe I'll just ask you to expand a little bit on the margin comment.

也許我只是想請你稍微擴展一下邊注。

Last year, you guys had cost-saving efforts that helped with margin expansion.

去年，你們做出了成本節約的努力，這有助於提高利潤率。

This year, you should still see fixed cost leverage.

今年你仍然會看到固定成本槓桿。

But what is the high-level strategy beyond achieving fixed cost leverage, maybe also in terms of how you're thinking about marketing investments and so on?

但是，除了實現固定成本槓桿之外，高層策略是什麼？

Any color you can add about different line items that should help with the leverage would be super helpful.

您可以添加有關不同項目的任何顏色，以有助於利用槓桿作用，這將非常有幫助。

Yeah.

是的。

Thanks, Deepak.

謝謝，迪帕克。

So on B2B, the couple of things that are driving the strength in APAC is, one, the partnerships that we have there.

因此，在 B2B 方面，推動亞太地區實力的幾個因素是：第一，我們在那裡建立的合作關係。

We're adding new partnerships.

我們正在增加新的合作關係。

We have some deep, long-standing partnerships and the fact that the markets there are growing well.

我們擁有一些深厚、長期的合作關係，而且那裡的市場發展得很好。

So the partners that we're working with are growing in line or faster than the market, and we're able to win share with them.

因此，我們合作的夥伴的成長速度與市場同步甚至更快，我們能夠與他們一起贏得市場份額。

So typically, what we do is you'll sign a partner, you'll have -- you'll get some of their business.

通常，我們的做法是，你會簽下一個合作夥伴，你會得到他們的一些業務。

And then over time, as you deepen the relationship as we put in place sort of new strategies with them, we're able to win share.

隨著時間的推移，隨著我們與他們制定新策略並加深關係，我們就能贏得份額。

So that's really what's going on in APAC.

這正是亞太地區正在發生的情況。

And then in terms of B2B for this year, as I said, it's really a formula of what can we do with our existing partners as they are growing.

然後就今年的 B2B 而言，正如我所說，這實際上是一個公式，即我們在現有合作夥伴成長過程中可以為他們做些什麼。

What new inventory can we put in with them?

我們可以向他們投放哪些新庫存？

Where can we have our inventory surface more?

我們的庫存可以在哪裡更多地浮出水面？

It's also signing new partners and testing -- we're going to be testing some new products in market.

它還簽署了新的合作夥伴並進行測試——我們將在市場上測試一些新產品。

I also want to make sure everyone understands the importance of supply.

我還想確保每個人都了解供應的重要性。

The quality of our supply is so critical in growing that B2B business.

我們的供應品質對於發展 B2B 業務至關重要。

And we've, over the last couple of years, done a lot of work in being able to get some supply that is particularly relevant to some of our B2B partners.

在過去幾年裡，我們做了很多工作來獲取與我們的一些 B2B 合作夥伴特別相關的供應。

Just on the margins, maybe I can pick it up for Scott as well is, -- but we're not going to break out the different pieces.

只是在邊緣上，也許我也可以為斯科特挑選一些，——但我們不會把不同的部分分開。

But clearly, we see opportunities in a number of places.

但顯然，我們在很多地方都看到了機會。

We just want to make sure that we maintain the ability to invest in the areas that we see good long-term growth.

我們只是想確保我們有能力在我們看到良好長期成長的領域中進行投資。

During 2024, we talked a number of times about how we were leaning into international markets.

2024 年期間，我們多次談論如何進入國際市場。

We were leaning into Vrbo, maybe in ways where it wasn't as good a short-term return as we might get elsewhere.

我們傾向於 Vrbo，但也許它的短期回報不如其他地方那麼好。

But we believe we need to have that ability to balance sort of investment for the long term and also remain committed and disciplined in our margin expansion.

但我們相信，我們需要有能力平衡長期投資，並在擴大利潤方面保持承諾和紀律。

Naved Khan, B. Riley Securities.

Naved Khan，B.Riley Securities。

So I remember you guys added some inventory to Vrbo.

所以我記得你們在 Vrbo 增加了一些庫存。

I think it was apartment type of inventory or roughly 1 million properties.

我認為這是公寓類型的庫存或大約 100 萬處房產。

Wondering if you have any any color to provide in terms of how that inventory performing relative to expectations.

想知道您是否能提供一些關於該庫存表現相對於預期如何的詳細資訊。

And as you think about 2025, is that the type of inventory we'll try to kind of add to Vrbo or it would be more of a whole homes?

當您想到 2025 年時，我們會嘗試在 Vrbo 中添加這種類型的庫存嗎，還是會添加更多的整套房屋？

And the second question I have is really just around the advertising revenue.

我的第二個問題其實只是有關廣告收入。

So this 25% growth really is strong and wondering how sustainable that is into '25.

因此，25% 的成長率確實很強勁，我們不禁想知道這種成長率在 2025 年是否能夠持續。

Okay.

好的。

Thanks for the question.

謝謝你的提問。

On the Vrbo inventory, as you said, we added 1 million properties.

在 Vrbo 庫存方面，正如您所說，我們增加了 100 萬處房產。

These were a lot in urban areas.

在城市地區，這種情況很多。

There are always properties that aren't shared spaces that have no host.

總是有一些房產不是共享空間，也沒有主人。

There were a number of apartments.

那裡有許多公寓。

And I'm not going to say specifically how they're doing other than to say that did contribute to Vrbo's recovery.

我不會具體說他們做得怎麼樣，只能說他們確實為 Vrbo 的復甦做出了貢獻。

As we look to supply in '25, it's not only about adding new supply but also how do we make sure that the supply that we have has flexibility, has great cancel policies, has maybe longer -- different promotions and the like.

當我們展望25年的供應時，不僅要增加新的供應，還要確保我們現有的供應具有靈活性，有很好的取消政策，也許有更長的——不同的促銷活動等等。

So when we think quality of supply, it's not only in the number of properties, but it's also in rate types and flexibility.

因此，當我們考慮供應品質時，不僅要考慮房產數量，還要考慮價格類型和靈活性。

In terms of ad revenue, you're right that the last multiple quarters, we've been growing that very quickly.

就廣告收入而言，您說得對，過去幾個季度，我們的收入成長非常快。

We still see a lot of road ahead, whether it's getting more advertisers into our products, into our auctions, because we work with tens of thousands of hotels and other partners around the world, whether it's innovation in the products themselves so that the advertisers are getting better returns and we're able to monetize or new ad types in our brands.

我們仍然看到前面的道路還很長，無論是吸引更多的廣告商進入我們的產品，還是進入我們的拍賣，因為我們與世界各地成千上萬的酒店和其他合作夥伴合作，無論是產品本身的創新，以便廣告商獲得更好的回報，我們能夠貨幣化或在我們的品牌中推出新的廣告類型。

So the team has quite a road map ahead, and they're very focused on driving more value to our partners and also doing it in a way that's positive for our travelers.

因此，團隊已經制定了相當詳細的路線圖，並且非常注重為我們的合作夥伴創造更多價值，同時以對我們的旅客有利的方式來實現這一目標。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Ariane, in the prepared remarks, I think you mentioned potentially partnering in AI.

阿麗亞娜，在準備好的演講中，我認為您提到了在人工智慧領域的潛在合作。

Can you expand on that?

能詳細闡述嗎？

And do you view using some of those applications as a potential customer acquisition channel for Expedia and whether you'd be a supply partner for them?

您是否認為其中一些應用程式是 Expedia 的潛在客戶獲取管道，您是否願意成為他們的供應合作夥伴？

And then relatedly, does that shape how you think about some of the investments in Romie AI and other AI capabilities in-house?

那麼，與此相關的是，這是否影響了您對 Romie AI 和其他內部 AI 功能的一些投資的看法？

And then second question with Despegar getting -- or potentially getting acquired, any thoughts on how that changes your outlook for LatAm and your partnership there?

第二個問題，Despegar 是否被收購，您認為這將如何改變您對拉丁美洲地區和那裡的合作關係的展望？

Yeah.

是的。

Thank you for the question.

感謝您的提問。

I would say in AI, I would really think about it sort of in three buckets.

我想說，在人工智慧方面，我會從三個方面來考慮它。

The first bucket is how are we using AI to make our products better, whether it's for travelers or for partners.

第一個問題是，我們如何使用人工智慧來改善我們的產品，無論是針對旅行者還是合作夥伴。

And we've been doing it for a couple of years.

我們已經這樣做了好幾年。

There's obviously a lot more to go.

顯然還有很多事情要做。

But we need to make sure that when travelers come into our brands, well, A, they want to start there with their search and they're getting a delightful experience that makes them want to come back.

但我們需要確保當旅客進入我們的品牌時，他們希望從那裡開始搜索，並獲得愉快的體驗，讓他們想再次光臨。

Same thing with our partners, whether it's through onboarding or things we're doing in advertising, how do we use all of the great developments in AI in our product?

就像我們的合作夥伴一樣，無論是透過入職培訓還是我們在廣告中所做的事情，我們如何在我們的產品中使用人工智慧領域的所有偉大發展成果？

The second is looking at changing traveler behaviors.

第二個是觀察旅行者行為的改變。

As I remarked, travelers are going to start to search in different ways.

正如我所說，旅行者將開始以不同的方式進行搜索。

And so we need to make sure that our brands are showing up in those new places where people are using GenAI-native search.

因此，我們需要確保我們的品牌出現在人們使用 GenAI 原生搜尋的新地方。

And fortunately, we've got a very tech-sophisticated marketing team that's making sure that we do show up there.

幸運的是，我們擁有一支技術精湛的行銷團隊，確保我們能夠出現在那裡。

And then there's a question of if there are these native AI travel start-ups, could we go partner with them and can we go power them.

然後有一個問題，如果有這些本土的人工智慧旅遊新創企業，我們是否可以與他們合作並為他們提供支援。

And that's why, to me, if I think about all three of those, we see opportunities across the board, and we want to make sure that we're really on the front foot.

這就是為什麼，對我來說，如果我考慮所有這三個方面，我們就會看到全面的機會，而且我們希望確保我們真正處於主動地位。

And of course, in all of that, I'm not even talking about how are we using AI for our internal uses.

當然，在這一切中，我什至沒有談論我們如何將人工智慧用於內部用途。

In terms of Latin America and Despegar, I would say it doesn't change our perspective on LatAm.

就拉丁美洲和 Despegar 而言，我想說這不會改變我們對拉丁美洲的看法。

Despegar is a great partner for us.

Despegar 是我們非常優秀的合作夥伴。

We have our own brands in LatAm, and we have a number of partnerships there as well.

我們在拉丁美洲有自己的品牌，在那裡也擁有許多合作夥伴。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi everyone, thank you.

大家好，謝謝大家。

I think you saw some nice leverage on the marketing side.

我認為您在行銷方面看到了一些很好的槓桿作用。

Could you just talk about the tactical changes that you're making there and just if that's aiding in just like underlying growth within the international markets and whatnot.

您能否談談您正在進行的策略性改變，以及這些改變是否有助於國際市場的潛在成長等等。

And then I think you mentioned in the prepared remarks, just merchandizing and better cross-selling of product, can you talk about that a little bit more?

然後我認為您在準備好的評論中提到過，只是商品推銷和更好的產品交叉銷售，您能再談談這個嗎？

How has bundling been and what's your expectation for that in the '25 in general?

捆綁銷售情況如何？

Thank you.

謝謝。

Yeah, thanks for the question.

是的，謝謝你的提問。

Just on marketing, we've talked over the last a year and a half about how we've been looking at marketing, loyalty, and our sort of promotional spend.

僅在行銷方面，我們在過去一年半中討論了我們如何看待行銷、忠誠度以及我們的促銷支出。

We look at all three of those together to say where are we getting the best returns and which of those works the best in which place.

我們將這三者放在一起考慮，以了解在哪裡可以獲得最佳回報以及哪一個在哪個地方發揮最佳作用。

And the teams are getting more sophisticated on understanding that, understanding those returns both by brand and by geo.

團隊對此的理解也越來越深刻，他們能夠理解按品牌和按地理位置劃分的回報。

So I would say it's not really a tactical change.

因此我想說這其實並不是戰術上的改變。

I mean, it's just -- it's continuing down that path of better understanding returns and being able to act decisively when we see things, and you can expect more of that in the year to come.

我的意思是，這只是——它繼續沿著更好地理解回報的道路前進，並且能夠在我們看到事情時果斷採取行動，並且你可以期待在來年有更多這樣的情況。

Some of the international growth also came from work we've done in packages.

國際業務的成長也部分得益於我們在包裹業務方面所做的工作。

I've talked about sort of, work on the package product also on promotions, and some countries tend to be more package heavy countries than others, so that's helped us in the growth.

我曾經談到在包裝產品上開展工作以及促銷活動，有些國家往往比其他國家更加重視包裝，這有助於我們的成長。

We do see that when travelers buy multiple items from us, they're more likely to repeat.

我們確實發現，當旅行者從我們這裡購買多件商品時，他們更有可能重複購買。

And so, we know that we give travelers a great deal when they buy a package from us or when they, buy one thing and then add something else on.

因此，我們知道，當旅行者從我們這裡購買套餐或購買一件商品然後添加其他商品時，我們會為他們提供很大的優惠。

So they're getting a good deal and we know that it drives repeat for us.

因此，他們得到了一筆很好的交易，我們知道這會為我們帶來重複。

So that, I would say has been in the Expedia brand's DNA since the beginning and it's something we continue to lean into.

所以，我想說，從一開始，這一點就融入了 Expedia 品牌的 DNA 中，我們會繼續堅持下去。

Jed Kelly, Oppenheimer.

傑德凱利、奧本海默。

Hey, great, thanks for taking my questions.

嘿，太好了，謝謝你回答我的問題。

Two, if I may, just looking at your full year guidance for '25, one would assume it implies some type of deceleration in your B2B segment.

二，如果可以的話，僅看一下您對 25 年的全年指引，人們就會認為這意味著您的 B2B 領域會出現某種減速。

So can you just give us an update, how we should think about B2B in '25?

那麼您能否提供我們最新消息，我們該如何看待 25 年的 B2B？

And then I was a little surprised you're saying your margins are going to be flat in 1Q.

然後我有點驚訝你說你的利潤率在第一季將保持穩定。

I figured you were comping last year where you pulled back on some verbal advertising in 1Q.

我認為您去年在第一季減少了一些口頭廣告。

So can you just give us an update on how you're viewing your advertising around Vrbo?

那麼您能否向我們介紹一下您對 Vrbo 廣告的看法？

Thank you.

謝謝。

Sure, why don't I take that and then you weigh in.

當然，我先接受這個，然後你再衡量一下。

The -- first off, like we talked about, effects of the headwind for the year as well.

首先，正如我們所談論的，逆風也會對今年產生影響。

So if you index off the revenue growth, I'll start there of 3% to 5%, you got 2 points of headwind from the foreign exchange.

因此，如果您根據收入成長進行指數化，我將從 3% 到 5% 開始，您會從外匯中遇到 2 點的阻力。

Got a little for Q1, and you have a little bit of an Easter shift as well from the comping of Easter in really getting pushed out to the second quarter.

第一季的情況有點不同，而且由於復活節的影響，銷售額也出現了一些變化，實際上被推遲到了第二季。

So that pressures revenue as well.

因此這也給收入帶來壓力。

So you're really looking at a range, factoring in those three items of 7% to 9%, roughly to spell it out.

因此，您實際上要看一個範圍，將這三項考慮在內，即 7％ 到 9％，大致可以說明這一點。

So, yes, the deceleration, but some of that we're factoring in is really driven by some of the dynamics that we talked about with regards to seeing what we've seen in the first few weeks in January.

所以，是的，經濟確實在減速，但我們考慮的部分因素實際上是由我們在 1 月頭幾週看到的情況談到的一些動態因素所驅動。

So without rehashing that, we factored that into the guide.

因此，我們不再重複這一點，而是將其考慮進指南中。

And I was just going to add on the Vrbo question it was really in Q4 '23 that we pulled back significantly in the advertising on Vrbo because that was the time that we were going through the migration, so that just

我只是想補充一下關於 Vrbo 的問題，實際上在 2023 年第四季度，我們大幅削減了 Vrbo 上的廣告，因為那時我們正在進行遷移，所以

--

--

And margin wise, we're roughly flat.

就利潤率而言，我們基本上持平。

I think, it's leaving enough room for us to make sure that we can redeploy marketing as we talked about very much in line with what Ariane just said a minute ago, as well as continue to get the leverage out of overhead and some of the other cost buckets, but, leaving room for the for the investment as we see fit to drive growth.

我認為，這為我們留下了足夠的空間，以確保我們能夠重新部署行銷，正如我們所討論的，與阿麗亞娜剛才所說的非常一致，同時繼續從間接費用和其他一些成本中獲取槓桿，但也為我們認為適合推動增長的投資留下了空間。

Lee Horowitz, Deutsche Bank.

德意志銀行的李‧霍洛維茲 (Lee Horowitz)。

Great, thanks so much for taking the time.

非常好，非常感謝您抽出時間。

Maybe on margin -- appreciate you guys won't break out the pieces of the margin guide.

或許在邊緣上——感謝你們不會打破邊緣指南的碎片。

In the past we've obviously talked a lot about marketing leverage.

過去我們顯然討論過很多有關行銷槓桿的話題。

Can you maybe help us understand if you expect to get marketing leverage in '25?

您能否幫助我們了解您是否預計在 25 年獲得行銷槓桿？

Is that an input to that 50 bps of margin, or are there other sort of, areas of fixed and variable cost efficiency that can drive this kind of margin?

這是對 50 個基點利潤的投入嗎，或者還有其他類型的固定和變動成本效率領域可以推動這種利潤？

I think to reflect that roughly half a point, we're not going to have margin expansion for the year, we're not going to get into the different line items.

我認為，為了反映出大約一半的點，我們今年的利潤率不會擴大，我們不會進入不同的專案。

We'll explain them as we go through the year, but I appreciate the question.

我們會在年內對此進行解釋，但我很感謝你提出這個問題。

I understand why you're looking for that.

我了解你為什麼要找這個。

Okay, no worries.

好的，不用擔心。

And then maybe just on Vrbo, any comments, obviously pointing towards a little bit of a slowdown in the 1Q relative to a strong 4Q.

然後可能只是關於 Vrbo，任何評論都顯然指出第一季相對於強勁的第四季度有所放緩。

Any comments on Vrbo quarter to day trends and maybe just like your outlook for where Vrbo can grow sort of longer term, particularly relative to a market that -- is maybe growing low to mid-single digits.

您對 Vrbo 的季度趨勢有何評論？

Do you think you guys can outpace the market for quite some time, and what do you see as the key differentiators to do that?

您認為你們能夠在相當長的一段時間內領先於市場嗎？

So we're not going to give sort of directional guidance on one of the brands, but what I can say is, we believe that Vrbo has a differentiated value proposition of being a vacation rental pure play where there's no host and it's whole homes.

因此，我們不會針對某個品牌給予某種方向性的指導，但我可以說的是，我們相信 Vrbo 有一個差異化的價值主張，那就是成為一個純粹的度假租賃公司，沒有房東，只有整套房屋。

Again, we recognize that, there, it hasn't had some of the investments or some of the investments whether it's in product supply and the like until last year, and we believe that there's a lot of growth that we can get from it.

我們再次認識到，直到去年，它才有了某些投資，無論是在產品供應方面還是其他方面，我們相信我們可以從中獲得很大的成長。

At the same time, I would argue we're still testing what are the things that work the best, whether it's around marketing spend, the loyalty program, we've learned a lot in the last year, in particular regarding the loyalty program of what are the returns from various things.

同時，我想說，我們仍在測試什麼是最有效的，無論是行銷支出還是忠誠度計劃，我們在過去的一年裡學到了很多東西，特別是關於忠誠度計劃，了解了各種事物的回報。

So I think you will find in the year to come that we'll continue to be investing in the brand, as I said, across marketing supply and product.

因此我認為你會發現在來年我們將繼續在行銷供應和產品方面投資品牌。

And that we'll make decisions based on what we need to do in order to grow it, but we completely have conviction.

我們將根據發展所需所做之事來做出決定，但我們完全有信心。

Kevin Kopelman, TD Securities.

道明證券的凱文‧科佩爾曼 (Kevin Kopelman)。

Great, thanks a lot, and Scott, congrats on the start.

太好了，非常感謝，斯科特，恭喜你的開始。

Yeah, I just want to ask you about capital returns philosophy, if you can give us any more color on, first, I guess how you're thinking about share repurchases and your philosophy there and then with the reinstitution of the dividend, how you're thinking about the size of that dividend over time and where it falls with your capital returns.

是的，我只想問您關於資本回報理念的問題，如果您可以提供更多詳細信息，首先，我想您如何看待股票回購和您的理念，然後是恢復股息，您如何看待股息的規模隨時間的變化以及它與您的資本回報之間的關係。

Thanks.

謝謝。

Yeah, absolutely.

是的，絕對是如此。

Let me just start with the basics around capital allocation.

讓我先從資本配置的基本知識開始。

So we talked about in the script about repaying some of the debt, and we plan to refinance that if market conditions are favorable.

因此，我們在腳本中討論了償還部分債務，如果市場條件有利，我們計劃進行再融資。

So we'll remain committed to the target leverage ratio of 2 times.

因此我們將繼續致力於2倍的目標槓桿率。

Buybacks specific to those, we remain a cap -- it remains a capital allocation priority for us.

針對這些的回購，我們仍然有一個上限——它仍然是我們的資本配置優先事項。

In '24 alone, as I covered, we bought back 12 million shares for a $1.6 billion, and while the pace of these buybacks can vary quarter to quarter, with over $3 billion remaining in our current repurchase authorization, we'll continue to be opportunistic how we buy those shares back.

正如我所報道的，僅在 24 年，我們就以 16 億美元回購了 1200 萬股，雖然回購的速度每個季度都會有所不同，但由於我們目前的回購授權還剩餘 30 多億美元，我們將繼續尋找機會回購這些股票。

You can expect us to be in the market doing that.

你可以期待我們在市場上會做這樣的事。

Specific to dividends, what I'd say is let's start with $0.40 and let's see how things progress from there.

具體到股息，我想說的是，讓我們從 0.40 美元開始，看看事情如何發展。

Obviously, part of this is making sure that we have a dividend for income investors that want to be invested in our stock and have thresholds.

顯然，其中一部分是為了確保我們為想要投資我們股票並有門檻的收入投資者提供股息。

So it's really important that we do that.

因此我們這樣做確實非常重要。

And it was important for us as a company as we think about having to have turned off the dividend during the -- during COVID.

這對我們公司來說很重要，因為我們考慮在疫情期間停止派息。

That to bring it back is important for our shareholders and our overall capital allocation methodology and thought process.

恢復這一目標對於我們的股東以及我們的整體資本配置方法和思考過程非常重要。

And then I think it's also important, we have room in our capital structure to invest in the business, including M&A, if the opportunities present themselves.

然後我認為同樣重要的是，如果機會出現，我們的資本結構中有空間來投資業務，包括併購。

So it's important to keep that flexibility.

因此保持這種靈活性非常重要。

But I think with a really strong stock buyback with the allocation that we have, a strong dividend coming out of the gate at 1%, we feel pretty good about where we're going to go and what we're doing.

但我認為，憑藉我們現有的配置和強勁的股票回購，以及 1% 的強勁股息，我們對我們的未來發展和所做的事情感到非常滿意。

I think that's really helpful and just maybe a follow up on your comment there with kind of the core consumer brands doing better.

我認為這真的很有幫助，也許可以跟進你關於核心消費品牌表現更好的評論。

Does that change the way that Expedia is thinking about larger acquisitions and whether it would be a time to add another brand into the fold?

這是否會改變 Expedia 對更大規模收購的想法以及是否是時候將另一個品牌納入旗下？

Look, I think -- look, I'm coming in new here, but I think any time a company is at our scale and our technology base, we should be in the market and looking at M&A and I think they've been and will continue to be.

看，我認為——看，我是新來的，但我認為任何時候一家公司處於我們的規模和技術基礎，我們就應該進入市場並考慮併購，我認為他們一直都是並將繼續這樣做。

I don't know, Ariane, if you have any other

我不知道，阿麗亞娜，你還有什麼其他的

--?

--？

I mean like you said it, well, obviously we have a team that's looking at deals.

我的意思是，就像你說的，顯然我們有一個正在尋找交易的團隊。

Right now, we're continue to be focused on running the brands that we have, growing the B2B business, the advertising business, and continuing to have strong returns.

目前，我們繼續專注於經營現有的品牌、發展 B2B 業務和廣告業務，並繼續獲得強勁的回報。

Doug Anmuth, JP Morgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

This is Dae on for Doug.

這是 Dae 為 Doug 所做的。

Thanks for taking the questions.

感謝您回答這些問題。

I have two.

我有兩個。

First one, could you share your views on the overall travel demand in 4Q and to the 2025 travel season and if there were any particular regions in 4Q or you might have been taking share, and any impact from the appreciation in the US dollars.

首先，您能否分享一下對第四季度以及2025年旅遊旺季的整體旅遊需求的看法，以及第四季度是否有任何特定地區或您可能佔據的份額，以及美元升值的任何影響。

And then secondly, we're curious if you have any updated thoughts on your loyalty strategy in 2025, particularly in markets outside of the US and the UK.

其次，我們好奇您對 2025 年的忠誠度策略有什麼最新的想法，特別是在美國和英國以外的市場。

Sorry, can you repeat that last?

抱歉，您能再說一次嗎？

I didn't hear the last bit.

我沒聽見最後一點。

So we're curious about your -- if you have any updated thoughts on your loyalty strategy in 2025, particularly in the markets outside of the US and the UK.

因此，我們很好奇，您對 2025 年的忠誠度策略有什麼最新想法，特別是在美國和英國以外的市場。

Okay, yeah, thank you.

好的，是的，謝謝你。

So just in terms of the travel environment, as we said, the travel environment was very healthy in the fourth quarter, and while we've seen some softening in January relative to Q4, as I said, some of it we think pull forwards from the strong Thanksgiving promotions.

因此，就旅遊環境而言，正如我們所說，第四季度的旅遊環境非常健康，儘管我們看到 1 月份相對於第四季度有所疲軟，但正如我所說，我們認為其中一些因素是受到感恩節促銷活動的推動。

There was FX pressure, there's some moderation in prices, but we don't think anything has structurally changed and that the environment is healthy.

雖然有外匯壓力，價格有所緩和，但我們認為沒有任何結構性變化，環境是健康的。

In terms of regions, where we're taking share -- I shared in my prepared remarks that our room night growth was higher in international markets than in the US, and we believe that in a number of those markets we are taking share.

就我們所佔據的份額的地區而言——我在準備好的發言中說過，我們的國際市場客房夜數增幅高於美國市場，我們相信，我們在許多國際市場都佔據了份額。

In terms of the impact from the stronger dollar, obviously Scott's shared the impact of that on our guidance, but what it also means is that over time a stronger dollar makes it more attractive for Americans traveling abroad.

就美元走強的影響而言，史考特顯然已經分享了這對我們指引的影響，但這也意味著，隨著時間的推移，美元走強將對出國旅遊的美國人更具吸引力。

And whenever there are opportunities around that, our teams are always looking at how can we help travelers understand when there are good deals for them.

每當有這樣的機會時，我們的團隊總是在尋找如何幫助旅行者了解何時有適合他們的好優惠。

In terms of our loyalty strategy in '25 outside of the US and the UK, as you all may know, we paused the rollout of One Key after the UK.

就我們 2025 年在美國和英國以外的忠誠度策略而言，正如大家可能知道的，我們在英國之後暫停了 One Key 的推出。

And so what our teams are now working on is taking the learnings that we've had from One Key where we know that it's been a net positive for Expedia.

因此，我們的團隊現在正在努力利用從 One Key 獲得的經驗，我們知道這對 Expedia 來說是有利的。

It's been a drag on bookings for Hotels.com, and for Vrbo, it's driven new travelers from cross sell, from people who have earned on Expedia and Hotels.com, then redeeming on Vrbo.

這為 Hotels.com 的預訂帶來了拖累，而對於 Vrbo 來說，它透過交叉銷售吸引了新的旅客，這些旅客已經在 Expedia 和 Hotels.com 上賺取積分，然後在 Vrbo 上兌換積分。

But we're still assessing the impact of the always on earn on Vrbo, so we're going to take all of those learnings and then look by brand and by geography what we need to do in loyalty, and we'll share more in the year to come.

但是我們仍在評估「永遠在線賺取」功能對 Vrbo 的影響，因此我們將吸取所有這些經驗教訓，然後按品牌和地理位置研究我們在忠誠度方面需要做些什麼，並將在來年分享更多資訊。

Thank you.

謝謝。

At this time, we'll take no further questions.

目前，我們不再接受任何提問。

So I'll hand back to CEO, Ariane Gorin, for any further remarks.

因此，我將把發言權交還給執行長阿麗亞娜·戈林 (Ariane Gorin)，以便她發表進一步的評論。

So thank you all for joining us today and we appreciate the questions.

非常感謝大家今天的參與，我們也非常感謝大家提出的問題。

We closed the year with a strong fourth quarter and solid full-year results.

我們以強勁的第四季和穩健的全年業績結束了這一財年。

Looking ahead, we're focused on our three priorities of delivering more value for travelers, investing where we see the greatest opportunities to drive growth, and expanding our margins.

展望未來，我們將專注於三大重點：為旅行者提供更多價值、在最有成長機會的地方進行投資以及擴大我們的利潤率。

And I'd like to close by thanking our team for their work and dedication on behalf of travelers and partners all around the world.

最後，我想代表世界各地的旅行者和合作夥伴感謝我們團隊的工作和奉獻。

Thank you.

謝謝。

Thank you all for joining today's call.

感謝大家參加今天的電話會議。

You may now disconnect your lines.

現在您可以斷開線路了。