Expedia Group Inc (EXPE) 2025 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Expedia Group Q4 2025 financial results webcast. (Operator Instructions)

大家好。感謝您的參與，歡迎收看 Expedia Group 2025 年第四季財務業績網路直播。（操作說明）

For opening remarks, I will now hand the call over to Rob Bevegni, VP of Investor Relations. Please go ahead.

接下來，我將把電話交給投資人關係副總裁羅伯貝維尼，請他致開幕詞。請繼續。

Good afternoon, and welcome to Expedia Group's fourth quarter 2025 earnings call. I'm pleased to be joined on today's call by our CEO, Ariane Gorin; and our CFO, Scott Schenkel.

下午好，歡迎參加 Expedia Group 2025 年第四季財報電話會議。我很高興今天能與我們的執行長 Ariane Gorin 和財務長 Scott Schenkel 一起參加電話會議。

As a reminder, our commentary today will include references to certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are included in our earnings release. Unless otherwise stated, all growth rates are on a year over year basis and any references to expenses exclude stock-based compensation. We will also be making forward-looking statements during the call, which are predictions, projections and other statements about future events. These statements are based on current expectations and assumptions, which are subject to risks and uncertainties that are difficult to predict.

提醒各位，我們今天的評論將涉及某些非GAAP指標。我們的獲利報告中包含了這些非GAAP指標與最可比較GAAP指標的調節表。除非另有說明，所有成長率均按年計算，任何提及的費用均不包括股票選擇權補償。我們還將在電話會議中發表前瞻性聲明，這些聲明是對未來事件的預測、展望和其他聲明。這些聲明是基於當前的預期和假設，但存在難以預測的風險和不確定性。

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. Except as required by law, we do not undertake any responsibilities to update these forward-looking statements. This call is being webcast on the Investor Relations section of our website at ir.expediagroup.com. A replay will be archived on our site. A slide deck containing financial highlights has also been posted on our IR website.

由於本次電話會議以及我們最近向美國證券交易委員會提交的 10-K 表格、10-Q 表格和其他文件中討論的因素，實際結果可能與上述結果有重大差異。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。本次電話會議正在我公司網站投資者關係頁面（ir.expediagroup.com）進行網路直播。會議錄音將存檔於我公司網站。一份包含財務亮點資訊的幻燈片也已發佈在我們的投資者關係網站上。

For today's call, Ariane will begin with a review of our fourth quarter results and an update on our progress against our strategic priorities. Then Scott will provide additional details on our fourth quarter financial performance and guidance. After our prepared remarks, we will turn the call over to our operator to begin the Q&A portion of the call.

在今天的電話會議上，Ariane 將首先回顧我們第四季度的業績，並介紹我們在實現策略重點方面取得的進展。接下來，Scott將提供更多關於我們第四季財務業績和展望的細節。在我們發言完畢後，我們將把電話轉交給接線生，開始問答環節。

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

那麼，現在讓我把電話交給阿麗亞娜。

Thank you, Rob, and thank you all for joining us today. We accelerated both bookings and revenue growth and expanded margins by over 2 points. We returned Vrbo and Hotels.com to growth while sustaining the performance of Brand Expedia, B2B and advertising. Looking ahead, we're well positioned to build on our momentum as we execute our strategy and capitalize on the opportunities created by AI.

謝謝你，羅布，也謝謝今天所有到場的各位。我們加快了預訂量和收入成長，並將利潤率提高了 2 個百分點以上。我們使 Vrbo 和 Hotels.com 恢復了成長，同時保持了 Expedia 品牌、B2B 和廣告業務的良好表現。展望未來，我們已做好充分準備，在執行策略的同時，抓住人工智慧帶來的機遇，鞏固現有發展動能。

In the fourth quarter, we exceeded our expectations, growing bookings and revenue by 11% and expanding our margins by 4 points. Booked room nights were up 9%, including high single digits in the US and low double digits in EMEA and the rest of the world. Consumer spending remained healthy with longer booking windows and lengths of stay relative to 2024.

第四季度，我們超出了預期，預訂量和收入成長了 11%，利潤率提高了 4 個百分點。預訂房間夜數增加了 9%，其中美國增長了接近兩位數，歐洲、中東和非洲地區以及世界其他地區增長了接近兩位數。與 2024 年相比，消費者支出保持健康，預訂窗口期和入住時間均有所延長。

Our B2B and advertising businesses had stellar quarters. We grew B2B bookings by 24% and advertising revenue by 19%. Our Consumer Brands bookings were up 5% overall and double digits outside the US. We grew loyalty members by mid-single digits with faster member growth in our Silver tiers and above. And for the second consecutive quarter, all three core brands delivered year over year bookings growth, reflecting sharper brand positioning, product improvements and ever better execution.

我們的B2B業務和廣告業務在本季表現出色。B2B 訂單成長了 24%，廣告收入成長了 19%。我們的消費品牌預訂量整體成長了 5%，在美國以外地區更是實現了兩位數的成長。我們的忠誠會員數量實現了中等個位數的成長，其中銀級及以上會員的成長速度更快。連續第二個季度，三大核心品牌均實現了同比增長，這反映出品牌定位更加精準、產品不斷改進以及執行力持續提升。

Turning to our three strategic priorities. I'll begin with our first, delivering more value to travelers. On product, our sites and apps are 30% faster than they were a year ago. We've upgraded our checkout path and added new payment options, giving travelers more flexibility and making booking even easier. We're using AI to deliver more personalized experiences across all our brands.

接下來談談我們的三大策略重點。我先從我們的第一個目標說起，那就是為旅行者提供更多價值。在產品方面，我們的網站和應用程式比一年前快了 30%。我們升級了結帳流程並增加了新的付款方式，為旅客提供了更大的靈活性，使預訂更加便利。我們正在利用人工智慧技術，為旗下所有品牌提供更個人化的體驗。

On Brand Expedia, for example, our refined recommendation models drove our best fourth quarter attach rates ever. This is a strong signal as travelers who buy multiple products spend more and return more often. We also know how important it is to give travelers confidence throughout their journey, including when plans change. Our ability to meet this need is an important competitive advantage. Last quarter, we expanded VrboCare, strengthening Vrbo's differentiation and giving travelers peace of mind when booking their trips.

例如，在 Expedia 品牌上，我們改進的推薦模型實現了有史以來最好的第四季附加率。這是一個強烈的訊號，因為購買多種商品的旅客消費更多，回頭客也更多。我們也知道，讓旅客在整個旅程中，包括計畫變更時，充滿信心是多麼重要。我們滿足這項需求的能力是一項重要的競爭優勢。上個季度，我們擴展了 VrboCare 服務，增強了 Vrbo 的差異化優勢，讓旅客在預訂行程時更加安心。

Across our brands, we enhanced our help center and servicing capabilities so travelers can effortlessly modify their bookings or get support if things go wrong. This resulted in record traveler self-service levels. And for more complex issues that require a live agent, our advanced agent tools are contributing to materially reduced wait times even during peak call periods. All of that translates into more satisfied travelers. On supply, we continue to broaden our inventory to give travelers more choice and better value.

我們旗下所有品牌都加強了幫助中心和服務能力，以便旅客可以輕鬆修改預訂或在出現問題時獲得支援。這使得旅客自助服務水準創下歷史新高。對於需要人工客服處理的更複雜的問題，我們先進的客服工具即使在高峰時段也能顯著縮短等待時間。所有這些都會轉化為更高的旅客滿意度。在供應方面，我們將繼續擴大庫存，為旅客提供更多選擇和更高性價比的產品。

In the fourth quarter, we grew our lodging property count by more than 10% compared to 2024. We're sourcing more promotional rates and partner-funded promotions were over 30% of bookings in Q4, up more than 10 points from the third quarter.

第四季度，我們的住宿物業數量比 2024 年增加了 10% 以上。我們正在爭取更多促銷價格，合作夥伴資助的促銷活動在第四季度佔預訂量的 30% 以上，比第三季度增長了 10 多個百分點。

Nearly 70% more properties participated in our Black Friday sale than ever before. These trends demonstrate the strength of our flywheel as deeper partner participation increases traveler value and drives incremental demand back to our partners. Turning to our second priority, investing where we see the greatest opportunities for growth. B2B had another fantastic quarter with double-digit growth across all regions. We gained share with existing partners and benefited from increased marketing activity from some of our largest partners.

參與我們「黑色星期五」促銷活動的房產數量比以往任何時候都增加了近70%。這些趨勢表明，隨著合作夥伴更深入的參與，旅客價值增加，需求成長帶動了合作夥伴的利益成長，從而增強了我們飛輪效應的強大作用。接下來是我們的第二個重點，投資於我們認為最具成長潛力的領域。B2B業務又迎來了一個精彩的季度，所有地區均實現了兩位數的成長。我們提高了與現有合作夥伴的市場份額，並受益於一些最大合作夥伴加強了行銷力度。

We added new partners and had more active travel agents than any prior fourth quarter. We continue to invest in new lines of business, extending capabilities from our consumer business into B2B. Last quarter, we launched a Cancel for Any Reason assurance product. And in December, we announced our intent to acquire Tiqets to broaden the activities we offer to our partners and their travelers. B2B is a great business, and we'll continue to invest to drive future growth.

我們新增了合作夥伴，活躍的旅行社數量也比以往任何一個第四季都多。我們將繼續投資新的業務領域，將我們面向消費者的業務能力擴展到 B2B 領域。上個季度，我們推出了「任何原因均可取消」的保障產品。12 月，我們宣布有意收購 Tiqets，以擴大我們為合作夥伴及其旅客提供的服務範圍。B2B 是一項前景廣闊的業務，我們將繼續投資以推動未來的成長。

On advertising, we reaccelerated revenue growth and finished the year with a record number of active partners. We continue to expand placements of new ad formats. And after launching video ads in our search results in early 2025, last quarter, we introduced video ads on Expedia's homepage. We're a high-return channel for our partners. And as we inject AI into both our ads and our ad targeting tools, our ads are becoming more relevant and performant.

在廣告方面，我們重新加速了收入成長，並以創紀錄的活躍合作夥伴數量結束了這一年。我們將繼續擴大新廣告形式的投放範圍。在 2025 年初於搜尋結果中推出影片廣告之後，上個季度，我們在 Expedia 的主頁上推出了影片廣告。我們為合作夥伴提供高回報管道。隨著我們將人工智慧融入廣告和廣告導向工具中，我們的廣告變得越來越有針對性，效果也越來越好。

Finally, as gen AI changes how travelers do trip discovery, it opens up new growth opportunities for us. We're working with all the major platforms to capture traveler demand, ensuring our brands show up prominently in gen AI searches and function effectively with agentic browsers. We're experimenting aggressively.

最後，隨著人工智慧改變旅行者發現旅行目的地的方式，它也為我們開闢了新的成長機會。我們正與所有主要平台合作，以滿足旅行者的需求，確保我們的品牌在人工智慧搜尋結果中脫穎而出，並與智慧瀏覽器有效配合。我們正在積極進行試驗。

And while volume is still small, every additional integration gives us data and learnings about how to better surface our brands and how consumer behaviors are evolving. These learnings, coupled with insights from our own brands are in turn informing the development of AI experiences in our own products. And that's important because while third-party AI experiences are a new way to attract travelers and turn them into loyal members, our biggest long-term opportunity remains direct engagement.

雖然銷售量仍然很小，但每一次額外的整合都能為我們提供數據和經驗，幫助我們更好地展示品牌，以及了解消費者行為的演變。這些經驗，加上我們自身品牌的洞察，反過來又為我們自身產品中人工智慧體驗的開發提供了資訊。這一點很重要，因為雖然第三方人工智慧體驗是吸引旅客並將其轉化為忠實會員的新方式，但我們最大的長期機會仍然是直接互動。

Today, two-third of our bookings come from travelers who begin their planning journey directly with our brands, and those direct bookings are growing faster than bookings from indirect channels. We're confident that our work to make our products even more personalized and intuitive, along with our work on supply, customer service and loyalty will deepen our competitive advantage.

如今，我們三分之二的預訂來自直接透過我們的品牌開始規劃行程的旅行者，而這些直接預訂的成長速度比透過間接管道的預訂成長速度更快。我們相信，透過不斷改進產品，使其更加個人化和直觀易用，以及在供應鏈、客戶服務和客戶忠誠度方面的努力，我們將進一步增強我們的競爭優勢。

Moving to the third pillar of our strategy, driving operating efficiencies and margin expansion. We expanded margins by nearly 4 points in the quarter, thanks to our continued operational discipline and volume leverage. I'm particularly pleased with the work we've done to get marketing leverage in our consumer brands.

接下來是我們的策略第三大支柱：提高營運效率和擴大利潤率。由於我們持續的營運紀律和銷售優勢，本季我們的利潤率提高了近 4 個百分點。我對我們為提升消費品牌的市場影響力所做的工作感到特別滿意。

We've improved our targeting and measurement capabilities, reduced our least efficient spend and reallocated dollars to where we see the highest incremental returns. We also continue to optimize our organizational structure for speed and effectiveness, ensuring we have the right skills and velocity to execute on our strategy.

我們提高了目標定位和衡量能力，減少了效率最低的支出，並將資金重新分配到我們認為增量回報最高的領域。我們也會不斷優化組織結構，以提高速度和效率，確保我們擁有合適的技能和速度來執行我們的策略。

At the same time, we're deploying AI internally to give our teams superpowers and make our offerings to travelers and partners even more competitive. This is already delivering tangible benefits. Our product and tech teams are using AI to design and build products, improving quality while shortening cycle time.

同時，我們正在內部部署人工智慧，賦予我們的團隊強大的能力，使我們為旅行者和合作夥伴提供的產品和服務更具競爭力。這已經帶來了切實的好處。我們的產品和技術團隊正在利用人工智慧來設計和製造產品，在提高品質的同時縮短週期時間。

Our supply teams are leveraging AI to speed up inventory onboarding teams, and our service team is using AI to resolve traveler issues faster and more effectively. As we grow our business and increase our use of AI, we're keeping a close eye on costs, and we've been able to optimize our cloud spend through technology improvements and a more disciplined cloud operating model.

我們的供應團隊正在利用人工智慧來加快庫存上架速度，我們的服務團隊正在使用人工智慧來更快、更有效地解決旅客問題。隨著我們業務的成長和人工智慧應用的增加，我們密切關注成本，並透過技術改進和更規範的雲端運營模式，優化了雲端支出。

In closing, I want to thank our teams for their hard work and our partners for their continued trust in us. We enter 2026, our 30th year as a company, well positioned to extend our momentum. Looking ahead, we're confident in our strategy and our ability to execute to drive long-term value for all stakeholders.

最後，我要感謝我們團隊的辛勤工作，以及我們的合作夥伴對我們的持續信任。2026年，我們公司成立30週年，我們已做好充分準備，持續保持發展動能。展望未來，我們對我們的策略和執行能力充滿信心，相信我們能夠為所有利害關係人創造長期價值。

With that, I'll turn it over to Scott.

接下來，我將把麥克風交給史考特。

Thank you, Ariane, and good afternoon, everyone. I'm pleased to share our fourth quarter 2025 performance, which exceeded the high end of our guidance range with bookings and revenue up 11% and EBITDA margin expansion of nearly 4 points. As Ariane mentioned, our outperformance was driven by sustained market strength through year-end and disciplined execution across the company. We grew share in the US for both hotel and Vrbo and held lodging share globally.

謝謝你，阿麗亞娜，大家下午好。我很高興與大家分享我們 2025 年第四季的業績，該業績超過了我們預期範圍的上限，預訂量和收入增長了 11%，EBITDA 利潤率提高了近 4 個百分點。正如 Ariane 所提到的，我們取得優異業績得益於年底前持續強勁的市場表現以及公司上下嚴謹的執行力。我們在美國的酒店和Vrbo業務份額均有所增長，並在全球住宿市場保持了市場份額。

We also saw continued strength from B2B, which was a meaningful driver to our overall performance in the quarter. Our booked room nights were up 9%, driven by continued strength in the US and sequential acceleration in EMEA, where B2C once again saw its fastest growth in nearly three years. Growth in rest of world slowed as geopolitical issues in Asia weighed on growth in multiple quarters. Gross bookings and revenue grew 11% to $27 billion and $3.5 billion, respectively. The impact from foreign exchange was roughly in line with expectations, adding slightly over 1 point to bookings growth and about 2 points to revenue.

我們也看到 B2B 業務持續強勁成長，這對我們本季的整體業績起到了重要的推動作用。我們的客房預訂量成長了 9%，這主要得益於美國市場的持續強勁成長以及歐洲、中東和非洲地區的持續加速成長，其中 B2C 業務再次實現了近三年來最快的成長。世界其他地區的經濟成長放緩，亞洲地緣政治問題在多個季度對經濟成長造成壓力。總預訂量和收入分別成長了 11%，達到 270 億美元和 35 億美元。外匯波動的影響與預期大致相符，使預訂量成長略高於 1 個百分點，營收成長約 2 個百分點。

Moving to our segment performance. B2C gross bookings of $18.3 billion grew 5%, driven by sustained momentum both domestically and internationally. B2C revenue of $2.2 billion grew 4%. Consistent with last quarter, bookings growth exceeded revenue growth primarily due to book-to-stay timing as the majority of our revenues are recorded at the time of stay. B2C EBITDA margins were 31.5%, up approximately 6 points from last year, driven by significant marketing leverage.

接下來來看看我們各業務板塊的業績表現。受國內外市場持續成長動能的推動，B2C 總預訂額達 183 億美元，成長 5%。B2C 營收為 22 億美元，成長 4%。與上一季一致，預訂量成長超過收入成長，這主要是由於預訂到入住的時間安排，因為我們的大部分收入是在入住時確認的。B2C EBITDA 利潤率為 31.5%，比去年增長約 6 個百分點，主要得益於顯著的營銷槓桿作用。

Margins were further supported by disciplined overhead management as well as continued growth in our high-margin advertising revenues. B2B gross bookings grew 24% to $8.7 billion, with continued double-digit growth across all regions. Rapid API was again the largest contributor to growth and benefited from increased marketing activities with some of our largest partners. B2B revenue grew 24% to $1.3 billion, while EBITDA -- B2B EBITDA margins were 24%, down approximately 1 point. As we have stated previously, we will continue to prioritize investments to support future growth, which may modestly weigh on near-term margins.

嚴格的成本控制以及高利潤廣告收入的持續成長進一步支撐了利潤率。B2B 總預訂額成長 24% 至 87 億美元，所有地區均持續保持兩位數成長。Rapid API 再次成為成長的最大貢獻者，並受益於與一些最大合作夥伴加強的行銷活動。B2B 營收成長 24% 至 13 億美元，而 EBITDA - B2B EBITDA 利潤率為 24%，下降約 1 個百分點。正如我們之前所說，我們將繼續優先投資以支持未來的成長，這可能會在短期內對利潤率造成輕微影響。

Moving to our cost structure, where we again leverage meaningfully across all our categories. Cost of revenue was $342 million, up 3%, but leveraging 1 point as a percentage of revenue, driven by continued efficiencies in payments and customer service. Total direct sales and marketing expenses were $1.7 billion, up 10%. We saw significant leverage in our B2C business with direct sales and marketing down 5%, leveraging 0.5 point as a percentage of B2C gross bookings. This was offset by growth in B2B expense, which reflects partner commissions and is recognized at the time of stay.

接下來談談我們的成本結構，我們再次在所有類別中實現了有效的槓桿作用。營業成本為 3.42 億美元，成長 3%，但佔營業收入的百分比下降了 1 個百分點，這得益於支付和客戶服務效率的持續提高。直接銷售和行銷總支出為 17 億美元，成長 10%。我們的 B2C 業務出現了顯著的槓桿效應，直接銷售和行銷下降了 5%，佔 B2C 總預訂金額的 0.5 個百分點。但這被 B2B 支出的成長所抵消，該支出反映了合作夥伴的佣金，並在入住時確認。

Overhead expenses were $640 million, roughly flat versus last year while leveraging over 2 points on revenue. As a reminder, last year, we implemented a series of cost reductions, which had a meaningful impact on the margin in the back half of the year and expect those actions to favorably impact the first half of '26. Additionally, we've already taken action in January with our product and technology organizations to simplify and become more efficient. While we'll be using much of the savings to strategically rehire in key areas like AI and machine learning, these type of actions will favor margins as well.

管理費用為 6.4 億美元，與去年基本持平，而收入成長超過 2 個百分點。提醒一下，去年我們實施了一系列成本削減措施，這些措施對下半年的利潤率產生了顯著影響，預計這些措施將對 2026 年上半年產生有利影響。此外，我們已於 1 月對產品和技術部門採取了行動，以簡化流程並提高效率。雖然我們將把節省下來的大部分資金用於在人工智慧和機器學習等關鍵領域進行策略性重新招聘，但這些措施也將有利於利潤率。

Turning to profitability. We delivered fourth quarter adjusted EBITDA of $848 million with a margin of 24%. The nearly 4 points of adjusted EBITDA margin expansion was driven by revenue growth, expense leverage and cost out, particularly within B2C direct sales and marketing. Adjusted EPS of $3.78 grew 58%, outpacing EBITDA growth due to share repurchases and a lower tax rate. Moving to our cash position.

轉向盈利。我們在第四季調整後 EBITDA 為 8.48 億美元，利潤率為 24%。調整後 EBITDA 利潤率成長近 4 個百分點，主要得益於營收成長、費用槓桿化和成本削減，尤其是在 B2C 直接銷售和行銷方面。調整後的每股收益為 3.78 美元，成長 58%，由於股票回購和較低的稅率，超過了 EBITDA 的成長。接下來談談我們的現金狀況。

We ended the quarter with $5.7 billion of unrestricted cash and short-term investments, and we remain committed to maintaining debt levels consistent with our investment-grade rating. Free cash flow for the year was $3.1 billion and reflects the strength of our operating model and disciplined execution of our strategic priorities.

本季末，我們擁有 57 億美元的非限制性現金和短期投資，我們將繼續致力於維持與我們投資級評級相符的債務水準。本年度自由現金流為 31 億美元，反映了我們營運模式的穩健性和對策略重點的嚴格執行。

In Q4, we utilized $255 million to repurchase 1.1 million shares of our common stock. And since 2022, we have repurchased over 45 million shares, reducing our share count by 22% net of dilution. We remain committed to returning capital to shareholders. We intend to continue opportunistic share repurchases at a pace similar to recent years and today are raising our quarterly dividend by 20% to $0.48 a share.

第四季度，我們動用了 2.55 億美元回購了 110 萬股普通股。自 2022 年以來，我們已回購超過 4,500 萬股股票，淨稀釋後我們的股票數量減少了 22%。我們始終致力於向股東返還資本。我們計劃繼續以與近年來類似的速度進行機會性股票回購，今天我們將季度股息提高 20%，至每股 0.48 美元。

Turning to our outlook. Our guidance reflects strong bookings momentum as we enter Q1 while remaining appropriately cautious given ongoing macro uncertainty. For the first quarter, we expect gross bookings growth to be between 10% to 12% with revenue of 11% to 13%. At current exchange rates, this assumes foreign exchange tailwinds of approximately 3 points to bookings and 4 points to revenue and implies stability in growth at the upper end of the range.

展望未來。我們的業績指引反映了第一季強勁的預訂勢頭，同時考慮到持續存在的宏觀經濟不確定性，我們仍將保持適當的謹慎態度。我們預計第一季總預訂量將成長10%至12%，營收成長11%至13%。以當前匯率計算，這假設外匯利好因素將對預訂量產生約 3 個百分點的推動作用，對收入產生約 4 個百分點的推動作用，並意味著增長將穩定在區間的上限。

For EBITDA, we expect EBITDA margins to be up 3 to 4 points. As a reminder, the first quarter is our lowest EBITDA quarter, so the benefits of our prior cost actions will have an outsized impact in Q1 relative to other quarters. For the full year, we expect gross bookings growth to be between 6% and 8% and revenue of 6% to 9%, including 1 and 2 points of FX tailwind, respectively.

對於 EBITDA，我們預計 EBITDA 利潤率將提高 3 至 4 個百分點。需要提醒的是，第一季是我們 EBITDA 最低的季度，因此我們先前的成本控制措施帶來的好處將在第一季產生比其他季度更大的影響。我們預計全年總預訂量成長將在 6% 至 8% 之間，營收成長將在 6% 至 9% 之間，其中分別包含 1% 和 2% 的匯率利多因素。

Similar to our Q1 guidance, the upper end of our range implies stability in growth on an FX-neutral basis, while the lower end of the range reflects a more cautious view given the dynamic macro environment. We experienced variability in bookings during 2025, and our '26 outlook assumes a more seasonal cadence similar to what we saw in 2024.

與我們第一季的預期類似，預期範圍的上限意味著在匯率中性的基礎上成長穩定，而預期範圍的下限則反映了鑑於動態的宏觀環境而採取的更為謹慎的觀點。我們在 2025 年經歷了預訂量的波動，我們對 2026 年的展望假設其季節性節奏與 2024 年的情況類似。

Regarding EBITDA margins, as we noted last quarter, we expect a more moderate pace of expansion in 2025 as we lap the benefits from our 2025 headcount reductions and marketing optimization. With this in mind, we do expect full year margins to expand by 100 to 125 basis points as we maintain cost discipline while selectively reinvesting in growth initiatives.

關於 EBITDA 利潤率，正如我們上個季度所指出的，我們預計 2025 年的擴張速度將更加溫和，因為我們將逐步享受 2025 年裁員和行銷優化帶來的好處。考慮到這一點，我們預計全年利潤率將成長 100 至 125 個基點，因為我們將保持成本控制，同時有選擇地對成長計畫進行再投資。

In closing, I'm proud of the progress the team delivered in 2025, driving faster site performance, a leaner cost structure and more efficient marketing, all of which strengthen our confidence in the outlook shared today. With clear momentum across our strategic priorities, we are well positioned for long-term profitable growth and remain confident in our ability to execute and create shareholder value in 2026 and beyond.

最後，我為團隊在 2025 年取得的進展感到自豪，這些進展推動了網站效能的提升、成本結構的精簡和行銷效率的提高，所有這些都增強了我們對今天分享的前景的信心。憑藉著各項策略重點的明確發展勢頭，我們已做好長期獲利成長的準備，並對2026年及以後執行計劃和創造股東價值的能力充滿信心。

With that, we will now open the call for questions.

接下來，我們將開始接受提問。

(Operator Instructions)

（操作說明）

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

I wanted to ask two questions, please. One, Ariane, could you just talk about the product or the features that you would want to try to roll out or are rolling out in order to really enhance the travel planning process on Expedia. It's always known as a booking site. But what can you do to kind of capture more people up the funnel and just kind of keep them there?

請問我有兩個問題。Ariane，您能否談談您希望推出或正在推出的產品或功能，以便真正增強 Expedia 上的旅行規劃流程？它一直被認為是一個預訂網站。但是，怎樣才能吸引更多的人進入購買流程，並讓他們留在那裡呢？

And then secondly, Scott, a lot of leverage being shown in B2C marketing. Just talk about how much more leverage there is there going forward? Or are there other sources of leverage that are just as big as what you've been able to get out of that so far?

其次，Scott，B2C行銷展現了許多槓桿效應。就談談未來我們能擁有多大的影響力嗎？或者，還有其他途徑可以像你目前為止從中獲得的利益一樣大嗎？

Mark, I would start my answer saying it isn't just what we're doing in the product. It starts with marketing. And we're doing a lot of work to make sure we know travelers, we're targeting them. We're personalizing our marketing to them. So that when they're doing discovery, whether it's in social channels or anywhere else, and when they're seeing our brands, they see messages that resonate with them.

馬克，我的回答首先要說明的是，這不僅僅是我們在產品中所做的事情。一切始於行銷。我們正在做很多工作來確保我們了解旅行者，我們將他們作為目標客戶。我們正在針對他們進行個人化行銷。這樣，當他們在社交管道或其他任何地方進行探索時，當他們看到我們的品牌時，他們看到的都是能引起他們共鳴的訊息。

And then when they land on our brands, we're giving them relevant context so that they then convert. So again, it starts with the marketing, knowing our travelers, having messages that resonate with them, so we are top of mind. Then in the product, obviously, we do a very good job when people land in converting them. But there are things that we can do, whether it's agents that can help look at if you have a certain budget, then how do we give you ideas. If you want to search by destination, if you want to search by themes, I think there's a lot of exciting things that can come both in the existing flows, but also in natural language flows.

然後，當他們接觸到我們的品牌時，我們會為他們提供相關的背景信息，以便他們最終完成轉換。所以，一切又回到了行銷上來，了解我們的旅行者，傳遞能引起他們共鳴的訊息，這樣我們才能成為他們首先想到的品牌。然後，在產品方面，顯然，當人們最終購買產品時，我們在轉換率方面做得非常好。但我們可以做一些事情，例如安排經紀人幫你，如果你有一定的預算，我們可以給你一些建議。如果你想按目的地搜索，或者按主題搜索，我認為現有的流程以及自然語言流程都可以帶來很多令人興奮的功能。

Right now, we've got an agent, sort of the AI agent in Hotels.com. What works the best is actually the point solutions like AI filters or property Q&A. And what the team is working on, and we'll have more to share later this year is how we can use natural language and sort of AI to allow people to go from the trip planning all the way into the booking. But again, I just reemphasize, it's not just when they land with us. It's also how are our brands known and what's the work we're doing in marketing.

目前，我們有一個代理，類似於 Hotels.com 上的人工智慧代理。但真正有效的其實是像人工智慧篩選器或房源問答這樣的單點解決方案。團隊正在研究（我們將在今年稍後分享更多內容）的是，我們如何利用自然語言和人工智慧，讓人們能夠從旅行計劃一直到預訂。但我再次強調，這不僅僅指他們和我們一起降落的時候。這也關係到我們的品牌知名度以及我們在行銷方面所做的工作。

Mark, to your question on the marketing, maybe a few thoughts and then some context. We've leveraged about 50 basis points as a percentage of GBV in B2C. And we've done that through strong marketing discipline, by improving efficiency by holding the teams accountable and having a strong point of view about return levels, incrementality, detailed analytical insights and then reallocation. And I think we've done some really nice work to cut costs sharply accurately and then I think redeploy where we see upside between channels. And the improved targeting and measurement capabilities, I think, have allowed us to be more dynamic in terms of how we manage our direct B2C sales and marketing.

馬克，關於你提出的行銷問題，我有一些想法，並想提供一些背景資訊。我們在 B2C 領域利用了 GBV 的約 50 個基點。我們透過嚴格的行銷紀律實現了這一目標，透過讓團隊承擔責任來提高效率，並對回報水平、增量、詳細的分析見解以及重新分配資源有清晰的認識。我認為我們已經做了很多出色的工作，可以精準地大幅削減成本，然後我認為應該在各個管道之間重新部署資源，以尋找增長點。我認為，改進的目標定位和衡量能力使我們能夠更靈活地管理我們的直接 B2C 銷售和行銷。

And I think the reduced spend on lower-performing channels and reallocating has really helped kind of cut costs, take some leverage and then also reinvest for growth in other channels. So it feels very good. And as we look forward to the rest of towards '26, I think you can expect more of the same.

我認為減少對錶現不佳管道的支出並重新分配資金，確實有助於降低成本，提高槓桿作用，然後重新投資於其他管道的成長。感覺非常好。展望 2026 年剩餘的時間，我認為大家可以期待更多類似的情況。

And just to add to that, I would say at the highest level, we're taking a more disciplined and data-driven approach to our marketing, and it's even more grounded in customer insights. Scott and I challenged the team to improve the returns, and they've done a great job. We've significantly stepped up the measurement capabilities we have, our testing velocity and our understanding of incrementality, and that sits behind a lot of what Scott described. Also, the work that we've done to sharpen our brand value propositions with stronger creative makes our spend more effective. So last year was a big year for relaunching Hotels.com with the Bellboy, and we were able to move awareness and consideration numbers.

此外，我想補充一點，在最高層面上，我們正​​在採取更嚴謹、數據驅動的行銷方式，並且更加重視客戶洞察。Scott 和我要求團隊提高收益，他們做得非常好。我們大幅提升了測量能力、測試速度和對增量性的理解，而這正是史考特所描述的許多內容的基礎。此外，我們透過更強大的創意來提升品牌價值主張，這使得我們的投入更加有效。所以去年對 Hotels.com 來說意義重大，我們透過 Bellboy 重新推出了 Hotels.com，並成功地提高了品牌知名度和用戶考慮度。

For Brand Expedia, just last week with the Super Bowl, we launched the new campaign, which is, The One Place You Go to Go Places. It was actually the most watched ad on YouTube with over 200 million viewers. So that -- as the creative is good, that also helps our efficiency. And finally, the product and tech improvements that I talked about in my prepared remarks, the fact that our sites are faster, that they're converting better, that also makes our marketing dollars go further because when we bring traffic into our brands, they're converting better.

對於 Expedia 品牌來說，就在上週超級盃期間，我們推出了新的宣傳活動，主題是「去任何地方的唯一選擇」。實際上，它是 YouTube 上觀看次數最多的廣告，觀看次數超過 2 億。所以，創意好，效率也高。最後，正如我在準備好的演講稿中提到的，產品和技術方面的改進，我們的網站速度更快，轉換率更高，這也讓我們的行銷投入發揮了更大的作用，因為當我們為品牌帶來流量時，它們的轉換率更高。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Part of the answer to Mark's question, how would you characterize the current competitive positioning of your consumer-facing brands? And how much of them have been realigned for where you want them to be in the marketplace today? Or to the degree some level of work still needs to be done to sort of have them operating on a more normalized level from a growth standpoint as we go deeper into 2026?

回答馬克的問題，您如何描述您面向消費者的品牌目前的競爭定位？有多少產品已經根據你希望它們在當今市場中的位置進行了重新調整？或者說，隨著我們進入 2026 年，從成長的角度來看，我們還需要做一些工作才能使它們以更正常的水平運作？

Yeah. I feel very good about where we are in the positioning of each of the three brands. And that's been a lot of work over the last 12 to 18 months. So positioning Expedia as the one-stop shop where you go to find everything, positioning Hotels.com as the hotel pure play with a great loyalty value proposition. And Save Your Way, which we launched at the end of last year was a key part of that.

是的。我對我們目前三個品牌的定位都非常滿意。過去 12 到 18 個月裡，我們做了很多工作。因此，Expedia 將定位為一站式購物平台，用戶可以在這裡找到一切；而 Hotels.com 則定位為純粹的飯店預訂平台，並提供極具吸引力的忠誠度價值主張。而我們去年底推出的「省錢妙招」正是其中的關鍵一環。

For Vrbo, positioning it as the trusted pure-play vacation rental marketplace. Last year, when we finally launched our promotion suite, that allowed us to basically expand our supply. In November, when we expanded VrboCare, it gave travelers more trust. So I would say sort of the positioning, I feel good about. We've done a lot of work that are just the basics of the marketplace around supply, around faster speed, all of those things are great.

Vrbo的目標是將其定位為值得信賴的純粹度假租賃市場。去年，當我們最終推出促銷方案時，我們基本上擴大了供應量。11 月，我們擴大了 VrboCare 的規模，這讓旅客更加信任我們。所以我覺得目前的定位挺好的。我們已經做了很多關於市場供應、加快速度等基礎性工作，所有這些都很棒。

And now there's really just a lot of growth potential. There's growth as our marketing becomes more effective. There's international growth. As I shared in my prepared remarks, room nights were growing faster outside of the US than in the US. So there's always work to be done. But I feel like especially relative to a year ago, we're in a good place for those brands and a healthy place to be able to grow.

現在確實有很多成長潛力。隨著行銷成效的提升，我們的業務也隨之成長。國際市場正在成長。正如我在準備好的演講稿中所說，美國以外的飯店客房入住率成長速度比美國國內更快。所以總有工作要做。但我感覺，尤其與一年前相比，我們現在對這些品牌來說處境很好，也處於一個能夠健康發展的環境。

Jed Kelly, Oppenheimer & Co.

傑德凱利，奧本海默公司

I guess, Ariane, I mean, since you've been here or taken over, you've really done a nice job making the business a pretty consistent on EBITDA compounder and you consistent -- to generate consistent margin growth. And I don't want to get -- take you too far out, but can you just give us a vision on where you potentially see that like the margin trajectory of this business could go over the medium term?

我想，Ariane，我的意思是，自從你來到這裡或接管公司以來，你真的做得很好，使公司在 EBITDA 複合增長方面一直保持穩定，並且實現了持續的利潤率增長。我不想把話題引得太遠，但您能否展望一下，您認為這項業務的利潤率在中期內可能會朝哪個方向發展？

Thank you, Jed. Look, all I -- what I will tell you is there is more to come. And obviously, you can see in our full year guide that we see more margin expansion. And it's not only us executing more effectively, it's our marketing executing more effectively. It's us being able to deliver more from the teams that we have. And of course, the beauty of this business is as we grow, as we get more scale, I think the margins will come.

謝謝你，傑德。聽著，我只能告訴你，後面還有更多精彩內容。顯然，從我們的全年業績報告中可以看出，利潤率進一步擴張。不僅是我們執行得更高效，我們的行銷也執行得更有效率。關鍵在於我們能夠從現有團隊中獲得更多成果。當然，這個行業的妙處在於，隨著我們發展壯大，規模擴大，我認為利潤也會隨之而來。

So I would just say my confidence in the growth comes from the fact that we've got a lot of potential on B2C, like I just talked about. B2B, there's always more opportunity to get more partners. We're making investments in new lines of business, which, again, gives us -- it positions us even better to be the one-stop shop for our partners. There's more supply. We grew the number of lodging properties in the fourth quarter by 10% -- and there's still a lot to go.

所以，我對成長的信心來自於我們在 B2C 領域擁有巨大的潛力，就像我剛才談到的那樣。B2B領域，總有更多機會獲得更多合作夥伴。我們正在投資新的業務領域，這再次讓我們——讓我們能夠更好地成為合作夥伴的一站式服務商。供應量增加了。第四季度，我們的住宿物業數量增加了 10%——但還有很長的路要走。

There are some geographies where we don't have the coverage that we would like. We can get more promotions. Obviously, last year, we added Southwest, we added Ryanair. So that gives me a lot of confidence in growth. And then the ads business, we -- I see a lot of potential, especially in using AI to make those ads even more effective. So again, I see growth on the horizon. I'm excited about the opportunities and AI just gives me even more confidence.

有些地區的網路覆蓋範圍不如我們預期。我們可以獲得更多晉昇機會。顯然，去年我們新增了西南航空和瑞安航空。這讓我對成長充滿信心。至於廣告業務，我看到了很大的潛力，尤其是在利用人工智慧使這些廣告更有效方面。所以，我再次看到了成長的曙光。我對各種機會感到興奮，而人工智慧更讓我充滿信心。

Yeah. I think just a couple of quick points. I think the dynamic that we're looking at is a really strong quarter for outlook for Q1 as well. So an extra 3 to 4 points on margin rate expansion for Q1. But for the rest of the year, as I pointed out in my prepared remarks, it'll be somewhat muted in the context of versus a 3% to 4% number. Just as we've taken a number of actions, and I'm going to come back to that, but a number of actions last year, not only on headcount, but also on marketing costs, on cloud costs. And those have kind of had a compounding effect over the course of the year and are hitting Q1 strongly.

是的。我想簡單提幾點。我認為我們看到的這種動態表明，第一季的前景也非常強勁。因此，第一季的利潤率擴張將額外增加 3 到 4 個百分點。但就今年剩餘時間而言，正如我在準備好的演講稿中指出的那樣，與 3% 到 4% 的數字相比，這一數字將會顯得有些微弱。正如我們去年採取的一系列措施一樣（我稍後會再談到這一點），不僅在人員編制方面，而且在行銷成本和雲端成本方面也採取了一系列措施。這些因素在一年中產生了累積效應，並在第一季造成了強勁衝擊。

But I think the way Ariane operates is she challenges everyone on the team to get more for less. And so there's a constant drumbeat in the business of how do we think about operating smarter, how do we do it with less money and how do we do it in a way that then favors growth as we think about reinvesting some of those funds as well as dropping some of that through to the bottom line. And so as we look out over the course of '26 for certain, and I don't anticipate that culture to change as well.

但我認為 Ariane 的行事方式是她激勵團隊中的每個人用更少的資源創造更多的價值。因此，商業界一直在反覆思考如何更聰明地運營，如何用更少的錢來運營，以及如何以一種有利於成長的方式運營，同時考慮將部分資金再投資，並將部分資金轉化為利潤。因此，展望 2026 年，我可以肯定的是，我不認為這種文化會隨之改變。

Yeah. And just to add, I talk a lot about being brilliant at the basics and also about making every dollar count. And it's important that we all look, whether it's in our cloud spend, whether it's in our marketing spend, whether it's just where we're allocating our time, are we doing it where we can have the highest returns and make the most impact.

是的。另外補充一點，我常常談到要打好基本功，以及要讓每一分錢都物盡其用。重要的是，我們都要審視一下，無論是在雲端支出方面，還是在行銷支出方面，亦或是在我們分配時間方面，我們是否把精力投入到能夠獲得最高回報和最大影響的事情上。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

Just a helpful comment on the 10% supply growth that you gave for the fourth quarter. Curious on how that's actually trended into 1Q. I mean, obviously, there's a lot of debate around hotels going more direct with large language models and so on. And then maybe if you could just parse out branded hotel growth versus ones that aren't. I think that would be a helpful data point.

關於您提到的第四季10%的供應成長率，我有一些補充意見。很好奇第一季實際趨勢如何。我的意思是，很顯然，關於酒店是否應該更直接地採用大型語言模型等等，存在著許多爭論。然後，或許你可以把品牌飯店的成長與非品牌飯店的成長區分開來。我認為這將是一個有用的數據點。

Sorry, can you repeat -- I missed the first part of the question. You said 10% hotel growth, and I missed the end of it. Can you repeat, please?

抱歉，你能再說一次嗎？我沒聽清楚問題的第一部分。你說酒店業成長10%，但我錯過了後面的內容。請您再說一次好嗎？

Just -- yes, sorry. So just on -- you talked about 10% supply growth. I'm curious on how that's progressed into 2026. Obviously, there's this debate around hotels going more direct with large language models and so on. So just curious on that versus -- and if you could parse it out a little bit between branded hotels versus ones that aren't, that would be helpful.

就這樣——是的，抱歉。剛才你提到了10%的供應成長。我很想知道到 2026 年情況如何。顯然，目前存在著關於酒店是否應該更直接地採用大型語言模型等方面的爭論。所以，我只是好奇這兩者之間的區別——如果您能稍微分析一下品牌酒店和非品牌酒店之間的區別，那就太好了。

Okay. Thank you. Look, we continue to add more properties. We've added airlines last year. There is -- even if we have a very good assortment, especially as we're growing internationally, there will be opportunity to do more. And in fact, some of the work we did on AI has sped up the time it takes to onboard properties. It's 70% faster than it was before. So I expect we will continue adding supply. We will continue adding rate plans.

好的。謝謝。你看，我們還在不斷增加房產。我們去年新增了一些航空公司。即使我們已經擁有非常好的產品系列，尤其是在國際市場不斷發展壯大的情況下，仍然有機會做得更多。事實上，我們在人工智慧方面所做的一些工作已經加快了房產上線所需的時間。速度比以前快了70%。所以我預計我們將繼續增加供應。我們將繼續推出更多資費方案。

And as for the talk about large language models and what that can do, what we're seeing is our business continues to grow. We're doing work, obviously, with the large language models and with -- whether it's ChatGPT or Google and the like to make sure our brands are showing up well there. We're doing work in answer engine optimization in native integrations, work with agentic browsers. And all of the work that we do there benefits our suppliers because we're doing the complicated work to help them drive demand to them through our business. Obviously, in the same way that they could always get business directly through Google and the like, that will continue to be the case.

至於大型語言模型及其作用的討論，我們看到的是我們的業務持續成長。顯然，我們正在與大型語言模型以及 ChatGPT 或 Google 等平台合作，以確保我們的品牌在這些平台上表現出色。我們正在進行原生整合中的答案引擎優化工作，並與代理商瀏覽器合作。我們在那裡所做的一切工作都使我們的供應商受益，因為我們正在做複雜的工作，以幫助他們透過我們的業務推動需求。顯然，就像他們一直可以透過Google等平台直接獲得業務一樣，這種情況還會持續下去。

But as long as we do the job of making sure that our brands have very strong value propositions that travelers know them, they trust the value they're going to get coming to us. The same thing in our B2B business that we're adding value to the B2B partners, I think the pie will expand.

但只要我們確保我們的品牌擁有非常強大的價值主張，讓旅客了解它們，他們就會相信選擇我們所能獲得的價值。在我們的 B2B 業務中，我們為 B2B 合作夥伴創造價值，我認為市場蛋糕會越做越大。

Kevin Kopelman, TD Cowen.

Kevin Kopelman，TD Cowen。

This is Jacob on for Kevin. I have two questions. Is Expedia seeing any changes on traffic from Google as they continue to roll out more advanced AI features within travel? And then on B2B direct sales and marketing costs, up 27% year over year. Can you talk about key drivers and how you see that playing out this year?

這是雅各替凱文發言。我有兩個問題。隨著Google在旅遊領域不斷推出更先進的人工智慧功能，Expedia 來自Google的流量是否有所變化？此外，B2B 直接銷售和行銷成本年增 27%。您能否談談關鍵驅動因素以及您認為這些因素今年將如何影響比賽？

Sure. I'll take the first one and then hand it to Scott. Look, we're not seeing material changes right now. We are experimenting aggressively. We're working closely with Google and others as they're adapting their interfaces. We're making sure that our brands show up well, as I said, through many ways, whether it's answer engine optimization, native integrations, agentic browsers.

當然。我先拿一個，然後交給史考特。你看，我們目前還沒有看到實質的改變。我們正在積極進行試驗。我們正與Google和其他公司密切合作，幫助他們調整介面。正如我所說，我們正在透過多種方式確保我們的品牌得到良好的展現，包括搜尋引擎優化、原生整合和代理瀏覽器。

I actually think that AI search opens up even more possibilities to reach more travelers. And as there's more context in those searches, there's an opportunity for us to better target and then as we bring those travelers into our ecosystem to better convert. So I think it's an exciting time right now. Again, it's a fast-moving time. We're clear-eyed about where we all are.

我其實認為人工智慧搜尋為觸達更多旅行者開闢了更多可能性。隨著這些搜尋內容的增多，我們就有機會更好地進行精準定位，然後將這些旅行者引入我們的生態系統，以便更好地實現轉換。所以我認為現在是一個令人興奮的時刻。再次強調，這是一個瞬息萬變的時代。我們都非常清楚我們目前所處的位置。

But our strategy is to be in early to partner deeply to get learnings from these early integrations and to find opportunities because one thing we've always been good at is figuring out how to surface our brands and third-party experiences and then convert travelers that come to us, and we will continue doing that.

但我們的策略是儘早介入並進行深度合作，從這些早期整合中汲取經驗，並尋找機會，因為我們一直擅長的一件事就是弄清楚如何推廣我們的品牌和第三方體驗，然後轉化前來尋求幫助的旅行者，我們將繼續這樣做。

And for B2B marketing, it really is more aligned with the revenue number, so 24% versus anything else because the dynamic is we booked that with the time of stay. And it's more a commission model than it is a rev share model than it is a marketing spend. So it's pretty straightforward.

對於 B2B 行銷而言，它確實與收入數字更加相關，因此 24% 與其他任何數字相比都更合適，因為動態是我們將預訂與入住時間聯繫起來的。而且，與其說是收入分成模式，不如說是佣金模式，或行銷支出模式。所以很簡單。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，富國銀行。

I want to stick on the B2B side. Could you talk about any kind of concentration or any specific drivers that has driven -- that continues to drive the robust growth you see there? And as you look throughout '26, any factors we should be thinking about on the top line? And then maybe staying on B2B, you touched upon the margins and perhaps some temporary investment pressure on margins. Could you talk a little bit about the kind of the key factors driving that potential pressure early this year? And then maybe the longer-term outlook is -- should we think about these -- the '25 B2B margins as kind of the right place to think about the long-term outlook for the B2B business on the margin side?

我想繼續從事B2B業務。您能否談談推動—並且持續推動—您所看到的強勁成長的任何集中因素或具體驅動因素？展望 2026 年，我們應該考慮哪些主要因素？然後，或許可以繼續關注 B2B 領域，您談到了利潤率，以及利潤率可能面臨的一些暫時性投資壓力。您能否談談今年年初導致這種潛在壓力的關鍵因素是什麼？那麼，從長遠來看——我們是否應該考慮一下——2025 年的 B2B 利潤率，將其視為思考 B2B 業務利潤率方面長期前景的合適切入點？

Yeah. Ken, let me work from the bottom up there. First off, on margins, and we talked about this last quarter as well. As we're redeploying a portion of the savings that we're delivering in other parts of the company, we're investing in B2B initiatives that will weigh in the short term -- on our near term, we'll be weighing on our margins there. But we'll continue to do those investments because that's one of the vectors that we see a strong growth opportunity for the company, and I'll let Ariane jump in on that in a second.

是的。肯，讓我從下往上做吧。首先，關於利潤率，我們上個季度也討論過這個問題。由於我們將節省下來的部分資金重新投入到公司的其他部門，我們正在投資 B2B 項目，這些項目在短期內會對利潤率造成影響——就近期而言，這將對我們的利潤率造成影響。但我們會繼續進行這些投資，因為我們認為這是公司強勁成長機會的途徑之一，稍後我會讓 Ariane 就此發表意見。

That's factored into our Q1 and our 2026 guide. And so without getting into guiding by business unit or talking about specific numbers, we've had, what, 18 quarters now of strong double-digit growth in B2B. So I think it's relative -- been relatively consistent and strong double-digit growth. And as we invest in the new products and new lines of business, we feel like we can make that continue going forward.

這已納入我們的第一季業績和 2026 年業績指引中。因此，在不按業務部門劃分或談論具體數字的情況下，我們已經連續 18 個季度實現了 B2B 業務的強勁兩位數成長。所以我認為這是相對而言的——一直保持著相對穩定且強勁的兩位數成長。隨著我們對新產品和新業務線的投資，我們相信這種勢頭能夠持續下去。

And I'd just add, we took actions to win wallet share with existing partners. The B2B business benefited from the supply work that I was referring to earlier. The fact that we had more partners participating in Black Friday, we had an increase in the number of properties, all of that flows through into B2B, plus some of our large partners made particular investments in marketing in the fourth quarter, which we then benefited from. Our travel agency platform, which we call TAAP, performed very well. We expanded the loyalty program. We grew the number of agents that were active in the fourth quarter. On our template, which a number of partners use. We've improved the configurability.

我還要補充一點，我們採取了措施來贏得現有合作夥伴的錢包份額。我之前提到的供應工作使 B2B 業務受益。由於更多合作夥伴參與了「黑色星期五」活動，我們的房源數量也有所增加，所有這些都對 B2B 業務產生了積極影響。此外，我們的一些大型合作夥伴在第四季度對行銷進行了特別投資，我們也從中受益。我們的旅行社平台（我們稱之為 TAAP）表現非常出色。我們擴大了會員忠誠度計劃。第四季度，我們增加了活躍代理商的數量。在我們的模板上，許多合作夥伴都在使用該模板。我們提高了可配置性。

I mentioned we launched our first assurance offering. So it's really -- the team is innovating across the product and technology. We're adding supply. We're deepening our partner relationships. And that's been a formula that's worked for us. Now as I always tell the team, it's a competitive industry. We're going to win some deals. We're going to lose some deals. The important thing is that we keep on adding partners. We keep on innovating. I think the work that we're doing in the new lines of business is going to be very exciting for the years to come. And we really believe in this business.

我之前提到我們推出了首個保險產品。所以，團隊確實在產品和技術方面進行了創新。我們正在增加供應。我們正在深化與合作夥伴的關係。而這套方法對我們來說一直都很有效。正如我一直告訴團隊的那樣，這是一個競爭激烈的行業。我們肯定能拿下幾筆訂單。我們可能會失去一些訂單。重要的是我們要不斷增加合作夥伴。我們不斷創新。我認為，我們目前在新業務領域所做的工作，在未來幾年將會非常令人興奮。我們真心相信這個行業。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

So Ariane, can you talk a little bit more about the product development efforts on the AI experiences side? Are you approaching it -- generally using the current LLM architecture and your cloud partners? Or do you think you need to fundamentally build new AI capabilities specific to travel, maybe with Expedia data in a unique way? And then if I can ask one for Scott. How should we think about the tech and infrastructure investments that's required to build and support some of the AI experiences? Is the platform currently already well positioned to trade on AI capabilities? Or do you anticipate potentially making some investments on this front?

那麼 Ariane，可以再詳細談談人工智慧體驗的產品開發工作嗎？你們是否正在著手解決這個問題——通常是採用當前的LLM架構和你們的雲端合作夥伴？或者，您認為需要從根本上建立專門針對旅遊業的全新人工智慧能力，也許可以以獨特的方式利用 Expedia 數據？如果可以的話，我想替斯科特問一個。我們應該如何看待建構和支援某些人工智慧體驗所需的技術和基礎設施投資？該平台目前是否已做好充分準備，利用人工智慧技術進行交易？或者您是否計劃在這方面進行一些投資？

Sure. So in the product, I think of AI in a couple of ways. One is just in the existing flows, how do we use AI to make a better traveler experience. So that is personalization. It's better recommendations. It's better ranking models. It's more personalized content. So if someone has -- always goes to properties that have spas, how do I make sure that, that is what -- that we're highlighting on properties. So that's one sort of real area of, I think, potential product improvement in performance. The other is everything related to natural language engagement with the product, which I talked about earlier.

當然。所以在產品中，我對人工智慧的理解體現在以下幾個方面。一方面，在現有流程中，我們如何利用人工智慧來改善旅客體驗？這就是個性化。這是更好的推薦。它具有更好的排名模型。內容更加個人化。所以如果有人總是去有水療中心的酒店，我該如何確保我們在酒店宣傳中重點突出的是水療中心？所以，我認為這是產品性能方面一個真正有潛力改進的領域。另一個方面是與產品自然語言互動相關的一切，我之前已經談過。

How do you introduce natural language, how do you make it both sort of typing and also spoken. And I would say it's earlier days on that, but that's also sort of a vector that we're going down. I'll give you an example, though, of why I believe both things need to live side by side. If you think about something like servicing, you can go into our app and you can go through the native flow and make changes, cancel, change your room type in a few clicks. You can also do that in the servicing agent.

如何引入自然語言，如何使其既像打字又像口語？我認為現在還處於早期階段，但這也是我們正在努力的方向之一。不過，我可以舉個例子來說明為什麼我認為這兩者需要並存。如果您想了解諸如服務之類的事情，您可以進入我們的應用程序，透過原生流程進行更改、取消、只需點擊幾下即可更改房間類型。您也可以在服務代理商進行此操作。

And we want to make sure that we give people the choice of which of those makes the most sense to them. In terms of the question about sort of the architecture and the technology, I would start by saying it is grounded in our data. So a lot of the work we've done in the last couple of years has been about making sure that we have clean data, we've got customer data, destination data and the like. And our tech teams are looking at the architecture. They're learning.

我們希望確保人們能夠選擇對他們來說最適合的方案。至於架構和技術方面的問題，我想先說的是，它是基於我們的資料而建立的。因此，過去幾年我們所做的許多工作都是為了確保我們擁有乾淨的數據，包括客戶數據、目的地數據等等。我們的技術團隊正在研究架構。他們正在學習。

They're obviously staying on the front foot on how things are evolving. And in fact, some of the partnerships that we're doing, whether it's around agentic browsers and the like, really does keep us on the forefront, and that's true both for our consumer business and for our B2B business.

他們顯然對事態發展保持著積極主動的態度。事實上，我們正​​在進行的一些合作，無論是圍繞代理瀏覽器之類的合作，都確實讓我們始終處於領先地位，這對於我們的消費者業務和 B2B 業務都是如此。

You want to talk briefly about the platform and kind of how you see that, and then I'll pick up on the numbers.

你想先簡單談談這個平台以及你對它的看法，然後我再來談談數據。

Sure. I mean, look, the platform, I mean anybody who tells you their platform is done is not truthful. At the same time, I don't foresee some kind of big platform transformation like we had in the company a few years ago at all. I think it's about understanding where the technology is evolving, understanding where are the pieces that we need to shift, where are the new architectures we need to look at. But I would say it's not on one end of the spectrum or the very other end of the spectrum.

當然。我的意思是，你看，這個平台，我的意思是，任何告訴你他們的平台已經完蛋的人都是在說謊。同時，我完全不認為公司會像幾年前一樣進行大規模的平台轉型。我認為關鍵在於了解科技的發展方向，了解我們需要轉變哪些部分，以及我們需要關注哪些新的架構。但我認為它既不屬於光譜的一端，也不屬於光譜的另一端。

Yeah. I think that's well said. I think the dynamic is it's not a majority of our spend, but it's a continual spend to make sure that our platform is contemporary and continues to evolve. I think the other thing I'd point to how we're thinking about it, and I think in the spirit of your question, as we think about reshaping the product and technology teams, what we're trying to do is look at how do we operate smarter, how do we operate in a way that's more efficient and effective, and simplify the organization and our decision-making and speed.

是的。我覺得說得很好。我認為，這方面的投入雖然不是我們支出的大部分，但卻是持續不斷的，目的是確保我們的平台與時俱進，不斷發展。我想指出的另一點是我們正在如何思考這個問題，而且我認為，就你提出的問題而言，當我們考慮重塑產品和技術團隊時，我們正在努力思考如何更聰明地運作，如何以更有效率的方式運作，並簡化組織、決策和速度。

And at the same time, bring new talent in around AI and machine learning that can develop -- help develop our products in ways that Ariane just talked about. So while there will be some net benefits to that, I think, in the margin rate, overall, I think that's a cut cost to invest and grow strategically.

同時，我們需要引進人工智慧和機器學習領域的新人才，以 Ariane 剛才提到的方式幫助我們開發產品。因此，雖然這樣做會帶來一些淨收益，但我認為，總體而言，從利潤率來看，這降低了投資和策略成長的成本。

And I said in my prepared remarks that even though we're using AI more and we're growing the business, we've optimized our cloud spend and some of our technology spend. And going back to the whole theme of discipline and making every dollar matter, you can just count on the fact that the way we are looking at the technology work, it's how do we make sure we have the platform that we need, and we're doing it with sort of the cost also in our mind.

我在事先準備好的演講稿中提到，儘管我們正在更多地使用人工智慧，業務也在不斷發展，但我們已經優化了雲端支出和部分技術支出。回到紀律和讓每一分錢都發揮作用這個主題，你可以肯定的是，我們看待技術工作的方式是，如何確保我們擁有所需的平台，同時我們也考慮到了成本。

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Ariane, I have one question on alternative lodging. So you've had alternative lodging on Brand Expedia for some time. And I'm curious if you can provide any color on what the uptake is for -- what the mix looks like for alternative lodging versus hotels, today versus maybe a couple of years ago or just last year. Is that growing? Or are you still trying to get more adoption there? And then for Scott, maybe can you just maybe talk a little bit about CapEx for 2026? And how should we be thinking about that?

Ariane，我有一個關於其他住宿方式的問題。所以，您已經有一段時間可以透過 Expedia 預訂其他住宿了。我很想知道您能否提供一些關於替代住宿方式（例如，與酒店相比）的接受度情況，以及目前與幾年前或去年相比，替代住宿方式的比例是多少。那是在成長嗎？還是你還在努力提高那裡的收養率？那麼，Scott，你能否稍微談談 2026 年的資本支出？我們該如何看待這個問題？

Sure. It's definitely growing. It's -- to me, it's not where it's not at its maximum potential, and that's why I believe that there's a real opportunity there. But we made great progress in 2025 on selling vacation rentals on Brand Expedia. We changed the UX. So if you go on to lodging, you now see sort of there's all lodging and then hotels and vacation rental. We brought on inventory. We made sure the servicing experience was great. So there was a lot of work that we did to drive more vacation rentals on Brand Expedia to support our one-stop shop value proposition, and there is still upside there.

當然。它肯定在增長。在我看來，它還沒有發揮最大的潛力，所以我相信那裡存在著真正的機會。但我們在 2025 年透過 Expedia 品牌銷售度假租賃產品方面取得了巨大進展。我們改變了使用者體驗。所以，如果你繼續往下看住宿部分，你會看到住宿分為各種類型，然後是飯店和度假租賃。我們進貨了。我們確保了優質的服務體驗。因此，我們做了很多工作來推動 Expedia 品牌上的度假租賃業務成長，以支持我們的一站式服務價值主張，而且這方面還有很大的提升空間。

On CapEx, it will be roughly in line with '25. I wouldn't -- I don't anticipate a material change one way or the other.

資本支出方面，大致與 2025 年持平。我不會——我不認為情況會發生實質的變化。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

I guess, one, as you think about your 2026 outlook, can you comment at all if it assumes your B2C business accelerates relative to the 5% you delivered this year? And how you're thinking about the challenges you may face in terms of delivering acceleration while simultaneously bringing down the intensity of your ad spend? And then maybe just on AI, topic of the day, topic of the week. I guess how are you thinking about the potential urgency to invest more aggressively into loyalty in your B2C business as some of these general purpose chatbots take on more of the customer relationship and the travel funnel?

我想問的是，在展望 2026 年時，您能否就此發表一些看法，假設您的 B2C 業務相對於今年實現的 5% 的增長速度有所加快？那麼，您如何看待在降低廣告支出強度的同時實現加速成長可能面臨的挑戰呢？然後或許可以聊聊人工智慧，像是每日話題、每週話題。我想問，隨著一些通用聊天機器人承擔越來越多的客戶關係和旅行流程環節，您如何看待在B2C業務中加大對客戶忠誠度投入的潛在緊迫性？

I'll take the first -- I'll take the last part of the question, and then Scott can take the first. Look, we always feel a sense of urgency to make sure that we're delivering more value and more trust to our travelers. And travel is a high stakes purchase or it can be. It's complex. It's high stakes.

我來回答第一個問題——我先回答問題的最後一部分，然後史考特可以回答第一個問題。我們始終感到一種緊迫感，那就是確保我們為旅客提供更大的價值和更多的信任。旅行是一項高風險的消費，或者說，它可能是一項高風險的消費。這很複雜。這事關重大。

It's not like a T-shirt where if you choose the wrong one, you can send it back -- is if there's something that happens in your trip, you never get your time back. And that's why we're investing a lot in making sure that not only we have a great selection and price and assortment, and the ability to add trip elements after you bought one, but also building trust. We've got proprietary verified reviews, and we know that 70% of travelers check reviews before they make a booking.

這不像買T卹，選錯了可以退貨——而是如果你的旅途中發生了什麼事，你的時間就永遠無法挽回了。因此，我們投入大量資金，不僅確保我們提供豐富的選擇、優惠的價格和齊全的商品種類，以及在您購買商品後添加旅行元素的能力，而且還致力於建立信任。我們擁有獨家驗證評論，我們知道 70% 的旅客在預訂前會查看評論。

So the fact that when they make their booking with us and they do their shopping, they're going to have that trusted information is really important or the fact that if something goes wrong in the trip, they're going to be able to either deal with it in our app or call us is important. I'll just add that during the winter storms and government shutdown, we were able to answer our calls on average between 1 to 3 minutes, which is the best in the industry, we believe.

因此，當他們透過我們預訂和購物時，能夠獲得可信賴的資訊非常重要；或者，如果旅途中出現任何問題，他們可以透過我們的應用程式處理或打電話給我們，這一點也很重要。我還要補充一點，在冬季暴風雪和政府停擺期間，我們平均能在 1 到 3 分鐘內接聽電話，我們相信這是業界最好的。

And travelers want to know that we've got their back. So of course, continuing to enhance the loyalty program is one piece of our offer, but there's a lot of different parts that we believe make travelers want to continue a deep relationship with us.

旅行者希望知道我們會為他們保駕護航。當然，不斷完善會員忠誠度計畫是我們服務的一部分，但我們相信，還有很多其他因素會讓旅客想要與我們保持深厚的聯繫。

Yeah. Maybe to try and be helpful. I'm not going to get into by BU guide for '26, but maybe just some thoughts around guidance overall. First off, for Q1. We exited Q4 with strong clear momentum. I think we're all encouraged by our strong start to the year. And we expect our first quarter bookings growth of 10% to 12%. That, of course, includes 3 points from an FX tailwind, but we expect to be able to deliver that. I wouldn't expect a material difference in growth rates amongst the BUs, but obviously, it does vacillate up and down a bit even in '25.

是的。或許只是想幫忙。我不打算深入探討波士頓大學 2026 屆的升學指導，但或許可以談談我對升學指導的一些整體想法。首先，針對 Q1。我們在第四季末保持了強勁的發展勢頭。我認為我們都對今年的良好開局感到鼓舞。我們預計第一季預訂量將成長 10% 至 12%。當然，這其中包含了外匯市場順風帶來的 3 點收益，但我們預計能夠實現這一目標。我不認為各業務單位之間的成長率會有實質的差異，但顯然，即使在 2025 年，成長率也會有所上下波動。

For '26, at the high end, our full year guide of 8% reflects stable, healthy growth on a constant currency basis at the high end again. As we -- we'll update you each quarter as we go along. But again, I wouldn't expect a material shift in an overall growth rate between business units, if you look at the last couple of years average -- last year's average, I should say.

對於 2026 年，我們全年的預期成長率為 8%，這再次反映了以固定匯率計算的穩定、健康的成長。我們會按季度向您報告進度。但是，如果看看過去幾年的平均水平——應該說是去年的平均水平——我預計各業務部門之間的整體成長率不會發生實質變化。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

You spoke to supply growth earlier in your comments. Was that largely a B2B dynamic outside of the US? Or are you seeing some of that in B2C domestically? We've had a few major hotel supply partners speaking to pushing more inventory to the OTAs in 3Q and 4Q and being sharper on pricing and so forth. And so we were just wondering if that was a tailwind for your US room night growth contributing to that coming in at high single digits again. And then my second question is on the Tiqets acquisition, it appears to be more positioned on the B2B side. Is there an opportunity to leverage that on the B2C side as well to push into experiences more broadly across your customer base?

您之前在評論中提到了供應成長問題。在美國以外，這主要是一種 B2B 模式嗎？或者您在國內的B2C市場也看到了類似的現象？我們已經與幾家主要的飯店供應商合作夥伴談過，他們計劃在第三季和第四季向線上旅行社 (OTA) 提供更多庫存，並在定價等方面採取更激進的策略。所以我們只是想知道這是否對貴公司在美國的客房夜數增長起到了推動作用，使其再次達到接近兩位數的增長。我的第二個問題是關於 Tiqets 的收購，它似乎更專注於 B2B 領域。在 B2C 方面，是否也有機會利用這一點，更廣泛地向客戶群推廣體驗？

Sure. So on the first question, the supply, it works on both parts of the business, B2C and B2B. So when I talked about 10% growth in number of properties and then also the promotions, that flows through to both. And that's just the way the platform works, and that's the way our business model works. And it's a value that we deliver to our supply partners is they have one connection and they can get access to all of the demand.

當然。所以對於第一個問題，即供應，它在業務的兩個部分（B2C 和 B2B）中都適用。所以，當我談到房產數量增加 10% 以及促銷活動時，這兩者都會受到影響。這就是平台的運作方式，也是我們商業模式的運作方式。我們為供應商合作夥伴提供的價值在於，他們只需一個連線即可獲得所有需求。

In terms of Tiqets, yes, I did talk about it as part of our B2B business because it's going to be run by the person who's leading B2B. And we think it's a great value proposition to be able to extend what we're offering in B2B. But obviously, it is going to -- their expertise is going to have an impact in B2C. So while we're -- we'll keep our B2C product, when you bring in some expertise like that, it can only help us do even better.

關於 Tiqets，是的，我的確把它作為我們 B2B 業務的一部分進行過討論，因為它將由負責 B2B 的人員運營。我們認為，能夠擴展我們在 B2B 領域的服務內容，是一個非常有價值的措施。但很顯然，他們的專業知識將會對 B2C 領域產生影響。所以，雖然我們會保留我們的 B2C 產品，但當你引入像這樣的專業知識時，只會幫助我們做得更好。

The Q&A is now over. I will now turn the call back to CEO, Ariane Gorin, for closing remarks.

問答環節結束。現在我將把電話轉回給執行長 Ariane Gorin，請她作總結發言。

So I just want to thank you all for joining our call today. We closed 2025 strong. And as we enter '26, we remain focused on executing our strategy to deliver value for all of our stakeholders. So thank you all.

所以，我只想感謝各位今天參加我們的電話會議。我們以強勁的勢頭結束了2025年。進入 2026 年，我們將繼續專注於執行我們的策略，為所有利害關係人創造價值。所以，謝謝大家。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。