携程(TCOM)2023年第四季度财报电话会议记录

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Company Participants

Michelle Qi - Senior IR Director

米歇尔齐 - 高级投资者关系总监

James Liang - Executive Chairman

詹姆斯·梁 - 执行主席

Jane Sun - CEO

孙女士 - 首席执行官

Cindy Wang - CFO

Cindy Wang - 财务总监

Conference Call Participants

Joyce Ju - Bank of America Merrill Lynch

美国银行美林证券

Alex Poon - Morgan Stanley

Alex Poon - 摩根士丹利

Alex Yao - JP Morgan

Alex Yao - 摩根大通

Jiong Shao - Barclays

Operator

Good day and thank you for standing by. Welcome to the Trip.com Group 2023 Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

您好,感谢您的等待。欢迎参加Trip.com集团2023年第四季度收益电话会议。目前所有参与者处于仅听模式。在发言人发表讲话后,将进行问答环节。【操作人员指示】请注意,今天的电话会议正在录音。

I’ll now like to hand the conference over to your first speaker today, Michelle Qi, Senior IR Director. Please go ahead.

我现在想把会议交给今天的第一位发言人,Michelle Qi,高级投资者关系主任。请开始。

Michelle Qi

Michelle Qi

Thank you. Good morning, and welcome to Trip.com group’s fourth quarter and full year of 2023 earnings conference call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms. Jane Sun, Chief Executive Officer; and Ms. Cindy Wang, Chief Financial Officer.

谢谢。早上好,欢迎参加Trip.com集团2023年第四季度和全年收益电话会议。今天和我一起参加电话会议的有,董事会执行主席梁建章先生,首席执行官孙洁女士,以及首席财务官王翠女士。

During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provisions of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in Trip.com Group’s public filings with the Securities and Exchange Commission. Trip.com Group does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

在这通电话中,我们将讨论我们的未来前景和业绩,这些内容是根据1995年美国私人证券诉讼改革法案中的免责条款所做的前瞻性声明。前瞻性声明涉及固有风险和不确定性。因此,我们的业绩可能与今天所表达的观点存在重大差异。携程集团在其提交给美国证券交易委员会的公开文件中概述了许多潜在风险和不确定性。携程集团不承担更新任何前瞻性声明的义务,除非根据适用法律的规定。

James, Jane and Cindy will share our strategy and business updates, operating highlights, and financial performance for the fourth quarter of 2023, and the full year for 2023, as well as outlook for the first quarter of 2024. And then we will have a Q&A session, after the prepared remarks.

James, Jane 和 Cindy 将会分享我们2023年第四季度的战略和业务更新、运营亮点以及财务表现,以及2023年全年的情况,还有2024年第一季度的展望。然后在准备好的谈话结束后,我们将有一个问答环节。

With that, I will turn the call over to James. James, please.

接下来,我会把电话转给詹姆斯。詹姆斯,请。

James Liang

James Liang

Thank you, Michelle. And thanks everyone for joining us on the call today. China's border reopening in 2003 has ignited a global travel search. Our enhanced leadership in product and service has empowered us to significantly outperform the market. In 2023, our total OTA business reached a record high achieving a GMV of approximately RMB1.1 trillion or USD $160 billion [ph].

谢谢你,Michelle。感谢大家今天加入我们的电话会议。中国在2003年重新开放边境引发了全球旅行搜索热潮。我们在产品和服务方面的领先地位使我们能够明显表现优于市场。2023年,我们的在线旅行社业务达到了创纪录的高峰,实现了约1.1万亿人民币或1600亿美元的总交易价值。

This marks the year-over-year increase of 130% and growth about 30% compared to 2019. Currently, our total net revenue also grew by 122% year-over-year, and a 25% compared to 2019. We significantly improved our adjusted EBITDA margin to 31% in 2023, which is the highest level over the past decade. In September 2023 we begin buying back our own stock using the existing quota. Additionally, the Board has approved the 2024 capital return program, further increasing our overall quota to a total of USD $581 million. This decision demonstrates our strong confidence in the long term value potential of the company.

这标志着相比2019年,我们的年度增长率达到130%,增长了大约30%。 目前,我们的总净收入也同比增长122%,较2019年增长了25%。我们将调整后的EBITDA利润率提高到2023年的31%,达到过去十年的最高水平。2023年9月,我们开始使用现有配额回购我们自己的股票。此外,董事会已批准了2024年的资本回报计划,将我们的总配额进一步增加到总额为5.81亿美元。这一决定表明我们对公司的长期价值潜力有着强烈的信心。

The China town market has been growing significantly, with outbound travel playing an increasingly large role due to easier visa access and the gradual resumption of international flights.

中国城市场一直在显著增长,出境旅行因签证访问更容易和国际航班逐渐恢复而扮演着越来越重要的角色。

Our global business is also thriving, particularly in the APAC region, reflecting a strengthened market presence and improve the product competitiveness. Expanding our international operations with diversified products worldwide remains a key priority for us. As travel demand rises, we also recognized the increasing importance of enhancing our service. Through exceptional customer service, AI technology and the reliable content, we continue to invest in improving user experience. Our commitment to globalization and great quality collectively now as our digital strategy drives us to continuously innovate and improve.

我们的全球业务也蓬勃发展,特别是在亚太地区,这反映出我们在市场的更强大存在和产品竞争力的提高。扩大我们的国际业务,以在全球范围内推出多样化产品,仍然是我们的首要任务。随着旅行需求的增加,我们也意识到增强服务的重要性日益增强。通过出色的客户服务、人工智能技术和可靠的内容,我们持续投资于改善用户体验。我们对全球化和卓越质量的承诺,以及我们的数字战略推动我们不断创新和改进。

The year 2023 mark the China's reopening to the world, and 2024 will be a year of consolidating and expanding global tourism. I'm holding our digital strategy we aim to become a leading player in Asia market and a global market in a three to five years.

2023年标志着中国向世界重新开放,2024年将是巩固和扩大全球旅游业的一年。我将我们的数字营销战略定位为在三至五年内成为亚洲市场的领先者,以及全球市场的重要参与者。

With that I'll turn the call over to Jane, for operational highlights.

请让我把电话转给Jane, 她将进行运营重点报告。

Jane Sun

Jane Sun

Thank you, James. Good morning, everyone. As a quick overview, our net revenue in Q4 grew by 104% year-over-year and increased by 24% compared to 2019. During this period, the travel industry witnessed a strong momentum. As rising travel sentiment drove growth and supply side constraints continued to ease. Both, our hotel and air reservations grew by approximately 130% year-over-year. For the full year of 2023, our total net revenue achieved year-over-year growth of 122% and 25% compared to 2019. This outstanding result was due to the robust release of travel demand and the exceptional performance across all of our business segments.

谢谢你,詹姆斯。大家早上好。简单地概括一下,我们在第四季度的净收入同比增长了104%,比2019年增长了24%。在这段时间内,旅游业呈现出强劲的增长势头。随着不断上升的旅行情绪推动增长,并且供应端约束继续减少。我们的酒店和机票预订年度增长约为130%。2023年全年,我们的总净收入同比增长了122%,较2019年增长了25%。这一出色的成绩归功于旅行需求的强劲释放和我们所有业务领域的优异表现。

Additionally, our adjusted EBITDA margin in 2023 significantly improved to 31%, reflecting the successful optimization of our cost structure and overall productivity enhancement.

此外,我们在2023年调整后的EBITDA利润率显著提高至31%,反映了我们成功优化成本结构和全面提升生产力的成果。

Now let me walk you through different market performance. First, China Domestic. In Q4, the China domestic market continued to exhibit robust growth. Our domestic hotel bookings witnessed a year-over-year growth of over 130% or more than 60% compared to 2019.

现在让我为您介绍一下不同市场的表现。首先是中国国内市场。在第四季度,中国国内市场继续保持强劲增长。我们国内酒店预订呈现出超过130%的年增长率,比2019年增长超过60%。

Demand for travel showed no signs of slowing down during the winter season. Popular destinations such as Harbin in the northern part of the country, experienced a surge in visitors. Notably, individuals have been prioritizing travel expenditures over other daily expenses, indicating a shift towards experiential spending. This change in consumer behavior has significantly favored travel industry as more people allocate their resources towards exploring new places and creating memorable experiences.

在冬季,旅行需求没有显示出减缓的迹象。像国家北部的哈尔滨这样的热门目的地迎来了游客激增。值得注意的是,个人已经开始将旅行支出置于其他日常花销之上,表明消费者支出出现了转向经历式消费的趋势。这种消费行为的改变明显有利于旅行业,因为越来越多的人将资源用于探索新地方和创造难忘的体验。

We have continued to expand our user base among the elderly demographics through the deep integration of product integration, content generation and marketing efforts. In Q4, the number of the users over 50 years old, increased by more than 90% compared to 2019. And this is just a beginning to capitalize on the market opportunity for retired community, which has been in power and ample time.

我们通过对产品整合、内容生成和营销工作的深度融合,继续扩大我们在老年人群体中的用户基础。2020年第四季度,50岁以上用户的数量比2019年增长了90%以上。这只是利用退休社区市场机会的开端,这个市场拥有实力和充裕的时间。

Second, outbound market. Despite the winter seasonality in Q4, outbound travel from China, maintain the same level of the recovery as the peak season in Q3. The gradual easing of supply side constraints, such as increased international flight capacity, and certain clearance of the Visa block, played a significant role in facilitating this positive trend. Chinese travelers continue to exhibit high demand for travel to overseas destinations. Moreover, many countries implemented visa free policies, specifically targeting at Chinese travelers, further enhancing the appeal of these destinations and securing their popularities.

第二,出境市场。 尽管Q4季节性处在冬季,但自中国出境旅行的恢复水平仍保持与Q3旺季相同水平。 逐渐放松供给方面的约束,例如增加国际航班容量,以及某些签证限制的清除,在促进这一积极趋势方面发挥了重要作用。 中国旅行者对海外目的地的需求仍然持续高涨。 此外,许多国家实施了针对中国旅行者的免签政策,进一步增加了这些目的地的吸引力并确保了它们的受欢迎程度。

In Q4, Trip.com Group’s outbound air ticket and hotel bookings recovered to more than 80% of pre-pandemic level, surpassing the market overall recovery rate of 60%. Thailand, Singapore, Japan, Korea, Malaysia remain as the top outbound travel destination on our platform.

在第四季度,携程集团的出境机票和酒店预订量恢复到疫情前水平的80%以上,超过了整体市场的60%的恢复率。泰国、新加坡、日本、韩国、马来西亚仍然是我们平台上最热门的出境旅行目的地。

Third, global markets. On the international front, we actively enhance our global market presence. Through the strong synergy of improved products, enhance the services and targeted marketing efforts, we have witnessed a steady growth in APAC region. In Q4, total GMV of our overseas OTA brand grew by more than 70% year-over-year, and increased by more than one 100% compared to 2019.

第三,全球市场。在国际市场上,我们积极增强全球市场存在。通过产品的持续改进、增强服务和有针对性的营销工作的强力协同作用,我们已经看到亚太地区的稳定增长。在第四季度,我们海外OTA品牌的总成交量较去年同比增长了70%以上,并比2019年增长了超过100%。

Now, let me walk you through a few strategic highlights. First, globalization. As 2023 was about a return to travel, then 2024 will be the year when people go further than ever before. The travelers become more comfortable and confident then touring around the world. They are taking to the skies, rails, roads and the seas to experience unforgettable adventures. From music festivals to exotic adventures, travelers are increasingly seeking more than just a typical gateway. They are craving for immersive cultural experiences thrilling adventures, and the music, euphoria. All value a meaningful connections and quality time with their families and friends.

现在,让我带您了解一些战略亮点。首先是全球化。2023年是关于恢复旅行,接下来的2024年将是人们前所未有地走得更远的一年。旅行者变得更加舒适和自信,开始环游世界。他们乘坐飞机、火车、汽车和船只,体验难忘的冒险。从音乐节到异国奇遇,旅行者越来越追求的不仅仅是典型的度假。他们渴望沉浸式的文化体验、激动人心的冒险,以及音乐带来的欢愉。所有人都珍视与家人和朋友建立有意义的联系,并享受高质量的时光。

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chfg00702-24 12:47

非常感谢