<p>Expedia（EXPE）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>情人节促销 - 70% 折扣</h3>
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<p>Expedia 最新的财报电话会议语气乐观，管理层强调了增长和盈利能力的广泛势头。预订和收入的双位数增长、强劲的现金生成以及显著的利润率扩张为公司营造了积极的背景，尽管高管们承认宏观不确定性和亚洲及其他地区的逆风。</p>
<h2>强劲的收入增长</h2>
<p>Expedia 的毛预订和收入同比增长 11%，预订额达到 270 亿美元，收入为 35 亿美元。管理层指出，外汇是一个小但重要的助力，为预订增长贡献了大约一个百分点，为收入增长贡献了约两个百分点。</p>
<h2>利润率扩张和盈利能力</h2>
<p>盈利能力显著改善，调整后的 EBITDA 利润率扩张近四个百分点，达到 8.48 亿美元或 24% 的利润率。调整后的每股收益增长 58% 至 3.78 美元，突显出强劲的经营杠杆和早期成本措施对利润表的积极影响。</p>
<h2>B2B 和广告表现优异</h2>
<p>B2B 部门表现突出，毛预订增长 24%，达到 87 亿美元，收入也增长 24%，达到 13 亿美元。广告收入增长约 19%，得益于创纪录的活跃广告合作伙伴数量和更广泛的广告形式，显示出 Expedia 平台的货币化正在增长。</p>
<h2>B2C 复苏和品牌势头</h2>
<p>在消费者方面，B2C 毛预订增长 5%，达到 183 亿美元，收入增长 4%，达到 22 亿美元，显示出稳定的复苏。B2C EBITDA 利润率跃升至 31.5%，增长约六个百分点，Vrbo 和 Hotels.com 恢复增长，所有三个核心品牌均实现了同比预订增长。</p>
<h2>产品和服务改进</h2>
<p>管理层强调产品升级是客户满意度的关键驱动因素，指出网站和应用程序的速度同比提高了约 30%。增强的结账和支付选项、改进的推荐模型创造了创纪录的第四季度附加率，创纪录的自助服务水平帮助在重大活动期间将人工客服等待时间缩短至大约一到三分钟。</p>
<h2>供应扩张和促销杠杆</h2>
<p>Expedia 继续加深其住宿供应，物业数量较 2024 年增长超过 10%。公司还加大了合作伙伴资助的促销力度，将促销价格的来源提高了超过 10 个百分点，推动超过 30% 的第四季度预订通过此类优惠完成，近 70% 的物业参与了黑色星期五促销。</p>
<h2>强劲的现金生成和资本回报</h2>
<p>全年自由现金流达到 31 亿美元，公司结束时拥有 57 亿美元的无条件现金和短期投资，增强了资产负债表的实力。Expedia 积极回购资本，在第四季度回购了 2.55 亿美元的股票，自 2022 年以来回购超过 4500 万股，净股本减少约 22%，同时将季度股息提高 20% 至 0.48 美元。</p>
<h2>全球其他地区放缓和亚洲逆风</h2>
<p>尽管整体表现强劲，管理层指出全球其他地区的趋势较为疲软，亚洲的持续问题在多个季度内对业绩产生了影响。这与美国和 EMEA 地区的更强劲表现形成对比，后者的需求相对健康，帮助抵消了地区的疲软。</p>
<h2>B2B 因增长投资面临利润压力</h2>
<p>在 B2B 领域，盈利能力略有下降，EBITDA 利润率为 24%，同比下降约一个百分点。高管们强调，他们故意优先投资于新的 B2B 项目，接受一些短期利润压力以支持未来的增长并深化合作伙伴关系。</p>
<h2>直接销售和营销费用增加</h2>
<p>直接销售和营销总支出增长 10%，达到 17 亿美元，主要由 B2B 相关费用推动，例如在住宿时确认的佣金。相比之下，B2C 的直接销售和营销支出下降约 5%，显示出在消费者方面的营销效率和杠杆改善，即使整体支出增加。</p>
<h2>预订的波动性和宏观不确定性</h2>
<p>管理层承认 2025 年预订的波动性，并强调在持续的宏观经济不确定性下采取谨慎态度。这种谨慎反映在指导范围的下限，公司将其视为对潜在需求波动和外部冲击的合理缓冲。</p>
<h2>之前成本措施的影响限制了利润上升空间</h2>
<p>展望未来，高管们警告称，随着他们逐步消化 2025 年的裁员和营销优化，利润扩张自然会放缓。由于大部分重担已经完成，他们现在预计利润增长将更加温和，目标是在 2026 年实现约 100 至 125 个基点的全年扩张。</p>
<h2>前瞻性指导和展望</h2>
<p>对于 2026 年初，Expedia 预计第一季度毛预订增长为 10-12%，收入增长为 11-13%，受益于有利的外汇和预计的 3-4 个百分点的 EBITDA 利润率提升。对于全年，管理层预计预订增长为 6-8%，收入增长为 6-9%，EBITDA 利润率扩张约 100-125 个基点，同时重申持续回购、适度提高股息和严格控制杠杆的计划。</p>
<p>Expedia 的财报电话会议描绘了一家在加速增长的同时保持纪律性投资的公司，得益于强劲的现金流和更健康的资产负债表。尽管地区疲软、高 B2B 支出和宏观不确定性仍然存在，但整体信息是对运营改善和战略举措能够维持盈利能力和股东回报的信心。</p>

旅游科技 ETF -ETFMG

全球航空业 ETF - U.S. Global

EXPE

休闲娱乐 ETF - PowerShares

3 倍做多旅游行业 ETN - MicroSectors

<p>Expedia 第四季度的财报电话会议强调了强劲的增长和盈利能力，毛预订量和收入同比增长 11%，分别达到 270 亿美元和 35 亿美元。调整后的 EBITDA 利润率扩大至 24%，调整后的每股收益增长 58%，达到 3.78 美元。B2B 部门表现出色，增长 24%，而 B2C 则显示出复苏的迹象。尽管宏观经济存在不确定性，管理层依然保持谨慎乐观，预计 2026 年第一季度毛预订量增长 10-12%。然而，他们承认区域性挑战，特别是在亚洲，并预计未来利润率扩张将放缓</p>

<p>Expedia ((EXPE)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Expedia（EXPE）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Valentine's Day Sale - 70% Off</h3>
<div class="lb-trans"><h3>情人节促销 - 70% 折扣</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
</ul>
</div><p>Expedia’s latest earnings call struck an upbeat tone, as management highlighted broad-based momentum in both growth and profitability. Double-digit gains in bookings and revenue, strong cash generation, and notable margin expansion set a positive backdrop, even as executives acknowledged macro uncertainty and regional headwinds in Asia and the rest of the world.</p>
<div class="lb-trans"><p>Expedia 最新的财报电话会议语气乐观，管理层强调了增长和盈利能力的广泛势头。预订和收入的双位数增长、强劲的现金生成以及显著的利润率扩张为公司营造了积极的背景，尽管高管们承认宏观不确定性和亚洲及其他地区的逆风。</p>
</div><h2>Strong Top-Line Growth</h2>
<div class="lb-trans"><h2>强劲的收入增长</h2>
</div><p>Expedia posted 11% year-over-year gains in both gross bookings and revenue, with bookings reaching $27,000,000,000 and revenue at $3,500,000,000. Management noted that foreign exchange was a small but meaningful tailwind, adding roughly one point to bookings growth and about two points to revenue growth.</p>
<div class="lb-trans"><p>Expedia 的毛预订和收入同比增长 11%，预订额达到 270 亿美元，收入为 35 亿美元。管理层指出，外汇是一个小但重要的助力，为预订增长贡献了大约一个百分点，为收入增长贡献了约两个百分点。</p>
</div><h2>Margin Expansion and Profitability</h2>
<div class="lb-trans"><h2>利润率扩张和盈利能力</h2>
</div><p>Profitability improved sharply as adjusted EBITDA margin expanded nearly four percentage points, reaching $848,000,000 or a 24% margin. Adjusted EPS climbed 58% to $3.78, underscoring strong operating leverage and the benefit of earlier cost actions flowing through the income statement.</p>
<div class="lb-trans"><p>盈利能力显著改善，调整后的 EBITDA 利润率扩张近四个百分点，达到 8.48 亿美元或 24% 的利润率。调整后的每股收益增长 58% 至 3.78 美元，突显出强劲的经营杠杆和早期成本措施对利润表的积极影响。</p>
</div><h2>B2B and Advertising Outperformance</h2>
<div class="lb-trans"><h2>B2B 和广告表现优异</h2>
</div><p>The B2B segment remained a standout, with gross bookings up 24% to $8,700,000,000 and revenue also rising 24% to $1,300,000,000. Advertising revenue reaccelerated by about 19%, supported by a record number of active ad partners and broader ad formats, pointing to growing monetization of Expedia’s platform.</p>
<div class="lb-trans"><p>B2B 部门表现突出，毛预订增长 24%，达到 87 亿美元，收入也增长 24%，达到 13 亿美元。广告收入增长约 19%，得益于创纪录的活跃广告合作伙伴数量和更广泛的广告形式，显示出 Expedia 平台的货币化正在增长。</p>
</div><h2>B2C Recovery and Brand Momentum</h2>
<div class="lb-trans"><h2>B2C 复苏和品牌势头</h2>
</div><p>On the consumer side, B2C gross bookings increased 5% to $18,300,000,000, while revenue rose 4% to $2,200,000,000, signaling a steady recovery. B2C EBITDA margins jumped to 31.5%, up roughly six points, as Vrbo and Hotels.com returned to growth and all three core brands delivered year-over-year bookings gains.</p>
<div class="lb-trans"><p>在消费者方面，B2C 毛预订增长 5%，达到 183 亿美元，收入增长 4%，达到 22 亿美元，显示出稳定的复苏。B2C EBITDA 利润率跃升至 31.5%，增长约六个百分点，Vrbo 和 Hotels.com 恢复增长，所有三个核心品牌均实现了同比预订增长。</p>
</div><h2>Product and Service Improvements</h2>
<div class="lb-trans"><h2>产品和服务改进</h2>
</div><p>Management emphasized product upgrades as a key driver of customer satisfaction, noting that sites and apps are now about 30% faster year over year. Enhanced checkout and payment options, improved recommendation models that produced record Q4 attach rates, and record self-service levels helped cut live-agent wait times to roughly one to three minutes during major events.</p>
<div class="lb-trans"><p>管理层强调产品升级是客户满意度的关键驱动因素，指出网站和应用程序的速度同比提高了约 30%。增强的结账和支付选项、改进的推荐模型创造了创纪录的第四季度附加率，创纪录的自助服务水平帮助在重大活动期间将人工客服等待时间缩短至大约一到三分钟。</p>
</div><h2>Supply Expansion and Promotional Leverage</h2>
<div class="lb-trans"><h2>供应扩张和促销杠杆</h2>
</div><p>Expedia continued to deepen its lodging supply, with property count rising more than 10% versus 2024. The company also leaned into partner-funded promotions, lifting the sourcing of promotional rates by more than 10 percentage points from Q3 and driving over 30% of Q4 bookings through such offers, with nearly 70% more properties joining the Black Friday sale.</p>
<div class="lb-trans"><p>Expedia 继续加深其住宿供应，物业数量较 2024 年增长超过 10%。公司还加大了合作伙伴资助的促销力度，将促销价格的来源提高了超过 10 个百分点，推动超过 30% 的第四季度预订通过此类优惠完成，近 70% 的物业参与了黑色星期五促销。</p>
</div><h2>Strong Cash Generation and Capital Returns</h2>
<div class="lb-trans"><h2>强劲的现金生成和资本回报</h2>
</div><p>Free cash flow for the year reached $3,100,000,000, and the company ended with $5,700,000,000 in unrestricted cash and short-term investments, reinforcing balance sheet strength. Expedia returned capital aggressively, repurchasing $255,000,000 of stock in Q4 and over 45,000,000 shares since 2022, shrinking net share count by around 22% while lifting the quarterly dividend 20% to $0.48.</p>
<div class="lb-trans"><p>全年自由现金流达到 31 亿美元，公司结束时拥有 57 亿美元的无条件现金和短期投资，增强了资产负债表的实力。Expedia 积极回购资本，在第四季度回购了 2.55 亿美元的股票，自 2022 年以来回购超过 4500 万股，净股本减少约 22%，同时将季度股息提高 20% 至 0.48 美元。</p>
</div><h2>Slowdown in Rest of World and Asia Headwinds</h2>
<div class="lb-trans"><h2>全球其他地区放缓和亚洲逆风</h2>
</div><p>Despite overall strength, management flagged softer trends in the rest of the world as ongoing issues in Asia weighed on results over several quarters. This contrasted with more resilient performance in the U.S. and EMEA, where demand remained relatively healthier and helped offset regional weakness.</p>
<div class="lb-trans"><p>尽管整体表现强劲，管理层指出全球其他地区的趋势较为疲软，亚洲的持续问题在多个季度内对业绩产生了影响。这与美国和 EMEA 地区的更强劲表现形成对比，后者的需求相对健康，帮助抵消了地区的疲软。</p>
</div><h2>B2B Margin Pressure From Growth Investments</h2>
<div class="lb-trans"><h2>B2B 因增长投资面临利润压力</h2>
</div><p>Within B2B, profitability dipped modestly as EBITDA margin came in at 24%, down about one point year over year. Executives stressed they are deliberately prioritizing investment in new B2B initiatives, accepting some near-term margin pressure to support future growth and deepen partner relationships.</p>
<div class="lb-trans"><p>在 B2B 领域，盈利能力略有下降，EBITDA 利润率为 24%，同比下降约一个百分点。高管们强调，他们故意优先投资于新的 B2B 项目，接受一些短期利润压力以支持未来的增长并深化合作伙伴关系。</p>
</div><h2>Increase in Direct Sales and Marketing Expense</h2>
<div class="lb-trans"><h2>直接销售和营销费用增加</h2>
</div><p>Total direct sales and marketing spend rose 10% to $1,700,000,000, driven largely by B2B-related costs such as commissions recognized at the time of stay. By contrast, B2C direct sales and marketing declined roughly 5%, demonstrating improved marketing efficiency and leverage on the consumer side even as the overall expense line increased.</p>
<div class="lb-trans"><p>直接销售和营销总支出增长 10%，达到 17 亿美元，主要由 B2B 相关费用推动，例如在住宿时确认的佣金。相比之下，B2C 的直接销售和营销支出下降约 5%，显示出在消费者方面的营销效率和杠杆改善，即使整体支出增加。</p>
</div><h2>Variability in Bookings and Macro Uncertainty</h2>
<div class="lb-trans"><h2>预订的波动性和宏观不确定性</h2>
</div><p>Management acknowledged booking variability during 2025 and emphasized a cautious stance given ongoing macroeconomic uncertainty. This caution is reflected in the lower end of the guidance ranges, which the company framed as a prudent buffer against potential demand swings and external shocks.</p>
<div class="lb-trans"><p>管理层承认 2025 年预订的波动性，并强调在持续的宏观经济不确定性下采取谨慎态度。这种谨慎反映在指导范围的下限，公司将其视为对潜在需求波动和外部冲击的合理缓冲。</p>
</div><h2>Lapping Prior Cost Actions Limits Margin Upside</h2>
<div class="lb-trans"><h2>之前成本措施的影响限制了利润上升空间</h2>
</div><p>Looking ahead, executives warned that margin expansion will naturally slow as they lap 2025 headcount reductions and marketing optimizations. With much of the heavy lifting already done, they now expect more moderate margin gains, targeting full-year expansion of about 100 to 125 basis points in 2026.</p>
<div class="lb-trans"><p>展望未来，高管们警告称，随着他们逐步消化 2025 年的裁员和营销优化，利润扩张自然会放缓。由于大部分重担已经完成，他们现在预计利润增长将更加温和，目标是在 2026 年实现约 100 至 125 个基点的全年扩张。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指导和展望</h2>
</div><p>For the start of 2026, Expedia guided to Q1 gross bookings growth of 10–12% and revenue growth of 11–13%, aided by favorable foreign exchange and an expected 3–4 point uplift in EBITDA margins. For the full year, management projected 6–8% bookings growth, 6–9% revenue growth, and EBITDA margin expansion of roughly 100–125 basis points, while reiterating plans for ongoing buybacks, a modestly higher dividend, and disciplined leverage.</p>
<div class="lb-trans"><p>对于 2026 年初，Expedia 预计第一季度毛预订增长为 10-12%，收入增长为 11-13%，受益于有利的外汇和预计的 3-4 个百分点的 EBITDA 利润率提升。对于全年，管理层预计预订增长为 6-8%，收入增长为 6-9%，EBITDA 利润率扩张约 100-125 个基点，同时重申持续回购、适度提高股息和严格控制杠杆的计划。</p>
</div><p>Expedia’s earnings call painted the picture of a company balancing disciplined investment with accelerating growth, supported by strong cash flows and a healthier balance sheet. While regional soft spots, higher B2B spending, and macro uncertainty remain, the overall message was one of confidence that operational improvements and strategic initiatives can sustain earnings power and shareholder returns.</p>
<div class="lb-trans"><p>Expedia 的财报电话会议描绘了一家在加速增长的同时保持纪律性投资的公司，得益于强劲的现金流和更健康的资产负债表。尽管地区疲软、高 B2B 支出和宏观不确定性仍然存在，但整体信息是对运营改善和战略举措能够维持盈利能力和股东回报的信心。</p>
</div>

Expedia 财报电话会议重点强调利润，并表现出谨慎的乐观态度