<ul>
<li>优步的年度产品展示揭示其正向 Airbnb 和 Booking 发起挑战</li>
</ul>
<p>Booking NASDAQ: BKNG Holdings 的首席执行官兼总裁格伦·福格尔表示，尽管旅游行业面临地缘政治冲突和宏观经济担忧带来的短期不确定性，该在线旅游公司仍专注于长期产品投资和市场份额的增长。</p>
<p>在一次投资者会议上，福格尔表示他仍然将旅游视为一个持久的增长市场，引用了旅游支出长期超过全球 GDP 1% 到 2% 的历史。他指出，全球财富的增长仍然是一个结构性利好，特别是因为 “这个地球上大约一半的人” 仍然无法负担旅行。</p>
<ul>
<li>MarketBeat 周度回顾 – 04/13 - 04/17</li>
</ul>
<p>福格尔还指出，从线下到数字旅游预订的持续迁移是 Booking Holdings 的另一个长期驱动力。他估计，大约三分之一的旅行者仍未通过数字方式购买旅行，这为公司的平台（包括 Booking.com、Priceline、Agoda、KAYAK 和 OpenTable）创造了额外的机会。</p>
<p>“对我们来说，更大的问题不是行业的长期趋势，” 福格尔说。“而是我们如何继续获得市场份额？”</p>
<h2>福格尔强调长期投资</h2>
<ul>
<li>Booking Holdings 下跌 15%，现在是买入的时机吗？</li>
</ul>
<p>在被问及当前的旅行需求和短期阻力时，福格尔拒绝在公司财报电话会议之外提供额外的短期评论。相反，他强调管理层专注于为长期回报构建品牌。</p>
<p>福格尔表示，Booking Holdings 不应让短期波动干扰对战略产品和服务的投资。他提到公司的可变成本结构是一个优势，指出即使在 2020 年，他称之为疫情导致的旅游史上最糟糕的一年，Booking Holdings 仍产生了近 9 亿美元的 EBITDA。</p>
<p>“如果没有需求，我不会在没有需求的情况下花很多钱在绩效营销上，” 福格尔说。他表示，这种灵活性使公司能够在需求减弱时避免削减重要的长期项目。</p>
<h2>人工智能被视为净积极因素</h2>
<p>福格尔表示，Booking Holdings 将人工智能视为对公司未来的 “绝对净收益”，尽管他警告说，行业仍处于理解人工智能如何影响旅行发现和预订行为的早期阶段。</p>
<p>他说，消费者已经在使用人工智能聊天机器人进行旅行发现和探索，但通过这些工具进行直接预订尚未广泛可用。福格尔表示，Booking Holdings 正在与全球多个大型语言模型提供商合作，同时也在其自身产品中构建人工智能能力。</p>
<p>福格尔表示，目前 65% 的用户直接访问 Booking.com，他希望这一数字能够增加。他表示，公司与客户的直接关系、Genius 忠诚计划以及与供应商的关系提供了外部搜索提供商或人工智能平台可能没有的数据和优惠。</p>
<p>“谷歌对你的一切都了如指掌，” 福格尔说。“他们不知道我可以提供给你的，因为你是 Genius Level 3。”</p>
<p>福格尔还描述了内部人工智能的应用案例，包括软件开发和客户服务。他表示，人工智能可以降低每次联系的客户服务成本，减少总体联系次数，并在某些情况下提高客户满意度。他举了人工智能语音交互的例子，这些交互可以比传统呼叫中心模型更快、更低成本地回答客户询问。</p>
<h2>连接旅行仍处于早期阶段</h2>
<p>福格尔表示，Booking Holdings 仍处于开发其 “连接旅行” 战略的早期阶段，该战略旨在将住宿、航班、租车、景点、餐厅和其他服务结合成更为综合的旅行体验。</p>
<p>会议主持人指出，连接交易在第一季度增长了高达十几的百分比，现在占 Booking.com 整体交易的低双位数百分比。福格尔表示，他对这一进展感到自豪，但认为机会仍然在很大程度上未被开发。</p>
<p>他强调了公司的航班业务，表示几年前 Booking Holdings 没有航班提供，而上个季度增长了 28%。福格尔表示，排除携程网的国内航班，Booking 现在可能是最大的第三方机票销售商。</p>
<p>福格尔表示，OpenTable 在连接旅行战略中仍然是一个未被充分利用的机会。他描述了一个潜在场景，其中 Booking.com 知道一位旅行者正在伦敦一个昂贵的社区住宿，而 OpenTable 知道该旅行者喜欢餐厅，从而使公司能够提供针对性的用餐优惠。</p>
<p>“这只是一个小机会，” 福格尔说。“它是如此庞大。”</p>
<p>他说，Genius 忠诚计划可以进一步增强连接旅行，使各个垂直领域的供应商能够向高价值旅行者在封闭用户组中提供特别优惠。</p>
<h2>利润率、资本回报和并购</h2>
<p>在经历了几年的 EBITDA 利润率扩张后，福格尔在被问及利润率时表示，公司具有灵活性，但必须在增长投资与纪律之间取得平衡。他表示，来自更高忠诚度和直接流量的较低营销成本可能支持利润率，而扩展到非酒店垂直领域可能会对利润率产生压力，因为这些业务通常比酒店的利润率低。</p>
<p>福格尔表示，Booking Holdings 的资本配置优先事项仍然是投资于业务，追求管理层对回报有高度信心的并购，以及将多余现金返还给股东。他表示，公司在过去十多年中回购了约 40% 的流通股，并强调回购减少了股份总数。</p>
<p>“如果我们没有” 看到强劲的内部或并购机会，福格尔表示，公司应该将现金返还给股东，“因为他们可以比你更好地利用它。”</p>
<h2>长期增长目标</h2>
<p>福格尔重申了对 Booking Holdings 长期目标的信心，预计以 8% 的恒定货币毛预订增长、8% 的收入增长和 15% 的调整后每股收益增长，但强调短期内结果将会波动。</p>
<p>他说，这种信心基于全球 GDP 增长的预期、旅行的持续增长、进一步的数字化采用、产品改进、技术带来的效率提升以及股票回购。他还提到最近美国的表现，称公司在过去四个季度提高了美国的增长率，并最近报告了低双位数的增长。</p>
<p>“从长远来看，是的，” 福格尔谈到增长目标时表示。“几乎可以说，为什么我不应该有这样的信心呢？”</p>
<h2>关于 Booking NASDAQ: BKNG</h2>
<p>Booking Holdings Inc 是一家全球在线旅游公司，运营着一系列消费品牌和技术平台，便于搜索和预订旅游服务。公司的业务专注于住宿、交通和相关旅游服务，通过面向消费者的网站和应用程序以及合作伙伴分销渠道进行。Booking Holdings 最初在 1990 年代末以 Priceline 成立，并于 2018 年更名为 Booking Holdings；总部位于康涅狄格州诺沃克。</p>
<p>其核心产品包括酒店、度假租赁和其他住宿的在线预订；航班和租车搜索与预订；以及支持旅行规划和在场体验的附加服务。</p>
<p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
<h2>你现在应该投资$1,000 在 Booking 吗？</h2>
<p>在考虑 Booking 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其向客户推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而 Booking 并不在名单上。</p>
<p>虽然 Booking 目前在分析师中获得了适度买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>查看这五只股票</p>

BKNG

休闲娱乐 ETF - PowerShares

BEDZ

旅游科技 ETF -ETFMG

BKNU

3 倍做多旅游行业 ETN - MicroSectors

<p>Booking Holdings 首席执行官 Glenn Fogel 强调了公司在当前旅游行业不确定性下，仍然专注于长期投资和市场份额增长。他指出，人工智能和数字预订的潜力将推动未来的增长，并提到许多旅行者仍然选择线下预订。Fogel 还讨论了他们 “连接旅行” 战略的早期阶段，该战略旨在整合各种旅行服务，以提供无缝的体验。他认为，全球财富的增长和向数字预订的转变为公司带来了重大机遇</p>

<ul>
<li>Uber's Annual Product Showcase Reveals It Is Coming for Airbnb and Booking</li>
</ul>
<div class="lb-trans"><ul>
<li>优步的年度产品展示揭示其正向 Airbnb 和 Booking 发起挑战</li>
</ul>
</div><p>Booking NASDAQ: BKNG Holdings CEO and President Glenn Fogel said the online travel company remains focused on long-term product investment and market-share gains, even as the travel industry faces near-term uncertainty from geopolitical conflict and macroeconomic concerns.</p>
<div class="lb-trans"><p>Booking NASDAQ: BKNG Holdings 的首席执行官兼总裁格伦·福格尔表示，尽管旅游行业面临地缘政治冲突和宏观经济担忧带来的短期不确定性，该在线旅游公司仍专注于长期产品投资和市场份额的增长。</p>
</div><p>Speaking at an investor conference, Fogel said he continues to view travel as a durable growth market, citing a long-term history of travel spending outpacing global GDP by 1% to 2%. He said rising wealth around the world remains a structural tailwind, particularly because “about half the people on this earth” still cannot afford to travel.</p>
<div class="lb-trans"><p>在一次投资者会议上，福格尔表示他仍然将旅游视为一个持久的增长市场，引用了旅游支出长期超过全球 GDP 1% 到 2% 的历史。他指出，全球财富的增长仍然是一个结构性利好，特别是因为 “这个地球上大约一半的人” 仍然无法负担旅行。</p>
</div><ul>
<li>MarketBeat Week in Review – 04/13 - 04/17</li>
</ul>
<div class="lb-trans"><ul>
<li>MarketBeat 周度回顾 – 04/13 - 04/17</li>
</ul>
</div><p>Fogel also pointed to continued migration from offline to digital travel booking as another long-term driver for Booking Holdings. He estimated that roughly one-third of travelers still do not buy travel digitally, creating additional opportunity for the company’s platforms, which include Booking.com, Priceline, Agoda, KAYAK and OpenTable.</p>
<div class="lb-trans"><p>福格尔还指出，从线下到数字旅游预订的持续迁移是 Booking Holdings 的另一个长期驱动力。他估计，大约三分之一的旅行者仍未通过数字方式购买旅行，这为公司的平台（包括 Booking.com、Priceline、Agoda、KAYAK 和 OpenTable）创造了额外的机会。</p>
</div><p>“For us, the bigger issue to me is not the secular industry,” Fogel said. “It’s how do we continue to gain share?”</p>
<div class="lb-trans"><p>“对我们来说，更大的问题不是行业的长期趋势，” 福格尔说。“而是我们如何继续获得市场份额？”</p>
</div><h2>Fogel Emphasizes Long-Term Investment</h2>
<div class="lb-trans"><h2>福格尔强调长期投资</h2>
</div><ul>
<li>Booking Holdings Down 15%, Is It Time to Buy?</li>
</ul>
<div class="lb-trans"><ul>
<li>Booking Holdings 下跌 15%，现在是买入的时机吗？</li>
</ul>
</div><p>Asked about current travel demand and near-term headwinds, Fogel declined to provide incremental short-term commentary beyond the company’s earnings call. Instead, he emphasized that management is focused on building the franchise for long-term returns.</p>
<div class="lb-trans"><p>在被问及当前的旅行需求和短期阻力时，福格尔拒绝在公司财报电话会议之外提供额外的短期评论。相反，他强调管理层专注于为长期回报构建品牌。</p>
</div><p>Fogel said Booking Holdings should not allow short-term volatility to derail investment in strategic products and services. He cited the company’s variable cost structure as an advantage, noting that even in 2020, which he described as the worst year ever for travel because of the pandemic, Booking Holdings generated just under $900 million in EBITDA.</p>
<div class="lb-trans"><p>福格尔表示，Booking Holdings 不应让短期波动干扰对战略产品和服务的投资。他提到公司的可变成本结构是一个优势，指出即使在 2020 年，他称之为疫情导致的旅游史上最糟糕的一年，Booking Holdings 仍产生了近 9 亿美元的 EBITDA。</p>
</div><p>“If there’s no demand, I ain’t going to spend a lot of money on performance marketing when there’s no demand,” Fogel said. He said that flexibility allows the company to avoid cutting back on important long-term projects when demand weakens.</p>
<div class="lb-trans"><p>“如果没有需求，我不会在没有需求的情况下花很多钱在绩效营销上，” 福格尔说。他表示，这种灵活性使公司能够在需求减弱时避免削减重要的长期项目。</p>
</div><h2>AI Seen as a Net Positive</h2>
<div class="lb-trans"><h2>人工智能被视为净积极因素</h2>
</div><p>Fogel said Booking Holdings sees artificial intelligence as “an absolute net benefit” to the company’s future, though he cautioned that the industry remains in the early stages of understanding how AI will affect travel discovery and booking behavior.</p>
<div class="lb-trans"><p>福格尔表示，Booking Holdings 将人工智能视为对公司未来的 “绝对净收益”，尽管他警告说，行业仍处于理解人工智能如何影响旅行发现和预订行为的早期阶段。</p>
</div><p>He said consumers are already using AI chatbots for travel discovery and exploration, but that direct booking through those tools is not yet broadly available. Booking Holdings is working with multiple large language model providers globally, Fogel said, while also building AI capabilities into its own products.</p>
<div class="lb-trans"><p>他说，消费者已经在使用人工智能聊天机器人进行旅行发现和探索，但通过这些工具进行直接预订尚未广泛可用。福格尔表示，Booking Holdings 正在与全球多个大型语言模型提供商合作，同时也在其自身产品中构建人工智能能力。</p>
</div><p>Fogel said 65% of users currently come directly to Booking.com, and he wants that figure to increase. He said the company’s direct relationship with customers, its Genius loyalty program, and its supplier relationships provide data and offers that outside search providers or AI platforms may not have.</p>
<div class="lb-trans"><p>福格尔表示，目前 65% 的用户直接访问 Booking.com，他希望这一数字能够增加。他表示，公司与客户的直接关系、Genius 忠诚计划以及与供应商的关系提供了外部搜索提供商或人工智能平台可能没有的数据和优惠。</p>
</div><p>“Google knows everything about you,” Fogel said. “They don’t know what I can offer to you because you are a Genius Level 3.”</p>
<div class="lb-trans"><p>“谷歌对你的一切都了如指掌，” 福格尔说。“他们不知道我可以提供给你的，因为你是 Genius Level 3。”</p>
</div><p>Fogel also described internal AI use cases, including software development and customer service. He said AI can lower customer service costs per contact, reduce overall contacts and in some cases improve customer satisfaction. He gave examples of AI voice interactions that can answer customer inquiries more quickly and at lower cost than traditional call center models.</p>
<div class="lb-trans"><p>福格尔还描述了内部人工智能的应用案例，包括软件开发和客户服务。他表示，人工智能可以降低每次联系的客户服务成本，减少总体联系次数，并在某些情况下提高客户满意度。他举了人工智能语音交互的例子，这些交互可以比传统呼叫中心模型更快、更低成本地回答客户询问。</p>
</div><h2>Connected Trip Still in Early Stages</h2>
<div class="lb-trans"><h2>连接旅行仍处于早期阶段</h2>
</div><p>Fogel said Booking Holdings remains in the early stages of developing its “Connected Trip” strategy, which aims to combine accommodations, flights, rental cars, attractions, restaurants and other services into a more integrated travel experience.</p>
<div class="lb-trans"><p>福格尔表示，Booking Holdings 仍处于开发其 “连接旅行” 战略的早期阶段，该战略旨在将住宿、航班、租车、景点、餐厅和其他服务结合成更为综合的旅行体验。</p>
</div><p>The conference moderator noted that connected transactions grew in the high teens in the first quarter and now represent a low double-digit percentage of Booking.com’s overall transactions. Fogel said he is proud of the progress, but believes the opportunity remains largely untapped.</p>
<div class="lb-trans"><p>会议主持人指出，连接交易在第一季度增长了高达十几的百分比，现在占 Booking.com 整体交易的低双位数百分比。福格尔表示，他对这一进展感到自豪，但认为机会仍然在很大程度上未被开发。</p>
</div><p>He highlighted the company’s flight business, saying Booking Holdings had no flights offering a few years ago and posted a 28% increase last quarter. Excluding Ctrip.com’s domestic flights, Fogel said Booking may now be the largest third-party seller of flight tickets.</p>
<div class="lb-trans"><p>他强调了公司的航班业务，表示几年前 Booking Holdings 没有航班提供，而上个季度增长了 28%。福格尔表示，排除携程网的国内航班，Booking 现在可能是最大的第三方机票销售商。</p>
</div><p>Fogel said OpenTable remains an underused opportunity within the Connected Trip strategy. He described a potential scenario in which Booking.com knows a traveler is staying in an expensive London neighborhood, while OpenTable knows that traveler likes restaurants, allowing the company to present targeted dining offers.</p>
<div class="lb-trans"><p>福格尔表示，OpenTable 在连接旅行战略中仍然是一个未被充分利用的机会。他描述了一个潜在场景，其中 Booking.com 知道一位旅行者正在伦敦一个昂贵的社区住宿，而 OpenTable 知道该旅行者喜欢餐厅，从而使公司能够提供针对性的用餐优惠。</p>
</div><p>“That’s just one little opportunity,” Fogel said. “It’s so big.”</p>
<div class="lb-trans"><p>“这只是一个小机会，” 福格尔说。“它是如此庞大。”</p>
</div><p>He said the Genius loyalty program can further enhance Connected Trip by allowing suppliers across verticals to make special offers to high-value travelers in a closed user group.</p>
<div class="lb-trans"><p>他说，Genius 忠诚计划可以进一步增强连接旅行，使各个垂直领域的供应商能够向高价值旅行者在封闭用户组中提供特别优惠。</p>
</div><h2>Margins, Capital Returns and M&amp;A</h2>
<div class="lb-trans"><h2>利润率、资本回报和并购</h2>
</div><p>Asked about margins after several years of EBITDA margin expansion, Fogel said the company has flexibility but must balance growth investments with discipline. He said lower marketing costs from higher loyalty and direct traffic could support margins, while expansion into non-hotel verticals may pressure margin profile because those businesses generally carry lower margins than hotels.</p>
<div class="lb-trans"><p>在经历了几年的 EBITDA 利润率扩张后，福格尔在被问及利润率时表示，公司具有灵活性，但必须在增长投资与纪律之间取得平衡。他表示，来自更高忠诚度和直接流量的较低营销成本可能支持利润率，而扩展到非酒店垂直领域可能会对利润率产生压力，因为这些业务通常比酒店的利润率低。</p>
</div><p>Fogel said Booking Holdings’ capital allocation priorities remain investing in the business, pursuing M&amp;A where management has high confidence in returns, and returning excess cash to shareholders. He said the company has bought back about 40% of its outstanding shares over the past dozen years and emphasized that repurchases have reduced the share count.</p>
<div class="lb-trans"><p>福格尔表示，Booking Holdings 的资本配置优先事项仍然是投资于业务，追求管理层对回报有高度信心的并购，以及将多余现金返还给股东。他表示，公司在过去十多年中回购了约 40% 的流通股，并强调回购减少了股份总数。</p>
</div><p>“If we don’t” see strong internal or M&amp;A opportunities, Fogel said, the company should return cash to shareholders “because they can deploy it better than you can.”</p>
<div class="lb-trans"><p>“如果我们没有” 看到强劲的内部或并购机会，福格尔表示，公司应该将现金返还给股东，“因为他们可以比你更好地利用它。”</p>
</div><h2>Long-Term Growth Targets</h2>
<div class="lb-trans"><h2>长期增长目标</h2>
</div><p>Fogel reiterated confidence in Booking Holdings’ long-term ambitions for 8% constant-currency gross bookings growth, 8% revenue growth and 15% adjusted EPS growth, while stressing that results will be volatile over shorter periods.</p>
<div class="lb-trans"><p>福格尔重申了对 Booking Holdings 长期目标的信心，预计以 8% 的恒定货币毛预订增长、8% 的收入增长和 15% 的调整后每股收益增长，但强调短期内结果将会波动。</p>
</div><p>He said the confidence is based on expected global GDP growth, continued growth in travel, further digital adoption, product improvement, efficiency gains from technology and share repurchases. He also cited recent U.S. performance, saying the company has increased its U.S. growth rate for four quarters and recently reported low-teens growth.</p>
<div class="lb-trans"><p>他说，这种信心基于全球 GDP 增长的预期、旅行的持续增长、进一步的数字化采用、产品改进、技术带来的效率提升以及股票回购。他还提到最近美国的表现，称公司在过去四个季度提高了美国的增长率，并最近报告了低双位数的增长。</p>
</div><p>“In the long term, yeah,” Fogel said of the growth goals. “It’s almost, why should I not be?”</p>
<div class="lb-trans"><p>“从长远来看，是的，” 福格尔谈到增长目标时表示。“几乎可以说，为什么我不应该有这样的信心呢？”</p>
</div><h2>About Booking NASDAQ: BKNG</h2>
<div class="lb-trans"><h2>关于 Booking NASDAQ: BKNG</h2>
</div><p>Booking Holdings Inc is a global online travel company that operates a portfolio of consumer brands and technology platforms that facilitate the search for and booking of travel services. The company's businesses focus on accommodations, transportation and related travel services through consumer-facing websites and apps as well as partner distribution channels. Booking Holdings was originally founded as Priceline in the late 1990s and adopted the Booking Holdings name in 2018; it is headquartered in Norwalk, Connecticut.</p>
<div class="lb-trans"><p>Booking Holdings Inc 是一家全球在线旅游公司，运营着一系列消费品牌和技术平台，便于搜索和预订旅游服务。公司的业务专注于住宿、交通和相关旅游服务，通过面向消费者的网站和应用程序以及合作伙伴分销渠道进行。Booking Holdings 最初在 1990 年代末以 Priceline 成立，并于 2018 年更名为 Booking Holdings；总部位于康涅狄格州诺沃克。</p>
</div><p>Its core offerings include online reservations for hotels, vacation rentals and other lodging; flight and car rental search and booking; and ancillary services that support travel planning and on-property experiences.</p>
<div class="lb-trans"><p>其核心产品包括酒店、度假租赁和其他住宿的在线预订；航班和租车搜索与预订；以及支持旅行规划和在场体验的附加服务。</p>
</div><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p>
<div class="lb-trans"><p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
</div><h2>Should You Invest $1,000 in Booking Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资$1,000 在 Booking 吗？</h2>
</div><p>Before you consider Booking, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 Booking 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Booking wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其向客户推荐的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而 Booking 并不在名单上。</p>
</div><p>While Booking currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Booking 目前在分析师中获得了适度买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看这五只股票</p>
</div>

Booking CEO Sees AI, Connected Trips Driving Long-Term Travel Growth

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Booking 的 CEO 认为人工智能和连接行程将推动长期的旅游业增长