<p>Serko Ltd. ((NZ:SKO)) 已召开其第四季度财报电话会议。以下是会议的主要亮点。</p>
<h3>认识塞缪尔 – 您的个人投资先知</h3>
<ul>
<li>与 TipRanks 的可信、数据驱动的投资情报开始对话</li>
<li>向塞缪尔询问股票、您的投资组合或市场，并在几秒钟内获得即时、个性化的见解</li>
</ul>
<p>Serko Ltd. 最新的财报电话会议传达了谨慎乐观的语气，管理层在强劲的收入增长和改善的运营指标与持续的亏损和大量投资之间取得了平衡。高管们强调了稳健的资产负债表、快速增长的旅行量和有前景的新产品，同时承认在短期内盈利能力和现金生成仍面临压力。</p>
<h2>强劲的总收入增长</h2>
<p>总收入同比激增 34%，达到 1.209 亿新西兰元，凸显了 Serko 旅行技术平台的强劲需求。该结果得益于 Booking.com for Business 和 GetThere 的首次全年贡献，后者增加了 1610 万新西兰元的收入。</p>
<h2>EBITDAFI 的显著改善</h2>
<p>EBITDAFI 跃升 137%，达到 650 万新西兰元，突显了运营杠杆效应，即使公司加大了对其平台的投资。管理层将此视为规模效益开始显现的证据，尽管整合 GetThere 收购带来了拖累。</p>
<h2>Booking.com for Business 的势头</h2>
<p>Booking.com for Business 继续成为主要的增长引擎，完成的房晚数量增长 31%，达到 430 万，活跃客户增长 36%，达到 301,000。在线预订从 640 万新西兰元攀升 41%，达到 900 万新西兰元，进一步巩固了 Serko 在澳新市场的竞争地位。</p>
<h2>健康的资产负债表</h2>
<p>Serko 以 5410 万新西兰元的现金和短期存款结束了这一年，资产负债表上没有债务。管理层强调这一资本状况是一个关键的战略资产，使得持续的产品投资成为可能，并为潜在收购留出空间。</p>
<h2>Serko.ai 和战略进展</h2>
<p>该公司在美国推出了 Serko.ai 的封闭测试，吸纳了初始用户，并报告了来自企业的积极早期反馈。针对美国特定细分市场的有针对性的举措已经产生了合格的潜在客户，得益于新招聘的销售人员，他们专注于在这一关键市场建立立足点。</p>
<h2>运营效率的胜利</h2>
<p>尽管业务量显著增长，Serko 仍然削减了 170 万新西兰元的直接成本，并减少了 300 万新西兰元的其他运营费用。自主支持也有所改善，目前 30% 的支持查询无需人工干预即可解决，支持了可扩展性和长期的利润潜力。</p>
<h2>产品改进推动转化率</h2>
<p>移动体验的升级使转化率提升了 1.4 倍，显示出产品改进直接转化为更高的交易量。管理层指出，这证明以用户为中心的创新可以加深客户参与度并支撑收入增长。</p>
<h2>积极的指导势头</h2>
<p>Serko 预计 2027 财年的总收入为 1.28 亿至 1.34 亿新西兰元，总支出预计为 1.32 亿至 1.4 亿新西兰元，显示出持续的再投资。管理层指出，2027 财年初的预订量略高于计划，增强了对持续收入扩张的信心。</p>
<h2>净亏损和负自由现金流</h2>
<p>尽管盈利指标有所改善，Serko 仍然录得税后净亏损 1770 万新西兰元，同比改善 420 万新西兰元。自由现金流仍为负，达到 440 万新西兰元，反映出在战略举措和平台开发上的高支出。</p>
<h2>总支出接近并超过收入</h2>
<p>总支出达到 1.229 亿新西兰元，占总收入的 102%，说明 Serko 仍在收入之前进行投资。支出增长 33%，因为公司吸收了 GetThere 的全年成本 2080 万新西兰元，并将平台投资提升至 1330 万新西兰元。</p>
<h2>GetThere 第一年的成本/收入组合</h2>
<p>GetThere 在其首个完整年度贡献了 1610 万新西兰元的收入，但增加了 2080 万新西兰元的成本，使得该交易在现金成本基础上对 2026 财年的 EBITDAFI 产生了稀释影响。管理层将这一年视为过渡年，认为整合和规模化应该随着时间的推移改善收购经济效益。</p>
<h2>外汇波动和损失</h2>
<p>外汇损失增加了约 300 万新西兰元，包括由于欧元和澳元升值而导致的 380 万新西兰元的远期外汇合约损失。较低的利息收入和实现的外汇损失进一步施压现金生成，突显出货币作为一个关键的外部风险因素。</p>
<h2>每晚平均收入下降</h2>
<p>每晚完成房间的平均收入下降约 4%，至 9.25 欧元，反映出旅行市场的整体定价压力。佣金分层也影响了收入质量，综合佣金率从 50.0% 降至 48.7%，随着交易量的增加而降低。</p>
<h2>依赖早期阶段的美国举措</h2>
<p>管理层承认，2027 财年的显著上行部分依赖于美国企业细分市场和 Serko.ai 的非常早期阶段举措。这种依赖引入了执行风险，并可能使近期表现更加波动，因为这些新的增长驱动因素正在逐步提升。</p>
<h2>澳新地区的一次性收入驱动因素</h2>
<p>澳新地区的旅行收入增长了 6%，但领导层强调，这一增长的很大一部分来自与特定合作伙伴的一次性服务工作。这些临时贡献预计不会重复，限制了该特定增长动力的可持续性。</p>
<h2>前瞻性指导和风险平衡</h2>
<p>对于 2027 财年，Serko 预计总收入为 1.28 亿至 1.34 亿新西兰元，意味着 6% 至 11% 的增长，总支出为 1.32 亿至 1.4 亿新西兰元，因为它继续为规模投资。管理层表示，指导的上限取决于美国细分市场的势头，并指出货币对冲应能缓和外汇波动，而宏观和地缘政治的不确定性仍然是关注点。</p>
<p>Serko 的财报电话会议描绘了一幅公司成功扩大收入和提升产品竞争力的图景，但仍在处理激进投资带来的成本和现金影响。对于投资者来说，故事现在取决于美国扩张和 Serko.ai 是否能够在未来几年内将早期的承诺转化为持久的、盈利的增长。</p>

BKNG

BKNU

<p>Serko Ltd. 在其第四季度财报电话会议中报告总收入增长 34%，达到 1.209 亿新西兰元，这得益于强劲的需求以及来自 Booking.com for Business 和 GetThere 的贡献。尽管净亏损为 1770 万新西兰元，但管理层强调公司拥有稳健的资产负债表，现金为 5410 万新西兰元。该公司正专注于通过产品投资和美国市场举措实现增长，尽管面临执行风险和外汇波动。对 2027 财年的指引预计总收入为 1.28 亿至 1.34 亿新西兰元</p>

<p>Serko Ltd. ((NZ:SKO)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Serko Ltd. ((NZ:SKO)) 已召开其第四季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Meet Samuel – Your Personal Investing Prophet</h3>
<div class="lb-trans"><h3>认识塞缪尔 – 您的个人投资先知</h3>
</div><ul>
<li>Start a conversation with TipRanks’ trusted, data-backed investment intelligence</li>
<li>Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds</li>
</ul>
<div class="lb-trans"><ul>
<li>与 TipRanks 的可信、数据驱动的投资情报开始对话</li>
<li>向塞缪尔询问股票、您的投资组合或市场，并在几秒钟内获得即时、个性化的见解</li>
</ul>
</div><p>Serko Ltd.’s latest earnings call struck a cautiously optimistic tone as management balanced strong revenue growth and improving operating metrics against ongoing losses and heavy investment. Executives emphasized solid balance sheet strength, fast-growing travel volumes, and promising new products, while acknowledging that profitability and cash generation remain under pressure in the near term.</p>
<div class="lb-trans"><p>Serko Ltd. 最新的财报电话会议传达了谨慎乐观的语气，管理层在强劲的收入增长和改善的运营指标与持续的亏损和大量投资之间取得了平衡。高管们强调了稳健的资产负债表、快速增长的旅行量和有前景的新产品，同时承认在短期内盈利能力和现金生成仍面临压力。</p>
</div><h2>Strong Total Income Growth</h2>
<div class="lb-trans"><h2>强劲的总收入增长</h2>
</div><p>Total income surged 34% year-on-year to NZD 120.9 million, underscoring robust demand across Serko’s travel technology platforms. The result was powered by Booking.com for Business and the first full-year contribution from GetThere, which added NZD 16.1 million in revenue.</p>
<div class="lb-trans"><p>总收入同比激增 34%，达到 1.209 亿新西兰元，凸显了 Serko 旅行技术平台的强劲需求。该结果得益于 Booking.com for Business 和 GetThere 的首次全年贡献，后者增加了 1610 万新西兰元的收入。</p>
</div><h2>Material Improvement in EBITDAFI</h2>
<div class="lb-trans"><h2>EBITDAFI 的显著改善</h2>
</div><p>EBITDAFI jumped 137% to NZD 6.5 million, highlighting operating leverage even as the company stepped up investment in its platform. Management framed this as evidence that scale benefits are starting to flow through, despite the drag from integrating the GetThere acquisition.</p>
<div class="lb-trans"><p>EBITDAFI 跃升 137%，达到 650 万新西兰元，突显了运营杠杆效应，即使公司加大了对其平台的投资。管理层将此视为规模效益开始显现的证据，尽管整合 GetThere 收购带来了拖累。</p>
</div><h2>Booking.com for Business Momentum</h2>
<div class="lb-trans"><h2>Booking.com for Business 的势头</h2>
</div><p>Booking.com for Business continued to be a major growth engine, with completed room nights up 31% to 4.3 million and active customers rising 36% to 301,000. Online bookings climbed 41% from NZD 6.4 million to NZD 9.0 million, reinforcing Serko’s strengthening competitive position in the Australasian market.</p>
<div class="lb-trans"><p>Booking.com for Business 继续成为主要的增长引擎，完成的房晚数量增长 31%，达到 430 万，活跃客户增长 36%，达到 301,000。在线预订从 640 万新西兰元攀升 41%，达到 900 万新西兰元，进一步巩固了 Serko 在澳新市场的竞争地位。</p>
</div><h2>Healthy Balance Sheet</h2>
<div class="lb-trans"><h2>健康的资产负债表</h2>
</div><p>Serko closed the year with NZD 54.1 million in cash and short-term deposits and no debt on the balance sheet. Management highlighted this capital position as a key strategic asset, enabling continued product investment and leaving room for potential acquisitions.</p>
<div class="lb-trans"><p>Serko 以 5410 万新西兰元的现金和短期存款结束了这一年，资产负债表上没有债务。管理层强调这一资本状况是一个关键的战略资产，使得持续的产品投资成为可能，并为潜在收购留出空间。</p>
</div><h2>Serko.ai and Strategic Progress</h2>
<div class="lb-trans"><h2>Serko.ai 和战略进展</h2>
</div><p>The company launched Serko.ai in closed beta in the U.S., onboarding initial users and reporting encouraging early feedback from corporates. Targeted initiatives in defined U.S. segments are already generating qualified leads, supported by new sales hires who are focused on building a foothold in this key market.</p>
<div class="lb-trans"><p>该公司在美国推出了 Serko.ai 的封闭测试，吸纳了初始用户，并报告了来自企业的积极早期反馈。针对美国特定细分市场的有针对性的举措已经产生了合格的潜在客户，得益于新招聘的销售人员，他们专注于在这一关键市场建立立足点。</p>
</div><h2>Operational Efficiency Wins</h2>
<div class="lb-trans"><h2>运营效率的胜利</h2>
</div><p>Despite significant volume growth, Serko cut direct costs by NZD 1.7 million and reduced other operating expenses by NZD 3.0 million. Autonomous support also improved, with 30% of support queries now resolved without human intervention, supporting scalability and margin potential over time.</p>
<div class="lb-trans"><p>尽管业务量显著增长，Serko 仍然削减了 170 万新西兰元的直接成本，并减少了 300 万新西兰元的其他运营费用。自主支持也有所改善，目前 30% 的支持查询无需人工干预即可解决，支持了可扩展性和长期的利润潜力。</p>
</div><h2>Product Improvements Driving Conversion</h2>
<div class="lb-trans"><h2>产品改进推动转化率</h2>
</div><p>Upgrades to the mobile experience delivered a 1.4x uplift in conversion rates, showing that product enhancements are translating directly into higher transaction volumes. Management pointed to this as proof that user-centric innovation can both deepen customer engagement and underpin revenue growth.</p>
<div class="lb-trans"><p>移动体验的升级使转化率提升了 1.4 倍，显示出产品改进直接转化为更高的交易量。管理层指出，这证明以用户为中心的创新可以加深客户参与度并支撑收入增长。</p>
</div><h2>Guidance with Positive Momentum</h2>
<div class="lb-trans"><h2>积极的指导势头</h2>
</div><p>Serko guided FY ’27 total income to NZD 128–134 million, with total spend projected at NZD 132–140 million, signaling ongoing reinvestment. Management noted booking volumes at the start of FY ’27 are slightly ahead of plan, reinforcing confidence in continued top-line expansion.</p>
<div class="lb-trans"><p>Serko 预计 2027 财年的总收入为 1.28 亿至 1.34 亿新西兰元，总支出预计为 1.32 亿至 1.4 亿新西兰元，显示出持续的再投资。管理层指出，2027 财年初的预订量略高于计划，增强了对持续收入扩张的信心。</p>
</div><h2>Net Loss and Negative Free Cash Flow</h2>
<div class="lb-trans"><h2>净亏损和负自由现金流</h2>
</div><p>Despite better profitability metrics, Serko still posted a net loss after tax of NZD 17.7 million, an improvement of NZD 4.2 million year-on-year. Free cash flow remained negative at NZD 4.4 million, reflecting elevated spending on strategic initiatives and platform development.</p>
<div class="lb-trans"><p>尽管盈利指标有所改善，Serko 仍然录得税后净亏损 1770 万新西兰元，同比改善 420 万新西兰元。自由现金流仍为负，达到 440 万新西兰元，反映出在战略举措和平台开发上的高支出。</p>
</div><h2>Total Spend Nearing and Exceeding Income</h2>
<div class="lb-trans"><h2>总支出接近并超过收入</h2>
</div><p>Total spend reached NZD 122.9 million, or 102% of total income, illustrating that Serko is still investing ahead of revenue. Spend increased 33% as the company absorbed a full year of GetThere costs of NZD 20.8 million and lifted platform investment to NZD 13.3 million.</p>
<div class="lb-trans"><p>总支出达到 1.229 亿新西兰元，占总收入的 102%，说明 Serko 仍在收入之前进行投资。支出增长 33%，因为公司吸收了 GetThere 的全年成本 2080 万新西兰元，并将平台投资提升至 1330 万新西兰元。</p>
</div><h2>GetThere Cost/Revenue Mix in Year One</h2>
<div class="lb-trans"><h2>GetThere 第一年的成本/收入组合</h2>
</div><p>GetThere contributed NZD 16.1 million of revenue in its first full year but added NZD 20.8 million in costs, making the deal dilutive to FY ’26 EBITDAFI on a cash-cost basis. Management framed this as a transitional year, arguing that integration and scaling should improve the acquisition economics over time.</p>
<div class="lb-trans"><p>GetThere 在其首个完整年度贡献了 1610 万新西兰元的收入，但增加了 2080 万新西兰元的成本，使得该交易在现金成本基础上对 2026 财年的 EBITDAFI 产生了稀释影响。管理层将这一年视为过渡年，认为整合和规模化应该随着时间的推移改善收购经济效益。</p>
</div><h2>Foreign Exchange Volatility and Losses</h2>
<div class="lb-trans"><h2>外汇波动和损失</h2>
</div><p>Foreign exchange losses rose by around NZD 3 million, including a NZD 3.8 million hit on forward exchange contracts driven by euro and AUD appreciation. Lower interest income and realized FX losses further pressured cash generation, underlining currency as a key external risk factor.</p>
<div class="lb-trans"><p>外汇损失增加了约 300 万新西兰元，包括由于欧元和澳元升值而导致的 380 万新西兰元的远期外汇合约损失。较低的利息收入和实现的外汇损失进一步施压现金生成，突显出货币作为一个关键的外部风险因素。</p>
</div><h2>Average Revenue Per Night Decline</h2>
<div class="lb-trans"><h2>每晚平均收入下降</h2>
</div><p>Average revenue per completed room night slipped about 4% to EUR 9.25, reflecting broader pricing pressures in the travel market. Commission tiering also weighed on revenue quality, with the blended commission rate easing from 50.0% to 48.7% as volumes scaled.</p>
<div class="lb-trans"><p>每晚完成房间的平均收入下降约 4%，至 9.25 欧元，反映出旅行市场的整体定价压力。佣金分层也影响了收入质量，综合佣金率从 50.0% 降至 48.7%，随着交易量的增加而降低。</p>
</div><h2>Reliance on Early-Stage U.S. Initiatives</h2>
<div class="lb-trans"><h2>依赖早期阶段的美国举措</h2>
</div><p>Management acknowledged that a meaningful portion of FY ’27 upside depends on very early-stage initiatives in U.S. corporate segments and Serko.ai. This reliance introduces execution risk and could make near-term performance more volatile as these new growth drivers ramp.</p>
<div class="lb-trans"><p>管理层承认，2027 财年的显著上行部分依赖于美国企业细分市场和 Serko.ai 的非常早期阶段举措。这种依赖引入了执行风险，并可能使近期表现更加波动，因为这些新的增长驱动因素正在逐步提升。</p>
</div><h2>One-off Revenue Drivers in Australasia</h2>
<div class="lb-trans"><h2>澳新地区的一次性收入驱动因素</h2>
</div><p>Australasian travel revenue rose 6%, but leadership stressed that much of this uplift came from one-off services work with specific partners. These temporary contributions are not expected to recur, limiting the sustainability of that particular growth tailwind.</p>
<div class="lb-trans"><p>澳新地区的旅行收入增长了 6%，但领导层强调，这一增长的很大一部分来自与特定合作伙伴的一次性服务工作。这些临时贡献预计不会重复，限制了该特定增长动力的可持续性。</p>
</div><h2>Forward-Looking Guidance and Risk Balance</h2>
<div class="lb-trans"><h2>前瞻性指导和风险平衡</h2>
</div><p>For FY ’27, Serko expects total income of NZD 128–134 million, implying 6–11% growth, and total spend of NZD 132–140 million as it continues to invest for scale. Management said the top end of guidance hinges on U.S. segment momentum and noted that currency hedging should moderate FX swings, while macro and geopolitical uncertainty remain watchpoints.</p>
<div class="lb-trans"><p>对于 2027 财年，Serko 预计总收入为 1.28 亿至 1.34 亿新西兰元，意味着 6% 至 11% 的增长，总支出为 1.32 亿至 1.4 亿新西兰元，因为它继续为规模投资。管理层表示，指导的上限取决于美国细分市场的势头，并指出货币对冲应能缓和外汇波动，而宏观和地缘政治的不确定性仍然是关注点。</p>
</div><p>Serko’s earnings call painted a picture of a company successfully scaling revenue and sharpening its product edge, but still working through the cost and cash implications of aggressive investment. For investors, the story now hinges on whether U.S. expansion and Serko.ai can convert early promise into durable, profitable growth over the next few years.</p>
<div class="lb-trans"><p>Serko 的财报电话会议描绘了一幅公司成功扩大收入和提升产品竞争力的图景，但仍在处理激进投资带来的成本和现金影响。对于投资者来说，故事现在取决于美国扩张和 Serko.ai 是否能够在未来几年内将早期的承诺转化为持久的、盈利的增长。</p>
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Serko 有限公司的收益电话会议在增长与风险之间取得了平衡