<p>Expedia（EXPE）已舉行其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>Expedia 最新的財報電話會議語氣樂觀，管理層強調了增長和盈利能力的廣泛勢頭。預訂和收入的雙位數增長、強勁的現金生成以及顯著的利潤率擴張為公司營造了積極的背景，儘管高管們承認宏觀不確定性和亞洲及其他地區的逆風。</p>
<h2>強勁的收入增長</h2>
<p>Expedia 的毛預訂和收入同比增長 11%，預訂額達到 270 億美元，收入為 35 億美元。管理層指出，外匯是一個小但重要的助力，為預訂增長貢獻了大約一個百分點，為收入增長貢獻了約兩個百分點。</p>
<h2>利潤率擴張和盈利能力</h2>
<p>盈利能力顯著改善，調整後的 EBITDA 利潤率擴張近四個百分點，達到 8.48 億美元或 24% 的利潤率。調整後的每股收益增長 58% 至 3.78 美元，突顯出強勁的經營槓桿和早期成本措施對利潤表的積極影響。</p>
<h2>B2B 和廣告表現優異</h2>
<p>B2B 部門表現突出，毛預訂增長 24%，達到 87 億美元，收入也增長 24%，達到 13 億美元。廣告收入增長約 19%，得益於創紀錄的活躍廣告合作伙伴數量和更廣泛的廣告形式，顯示出 Expedia 平台的貨幣化正在增長。</p>
<h2>B2C 復甦和品牌勢頭</h2>
<p>在消費者方面，B2C 毛預訂增長 5%，達到 183 億美元，收入增長 4%，達到 22 億美元，顯示出穩定的復甦。B2C EBITDA 利潤率躍升至 31.5%，增長約六個百分點，Vrbo 和 Hotels.com 恢復增長，所有三個核心品牌均實現了同比預訂增長。</p>
<h2>產品和服務改進</h2>
<p>管理層強調產品升級是客户滿意度的關鍵驅動因素，指出網站和應用程序的速度同比提高了約 30%。增強的結賬和支付選項、改進的推薦模型創造了創紀錄的第四季度附加率，創紀錄的自助服務水平幫助在重大活動期間將人工客服等待時間縮短至大約一到三分鐘。</p>
<h2>供應擴張和促銷槓桿</h2>
<p>Expedia 繼續加深其住宿供應，物業數量較 2024 年增長超過 10%。公司還加大了合作伙伴資助的促銷力度，將促銷價格的來源提高了超過 10 個百分點，推動超過 30% 的第四季度預訂通過此類優惠完成，近 70% 的物業參與了黑色星期五促銷。</p>
<h2>強勁的現金生成和資本回報</h2>
<p>全年自由現金流達到 31 億美元，公司結束時擁有 57 億美元的無條件現金和短期投資，增強了資產負債表的實力。Expedia 積極回購資本，在第四季度回購了 2.55 億美元的股票，自 2022 年以來回購超過 4500 萬股，淨股本減少約 22%，同時將季度股息提高 20% 至 0.48 美元。</p>
<h2>全球其他地區放緩和亞洲逆風</h2>
<p>儘管整體表現強勁，管理層指出全球其他地區的趨勢較為疲軟，亞洲的持續問題在多個季度內對業績產生了影響。這與美國和 EMEA 地區的更強勁表現形成對比，後者的需求相對健康，幫助抵消了地區的疲軟。</p>
<h2>B2B 因增長投資面臨利潤壓力</h2>
<p>在 B2B 領域，盈利能力略有下降，EBITDA 利潤率為 24%，同比下降約一個百分點。高管們強調，他們故意優先投資於新的 B2B 項目，接受一些短期利潤壓力以支持未來的增長並深化合作夥伴關係。</p>
<h2>直接銷售和營銷費用增加</h2>
<p>直接銷售和營銷總支出增長 10%，達到 17 億美元，主要由 B2B 相關費用推動，例如在住宿時確認的佣金。相比之下，B2C 的直接銷售和營銷支出下降約 5%，顯示出在消費者方面的營銷效率和槓桿改善，即使整體支出增加。</p>
<h2>預訂的波動性和宏觀不確定性</h2>
<p>管理層承認 2025 年預訂的波動性，並強調在持續的宏觀經濟不確定性下采取謹慎態度。這種謹慎反映在指導範圍的下限，公司將其視為對潛在需求波動和外部衝擊的合理緩衝。</p>
<h2>之前成本措施的影響限制了利潤上升空間</h2>
<p>展望未來，高管們警告稱，隨着他們逐步消化 2025 年的裁員和營銷優化，利潤擴張自然會放緩。由於大部分重擔已經完成，他們現在預計利潤增長將更加温和，目標是在 2026 年實現約 100 至 125 個基點的全年擴張。</p>
<h2>前瞻性指導和展望</h2>
<p>對於 2026 年初，Expedia 預計第一季度毛預訂增長為 10-12%，收入增長為 11-13%，受益於有利的外匯和預計的 3-4 個百分點的 EBITDA 利潤率提升。對於全年，管理層預計預訂增長為 6-8%，收入增長為 6-9%，EBITDA 利潤率擴張約 100-125 個基點，同時重申持續回購、適度提高股息和嚴格控制槓桿的計劃。</p>
<p>Expedia 的財報電話會議描繪了一家在加速增長的同時保持紀律性投資的公司，得益於強勁的現金流和更健康的資產負債表。儘管地區疲軟、高 B2B 支出和宏觀不確定性仍然存在，但整體信息是對運營改善和戰略舉措能夠維持盈利能力和股東回報的信心。</p>

旅遊科技 ETF -ETFMG

全球航空業 ETF - U.S. Global

EXPE

休閒娛樂 ETF - PowerShares

3 倍做多旅遊行業 ETN - MicroSectors

<p>Expedia 第四季度的財報電話會議強調了強勁的增長和盈利能力，毛預訂量和收入同比增長 11%，分別達到 270 億美元和 35 億美元。調整後的 EBITDA 利潤率擴大至 24%，調整後的每股收益增長 58%，達到 3.78 美元。B2B 部門表現出色，增長 24%，而 B2C 則顯示出復甦的跡象。儘管宏觀經濟存在不確定性，管理層依然保持謹慎樂觀，預計 2026 年第一季度毛預訂量增長 10-12%。然而，他們承認區域性挑戰，特別是在亞洲，並預計未來利潤率擴張將放緩</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）已舉行其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<div class="lb-trans"><h3>情人節促銷 - 70% 折扣</h3>
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<li>通過最新的新聞和分析保持市場領先，最大化您的投資組合潛力</li>
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</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 最新的財報電話會議語氣樂觀，管理層強調了增長和盈利能力的廣泛勢頭。預訂和收入的雙位數增長、強勁的現金生成以及顯著的利潤率擴張為公司營造了積極的背景，儘管高管們承認宏觀不確定性和亞洲及其他地區的逆風。</p>
</div><h2>Strong Top-Line Growth</h2>
<div class="lb-trans"><h2>強勁的收入增長</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 的毛預訂和收入同比增長 11%，預訂額達到 270 億美元，收入為 35 億美元。管理層指出，外匯是一個小但重要的助力，為預訂增長貢獻了大約一個百分點，為收入增長貢獻了約兩個百分點。</p>
</div><h2>Margin Expansion and Profitability</h2>
<div class="lb-trans"><h2>利潤率擴張和盈利能力</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>盈利能力顯著改善，調整後的 EBITDA 利潤率擴張近四個百分點，達到 8.48 億美元或 24% 的利潤率。調整後的每股收益增長 58% 至 3.78 美元，突顯出強勁的經營槓桿和早期成本措施對利潤表的積極影響。</p>
</div><h2>B2B and Advertising Outperformance</h2>
<div class="lb-trans"><h2>B2B 和廣告表現優異</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 部門表現突出，毛預訂增長 24%，達到 87 億美元，收入也增長 24%，達到 13 億美元。廣告收入增長約 19%，得益於創紀錄的活躍廣告合作伙伴數量和更廣泛的廣告形式，顯示出 Expedia 平台的貨幣化正在增長。</p>
</div><h2>B2C Recovery and Brand Momentum</h2>
<div class="lb-trans"><h2>B2C 復甦和品牌勢頭</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>在消費者方面，B2C 毛預訂增長 5%，達到 183 億美元，收入增長 4%，達到 22 億美元，顯示出穩定的復甦。B2C EBITDA 利潤率躍升至 31.5%，增長約六個百分點，Vrbo 和 Hotels.com 恢復增長，所有三個核心品牌均實現了同比預訂增長。</p>
</div><h2>Product and Service Improvements</h2>
<div class="lb-trans"><h2>產品和服務改進</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>管理層強調產品升級是客户滿意度的關鍵驅動因素，指出網站和應用程序的速度同比提高了約 30%。增強的結賬和支付選項、改進的推薦模型創造了創紀錄的第四季度附加率，創紀錄的自助服務水平幫助在重大活動期間將人工客服等待時間縮短至大約一到三分鐘。</p>
</div><h2>Supply Expansion and Promotional Leverage</h2>
<div class="lb-trans"><h2>供應擴張和促銷槓桿</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 繼續加深其住宿供應，物業數量較 2024 年增長超過 10%。公司還加大了合作伙伴資助的促銷力度，將促銷價格的來源提高了超過 10 個百分點，推動超過 30% 的第四季度預訂通過此類優惠完成，近 70% 的物業參與了黑色星期五促銷。</p>
</div><h2>Strong Cash Generation and Capital Returns</h2>
<div class="lb-trans"><h2>強勁的現金生成和資本回報</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>全年自由現金流達到 31 億美元，公司結束時擁有 57 億美元的無條件現金和短期投資，增強了資產負債表的實力。Expedia 積極回購資本，在第四季度回購了 2.55 億美元的股票，自 2022 年以來回購超過 4500 萬股，淨股本減少約 22%，同時將季度股息提高 20% 至 0.48 美元。</p>
</div><h2>Slowdown in Rest of World and Asia Headwinds</h2>
<div class="lb-trans"><h2>全球其他地區放緩和亞洲逆風</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>儘管整體表現強勁，管理層指出全球其他地區的趨勢較為疲軟，亞洲的持續問題在多個季度內對業績產生了影響。這與美國和 EMEA 地區的更強勁表現形成對比，後者的需求相對健康，幫助抵消了地區的疲軟。</p>
</div><h2>B2B Margin Pressure From Growth Investments</h2>
<div class="lb-trans"><h2>B2B 因增長投資面臨利潤壓力</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 領域，盈利能力略有下降，EBITDA 利潤率為 24%，同比下降約一個百分點。高管們強調，他們故意優先投資於新的 B2B 項目，接受一些短期利潤壓力以支持未來的增長並深化合作夥伴關係。</p>
</div><h2>Increase in Direct Sales and Marketing Expense</h2>
<div class="lb-trans"><h2>直接銷售和營銷費用增加</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>直接銷售和營銷總支出增長 10%，達到 17 億美元，主要由 B2B 相關費用推動，例如在住宿時確認的佣金。相比之下，B2C 的直接銷售和營銷支出下降約 5%，顯示出在消費者方面的營銷效率和槓桿改善，即使整體支出增加。</p>
</div><h2>Variability in Bookings and Macro Uncertainty</h2>
<div class="lb-trans"><h2>預訂的波動性和宏觀不確定性</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>管理層承認 2025 年預訂的波動性，並強調在持續的宏觀經濟不確定性下采取謹慎態度。這種謹慎反映在指導範圍的下限，公司將其視為對潛在需求波動和外部衝擊的合理緩衝。</p>
</div><h2>Lapping Prior Cost Actions Limits Margin Upside</h2>
<div class="lb-trans"><h2>之前成本措施的影響限制了利潤上升空間</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>展望未來，高管們警告稱，隨着他們逐步消化 2025 年的裁員和營銷優化，利潤擴張自然會放緩。由於大部分重擔已經完成，他們現在預計利潤增長將更加温和，目標是在 2026 年實現約 100 至 125 個基點的全年擴張。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指導和展望</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>對於 2026 年初，Expedia 預計第一季度毛預訂增長為 10-12%，收入增長為 11-13%，受益於有利的外匯和預計的 3-4 個百分點的 EBITDA 利潤率提升。對於全年，管理層預計預訂增長為 6-8%，收入增長為 6-9%，EBITDA 利潤率擴張約 100-125 個基點，同時重申持續回購、適度提高股息和嚴格控制槓桿的計劃。</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 的財報電話會議描繪了一家在加速增長的同時保持紀律性投資的公司，得益於強勁的現金流和更健康的資產負債表。儘管地區疲軟、高 B2B 支出和宏觀不確定性仍然存在，但整體信息是對運營改善和戰略舉措能夠維持盈利能力和股東回報的信心。</p>
</div>

Expedia 財報電話會議重點強調利潤，並表現出謹慎的樂觀態度