Core Insights - Ctrip's CEO Sun Jie has been recognized in Forbes Asia's "2025 Most Influential Businesswomen in Asia," highlighting the company's competitive position in the global travel market [1] - Sun Jie is one of only two female executives from mainland China on the list, showcasing her leadership in the industry [1] Company Performance - Under Sun Jie's leadership, Ctrip has demonstrated resilience during the pandemic, implementing effective recovery strategies that led to a rebound in business [1] - Ctrip's overseas business has maintained a growth rate of over 60%, with inbound travel bookings in the first half of 2025 increasing by 100% year-on-year [1][2] Strategic Initiatives - Ctrip is enhancing its inbound travel capabilities through service upgrades, product enhancements, and international outreach [2] - The company is optimizing multilingual services, cross-border payments, and itinerary design to improve the experience for international travelers [2] Future Outlook - With the release of policy benefits related to visas, flights, and payments, inbound tourism is entering a new phase of high-quality development [2] - Ctrip aims to leverage its platform and technological advantages to create a more open, friendly, and intelligent inbound tourism ecosystem, promoting a better understanding of China globally [2]

相关报道指出，戴晓茹是前携程国际CTO，关于后面国际业务的CTO谁来接替，暂不确定。 责任编辑：宋雅芳 不过，据携程官方账号"携程技术"今年年初发布信息显示，马超的职位为携程集团副总裁/技术委员会 主席。 新浪科技讯 11月7日下午消息，据媒体报道，集团CTO马超本周官宣离职，国际CTO戴晓茹接棒。 ...

Core Viewpoint - Expedia's third-quarter performance exceeded market expectations, showcasing strong growth in sales and adjusted earnings per share, indicating a positive outlook for the company and the online travel industry [1] Financial Performance - Third-quarter sales increased by 9% year-over-year to $4.41 billion, surpassing market expectations of $4.28 billion [1] - Adjusted earnings per share rose by 23% year-over-year to $7.57, exceeding the anticipated $6.97 [1] - Total bookings across platforms, including Hotels.com, Vrbo, and Expedia.com, grew by 12% year-over-year to $30.73 billion, higher than the expected $29.1 billion [1] Future Outlook - Expedia forecasts a median sales growth of 7% for the fourth quarter, significantly above the expected 2.6% [1] - The company has raised its full-year sales growth forecast to a median of 6.5%, up from the previous expectation of 4% [1]

Core Insights - Airbnb (ABNB.US) shares rose over 5.3% to $127 following the release of its Q3 earnings report [1] Financial Performance - Q3 revenue increased by 10% year-over-year to $4.1 billion, slightly above market expectations of $4.08 billion [1] - Adjusted EBITDA was $2.1 billion, exceeding forecasts [1] - Earnings per share (EPS) was $2.21, which fell short of market expectations of $2.31 [1] Booking Metrics - Total nights booked and seats increased by 8.8% year-over-year to 133.6 million [1] - Total booking value rose by 14% year-over-year to $22.9 billion, surpassing market expectations of $21.93 billion [1] Future Guidance - The company expects an adjusted profit margin of approximately 35% for the full year, up from the previous guidance of at least 34.5% [1] - Key metrics for booked nights and seats are projected to grow in the mid-single digits year-over-year [1]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $4.1 billion, representing a 10% year-over-year increase [19] - Adjusted EBITDA reached over $2 billion, marking the highest quarterly figure ever, with a 50% EBITDA margin [19] - Gross booking value (GBV) grew 14% year-over-year to $22.9 billion, driven by strong growth in both bookings and pricing [18] - Net income was $1.4 billion, with earnings per share (EPS) of $2.21, reflecting a 4% year-over-year growth [19] - Free cash flow for Q3 was $1.3 billion, contributing to a total of $4.5 billion over the past 12 months, resulting in a free cash flow margin of 38% [20] Business Line Data and Key Metrics Changes - Nights and seats booked increased by 9% year-over-year, with a two-point sequential acceleration from Q2 [18] - International expansion markets saw average nights booked grow at double the rate of core markets, with first-time bookers up over 20% in Japan and nearly 50% in India [8][9] - The launch of Airbnb Services and Experiences has received positive feedback, with an average rating of 4.3 out of 5 stars [9] Market Data and Key Metrics Changes - Nights growth across major regions remained steady or accelerated, with Latin America growing in the low 20s and Asia-Pacific in the mid-teens [18] - The U.S. market showed significant acceleration from Q2 to Q3, partly due to the Reserve Now, Pay Later payment offering [18] Company Strategy and Development Direction - The company is focusing on four key growth areas: improving service quality, expanding globally, diversifying offerings, and integrating AI into the app [5][12] - The strategy includes launching hotels on the platform, targeting boutique and independent hotels, and enhancing the user experience with new search filters and room type selections [11][54] - The integration of AI aims to create a more personalized experience for users, with features like AI customer support and AI-powered search being rolled out [12][77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued momentum into Q4, expecting revenue growth of 7%-10% year-over-year [21] - The company anticipates a sequential acceleration in growth from Q3 to Q4, despite tougher year-over-year comparisons [22] - Management highlighted the importance of maintaining strong margins while investing in growth initiatives for 2026 [22] Other Important Information - The company repurchased $857 million of common stock during the quarter, with a total of over $3.5 billion repurchased in the trailing 12 months [20] - A one-time $213 million valuation allowance impacted net income due to changes in tax legislation [19] Q&A Session Summary Question: What percentage of the acceleration in the U.S. has come from the Reserve Now, Pay Later offering? - About 70% of those offered the Reserve Now, Pay Later option have utilized it, and while there are increased cancellations, the net impact is a lift to net bookings [25][26] Question: How should investors think about the duration of execution and investment needed for international markets? - Each market takes a different timeline, with significant market share gains seen in Latin America and promising progress in Japan [30][32] Question: Is the events and experiences segment contributing to revenue, and what are the retention signs? - Experiences are bringing new audiences to Airbnb, with about half of those booking experiences not having an associated stay [36][38] Question: How does the company plan to layer on hotels in markets where it is currently shut out? - Hotels are seen as a promising opportunity, with pilots underway in key markets like New York City and Madrid [46][50] Question: What are the long-term ambitions for hotel merchandising and booking experience? - The company envisions becoming a one-stop shop for travel, focusing on boutique and independent hotels while ensuring the hotel business is incremental [54][56] Question: What new billion-plus opportunity products and services can be expected in 2026? - The company is on pace to launch at least one new business each year, with a focus on service experiences and hotels [60][62] Question: What are the remaining pain points that need more work? - The company aims to improve payment flexibility, quality control, and pricing tools for hosts, while also enhancing map and location information [82][84]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $4.1 billion, representing a 10% year-over-year increase [19] - Adjusted EBITDA reached over $2 billion, marking the highest quarterly figure ever, with a 50% EBITDA margin [19] - Gross booking value (GBV) grew 14% year-over-year to $22.9 billion, driven by strong growth in both bookings and pricing [18] - Net income was $1.4 billion, with earnings per share (EPS) of $2.21, reflecting a 4% year-over-year growth [19] - Free cash flow for Q3 was $1.3 billion, contributing to a total of $4.5 billion over the past 12 months, resulting in a free cash flow margin of 38% [20] Business Line Data and Key Metrics Changes - Nights and seats booked increased by 9% year-over-year, with a two-point sequential acceleration from Q2 [18] - International expansion markets saw average nights booked grow at double the rate of core markets, with first-time bookers up over 20% in Japan and nearly 50% in India [8][9] - Service and experiences received an average rating of 4.3 out of 5 stars, with nearly half of experience bookers not having an associated Airbnb stay [9][10] Market Data and Key Metrics Changes - Nights growth across major regions remained steady or accelerated, with Latin America growing in the low 20s and Asia-Pacific in the mid-teens [18] - The U.S. market showed significant acceleration, partly due to the launch of the Reserve Now, Pay Later payment offering [18] Company Strategy and Development Direction - The company is focusing on four key growth areas: improving service quality, expanding globally, diversifying offerings, and integrating AI into the app [5][12] - The launch of hotels on the platform aims to fill gaps in supply-constrained markets, with a focus on boutique and independent hotels [11][54] - The integration of AI is seen as a major transformation, with plans for smarter customer support and personalized search experiences [12][77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued momentum into Q4, expecting revenue growth of 7%-10% year-over-year [21] - The company anticipates a sequential acceleration in growth from Q3 to Q4, despite tougher year-over-year comparisons [22] - Management emphasized the importance of maintaining strong margins while investing in growth initiatives for 2026 [22] Other Important Information - The company repurchased $857 million of common stock during the quarter, with a total of over $3.5 billion repurchased in the trailing 12 months [20] - A one-time $213 million valuation allowance impacted net income due to changes in tax legislation [19] Q&A Session Summary Question: What percentage of the acceleration in the U.S. has come from the Reserve Now, Pay Later offering? - About 70% of those offered the Reserve Now, Pay Later option accepted it, and while there are increased cancellations, the net impact is a lift to net bookings [25][26] Question: How should investors think about the duration of execution and investment needed for international market expansion? - Each market takes a different timeline, with significant market share gains seen in Latin America and promising progress in Japan [30][32] Question: Is the events and experiences segment contributing to revenue, and what are the retention signs? - Experiences are bringing new audiences to Airbnb, with about half of experience bookers not having an associated stay [36][38] Question: How should hotels be layered on in markets where Airbnb is shut out? - Hotels are seen as a promising opportunity, with pilots underway in key markets, and the company believes there is significant demand for hotels on the platform [46][50] Question: What are the long-term ambitions for hotel merchandising and booking experience? - The company envisions becoming a one-stop shop for travel, with a focus on boutique and independent hotels, and plans to expand offerings based on customer intent [54][56] Question: What can be expected regarding AI-powered search and milestones for service experiences? - The AI strategy includes testing natural language input for search and aims to integrate AI across the app for a seamless user experience [74][77]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $4.1 billion, representing a 10% year-over-year increase [18] - Adjusted EBITDA reached $2.1 billion, with a 50% EBITDA margin, marking the highest quarterly EBITDA ever [17][18] - Gross booking value (GBV) grew 14% year-over-year to $22.9 billion, driven by strong growth in both bookings and pricing [17][18] - Net income was $1.4 billion, with earnings per share (EPS) of $2.21, reflecting a 4% year-over-year growth [18] Business Line Data and Key Metrics Changes - Nights and seats booked increased by 9% year-over-year, showing a two-point sequential acceleration from Q2 [17] - The introduction of the Reserve Now, Pay Later payment option significantly contributed to the growth in the U.S. market [17][25] - Service and experiences launched in May received an average rating of 4.3 out of 5 stars, indicating strong customer satisfaction [9] Market Data and Key Metrics Changes - Average nights booked in expansion markets grew at double the rate of core markets over the past 12 months [8] - First-time bookers increased by over 20% in Japan and nearly 50% in India year-over-year [8] - Nights growth across major regions remained steady or accelerated, with Latin America growing in the low 20s and Asia-Pacific in the mid-teens [17] Company Strategy and Development Direction - The company is focusing on four key growth areas: improving service quality, expanding globally, diversifying offerings, and integrating AI into the app [4][8] - The launch of hotels on the platform aims to fill gaps in supply-constrained markets, with a focus on boutique and independent hotels [11][44] - The integration of AI is expected to enhance personalization and user experience, with plans for AI-powered search and customer support [12][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued momentum in bookings, particularly due to the Reserve Now, Pay Later offering [20] - The company anticipates revenue growth of 7%-10% in Q4 2025, despite tougher year-over-year comparisons [20] - Management highlighted the importance of maintaining strong margins while investing in growth initiatives for 2026 [21] Other Important Information - The company repurchased $857 million of common stock during the quarter, with a total of over $3.5 billion repurchased in the trailing 12 months [19] - A one-time $213 million valuation allowance impacted net income due to changes in tax legislation [18] Q&A Session Summary Question: What percentage of the acceleration in the U.S. has come from the Reserve Now, Pay Later offering? - Approximately 70% of users offered the Reserve Now, Pay Later option have utilized it, contributing to increased bookings despite some rise in cancellations [25][26] Question: How should investors think about the duration of execution and investment needed for international market expansion? - The company has been selective in market expansion, with different timelines for each market, and is seeing success in targeted regions like Latin America and Japan [28][30] Question: What is the contribution of experiences and services, and are they helping with overall platform velocity? - Experiences are attracting new users, with about half of those booking experiences not having an associated home stay, indicating potential for future growth [33][34] Question: How does the company view the long-term scope of hotel offerings? - Hotels are seen as a promising opportunity, with the potential to complement the existing home rental business without significant cannibalization [39][43] Question: What are the incremental investment plans for 2026? - The company plans to continue investing in new business initiatives, including hotels and AI integration, while maintaining a focus on profitability [52][56]

Financial Data and Key Metrics Changes - The company reported a 12% increase in bookings and a 9% increase in revenue for Q3 2025, with EBITDA margin expanding by over two points [5][14][15] - Gross bookings reached $30.7 billion, with a 12% year-over-year growth, benefiting from foreign exchange [15][20] - Adjusted EBITDA was $1.4 billion, with a margin of 33%, reflecting revenue and expense leverage [17][20] Business Line Data and Key Metrics Changes - B2B bookings increased by 26%, marking the 17th consecutive quarter of double-digit growth, while advertising revenue grew by 16% [6][15] - B2C gross bookings were $21.3 billion, growing 7% year-over-year, with B2C revenue at $2.9 billion, up 4% [15][16] - The company saw strong performance in its consumer brands, particularly in Europe, with Expedia being the largest and fastest-growing brand [6][16] Market Data and Key Metrics Changes - In the U.S., room nights increased by high single digits, marking the fastest growth in over three years, while EMEA saw low double-digit growth and Asia over 20% [6][14] - The company experienced strong demand for premium travel, with growth in both high-end and lower-end segments [15] Company Strategy and Development Direction - The company is focused on delivering more value to travelers through personalized experiences and enhanced loyalty programs [7][9] - Investment in B2B and advertising continues to be a priority, with new tools and AI integration driving growth [10][11] - The company is leveraging AI to improve operational efficiencies and enhance customer service [12][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute and create value for stakeholders, despite monitoring economic indicators [12][20] - The company raised its full-year guidance based on strong Q3 results and ongoing trends [5][20] Other Important Information - The company ended the quarter with $6.2 billion in unrestricted cash and short-term investments, maintaining a strong cash position [19] - Free cash flow on a trailing 12-month basis was $3 billion, reflecting the strength of the operating model [19] Q&A Session Summary Question: Thoughts on B2B growth and competitive environment - Management highlighted exceptional B2B performance, driven by strong supply and technology, with a focus on signing new partners and enhancing product offerings [24][25] Question: Sources of margin expansion - Management identified sales and marketing optimization, cost of sales management, and overhead control as key sources for future margin expansion [31][33] Question: Update on replatforming and brand performance - Management noted that replatforming has enabled better scale and performance across brands, with Hotels.com and Vrbo showing strong results [41][44] Question: Direct bookings and marketing efficiency - Management reported that direct bookings account for about two-thirds of consumer business, with ongoing improvements in conversion rates [68][70] Question: Outlook for Q4 and government shutdown impact - Management expressed confidence in Q4 guidance while monitoring potential impacts from the government shutdown [86][88] Question: International travel dynamics - Management indicated that inbound travel to the U.S. is nearly back to last year's levels, with healthy growth across various corridors [95]

Financial Data and Key Metrics Changes - Bookings increased by 12% and revenue grew by 9%, with EBITDA margin expanding by over 2 points [5][16][17] - Gross bookings reached $30.7 billion, reflecting a 12% year-over-year increase, with a 1-point benefit from foreign exchange [17] - Adjusted EBITDA was $1.4 billion, with a margin of 33%, driven by revenue and expense leverage [19] Business Line Data and Key Metrics Changes - B2C gross bookings were $21.3 billion, growing 7% year-over-year, while B2C revenue increased by 4% to $2.9 billion [18] - B2B gross bookings surged by 26% to $9.4 billion, with B2B revenue growing by 18% [18] - Advertising revenue rose by 16%, marking another double-digit growth quarter [17] Market Data and Key Metrics Changes - In the U.S., room nights increased by high single digits, marking the fastest growth in over three years [7][16] - EMEA saw low double-digit growth in room nights, while Asia experienced over 20% growth [7] - B2B bookings increased for the 17th consecutive quarter, with a 26% rise [7] Company Strategy and Development Direction - The company is focused on delivering more value to travelers through personalized experiences and enhanced product offerings [8][10] - Investment in growth opportunities, particularly in B2B and advertising, is a key strategic priority [10][11] - The integration of AI into products is expected to drive engagement and improve operational efficiencies [9][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute and create value amidst a dynamic macro environment [14][15] - The company raised its full-year guidance based on strong demand trends observed in Q3 [6][22] - Economic indicators are being monitored closely, with a focus on maintaining agility in operations [14][22] Other Important Information - The company ended the quarter with $6.2 billion in unrestricted cash and short-term investments [21] - Free cash flow on a trailing 12-month basis was $3 billion, reflecting a strong operating model [21] - The company has $1.8 billion remaining in its share repurchase program [21] Q&A Session Summary Question: Thoughts on B2B growth and competitive environment - Management highlighted exceptional B2B performance, emphasizing strong supply and technology as key growth drivers [26][28] Question: Sources of margin expansion - Margin expansion is expected from optimized sales and marketing, improved cost of sales, and overhead management [34][35] Question: Update on replatforming and brand performance - Replatforming has enabled better scale and performance across brands, with Hotels.com and Vrbo showing strong growth [41][44] Question: Direct bookings and marketing efficiency - Direct bookings account for about two-thirds of consumer business, with ongoing improvements in conversion rates [68][70] Question: U.S. room nights acceleration drivers - Room nights growth was driven by strong performance across both consumer and B2B segments [73][75] Question: Outlook for Q4 amidst potential government shutdown - Guidance reflects stable trends, with monitoring of the government shutdown's potential impact on travel demand [86][89]

Financial Data and Key Metrics Changes - Bookings increased by 12% and revenue grew by 9%, with EBITDA margin expanding by over two points [4][14] - Gross bookings reached $30.7 billion, up 12%, while revenue was $4.4 billion, reflecting a 2.5-point benefit from foreign exchange [15][19] - Adjusted EBITDA was $1.4 billion, with a margin of 33%, and adjusted EPS grew by 23% to $7.57 [17][19] Business Line Data and Key Metrics Changes - B2C gross bookings were $21.3 billion, growing by 7%, while B2C revenue increased by 4% to $2.9 billion [15][16] - B2B gross bookings surged by 26% to $9.4 billion, with B2B revenue growing by 18% [16][19] - Advertising revenue rose by 16%, marking another double-digit growth quarter [15][19] Market Data and Key Metrics Changes - In the U.S., room nights increased by high single digits, marking the fastest growth in over three years [5][14] - EMEA saw low double-digit growth in room nights, while the rest of the world, including Asia, experienced high teens growth, with over 20% in Asia [5][14] - B2B bookings increased for the 17th consecutive quarter, reflecting strong demand across all regions [5][16] Company Strategy and Development Direction - The company is focused on delivering more value to travelers through personalized experiences and enhanced loyalty programs [6][8] - Continued investment in B2B growth opportunities and advertising, leveraging AI for improved targeting and measurement [9][10] - The company aims to drive operational efficiencies and margin expansion, with a focus on marketing leverage and cost management [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute and create value for stakeholders, despite monitoring economic indicators [12][20] - The demand environment improved, with expectations for continued momentum into Q4, although growth may moderate due to tougher comparisons [19][78] - The company is prepared for potential impacts from external factors, such as government shutdowns, while maintaining a strong outlook for Q4 [79][80] Other Important Information - The company ended the quarter with $6.2 billion in unrestricted cash and short-term investments, with a commitment to maintaining investment-grade debt levels [18] - Free cash flow for the trailing 12 months was $3 billion, reflecting a strong operating model [18] Q&A Session Summary Question: Thoughts on B2B growth and competitive environment - Management highlighted exceptional B2B performance, driven by strong supply and technology, with a focus on signing new partners and enhancing product offerings [23][25] Question: Sources of future margin expansion - Future margin expansion is expected from optimized sales and marketing, improved cost of sales, and overhead management [27][30] Question: Update on replatforming and brand performance - Replatforming has enabled better scale and performance across brands, with Hotels.com and Vrbo showing strong growth due to recent enhancements [37][41] Question: Direct bookings and marketing efficiency - Direct bookings account for about two-thirds of consumer business, with improvements in conversion rates and traffic metrics noted [60][62] Question: Outlook for Vrbo and market share - Vrbo is believed to have maintained or grown market share in the U.S., with positive growth in bookings and room nights [75] Question: Impact of government shutdown on guidance - Guidance reflects stable trends observed in October, with preparations for potential impacts from external events factored into the outlook [78][80]