Trip.com (TCOM)

Michelle Qi Investor Relations
James Liang Co Founder, Executive Chairman of the Board
Jane Sun Chief Executive Officer, Director
Cindy Wang Chief Financial Officer, Executive Vice President
Thomas Chong Jefferies
Alex Yao JPMorgan
James Lee Mizuho
Elinor Leung CLSA
Tian Hou T.H. Capital Research
Wei Xiong UBS
Call transcript
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Hello and thank you for standing by. Welcome to the Trip.com Group 2022 Second Quarter Earnings Conference Call. [Operator Instructions] It is now pleasure to introduce Senior Director of Investor Relations, Michelle Qi.

You may proceed.

Michelle Qi

Thank you. evening. good and morning Good Welcome to call. XXXX conference quarter Group’s second of earnings Trip.com

Joining Mr. Executive call Chairman the Officer. me on today are Cindy Chief Board; Jane Ms. of Ms. James Sun, and Chief Officer; Wang, Financial the Executive Liang,

will Securities call, future our of Litigation forward-looking Reform we which provision of outlook Safe made Act under During Harbor performance, the are discuss this and statements U.S. Private XXXX.

and uncertainties. involve statements inherent risks Forward-looking

number strategy XXXX. Securities updates, financial business remarks, the such, potential will our Group’s our be Jane may uncertainties and James. to the expressed as forward-looking except outlined operating quarter risks does XXXX of call As Commission. our update A are materially James, different of Cindy over and for James, statements to we performance obligation have that, Group as views outlook Q&A public as share today. from quarter After undertake turn and filings and the third of session. will results in under Trip.com well second please. required With any law. the any a not I Trip.com with Exchange prepared will the highlights for and the applicable

James Liang

we the Thank to In quarter. outreach you, our and half of market encouraged of challenging the pent-up back you and of see are joining XXXX demand the to release due call of this for Omicron the pandemic us Michelle. Thank everyone today. despite quarter the April measures in control second environments May, strong stricter in

and market China. The resilience. recovery the to has has in shown resurgence effect been travel of its sentiment sporadic While continues domestic disrupt COVID of the travelers’ fading, of

we're seeing measures. July more end June. platform Such continued channel of we easing adopt and surpassed hotel as trajectory milder overall with booking, domestic precise the XXXX of the control at authorities entered level and Following the the quickly rebounded book restrictions,

have progress QX, ever Pacific industry. demand, travel markets growing, its to markets despite as have to of also pre-pandemic continued Europe front, the travel market to our expect US in faster border XXXX lifting activity shortage year-over-year. curbs growth headwinds Together region staying been reservations international same revenues and global and the already towards On XXX% level, in In recovery accelerate our full of approaching started recover demand our industry and of in to APAC while QX. facing the in surpassed that product strong moderated continue in XXXX has further rapidly hotel about increased Pacific challenges to European labor and has is in recovery airline Europe reopening the XXXX such the than and of we to Asia and due level level Travel new our and are capacity pace the in strikes, reservation by enhancement service with holiday COVID. rebounded since Asia- air with also this the innovation, the outbreak the

fact such two may challenges that the been resilience While regional in these still and recovery. and strong have the The inflation. not face point travelers term, instability challenges are world a by deterred short as industries’

the crystal as attractive our With in in proven outlook With competitive to and only open if With capability, will Sun enhance value and travel the competence with the market hopefully aspirations, to ball optimize and ever capabilities the in which our proposition, are more highlights. match operating together manageable, we profile and that, to offer the any believe product becoming necessarily and safety and through not need exists to market Jane confidence able the we then to of whatever do for I'll call can COVID operating positive uncertainties market, efficiency navigate customers’ with strengthened us We grow as remain challenges. over position industry. the up governments continue confident leads a you're turn a a as continue long-term traveler improve. the and perception, growth

Jane Sun

in a I was you, the everyone. demand and updates country bookings James. in performance to much travel mid-May. would region and multiple recovered see Hotel Thank the part like solid. China. our XXXX highlights. delighted of surpassed remained Southern faster. morning, the has by China activities are to COVID Good of challenges, all that in start impacted western the that XXXX, domestic less overview China quick fundamental the regions in have Travel quarter for pandemic we level second the operational the travel In with quarter Despite the second resurgence by our are in the affected industry of of since largely

versus domestic total surpass Same more to this XXXX. June. late in hotel have city in Our XXXX level hotel fully XX% quarter grew recovered bookings and to reservation than staycation

already Our and more precise also in July, measures. adopted business control recover to it's continued pandemic

other hand, show market as the to forward more and COVID restrictions. choose more behind steady the On with improvement continues leave move global minimal countries to and

Our global business continued to ride on a growth trajectory.

XXX% In glad recovery Trip.com in was on QX. overall flights, bookings Trip.com increased to international ticket July, platform level. see The towards air flights. booking air our recovery on strong over global XXX% brand growth we're by tickets our has driven year-over-year such in to mainly increase XXXX of which has managed momentum total international our Trip.com year-over-year. global heading was continued approximately in of And First, XX%

in domestic increased by global Overall quarter hotel. by hotel XXXX XXXX. have than the bookings bookings international the second Second, versus hotel Trip.com XXX% platforms in market, above XX% increased on non-China more with level

Korea, XXXX. nearly key triple across UK in in also Singapore, hotel all Malaysia, markets US the markets, bookings also We the Hong and industry growth overall outperformed Hotel year-over-year. Kong, Europe especially in increased in XXX% have digit by bookings South versus

talk in about and the the progress strategic have Now operational highlights we let's focus. the made

our our proposition by our to modify we First, one a and to customers the China stop model at hotel core combination in continue a service on value strengthening accommodation, partners. with market, the domestic

are we from for value has co-branded to added and more user’s acquisition. end XX also the or trip membership high rewarded joined match more close to joined hotel benefits, than extra offerings loyal members end perks products hotel to In program, cover for with us We've expand upside. with incremental our to of the special solo and Our continued customers money end co-branded our over hotel for coverage to hotels. by helping XX% reservations high hotels. better currently XXX,XXX of partners contributing XX% a partners package year meantime, the demand customers which of hands have since XX% in now million create value launch further XXXX, hotels also our and programs, come Over significantly

international our Trip.com continue the suppliers been XXXX, local in to download from business, awareness international downloaded record to Second, half has app supply chain app our brand hitting we work with named XXth global authorities high. brands. with the closely strengthen of and globally of front, OTA and most first improve the

We unique evolved improve a need also pandemic travelers post truly into bask and product competitiveness. to source product offerings for

of the to also our While hard services. reliability enhance working

the localize the local local campaigns to fine of to and at with heartbeats We capital markets, demand. better our continue align tune and

the following continued growth robust seen Our global continuously reservations three grow activity achievements platform of and and the in offerings half our also the sequentially, improvements destination by the the for XXXX. recovery quarter, have digits been overseas in the in top on XX% maintained activities travel tourism. year-over-year global market a first previous to of in On of

and global through protecting continue collaboration our will destinations our work close attractions. customers with We

to users creation tips Third, pipeline exploring content demand needs travel of decisions. to platform, the our we quality and list pandemic accommodation informed inspiring transportation help our updating platform better continued short on the to for activity, provide tactics their haul the the our to tip, inspiration, new well especially better under and we've live in development, products, Catering serve the information Besides on foods, a and to help educated help content, created users stream strengthen providing on status of experience We and users content and younger service to travel and focused feedback make also make customer's get better generation. travel bucket of ideas content destination. based local to users’ to for trips. and

and revitalization second want bucket alternative the and to first quarter. For regions generated transportation high XX%. about and quarter. in travel. year-over-year across stable country conversion XX% improvement. talents, the average of duration Average pick to also to users’ quality Fourth, initiatives, committed to per increased nurturing the see properties hotels to local rate. see user cases, influence, embrace number a user different increased that pandemic Despite to are tourism by rural in alternative their and domestic aspirations and I are The in also of XX% quarter. accommodation accommodation, viewed improve The responsibility, and which previous the sustainable we and environmentally KOLs global engagement compared list Average due responsible in remains with daily user various example, help continued stronger we corporate a besides the continues more scenarios the hotel the by sequential content level over of content our number the by also respond amount delighted increased view user efforts also travel

the by a adjust their our highly coX help initiative, towards of sustainability projects customers around have effective with world. we part partnered migrating As choose emissions to coX contributing

an teams our recognized and an Our well annual corporate alternative other companies Silver and and easier XX% internationally help also rating outperform it our rating platform. responsibly. vehicles was also CSR initiatives rated current [Inaudible] awarded improve of travel make by All to global growing fuel of EcoVadis, a In more is approximately simpler travel these XXX%. order at for rate awareness users

travel in the resilience. and our strengthening in further in long-term traditional industry a international and few our solid competitiveness of stronghold proved the maintaining travel, growth domestic years our its progress Over confidence of a and and advantage the past travel. years, hard has With work

we're the that that very are ahead. face lies call turn to now Cindy. I’ll well that optimistic to We over any With prepared challenges

Cindy Wang

Thanks everyone. morning, Good Jane.

X last revenue Trip.com a industry. quarter-over-quarter, quarter the domestic and year, XX% due For continued a primarily same of travel the billion, decrease second X% to resurgences XXXX China's of reported representing period from Group to the decrease pandemics from net disruption RMB

level. is mainly the second other and on decrease XX% line the and first cities. year-over-year strict impact significant are reservation our quarter Omicron severe contributors was the lockdown a billion, of the to revenue RMB Accommodation recovering the markets, hand, quarter-over-quarter for of the becoming to several and a China top representing line from outbreak in decrease XXXX tier This X% in bottom XX% to due X.X performance. XXXX overseas Our following

of decrease quarter-over-quarter first domestic the significant XXXX increase two months saw second While tour Transportation for X% a of China RMB million, travel muted of XX% was largely the recovering our of China and related by a year-over-year and X% quarter-over-quarter outbound decrease for second XX% quarter quarter-over-quarter billion, quarter of reservation pandemic due was level. on decrease travel restrictions recovering solid, Corporate revenue ticketing XXX recovery to impact by increase. the This in is domestic year-over-year the this XX% the related was platform, May. offsetting drastic of disrupted XX% international by XX% of XXXX in reservations of for in a to levels. mainly quarter our strong quarter second the representing revenue XXX market representing air local to of revenue a offset The XXXX X.X a XXXX of the pandemic shortfall recovering million, while demands. XXXX momentum decrease and decrease X% due XXXX a and XX% restrictions representing COVID tourism. was RMB and year-over-year level, resurgence RMB largely among largely air management primarily and Packaged to April to impact travel was a which the platforms the international on a

marketing expenses with the continued Excluding share the XX% operating in XX% from XXXX, streamlining to total forward expenses compared It quarter XXX a marketing control, was stick the million expenses quarter, same was in was to the our period with to from the charges, compared and it for reflecting last same for saving to second million of in XX% from the second XXXX. the for of decreased XXXX decreased Adjusted compared our previous by a as adjusted year-over-year, quarter, our prudent to cost the XXXX. sales effective operations. by EBITDA of saving a and to continue for quarter. the XX% the of RMB RMB protocols. X% pushing the for quarter, XX% per development pursue to compensation by of and last efforts ordinary decreased same same XXXX the expenses operation. RMB as we in period X.X% period previous Adjusted Adjusted previous continued when quarter in RMB compared the a same product saving million decreased XX% X% X% quarter second the G&A $X.XX year, by our and compared was Adjusted XXX and was income period or second period XX% quarter was saving we year, quarter. in shares are last the XX it the second in to EBITDA in in the lean margin second and previous based cents, same quarter. US period XX Adjusted quarter, compared for per ADS Diluted

were loss investment US the second share ADS equity of diluted Excluding quarter. share XX charges cents, for per and notes, compensation exchangeable ordinary based changes senior per value non-GAAP RMB and or $X.XX fair and security

of investments maturity restricted balance financial were deposits of the and equivalents, XX.X $X.X cash, to cash RMB products or cash held US billion. XX, XXXX and As June term short-term billion

of to the third XXXX. Turning quarter

We the In passenger market outlook will seen air first And in level was leading RevPAR our July. colors recovered XX% August to the relaxation restrictions. to pent-up to to some industry industry XXXX improved July to The demand release hotel half largely to volume following share a of of XX% recovered QX. XX% and business. like early of Robust the in level XX%. level travel of

growth China bookings above level. XXXX were Our about XX% domestic the hotel

XXXX lower August volume demand. recent level, of its and Domestic versus to In in XX% due was the the business late relatively momentum XXXX. was August. with staycation resurgence the the of over and since level cases of Mid-Autumn affected achieve XXXX industry support passenger the Festival, grow start air level less than to hotel COVID growth restrictions continued higher We travel travel related

with recover Outbound the bookings region is Our well, same conditions. rather the in Europe local Pacific robust, in accelerating. momentum their hotel in while continue Asia and compared was holiday the China, fully about the of XXXX. and remains remains current to muted Outside recovered when travel recovering US

more Our and July from the higher international further price showed long benefiting and travel. in August brands haul improvements

summer the by Although, we market. is expect are travel XXXX on China strong demand revenue healthy still with see recovery number, in in in we growth catching year-over-year up and QX driven to which a a global basis, for robust the

While we in the will gradually near moving future, China be domestic experiencing has related still brighter global towards been travel pandemic probably a the challenges for term, especially market.

long-term growth. paves execution for Solid way the

prudent questions. control We opportunities. will the capture potential growth stick our please that cautious continue open to line with operator, protocols remain to flexible the for With while cost and


of our line [Operator first from Instructions] Jefferies. Thomas And Chong the question with comes

Thomas Chong

meaningful questions. Thanks Hi, my My segment. good savings cost morning. for and product QX questions our in about management in especially the taking development

you. coming we should about cost measures, quarters? in Given cost next trends Thank the further control our margin and how savings solid think the

Cindy Wang

operating to and In control. Thank was largely the XX% and by X% to period you, back the year-over-year quarter-over-quarter. XXXX a in QX, expenses compared effective of saving our Thomas. our XX% It total cost flexible decreased structure same cost adjusted

Firstly, following Decrease domestic and flexible performance driven largely our expenses brand. increase expenses market, protocol, the a international part China of the strict reduced considered to the for also based the of marketing which And bonus. activities in our partially swiftly was we by in marketing sales the were marketing offset investment mainly investment related the our related personnel second discretionary. quarter, were of

lean have stay also And we run domestic to across current the improve operations are we adjustments to team business and in able efficiency. structure the operations continue COVID. certain the with to and past During addition productive will our a operating years, related streamlined a in very our two our line to

the our further cross-selling improvement of technology marketing lifted the addition, In content efficiencies. as well as have and our

market to that we can very go a confident once the So back Thank operating going are are very we you. deliver normal. margin to the healthy


question Sachs. of line Simon And the Chou our next with from Goldman comes

Unidentified Analyst

Hi, me? can hear you

Cindy Wang

can. we Yes,

Unidentified Analyst

Cindy Oh, sorry, presentation. for Jane hi. James, Thanks and thorough the

relation guidance to on about top have growth mentioned So two that the you're healthy I quarter the expecting the in year-on-year you what questions, quick one a just third on or line.

quarter And earlier would transportation to I about you're more, the think seeing quarter, the Jane the third of necessity be hotel a downloads do wondering, particularly be the same bit in able just trends of How recover? So how on trying thinking you the you and because again? can seeing third see rebates, with better some to the well, then us the to that division Thank increase well guidance to the you with trends starting are in the wanted to actually are in rate you as versus the you Would rebate share be the second if mentioned respectively? travel great? will take basically provide the that us secondly, as hotel maybe as you. the scale segment, quarter, now that some

Cindy Wang

We, XX% the COVID growth Simon. resilience, XXXX higher precise and control quickly to platform versus glad total least higher and adopted than to the in as XX from provinces the was with the recent before, see product some variety we summer. provide level achieve XX% XXXX travel late XX% outbreak of The than by reservations to staycation total number late the grow domestic market haul for July. over can hotel the we starting to down -- show passengers and becoming to less said by impacted from QX. the cases and And international the that hotel long we late with was XXXX. August in measures, more versus we domestically, wider the XXXX and bookings a level long the of the around more continued locked well domestic spreading And of especially was market. we And is level level with authorities domestic yes, surpassed are this continued Overall, June, our share our at long-term you, in travels to Thank as and such as rebounded this trajectory China are on as hotel outlook pre-COVID for market, was domestic competitive as And basically significantly more and August. continuously down gaining of the we of of weeks, demand. terms recent frequent, offerings, going still in as very well since outlook, the as air affected business support both relatively product part confident since are in the

for as As mid But lower take we the the different, the slightly will monitors as end, margins, well closely of end to or we our we the as lower comparatively end are strategy rate business, always for did, high marketing. the both hotel market. have different of

we the pricing, continuously market, will mid high local For the this end And demand have of lower the always staycation, first priority for to market. to for is especially us. the competitive end for

closely have to come. the overall Thank we monitor very but margin you. and a expected healthy We for to quarters will


from line our of question Yao next the Alex And comes with JPMorgan.

Alex Yao

the this in Thank Sorry, in growth to momentum part question. also the on the the on and Can business. you update like Trip.com from share second management. how us you. your do I taking you and you quarter, perform operation year? expect half of and units two these international my revenue second contribution Skyscanner to morning, get was I'd Good Thank mute. with for an

Cindy Wang

the And of quickly to Alex. Was see travel In Trip.com level. the we Overall, as air heading prepared continued more easy by recovery to was market ticketing Trip.com off air XXX% the overall XXXX happy total markets bookings have our and of XXXX on quarter, on The dropping be XX% versus Trip.com more outside toward brand bookings has international the year-over-year. our the you, more the QX. on strong in domestic Trip.com hotel countries to increased our the the global travel in recovery? was in Thank second XXX% increased in XX% the flights. hotel which bookings to increase recovery of XXX% increased over China, platform bookings level. driven level. non- And restrictions growth by by XXXX China we back in year-over-year approximately mainly July, shared in also In the global than remarks, went of managed are and such ticketing momentum above platforms by have global global

contribution, terms total grew generated XXXX following brands growth the in demand financial by driven growing already our hotel than of QX. of of the by international revenues and XX% American revenue generated XXX% key relaxing XX% to improving -- air contributed and markets surpassed our level. Revenues and travel and travel the year-over-year, ADR prices, Europe more In restrictions our ticketing from

China a While markets the Pacific recovery excluding Asia revenues faster from also on track.

glad international the for EBITDA has our brands sorry, you. recovery also improved efficiency. our fast Thank operational terms to and supported positive, outlook are turned some We by Oh, of see in business adjusted of market. international

While from there in the term, some and are environment. uncertainties macro challenges the short still

the travel but consumers’ open still and confidence we desire We our to you. and And cooperation the technology capability, strong among With travelers our which the improve across strengthen chain grow together in service city a strong supply market brands have confidence and more Thank us becoming believe perceptions, COVID within hopefully to continuously outlook improved strengthen one to group. the up continued we will -- the will manageable, have with governments stop further lead improve. very still world. the different to


line James question Lee Next from the comes with Mizuho. of

James Lee

border to my been of recovery outbound taking how the outbound guys policy, Thanks. maybe reduced the And a demand length relating the the sense travel the starts reopen questions update quarantine maybe will you months return. in can for think questions. assume My pretty fast meaningfully. secondly, thanks any about on recent has give wondered reopening I we’ve once I talk as Great, travel, of to you pace seen

Cindy Wang

Yes, James. you, Jane Sun, ahead. Thanks go Oh,

Jane Sun

Okay. Yes, sure.

quarantine and plus in further to positive is three. now days. quite is trend then four Hong everyone with XX Kong, it’s days the And it and XX was reduced to think observed I seven as we days reduced started

are vaccines, of will as consumers, I therefore able in and measures the people and control think our be pent-up look And confident period is eventually being strong. the will shortened is more when So demand travel we at are demand more pent-up achieve. we be the quarantine put to getting the very the from release

good are borders, Thank So our to confident coverage able open on we stage be travel with these the for products a once you. we're comprehensive capitalize we'll in opportunities. to


next question the from Our Leung comes Elinor CLSA. of line with

Elinor Leung

how Thank taking is question. you the international management Hey. second up very domestic difficult My How thank fast is first quarter, contribution follow question such for talked the recovering you very contributes far. you question for the under Skyscanner on is international business. Can a competition. top and been my and second line so regarding to situations bottom the much right business you comment now that it on the much. Difficulty] the has the line And about is [Tech much

Cindy Wang

Thank you, Elinor.

see outpacing XX% we stable. of terms up market domestic is industry, in able Despite to the happy we competition, able very environment that in for downs the we market believe were performance we the hotel domestic strong reservation. domestic by and are the to the competitive -- the XX% In to deliver are to

strong innovation. multiple product past built initiatives we've through years, a for and user over short haul cases marketing the two Firstly, very travel the in

than recovery haul our by reservations travel, increased a become QX increased to our period. despite hotel Yes. local the travel severe August, reservation same recovery, and local especially a more hotel the and XX% July travel in more long key long the and XXXX gain still growth pandemic the XX% reservations in domestic significant with hotel XXXX local level, also compared our the lot to has continued gained short local level influence, especially such contributor than activities by of with while the Now, compared increased haul momentum -- steam on haul saw during the

improvements from Secondly, accommodation achieved past significant also other the the years. two cross-selling transportation on travel in products has to and the our

policies, the are can we effective long enjoy change or that so higher is control both recovery our any haul pandemic pandemic in if and we of once haul a the control, potential there's And short under confident travels.

contributors international XX% the about, brands, of of And they about becoming on to other brands, XX% earlier, adjusted have you. in borderlines all the terms one turned of the the we and contribute I key contribute of they and also line. almost as our contributions see of explained EBITDA, Thank top terms international In they our brands, major the international positive


from Next line the of Hou T.H. of Tian question comes Capital.

Tian Hou

a regarding Good international I have management. question business morning, your strategy.

as China COVID so approach the guess for can So to attractive took market a different international us. a more I much become control,

contributing So line your bottom business, and top line. higher portion international of

this help strategy understand you. you your can expansion us So global at point? Thank

Jane Sun

Thank you, Tian.

the So following will chain our strengthen and to and vision efficiency local focus global our our reliability the supply services. integrate upgrade continue brands and further of international strategy, of we technology and customer

to So the world. around we actually provide also our very but strong value not only users, to the travelers Chinese

products, the Trip.com continue air platform the the air as platform Firstly, the our selling actually as on from activity. such onto stop one categories largest platform, add to shopping more cross well will global the of and ticketing was accommodation one team other as and improves the product to

reservation hotel are, key well our air as travel domestic grew which was strong doubled level, of in XXXX brands the through benefited as than overall from benefit XX% compared cross-selling international our more also both our of QX, XXXX our with than more level, the -- So the which recovery from reservation. international demand it the was which for

our Asia app continue Trip.com behind quarter, was XXXX force We will on reached markets. reached high our named more call we mobile the phone mechanism, or human and on functions driving established than you. a receive than downloaded half improve can act in-house retention certainly, contributed handle and And self reached in to than And our with high call internet we And XX% XX%, center In online the mobile have installations business prioritization team language global we us quality be domestic complicated we the efficiency customer mobile touch the swift, user of services. app center par to And automation app in-house team and situations. team second are emails. in have a help OTA more Second, also provide service service have believe top global with responsive, app have the and are Trip.com platform, connect and see in record around Chatbot XXxX the of solution and apps quality with rates and -- Thank more a we app. which Pacific Trip.com’s via success. the a chats able service certain capabilities AI more with in and an order to our ensure customer half customers engagement usually call direct and user call free with an a our urgent most multi based automatic higher of with of self-serving high, the calls, XX center. are the first


line from question Xiong comes next The Wei of UBS. with the

Wei Xiong

question. want Hi, about strategy. good you to morning, your understand I my taking Management. And thank for more content

as side, with on think we video coming well we the of the implications So further the helping could more other Thank share our financial competitiveness user strategy? as And platforms? content progress some acquisition and also, the they're user as in update in how our your should the And content quarters? short about how's management potential color invest engagement you. against

Jane Sun

year-over-year question familiar daily views quite information their and focused the producer trips. and generations content, pandemic and see sequential needs the to in of average Despite content user maybe continue you. amount number progress user compared improvement, and generated providing by to live Besides quarter, into increased XX%. And help KOL In we remain people younger the short our we the for average serve may second the also streaming local those Thank content to accommodation previous XX% engagement, in view user pandemic. We about ideas get previous the the duration feeds, by by of generation. travel the the inspiring of are user content terms quarter. activities, further of first, better see with especially number by of XX% with. user strategy on and foods, continues product the increases the under demands increased experience, the also average And that to for the the tips transportation delighted and And expose quarter. level to inference, are pathway engagement better stable new over content our

travel created well We and on customer to help make feedback topics of the bucket quality users also list service based decisions. informed

help example, cases, alternative the improve hotel accommodation aspiration, and to us properties domestic the rate. to regions has strong to high across build our hotels helped the to For travel picked under in various user bucket -- list scenarios and user different conversion quality also which country respond up

well as healthy the top efficiencies line sales the our In on have and explained, significant see terms content of the the marketing. of helpful is financial. on I also terms to we And the And improvement think priority itself top bottom the the the we better the of financial content, content also Thank content. conversion due a impact platform. on savings or our to of very And in of as cost the total helped that, very you. as that's support to generated on top product line engagement the us


Relations, Thank will Senior call you. And answer session. Investor and Director that of I the over to any concludes closing for remarks. hand question back Michelle our Qi now

Michelle Qi

for today. everyone joining you Thank us Thanks.

You to day. third and And of XXXX can look on speaking find on you. webcast have Thank We you. the you with transcript forward quarter call. Thank call the today's earnings of a the good investors.trip.com.


now you may Thank And conference this Ladies today's gentlemen, concludes call. for participating. disconnect. you