Trip.com Group Limited (TCOM) 24 Mar 222021 Q4 Earnings call transcript

Thank you all for standing by, and welcome to the Trip.com Group 2021 Q4 Earnings Conference Call. All participants are in a listen-only mode, there will be a presentation followed by a question-and-answer session [Operator Instructions]. I would now like to hand the conference over to Ms. Michelle Qi, IR Director. Please go ahead.

you. Thank welcome earnings fourth conference and year and Trip.com XXXX of call. to morning, quarter Group's full Good

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

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

statements Forward-looking inherent uncertainties. risks involve and

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

joining Thank call Michelle. us you, you, everyone, today. Thank for the on

we while to building and the travel diversify service the in recovery Looking resurgence our have set lockdowns a back, challenges products, of we further also change, virus upgrade China continue terms Despite short-haul of enhance XXXX also technology. The the market, competitive and was maintain global quality taken twists long-distance paved edge sustainable the pandemic, our intermittent development. bumpy strengths industry's a the to and cases, travel new opportunities. and year the way of In and new for travel. variants our domestic emergence for market, to of our path opportunity

and both new doubled will the to provide we effect, performance resources, partners. flywheel year-over-year. continue that With further our Increased reflected growth the our to on much up has the QX, that long-lasting competency the able engagement of channel has compared content user user have number are and user long-haul further encouraged channel users rate. content extensive In Meanwhile, thickness travel interactions content daily strong interactive of same are recovers. value marketing more potential see bolstered and doubled unleash XXXX. we insights been business to users drive that sparked Our content and base In our platform improved. as than period which conversion how core rate our will our quality when February, the to conversion to

remains uncertain, started to development Omicron While countries back travel already roll many restrictions.

to in In brands had first XXXX, over increased progress markets, months months. Asian faster XXX% by year-over-year, make In of reservations air our recovery continue travel two product markets. of Our further recent to on see the path campaign localized overseas especially to staycation continue Europe to Through mind, effective such kept has will enhance shares we competitiveness, and improvements growth. To booking exploit the our in been achieved the in the we countries we in take to encouraged top are opportunities, brand tours. plans relax have for further weekend our many Asian and announced that brands policies. and overseas the

development. progress I like share to in Finally, ESG would our

with promote already sustain initiative may we retreats end the efforts Group revitalization X rural of First, country by and opened XXXX. Trip.com

supports We working days helps in the economy. female society. without career impact compromising to The of a and families, a the the efficiency. a workplace. on development has group and employee improve to protection helps the build launched is giving multi-win employees also remotely to working promotion It work starting an creates inclusive and model believe for hybrid employees the hybrid an strive It on March, satisfaction week. contributes qualified positive we company, society Second, option environmental certain

sustainability committee we newly recovery a practices not into road Third, oversee integrate and another our The challenging but year. always to are daily exciting and to also business operations. established will ESG we be to easy, embrace prepared

past take for corner of the will strategy, operational I look their focused building With two the people Over stronger helping over eventually very the to our to the we to local Guided Jane detour world highlights. years, on trips and have perfect us the forward every global past some taken its to resilience. downs that, ups turn from world soon. by call recovery, although on vision led

James. you, Good morning, everyone. Thank

to level, growth of net under lines. me market an was and performance a Nevertheless, The still edge across COVID pressure China would stable XX% domestic Group revenue quick with Ctrip QX, In Omicron hotel XX%. the rapid to overview lot the the we're to new year competitive start like was our resurgence of weaker industry start outpacing the with cases. than performance. delivered of of a exceeding and by waves QX maintain year-over-year. I able of business XXXX. due to largely domestic our overview seasonality experienced higher quarter, of bookings total Though Let the in development industry the performance. infections pre-COVID by on remained industry full Trip.com platform fourth XXXX the In QX, and solid a the

much also market bookings domestic air than Our the performance. faster recovered

by XXXX, year the increased full of of business. X% revenue recovery mainly the total year-over-year, our domestic by driven net For our

up for USD effective RMB efficiency improvements, Thanks domestic control speeded year of center platform, to strength business. the us. travel of we full the and for the OTA construction year accelerating EBITDA XXXX margin XXX our was content putting of core in or XX XXXX. customers GMV positive a our developed short-haul new we year-over-year. adjusted achieved a of and an Our X% cost up In market, of brands achieved XX% at the over billion, close to a billion

efficiency. and program Meanwhile, loyalty customers. offerings with overseas our gain reward to upgraded market expanded the loyal more in international benefit also higher share our continue to brands market with We

four like our would areas. achievements in highlight I to Here,

First, short-haul travel. to New level reservations more with remains the intraprovincial year-over-year. over by contributor by hotel local during be pre-COVID travel year. grew strong extended Such compared recovery hotel a performance continue QX, to local holiday XXXX pandemic, hotel bookings short-haul the travel past bookings domestic years increased Chinese Two short-haul with XX% our increasing for XX% than to popular our In key over into early XX%. into Year and

to are more also to needs. evolving high-quality to business customers' provide we joined other hiking, We planting, value-added include accommodation, have and Meanwhile, partners our further by product and boutique offerings travel augmented experiences innovative services. meet

reservation and packages to participating high-end demand more than radius cover now hotel partners. XX% making habits, were rise have remain travel over weekend X,XXX see Our gives contributing tours, and shortened to weekend consistent short for is in travel and high. demand and travelers these more short the for vacations getaway months when take hotels travels The even more when more trouble long-haul distance become regular curves travel relaxed, new strong comeback of

to growth. see and this further both control. Trip.com well travels potential to pandemic the is high has prepared in short-haul opportunity expect Group been fuel long-haul effective and to We recovery well-positioned in capture

Second, platform. content

platform quarters, the following by the past three-step accelerating our few During our been efforts have we strategy. to content construct

these users. number from sequentially the platform. contributed KOLs over XX% by the also enriched average content the user-generated both new The by encouraged grew by creators amount Regular further Daily professional of of we content fourth content increased users in to our start First, quarter. over hearing were and XX% on sequentially. creators

Average duration user significantly highly average engagement in of delighted quarter. increased. also daily been our Second, more content with fourth see doubled we year-over-year channels the users are has on interactive to number than the viewing

improved content its showcase our their and supported business, level February. year steadily were one-stop where content supply partners synergetic core conversion platform to marketing can products a the serves highly through strong rate interactions. platform is Third, and pleased doubled has business also direct engage in as our see hub by users previous chain. Content our We with with has

effective sales three advertising the XX,XXX hosted pre-COVID to over XXXX for compared increased have streams advertising level. and All on partners domestic hub partners. very over platform. revenue QX, therefore, marketing these So more us live XX% and, In far, efforts achievements our made than Ctrip attractive

user benefits. Third,

innovation airlines, only membership redeem members also we Meanwhile, our a sides. especially to able product including their program, users, development, proposition not we privileges global year, also customers. partnership business to aiming our offerings partners, users' to a variety and allows addition of Users membership airports content also In across enjoy with rewards points are are upgraded to coverage. both from value through travel-related products, for to options. our deepened our connected dedicated which benefit hotels, to We and but strengthening program our loyal last to expand enrich loyalty Ctrip

by members program in the under enjoy We to in members hotels international glad are increased digits. services. business. Trip also members signed traditional extra high-level over loyalty about discounts and number XX% Plus offer which up total see our accommodation XXX,XXX year-over-year Ctrip benefit Fourth, have XXXX, reservation at of Moreover, double growing can value-added with from Ctrip to

growth increasing for compared Kong, and hotel markets. the seeing development. further Asian offerings first in the over overseas are improvement with overseas inspire achieved quarters, Europe overseas integration recovery many pre-COVID grew increased despite grew us Korean in about grew pre-COVID has improvements address we bookings allows XX% brand markets enjoyed our of relax Meanwhile, in more destination bookings awareness quarter up and travelers by to the activities sequential our further bookings markets. restrictions. to markets, in resolutions international The XXXX, faster brands XXXX global previous travel and to level. markets, year-over-year overseas Hong ticket total fourth staycation around by suppliers our the In speeded to need to in XX% are when increased market. after in of in to supply compared unique have over impact air with offerings destinations. two XXXX times been XXX% product X three-digit the In months The working accelerating Omicron In from ticket the brands synergy decided activity chain. our market Over countries in closely and and Strong XXXX covering XXXX experiences. the Singapore continuous customer European the improve have local domestic for technology XXXX, European year-over-year extensive local on platform on explore the X,XXX amount in level Air the

always also to requests The international pandemic has AI have been our and drive lines using technology requests. overseas mission business business. driving challenges Providing the handle in continuously our markets and centers and in our now Trip.com's back-end surge across We and customer customer in rate call the chatbot to our been system. up due total for behind XXXX, can upgraded efficiency XX%. systems our In of customer reliable upgrading service capabilities force satisfactory the our XX% was overcome to efficient nearly

I about COVID-XX is the of Next, like would is to since pandemic, years to corporate hit total performance among the to the onset Horizon industry pre-pandemic crisis. recover hardest the industry Two by yet the the talk levels. responsibility.

However, over losses travel three cover as marketing the support for weather facilitated has industry offered years, as well out customers and the made operational proactively assistance crisis Group the to financial and and Trip.com support our and partners. We stood for cancellations of global travel the to and ecosystem the past travel. restoration to prepare our efforts guaranteed significant

to XXXX. way have we tourists empower practices were to inclusive Group the contract, the attracting more by award a our rural workplace mentioned, local we efficiency. more successful experiment create and the with industry-leading our industry improving sustainable for rolled countryside target and X-year work benchmark representing as a the countryside to opportunities. gender launched commitment economy future As achieved work to to for to in These build the model retreat revitalization inclusion. and society. employee or XXXX. will hope provided travel several efforts creating continued June, recognition to and Trip.com satisfaction improve boost job In March, in a with the pursue UN October, our a milestones on by help these In retreat In hybrid areas joined we XXX plan Recently, gender industry and equality glad for James Global of we UN ESG receive out XX

ESG Committee newly incorporate future practices our More importantly, sustainability making established aiming our we include strategic to processes.

has a cloud local The global our the we discussed, around every development on As track, uncertainty and is lining, remains. travel of while focus normalization led vision. super right strategy pandemic global by of

over will we market travel call turn will the now for take steadily Cindy. China international the On reopening. in up. that, is business the domestic climbing Our lead front, With to to global I prepare

everyone. Jane. Thanks, morning, Good

reported of quarter a waves China. X% new RMB Trip.com For X.X primarily of to outbreak net due Group XXXX, regions of of decrease in representing the fourth certain billion, revenue year-over-year, pandemic

For XXXX, was in of decrease RMB China the XXXX RMB reservation XX% fourth representing from full revenue representing a level. was by billion, quarter mainly XXXX driven net to a XXXX, XX% increase business billion, XX the for Accommodation of year recovery year-over-year, the domestic X.X revenue of market. recovering X% our

short-haul the for representing XXXX. growing have same the XX%. revenue for to Domestic level. representing In fourth decrease full driven of XX% the a quarter year-over-year, mainly RMB RMB travel. quarter, year fully fourth the in by of hotel was bookings fourth XXXX, to the For nearly recovering quarter, reservation to billion, hotel revenue compared bookings of XX% by with from accommodation XX% hotel XXXX XXXX X.X over increase for billion, growth by recovered increased XX% X.X stays the an bookings XXXX local ticketing period over XXXX, the Transportation interprovincial was of the level

by the of improvement decrease XX% revenue mainly XXXX fourth the for representing For XX% Domestic quarter, saw billion, was contributed recovering a compared million, quarter, a RMB quarter recovery XXX cases in from X.X Packaged-tour year-over-year, year by previous a resurgence disrupted sequential representing fourth decrease level. Europe. RMB was transportation international XXXX. the of business momentum revenue for was of of the transportation while to XXXX ticketing to full XXXX, air X% COVID recovery the the

RMB was the business full XXXX. X.X million, representing a from billion, of was RMB For level. XXX for XX% decrease travel revenue increase of XXXX, representing fourth the packaged-tour year of the recovering XXXX an XX% to Corporate quarter year-over-year, XX% XXXX

year pool a and to segment cross-selling in corporate RMB full gain the travel Ctrip This accommodation to of QX increase billion, from benefited bookings continued triple-digit travel client Compared year XXXX. expansion representing for XXXX, of XX% the full was to products. of growth by increase the revenue on and momentum, corporate For XXXX, same maintained about XXXX. X.X of accommodation both period

maintained team. lines. the fourth XX% previous to from maintain period expenses charges, by operating compared decreased share-based when and XX% previous to quarter. product expenses It in the development the Excluding our to a management from the stable across in by and operating was for adjusted the marketing achieved saving by we quarter compared compared to quarter in quarter XXXX our period million quarter when total EBITDA same expenses compared compensation same stable per flattish and This previous of USD previous XXXX. our reflects quarter. the Adjusted a year XX% sales efficient the continue was the fourth the fourth maintained as effective of X% XXXX. XXXX. decreased It and X% uncertainty margin quarter run Adjusted period control quarter or and the and decreased RMB X.XX. business loss and Adjusted fourth X% X.XX, XX% lean cost for headcount billion saving XXXX. for quarter compared fourth in to protocol with has from RMB ordinary RMB the for Adjusted from XX for X.X stable period the the G&A The EBITDA the and expenses was a saving to in the in were ADS Adjusted Diluted response per same share full of XXXX. brought same in comes by the pandemic. prudent about for spending the

notes, were equity X.XX compensation RMB For of and investments charges non-GAAP for fair or X.XX share-based ordinary quarter. value exchangeable earnings fourth the ADS share quarter, diluted the and per per USD fourth senior excluding security and changes

restricted December balance or billion. investment, and of XXXX, billion cash products and the As cash deposits was financial time of XX, equivalents, cash, USD XX.X short-term held-to-maturity XX RMB

months. see Now business industry better are delighted single grew increased also close reservations turning hotel of domestic XXXX. the some would first two year-over-year we our quarter to to We our Domestic high like over of to XXXX, share in air than at into the XX% compared recovery to first to XXXX. bookings Entering performance and business. full color year-over-year. that digits by was sustained Domestic

slowed remains of top especially March of Outside travel cities. outbreaks COVID the in recovery another China, under However, industry in tier conditions. the momentum domestic pace travel rather down robust. current the recovery round and Outbound of Europe muted U.S. remain in

path Our conditions, of travel international to but brands The have years. and us showed first over the further COVID. strict after bright, changes Under vaccine All improvement adopted brands the cost faster allow relaxation these grow fast-changing accommodate the two us is recovery marketing to position two never across rollouts. benefiting from months, and in industry operational we up straight. favorable the during past put a efficiency control quickly to restrictions drive to efforts

remain emerging to Going growth seize will identify With operator, opportunities. please market forward, line for we that, highly questions. the adaptive open to trends and

Instructions] from JPMorgan. Yao ahead. from Please go first Alex question [Operator Your comes

questions. How you. your you travel does reopening Thank change outbound taking on for and pandemic recovery? in my border the current China Management situation China Thank expectation

Although we optimistic country, waves travel travel, in of change pent-up outbreaks near demand still international we as expect industry for regions to the which policy put in multiple do in about are COVID travel international seeing continues not are in term under we pressure.

shot. to With of two close the fully now, received shots, XX% total population has are by population total booster side, XX% other over the the On of China's vacated. the

near Zeng rate, measures Epidemiologist measures more the in as time. measures, in will According bubbles China coronavirus there and at cities Mr. we to Potential be Chinese-style current summer. as selected include the travel living for opening CDC, are early finally may future hopefully, threats. roadmap the becoming lower mortality the experimental COVID to Chief health a appropriate at seeing With the manageable and former care Guang importantly, a,

we Foreign two travel through Minister healthy convenience. also still is reopening, potential second it electronic the mentioned in the to months optimistic and Kong, take under XXXX. to Hong Wang going the sessions the outbreak. travel Meanwhile, cross-border to is that are Yi health three I do about to of so certificates the has two plan Omicron that during control. safe, Border estimated bring international currently may think facilitate and to is launch situation half Kong about Hong Mainland It

in we change do for are optimistic travels, the about international we Although expect pent-up international not travel. demand

Hello, next question. to we the on can move

Thank you.

from go ahead. Morgan next Your from Stanley. comes Poon Please Alex question

morning taking My Good a XXXX? border Thank mind, should think about and you policy. for revenue in Management. on XXXX the how is question. in recovery my question XXXX With to follow-up we that compared the

China measures Meanwhile, the use to For recently the making we unnecessary and potential momentum. the relaxing as shared lockdown domestic seen more prepared we near-term efforts cases and pill. reduce quarantine about are approving COVID from market, authority as disruption travel in we cautious remarks, have of Pfizer's such Omicron the

front, small deciding lift global market on with set for has remove the its with recover. On to way and COVID, travel the countries to global restrictions

not be especially will headwinds not While there the other in affect spikes recovery will virus long overall cases in revival that or variants we we rule lockdowns, of could run. trajectory, temporary possibility the out by believe the followed

the that for domestic will meantime, revenues. We the previous for travel advertising customize efforts we we'll the these is In the the in And sustainable the we the pent China to competitiveness, business. continue normalized more situation short-haul will international up business in, in think we COVID. for business, drivers should to growth demand up and be So our will catch example, improve our pretty make believe the or for line main international XXXX. to ourselves with XXXX especially world do expectation the be much increase market. current for the our beyond our And

ahead. comes go next from from question Ronald Goldman Your Keung Sachs. Please

into nearby landscape Thank on have and you, think that I travel penetrate competitive we Cindy. James, cities. and want ask lower-tier to Jane been regional the about domestic focusing travel, I

in the is your development? performance hotels how star also high So star hotels? could low-end you recent share versus And

more -- strength. Everyone to within is Thanks Sure. from focusing and we healthy its domestic market. are benefited rational environment, on a healthy competition the regulatory the

high-end at look we So the hotel.

We have this that our been upsell very helpful to try in partners products challenging helping is environment.

For help being to SPAR restaurants while and partners sell is et we also the product, our sold, hotel cetera. example, also

help to also high-end yet this So have not while rooms, hotels that the And only our our been them. guests growth promotions. are kind on they visibility, from package. experience, alleviate benefited is the challenge is an the good for total the upselling enjoy in sales In have by our sizable. we these participate can based our challenging, with hotel, staying them a corporate of environment the very packages And again, to travel, extent, products but these we but

are solid helping in to we our are the is still cities, And get in lower-tier that penetration permits. the also to extent travelers the So business environment our partners excessive. demand business an there

hotel about have growth intra-province We year-over-year seen represents local growth, be significant as to and and previous remarks. scale local growth the the in intra-province XX% The and we stated respectively. XX%

in will penetrating the travel time our efforts continue for recovery with we on into ready. when its is for domestic market, while preparing our So

from Your comes Thomas from go next Jefferies. ahead. Please question Chong

my Hi, Thanks for Management good questions. morning. taking

how Given XXXX? environment, should you. in in trend the cost the uncertainties we think the about Thank macro

well largely Thanks structure as and the as cost you, management. Thank our operating Thomas. expense efficient flexible to

few to adjustments in our to related across operations quarters COVID. During addition the have past of the streamlined business we pandemic, certain lines

In further overall and have addition, content, our improvement our lifted cross-selling technology on marketing efficiencies.

flexible expect year have forward, cost and for our a we the for comparatively structure mature to to market. Going -- domestic especially very mature disciplined -- XXXX, more continue the

market, we that even growth see recoveries business We momentum capture cost or and In expect total on the to demand pent-up decrease our depending slightly increase no to continue may serve increase investment to domestic to total market. in the the will our strengthening in market. and headcount overseas the control the

it recovers. and marketing sales and the are which the discretional business For be accordance adjusted largely to expenses, will in

a same on the -- market. we overseas the with situation marketing But disciplined investment especially will example, for to the total our on for for spending sales currently, expect the based For market, the our compared the demand we the increase market. overall, overseas But our slightly may capture for domestic operations. domestic very minimized current cost you XXXX, pent-up international headcount, for and total almost total the for

ahead. next Your go Lee from Please comes question James from Mizuho.

you taking quickly. in If your learned can from Great. the support your much recent two board session to to two any terms can National Congress for lift I in Any a how technology cost positive tourism questions. few of you. base here we government weeks physical ago this On secondly, sense anything potential squeeze has travel the my investing that could Thanks here? for provide of a Thank structure term hyper your plan, a long hospitality or And of for option? industry? implication employee industry get

Sure. first and take second I will Thanks, the will the question, answer James. James one.

Yes.

already years. is that future The potential will the We work-life glad the with to with impact hybrid series working work adopt balance, will of only a a have have to in out work this to implemented that the conducted advantages. will option to how first the two line earlier rolled new benefit result in days apply policy model target managers calculation Mainland profoundly huge work We working also office be week. company place will the over a evaluation Salary hybrid we China Business Employees China such then will Internet has decide and to in methodology month. are the been will up comprehensive model. model our a pick remain our experiments unchanged. be global offices. and of their performance for operation new The one Hybrid most.

by more increased to also helps and working It compromising efficiency. traffic the happiness to prices see lower employees, for potential contributes also adopted and be can reduce not Promoting We hybrid XX%. which far-reaching the work impact in win-win labor congestion, the high development career and and hybrid will to companies is only on by society future. turnover satisfaction and housing positive job has female a have such work to like economy, and families. to it without XX% company help it Chinese alleviate With

Thank you, James.

Trip.com we tremendous said, As social responsibility. takes

facing that we during we and and small- our is policies very this a of time, challenges special medium-sized friendly established are While many lot supportive have partners. for

For support and fund time families. countryside a a from RMB we area results can medium-sized the difficult And thirdly, also RMB the also small- their development major support billion and flow, cash during we very partners. loan established a partners build in X that with area billion with help from by with our remote the economic XX support the partnership to try local customers that job banks, in developed helping our so area, example, less the we to partners with is area, established their create have helping and salary, opportunities that the the workers and this we area the bringing for to influent remote their

you. giving for try ecosystem, with also the will Thank donation enhanced by throughout ecosystem, the jobs help which create the not only year. and build to money to we sustainability the their and be So will common with And this an but sustainable area into efforts continuously, our prosperity. is

question ahead. from Gong Please Citi. go comes next from Your Brian

morning and good Jane, Michelle. James, Yes, Cindy

is Can question you short platform. and on some have quite term? give my on Thank is our made our plan we progress content So our over more term you. monetization decent What long content updates strategy?

for and important content have Sure. this strategy seen progress area. us, is very in we The very positive

all, First KOLs by in sequential of QX. XX% have our increased

XX% highest high, lastly, to that the QX. extremely conversion thirdly, have daily XX% more visitors transaction by is content rate creators by unique view we which year-over-year. Secondly, doubled also interactions of our seen almost content app our And to than users from industry. to try increased the our the UGC new in And channel. by is the our the our compared And fourthly,

fulfillment provide site shopping to very our content the they come their on to one-stop not the go, decide where from So directly our on go and strategy platform, get transaction, the we well, find also try but works try to can and only researching, to while are customers inspiration.

content our in strategy. will you. continuously Thank we invest So

Your next from TH Please question ahead. go Tian from comes Hou Capital.

Yes, Management. good morning

one Just question.

advantage global year, Trip.com's more question. will what markets reopen, Ctrip share be to market not so That’s next or passive several As in the Thank markets, the but years? this gain overseas in you.

Sure.

you our parts. If we look at four have portfolio,

already. The China, we travel which people first Chinese is one discussed within

The second border abroad, in the we which opens. is Chinese Trip.com a travel is when very believe position one good people

around The into develop business. to is third China, is which inbound the the one customers attract to world

foreign key And the government going forward. We the put nation our China. attracting to operation, And we travel our to that is very and at the in have more is And adopted one is will opened very which the if support from is plan five-year customers look the into are abroad foreign, in to inbound the -- already that the strategy country global our up, our one the glad to customers growth area another. customer XXth of we support strong. preparation attract one as last

digits We Europe, growth many have in in three countries. seen other

our sure places. our Thank be So to ready work you. also technology in increased to service, very we're the will the with much our -- demand and local product partners make very hard we'll address global our

for this at I'll to Michelle you. conclude closing question-and-answer time. session That now Qi Thank does back hand our remarks.

for us joining Thank everyone, Thank today. you, you.

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

very Thank much. you

much Thank for for conclude participating. does today. so That you conference our

may now disconnect. You