Trip.com Group Limited

Thank you for standing by and welcome to the trip.com group 2022 Q1 earnings conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Michelle Chee. Please go ahead.

Thank you. Thank you everyone for joining today. Good morning and welcome to CryptoCom Group's first quarter of 2022 earnings conference call. Joining me today on the call are Mr. Jim Flynn, Executive Chairman of the Board, Ms. Jen Sun, Chief Executive Officer, and Ms. Cindy Wong, Chief Financial Officer. During this call, we will discuss our future outlook and performance. which are forward-looking statements made under the safe harbor provision of the U.S. Private Security Litigation Reform Act of 1995. Forward-looking statements involves inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in TRIP.com Group's public filing with the Security and Exchange Commission. CHIP.com Group does not undertake any obligation to update any forward-looking statements, except as required under applicable law. James, Jen, and Cindy will share our strategy and business updates, operating highlights, and financial performance for the first quarter of 2022, as well as the outlook for the second quarter of 2022. After the prepared remarks, we will have a Q&A session. With that, I will turn the call over to James. James, please.

Thank you, Michelle. Thank you, everyone, for joining us on the call today. Two years ago into the pandemic, the travel industry still faces pandemic-related challenges. The first quarter of 2022 showed a mixed picture in which the Chinese domestic markets and the global markets have developed independently. In China, the first two months of the year were encouraging, while March was relatively uneasy due to the outrage of Omicron in multiple regions, including the first-tier cities. Such pandemic influence extended into April and May, with strict pandemic control measures and travel curbs being imposed that largely While short-term perspectives might not seem optimistic, demand for travel is still strong, which offers a brighter outlook for the long term. With sound COVID risk reduction measures and improved safety perceptions, user confidence grows and their desire for travel recovers. Global travel continues to recover at a strong pace as governments continue to open up. We anticipate to see a similar pattern in China once the restrictions are eased. In order to capture such travel demands, we continue to develop travel products to match consumers' travel aspirations. With efforts in previous quarters, we enhanced our value proposition of our customers and partners in the China market with established strengths in both long-haul and short-haul travels, through bolstering our product capabilities, service qualities, and business efficiency. In January and February, our domestic hotel bookings continued to deliver better than market performance, increased by more than 20% year-over-year. The market was again largely disrupted by outbreaks since March, but we have already seen signs of recovery following the easing of static management measures. On the international front, we are encouraged to see benefits of global recovery from the pandemic with strong travel demands in many countries, especially across Europe and especially Asia Pacific. Following these countries' decisions to largely remove travel restrictions, we have seen strengthening trends of business performance across our global platforms, with air bookings achieving triple-digit year-over-year growth and hotel booking significantly improved, especially the transatlantic and Asian articles. It has been two years since the onset of the pandemic. Fortunately, the green shoots of travel have already appeared, along with opportunities to encourage continued growth with our local focus will continue to be nimble and adaptive On the international front, we will remain global vision to be keen to build on positive signals that we are seeing so far and further fortify our global footprint. With that, I will send the call over to James for operational highlights.