Trip.com Group Limited

then thank you for standing by welcome to tweet.com group 2022 q4 earnings conference call at this time all participants are in the listen-only mode after the speaker's presentation there will be a question and answer session to ask a question during the session you need to press star 1 1 on your telephone please be advised that today's conference is being recorded i would now like to hand the call over to your first speaker today, Michelle Chee, Senior IR Director. Thank you. Please go ahead.

Thank you. Good morning and welcome to Trip.com Group's fourth quarter of 2022 Earnings Conference Call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board, Ms. Jen Sum, 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 involve inherent risks and uncertainties. As such, our results may be materially different than those expressed today. A number of potential risks and uncertainties are outlined in TRIP.com Group's public filing with the Security and Exchange Commission. Crypto.com Group does not undertake any obligation to update any forward-looking statement except as required under applicable law. James, Jen, and Cindy will share our strategy and business updates, operating highlights, and financial performance for the fourth quarter of 2022, as well as for the outlook of the first quarter of 2023. After the prepared remarks, we will have a Q&A session. With that, I will turn the call over to James Jim, please. Thank you, Michelle. Thank you, everyone, for joining us on the call today. In 2022 marks the end of three years of the COVID-19 pandemic.

Kip.com Group has once again successfully overcome the difficulties and turned the crisis into opportunity, just like what we did 20 years ago with SARS. In the fourth quarter, while the China domestic travel market was still overshadowed by pandemic resurgence in the fourth quarter, we're delighted to see steady improvements in overseas markets. Overall, hotel bookings on our global platform have outperformed the pre-pandemic level for four consecutive quarters. On a constant currency basis, overall air ticketing revenue from our global platforms in Q4 has also fully recovered to the pre-pandemic level. Demand for China's outbound travel surged in Q4. Surges for outbound flights departing from mainland China hit a three-year peak following the downgrade of COVID-19 to a Class B infectious disease and China's reopening in December. Such encouraging data reveals increasing consumer confidence in the travel industry globally again. Since the announcement of China's reopening, We have seen strong travel demands across our various business lines. Domestic hotel bookings and air bookings have already surpassed the 2019 level. Outbound travel bookings have recovered to more than 40% of the pre-pandemic level despite capacity limitations. While airlines not running international flights at the pre-pandemic level could be a short-term bottleneck. We believe China's outbound travel will start to pick up in Q2 when flight capacity gradually recovers. Europe and the U.S. have already been making good progress towards post-pandemic recovery of global travel. This year, with China's fully reopened and the whole Pacific region catching up rapidly, 2023 is projected to be an exciting year of recovery and growth. The future is bright. We are well prepared and remain committed to helping travelers explore even the furthest corners of the planet so to bring the world closer together.