Trip.com Group Limited

Good day, and thank you for standing by. Welcome to the Trip.com Group 2023 Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Michelle Chee, Senior IR Director. Please go ahead.

Thank you. Good morning and welcome to CryptoCom Group's fourth quarter and full year of 2023 Earnings Conference Call. Joining me today on the call are Mr. James Lam, 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 from the views expressed today. A number of potential and uncertainties are outlined in TRIP.com Group's public filings with the Security and Exchange Commission. TRIP.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 2023 and the full year of 2023. as well as the option for the first quarter of 2024. And we will have a Q&A session after the prepared remarks. With that, I will turn the call over to James. James, please.

Thank you, Michelle, and thank everyone for joining us on the call today. China's border reopening in 2003 has ignited a global travel surge. Our enhanced leadership in product and service has empowered us to significantly outperform the market. In 2023, our core OTA business reached a record high, achieving a GMV of approximately RMB 1.1 trillion or USD 160 billion. This marked the year-over-year increase of nearly 130% and a growth of about 30% compared to 2019. Concurrently, our total Net revenue also grew by 122% year-over-year and 25% compared to 2019. We significantly improved our adjusted EBITDA margin to 31% in 2023, which is the highest level over the past decade. In September 2023, we began buying back our own stock using the existing quota, Additionally, the board has approved the 2024 capital return program, further increasing our overall quota to a total of USD 581 million. This decision demonstrates our strong confidence in the long-term value potential of the company. The China travel market has been growing significantly, with outbound travel playing an increasingly large role due to easier visa access and a gradual resumption of international flights. Our global business is also thriving, particularly in the APAC region, reflecting a strengthened market presence and improved product competitiveness. Expanding our international operations with diversified products worldwide remains a key priority for us. As travel demand arises, we also recognize the increasing importance of enhancing our services. Through exceptional customer service, AI technology, and reliable content, we continue to invest in improving user experience. Our commitment to globalization and great quality, collectively known as our G2 strategy, drives us to continuously innovate and improve. The year 2023 marked China's reopening to the world, and 2024 will be a year of consolidating and expanding global tourism. Upholding our G2 strategy, we aim to become a leading player in the Asian market and the global market in three to five years. With that, I will turn the call over to Jane for operational highlights.