{"id":406,"date":"2026-11-04T08:56:17","date_gmt":"2026-11-03T23:56:17","guid":{"rendered":"https:\/\/www.arphile.net\/?p=406"},"modified":"2026-11-04T08:56:21","modified_gmt":"2026-11-03T23:56:21","slug":"261104-%eb%b6%80%ed%82%b9%ed%99%80%eb%94%a9%ec%8a%a4-q3-%ec%96%b4%eb%8b%9d%ec%bd%9c-%ec%a0%95%eb%a6%ac","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/?p=406","title":{"rendered":"[261104] \ubd80\ud0b9\ud640\ub529\uc2a4 Q3 \uc5b4\ub2dd\ucf5c \uc815\ub9ac"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">1. \ud575\uc2ec \uc774\uc288: \ubaa8\ub4e0 \uc9c0\ud45c\uac00 \uac00\uc774\ub358\uc2a4 \uc0c1\ub2e8\uc744 \ub118\uc5c8\uc9c0\ub9cc 4Q \uc804\ub9dd\uc740 \ubcf4\uc218\uc801<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc219\ubc15\uc77c\uc218, \ucd1d\uc608\uc57d\uc561, \uc870\uc815 \ub9e4\ucd9c, \uc870\uc815 EBITDA <strong>\ubaa8\ub450 \uac00\uc774\ub358\uc2a4 \uc0c1\ub2e8 \uc0c1\ud68c<\/strong><\/li>\n\n\n\n<li>\uc219\ubc15\uc77c\uc218(room nights) <strong>+7%<\/strong> (2\ubd84\uae30 +5%\uc5d0\uc11c \uac00\uc18d)<\/li>\n\n\n\n<li>\uc870\uc815 EPS <strong>$4.66 (+17%)<\/strong>. \ud3c9\uade0 \uc8fc\uc2dd \uc218\uac00 7.5% \uc904\uc5b4\ub4e0 \ud6a8\uacfc\ub85c EBITDA \uc131\uc7a5\ub960(+9%)\ubcf4\ub2e4 \ub192\uc74c<\/li>\n\n\n\n<li>\ub2e4\ub9cc <strong>\ubd84\uae30 \ub9d0\ub85c \uac08\uc218\ub85d \ud574\uc678\uc5ec\ud589 \uc218\uc694\uac00 \ub454\ud654<\/strong>\ud588\uace0, 10\uc6d4\uc5d0\ub294 \uc911\ub3d9 \ubd84\uc7c1\uacfc \uc720\ub7fd \uc77c\ubd80 \ub3c4\uc2dc\uc758 \uc2dc\uc704 \uc601\ud5a5\uc774 \uc788\uc5c8\uc74c \u2192 <strong>4Q \uac00\uc774\ub358\uc2a4\ub294 \ub0ae\uac8c \uc81c\uc2dc<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\ud56d\ubaa9<\/th><th>\ub0b4\uc6a9<\/th><\/tr><\/thead><tbody><tr><td>\ucd1d\uc608\uc57d\uc561<\/td><td><strong>+10%<\/strong> (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678 +11%)<\/td><\/tr><tr><td>\uc870\uc815 \ub9e4\ucd9c<\/td><td><strong>+9%<\/strong> (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678 +10%)<\/td><\/tr><tr><td>\uc870\uc815 EBITDA<\/td><td><strong>\uc57d $46\uc5b5 (+9%)<\/strong>, \ub9c8\uc9c4 47.0% (\uc8fc\uc2dd\ubcf4\uc0c1\ube44\uc6a9 \ud3ec\ud568 \uae30\uc900)<\/td><\/tr><tr><td>\ud3c9\uade0 \uac1d\uc2e4 \ub2e8\uac00(ADR)<\/td><td>\uc57d +3% (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678), \uc720\ub7fd \uc911\uc2ec<\/td><\/tr><tr><td>FCF<\/td><td>$11\uc5b5 (\uc774\uc5f0 \uac00\ub9f9\uc810 \uc608\uc57d\uae08 $36\uc5b5\uc774 \uacc4\uc808\uc801\uc73c\ub85c \uc904\uc5b4\ub4e0 \uc601\ud5a5)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2. CEO \ubc1c\ud45c (Glenn Fogel)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>AI\ub294 \uc0b0\uc5c5\ud601\uba85 \uc774\ud6c4 \uac00\uc7a5 \ud070 \ubcc0\ud654\uc758 \uc2dc\uae30<\/strong>\ub77c\uace0 \ud45c\ud604<\/li>\n\n\n\n<li><strong>\uc790\uccb4 \ube0c\ub79c\ub4dc\uc758 AI \uae30\ub2a5<\/strong>\n<ul class=\"wp-block-list\">\n<li>Booking.com: \uc608\uc57d \ucde8\uc18c\ub098 \uc219\uc18c \ubb38\uc758\ub97c \uace0\uac1d\uc13c\ud130 \uc5c6\uc774 \ucc98\ub9ac\ud558\ub294 \uc5d0\uc774\uc804\ud2b8 \uae30\ub2a5<\/li>\n\n\n\n<li>Agoda: AI \uc5b4\uc2dc\uc2a4\ud134\ud2b8\ub97c 21\uac1c \uc2dc\uc7a5\uc5d0 \ucd9c\uc2dc<\/li>\n\n\n\n<li>Priceline: AI \uc5ec\ud589 \ube44\uc11c \u2018Penny\u2019\ub97c \uba54\uc778 \uc571\uc5d0 \ud1b5\ud569<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uc0c8 AI \uc11c\ube44\uc2a4 2\uac1c \ucd9c\uc2dc<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Lola<\/strong>: \uc5ec\ud589, \ub808\uc2a4\ud1a0\ub791, \uacf5\uc5f0\uc744 \ub300\ud654\ud615\uc73c\ub85c \ucc3e\uc544\uc8fc\ub294 \ud68c\uc6d0\uc81c \uc11c\ube44\uc2a4<\/li>\n\n\n\n<li><strong>Vayo<\/strong>: \uc774\uba54\uc77c\uc5d0\uc11c \uc608\uc57d \ub0b4\uc5ed\uc744 \ubaa8\uc544 \uc77c\uc815\uc744 \uad00\ub9ac\ud558\uace0, \uac00\uaca9\uc744 \uacc4\uc18d \ubaa8\ub2c8\ud130\ub9c1\ud558\ub294 AI \uac1c\uc778 \uc5ec\ud589 \uc5d0\uc774\uc804\ud2b8<\/li>\n\n\n\n<li>\ub450 \uc11c\ube44\uc2a4\ub97c \ud14c\uc2a4\ud2b8 \ubb34\ub300\ub85c \uc0bc\uc544 \uc798 \ub418\ub294 \uae30\ub2a5\uc744 \uae30\uc874 \ube0c\ub79c\ub4dc\ub85c \uc62e\uae30\ub294 \uc804\ub7b5<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uc678\ubd80 AI\uc640\uc758 \uc81c\ud734<\/strong>: Meta, OpenAI, Google, Anthropic, Amazon\n<ul class=\"wp-block-list\">\n<li>OpenTable\uc740 OpenAI \uc5f0\ub3d9\uc774 \uac00\uc7a5 \ube60\ub974\uac8c \ud06c\ub294 \ucc44\ub110\uc774 \ub428<\/li>\n\n\n\n<li>OpenTable\uc740 Meta Muse\uc758 \uccab \ub808\uc2a4\ud1a0\ub791 \ud30c\ud2b8\ub108<\/li>\n\n\n\n<li>Agoda\ub294 \uc544\uc2dc\uc544 Muse \ucd9c\uc2dc \ud30c\ud2b8\ub108<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>AI\ub85c \ube44\uc6a9 \uc808\uac10<\/strong>: \uc608\uc57d\uc774 \ub298\uc5c8\ub294\ub370\ub3c4 \uace0\uac1d\uc11c\ube44\uc2a4 \ube44\uc6a9\uc740 \uac10\uc18c. \uac1c\ubc1c \uc791\uc5c5(\ucf54\ub4dc \ubc18\uc601)\ub2f9 \ube44\uc6a9\ub3c4 \uac10\uc18c<\/li>\n\n\n\n<li><strong>\uacf5\uae09\uc790 \uac00\uce58<\/strong>\n<ul class=\"wp-block-list\">\n<li>Booking.com \uc219\ubc15\uc77c\uc218\uc758 \ub300\ubd80\ubd84\uc774 \ub3c5\ub9bd \ud638\ud154\uacfc \ub300\uccb4\uc219\uc18c(\ubbfc\ubc15\u00b7\uc544\ud30c\ud2b8 \ub4f1)<\/li>\n\n\n\n<li>\uae00\ub85c\ubc8c 10\ub300 \ud638\ud154 \uccb4\uc778 \ube44\uc911\uc740 10% \ucd08\ubc18\uc5d0 \ubd88\uacfc<\/li>\n\n\n\n<li>50\uac1c \ud1b5\ud654, 100\uac1c \uc774\uc0c1 \uacb0\uc81c\uc218\ub2e8, 40\uac1c \uc774\uc0c1 \uc5b8\uc5b4\ub85c \uace0\uac1d \uc9c0\uc6d0<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\ubbf8\uad6d\uacfc \uc544\uc2dc\uc544\ub97c \ud575\uc2ec \uc131\uc7a5 \uc2dc\uc7a5<\/strong>\uc73c\ub85c \uc9c0\ubaa9. \ubbf8\uad6d\uc740 3\ub144 \uc5f0\uc18d \uc2dc\uc7a5\ubcf4\ub2e4 \uc219\ubc15\uc77c\uc218\uac00 \ube60\ub974\uac8c \ub298\uc5c8\uc74c<\/li>\n\n\n\n<li><strong>Connected Trip<\/strong>(\uc219\ubc15\u00b7\ud56d\uacf5\u00b7\uc561\ud2f0\ube44\ud2f0\ub97c \ud55c \ubc88\uc5d0 \uc608\uc57d)\uacfc <strong>Genius<\/strong>(Booking.com \ub85c\uc5f4\ud2f0 \ud504\ub85c\uadf8\ub7a8)\ub85c \uc7ac\ubc29\ubb38 \uac15\ud654<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. \uc2e4\uc801 \uc138\ubd80<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\uc9c0\uc5ed\ubcc4 \uc219\ubc15\uc77c\uc218<\/strong>\n<ul class=\"wp-block-list\">\n<li>\uc720\ub7fd: \ud55c \uc790\ub9bf\uc218 \ud6c4\ubc18<\/li>\n\n\n\n<li>\uc544\uc2dc\uc544: \ud55c \uc790\ub9bf\uc218 \ud6c4\ubc18 (\uad6d\ub0b4\uc5ec\ud589\uc740 10% \ucd08\ubc18)<\/li>\n\n\n\n<li>\ubbf8\uad6d: \ud55c \uc790\ub9bf\uc218 \uc911\ubc18 (\uad6d\ub0b4\uc5ec\ud589 \uc911\uc2ec, \uc9c1\uc811 \uc608\uc57d \uc99d\uac00)<\/li>\n\n\n\n<li>\uae30\ud0c0: \ud55c \uc790\ub9bf\uc218 \uc911\ubc18<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\uad6d\ub0b4\uc5ec\ud589\uc740 \ud55c \uc790\ub9bf\uc218 \ud6c4\ubc18, \ud574\uc678\uc5ec\ud589\uc740 \ud55c \uc790\ub9bf\uc218 \uc911\ubc18<\/li>\n\n\n\n<li><strong>\ub300\uccb4\uc219\uc18c<\/strong> \ube44\uc911 \uc57d 37% (+1%p), \uc219\ubc15\uc77c\uc218 <strong>+7%<\/strong> (2\ubd84\uae30 +4%). \ub4f1\ub85d \uc219\uc18c \uc218 +9%<\/li>\n\n\n\n<li><strong>\ud56d\uacf5\uad8c +19%<\/strong>, <strong>\uc561\ud2f0\ube44\ud2f0 +24%<\/strong> (\ub458 \ub2e4 2\ubd84\uae30\ubcf4\ub2e4 \uac00\uc18d)<\/li>\n\n\n\n<li><strong>Connected Trip<\/strong> \uac70\ub798 <strong>\uc57d +20%<\/strong>, Booking.com \uc804\uccb4 \uac70\ub798\uc758 10% \ucd08\ubc18<\/li>\n\n\n\n<li>\uc9c1\uc811 \uc608\uc57d \ube44\uc911 60%\ub300 \uc911\ubc18 \uc720\uc9c0, \ubaa8\ubc14\uc77c \uc571 \ube44\uc911 50%\ub300 \ud6c4\ubc18<\/li>\n\n\n\n<li>Genius \ub808\ubca8 2\u00b73 \ud68c\uc6d0\n<ul class=\"wp-block-list\">\n<li>\ud65c\uc131 \uace0\uac1d\uc758 30% \uc774\uc0c1, \uc219\ubc15\uc77c\uc218\uc758 50%\ub300 \ud6c4\ubc18<\/li>\n\n\n\n<li>\uc9c1\uc811 \uc608\uc57d + \uc571 + Genius 2\u00b73\uc744 \ubaa8\ub450 \uc4f0\ub294 \uace0\uac1d\uc758 \uc219\ubc15\uc77c\uc218\uac00 \ud6e8\uc52c \ube60\ub974\uac8c \uc131\uc7a5<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>AI \ucc57\ubd07(LLM)\uc5d0\uc11c \ub118\uc5b4\uc628 \uc608\uc57d<\/strong>\uc740 \ucd5c\uadfc \uba87 \uc8fc\uac04 \ub298\uc5c8\uc9c0\ub9cc <strong>\uc5ec\uc804\ud788 Booking.com \uc219\ubc15\uc77c\uc218\uc758 1%\uc5d0 \ud6e8\uc52c \ubabb \ubbf8\uce68<\/strong><\/li>\n\n\n\n<li>\uac00\ub9f9\uc810 \uacb0\uc81c \ubc29\uc2dd \ube44\uc911 \uc57d 75% (+3%p)<\/li>\n\n\n\n<li><strong>\ub9c8\ucf00\ud305\ube44 +11%<\/strong>: B2B \uc81c\ud734 \ub9c8\ucf00\ud305\ube44 \uc99d\uac00 \ub54c\ubb38. B2C\ub9cc \ubcf4\uba74 \ub9e4\ucd9c\ubcf4\ub2e4 \ub9c8\ucf00\ud305\ube44\uac00 \ub35c \ub298\uc5b4 \ud6a8\uc728\uc774 \uac1c\uc120\ub428<\/li>\n\n\n\n<li>\uace0\uc815 \uc6b4\uc601\ube44 +6%\n<ul class=\"wp-block-list\">\n<li>Agoda\uc758 AI \ud1a0\ud070 \ub2e8\uac00\uac00 6~9\uc6d4 \uc0ac\uc774 25% \uc774\uc0c1 \ud558\ub77d<\/li>\n\n\n\n<li>\ube44\uc6a9\uc774 \ub192\uc740 AI \ubaa8\ub378\uc5d0\ub294 \uac00\uaca9 \uc0c1\ud55c\uc744 \ub450\uace0, \ub2e8\uc21c \uc791\uc5c5\uc740 \uc800\ub834\ud55c \ubaa8\ub378\ub85c \ucc98\ub9ac<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uad6c\uc870\uc870\uc815 \ud504\ub85c\uadf8\ub7a8<\/strong>: 2027\ub144\uc5d0 \uc5f0\uac04 $6.5\uc5b5 \uc808\uac10 \ubaa9\ud45c<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. \uc804\ub9dd<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4\ubd84\uae30<\/strong>\n<ul class=\"wp-block-list\">\n<li>\uc219\ubc15\uc77c\uc218 <strong>+1~3%<\/strong>: \uc62c\ud574 \ube44\uad50 \uae30\uc900\uc774 \uac00\uc7a5 \ub192\uc740 \ubd84\uae30\uc774\uace0 \ucd5c\uadfc \uc0c1\ud669\uc774 \ubd88\ud655\uc2e4\ud568<\/li>\n\n\n\n<li>\ucd1d\uc608\uc57d\uc561 +2~4% (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678 +4~6%)<\/li>\n\n\n\n<li>\uc870\uc815 \ub9e4\ucd9c <strong>+0~2%<\/strong> (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678 +2~4%)<\/li>\n\n\n\n<li>\uc870\uc815 EBITDA <strong>\ubcf4\ud569<\/strong> (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678 +2%): \ud56d\uacf5, \uc561\ud2f0\ube44\ud2f0, \ub808\uc2a4\ud1a0\ub791, AI, \uae30\uc220 \uc778\ud504\ub77c\uc5d0 \ud22c\uc790\ub97c \ub298\ub9ac\uae30 \ub54c\ubb38<\/li>\n\n\n\n<li>\uc911\ub3d9 \ubd84\uc7c1 \uc601\ud5a5\uc774 \uc5f0\ub9d0\uae4c\uc9c0 \uc774\uc5b4\uc9c4\ub2e4\uace0 \uac00\uc815. \uc720\ub85c\/\ub2ec\ub7ec 1.12 \uac00\uc815, \ud658\uc728 \ud6a8\uacfc -2%p<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>2026\ub144 \uc5f0\uac04<\/strong>: \ucd1d\uc608\uc57d\uc561, \uc870\uc815 \ub9e4\ucd9c, \uc870\uc815 EBITDA\ub294 \ud55c \uc790\ub9bf\uc218 \ud6c4\ubc18 \uc131\uc7a5. \uc870\uc815 EPS\ub294 10% \ucd08\uc911\ubc18 \uc131\uc7a5. EBITDA \ub9c8\uc9c4\uc740 \uc548\uc815\uc801<\/li>\n\n\n\n<li><strong>\uc7a5\uae30 \ubaa9\ud45c<\/strong> (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678): \ucd1d\uc608\uc57d\uc561\u00b7\ub9e4\ucd9c \uc5f0 8% \uc774\uc0c1, EPS \uc5f0 15%<\/li>\n\n\n\n<li><strong>2027\ub144 \uc0c1\ubc18\uae30 \uc608\uc57d \ud604\ud669\uc740 \uc591\ud638<\/strong>\ud568. 2027\ub144 \uac00\uc774\ub358\uc2a4\ub294 2\uc6d4\uc5d0 \ubc1c\ud45c<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. AI \uc131\uacfc<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>4\uac00\uc9c0 \uc601\uc5ed\uc5d0\uc11c \ucd08\uae30 \uc131\uacfc\uac00 \ubcf4\uc778\ub2e4\uace0 \ud568\n<ul class=\"wp-block-list\">\n<li><strong>\ucc38\uc5ec\ub3c4<\/strong>: Booking.com\uc758 AI \uac80\uc0c9 \uc77c\uc77c \ubc29\ubb38\uc790\uac00 2\ubd84\uae30 \ub300\ube44 10\ubc30<\/li>\n\n\n\n<li><strong>\uc804\ud658\uc728<\/strong>: Penny\uc640 Agoda AI \uc5b4\uc2dc\uc2a4\ud134\ud2b8 \uc0ac\uc6a9\uc790\uc758 \uc608\uc57d \uc804\ud658\uc728\uc774 \ube44\uc0ac\uc6a9\uc790\uc758 \uc57d 2\ubc30<\/li>\n\n\n\n<li><strong>\uc608\uc57d \uae08\uc561<\/strong>: Agoda AI \uc0ac\uc6a9\uc790\uc758 \ud3c9\uade0 \uc608\uc57d \uae08\uc561\uc774 \uc57d 20% \ub192\uc74c<\/li>\n\n\n\n<li><strong>\uc2e0\uaddc \uc720\uc785<\/strong>: OpenTable\uc758 OpenAI \uc5f0\ub3d9\uc73c\ub85c 9\uc6d4\uc5d0 19\ub9cc \uba85 \uc88c\uc11d \uc608\uc57d. Muse\ub97c \ud1b5\ud574 \uc644\uc804\ud788 \uc0c8\ub85c\uc6b4 \uace0\uac1d\uc774 \uc720\uc785\ub428<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>AI \uc5d0\uc774\uc804\ud2b8\ub4e4\uc740 \uc218\ubc31\ub9cc \uac1c \uc219\uc18c\uc5d0 \uc9c1\uc811 \uc5f0\uacb0\ud558\uae30 \uc5b4\ub824\uc6cc <strong>\uc608\uc57d \ud50c\ub7ab\ud3fc\uacfc \uc190\uc7a1\ub294 \uac78 \uc120\ud638<\/strong>\ud568. \uadf8\ub798\uc11c AI \ucabd \ud2b8\ub798\ud53d \ub300\ubd80\ubd84\uc774 \ubd80\ud0b9\uc73c\ub85c \uc628\ub2e4\ub294 \uc124\uba85<\/li>\n\n\n\n<li>AI \uc5d0\uc774\uc804\ud2b8\ub4e4\uc774 \uc544\uc9c1 \uc218\uc775 \ubaa8\ub378\uc744 \uc815\ud558\uc9c0 \ubabb\ud574 \uacbd\uc7c1\uc774 \uce58\uc5f4\ud568. \uc720\uc785 \ucc44\ub110\uc774 \ub2e4\uc591\ud574\uc9c0\uba74 \ubd80\ud0b9\uc758 \ube44\uc6a9 \ubd80\ub2f4\uc774 \uc904 \uc218 \uc788\uc74c<\/li>\n\n\n\n<li>\uc720\ub7fd\uc5d0\uc11c\ub294 DMA, AI\ubc95, DSA \uac19\uc740 \uaddc\uc81c \ub54c\ubb38\uc5d0 \ubc94\uc6a9 AI \uc5d0\uc774\uc804\ud2b8 \ud655\uc0b0\uc774 \uc608\uc0c1\ubcf4\ub2e4 \ub290\ub9b4 \uc218 \uc788\uc74c<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6. \uc8fc\uc8fc\ud658\uc6d0\/\uc7ac\ubb34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>3\ubd84\uae30 <strong>$24\uc5b5<\/strong> \ud658\uc6d0 (\uc790\uc0ac\uc8fc \ub9e4\uc785 $21\uc5b5)<\/li>\n\n\n\n<li>1~9\uc6d4 \ub204\uc801 <strong>$105\uc5b5<\/strong> (\uc790\uc0ac\uc8fc $95\uc5b5)<\/li>\n\n\n\n<li>\ud604\uae08\u00b7\ud22c\uc790\uc790\uc0b0 <strong>$162\uc5b5<\/strong> (\uc804\ubd84\uae30 $177\uc5b5)<\/li>\n\n\n\n<li>\ud3c9\uade0 \uc8fc\uc2dd \uc218 <strong>-7.5% YoY<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7. \uc9c8\uc758\uc751\ub2f5 \ud575\uc2ec<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\uc9c8\ubb38\uc790<\/th><th>\uc9c8\ubb38<\/th><th>\ub2f5\ubcc0 \uc694\uc57d<\/th><\/tr><\/thead><tbody><tr><td>Doug Anmuth (JP\ubaa8\uac74)<\/td><td>AI\uac00 \ub9e4\ucd9c\uc5d0 \uc8fc\ub294 \ud6a8\uacfc, \uc0c8 AI \uc5d0\uc774\uc804\ud2b8(Muse, Grok)\uc5d0\uc11c \uc624\ub294 \uc720\uc785<\/td><td>AI \uac80\uc0c9 \ubc29\ubb38\uc790 10\ubc30, \uc804\ud658\uc728 2\ubc30, \uc608\uc57d \uae08\uc561 +20%, OpenTable 9\uc6d4 19\ub9cc \uba85.<br>AI \uc720\uc785\uc740 \uc544\uc9c1 1%\uc5d0 \ud6e8\uc52c \ubabb \ubbf8\uce58\uace0, \uc5d0\uc774\uc804\ud2b8\ubcc4\ub85c \ud070 \ucc28\uc774\ub294 \uc5c6\uc74c.<br>\ud2b8\ub798\ud53d \ub300\ubd80\ubd84\uc740 \ubd80\ud0b9\uc73c\ub85c \ub4e4\uc5b4\uc634<\/td><\/tr><tr><td>Mark Mahaney (\uc5d0\ubc84\ucf54\uc5b4)<\/td><td>Muse\ub97c \uc65c Agoda\ub85c \uba3c\uc800 \ud588\ub294\uc9c0, B2B \ub9c8\ucf00\ud305\ube44 \uc99d\uac00<\/td><td>\ubaa8\ub4e0 AI \uae30\uc5c5\uacfc \ub3d9\uc2dc\uc5d0 \ud611\uc758 \uc911\uc774\ub77c \uc21c\uc11c\uc5d0 \uc758\ubbf8\ub294 \uc5c6\uc74c.<br>1\uc6d4 1\uc77c B2B \uc0ac\uc5c5\uc744 \ud1b5\ud569\ud558\uace0 \uc2e4\uc801\uc744 \ub530\ub85c \uacf5\uac1c\ud560 \uc608\uc815.<br>B2B \ub9e4\ucd9c\uc774 \ub298\uba74 \uc218\uc218\ub8cc\uac00 \ub9c8\ucf00\ud305\ube44\ub85c \uc7a1\ud600\uc11c \ub298\uc5b4\ub098\ub294 \uac83<\/td><\/tr><tr><td>Matt Cost (\ubaa8\uac74\uc2a4\ud0e0\ub9ac)<\/td><td>AI \uc5d0\uc774\uc804\ud2b8\uac00 \uc0c8\ub85c\uc6b4 \uc5ec\ud589 \uc218\uc694\ub97c \ub9cc\ub4dc\ub294\uc9c0<\/td><td>AI\ub85c \uc5ec\ud589\uc744 \ud0d0\uc0c9\ud558\ub294 \uc0ac\ub78c\uc740 \ub9ce\uc9c0\ub9cc \uc2e4\uc81c \uc608\uc57d\uc740 \uc801\uc74c.<br>\uacfc\uac70 \uac80\uc0c9 \uc5d4\uc9c4\ucc98\ub7fc \ub610 \ud558\ub098\uc758 \uc720\uc785 \ucc44\ub110\uc774 \ub420 \uc218 \uc788\uc74c.<br>Vayo\uc640 Lola\ub85c \uace0\uac1d\uc774 \ubd80\ud0b9\uc744 \uba3c\uc800 \ucc3e\uac8c \ub9cc\ub4dc\ub294 \uac8c \ubaa9\ud45c<\/td><\/tr><tr><td>Alex Brignall (Redburn)<\/td><td>B2C \ub9c8\ucf00\ud305 \ud6a8\uc728 \uac1c\uc120 \uc694\uc778, \uc720\ub7fd DMA \uc601\ud5a5<\/td><td>\uc720\ub8cc \ucc44\ub110 \uc218\uc775\ub960 \uac1c\uc120\uacfc \uc9c1\uc811 \uc720\uc785 \uc99d\uac00 \ub355\ubd84. 4\ubd84\uae30\uc5d0\ub3c4 \ud6a8\uc728 \uac1c\uc120 \uae30\ub300.<br>DMA\ub85c \uc778\ud55c \uc774\uc810\uc740 \uc544\uc9c1 \uc22b\uc790\ub85c \uc548 \ubcf4\uc784.<br>\uc720\ub7fd \uaddc\uc81c \ub54c\ubb38\uc5d0 AI \uc5d0\uc774\uc804\ud2b8 \ud655\uc0b0\uc774 \ub290\ub9b4 \uc218 \uc788\uc74c<\/td><\/tr><tr><td>Justin Post (BofA)<\/td><td>AI\uac00 \ud638\ud154 \uc9c1\uc811 \uc608\uc57d\uc744 \uc6b0\ub300\ud558\ub294\uc9c0, 4Q \ube44\uc6a9 \uc99d\uac00\uc640 2027\ub144<\/td><td>\uc624\ud788\ub824 \uc608\uc57d \ud50c\ub7ab\ud3fc\uc774 \uc720\ub9ac\ud55c \uc0ac\ub840\ub3c4 \uc788\uc74c.<br>\uc911\uc18c \uc219\uc18c\ub294 AI\uc5d0\uc11c \ub178\ucd9c\ub418\uae30 \uc5b4\ub824\uc6cc \ubd80\ud0b9\uc774 \ud544\uc694\ud568.<br>4\ubd84\uae30 \ud22c\uc790\ub294 \uacc4\ud68d\ub41c \uac83\uc774\uace0 \uc5f0\uac04 \ub9c8\uc9c4\uc740 \uc548\uc815\uc801.<br>2027\ub144 \uc0c1\ubc18\uae30 \uc608\uc57d \ud604\ud669 \uc591\ud638, \uac00\uc774\ub358\uc2a4\ub294 2\uc6d4<\/td><\/tr><tr><td>Ron Josey (\uc528\ud2f0)<\/td><td>Lola\u00b7Vayo\uc5d0\uc11c \uc5bb\ub294 \uac83, AI \uc5d0\uc774\uc804\ud2b8\uac00 \ubd80\ud0b9\uc744 \uc790\uc8fc \ucd94\ucc9c\ud558\ub294 \uc774\uc720<\/td><td>\uace0\uac1d \ubc18\uc751\uc744 \ubcf4\uace0 \uc798 \ub418\ub294 \uae30\ub2a5\uc744 Booking\u00b7Agoda\u00b7Priceline\uc73c\ub85c \uc774\uc2dd\ud568.<br>\uc608: Vayo \uc0ac\uc6a9\uc790 \ub300\ubd80\ubd84\uc774 \uc774\uba54\uc77c \uc5f0\ub3d9\uc5d0 \ub3d9\uc758\ud568.<br>\ucf58\ud150\uce20 \uc2e0\ub8b0\ub3c4\uc640 \ube0c\ub79c\ub4dc \ub355\ubd84\uc774\uace0, 470\ub9cc \uac1c \uc219\uc18c\uc758 \uc2e4\uc2dc\uac04 \uac00\uaca9\u00b7\uc7ac\uace0\uac00 \uac15\uc810<\/td><\/tr><tr><td>Benjamin Black (\ub3c4\uc774\uce58\ubc29\ud06c)<\/td><td>Genius \ub2e4\uc74c \ub2e8\uacc4, AI\ub85c EPS 15% \ubaa9\ud45c\ub97c \ub118\uc744 \uc218 \uc788\ub294\uc9c0<\/td><td>Genius\ub294 \uc219\uc18c\uac00 \ube44\uc6a9\uc744 \ub300\ub294 \ud560\uc778 \uc678\uc5d0 \ud61c\ud0dd\uc744 \ub354 \ub113\ud790 \uacc4\ud68d.<br>AI \ud6a8\uacfc(\uace0\uac1d\uc13c\ud130, \uac1c\ubc1c \ube44\uc6a9, \uc778\ub825 \uc99d\uac00 \ucd5c\uc18c\ud654)\ub294 \uc774\ubbf8 \ubcf4\uc774\uc9c0\ub9cc \uc7a5\uae30 \ubaa9\ud45c\uc5d0 \ubc18\uc601\ud558\uae30\ub294 \uc544\uc9c1 \uc774\ub984<\/td><\/tr><tr><td>Meredith Jensen (HSBC)<\/td><td>AI \uc5d0\uc774\uc804\ud2b8 \uc2dc\ub300\uc5d0 \ud638\ud154 \ub85c\uc5f4\ud2f0 \ud504\ub85c\uadf8\ub7a8\uacfc \uc5f0\uacc4\ud560\uc9c0<\/td><td>\ud638\ud154\uacfc \uc5ec\ud589 \uc678 \uc5c5\uccb4\uae4c\uc9c0 \ud611\uc758 \uc911.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>1. \ud575\uc2ec \uc774\uc288: \ubaa8\ub4e0 \uc9c0\ud45c\uac00 \uac00\uc774\ub358\uc2a4 \uc0c1\ub2e8\uc744 \ub118\uc5c8\uc9c0\ub9cc 4Q \uc804\ub9dd\uc740 \ubcf4\uc218\uc801 \ud56d\ubaa9 \ub0b4\uc6a9 \ucd1d\uc608\uc57d\uc561 +10% (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678 +11%) \uc870\uc815 \ub9e4\ucd9c +9% (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678 +10%) \uc870\uc815 EBITDA \uc57d $46\uc5b5 (+9%), \ub9c8\uc9c4 47.0% (\uc8fc\uc2dd\ubcf4\uc0c1\ube44\uc6a9 \ud3ec\ud568 \uae30\uc900) \ud3c9\uade0 \uac1d\uc2e4 \ub2e8\uac00(ADR) \uc57d +3% (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678), \uc720\ub7fd \uc911\uc2ec FCF $11\uc5b5 (\uc774\uc5f0 \uac00\ub9f9\uc810 \uc608\uc57d\uae08 $36\uc5b5\uc774 \uacc4\uc808\uc801\uc73c\ub85c \uc904\uc5b4\ub4e0 \uc601\ud5a5) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[38],"tags":[94,100,114],"class_list":["post-406","post","type-post","status-publish","format-standard","hentry","category-38","tag-94","tag-100","tag-booking-holdings"],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"blogsy-small":false,"blogsy-small-tall":false,"blogsy-small-square":false,"blogsy-small-masonry":false,"blogsy-medium":false,"blogsy-medium-masonry":false,"blogsy-large":false,"blogsy-wide":false},"uagb_author_info":{"display_name":"Arphile","author_link":"https:\/\/www.arphile.net\/?author=1"},"uagb_comment_info":0,"uagb_excerpt":"1. \ud575\uc2ec \uc774\uc288: \ubaa8\ub4e0 \uc9c0\ud45c\uac00 \uac00\uc774\ub358\uc2a4 \uc0c1\ub2e8\uc744 \ub118\uc5c8\uc9c0\ub9cc 4Q \uc804\ub9dd\uc740 \ubcf4\uc218\uc801 \ud56d\ubaa9 \ub0b4\uc6a9 \ucd1d\uc608\uc57d\uc561 +10% (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678 +11%) \uc870\uc815 \ub9e4\ucd9c +9% (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678 +10%) \uc870\uc815 EBITDA \uc57d $46\uc5b5 (+9%), \ub9c8\uc9c4 47.0% (\uc8fc\uc2dd\ubcf4\uc0c1\ube44\uc6a9 \ud3ec\ud568 \uae30\uc900) \ud3c9\uade0 \uac1d\uc2e4 \ub2e8\uac00(ADR) \uc57d +3% (\ud658\uc728 \ud6a8\uacfc \uc81c\uc678), \uc720\ub7fd \uc911\uc2ec FCF $11\uc5b5 (\uc774\uc5f0 \uac00\ub9f9\uc810 \uc608\uc57d\uae08 $36\uc5b5\uc774 \uacc4\uc808\uc801\uc73c\ub85c \uc904\uc5b4\ub4e0 \uc601\ud5a5)&hellip;","_links":{"self":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=406"}],"version-history":[{"count":1,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/406\/revisions"}],"predecessor-version":[{"id":407,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/406\/revisions\/407"}],"wp:attachment":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}