**Room Nights (millions)**

**Rental Car Days (millions)**

**Airline Tickets (millions)**

**Mix of Room Nights Booked on Mobile App (%)**

**Global ADRs Change (%)**

**Mix of Gross Bookings on Merchant Basis (%)**

ea5cd441c32dbc874cb32b756533bb7da704733dc9e809690f0e0934a8a95f92

Booking Holdings Inc. is a leading provider of online travel and related services, operating primarily through its five consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable. The company offers a wide range of services, including accommodation reservations, flights, rental cars, restaurant reservations, and vacation packages **[0001075531-24-000014_bkng-20231231.htm:114]** **[0001075531-24-000014_bkng-20231231.htm:3]** **[0001075531-24-000014_bkng-20231231.htm:6]**. Revenue is primarily generated from online travel reservation services, categorized into merchant and agency revenues, with a significant portion coming from Booking.com's accommodation reservations **[0001075531-24-000014_bkng-20231231.htm:3]** **[0001075531-24-000014_bkng-20231231.htm:70]** **[0001075531-24-000014_bkng-20231231.htm:120]**. In 2023, the company reported significant milestones, including over 1 billion room nights booked and record gross bookings **[0001308179-24-000549_lbkng2024_def14a.htm:5]**.

1. **Accommodation Reservations** - Facilitates online booking of accommodations, primarily through Booking.com, contributing significantly to both merchant and agency revenues.
2. **Flights** - Offers online flight booking services through its brands, providing travelers with a range of options for air travel.
3. **Rental Cars** - Provides rental car booking services, allowing customers to reserve vehicles for their travel needs.
4. **Restaurant Reservations** - Operates through OpenTable, offering restaurant reservation and management services.
5. **Vacation Packages** - Combines various travel services into packages, offering convenience and value to travelers.
6. **Advertising and Referral Services** - Generates revenue through KAYAK's referral and advertising services, enhancing visibility for travel-related businesses.

55eb9f37822c9a80dcad3585baaba87109b85b6d704ed8111b45328a13d833e7

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

a0d601b43498b84df9219bb8cc1b6326906c3ae1ded6bac8eb499eb74d350310

1708d7db80fa4637ca2ae7e5add01b467a1d6bb0e6f52dbdde0ad100b18b67dd

| Metric [USD Million] | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2023 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Merchant Revenues    | **2,388**  **[0001075531-24-000027_bkng-20240331.htm:34]**  | N/A     | **4,972**  **[0001075531-24-000048_bkng-20240930.htm:40]**  | N/A     | N/A     | N/A     | N/A     | N/A     |
| Agency Revenues      | **1,763**  **[0001075531-24-000027_bkng-20240331.htm:34]**  | N/A     | **2,753**  **[0001075531-24-000048_bkng-20240930.htm:40]**  | N/A     | N/A     | N/A     | N/A     | N/A     |
| Advertising & Other Revenues | **264**  **[0001075531-24-000027_bkng-20240331.htm:34]**  | N/A     | **269**  **[0001075531-24-000048_bkng-20240930.htm:40]**  | N/A     | N/A     | N/A     | N/A     | N/A     |
| Total Revenues       | **4,415**  **[0001075531-24-000027_bkng-20240331.htm:34]**  | N/A     | **7,994**  **[0001075531-24-000048_bkng-20240930.htm:40]**  | N/A     | N/A     | **5,500**  **[0001075531-23-000045_ex99163023.htm:0]**  | N/A     | N/A     |

ed2aec298222890ac131ebec3eec4f66ef0a2fdbe931d706b06f6bc59d3cb262

| Metric / Quarter                                | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Room Nights (millions)**                      | N/A     | **274** **[BKNG_3249297_0]** **[0001075531-23-000031_bkng-20230331.htm:35]** | **268** **[BKNG_3384157_0]** **[0001075531-23-000045_ex99163023.htm:0]** | **276** **[BKNG_3363757_1]** **[0001075531-23-000061_bkng-20230930.htm:42]** | **231** **[0001075531-24-000011_ex991123123.htm:0]** **[0001075531-24-000011_ex991123123.htm:9]** | **300** **[BKNG_3382239_0]** **[0001075531-24-000026_ex99133124.htm:8]** | **287** **[0001075531-24-000039_ex99163024.htm:0]** **[BKNG_3395784_0]** **[0001075531-24-000039_ex99163024.htm:8]** **[0001075531-24-000041_bkng-20240630.htm:35]** | **299** **[0001075531-24-000047_ex99193024.htm:0]** **[0001075531-24-000048_bkng-20240930.htm:38]** |
| **Rental Car Days (millions)**                  | **14** **[0001075531-23-000012_ex991123122.htm:10]** | **19** **[0001075531-23-000031_bkng-20230331.htm:35]** | **20** **[0001075531-23-000047_bkng-20230630.htm:43]** **[0001075531-23-000045_ex99163023.htm:9]** | **20** **[0001075531-23-000061_bkng-20230930.htm:42]** | **15** **[0001075531-24-000011_ex991123123.htm:9]** | **21** **[0001075531-24-000026_ex99133124.htm:8]** **[0001075531-24-000027_bkng-20240331.htm:33]** | **22** **[0001075531-24-000039_ex99163024.htm:8]** **[0001075531-24-000041_bkng-20240630.htm:35]** | **23** **[0001075531-24-000048_bkng-20240930.htm:38]** |
| **Airline Tickets (millions)**                  | N/A     | **8** **[0001075531-23-000031_bkng-20230331.htm:35]** | N/A     | **9** **[BKNG_3363757_4]** **[BKNG_3363757_1]** **[BKNG_3363757_2]** | **9** **[0001075531-24-000014_bkng-20231231.htm:71]** | **11** **[0001075531-24-000026_ex99133124.htm:8]** | **11** **[0001075531-24-000039_ex99163024.htm:8]** | **13** **[0001075531-24-000048_bkng-20240930.htm:38]** |
| **Mix of Room Nights Booked on Mobile App (%)** | **45+** **[BKNG_3229606_4]** | **45+** **[BKNG_3249297_3]** **[BKNG_3249297_2]** | **48** **[BKNG_3384157_2]** **[BKNG_3384157_3]** | **51** **[BKNG_3363757_3]** **[BKNG_3363757_4]** | **53** **[BKNG_3374606_6]** | **51** **[0001075531-24-000027_bkng-20240331.htm:27]** **[BKNG_3382239_3]** | **53** **[0001075531-24-000041_bkng-20240630.htm:28]** | **Mid-50s** **[0001075531-24-000048_bkng-20240930.htm:31]** |
| **Global ADRs Change (%)**                      | N/A     | **+9** **[0001075531-23-000031_bkng-20230331.htm:30]** | **+5** **[0001075531-23-000047_bkng-20230630.htm:35]** **[BKNG_3306817_3]** | **+4** **[0001075531-23-000061_bkng-20230930.htm:34]** **[BKNG_3363757_4]** | **+4** **[BKNG_3374606_6]** | **+1** **[0001075531-24-000027_bkng-20240331.htm:27]** **[BKNG_3382239_11]** | **-1** **[0001075531-24-000041_bkng-20240630.htm:28]** **[BKNG_3395784_4]** | **-1** **[0001075531-24-000048_bkng-20240930.htm:31]** |
| **Mix of Gross Bookings on Merchant Basis (%)** | **42** **[BKNG_3229606_1]** **[BKNG_3229606_5]** | **51** **[0001075531-23-000031_bkng-20230331.htm:30]** | **53** **[0001075531-23-000047_bkng-20230630.htm:35]** | **56** **[0001075531-23-000061_bkng-20230930.htm:35]** **[BKNG_3363757_5]** | **58** **[0001075531-24-000011_ex991123123.htm:9]** | **59** **[0001075531-24-000027_bkng-20240331.htm:28]** | **62** **[0001075531-24-000041_bkng-20240630.htm:29]** | **65** **[0001075531-24-000048_bkng-20240930.htm:32]** **[BKNG_3404754_6]** |

37062ada45768351d958e3fb24eac716f7fcaf77d16ad988d124eb567abe2780

| Metric [USD Million] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|
| United States        | **523**  **[0001075531-23-000031_bkng-20230331.htm:7]**  | **615**  **[0001075531-23-000047_bkng-20230630.htm:8]**  | **633**  **[0001075531-23-000061_bkng-20230930.htm:8]**  | N/A     | **557**  **[0001075531-24-000027_bkng-20240331.htm:7]**  | **638**  **[0001075531-24-000041_bkng-20240630.htm:7]**  | **662**  **[0001075531-24-000048_bkng-20240930.htm:8]**  |
| Outside of the U.S.  | **2,859**  **[0001075531-23-000031_bkng-20230331.htm:7]**  | **4,340**  **[0001075531-23-000047_bkng-20230630.htm:8]**  | **6,127**  **[0001075531-23-000061_bkng-20230930.htm:8]**  | N/A     | **3,858**  **[0001075531-24-000027_bkng-20240331.htm:7]**  | **5,221**  **[0001075531-24-000041_bkng-20240630.htm:7]**  | **6,614**  **[0001075531-24-000048_bkng-20240930.htm:8]**  |
| The Netherlands      | **396**  **[0001075531-23-000031_bkng-20230331.htm:7]**  | **507**  **[0001075531-23-000047_bkng-20230630.htm:8]**  | **581**  **[0001075531-23-000061_bkng-20230930.htm:8]**  | N/A     | **3,339**  **[0001075531-24-000027_bkng-20240331.htm:7]**  | **758**  **[0001075531-24-000041_bkng-20240630.htm:7]**  | **718**  **[0001075531-24-000048_bkng-20240930.htm:8]**  |
| Total Company        | **3,778**  **[0001075531-23-000031_bkng-20230331.htm:7]**  | **5,462**  **[0001075531-23-000047_bkng-20230630.htm:8]**  | **7,341**  **[0001075531-23-000061_bkng-20230930.htm:8]**  | N/A     | **4,415**  **[0001075531-24-000027_bkng-20240331.htm:7]**  | **5,859**  **[0001075531-24-000041_bkng-20240630.htm:7]**  | **7,994**  **[0001075531-24-000048_bkng-20240930.htm:8]**  |

c512feba2e95d7f92f771ad4c4809585571aa56a41a91fa5ca8454ad693e1400

1. With growth in the U.S. market described as low single digits and feedback from property managers indicating your platform is more complex than competitors', what specific actions are you taking to simplify your platform for property managers and accelerate growth in the U.S. market?
2. As alternative accommodations grow 14% in Q3, how are you ensuring that this growth is truly incremental rather than cannibalizing hotel bookings, and what strategies are you implementing to attract new customer cohorts specifically seeking alternative accommodations?
3. Given that social media marketing investments are still a relatively small part of your budget and scaling ROI has been challenging in the past, what strategies are you now employing to sustainably scale your social media marketing efforts while maintaining or improving ROI?
4. While you've identified opportunities for operating leverage through managing fixed expenses and leveraging AI, you also mention the need to reinvest in growth initiatives; how do you plan to balance these priorities, and should we expect fixed OpEx to grow slower than revenue over the long term to drive margin expansion?
5. Regarding the $365 million accrual related to potential settlement of Italian indirect tax matters, can you provide more details on the issue, its potential impact on future earnings, and how you're addressing regulatory risks to prevent significant unexpected expenses moving forward?

75794af360e40a09dcbde59bd8acd447795b361df12527bc3efdfbca01203e56

498d946dd0c83c6a629a60e08d8e758359a364f3c98c9c2e31ee3b091227504f

### Q3 2024 Earnings Call
- **Issued Period:** Q3 2024
- **Guided Period:** Q4 2024 and FY 2024

#### Guidance:
1. **Q4 2024:**
   - Room Night Growth: **6% to 8%**  **[BKNG_3404754_7]** .
   - Gross Bookings Growth: **7% to 9%**  **[BKNG_3404754_7]** .
   - Constant Currency Accommodation ADRs: Approximately flat year-over-year  **[BKNG_3404754_7]** .
   - Revenue Growth: **7% to 9%**  **[BKNG_3404754_7]** .
   - Adjusted EBITDA: **$1.6 billion to $1.65 billion**  **[BKNG_3404754_7]** .
   - Marketing Leverage: Expected to continue  **[BKNG_3404754_11]** .

2. **FY 2024:**
   - Gross Bookings Increase: About **8%**  **[BKNG_3404754_7]** .
   - Revenue Growth: Just below **10%**  **[BKNG_3404754_7]** .
   - Impact from FX Changes: Slightly negative impact  **[BKNG_3404754_7]** .
   - Fixed Operating Expenses Growth: Around **10%**  **[BKNG_3404754_7]** .
   - Adjusted EBITDA Growth: **13% to 14%**  **[BKNG_3404754_7]** .
   - Adjusted EBITDA Margins: Expand by more than **1 percentage point**  **[BKNG_3404754_7]** .
   - Adjusted EPS Growth: High teens  **[BKNG_3404754_7]** .

### Q2 2024 Earnings Call
- **Issued Period:** Q2 2024
- **Guided Period:** Q3 2024 and FY 2024

#### Guidance:
1. **Q3 2024:**
   - Room Night Growth: **3% to 5%**  **[BKNG_3395784_5]** .
   - Gross Bookings Growth: **2% to 4%**  **[BKNG_3395784_5]** .
   - Revenue Growth: **2% to 4%**  **[BKNG_3395784_5]** .
   - Adjusted EBITDA: **$3.25 billion to $3.35 billion**  **[BKNG_3395784_5]** .

2. **FY 2024:**
   - Gross Bookings Growth: Faster than **6%**  **[BKNG_3395784_6]** .
   - Revenue Growth: More than **7%**  **[BKNG_3395784_6]** .
   - Adjusted EBITDA Growth: High single digits  **[BKNG_3395784_6]** .
   - Adjusted EBITDA Margins: Expand by less than **8 percentage points**  **[BKNG_3395784_6]** .
   - Adjusted EPS Growth: Above **15%**  **[BKNG_3395784_6]** .
   - Fixed Operating Expense Growth: Low double digits  **[BKNG_3395784_15]** .

### Q1 2024 Earnings Call
- **Issued Period:** Q1 2024
- **Guided Period:** Q2 2024

#### Guidance:
1. **Q2 2024:**
   - Revenue Growth: **4% to 6%**  **[BKNG_3382239_5]** .
   - Adjusted EBITDA: **$1.7 billion to $1.75 billion**  **[BKNG_3382239_5]** .
   - Room Night Growth: **4% to 6%**  **[BKNG_3382239_4]** .
   - Gross Bookings Growth: **3% to 5%**  **[BKNG_3382239_4]** .
   - Marketing Expense: Slight deleverage  **[BKNG_3382239_5]** .
   - Sales and Other Expenses: Grow faster than revenue  **[BKNG_3382239_5]** .
   - Fixed Operating Expenses: Grow faster than revenue  **[BKNG_3382239_5]** .

### Q4 2023 Earnings Call
- **Issued Period:** Q4 2023
- **Guided Period:** Q1 2024 and FY 2024

#### Guidance:
1. **Q1 2024:**
   - Room Night Growth: **4% to 6%**  **[BKNG_3374606_9]** .
   - Gross Bookings Growth: **5% to 7%**  **[BKNG_3374606_9]** .
   - Revenue Growth: **11% to 13%**  **[BKNG_3374606_9]** .
   - Adjusted EBITDA: **$680 million to $720 million**  **[BKNG_3374606_9]** .

2. **FY 2024:**
   - Growth: Slightly faster than **7%**  **[BKNG_3374606_9]** .
   - Revenue Growth: Similar rate to gross earnings growth  **[BKNG_3374606_9]** .
   - Adjusted EBITDA Growth: Slightly faster than revenue  **[BKNG_3374606_9]** .
   - Adjusted EBITDA Margins: Expand by less than a percentage point  **[BKNG_3374606_9]** .
   - EPS Growth: Above **40%**  **[BKNG_3374606_9]** .

bb70e539dae15342bb7f6459a0acfde7725c2589e2c4c5722a462f6e1d784f6c

Merchant Revenues

Agency Revenues

Advertising and Other

Total Revenue

8d9d2178eda178bce1b9f1fb7ad77154bb9cacd55f48d223a09fa0c40c0f4be4

United States

Outside of the U.S.

- The Netherlands

- Other

0a30ba70db706c91f37f4bbba75a85131dd998bdc8e2c811f6fa2ef5f2463941

**Quarterly guidance for Q4 2024:**
- **Room Night Growth**: 6% to 8%  **[BKNG_3404754_7]**  (no prior guidance)
- **Gross Bookings Growth**: 7% to 9%  **[BKNG_3404754_7]**  (no prior guidance)
- **Constant Currency Accommodation ADRs**: Approximately flat year-over-year  **[BKNG_3404754_7]**  (no prior guidance)
- **Revenue Growth**: 7% to 9%  **[BKNG_3404754_7]**  (no prior guidance)
- **Adjusted EBITDA**: $1.6 billion to $1.65 billion  **[BKNG_3404754_7]**  (no prior guidance)
- **Marketing Leverage**: Expected to continue  **[BKNG_3404754_11]**  (no prior guidance)

**Annual guidance for FY 2024:**
- **Gross Bookings Increase**: About 8%  **[BKNG_3404754_7]**  (raised from faster than 6%  **[BKNG_3395784_6]** )
- **Revenue Growth**: Just below 10%  **[BKNG_3404754_7]**  (raised from more than 7%  **[BKNG_3395784_6]** )
- **Adjusted EBITDA Growth**: 13% to 14%  **[BKNG_3404754_7]**  (raised from high single digits  **[BKNG_3395784_6]** )
- **Adjusted EBITDA Margins**: Expand by more than 1 percentage point  **[BKNG_3404754_7]**  (no change from expand by less than 8 percentage points  **[BKNG_3395784_6]** )
- **Adjusted EPS Growth**: High teens  **[BKNG_3404754_7]**  (no change from above 15%  **[BKNG_3395784_6]** )
- **Fixed Operating Expenses Growth**: Around 10%  **[BKNG_3404754_7]**  (lowered from low double digits  **[BKNG_3395784_15]** )
- **Impact from FX Changes**: Slightly negative impact  **[BKNG_3404754_7]**  (no prior guidance)

406cb57fb19fdbd8a60a9543b774642cd2d65c6d0d87ac783ccabb0a7a9169c6

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- **Airbnb** - Competes directly with Booking Holdings' accommodations businesses  **[0001075531-24-000014_bkng-20231231.htm:17]** .
- **Vrbo (owned by Expedia)** - Competes directly with Booking Holdings' accommodations businesses  **[0001075531-24-000014_bkng-20231231.htm:17]** .
- **Google** - Competes with Kayak by showing its own meta-search results at the top of its organic search results and offers its meta-search services free to travel service providers  **[0001075531-24-000014_bkng-20231231.htm:17]** .
- **Meta-search services** - Compete directly with Booking Holdings for customers by aggregating travel search results  **[0001075531-24-000014_bkng-20231231.htm:17]** .
- **Large online companies** - Including those in search, social networking, marketplace, artificial intelligence, and ride-sharing  **[0001075531-24-000014_bkng-20231231.htm:17]** .
- **Travel service providers** - Such as accommodations, rental car companies, or airlines, which may offer lower prices on their direct channel than they provide to Booking Holdings  **[0001075531-24-000014_bkng-20231231.htm:17]** .
- **Traditional travel agencies, travel management companies, wholesalers, and tour operators** - Compete with Booking Holdings in the travel services market  **[0001075531-24-000014_bkng-20231231.htm:17]** .
- **Companies offering technology services and software solutions to travel service providers** - Including large global distribution systems (GDSs) and hospitality software and payments platforms  **[0001075531-24-000014_bkng-20231231.htm:17]** .

f9a47bce19d4a8f090feb48356d2f32e1d8dce5c00e12e638724d9d420b7a6e4

| Name               | Position                                      | Start Date          | Short Bio                                                                                                                                                                                                 |
|--------------------|-----------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Glenn D. Fogel     | President and Chief Executive Officer         | January 2017        | Glenn D. Fogel has been serving as the President and Chief Executive Officer of Booking Holdings Inc. since January 2017. He also became CEO of Booking.com in June 2019. He joined the company in February 2000  **[0001308179-24-000549_lbkng2024_def14a.htm:11]** **[0001308179-23-000754_lbkng2023_def14a.htm:13]** .                      |
| Ewout Steenbergen  | Executive Vice President and Chief Financial Officer | March 15, 2024 (future) | Ewout Steenbergen is the Executive Vice President and Chief Financial Officer of Booking Holdings Inc., having assumed the role on March 15, 2024. He previously served as EVP and CFO at S&P Global Inc. from 2016  **[0001308179-24-000549_lbkng2024_def14a.htm:18]** **[0001308179-24-000549_lbkng2024_def14a.htm:17]** .                  |
| Peter J. Millones  | Executive Vice President and General Counsel  | January 2001        | Peter J. Millones has been with Booking Holdings Inc. since 2001, serving as the Executive Vice President and General Counsel. He became General Counsel in January 2001 and was appointed EVP in April 2003  **[0001308179-24-000549_lbkng2024_def14a.htm:17]** .                              |
| Paulo Pisano       | Chief Human Resources Officer                 | August 1, 2021      | Paulo Pisano has served as the Chief Human Resources Officer at Booking Holdings since August 1, 2021. He also holds the position of Senior Vice President and Chief People Officer at Booking.com since March 2020  **[0001308179-24-000549_lbkng2024_def14a.htm:17]** **[0001308179-23-000754_lbkng2023_def14a.htm:49]** .                    |
| David I. Goulden   | Executive Vice President of Finance           | March 1, 2018       | David I. Goulden served as the EVP and CFO of Booking Holdings Inc. from March 1, 2018, until his retirement from the CFO position in March 2024. He transitioned to EVP of Finance, serving full-time until May 31, 2024, and part-time thereafter  **[0001308179-24-000549_lbkng2024_def14a.htm:67]** **[0001308179-24-000549_lbkng2024_def14a.htm:18]** . |

baa9e15c2be37b648c2eb777da37b4b76809be16a39d1e7678242564c662ea58

| Program Details           | Program 1       |
|---------------------------|-----------------|
| Approval Date             | February 23, 2023  **[0001075531-24-000048_bkng-20240930.htm:54]**  |
| End Date/Duration         | End of 2026  **[0001075531-24-000048_bkng-20240930.htm:18]**  |
| Total additional amount   | **$20 billion**  **[0001075531-24-000048_bkng-20240930.htm:54]**  |
| Remaining authorization amount | **$8.8 billion** (as of September 30, 2024)  **[0001075531-24-000048_bkng-20240930.htm:18]** **[0001075531-24-000048_bkng-20240930.htm:54]**  |
| Details                   | For general corporate purposes, including repurchasing shares and satisfying employee withholding tax obligations related to stock-based compensation.  **[0001075531-23-000061_bkng-20230930.htm:20]** **[0001075531-23-000047_bkng-20230630.htm:20]** **[0001075531-24-000041_bkng-20240630.htm:17]**  |

a6c9eeeedbd86dfd0256650db8eac8f3e1e71e84170b555016df5a8bab8e1c12

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

6e1973bdc3de0191bfa3edf3b29d0d1a72b8ef49e2fce55a1f7acf72ec482fd8

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 1997  **[0001075531-24-000014_bkng-20231231.htm:111]**  | Present  | Current auditor   |

8d68bec194e95bc1e7bdbafa91566ea5b9ecada4372fba8f0117d3d7c3ab8e91

81217822b2996486d966d3c6ae643e64876360229dfc6c8eed5731a3ab917c8c

- Total Revenue: $7.994B (+9% YoY)  **[0001075531-24-000048_bkng-20240930.htm:4]** **[0001075531-23-000061_bkng-20230930.htm:4]**   
- **Merchant Revenue**: $4.972B (**+26% YoY**)  **[0001075531-24-000048_bkng-20240930.htm:4]** **[0001075531-23-000061_bkng-20230930.htm:4]**   
- Agency Revenue: $2.753B (-12% YoY)  **[0001075531-24-000048_bkng-20240930.htm:4]** **[0001075531-23-000061_bkng-20230930.htm:4]**   
- Revenue Outside the U.S.: $6.614B (+8% YoY)  **[0001075531-24-000048_bkng-20240930.htm:8]** **[0001075531-23-000061_bkng-20230930.htm:8]**   
- **The Netherlands**: $718M (**+24% YoY**)  **[0001075531-24-000048_bkng-20240930.htm:8]** **[0001075531-23-000061_bkng-20230930.htm:8]**   
- Diluted EPS: $73.85 (+8% YoY)  **[0001075531-24-000048_bkng-20240930.htm:4]** **[0001075531-23-000061_bkng-20230930.htm:4]** 

7d7ec5021427641c1eb9be46e706ed4318ae13168ee200786a6776134c6185ac

Number of Room Nights Reserved Through Our Services (millions)

Number of Rental Car Days Reserved Through Our Services (millions)

Number of Airline Tickets Reserved Through Our Services (millions)

6e2be1260db270dabb6bd03112be6c11df96afe7beb40ef88a81b74e194f1faa

| Year | Amount Due (in millions) | Debt Type                              | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|--------------------------------------------|------------------------|------------------------------------------------------------------------------------|
| 2024     | €1,000 = $1,105  **[0001075531-24-000048_bkng-20240930.htm:16]** **[0001075531-24-000048_bkng-20240930.htm:46]**    | Senior Notes                               | 2.375  **[0001075531-24-000048_bkng-20240930.htm:16]** **[0001075531-24-000048_bkng-20240930.htm:46]**        | 6.8% = (1.105B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                           |
| 2025     | $500 **[0001075531-24-000048_bkng-20240930.htm:16]**                 | Senior Notes                               | 3.65 **[0001075531-24-000048_bkng-20240930.htm:16]**           | 3.1% = (0.5B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                            |
| 2025     | €950 = $1,060 **[0001075531-24-000048_bkng-20240930.htm:16]**        | Senior Notes                               | 0.1 **[0001075531-24-000048_bkng-20240930.htm:16]**            | 6.5% = (1.06B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                           |
| 2025     | $862 **[0001075531-24-000048_bkng-20240930.htm:16]**                 | Convertible Senior Notes                   | 0.75 **[0001075531-24-000048_bkng-20240930.htm:16]**           | 5.3% = (0.862B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2026     | $1,000 **[0001075531-24-000048_bkng-20240930.htm:16]**               | Senior Notes                               | 3.6 **[0001075531-24-000048_bkng-20240930.htm:16]**            | 6.1% = (1B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                              |
| 2026     | €750 = $837 **[0001075531-24-000048_bkng-20240930.htm:16]**          | Senior Notes                               | 4.0 **[0001075531-24-000048_bkng-20240930.htm:16]**            | 5.1% = (0.837B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2027     | €1,000 = $1,116 **[0001075531-24-000048_bkng-20240930.htm:16]**      | Senior Notes                               | 1.8 **[0001075531-24-000048_bkng-20240930.htm:16]**            | 6.8% = (1.116B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2028     | $500 **[0001075531-24-000048_bkng-20240930.htm:16]**                 | Senior Notes                               | 3.55 **[0001075531-24-000048_bkng-20240930.htm:16]**           | 3.1% = (0.5B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                            |
| 2028     | €750 = $837 **[0001075531-24-000048_bkng-20240930.htm:16]**          | Senior Notes                               | 0.5 **[0001075531-24-000048_bkng-20240930.htm:16]**            | 5.1% = (0.837B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2028     | €500 = $558 **[0001075531-24-000048_bkng-20240930.htm:16]**          | Senior Notes                               | 3.625 **[0001075531-24-000048_bkng-20240930.htm:16]**          | 3.4% = (0.558B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2029     | €500 = $558 **[0001075531-24-000048_bkng-20240930.htm:16]**          | Senior Notes                               | 3.5 **[0001075531-24-000048_bkng-20240930.htm:16]**            | 3.4% = (0.558B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2029     | €750 = $837 **[0001075531-24-000048_bkng-20240930.htm:16]**          | Senior Notes                               | 4.25 **[0001075531-24-000048_bkng-20240930.htm:16]**           | 5.1% = (0.837B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2030     | $1,500 **[0001075531-24-000048_bkng-20240930.htm:16]**               | Senior Notes                               | 4.625 **[0001075531-24-000048_bkng-20240930.htm:16]**          | 9.2% = (1.5B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                            |
| 2031     | €1,000 = $1,116 **[0001075531-24-000048_bkng-20240930.htm:16]**      | Senior Notes                               | 4.5 **[0001075531-24-000048_bkng-20240930.htm:16]**            | 6.8% = (1.116B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2032     | €650 = $725 **[0001075531-24-000048_bkng-20240930.htm:16]**          | Senior Notes                               | 3.625 **[0001075531-24-000048_bkng-20240930.htm:16]**          | 4.4% = (0.725B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2033     | €1,250 = $1,396 **[0001075531-24-000048_bkng-20240930.htm:16]**      | Senior Notes                               | 4.125 **[0001075531-24-000048_bkng-20240930.htm:16]**          | 8.6% = (1.396B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2034     | €1,000 = $1,116 **[0001075531-24-000048_bkng-20240930.htm:16]**      | Senior Notes                               | 4.75 **[0001075531-24-000048_bkng-20240930.htm:16]**           | 6.8% = (1.116B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2036     | €850 = $949 **[0001075531-24-000048_bkng-20240930.htm:16]**          | Senior Notes                               | 3.75 **[0001075531-24-000048_bkng-20240930.htm:16]**           | 5.8% = (0.949B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |
| 2044     | €750 = $837 **[0001075531-24-000048_bkng-20240930.htm:16]**          | Senior Notes                               | 4.0 **[0001075531-24-000048_bkng-20240930.htm:16]**            | 5.1% = (0.837B / 16.304B) * 100 **[0001075531-24-000048_bkng-20240930.htm:16]**                                          |

d7eb92e59bf1555ba45fbc0aefeb61243072b4ec94bbda3f33871a55a74aad01

d1b617c6b52aa32cc78290034e4a88f591e43208f38162a073b06203cfb9cbd4

- **Challenges in the U.S. Market:** Booking Holdings acknowledges that it is a "*challenger*" in the U.S. market and admits that their platform is "*not as easy yet as some of our competitors*" for property managers, indicating potential difficulties in gaining market share in this key region.  **[BKNG_3404754_18]** **[BKNG_3404754_16]**
- **Uncertainty in AI Investments' Financial Impact:** The company has made significant investments in AI but admits that it's "*difficult at this time*" to translate these investments into measurable financial benefits, creating uncertainty about the return on these investments.  **[BKNG_3404754_17]** **[BKNG_3404754_8]**
- **Limited Impact from Asian Partnerships:** Partnerships with super apps in Asia, such as Grab, are "*not something that is... influencing our Asia numbers at all*", suggesting that these strategic initiatives are not driving growth as expected.  **[BKNG_3404754_17]**

b699ace21993b0c0250003cde77a5a3e63699d54f3c85fc8b036f3f808cddd3b

- **Booking Holdings is experiencing strong growth in direct bookings**, now accounting for **low 60% range of B2C business**. This shift reduces dependence on paid marketing channels, improves margins, and enhances customer loyalty.  **[BKNG_3382239_13]**
- **The company is rapidly expanding its alternative accommodations offering**, now being **two-thirds the size of the largest player in the space** and **growing faster over most of the last eight quarters**. Combining traditional and alternative accommodations on one platform provides a competitive advantage and meets travelers' diverse needs.  **[BKNG_3382239_13]**
- **Booking Holdings possesses a strategic advantage in Generative AI**, leveraging proprietary data from extensive customer and partner interactions. This positions the company to enhance customer experience, improve operational efficiency, and differentiate itself from competitors.  **[BKNG_3382239_13]**

1fd8b9deb483c563a37d42885e03d4d84e58039b5d905acbbfccd8f1ea692d03

- **Booking Holdings is lagging behind competitors in the U.S. alternative accommodations market, lacking sufficient supply to be fully competitive.** Glenn Fogel admits, "*we still do not have anywhere near the number or the type of home accommodations in the U.S. to be fully competitive... it's a disappointment to me that is not done yet.*"  **[BKNG_3395784_16]**
- **There is increased marketing intensity in the alternative accommodations space, which could escalate costs for Booking Holdings and impact margins.** As noted, "*marketing intensity in the alternative space appears to have escalated a bit year-to-date.*"  **[BKNG_3395784_18]**
- **Expected deleveraging in the third quarter due to higher operating expenses could impact profitability.** Ewout Steenbergen mentions, "*If you look at deleverage in the third quarter, that mostly relates to SNO and fixed OpEx.*"  **[BKNG_3395784_9]**

3a1d162524bc486ccf1329d928678b333f320e9d3f366ade3781a4939ad38932

- **Strategic Investments in AI and GenAI Position Booking Holdings Ahead of Competitors:** Booking Holdings is leveraging its significant resources, data, and AI expertise to develop generative AI technologies across its brands. This enhances customer experiences, drives operational efficiency, and provides a competitive advantage over hotels and other competitors that lack similar resources.  **[BKNG_3404754_17]** ,  **[BKNG_3404754_2]** ,  **[BKNG_3404754_3]**
- **Strong Growth in Alternative Accommodations and Flights Boosts Diversification:** The company's alternative accommodations segment grew **14%** in Q3, outpacing the overall business, with alternative accommodations representing **35%** of Booking.com's room nights. Additionally, air tickets booked on their platforms increased **39%** year-over-year, accelerating from Q2's growth of **28%**, indicating successful expansion into new verticals and strengthening their connected trip vision.  **[BKNG_3404754_2]** ,  **[BKNG_3404754_11]**
- **Optimistic Outlook and Growth in Asia Market:** Booking Holdings is optimistic about its long-term outlook in Asia, aiming to grow faster than the high single-digit growth projected for the region over the next five years. Operating two complementary brands, Agoda and Booking.com, over the last 12 months, about **24%** of global room nights were booked by bookers in Asia, slightly higher than pre-pandemic levels, highlighting their strong position and growth potential in this important market.  **[BKNG_3404754_1]**

59872feb83cb9d91074081c679a00534061a6d36ae4904c0dd999b20933c439c

- **Strong customer engagement through Genius loyalty program:** **30% of active travelers are Level 2 and Level 3 members**, contributing to **more than half** of Booking.com's business. These members **book more frequently and more directly**, enhancing profitability.  **[BKNG_3395784_13]**
- **Robust growth in alternative accommodations segment:** BKNG achieved **12% growth** in alternative accommodations in Q2, expanding market share and diversifying its platform to attract a broader customer base.  **[BKNG_3395784_10]**
- **Increasing direct booking mix boosts profitability:** BKNG's direct booking mix has increased to the low **60% level for B2C**, which is a **game changer** by reducing reliance on paid channels and improving marketing efficiency.  **[BKNG_3395784_12]**

cd9dfe0bfb4e5927da8df1a63a067212099fd08127c804e3dd2edf3d3602ef1a

- **Booking Holdings is experiencing stronger-than-expected growth in room nights**, with **January growth exceeding the high end of the 4% to 6% guidance range**, indicating robust travel demand and market share gains.  **[BKNG_3374606_10]**
- **The company is rapidly expanding its alternative accommodations supply**, particularly in the U.S., with **listings increasing by 12% to 7.4 million** and **alternative accommodation room nights growing significantly faster than competitors**, positioning itself for further growth in this high-demand segment.  **[BKNG_3374606_15]** ,  **[BKNG_3374606_14]**
- **Booking Holdings is leveraging its scale and data advantages to integrate AI into its offerings**, enhancing customer experience and operational efficiency. The company is progressing towards its Connected Trip vision, with **flights growing by 400%** and the integration of multiple travel services expected to drive future growth.  **[BKNG_3374606_10]** ,  **[BKNG_3374606_17]**

8797abf4cd53c7be13dd33f4a73f49d8970fa1e8ad90878370b90def1e97570f

1. **Impact of AI on Financials**  
   **Q:** How will AI translate to financials?  
   **A:** Management is excited about AI being transformational but it's difficult to quantify its financial impact at this time because it's still early. They expect companies successful in AI to be the long-term winners.  **[BKNG_3404754_8]** 

2. **Q4 Bookings Outlook**  
   **Q:** What factors affect Q4 bookings?  
   **A:** They expect robust Q4 bookings with continuation of recent trends. Easier comps due to last year's Middle East conflict will help. Events don't significantly impact results, and while the booking window may be less expanded, they've considered geopolitical risks in their outlook.  **[BKNG_3404754_8]** 

3. **Marketing Efficiency and ROI**  
   **Q:** How is marketing ROI improving?  
   **A:** Through continuous optimization, they've achieved higher growth with higher ROIs. Marketing leverage is expected to continue due to growth of direct channels. Merchandising as a percentage of gross bookings is expected to be flat compared to last year.  **[BKNG_3404754_11]** 

4. **Fixed Cost Investments**  
   **Q:** How will fixed investments impact margins longer term?  
   **A:** They see significant opportunities for efficiencies and operating leverage. Headcount growth slowed to **3%**, down from **13%** a year ago. AI offers efficiency opportunities, and they continue to invest in growth areas like flights (up **39%**), fintech, and geographical expansion.  **[BKNG_3404754_12]** 

5. **Alternative Accommodations Growth**  
   **Q:** What's the outlook for AA mix and growth?  
   **A:** Alternative Accommodation listings grew **10%** to **7.9 million**, with room nights up **14%**. They see significant opportunity, especially in the U.S., and are focused on expanding inventory to meet customer needs.  **[BKNG_3404754_9]** 

6. **Europe Growth Reacceleration**  
   **Q:** What's driving Europe's outperformance?  
   **A:** They've seen reacceleration in Europe since August, with underlying improvement in demand. Their strong platform, with many options and an expanded booking window, contributed to the growth.  **[BKNG_3404754_10]** 

7. **U.S. Brand and Market Share**  
   **Q:** How is the U.S. business performing?  
   **A:** Brand awareness is improving but not yet where they’d like it to be. Growth is stable, characterized as low to mid-single digits. They're investing in marketing, like the baseball playoffs, and working to simplify the platform for property managers.  **[BKNG_3404754_16]** 

8. **Incrementality of AA Volume**  
   **Q:** Is AA attracting new customers?  
   **A:** Management believes AA is bringing in customers who wouldn’t have come otherwise, especially in Europe. They emphasize offering all travel aspects in their connected trip vision to attract travelers seeking better service.  **[BKNG_3404754_13]** 

9. **Social Media Advertising**  
   **Q:** Why is social media marketing now effective?  
   **A:** They're seeing good results from social platforms due to collaboration and creative approaches. Although spend is still relatively small, AI is enhancing ad effectiveness, and a meaningful part of the increased marketing spend is going to social channels.  **[BKNG_3404754_15]** 

10. **Asia Growth Drivers**  
    **Q:** What's behind Asia's strong performance?  
    **A:** They're pleased with growth, benefiting from market recovery and their own efforts. The Agoda team has localized services, catering to preferences in payment methods and inventory, contributing to success in the region.  **[BKNG_3404754_9]** 

c0ebbde54ceda6cd666bdc3bef82537ccecc1c09a53afbc2f0b246912c1af11c

1. **European Market Share Gains**  
   **Q:** Is BKNG gaining market share in Europe despite slowing travel?  
   **A:** Despite a mild moderation in the European travel market, BKNG's performance has remained steady, indicating market share gains. Growth in Europe has been quite steady and stable from May through July, as the company continues to provide value to both travelers and suppliers.  **[BKNG_3395784_7]** 

2. **Alternative Accommodations Growth**  
   **Q:** How is BKNG's alternative accommodations segment performing?  
   **A:** BKNG's alternative accommodations business is experiencing strong growth, with bookings increasing and the segment becoming a rival to any competitor. The company has grown faster than the biggest player in the industry for **11 of the last 12 quarters**, focusing on offering customers a choice between hotels and alternative accommodations without preference.  **[BKNG_3395784_10]** 

3. **Marketing Strategy and Direct Mix**  
   **Q:** What are BKNG's key marketing investment priorities to drive direct traffic?  
   **A:** BKNG is making progress in using social media channels, achieving attractive incremental ROI and increasing spend in this area. The direct mix for B2C bookings is now at a low **60%** level, which is a significant shift. The company is diversifying paid channels and leveraging data and algorithms to optimize marketing spend effectively.  **[BKNG_3395784_12]** **[BKNG_3395784_13]** 

4. **Cost Structure and Margins**  
   **Q:** How is BKNG managing costs amid potential margin pressures?  
   **A:** BKNG is emphasizing operating leverage by running more volume over the same fixed infrastructure due to its scale. The company is carefully managing headcount, benchmarking expenses, and optimizing procurement and real estate costs. As a result, the outlook for fixed operating expenses growth has been reduced to low double digits.  **[BKNG_3395784_15]** 

5. **Loyalty Program Impact**  
   **Q:** How does BKNG's loyalty program drive repeat bookings?  
   **A:** BKNG's Genius loyalty program has **30%** of active users at Level 2 or 3, contributing to over half of Booking.com's business. These customers book more frequently and directly, with partners supplying most of the benefits. The program creates value for travelers and suppliers, fostering higher repeat rates.  **[BKNG_3395784_13]** 

6. **Connected Trip Progress**  
   **Q:** What is the impact of growth in connected trip bookings?  
   **A:** Connected trip bookings are up **45%**, representing a high single-digit percentage of total bookings. Customers booking connected trips have higher basket sizes and repeat rates, often returning directly. BKNG is focused on enhancing the customer experience by offering multiple services in one place, aligning with the vision of the connected trip.  **[BKNG_3395784_14]** 

7. **U.S. Market Opportunities**  
   **Q:** Is BKNG reaching supply parity in U.S. alternative accommodations?  
   **A:** BKNG acknowledges it hasn't yet achieved supply parity in the U.S. alternative accommodations market but views this as a significant opportunity. The company is working on acquiring the necessary properties to offer a competitive product and aims to improve its offering without heavy spending on marketing a subpar product.  **[BKNG_3395784_16]** 

8. **Booking Window Trends**  
   **Q:** How does the tightening booking window affect BKNG?  
   **A:** While the booking window had been expanding, it may have stabilized. BKNG isn't overly concerned, as booking patterns tend to average out over time. The company focuses on optimizing marketing spend to achieve the right return on investment, regardless of booking window fluctuations.  **[BKNG_3395784_11]** **[BKNG_3395784_19]** 

9. **B2B Business Strategy**  
   **Q:** Why is BKNG's B2B business smaller than competitors'?  
   **A:** Although BKNG's B2B segment is smaller compared to some competitors, the company is encouraged by its growth. All brands are active in this space, and B2B remains an important part of BKNG's commercial strategy, contributing to diversification and expansion efforts.  **[BKNG_3395784_17]** 

10. **Advertising Revenue Opportunities**  
    **Q:** Can BKNG increase advertising revenues?  
    **A:** Advertising revenue is seen as an attractive growth opportunity. Currently, it primarily comes from KAYAK and OpenTable, but there are prospects for expansion through apps like Agoda and Booking.com. The company intends to balance monetization with customer experience to avoid overwhelming users with ads.  **[BKNG_3395784_13]** 

11. **Shift from Goods to Services**  
    **Q:** Will the shift from goods to services boost travel demand?  
    **A:** BKNG believes that as people become wealthier, they spend more on services like travel. While the significant shift from goods to services may not continue indefinitely, the company expects ongoing demand for experiences, supporting future travel growth.  **[BKNG_3395784_12]** 

12. **Impact of Airline Tech Issues**  
    **Q:** Have recent airline tech issues affected BKNG?  
    **A:** Recent technological disruptions impacting airlines did not significantly affect BKNG. The company continues to focus on providing value to customers and hopes such industry-wide issues are mitigated in the future to avoid disrupting travelers.  **[BKNG_3395784_11]** 

0e3ebac8d75736f621202f96d45c5beee6c5fec0099a69c2fd6b300a93398244

- **Increased Fixed Operating Expenses:** Booking Holdings expects fixed operating expenses to grow faster than revenue in the second quarter, due to continued investments in the business, particularly in new tech platforms. They acknowledge that fixed expense growth is elevated and are targeting a much lower OpEx growth level in 2025.  **[BKNG_3382239_4]** ,  **[BKNG_3382239_13]**
- **Limited Inventory in Key Markets:** The company admits it does not have enough of certain types of accommodations in certain areas, especially high-end homes in the U.S. This limitation in inventory may constrain growth in key markets where competitors may have more offerings.  **[BKNG_3382239_16]** ,  **[BKNG_3382239_15]**
- **Slow Progress in Strategic Initiatives:** Connected transactions represent only a **high single-digit percentage** of Booking.com's total transactions, indicating that the connected trip vision is still in early stages. Additionally, the attractions offering has yet to significantly contribute to results, suggesting that key growth drivers may take longer to impact financial performance.  **[BKNG_3382239_14]** ,  **[BKNG_3382239_7]**

4e99ec36149dcfd572cc9f8e696979963671435a49d887cb2e0bdc08b8d81ce7

1. **2024 Guidance Amid Middle East Impact**  
   **Q:** How does the Middle East situation affect your 2024 outlook?  
   **A:** David Goulden stated that despite roughly a **one-point negative impact** from events in the Middle East, Booking Holdings expects to grow faster than **8–15%** on a constant currency basis for 2024. This reflects confidence in their position in the travel market and their continued ability to gain share.  **[BKNG_3374606_13]** 

2. **AI Transition and Competitive Advantages**  
   **Q:** How will AI advancements affect Booking Holdings?  
   **A:** Glenn Fogel emphasized that AI is incredibly important for the future. Booking Holdings believes they have an advantage due to their significant data scale and capabilities. Early signs suggest AI will be **transformational**, potentially leading to improved margins, increased loyalty, and a stronger position in the travel industry.  **[BKNG_3374606_10]** 

3. **Marketing and Merchandise Spend**  
   **Q:** Have marketing and merchandising reached a steady state in the mix?  
   **A:** David Goulden indicated that merchandising activities have reached more of a steady state, with only slight increases expected. They anticipate that increased direct mix will be a source of leverage, contributing to **EBITDA margin expansion** this year. The competitive environment remains intense, but they are pleased with their performance.  **[BKNG_3374606_11]** 

4. **U.S. Performance and Growth Investments**  
   **Q:** Is hotel business in the U.S. declining, and what investments are needed?  
   **A:** David Goulden noted that U.S. room nights were flat for the quarter, impacted by events in the Middle East in October, but returned to growth in November and December. Glenn Fogel emphasized opportunities in the U.S., highlighting growth in alternative accommodations and the importance of improving their product, particularly in this segment. They aim to provide incremental demand to hotel partners and continue building strong relationships.  **[BKNG_3374606_14]** 

5. **Increasing Alternative Accommodation Supply in U.S.**  
   **Q:** What's your plan to increase alternative accommodation supply in the U.S.?  
   **A:** Glenn Fogel explained they are focusing on adding more listings, especially single properties, by working with large property managers and individual homeowners. Despite currently underindexed in single homes, they see this as an opportunity and are pleased with a **12% increase** in listings to **7.4 million**.  **[BKNG_3374606_15]** 

6. **Expansion of Genius Loyalty Program**  
   **Q:** Will you include all travel verticals in the Genius loyalty program?  
   **A:** Glenn Fogel stated they plan to experiment with expanding the Genius program to all travel verticals, including flights, taxis, and other services. The goal is to offer benefits intelligently, providing value to travelers and suppliers, and encouraging direct and repeat bookings.  **[BKNG_3374606_16]** 

7. **Progress on Connected Trip**  
   **Q:** How will you achieve your connected trip goals?  
   **A:** Glenn Fogel acknowledged that while it's early days, they are building verticals like flights and attractions and developing ways to offer bundled services intelligently. They are seeing positive signals but recognize it will take time to scale and significantly impact top and bottom lines.  **[BKNG_3374606_17]** 

8. **Stock Buyback Activity**  
   **Q:** Why were Q4 share repurchases lower than Q3?  
   **A:** David Goulden explained that share repurchases are influenced by share price levels. The share price increased during Q4, leading to slightly lower buyback activity than anticipated. They consider share price movements in their buyback decisions while maintaining a long-term view.  **[BKNG_3374606_12]** 

5bda48aa7fc46b0be714326ed43200c1c0acd8584bfdee0afcb2c87bbddd2d5c

1. **Guidance and Booking Trends**  
   **Q:** How have changes in booking windows and other factors affected your second quarter guidance?  
   **A:** Ewout explained that they expect a **less expanded booking window in Q2**, as some room nights were pulled forward into Q1 due to earlier bookings.  **[BKNG_3382239_6]**  They anticipate **more impact from the Middle East** and a **slight benefit from Easter** in Q2.  **[BKNG_3382239_6]**  Despite quarterly 'noise', the combined first-half results are strong and consistent with the full-year guidance.  **[BKNG_3382239_6]**  Comps are tougher in Q1 and Q2, but they expect a benefit during the course of **2024**.  **[BKNG_3382239_6]** 

2. **Regional Growth and U.S. Performance**  
   **Q:** Can you update us on your regional mix and U.S. growth relative to other markets?  
   **A:** Ewout reported that in Q1, **Europe grew high single digits**, exceeding expectations.  **[BKNG_3382239_8]**  **Asia grew mid-teens**, with strong performance in **China, Japan, Korea, India, and Indonesia**.  **[BKNG_3382239_8]**  The **U.S. grew low single digits**, but they believe they have outperformed the market.  **[BKNG_3382239_8]**  Glenn emphasized their focus on growing in the U.S., mentioning significant efforts leading to improved performance compared to pre-pandemic numbers.  **[BKNG_3382239_8]** **[BKNG_3382239_9]**  They see the U.S. as a **growth market opportunity**.  **[BKNG_3382239_9]** 

3. **Marketing ROI and Connected Trips**  
   **Q:** Why is ROI higher in paid marketing channels, and what percentage of transactions are connected trips?  
   **A:** Glenn stated that they are pleased with their marketing programs, viewing them holistically to optimize spending.  **[BKNG_3382239_7]**  They increase investment where it works and pull back where it doesn't.  **[BKNG_3382239_7]**  Ewout mentioned that **connected trips represent high single digits** percentage of total transactions and are growing rapidly.  **[BKNG_3382239_7]** **[BKNG_3382239_9]**  Delivering more value leads to higher loyalty and repeat customers buying across multiple verticals.  **[BKNG_3382239_7]** **[BKNG_3382239_9]** 

4. **Structural Growth Opportunities**  
   **Q:** Where can you invest to drive faster revenue growth above expectations?  
   **A:** Ewout is optimistic about the company's ability to grow faster than GDP due to the **shift from offline to online bookings** and consumers spending more on experiences.  **[BKNG_3382239_13]**  He highlights underestimated areas like **Direct bookings**, now in the **low 60% range**, **Alternative Accommodations**, where they are **two-thirds the size of the largest player** and growing faster, and the strategic advantage in **Generative AI** due to their rich data.  **[BKNG_3382239_13]** 

5. **ADR Trends and Expectations**  
   **Q:** Can you comment on ADR by region and expectations for 2024?  
   **A:** Glenn noted that in Q1, **ADRs were up in Europe**, and **flat in North America and Asia**, resulting in a **1% overall growth** in ADRs on a constant currency basis.  **[BKNG_3382239_11]**  They feel **pleased about the summer**, with healthy growth in bookings for travel scheduled during that season.  **[BKNG_3382239_11]** 

6. **Alternative Accommodations Growth**  
   **Q:** How is your alternative accommodations supply developing, and what advantage does offering both traditional and alternative accommodations provide?  
   **A:** Ewout believes that combining both **traditional and alternative accommodations** is a unique proposition, as many consumers look for both and may switch between them.  **[BKNG_3382239_15]**  Glenn mentioned that while they have a complete range of inventory, they need more of certain types, especially high-end homes in areas like the **New York metropolitan area**.  **[BKNG_3382239_15]**  They see this as an **opportunity to grow** their supply.  **[BKNG_3382239_15]** 

7. **Attractions Offering and Connected Trip**  
   **Q:** Can you discuss your investments in attractions and how the connected trip offering helps?  
   **A:** Glenn explained that attractions are mostly supplied through **third parties** like Viator and Klook.  **[BKNG_3382239_14]**  They have been prioritizing flights and ground transportation but see attractions as part of the overall **connected trip** opportunity.  **[BKNG_3382239_14]**  Since attractions are often booked closer to the trip date, increased use of their **app** allows them to engage travelers in-destination.  **[BKNG_3382239_14]** 

8. **AI and Technology Differentiation**  
   **Q:** What will be the largest unlock to differentiate and drive growth in the U.S.?  
   **A:** Glenn believes that **AI and technology**, particularly **Generative AI**, can be transformational in improving travel planning.  **[BKNG_3382239_10]**  They are investing in these areas to build capabilities that will make a significant difference over time.  **[BKNG_3382239_10]** 

9. **Big Events Impact on Demand**  
   **Q:** How will big events like the Olympics in Europe affect travel demand?  
   **A:** Glenn stated that it's difficult to predict the impact of events like the Olympics, and they prefer not to focus too much on individual events.  **[BKNG_3382239_16]**  Instead, they concentrate on long-term growth by increasing value, bringing in more customers and suppliers.  **[BKNG_3382239_16]** 

10. **Unit Economics in U.S. vs. Europe**  
    **Q:** How do the unit economics of your U.S. accommodations business compare to Europe?  
    **A:** Glenn declined to provide specific details on unit economics due to competitive reasons and does not disclose breakdowns beyond regional growth rates.  **[BKNG_3382239_17]** 

4213b057857df9ae8b8d7c7c1d13ad4f6c3aee019adcbbcb2e33e8138da721ad

Booking Holdings Inc (BKNG)

Financials