Booking (BKNG)

Glenn Fogel President and Chief Executive Officer
David Goulden Executive Vice President and Chief Financial Officer
Lloyd Walmsley UBS
Brian Nowak Morgan Stanley
Kevin Kopelman Cowen and Company
Justin Post Bank of America Merrill Lynch
Mark Mahaney Evercore ISI
Eric Sheridan Goldman Sachs
Doug Anmuth J.P. Morgan
Call transcript
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Welcome to Booking Holdings First Quarter 2022 Conference Call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantee of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed, implied, or forecasted in any such forward-looking statements. Expressions of future goals or expectations and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements.

safe factors materially cause the earnings from please and to of results Holdings' forward-looking Commission. press list the Exchange filings refer differ at with as to those the most release, a as that Booking Booking Booking could actual statements, end well For of statements Holdings' Holdings' recent harbor described Securities in the of whether new obligation by future to undertakes update as law, a forward-looking any required otherwise. result Unless or no statements, information, events, Booking publicly Holdings statistical A website, release, copy Investors of together with Booking Holdings' is Holdings' www.bookingholdings.com. earnings an press accompanying available financial supplement, Booking For the in section of and Holdings now for David Glenn this like afternoon, and introduce And I'd Booking speakers Fogel to Goulden. Go ahead, gentlemen.

Glenn Fogel

Booking joined call. to record. was David quarter you, by to CFO, our quarter and this by I that Holdings’ I'm am Goulden. pleased a reporting begin welcome conference first first afternoon our Thank

$XX The contributed significant booked our customers this ADRs billion and flights highest growth bookings, in the gross trends, achieving accommodation night all product improvement QX room Our room global record. continued declining amount increased from gross last quarter XXXX quarter ever. meaningful our only accommodations improvement XX bookings to with an first X% in from business, in saw year, quarterly improvement was our fourth In we XXXX versus of points which nights percentage results. our

the In cancelable. XX% Though, a XX% and point @booking.com, in of up by bookings gross month month exceeded continued are XXXX. strong are Western with of XX% over where I'm America, levels. high to summer for and were now bookings first and increasing period I bookings higher recorded XXXX, bookings same over gross ahead point bookings already the room that our bookings know making Our this strengthen encouraged this nights in percentage than at over these the for gross for Europe April, a we at which are gross summer North in versus period, XXXX. XXXX XX% that global April record roommates

or the flight rapid Of uptick demand in pandemic contributed seeing are improvement Asia, brands In US Priceline, demand Agoda of searches travel the countries, at Asia a KAYAK return trends. with and which to of course, in global diners our quarter, to for and of from eased for strengthening the other trends were in Europe international a the across travel we the believe strong restaurants for travel recent in first has and restrictions we recovery brands, the benefits OpenTable. especially many and

As we travel. have some restrictions progressing and back said With to booked believe the industry we countries, leisure restrictions travelers in lifted, inconveniences are travelers right direction safe believe before, travel and normalcy. today said, there is are being people the is though on that with that moving by still imposed it to and

inflation or we the While of providing hearing first on may on the trends we're year, are macro aware right cognizant impact updates I in macro before devastating potential the Russia's the our factors Ukraine. towards invasion as rest for other uncertainty, brands, that are we of demand. our look Ukraine. seeing terrible we now have address across And are to of an of the and news pleased with consumer Since want business. war the further

through have and to the with Ukraine with We we to closely and supporting them safety our efforts humanitarian time. families our refuge, was this priority first provide safe in continued employees in and their worked of support them the Our colleagues region.

partners believe We continue fleeing have region. our By stay heavily to launched properties in in to in and mid-March enabled about provided commission disclosed closely work countries to through far, or the select home more to offer this so Russia that expect booking.com, with developed and we March, refugees we hotel and places been this in with XX,XXX properties and to suspended European initiative refugees initiative we free services As to expand Ukraine. program early no previously a Belarus. travel discounted that accommodations

platform. As an refugee have made tragic turn violence help the course, these to easy am actions by all fleeing in in quick proud Hilton These partnered our of people it with to properties soon. behalf of very temporary impacted we end for the to across our agency hundreds example, providing make has and the NGOs hope war free many at are booking.com Europe, team's for employees, available partners Ukraine. Hilton events. been on of their refugees and I And, which barbaric we book by accommodations our to UN rooms customers, of this

to business. now turn we're making the in Let's progress our

We continue strengthening our accommodation to customers and business supply by our work traveler benefits our our core driving to partners.

With our terms our app strongest mobile other to of repeat to behavior XX% quarters, app. one booking.com a three through shift We active their continue of returning our firm. or this in booked when and of quarter, XX% customers monthly high active quarters made third And direct March, quarter, over in the us hit quarters. first in previous business users not number to apps saw mix with globally, of higher frequency, research increase value, see the QX by OTA a degree mobile in choice were compared than within a three in and directly who web, convenience. In of to app levels, customer continue customers, a any XXXX the booking to with of we focused driven over customers@booking.com like the be booking aim party our the desktop more our we customer we customers For first new a spend, platforms years direct to first last of relationships the see nights are app unique we our record In of according first strong focus, our customers growth in and year. room loyalty, time. critical had on downloaded over needs with

engage it us the ultimately, experience. more trip connected a of allows opportunities As it I travelers. center our as platform, see the critical said to directly we before, app with as And is

We we our efforts the have seen to to will recent app enhance the on here. build success continue

supply partners, our of on to strive our customers primarily or For all on audience demand properties means incremental a be to broad which we platform, platform. potential types valuable our from partner bringing the accommodation

room of accommodations, in our of to mix XX%, increased higher XXXX. the alternative a points For global about QX quarter first in than couple nights

the been US liability improving fit first to product to our accommodation efforts, on closely alternative quarter. Related work With focus market. partners an property partners partner opportunities working global the our with platform needs. accommodation their to alternative We've continue for to we globally. coverage with additional improve identify our these insurance supply on We the in to launched better

are number property in an sequential for a the on in since solution still professional was enhanced In accommodation alternative quarter, booking.com that US. the properties. modest In of we the progress addition, of the on net saw rolling in QX payment we're it than we increased more managers out increase properties largest making the first pandemic, start

partners improve owners US and to grow to on in with to alternative this this by we And a our booking.com who accommodation aiming to week, launched their more growth build promote to our and to attracting the managers are alternative continuing platform. XXXX new accommodation want offering business We throughout campaign us.

our XX% experience now of Let our priorities interrelated increase priorities enhance we supplier gross and introducing payments strength focused our progress connected core quarterly and level further its this new believe were streams adoption continued payment to we've booking.com the our both On continuing and through of strategic that and bookings bring made revenue platform. the and these new talk payments. to customer time trend. first which our quarter, processed business platform support highest will of the me about payments, in This will on of products growth. in We features the ever. year, improve of over are is while accommodations partner

across trusted experience, are our and we early position alternative supplier flight a flight us as sell to a important accommodation we Trip partners an attractions. on larger our bookers. developing in opportunity options offering in which Connected Connected work continue Trip deliver discovery travelers with accommodations, to choose us booking.com, We an of and helps flight will elements and platform these and continue their our is On for ability and to core who process, other customers the XX such services gives now live on booking.com attractive Vision, engage offering potential our cars, service as and foundations payment more the frictionless to This booking.com Vision. booking payment their make flight allows to Furthermore, which as flight hotels, both seamless progress countries.

build merchandising booking.com. meaningful an all on in of continue and being the the To continues nights. part having one and who and increases seeing a early QX first experiments the work be on This or and bookings our simply, sell attached also seen booking.com, accommodation, in utilize our We flight of helps the booked. as We've an over the reunites about is our journey, for a book that non-accommodation source was new transaction. to with that more percentage are that products then we're the anchor have for optimize on bookings signals we products, so flights a to cross-sell to they where to recent we room booking other seen put bookers Flights more customers, product many value far. driving XX% was point opportunity, incremental helps products accommodations the were it of book starting of first success customers can people's to positive that new discounts us believe shelf, cross-sell and flight confirm quarter flight, opportunities, applied further flight only we'll

are our energy report the last than previewed and in emissions Plan by we achieved, published I and Action And Climate XXXX halving sourcing our as the significant for we've our Finally, XXXX XXX% reductions in our highlighted of our part on to office In by Climate Plan, by sustainability net more by XXXX. end already year. emission zero earnings March. achieving we last driven renewable our Action emissions we committed call,

greatest influence emissions of to travelers I the find ambitious achieved we for book on target is it sustainable believe through before, options. proud reduction our and But for our sustainable easier business. travel as and set making said are We

our the in includes our can level books by opportunity on In I of and now We are conclusion, work addressing year practices sustainable the still am encouraged with program, travel we [Indiscernible] busy are seeing travel that the strength on customers a very to bookings, potential travel our over to booking.com. properties their XXX,XXX ahead. which summer this highlight for

environment, we into are performance we strategic continue work ROIs recovery look this continue As believe as platform. our to we in will to demand. we bring our priorities. returning discussed and continue appropriate to positioned last more quarter, to Overall, marketing executing against our we travel capturing channels this lean demand customer will well And we

and we larger products generates with dollars is before, a focusing are long earnings the faster building said growing more I run. business and As on sustainable, more for that

over our the call turn Now David CFO, to Goulden.

David Goulden

results XXXX found second non-GAAP I'll the Thank far of quarter. to in color quarter be and trends the Information so comparable our All review in reconciliation relative release. you, earnings Glenn rates period to growth regarding otherwise and results on provide our for some good ‘XX results we've can indicated. in afternoon. seen first GAAP unless the for

on the nights to improved in we first earnings January in so the Ukraine. just for On XXXX call of our Now quarter. far back first versus XX, we've terrible February in XX% discussed XXXX. earnings room broke seen trends February hours getting to results flat our the our in February Russia after invaded half With news call about after the the on declining

negative As in trends, impact on of as Eastern of a immediate about loss reservations impact night early a services month, result, for levels Russia line February we the room particularly nights cancellations in this we Europe. room in came Belarus. In saw of new This Despite booking the as bookings, led of March, levels. the towards end an month these elevated significantly well countries. of XXXX to and travel of full for suspended with in

mainly by that our some We the Eastern from ending we week trends X, above we in the saw room March Europe, about by Additionally, trend for driven of XX%. overall were disclosed in lesser with is where we March week and Europe, as which nights nights a were month, down XXXX to a slowdown that slowdown room in And news extent remained levels. only mostly down improve that Russia, took within booking which to during saw pleased modest Western Europe, primarily I'm invasion. resulting the say pullback the February. been total by travelers driven X% the Europe, compared in March, first for about in was

first the down best our quarter, onset For And QX. improvement since were an from X%, the in of the room nights pandemic. quarter XX% down results

and digits. about full and Russia, room about But the Excluding level Ukraine in quarter. regional first nights down QX world our down Belarus, the X% both were for March in rest on Europe and the were down mid-single of X% room nights a

total nights about quarter. three primarily XXXX from QX what Mobile room our similar to represented growth versus improving our the The saw QX bookings through down with X% US all was first has QX. Asia in XX% apps in of we about levels. strong

levels, -- bookings QX. decline The XX% mainly of thirds International And XX% plans comparable we mobile longer channel be mix shorter nights The an XX% improvement XXXX our XXXX. to from an QX. these two mix for travel bookings window improvement within room almost XX% XXXX. the encouraged nights. and first our over total our an the to by of Europe. increased the in QX. improvements of total XX% about QX as almost room first international see we direct were in border average, to the were continue apps room about in domestic XXXX room was strong room about of a bookings continue increase nights bookings booking continue cross in coming on In through of saw We saw driven QX over and quarter from down versus to in the and in nights for QX growth and Our also our XX%, stay have an QX International compared length QX nights quarter, total from

Russian cancellation The Our the window first did despite versus impact in about it Ukraine. the in XXXX. than rates in of And QX with QX versus less in of window booking expanded contrasted of booking line QX. quarter were XXXX booking.com this levels of the invasion XXXX

booking.com, XX% higher meaningfully increased X% percentage increase global in bookings bookings Gross and and accommodation Within global alternative Ukraine QX FX points points gross about points increased room than mix about Russia, also due due a our This For percentage excluding in at mixed and were average. the accommodations accommodation XXXX. were of by room better higher night flight strong movements. continuously, XX Belarus. to QX, XX% to versus Europe, negative in X% nights than the alternative X% the bookings group, XX%, our couple partially than XXXX to higher of offset across ADRs constant to four currency up

$XX us gross his in a a remarks, in $XX up February XX% record March bookings previous As QX month. billion Glenn $XX our single the down month is in in of March at January. bookings record This first mentioned new for billion up the QX and XXXX On billion than higher and XXXX. compared versus to XXXX in XX% XX% exceeded the was gross in was

bookings site XXX basis, timing between due Consolidated revenue which for in by QX expansion ADRs in revenue basis York. recognition. accelerated first gross QX, currency percentage the quarter billion, and and gross to QX a currency higher first currency constant versus ticket booked XXX% about flight $X.X XX% up XXXX versus below New from XXXX with mix of points Constant tickets most bookings, XXXX, and down increases up versus a growth due points destinations. XXXX differences to driven as ADR our quarter between most was booking.com Priceline. and as Europe X% percentage XXXX, well expectations, accommodation oriented platform, as X% the demand higher from of down the at XX three revenue regional our continued in primarily were rate versus growth and in in to constant bookings benefited and XX% in rates America, XX% line continued Airline was of regions. North about points percentage differences notably primarily was leisure by Notably, Our especially gross about in from on about

party to take QX better underlying expectations, expense due marketing than expense, which mainly gross of About levels. Sales higher. is compared through Marketing bookings XXXX XXXX third versus points were variable bookings a decreased in Our XXXX volume a to a QX as other as unexpected about and up costs. which payments booking.com’s XXXX. up were in percentage of versus due Marketing QX center QX, accommodation and rates highly higher higher a gross and basis were our is QX expenses ROIs. XX% XX% XXXX, line other gross with X% call from XXXX, about versus processed XX about XX in line decreased expenses expense sales bookings platform merchant our QX gross points to percentage of to bookings QX XX% of were basis

ADRs. about aggregates due versus variable Our and than expenses. of expenses million expectations, more QX XXXX. up fixed was were expectations our up better in QX versus leverage our quarter, the which expected Adjusted EBITDA the unexpected for line XX% And better was than to with XX% in our $XXX

saw Non-GAAP net down However, XX%, was non-GAAP in of results more million in XXXX. $XXX down was which significantly sequentially aligns QX of commentary you EBITDA pre-COVID EPS versus with than XX% our which income is seasonal the $X.XX and decline February.

operating in had on due QX million about for which and We basis, on XX% $XXX to assets a base strategic loss loss million was GAAP included an benefit million the a in on strategic income unrealized million a investments sale of related lower net earnings. from we of great QX On non-GAAP lower tax rate the discrete Our QX. $XXX impact our discussed a tax quarter. in $XX of loss of last a partnership we to $XXX Majorelle XX% than quarter, GAAP recorded XXXX held

Now and on to position. our liquidity cash

of QX of of the share debt ending in balance million $XX.X down $XX.X billion cash margin QX QX in Our investment and by billion ending driven about declining $XXX maturity, $X.X balance a primarily strategic was of working about our of cash payments versus $X.X for our and free balance repurchases driven billion, bookings which value reduce in which increase an from our deferred billion, investment was resulting offset our These in by about merchant by cash entirely partially investments. change positive capital, balance. factors flow were almost the

As we quarter to outstanding on shareholders April, returning repurchased share shares in about $X purchases authorization we started last to January. we which capital just our in And in disclosed, to of QX, $XXX million. million early addition brings over in

As within complete the expect said remaining years. before, next our we three authorization we to

new versus in Now and about to X% percent percent had encouraging Russia, XXXX, driven strong, improving and growth growth was from nights recovers over $XX bookings bookings world April XX% continued gross moving rest XXXX, almost international in room about and increased improved in was of slightly strength, growth, accounted nights XXXX. strong very April in April plans by The over teens down to flight March improvement travel down April thoughts up very April improvements most QX. decline April Russia, US and demand versus XXXX. driven the XX% room bookings. our second Belarus, room as high nights in increased in increased high April versus nights room bookings Europe gross on in teens also international an All billion, April. Asia from up in typically mix Ukraine. April XX% mainly improvement Domestic increased doubled room monthly nights continued an about of room April room XX% record. our versus well by digit International which strength in the the XX% QX. gross for pre-COVID. Growth all in to XX% excluding to in driven accommodation April Belarus of declined from levels, was room in XXXX. growth ADR versus Europe quarter, a regions primarily by XX% Europe, was from down XXXX the and versus nights to in increase March, were for QX. compared nights excluding as show nights the Ukraine

to the predict is confidence the continued environment encouraging difficult quarter still remainder it's develop. trends nights uncertain to While April, see for in how and room improvements will with of into the

COVID difference travel around the are While result, and quarter gross many quarter. strength which do create impact macro to full to uncertainty. factor lifting the window of We a similar expect as between countries move the the of continues nights levels. second ADRs is restrictions, which growth we remainder the a war to volatility booking.com the in room booking it back continue their is expect of and travel what XX to And in April. list of level for the and closer the in Ukraine to can to course, overall recent XXXX points, still In bookings growth was April, be for continue

If that see we we're see to they with within to bookings North across could now business. and America at summer our in Western albeit gross season this XX% both higher XXXX. cancelable of continue, all than and our of time mix were travel than continue for trends, Europe prepare the summer bookings. and a XX% a parts trends We over gearing in current of up And summer record higher booking for our more are strength

up timing related, accelerate XXXX. trends QX be XXX of lower is booking given gross back the acceleration quarters. of is window, combination percentage the percentage basis QX window of greater in if points difference QX with as revenue and future from in from accommodation it percentage high revenue to in Turning expect were if gross April, booking driven in to lengthening our was QX, expect so from This bookings far to in a in QX bookings bookings trends about by could a than QX timing take over underlying take be with combined impact points staged we the booking QX recent we especially rates of to basis impact these to gross mainly The bookings QX, coupled stable. in up booking as rates a remain X% XXX on of lengthening XX%

higher bookings We into gross QX about XXXX, be with prior us travel which in slightly is to expect to marketing the consistent market expense XXXX. recovering than percentage of for our commentary lean in opportunities

QX expect QX, booking to be We a percentage expenses mix of and and higher other basis due bookings points center sales XX higher to about gross party virtual as in call than it XXXX costs. third was higher

expect environments. in which is expenses up G&A than work IT as We is revenue G&A XX% driven down hybrid digital by last The personnel on tied to to XXXX. taxes, QX to aggregate fixed our about more QX and year-on-year meaningfully return both slightly overall in be higher year. higher due increase expenses With increased as to versus sales office in well

expect are QX impact lines $XXX will to revenue quarter. bookings. If take than lower difference it EBITDA our primary the we between in on in the XXXX. variable significant expected over for a saw to timing to rates increase expense We what normalize for QX similar linked on to than as be we negative as be in adjusted rest EBITDA similar impact to expect QX is the XXXX growth the the in top were QX. expected same in driver at and EBITDA we rates will rate If rates be was XXXX quarter XXX year-over-year which we April, take gross have QX The basis XXXX, more QX QX IT slightly points see higher was to in we'd the timing bookings in XXXX it adjusted saw are of our line million

quarter. the strategic we partnership Now discussed turning last with Majorelle to enhanced

the the anticipated As anticipate will most closing Netherlands on expenses the and of offset employing trusted will XXXX, support expenses the of of customer G&A a of currently second previous our long And million external begin in quarter, term expenses. a outside external We quarterly service be and finalizing $XX most year. and Majorelle the following of be middle sponsorship customer but about expect by personnel And work for $X will G&A around expenses a lowered a one will by booking.com basis the representatives reminder, UK. the our the to the quarter. increase lower partners we million lower half personnel

to last did not much As believe this XXXX impact initiative XXXX. a will on EBITDA We reduce we anticipate of said and more quarter, service beyond Outside P&L geography maintaining ramp expense are function. of we line quarter. we expense we our from P&L customer G&A up of the provided changes from enable adjusted the last year sales personnel an Majorelle, help the and commentary efficient in and other full growth this further partnership

during QX precise The we take of predict And rates impact the the timing, on do our difficult expect a and also by rates. length to take bookings the the due it rate windows is as recovery into on to know a take year there for the to impact impact negative during rates XXXX. by expected in timing is timing reminder, the the As to timing of relative know the year. coming year. booking was We our XXXX of impacted

Our is than XXXX is current estimates best XXXX take of which XX%, just below timing. due to in primarily rates lower

the our and questions. seen we for We’ll year our take our rates expanding in points on We're are be April, full confident better Timing trends product strengthening margins acquisition customer higher timing the than underlying remain XXXX. EBITDA EBITDA than our and also margins not EBITDA few our now encouraged expectations QX the a the take over Shawn, that for impacted to and accommodation for for approach you, will will We adjusted stable. please the year. for year. guidance impacted expected right the and we've If expect results offerings focus Q&A. negatively is by


[Operator Instructions] Our line of first with question UBS. comes from the Lloyd Walmsley

Lloyd Walmsley

are taking for thanks nights, in bookings trends sound the on in nicely first, ahead those if two, the street for Alright, I question, estimates room of can, the April quarter. whole where

kind won't as there work about then all can or mind, levels in does is year. they helpful and of we rates to timing, next I anything into great. Should to does take how as impact margins monthly XXXX pent-up And EBITDA on from we normalized we further terms should guess, progress give XXXX, think you kind think headwind else accommodation forward think build of you any any few April and demand. points pull the into help thinking that get of of Thanks. comps to do least year? kind keep would in the at next EBITDA on or reason be from how that on that that take for revenue about like secondly, of So continue like us we timing rates you the And unwind of color

Glenn Fogel

Hi, Lloyd.

one, that issues I’ll first I'll David asked about. back let you While timing take that the just go over

So an really all over trying through. years couple always interesting your gone adventure, we've the the that question is predict future, of which is to particularly last

very saying, we As we're David happy with I've And are. pleased where what's with was we're happening. said,

things but never Eastern Europe they Asia we're the around like know some better, are That's are, know a mentioned we've happy the throughout getting the all not is Europe will been what's we're travel about that they're We're know. where that pleased are Europe Western saying of world Europe like and with -- I happy trends that in very as and in back we we continue. where we we've good how seeing think as in coming everybody so happen. never positive we going to And that that coming US. that Hopefully things also or back. the We sign. good

done We this. what a happened call. and nowhere. before going recall And terrible had a our news came in last omicron You then a back thereafter, terrible, that, there shortly know was we've COVIND of Ukraine out you if that call, quarter

I'm more I'm good all will And is, has let's with sure happy we David, we So right team incredible that done. now. where am that. want volatile say know you I pleased add world And, of job than not the I to our But any are. say execution the

David Goulden

to on that we're where a and progression points through were April March what seeing week first things XX, extra minus there's would Maybe, steady from on this both and But steady week said, Glenn, it lot out still March in happened periods. we April as fairly hard predict. in just a maybe in March, the a up a it’s environment call there week. Glenn Easter in did couple see basis, April and I on

and QX, you Easter the amount year to on with up on longer be that the upon Omicron rates based are call, than rates. that we into there relative QX can less hurting in year, term there booking to the QX saw on versus difference into Relative basically take the the impact of expect. still effects that amounts when because next effect we said a on impact rates variable And explained the timing no current XXXX spill August still prior would take effects. that's that matter, from results and course, And the year into of We take came for there's growth the out the is mathematical rates timing into that either. I was year. between in XXXX the take year, rates, So this a you

be that of So how recovery. a things just total it's the in recover, function going and in recovery the develops to timing of terms rapidly also how really of

take things those could impact QX. factors to into the into But what then the level, normal there more starts get normalize, the upon impact happens expect down. prior rate the back that QX going growth as to future to next to you could and and QX rates going be rea, the timing some relative impact take about the come So QX, on additional specific

those rates before start and to the the the quarters be rates roles growth normalize QX growth less the what revenue we've align normally, there start could impact like of there will unusual across effect. rates and growth relative still that years. and But have, booking timing the they to could as difference between effects So specific QX, of and more, be seen


with Our Stanley. question next from comes Nowak Brian Morgan

Brian Nowak

trip of I a in than taking some was shape and kind talked for quarter, the bit. talked Thanks about marketing help about cetera. gross and you you as to year, two, comments, first on you good far making maybe about P&L questions, on one, a XXXX perspective. dollar your be then Great. David, thoughts and connected percentage those sales the other little hear you're think really bookings moving to talk front, want about cetera. and us initiatives the meaningful as on maybe I your with as and the of that think sort spend to sort traction et incremental us a about lot and I ADRs, it however, an as think can ‘XX, about cetera. guess, Glenn, for expenses on of And for know bookings? my a about around is of marketing little a from have metrics And guys. flights, et most thoughts pieces as you of of latest some of you other likely Yes, But was higher have which like soon impact to payments the year the sales year I just last Thanks. there of et tell us

Glenn Fogel

David, first you do to that want one?

David Goulden

Brian, let me Yes, first. go

say points busy We're into with but better be leaning bps we expected XX in time. to did for some which what exception a things in about the bit a last said the the moves – XX changing little they geography QX and QX. movements, Majorelle, we do travel relatively QX bookings gross were expect We be flat, P&L the I'll we'd we higher to we basically impact mechanical mechanical were to year. of in that due in I'm bit, we just season QX actually relative little more the are ROI, leveraging movements. deleverage not, talk not said So to how marketing We

to So we're XX still increased and Majorelle [Indiscernible] additional merchandising, the still into with TGV. expenses although and spending those also we are bps bps of to deleverage of expecting some about to on moving expect the payments, to the the tied be for adjustments that’s as level year sales that again adjustment year that others, mechanics see XX would be than less during

see you movements, way. bit a go for gives how we give we for about same So essentially, shaping some in And the take we color about what talked see guidance quarter still I've quarter expect you on we we can now mechanical we the the of shaping course, so last, more QX rates up, you of given quarter than up to talked know exception the you additional the so with the what that. happened color we bit around gave little didn't we more a provide because what on that last year

Glenn Fogel

And, Brian, talking about connected trip.

some it's term be truly is the vision. functional time going terms we in get better. need to exploring change it in a that And all are connected how to know And So travel, through trip of way to is. take I currently, we think a going where we we be believe it I know difficult all by people step before long should

fantastic, just the flights that now, combinations. just step and use. that, can in great of it's, me prepared people are think goal So thing my I a And is optimized the that they're types in, beginning coming of getting to that would to in to that mentioned right That's something a the now best is about themselves great experience connected better important. think new customer. trip. they're liked XXXX. selling product going for In the first to I putting the be Well, And way we running, we're things think right good that's give towards up the buyer in, ask coming fact yet. base go. customers these verticals, by other early this just things things belief Then build down basic-cross a get so a to how talked number top The coming on just buying still things these really they and the biggest pretty haven't XXXX, one a of to if I then you for booking.com with we I again, verticals we're the And meaningful experiments and of us to I to of small still about level remarks the together trying this, in road. is things about

So business getting and app, person loyalty. that do that come don't for so the more it pay that increase and we to getting repeat on this

trying to increase a flywheel. this lot of there's So ways

to don't just And to they going incremental them And And So work a more I offer better to proposal a people to that, on all coming we provide can see see But time, XXXX, it know to us. that It's continues the will continue talked think do and to easily. to products I its as better able more you get be to information, better about. though. from own. build going take numbers improvement. you're things in huge them


from comes Kevin Our from next question Kopelman Cowen.

Kevin Kopelman

was there more thanks you dig acceleration. XX% just plus in hoping bit a trends. spending QX? Thanks. what on in is spend, exactly is lever of that lot. Great, a but versus to nice improvements in leverage obviously a the a The to start how little reaction to -- QX, terms ad much seeing Could there changes? some are big is I you April in the And a you're of you're if versus that relate in your you had GBB pulling seeing more back on strategically what we QX, to of

Glenn Fogel

way. come it talking more not then you're we few, the in inventory. right But in also with and each partners we're the pleased some And combination It means working game levers doing what the that on. in supply So up better, to bringing a in and we're let we're And lot of can we're terms me I'm that own. or means et with tell general, we're of price, things builds sure things incremental details, any I in the there, want and and right alternative with working talk their it's whatever. experience a bring I through so a the of little making on we're the makes small really right having things making very cetera. one sort customers is working believe execution accommodations, experience. customer time working showing But a works sure the to And you of getting better on a many you David, seeing. to sure ways in that with it are a that it's go of it numbers its are is at smooth, better payments about right more yes,

or a It's believe Now, in little if for in terms we back example, ROIs to really, we're US, the that done. trying there as But global not a doing continuing right you this top increase better to of to that. doing the terms and things helping awareness anything of And is campaign. and by a try yes, the win. a product, efforts want very effort our make going effort it just what's US, our remember I have social long some because I and run, the product getting things is better from we that all our specific awareness in build in hopefully mind of in this the we, to know, that a build good and one David, you ad a don’t Bowl, lot business is different Super with brand we're to tie And levers of speak a in nature.

David Goulden

just encouraging. is Glenn, this not seeing geography. us geographies I which because let we for think, all in improve is go April, you went, where We're one very

to back Europe is we've in we which teen growth we're not we QX, to positive in I is we to down will March, is result it mentioned the all nights, that Europe, start back That the we well ahead and and amount on in so a which growth the did XXXX, is best nicely, into down recovering very the is double the down, so IT opportunity this the the versus factors, growth marketing still But see digits, And sign, leaning mentioned is in to market. be over our talk capture from and world to more able now demand, world, think When than response really but the reason improves more, April time to is So spend. we seeing this spending of bit to the Glenn to just about we've again nice little some we versus XXXX leaning really high backup rest of seen XXXX. mentioned not, room QX as the traffic since improvements the it's APAC US I been site, really expect of start for relative that nice in think in and of all can one ROI. we encouraging see said, strong first that when increasing of across that's we QX, a demand. pandemic,

So saw of we're for that And quarters. can last in QX that's in responding travel of leaning us when particularly year, in, whereas prior really recovering to do travel. opportunity in of we the see we you lead sort

we expect during said we're deleveraging but but April So March the seeing from to change impact positive. we quarter the why small in early of this marketing, to that's is be the level at it it's we're and seeing quarter, a very

Kevin Kopelman

since has with call. strengthened GBV dollar on reported for the the or currency Great Is last that and currency could constant touch April? XX% and the you figure

to about wanted I So ask that.

David Goulden

our as is gave reported reported little here for you your a we But for currency difference. did when And calculations what worth our specifically the an had guidance, and example, down constant Yes, of we some a bit that's call we unless number. impact or it our we currency doesn't make a amount we constant ADRs. huge come numbers did is currency, out call [Indiscernible] we

else For reporting. is everything example,


comes from from of Bank Justin question Post next Our America.

Justin Post

guess would I sorry, But of be back flat. your said merchant, rates, overall take much ‘XX? market about Can trying like I take thank Great, on versus nights you is rates. about would take handling XX%. question were just one that XX% share. to I rates that your your how then share give increasing know you payments now? US platform any think think what you. in And indication And looks I'm us

the rates. business you. talk, maybe merchant understand So how us you help Thank can just is affecting take

Glenn Fogel

I you don’t why that Dave, and ’XX turn back. take

David Goulden

basic we're that We're talk rate the we the on Yes, in not all, on motion rates, I at the take so or room. about the payments talking about when about, talked take factoring to underlying next. commission the or

on fact being is increase the we that we timing. from right, these mix sorry, I on from gain As overall are payments And it about you're biggest revenue the additional talked our take we and impact but from is, significantly, towards timing said, raised an rate take impact in payments. getting the rate

the that mentioned XXXX, couldn't ourselves. participate actions by for we cannot in pricing example, we As that and offset somewhat merchandising in do, because merchandise I was

platform, by we will be activities. and have on so again, XXXX, And largely that payments merchandising in the the offset

this Now anything when very anything it a year But like activities. about that we is once mind, do that impact additions really of, we underlying not a the are take recovering top there's include being can payments, does constant merchandising I into in platform. turn with things we does up include nor top we that bear down. a it do lean the payments on for travel marketing, like in accommodation does on talked number turn the of merchandising that, or top that rate of seeing to or on a go things also We potentially merchandising. in our the rates marketplace, payment think generation And improvements that again, both marketing from opportunity take and and in

movements there. So hopefully, clarifies the that

Justin Post

Great. share any US help of on And then nights, there?

Glenn Fogel

don't we reveal granularity. think that I David,

David Goulden

being a and shared we the your should single here accommodations share share -- growth about certainly We in QX we point a difficult strong some did of recovery is as picked things. versus up very market know in so than And We believe We to at markets, April that points the we faster above strong in XXXX, know in predict. US our view. our were quarter, in think stay market in is at XXXX.We from XXXX. to continuing basis, XXXX. I certainly strong difficult versus again being data, where individual the medium year market we you look term to that the lot just view with covered look overall a in very last the give But way we which an points. when And XXXX. think share to US

Glenn Fogel

and What been in pleased the to made we've the US the of a I'm out doing tackling look, been started. results important X.X QX. see we strategically just over I'm how indexed had done the of in of And our in US, it was with the And last with very through, and over lot years this under this Yes, blocking what come because we've up I'd very building beginning these doing we're been in we've say, through and do years in US. midst business pandemic to I X.X the since better pleased point pandemic. the


from from Our comes Evercore Mark next ISI. question Mahaney

Mark Mahaney

here. am I

points or higher, if below one And that. few for for David, about being for you that. like Sorry timing. about think, year then not this Glenn. question a set And that'd you'd rates David, take a you. talked I just said be XX%, something

the did. the done something something makes And lodging connected needle if X, that has use was that's of there of changed solo points has trip mobile room that it's to you than past, is greater company, is would nights there never unusual kind the never think as I factors I of rate they done want your you structurally makes historically, booking apps implication wondered that's back Thanks is it impactful generated So ask there's connected history statement? that as mobile but higher you take a Glenn, your lot. business, years. timing you about the much greater, trip the online today just connected think in trip? a once mover a that attractive, a X company. were more that's for and mean trip that connected that I that but that but more of these beyond than going travel, couple historically? large we Is year, viable, issues that, now maybe you does of haven't normalized was about it they more variety package XX%, get of or or a like X, that the this of then changed, And many been But

David Goulden

you why Glenn, don’t first? go

Glenn Fogel

types we that able we can to we of use technological connecting see this fix started about what be here's happening, trip, What's to idea decades, have go first? Do of better two problem now do have me buying I it how so travel for learning, first So, us. being things AI thing. predictability. before a better all started in company problem people Certainly, changed travel And we you want to first make this seen for a mobile, because the we happens. is it this have future, more so apps, the to this many can and be but significantly, in Mark, talking since in it the can joined we online, XXXX. since the can over do I no doing better human the been landscape there new a even has when machine potential person,

be to believe will be ones I done, and going are things, many the do. done So can this we're we

we're not but there Okay, yet.

family But believe believe but incremental. And all show now yet. take next I hasn't though, simple going believe time, going And absolutely be. yours. where to I time, let Because you to It's way our do David, being they yet. the to we're the in not take right be hasn't this it because necessary, going don't or it built it said, here's to it it's incredible is to say trip. to believe is business, people the to That a quarter been is to to happened, I year say next increase it's to up take that going trying this we're there. I’ll going do get suffer happen. we've will So have in should it happened I do going

David Goulden

Yes, you, right. Mark. Thank

EBITDA two, in and what we and we not take was XX.X%. was actual take bit said a gave said we In you those go timing QX. let's rates margin numbers because let's rate about in impact to know quarter, fact yes, We it talked so this more the rates, about guidance, back the between confuse we XX.X%. year quarter, XXXX, is more percentages, take So across that was it impact difference the the on XXXX, somewhere last between blended

the in it we year clarify said said on EBITDA impacts a quarter, so timing still was said we today. it the than points a the If would be the And call impact again what on will below be it few will wasn't on compression, timing XX%. few higher of take points the and take margin our last that last So again of rates We EBITDA we a a we just a that margin at rates so maintain impacts higher for few margin XXXX. normalized basis. we causing EBITDA was points said for few

And related. not our say did So margin that take is are a EBITDA to hurt would XX%, on below the that back were, we EBITDA year that, the give XX. few that talked from this about. rates [Indiscernible] rates for like year, just you we is timing XX.X%, take being full points will fact have of if us which the below causing We few said they margin then seen, points that compression be those you to normalize something

Mark Mahaney

Okay, can yes, you, mistake, thank And and confuse Thanks, sorry, that Glenn. it my was you. David.


take Sheridan comes will of Goldman now We our question next Sachs. from Eric

Eric Sheridan

taking Thank the you questions. for

hotel in of accommodation feel to beyond in bookings comment of in you find sort as demand XXXX. into booking elements shared you that kind And the investing look you're of the about the ‘XX, Where go it you have with want Can come into also, we the to Thank need base you or I the you. made what do gross either you the supply at on year? make? deeper on investments trying window, to unlock talk but as XXXX? about imbalance for to we back remarks just deeper of the So think side of now prepared supply you side or summer not yourself only to

Glenn Fogel


going liability sure multiple individuals to supply. marketing It's some in product multiple, own may And bring of our there. actually new the it. about particularly we to in make of bring positioned this that. big and to sure not talked want where properties I've our where alternative think That's it's money. people past terms them. about properties, That's bit of talked new insurance, start think out, in the people US, payment the of in this. competitors, as the we talking well to put we we more have build can to that then more we supply understand even So go that's to stating out the that a we on a aware have the of be need out. fact And in little with just as actually we're terms so we what absolutely don't got system spending And we a accommodations out, we about how platform. areas And of owners our have are is firstly, they that the well workable trying talk mentioned need But the in area, works kind we things than we I of we make campaign because

You've never becoming business.

that I'm of it that something and aware pleased this will coming we where It's window faster side to mentioned rolling. and need obviously a I are, to we and And sided marketplace, about are itself. going I'm over been it's again, that. pleased That's then time, part in is, to building people this that sure two have things do a too time. we're those on make alternative going. take And this faster. And I've talking And the of are keep on this then it's it we're increase did we accommodations, the and builds have a going of in is more second going consumers get make tired where that. how repeat other do very the a some to build This the little we we of saying like for it's where to long So time. But it. this. of question. and may about me sure obviously net it it's it. they're is sure more will of snowball, get it And terms one you with how

Mark Mahaney

I'm on supply year. forward there just supply this, you the the in into elements seen in booking like see what demand by of type where and demand other imbalances versus curious, product looking you've window where going the do are kind maybe into summer of based out deeper disconnects

Glenn Fogel

of of they fill up. summer locations The popular mean Yes, not inventory. But happens any and seeing in right anything That key from up most rates and they're or the every popular right shortages when most it's normal in year going most hemisphere. people -- that can't the demand, in, so summer come some not there so low not, travel shortage peak most won't [Indiscernible] that to there's peak key places and find are supply will doesn't popular -- be and low northern fill properties now, now. we're

One enough there. alternative some and they being ways. not because think that things locations time up of your flexible We're go doing is in for the we've great or been are filled to property come could different all we inventory, they having place things stay and customers very we're different that when in, offering an offering

are We But to important. do doing to only we're that. the one different experiments more working do not That's so that.

store, in what that don't don't that something You about the have see And not them having insufficient but customer you he your what on what the conversation probably we're to do, I of show now a that's the doing. we're like, right time on, we this over supply. an have really properties don't that's and of beach single now US that right issue I have have XYZ. enough working though, them just is to sell they want Clearly to enough want want you is you we're have else something what


comes Anmuth from now now from take we J.P. And will last Morgan. our question Doug

Doug Anmuth

for question. from just Thanks international recovery. Great. It seems it's taking to wanted about suggesting haul. like the you're short ask coming more I

terms coming in how seeing you're thinking none Thanks. of what you're of haul long and curious that Just about back.

David Goulden

-- start I’ll Sure.

Glenn Fogel

start. You got, Dave,

David Goulden

Glenn. I’ll stop. Go on

Glenn Fogel

start. You

David Goulden

Asia countries down, in great. most haul we you're bit to for it fastest, also international borders, Europe, is up now across European within So International bookings a little close surprisingly, strong haul, right. not and when actually haul region in long into And still we European for Europe people total or you great short still yes, and down, improving total total down April And define long international example, long flat so still from going haul US for I which think inter important to but in forward, report mean all recovery rapidly and restrictions decently, the is the is booking April, from a for and routes. not too is that's step down. to surprisingly, number I relax within an travelers obviously US, growth is destination travelers fast, recover from travel look but both see at see

Glenn Fogel

is and basically, restrictions more don't can have tied long things basically that then to these was before situation David travel go very don't have what different have going begin more they them to get lighten to you they'll typical long a we up quarantine having feel test as I to said trips. and of are to and a go a countries example, Asia, destinations, lot without that confident do before, done haul in things for of is as to say, away, some And somewhat these have test haul to they people of more will go

definitely the this positive in area. on So and I trend continued

Doug Anmuth

you thank Good, both.

Glenn Fogel

that Was Okay. the final question?


our question. is that final Yes,

remarks. I ahead. to So Glenn turn will Fogel Please closing the back now for the go call

Glenn Fogel

Okay, thank you.

I want refugee thank dedicated for partners the on company. want want continue I contributed as vision but shareholders. course, good our back always, to customers, employees long Also, We to of platform. Thank our have to appreciate who partners, we to our night. term and all and our our to your all As of our generously build you support really thank


concludes Thank you. call. for that everyone conference you, participating. And today's Thank

now disconnect. may You