Presentation Ronald JoseyMD and Co-Head of Tech & Communications All right. I think we are on the clock, so we can get started here. I'm Ron Josey, I cover the Internet sector here at Citi. And look, I'm thrilled to have with us today, Ewout Steenbergen. Ewout, you joined about 1.5 years ago. We have a lot to get -- to talk to. Everybody here pretty much I'm sure you know what Booking.com does. So why don't we just jump into it? Thank you for joining us today. Ewout SteenbergenExecutive VP & CFO Happy t ...

Booking Holdings (BKNG) 2025 Conference September 03, 2025 09:30 AM ET Company ParticipantsRon Josey - Managing DirectorEwout Steenbergen - EVP & CFORon JoseyWe are on the clock, so we can get started here. I'm Ron Josey. I cover the internet sector here at Citi, and look, I'm thrilled to have with us today Ewout Steenbergen. Ewout, you joined about a year and a half ago. We have a lot to get to talk to everybody. I'm here pretty much. I'm sure you know what Booking.com does. Why don't we just jump into it? ...

Group 1 - Booking Holdings' CFO Ewout Steenbergen will participate in a fireside chat at the Citi 2025 Global TMT Conference in New York City on September 3 at 9:30am ET [1] - A live audio cast of the presentation will be available to the public, with a replay accessible approximately 24 hours later [1] Group 2 - Booking Holdings is the world's leading provider of online travel and related services, operating in over 220 countries and territories [2] - The company offers services through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable [2] - The mission of Booking Holdings is to make it easier for everyone to experience the world [2]

Investment Rating - The report maintains a "Weaker than Market" rating for the U.S. stock market [1] Core Insights - After a pullback, the U.S. stock market has shown significant recovery, with small-cap stocks outperforming [3] - The S&P 500 index increased by 0.3%, while the Nasdaq decreased by 0.6% [3] - Among 18 sectors, 12 experienced gains, with notable increases in banking (+3.2%), automotive (+2.9%), and energy (+2.8%) sectors [3] Price Trends - Small-cap value stocks (Russell 2000 Value) rose by 4.1%, outperforming small-cap growth (Russell 2000 Growth +2.6%) and large-cap value (Russell 1000 Value +1.7%) [3] - The report highlights that 18 sectors saw price increases, while 6 sectors faced declines, with the largest declines in food and staples retailing (-2.0%) and software and services (-1.9%) [3] Fund Flows - The estimated fund flow for S&P 500 constituents was +1.7 billion USD this week, a significant decrease from +75.8 billion USD the previous week [4] - Notable inflows were observed in automotive (+11.0 million USD), diversified financials (+4.6 million USD), and banking (+3.8 million USD) sectors [4] - Conversely, significant outflows were recorded in software and services (-29.9 million USD) and semiconductor products and equipment (-7.7 million USD) [4] Earnings Forecast - The report indicates a 0.3% upward revision in the 12-month forward EPS expectations for S&P 500 constituents, following a 0.2% increase the previous week [5] - 21 sectors saw upward revisions in earnings expectations, with the semiconductor sector leading with a +1.2% increase [5]

8月21日，中国上海 –全球领先的酒店及住宿在线预订平台Booking缤客发布了2025中国旅客出境游趋势报告，勾勒出中国旅客探索 世界时出行动因、旅途期待、个性化偏好等维度的旅行趋势与行为特征。 值得关注的是，中国旅客探索世界的热忱正持续升温，他们的旅行足迹遍及亚太地区乃至更广袤的目的地。Booking缤客持续为旅 客提供多元旅行体验，同时，通过推动创新、助力中国旅游业发展。 中国旅人心向远方，安为基石 中国旅客的行程多为"忙里偷闲"，数据显示，短于一周的行程安排占49%，且63%选择在公共节假日出行。在这紧凑的旅程中，展 现出两种不同的旅行偏好。一方面，有59%希望在有限时间打卡丰富的景点；另一方面，有41%偏爱深入探寻之旅，期望花更多的 时间深度探索少数景点，呈现出"快行"与"漫游"两种不同风尚。 随着国际旅游的逐步回暖，中国旅客的旅行偏好也呈现出崭新的发展趋势。从目的地维度来看，亚太地区仍是旅客出国游玩的热门 选择。根据Booking缤客发布的2025中国旅客出境游趋势报告，过去一年前往泰国的旅客达到41%，日本占36%，韩国为23%，显 示出中国旅客对较近距离及相近文化体验目的地的持续青睐。步入更广 ...

Core Insights - The report by Booking.com highlights the increasing enthusiasm of Chinese travelers for exploring global destinations, with a focus on diverse travel experiences and innovation in the tourism industry [1][31]. Group 1: Travel Preferences and Trends - The Asia-Pacific region remains a popular choice for Chinese travelers, with Australia seeing a significant increase in visitors, reaching 947,600 from June 2024 to May 2025, a 21% year-on-year growth [2]. - European destinations like Italy, Spain, and the Netherlands are gaining attention, with interest increasing by 15%, 10%, and 10% respectively [5]. - Safety is a primary concern for Chinese travelers, with 44% evaluating the safety of their destination before traveling, and 24% and 23% being wary of political unrest and fraud risks [5]. Group 2: Motivations for Travel - The primary motivation for traveling abroad is relaxation, cited by 57% of respondents, followed by local cultural experiences (42%) and culinary exploration (39%) [8]. - Food plays a crucial role in destination selection, with 54% of travelers considering it a key factor, and 50% deeming it an essential part of their travel experience [10]. Group 3: Travel Behavior and Sustainability - Short trips of less than a week account for 49% of travel plans, with 63% traveling during public holidays, reflecting a mix of quick sightseeing (59%) and in-depth exploration (41%) [12]. - A strong emphasis on sustainability is noted, with 84% of travelers concerned about sustainable practices during their trips, particularly among the 18-40 age group [15]. Group 4: Demographics and Travel Companions - The report identifies a growing opportunity in understanding the unique needs of senior travelers, with 71% preferring trips longer than a week [19]. - Travel companions significantly influence travel choices, with 74% traveling with partners and 39% with children, affecting accommodation preferences and activity planning [21][23]. Group 5: Z Generation Travel Preferences - The Z generation is characterized by a preference for personalized travel experiences, with 50% favoring trips shorter than a week and 66% preferring multi-destination travel [24]. - Social media plays a vital role in travel inspiration, with 65% seeking ideas from platforms like Xiaohongshu, indicating a shift towards personalized travel services as a basic requirement [27]. Group 6: Industry Insights and Future Directions - The report's release included a discussion on the future of outbound travel, focusing on trends, opportunities, and the role of technology in enhancing travel experiences [28]. - The Australian Tourism Board launched a new global campaign to promote its attractions to Chinese consumers, showcasing the country's landscapes and culture [28].

Core Insights - Booking Holdings (NASDAQ: BKNG) stock has risen approximately 50% over the past year, attributed to strong revenue growth, AI-driven innovations, and a diversified global presence [2] - The stock currently trades at a high price-to-earnings ratio of 38.5x, raising questions about the sustainability of its valuation based on solid fundamentals versus speculative optimism [2][11] - Recent quarterly results showed a significant 41% decline in net profits year-over-year, highlighting vulnerabilities amid weaker consumer sentiment and geopolitical uncertainties [3] Revenue and Growth - Booking Holdings has experienced an average revenue growth rate of about 20% over the last three years, significantly outpacing the S&P 500's 5% growth [11] - The company is investing heavily in AI technologies, with initiatives like the AI Trip Planner and Priceline's "Penny" assistant aimed at enhancing customer experiences and operational efficiency [4][5] - Anticipated savings from AI investments are projected at $150 million for the current year, potentially increasing to $450 million by 2027 [5] Market Position and Valuation - Booking operates a capital-efficient marketplace with EBITDA margins in the mid-30s, allowing for effective conversion of growth into free cash flow [6] - The stock commands a premium valuation, trading at approximately 25x forward earnings compared to 14x for Expedia [6] - Despite its strong revenue growth, the high valuation multiples suggest limited upside potential in the near to mid-term [12] Risks and Challenges - The reliance on AI for enhancing customer experience presents technical challenges, including the need for real-time integration of various data points [7] - Consumer confidence in AI-driven booking processes may be a hurdle, as travelers could be hesitant to rely on algorithms for complex travel arrangements [8] - Economic downturns, geopolitical issues, and currency fluctuations pose risks that could adversely affect travel demand, impacting the company's valuation [8] Historical Performance - BKNG stock has shown vulnerability during economic downturns, experiencing declines sharper than the S&P 500 index [10] - The stock has a history of significant recoveries, regaining pre-crisis highs after substantial declines during past economic events [13]

Booking Holdings Inc. BKNG experienced a Power Inflow today, a significant event for those who follow where smart money goes and value order flow analytics in their trading decisions. Today, at 10:34 AM on August 21st, a significant trading signal occurred for Booking Holdings Inc., (BKNG) as it demonstrated a Power Inflow at a price of $5639.53. This indicator is crucial for traders who want to know directionally where institutions and so-called "smart money" moves in the market. They see the value of util ...

Core Points - Texas Attorney General Ken Paxton secured a $9.5 million settlement with Booking Holdings to resolve allegations of deceptive "junk fee" practices [1][2] - The lawsuit claimed that Booking Holdings misrepresented room rates and obscured mandatory fees at checkout [2][6] - The settlement mandates Booking Holdings to disclose any additional fees upfront [3] Company Response - A spokesperson for Booking Holdings stated that the settlement does not imply any admission of wrongdoing and allows the company to avoid prolonged litigation [3][4] - The company emphasized its commitment to transparency and supporting a clear national standard for displaying total prices [5] Regulatory Context - The Federal Trade Commission (FTC) approved a Junk Fees Rule aimed at ensuring consumers are not surprised by additional fees when booking hotels or tickets [5] - The rule requires businesses to be upfront about prices but does not limit the types or amounts of fees [6]

Core Insights - Celebrity River Cruises is set to launch its inaugural season in 2027, offering Priority Booking Access starting September 3, 2025, for guests who place a fully refundable $500 deposit [1][2]. Group 1: Company Overview - Celebrity River Cruises aims to provide a premium vacation experience on the Danube and Rhine rivers, combining the design and sophistication of Edge Series ocean ships with European charm [2][3]. - The cruise experience will include all meals, drinks (both alcoholic and non-alcoholic), Wi-Fi, onboard experiences, and one shore excursion each day [2]. Group 2: Booking and Access - Guests can join Priority Booking Access by placing a fully refundable $500 deposit through various channels, including the website and travel advisors [4]. - More detailed information about destinations, fleet size, and shore excursions will be announced when bookings open [5]. Group 3: Industry Position - Celebrity Cruises has over 35 years of experience in the industry, offering a unique blend of small ship intimacy and larger ship variety across more than 300 destinations in over 70 countries [6]. - The company is headquartered in Miami and is part of the Royal Caribbean Group, which owns five cruise brands [7].