Core Insights - Booking Holdings reported $46.7 billion in gross bookings for Q1 2025, a 7% year-over-year increase, and $4.8 billion in revenue, up 8% year-over-year, driven by diversified offerings and growth in room nights, rental cars, and airline ticket sales [1][4][5] - Despite a 57% drop in GAAP net income due to transformation costs, adjusted EPS rose 22% and EBITDA increased by 21%, indicating a focus on cost efficiency and operational execution [2][14] - The company is advancing its "connected trip" vision, utilizing AI tools and enhancing its loyalty program to improve customer experience and reduce marketing reliance [1][11] Financial Performance - Gross bookings increased by 7% year-over-year, with room nights booked growing by 7% to 319 million [4][9] - Revenue climbed to $4.8 billion, reflecting an 8% increase year-over-year, or a 10% rise when adjusted for constant currency [1][4] - Adjusted earnings per share rose by 22%, while adjusted EBITDA climbed by 21%, showcasing operational efficiency [2][14] Market Position and Strategy - The company benefits from a globally diversified platform and significant cash reserves, providing a buffer against macroeconomic uncertainties [5][6] - Booking Holdings is capitalizing on trends toward online and mobile travel bookings, expanding its product portfolio to include flights, rental cars, dining, and experiences [7][10] - Recent platform enhancements, including AI-powered travel planning tools, aim to boost customer loyalty and reduce dependence on paid marketing [11][12] Transformation and Future Outlook - Booking Holdings is executing a transformation plan aimed at improving expense efficiency and customer offerings, with related costs totaling $32 million in Q1 [13][14] - The company acknowledges the transformative potential of generative AI technologies for the travel sector, with 52% of customers expecting AI to assist with interactions [12][11] - The travel landscape remains volatile, and the company must balance growth initiatives with disciplined execution to maintain its competitive edge [8][7]

Core Viewpoint - Booking has lowered its full-year revenue forecast due to increased economic uncertainty, despite reporting a strong first-quarter performance that exceeded market expectations [1][2]. Group 1: Financial Performance - Booking's first-quarter revenue reached $4.76 billion, a year-on-year increase of 7.7%, surpassing market expectations [1]. - The adjusted earnings per share for the first quarter were $24.81, significantly higher than Wall Street's expectation of $17.45 [1]. - Total travel bookings, including taxes and fees, amounted to $46.7 billion, slightly above the expected $46.5 billion [1]. Group 2: Market Outlook - The company has revised its full-year total bookings and revenue growth expectations to "mid-to-high single digits" at constant exchange rates, down from a previous expectation of "at least 8%" [1]. - Analysts are closely monitoring the online travel sector's performance this quarter to gauge U.S. consumer confidence amid concerns over potential economic recession due to trade policies [1][2]. - Booking's CEO noted a stable level of global leisure travel demand at the beginning of the second quarter, with expected growth in bookings of 4% to 6% [2]. Group 3: Competitive Landscape - Following the earnings report, Booking's stock fell 3.2% in after-hours trading, with competitors Airbnb and Expedia also experiencing declines [2]. - The company is less susceptible to domestic macroeconomic uncertainties compared to U.S. peers, as approximately 90% of its revenue comes from international markets [2]. Group 4: Long-term Confidence - Despite warnings about the business being more susceptible to currency fluctuations, the CEO expressed confidence in the long-term outlook for the travel industry, citing the company's global presence and strong cash flow [3].

Market Overview - The S&P 500 experienced its sixth consecutive day of gains, with no negative impact from economic data or earnings reports [1] - The Dow increased by 300 points (+0.75%), the S&P 500 rose by 32 points (+0.58%), and the Nasdaq grew by 95 points (+0.55%) [2] - Bond yields decreased, with the 10-year yield at 4.17% and the 2-year yield at 3.65% [2] Housing Market - The Case Shiller Home Price Index for February showed a headline increase of +3.9%, which is 20 basis points lower than the previous month [3] - The 10-City survey reported a +5.2% increase, down from +5.7%, while the 20-City index showed a +4.5% increase, down from +4.7% [3] - Notable cities for rising home prices included New York City (+7.7%), Chicago (+7.0%), and Cleveland (+6.6%) [3] Labor Market - The JOLTS report for March indicated job openings at 7.19 million, below the expected 7.5 million, with the previous month revised down to 7.5 million [5] - Job quits remained stable at 3.3 million, with a quits rate of +2.1% [6] - Layoffs in the retail sector decreased by 66,000, and federal government layoffs fell by 11,000 [6] Consumer Confidence - The Consumer Confidence Index (CCI) for April dropped to 86.0, below the expected 87.3 and down 7.9 points from the previous month [7] - The Expectations Index fell to 54.4, a decrease of -12.5 month over month, marking the lowest level since October 2011 [8] - 32.1% of consumers expect fewer jobs in the next six months, the highest rate since April 2009 [8] Company Earnings - Visa reported fiscal Q2 earnings of $2.76 per share, exceeding expectations of $2.68 and the previous year's $2.51, with revenues of $9.59 billion slightly above the anticipated $9.56 billion [10] - Starbucks missed both earnings and revenue expectations for fiscal Q2, reporting earnings of 41 cents per share and revenues of $8.76 billion, below the expected $8.79 billion [12] - Booking Holdings posted strong Q1 results with earnings of $24.81 per share and revenues of $4.76 billion, surpassing expectations [13] - Seagate Technologies exceeded estimates with fiscal Q3 earnings of $1.90 per share and revenues of $2.16 billion, raising guidance for the next quarter to $2.40 per share [14]

Core Insights - Booking Holdings reported $4.76 billion in revenue for Q1 2025, a year-over-year increase of 7.9% and an EPS of $24.81 compared to $20.39 a year ago, exceeding Zacks Consensus Estimates [1] - The company achieved a revenue surprise of +3.58% and an EPS surprise of +43.83% compared to consensus estimates [1] Financial Performance Metrics - Gross Bookings totaled $46.70 billion, surpassing the average estimate of $46.40 billion [4] - Agency Gross Bookings were $15.50 billion, below the average estimate of $16.38 billion [4] - Merchant Gross Bookings reached $31.20 billion, exceeding the average estimate of $30 billion [4] - Units Sold for Room Nights were 319 million, slightly above the estimate of 317.86 million [4] - Units Sold for Airline Tickets were 16 million, significantly above the estimate of 13.23 million [4] - Rental Car Days sold were 22 million, slightly below the average estimate of 22.89 million [4] - Agency Revenues were $1.56 billion, slightly below the average estimate of $1.59 billion, representing a year-over-year decline of -11.3% [4] - Advertising and Other Revenues were $280 million, above the average estimate of $275.31 million, reflecting a year-over-year increase of +6.1% [4] - Merchant Revenues were $2.92 billion, exceeding the average estimate of $2.72 billion, with a year-over-year increase of +22.2% [4] Stock Performance - Shares of Booking Holdings returned +6.1% over the past month, outperforming the Zacks S&P 500 composite, which changed by -0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Booking Holdings reported quarterly earnings of $24.81 per share, exceeding the Zacks Consensus Estimate of $17.25 per share, and showing an increase from $20.39 per share a year ago, resulting in an earnings surprise of 43.83% [1] - The company achieved revenues of $4.76 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.58% and up from $4.42 billion year-over-year [2] - Booking Holdings has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise for the latest quarter was 43.83%, with a previous quarter's surprise of 16.58% [1][2] - The current consensus EPS estimate for the upcoming quarter is $49.30, with expected revenues of $6.3 billion, and for the current fiscal year, the EPS estimate is $208.50 on revenues of $25.05 billion [7] Stock Performance and Outlook - Booking Holdings shares have declined approximately 1.6% since the beginning of the year, while the S&P 500 has decreased by 6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Internet - Commerce industry, to which Booking Holdings belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Total revenues increased by approximately 8% in Q1 2025 compared to Q1 2024, with a 10% increase on a constant currency basis [118]. - Total revenues rose by 7.9% year-over-year to $4.762 billion for the three months ended March 31, 2025, with total revenues as a percentage of gross bookings increasing to 10.2% [133]. - Total gross bookings increased by 7.2% year-over-year to $46.669 billion for the three months ended March 31, 2025, with merchant gross bookings rising by 21.0% to $31.170 billion [129]. - Total gross bookings increased by 7% for the three months ended March 31, 2025, compared to the same period in 2024; on a constant currency basis, the increase was approximately 10% [174]. - For the full year 2025, the company expects room nights growth between 4% and 6%, gross bookings growth between 10% and 12% on a reported basis, and revenue growth between 10% and 12% on a reported basis [121]. Marketing and Expenses - Total marketing expenses in Q1 2025 were $1.8 billion, up 10% compared to Q1 2024, reflecting increased investment in marketing due to higher travel demand [108]. - Marketing expenses increased by 10.4% year-over-year to $1.777 billion for the three months ended March 31, 2025, representing 3.8% of total gross bookings [136]. - Personnel expenses decreased by 16.1% year-over-year to $693 million for the three months ended March 31, 2025, primarily due to a reduction in pension fund accruals [139]. - General and administrative expenses decreased by 23.4% year-over-year to $142 million for the three months ended March 31, 2025 [140]. - Information technology expenses increased by 7.1% year-over-year to $200 million for the three months ended March 31, 2025, due to higher cloud computing and software maintenance costs [141]. - Depreciation and amortization expenses increased by 13.1% year-over-year to $154 million for the three months ended March 31, 2025, primarily due to increased depreciation of computer equipment [142]. - Interest expense increased by 196.8% year-over-year to $649 million for the three months ended March 31, 2025, primarily due to the amortization of debt discount related to convertible senior notes [144]. - Foreign currency transaction losses amounted to $420 million for the three months ended March 31, 2025, compared to gains of $136 million in the same period of 2024 [145]. - Income tax expense decreased by 61.1% to $63 million for the three months ended March 31, 2025, with an effective tax rate of 15.8% [147]. Operational Metrics - Global room nights increased by 9% year-over-year in 2024, with a 7% increase in the first quarter of 2025, driven by strong travel demand in Europe and Asia [99]. - Room nights reserved increased by 7.2% year-over-year to 319 million for the three months ended March 31, 2025, driven by increased travel demand in Europe and Asia [128]. - The average daily rates (ADRs) on a constant currency basis were approximately 1% higher year-over-year in Q1 2025, with a 2% increase when excluding regional mix effects [104]. - The mix of room nights booked through mobile apps increased to the mid-fifties percentage in Q1 2025, up from low-fifties in Q1 2024, indicating a growing trend in mobile bookings [106]. - The mix of total gross bookings generated on a merchant basis increased to 67% in Q1 2025 from 59% in Q1 2024, indicating a shift towards more flexible payment options [107]. - The cancellation rate in Q1 2025 was slightly higher than in Q1 2024, which could impact marketing efficiency due to incurred performance marketing expenses [103]. Cash Flow and Investments - Cash, cash equivalents, and investments totaled $16.1 billion as of March 31, 2025, with approximately $11.3 billion held by international subsidiaries [151]. - Net cash provided by operating activities was $3.283 billion for the three months ended March 31, 2025, driven by a net income of $333 million and a favorable change in working capital of $2.1 billion [166]. - Net cash used in financing activities was $3.967 billion for the three months ended March 31, 2025, primarily due to common stock repurchases of $2.2 billion and debt repayments of $1.5 billion [169]. - The company authorized a share repurchase program of up to $20 billion, with a total remaining authorization of $25.9 billion as of March 31, 2025 [157]. - Deferred merchant bookings reached $6.9 billion at March 31, 2025, reflecting cash payments received from travelers in advance of performance obligations [152]. - The fair value of the May 2025 Notes was $1.9 billion as of March 31, 2025 [154]. - The company had $1.1 billion in non-cancellable purchase obligations greater than $10 million as of March 31, 2025, with $227 million payable within the next twelve months [159]. - A hypothetical 10% decrease in the fair values of investments in equity securities would have resulted in a loss of approximately $55 million before tax [175]. Strategic Outlook - The company expects annual run rate savings of $400 to $450 million from the Transformation Program over the next three years, with restructuring costs anticipated in the near term [115]. - The company is closely monitoring geopolitical and macroeconomic uncertainties that could impact future travel demand and consumer behavior [100].

Financial Data and Key Metrics Changes - In Q1 2025, room nights reached 319 million, exceeding 300 million for the first time, growing over 7% year over year [4][18] - Revenue for Q1 was $4.8 billion, an 8% increase year over year, while adjusted EBITDA was approximately $1.1 billion, up 21% year over year [4][25] - Adjusted earnings per share grew 22% year over year [5][28] - The company reported a cash and investments balance of $16.1 billion at the end of Q1, down from $16.7 billion in Q4 2024 [29] Business Line Data and Key Metrics Changes - Alternative accommodations room night growth was 12% in Q1, with a global mix of alternative accommodation room nights at 37% [21][22] - Airline ticket bookings increased by 45% year over year, while attraction ticket bookings surged by 92% [23][13] - The mobile app mix of total room nights was in the mid-50% range, up from the low 50% range in 2024 [22] Market Data and Key Metrics Changes - Room nights growth by region showed Europe and Asia up in high single digits, the rest of the world up in low double digits, and the U.S. up in low single digits [18] - There was a noted moderation in inbound travel to the U.S., particularly from Canada and Europe, while travel from Canada to Mexico improved [19][46] Company Strategy and Development Direction - The company is focused on integrating AI technology across platforms to enhance traveler and partner experiences [6][14] - Strategic initiatives include increasing alternative accommodations, enhancing the Genius loyalty program, and building towards a connected trip vision [6][12] - The company aims to deliver value to both travelers and supplier partners, especially during economic uncertainty [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for the travel industry despite current geopolitical and macroeconomic uncertainties [5][6] - The company is monitoring travel demand trends closely and expects stable demand to continue in Q2 2025 [31][32] - There is recognition of potential impacts on consumer spending due to economic uncertainties, leading to a widening of full-year growth expectations [33][81] Other Important Information - The company incurred $32 million in transformation costs in Q1, with total transformation costs expected to be between $400 million and $450 million [29] - Free cash flow generated in Q1 was approximately $3.2 billion, benefiting from changes in working capital [30] Q&A Session Summary Question: Can you talk about AI and its value over time? - Management believes both broad and narrow AI capabilities will coexist, with specific applications enhancing the booking process [39][41] Question: What shifts in travel patterns are being observed? - Stable global demand is noted, with some shifts in travel preferences, particularly a decrease in U.S. inbound travel from Canada and Europe [44][46] Question: What is the strategy for attractions and the AgenTiC tools? - The company is excited about the growth in attractions and is working on integrating various travel verticals to enhance user experience [53][56] Question: Are there changes in competitive focus due to shifts in travel behavior? - The company is maintaining its long-term investment strategy and not making short-term shifts based on current trends [69][70] Question: Can you elaborate on the lower ROIs in marketing? - The company is experimenting with traditional marketing channels, seeing some lower ROIs but still positive outcomes [72][84]

一季度房晚销售3.19亿，分析师预期3.166亿。 Booking一季度营收47.6亿美元，分析师预期45.9亿美元。 ...

Financial Results - Booking Holdings Inc. reported its financial results for Q1 2025, ending March 31, 2025[6] - The press release includes a consolidated balance sheet and statement of operations for the three months ended March 31, 2025[6] - Specific financial metrics and user data will be detailed in the attached Exhibit 99.1, which includes a financial and statistical supplement[8] Company Classification - The company is not classified as an emerging growth company under the Securities Act of 1933[5] Report Signing - The report was signed by Ewout L. Steenbergen, Executive Vice President and Chief Financial Officer, on April 29, 2025[12]

STAMFORD, Conn., April 29, 2025 /PRNewswire/ -- Today, KAYAK is rolling out KAYAK.ai where real-time travel information meets conversational search. KAYAK.ai delivers the most up to date, comprehensive pricing information from 400+ providers in a chat-first format that travelers can trust. New CTO joins KAYAK to accelerate AI efforts KAYAK brings on new CTO to accelerate AI initiatives. Leading the charge is KAYAK's new Chief Technology Officer, Yaron Zeidman who brings 29 years of experience and a fresh pe ...