Group 1 - Booking Holdings (NASDAQ: BKNG) connects millions of travelers globally, providing a modern infrastructure for vacationing, including accommodations, flights, car rentals, and restaurant reservations [1] Group 2 - The focus is on long-term growth and dividend growth investing, emphasizing the importance of profitability over low valuation, with a particular interest in margins, free cash flow stability, and returns on invested capital [2]

Q1 2025 Earnings Presentation April 29, 2025 Adjusted Financial Measures: While the Company reports financial results in accordance with accounting principles ("GAAP") generally accepted in the United States, this presentation includes certain Adjusted "Non-GAAP" measures, including Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, and Adjusted Net Income per Diluted Common Share (Adjusted EPS), which are not presented in accordance with GAAP or intended to be substitutes for GAAP measures. The Company ...

Booking Holdings (BKNG) Q1 2025 Earnings Call April 29, 2025 04:30 PM ET Company Participants Glenn Fogel - CEO, President & DirectorEwout Steenbergen - Executive VP & CFOMark Mahaney - Senior Managing DirectorBrian Nowak - Managing Director Kevin Kopelman - Managing Director - Equity Research Conference Call Participants Douglas Anmuth - Managing Director & Internet AnalystEric Sheridan - AnalystLee Horowitz - AnalystKen Gawrelski - Analyst Operator Welcome to Booking Holdings First Quarter twenty twenty f ...

Booking Holdings (BKNG) Q1 2025 Earnings Call April 29, 2025 09:37 PM ET Speaker0 Welcome to Booking Holdings First Quarter twenty twenty five 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 guaranteed of future performance and are subject to certain risks, uncertainties and assumptions t ...

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]

智通财经APP获悉，在线旅游公司Booking(BKNG.US)下调了全年收入预期，理由是经济不确定性增 加。财报显示，Booking一季度营收为 47.6 亿美元，同比增长 7.7%，超出市场预期；调整后每股收益 为24.81美元，华尔街预期为17.45美元。 该公司旗下拥有Kayak和Priceline等旅游品牌。首席财务官Ewout Steenbergen告诉分析师，Booking正在 将其全年总预订量和收入增长预期下调至"按固定汇率计算的中高个位数"，这一预期与"至少8%"的增 速有所下调。他表示下调原因是宏观环境"不确定性增加"。 另一方面，该公司前一季度的业绩基本符合预期。截至3月31日的三个月，预订间夜数增至3.19亿，超 过分析师预期。包括税费在内的总旅游预订额为467亿美元，预期为465亿美元。 投资者正密切关注在线旅游公司本季度的业绩，以衡量美国消费者的信心。 目前投资者担心特朗普的关税政策可能导致经济衰退。美国航空和达美航空等美国航空公司以贸易政策 的不确定性为由，撤回了2025年的业绩指引，而西南航空公司正在控制增长计划，预计国内休闲旅游需 求将减弱。 Jefferies分析师John ...

Booking Holdings (BKNG) reported $4.76 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 7.9%. EPS of $24.81 for the same period compares to $20.39 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $4.6 billion, representing a surprise of +3.58%. The company delivered an EPS surprise of +43.83%, with the consensus EPS estimate being $17.25. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Booking Holdings (BKNG) came out with quarterly earnings of $24.81 per share, beating the Zacks Consensus Estimate of $17.25 per share. This compares to earnings of $20.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 43.83%. A quarter ago, it was expected that this online booking service would post earnings of $35.64 per share when it actually produced earnings of $41.55, delivering a surprise of 16.58%.Over the last four q ...

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].

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。 ...