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]

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 ...

Core Viewpoint - Booking Holdings will release its first quarter 2025 financial results on April 29, 2025, at approximately 4:00 p.m. ET, followed by a conference call to discuss these results at 4:30 p.m. ET on the same day [1][2]. Group 1: Financial Results Announcement - The financial results for the first quarter of 2025 will be available through a press release on the company's Investor Relations website [1]. - A conference call is scheduled for April 29 at 4:30 p.m. ET to discuss the financial results, which will be webcasted and available for audio replay for seven days [2]. Group 2: Company Overview - Booking Holdings is the leading provider of online travel and related services, operating in over 220 countries and territories through five main consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable [2]. - The company's mission is to facilitate global travel experiences for consumers and local partners [2].

Company Performance - Booking Holdings' stock closed at $4,839.60, reflecting a +0.24% change from the previous trading day, underperforming the S&P 500 which gained 0.74% [1] - Over the past month, Booking Holdings' shares increased by 1.58%, outperforming the Retail-Wholesale sector which declined by 3.18% and the S&P 500 which fell by 4.77% [2] Upcoming Earnings - The company's earnings report is scheduled for April 29, 2025, with an expected EPS of $17.20, representing a 15.64% decrease from the same quarter last year. Revenue is forecasted at $4.59 billion, indicating a 4% growth year-over-year [3] Full Year Estimates - For the full year, the Zacks Consensus Estimates project earnings of $207.09 per share and revenue of $24.96 billion, reflecting increases of +10.68% and +5.14% respectively from the previous year [4] Analyst Estimates - Recent changes in analyst estimates for Booking Holdings are significant, as upward revisions indicate analysts' positive outlook on the company's business operations and profit generation capabilities [5] - The Zacks Rank system, which evaluates these estimate changes, currently assigns Booking Holdings a rank of 3 (Hold) [7] Valuation Metrics - Booking Holdings has a Forward P/E ratio of 23.31, which is slightly below the industry's average Forward P/E of 23.5. The company also has a PEG ratio of 1.71, compared to the Internet-Commerce industry's average PEG ratio of 1.38 [8] Industry Context - The Internet-Commerce industry, part of the Retail-Wholesale sector, holds a Zacks Industry Rank of 145, placing it in the bottom 42% of over 250 industries. The top 50% rated industries tend to outperform the bottom half by a factor of 2 to 1 [9]

Booking Holdings Inc. (BKNG) is scheduled to report its first-quarter 2025 results on April 29.For the first quarter, the Zacks Consensus Estimate for revenues is pegged at $4.59 billion, suggesting growth of 4% from the year-ago quarter’s reported figure.The consensus mark for earnings is pegged at $17.22 per share, indicating a decline of 15.55% from the year-ago quarter’s reported number. The consensus mark has declined 2% in the past 30 days.The company’s earnings beat estimates in each of the trailing ...

Core Viewpoint - Analysts expect Booking Holdings (BKNG) to report quarterly earnings of $17.22 per share, reflecting a year-over-year decline of 15.6%, while revenues are anticipated to be $4.59 billion, an increase of 4% from the previous year [1]. Earnings Estimates - The consensus EPS estimate has been adjusted downward by 2.9% over the past 30 days, indicating a reassessment by analysts [1][2]. Revenue Projections - Analysts estimate 'Revenues- Agency' at $1.59 billion, a decrease of 9.7% year-over-year [4]. - 'Revenues- Advertising and Other Revenues' are projected to reach $275.31 million, reflecting a year-over-year increase of 4.3% [4]. - 'Revenues- Merchant' is expected to be $2.72 billion, indicating a year-over-year growth of 13.8% [4]. Gross Bookings - Total 'Gross Bookings' are expected to be $46.38 billion, up from $43.50 billion in the same quarter last year [5]. - 'Gross Bookings - Agency' is projected at $16.38 billion, down from $17.80 billion year-over-year [5]. - 'Gross Bookings - Merchant' is anticipated to reach $30.00 billion, compared to $25.80 billion in the same quarter last year [6]. Units Sold - 'Units Sold - Room Nights' are expected to total 317.84 million, up from 297 million year-over-year [6]. - 'Units Sold - Airline Tickets' is projected at 13.23 million, compared to 11 million in the previous year [7]. - 'Units Sold - Rental Car Days' is estimated to be 22.89 million, up from 21 million year-over-year [7]. Stock Performance - Booking Holdings shares have decreased by 0.7% over the past month, while the Zacks S&P 500 composite has declined by 5.1% [7].

Core Viewpoint - Airbnb (ABNB) shares are considered overvalued with a Value Score of D, trading at a forward 12-month Price/Sales (P/S) ratio of 6.54X compared to the industry average of 2.11X [1][4] Valuation and Performance - ABNB's stock is trading at a premium compared to competitors such as Booking Holdings (BKNG), Expedia (EXPE), and TripAdvisor (TRIP), which have P/S ratios of 6.1X, 1.55X, and 1.1X respectively [1] - Year-to-date, ABNB shares have declined by 1.2%, outperforming the industry's drop of 6.2% but lagging behind the Zacks Consumer Discretionary sector's decline of 1% [4] Growth Metrics - In Q4 2024, Airbnb reported 111 million Nights & Experiences Booked, reflecting a 12% year-over-year increase, driven by strong performance in Asia Pacific and Latin America [7] - The average growth rate of gross nights booked in expansion markets was more than double that of core markets, indicating effective market penetration strategies [9] Product Enhancements - Airbnb has introduced over 535 new features and upgrades to improve user experience, including personalized recommendations and enhanced search functionalities [8][11] - The Co-Host Network program, launched in 10 countries, supports nearly 100,000 listings, which earn approximately twice as much as comparable listings [10] Financial Guidance - For 2025, Airbnb anticipates an adjusted EBITDA margin of at least 34.5% and plans to invest $200 to $250 million in new business initiatives [12] - The Zacks Consensus Estimate for ABNB's 2025 revenues is $12.20 billion, indicating a growth of 9.93% over 2024 [12] - For Q1 2025, expected revenues are between $2.23 billion and $2.27 billion, reflecting a year-over-year growth of 4-6% [14] Competitive Landscape - Airbnb operates in a highly competitive online travel market, facing competition from major players like Booking Holdings, Expedia, and various hotel chains [19] - The company is also contending with a challenging macroeconomic environment and ongoing tariff wars, which may impact its near-term prospects [20] Market Sentiment - ABNB stock is currently trading below its 50-day and 200-day moving averages, indicating a bearish trend [17] - The company has a Zacks Rank of 3 (Hold), suggesting that investors may want to wait for a more favorable entry point [23]

Core Insights - DeepSeek, a Chinese AI start-up, launched its R1 model, which competes with top models from OpenAI and Google, trained at a cost of $5.5 million [1] - The launch of DeepSeek caused a decline in AI stocks, although some recovery has occurred, raising questions about its long-term impact [2] - The development of cheaper AI models like DeepSeek creates a bifurcation in the industry, leading to increased competition and potential value accumulation for platforms that effectively utilize AI [3] Company Developments - Airbnb acquired GamePlanner.AI, an AI company, to enhance its capabilities in AI, design, and community, although it has since scaled back some initial ambitions [4] - Airbnb plans to leverage AI for customer service to handle millions of daily requests efficiently, with a rollout of AI-powered customer support expected this summer [5] - The travel market presents significant opportunities for AI features, with Airbnb offering a broader range of options compared to traditional hotel-booking platforms [6] Market Performance - Despite its potential, Airbnb's stock has underperformed compared to competitors like Booking and Expedia over the past year [7] - Airbnb's growth rate has been similar to its peers, but concerns about future growth and margin expansion have negatively impacted its stock [8] - Following a strong fourth-quarter earnings report, Airbnb's shares surged, with the company hinting at new business ideas and a focus on expanding its platform offerings [9] Future Outlook - Airbnb has substantial growth potential as it targets new products and monetization strategies [10] - Despite recent challenges, the long-term outlook for Airbnb remains positive, suggesting it could be a buy for investors [10]