Booking (BKNG) 2 Nov 222022 Q3 Earnings call transcript

Welcome to Booking Holdings Third 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 guarantees 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 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 release, new Holdings' obligation by future to undertakes update in as for section law, a and forward-looking any earnings an the required otherwise. result Unless or Investors available financial no of statements, information, Booking events supplement, www.bookingholdings.com. A together Booking publicly of Holdings' is Booking statistical -- accompanying Holdings copy with press website,

Holdings Booking speakers Please introduce to for David afternoon, Fogel like I'd ahead, now go Glenn Goulden. and gentlemen. this And

welcome Thank Booking our the Goulden. strong season. I'm and reporting quarter joined CFO, conference peak am today afternoon third results encouraged call. Holdings' David travel by during by level the of our are I you, this summer and we record to by

you note in shortly get. suspended August we Belarus We war work growth sadly, room we that the We Russia And XXX know, an the under growth higher room our XXXX. and XXXX. quarter, in customers in million third both in the as July growth night X% third million the quarter booked XX% Ukraine was from QX comparable room the to September relative nights, X.XX a our in months nights, to In improvement during in which after than little and in operations continues. saw X%

our areas growth as If would the night we room have for been exclude well as quarter suspended Ukraine, XX%. the

quarter room surpassed XXXX. and execute both brands the major In levels XX% almost all to regions U.S., XXXX night the September. and in nights that September third for our Asia versus in of well August Booking.com third continue Priceline pleased are July to first growth the in and of of quarter We time room versus contributed in the improved our and

see drive ratings both in continue the down pricing the or gross not third of reducing accommodation trading QX a strong environment, basis, currency ADR XXXX. star of increase the length or hotel bookings XX% quarter their Despite seen which in of helped We strong constant global versus to XX% we our trips. to very growth, evidence have lower on a customers

pre-pandemic from the We took the another first recovery important quarter levels. with surpassed third in step a perspective time being company's our EBITDA adjusted profitability that

highest quarter third fact, revenue our EBITDA was and ever. In adjusted the quarter

EBITDA Our currency higher XX% grew a QX were and constant than and basis. QX revenue and adjusted on X% XX% XX% and XXXX

are primarily a up estimated over recovery as slight in as XX% Europe. on estimated with we recently, improvement from by the about More October driven October the Asia or in The XX% October growth night well improvement the continued currency constant seen growth was slight versus from to slightly for demand about room levels XX% in level in of of month Gross XXXX. have bookings in resiliency travelers September to basis. just be improving October a

further books our and details was window booking despite numbers it early for are than on the these been recent that in look first for books in being XXXX. bookings David the we will As at travel place strong year, XXXX note XXXX have that bookings on take at we trends high provide take early growth a on of percentage results in cancellable. this shorter point an we our demand the gross the Booking.com, I though next will see seeing. on Interestingly, we at strong into quarter of have

seen the sustained results, believe through the our the October desire consumer us we there potential demonstrate have operating free navigate consumers' the We to spending, flow key helps around of uncertainty and of environment While making attracting progress priorities concern believe macroeconomic solid our substantial strong further. is tradition. rising we to our around demand cash strong and a work travel connected positions and near-term platform well on we economic liquidity and customers level our partners to continue payments strategic uncertainty our and while

count the Given of outlook we sheet, our the the program our first and our last positive we quarters to $X.X a billion year. our year, confidence count for long-term up reduced share year. business, repurchases strong of travel With in X repurchases by share the the pace in stepped balance positioning of of have start ending the relative share the X% have for since our our reinitiated this we at

better for relationships experience loyalty, of continued remain aim their a direct choice With and customers our on time. customers, building on value, over and needs we increase focus frequency, and addressing our We focused spend to convenience.

third We repeat by active a are driven customers levels not quarter, the as a it encouraged which reactivated booking customers. at had growth in see to was over our as well in XXXX growth made Booking.com strong who in customers year above unique

customers on quarter reached mix directly platforms ever. booking our of level Our third its highest

program, customers time to mix connected vision increase engagement utilize enhance further increase building with and and driving further download over our to is app. to the efforts customers through the benefits our our direct of continued of including genius to mobile out more goal several Our initiatives, our loyalty our

as our our with as allows The mobile we XX% is us it booked of ultimately, opportunities it our see app trip travelers vision. of nights to directly center and more About increasing an room the points connected through engage over important just apps platform remains globally according is number firm, app XXXX. app OTA seen which downloaded downloads higher of research to U.S. than a and we levels third-party quarter, the have third XX one the in Booking.com were percentage in the in

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

important. addressing value, very believe about we thinking need accommodations We're customers' on prices attractive is our for providing

and competitive supply partners. to by prices prices first the get we this increase attractive is do our been targeted possible case, rates are always compelling available to providing our priority, our participation about customers. working supply closely think As in to partners ensure programs our from as the rate that We with to our has source best prices,

Our of program property at travelers to a ways meet thousands of example Booking.com Genius where partners that lower property great is program revenue other are participating a specific our and benefits of hundreds partners loyalty offer needs. rates to in our

built dependent to Booking.com up from addition we over sourcing offer ability the years. In our and our incentives rates discounts partners, selectively to last few have directly at

to to another and helps now this is platform. can competitive that conversion Visibility as to our we We believe tool more attract pricing. and improved drive we customers to retain pull look us competitive merchandise our deliver lever value on customers

merchandising according closely desired monitoring objectives. to that investment return our to by spend, Importantly, return we a take of on the and we can our on level disciplined spend very incremental adjust approach the

with selectively pleased for return utilize We we going of this this seen tool have been levels year we'll continue forward. have the incremental to merchandising and

total we and help Booking.com accommodations in partners, be QX. platform grew nights by accommodation to for about versus strive to supply XXXX developing represented businesses. a of demand and their all partner valuable delivering features Booking.com's room Alternative room types products and support night our XX% For of incremental XX% about on our

base to since increased XXXX by which the our about We our make of regions has has properties, with in and XXX,XXX offering our of alternative have continued of end globally over supply progress the grown a our product world market. in continued to increasing major to growth alternative accommodation base each aim offering on by with time around our that partners supply accommodation We build this on period. supply U.S. focus the our improving by

which, Let gross drive through travelers me about the We Booking.com payment bookings progress trip quarter, were third again, processed hotels, XX% now the connected our strategic our and platform our our the payments in quarterly Booking.com's and we have across is partners interrelated of our level made alternative highest attractions. and payments, benefits of priorities accommodations, supplier On flight services for vision. once talk payment cars, believe in ever. both

elements frictionless and enjoyable, supplier tradition. and our we trip, the which while payment vision more our to deliver of Furthermore, better that customers more delivering personal connected and larger travel helps partners. Booking.com's our seamless value experience, booking One make to believe are easier, and platform booking is more important experiencing a long-term connected

We other combinations, expanding verticals a the to together consumer components seamless, and travel our relevant link offering experience. than into provide flexible travel to then are we'll more work

will spend As we share a result over to of this initiative, drive we believe, engagement, increases customer platform. our and loyalty time, in of

we trip who to on foundations but bookings our flight our our us offering much including progress of with Booking.com. all potential provision, to we to the to strive integrate options building so that choose offering of XX% There to further continue work early flight are seen develop over in have options experience, are as Booking.com. transportation more the is And gives the customers connect engage process. early far. discovery their best with results flight customers This and on possible make we ground globally pleased their our to flight ability new give we do We work

encouraged strong and we and results the our next closure, sustained into the by year. In fall early demand into seeing I'm quarter are levels third travel of

our a to initiatives building believe us make our and customers tradition. accommodation the and alternative app, key partners. towards progress payments and our experience connected continue program, with our offering at better these help engagement for Genius We Booking.com several in our deliver including offerings, areas, I will

While the travel around for near-term as and the long-term there in continues our growth be confident ever the macroeconomic environment, opportunities ahead of as are to uncertainty we company. in

to turn now call our Goulden. will over the CFO, I David

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

the In in growth up to night for improved and we to September previously the encouraged September, both room results our of August third on third were All relative growth regions reported we quarter, quarter. to X% and the night August for July. room see in July. XX% from month improved to the Now

For September room first was down recovery delayed over and third with continues versus almost XX% the Europe and that up And night Rest X%, World Asia full of single U.S. Asia growth in up month in room of the XXXX XX% as digits. night global quarter, the was region. growth mid-single high digits, the up

about XX% second Total our increase nights, over quarter, of the QX from mobile our room in total represented over of an XX% total increase nights of XX% an quarter. Our room quarter. also slightly in second bookings the apps represented the third mobile

QX to direct also of XXXX. The to us XXXX turning continue nights total we quarter, our with in versus increasing third was versus the and and see QX QX. nights to XXXX QX room room versus of mix about our total international In line XX%, also our mix channel in

QX. cancellation QX XXXX rates they in continue Our as below to levels be were

in In similar XXXX, of due expanding where of booking saw remain of XXXX, to XXXX. what Booking.com we variant Delta near-end meaningfully bookings third quarter versus QX, window the shorter mix wave. the second the saw higher COVID-XX quarter than booking window of we a in This the to

growth For is global accommodation a than Booking.com, XXXX. about goal line versus in XXXX about of mix which XXXX. was slightly with night XX% XX%, rate was in mix QX our alternative the and alternative in was accommodations QX higher our QX room

X% percentage increased points or XX basis. currency bookings constant The night XX% better increase X flight in negative the impact from XX% the gross growth bookings from group, ADRs to the XX% currency XX% gross bookings partially higher versus FX to also points XX% on accommodation movements. XXXX increase due than across by was a room points due and offset constant of strong QX

third most that and accommodation from consumers constant the and X points benefit quarter, ADRs star Europe all changes seen North Despite we We'll trending from by that to ratings down. mix change stay increases percentage could notably regional across about our are in in the watch ADRs mix of of regions, high wholesale a rate about America. currency XX Our in points percentage closely. the being have in not indicate or length of continue booked

continued the over up billion, in about booked Booking.com's tickets the were was basis. third up on for a and by versus XXX% XXXX currency of quarter up XX% XX% Revenue base expansion XXXX, in XXXX the Airline was and offering. XX% versus a which third quarter about constant $X flight up smaller versus driven

to XXX are lead about us a a revenues, due percentage QX opportunity due gross increase recovery impact from have a to bookings as of factors, below no and number Revenue XXXX of negative other for was of XXXX gross bookings into and flights, prior FX the in an including travel consistent which market the in our commentary in basis investments also recovering merchandising, some associated points advertising of slower our with mix and the about rates. to which

take and quarters. revenue than future to being of QX, about QX improved more down bookings points, which between rates by in in expectation primarily down gross some the of our timing travel bookings to due XX recognition, were basis relate differences driven

accommodation underlying in line were with XXXX Our levels. take QX rates about

XXXX, which mix. highly in Marketing higher-than-expected increased expense, was bookings XXXX. XX% our a better Marketing was due line is item, expense than mainly which expense percentage a gross with versus as direct variable QX QX about expectations, of to

the in line peak were our in our strategy expected, with into to lower marketing ROIs season. As recurring was which XXXX, market in lead a than QX travel QX

gross points About in with QX, about percentage to our in XXXX. gross Booking.com's up almost of up XXXX, XX% QX bookings through from and in of were our payments processed compared which expenses Sales was as basis X/X bookings are expectations. other platform XX a line QX

slower-than-expected expenses into more aggregate Our lower-than-expected our versus and fixed IT were to primarily personnel a expectations ramp of than QX expenses. XX% our better XXXX, due expenses in

X% third been was the constant expectations have above our basis. which $X.X about better would than currency EBITDA in a quarter, XX% XXXX on XXXX is billion and and about Adjusted above

million investments, net We operating billion $X.X Non-GAAP matter. equity tax quarter, non-GAAP million income well $XX we XXXX. in as $X.X expense GAAP in to net $X.X per per of versus in loss an of a up as which On income share, was billion related $XXX XX% unrealized to QX. of share which on primarily million earnings about a the our GAAP Meituan had ongoing QX basis, related includes French of recorded income $XXX results

position. Now liquidity cash and on to our

share ending $X.X of of well we shares, unrealized was cash authorization billion billion. remaining in the our ending billion, balance In to share pace our billion our $XXX pullback $X.X equity million share $XX.X losses on $X of down we as about QX repurchase our worth year-to-date another driven given the step-up QX from the brings purchases price. $X which in up in versus repurchases QX the was QX repurchased by in in October, $X.X outstanding QX repurchases billion Our million about as to primarily increased balance $XX.X investment about our billion our our The investments. of as in and a

years, share last Glenn mentioned, As X% we by over reduced our And share last months share year. despite count since of X XX the COVID-XX for activity XX% count during reduced our buyback our pandemic. the we by end suspending

booking in million our in were $XX merchant offset and quarter third the North flow about cash by free deferred our the negative America. $X quarter, the season With for for travel billion decrease in a balance peak following earnings Europe

improvement slight versus trends were in recent room to In XXXX, was well on of our XX% September, as up and October in recovery Now regions above Europe. a high and XX% about levels. growth the in increased The Asia high driven teens, digits. slight We of by quarter. from almost was on as continued XX%, Europe single U.S. Asia improvement primarily all estimate night up fourth that both October, World XXXX were Rest a the

up were October, We about bookings includes pressures. gross QX remained over constant in bookings impacts that ADR just which from FX negative were October. XX% growth and gross estimate up XX% around levels, currency we has in estimate

line levels comments for growth which the X be night Compared quarter last the XXXX XXXX with make from near acceleration 'XX. be versus QX night QX with QX room XX% there is in in basis XXXX versus year-on-year the a we've growth that assumption to in in XX% will continues the uncertainty fourth seen the would also growth of months. over versus an XX% QX growth above for term, XXXX, to on in about While be 'XX our QX quarter growth room

in bookings. seen by as in of strength we've as quarter continue generally the well in growth the months expect ADRs for the recent fourth continued We remainder to

a QX. than due booking between level in We about and XX% gap to night FX difference pressure expect QX of growth gross less in growth, room XX% more the

We bookings pressure by versus FX about in expect to gross XX% XXXX QX. growth

percentage gross gross revenue than bookings revenue impact recognition. QX in lower points in expect basis to XXX timing We mix and QX about as due of bookings clients a of between to investments an differences increase from be negative and XXXX merchandising,

due and recovery a demand continue to in as marketing gross of to global as QX higher bookings expect invest we QX be travel expect in awareness increasing capturing expense to We to demand. a percentage XXXX bit of than continued

sales bookings impact with bookings higher XX basis call expenses as mix QX to partnership other merchant higher higher center Majorelle. and of including gross QX points be than costs, XXXX gross expect and to of a We third-party percentage the due our about

We will percentage each expect personnel, our expenses QX more be and fixed about G&A XX% higher similar in with year-on-year. XXXX, up aggregate IT than in

all QX EBITDA the to If we be FX, we $X.X billion. account, it Taking expect for into to QX above of XXXX. not be impact were expect adjusted the adjusted QX over EBITDA

for another for still our the are to few impact XXXX margins And full be in the for higher points timing, XXXX. be by We EBITDA of margin points. margin higher if EBITDA commentary adjusted not adjusted EBITDA than and few maintaining a year full would our expect year expectations

of travel in prior range, between occur year, to of to gross which are revenue and XX%, full our to by recognition, differences to revenue we than XXXX. primarily the over lower some percentage than driven timing just stronger a expected expectations bookings mid-XX% previously our due gross expect bookings For be as expected, related bookings for

a includes impact take have take XX.X% basis in XX about point flights. of the XXXX, points no from noted revenue, expected points gross timing, of which about bookings from from basis in increased recovery Compared and rate in rate almost a slower to XX full advertising other the XXXX and associated mix

take our to in each increased in revenues and XXXX from our investments are rates of reported rates benefit changes versus X.X% by each about which in in increased compared XXXX. These Booking.com. merchant in impacts about payments costs associated with offset The XXXX XXXX with by X% on is revenues mainly merchandising, take payment

means window books. it booking Looking XXXX, which forward stays be we that already lower our than future expect was on continues the months, to would in levels into window of shorter

gross we've QX, received XX% for already that about Booking.com are Given this, versus we euros bookings pleased in same at in XXXX. the in up time the

course, we percentage Of that of high note cancellable. bookings these are

QX, While in helpful this points a to represents total small the it's percentage of early we record we a relatively think revenue data share.

our pleased confident We provide and seeing better that partners. and XXXX. and trends QX early enable In priority into and services our customers results to our for the closing, we're strategic the with travel into QX right remain is that ones us will we're

lines? to now please Q&A. Sylvie, you And can We'll move open the

at [Operator Instructions] your Please be question And first Lloyd ahead. go UBS. Walmsley from will

if Two, I right. can. All

not standpoint? fixed thinking there you're us ahead are it year you're for what about macro about taking any now, a next to the hatches and cost And batten consumer of maybe be actions First, marketing posture growth help a to right any think but cost down year? sounds from could like seeing weakness tough or the approaches

this profitability? maybe the think of some And monetization where added take you that us over quarter. can second are maybe translation? we of gave in rates impact should But an so? on And and payments give rollout update next or just I we on how the about be, profitability and FX of the one would appreciate you us then year disclosure

in going talk Lloyd, anything one. of I'll David wants I why the take payments, fixed add terms cost about forward. he don't first then let

third obviously, we I'd small in numbers quarter with that are Europe the what that. to are first So pleased we about very seeing, the like on and quarter. euros, very just pleased we're see books talked with it's XX% in into albeit David

expanding though, all what's these pleased measure would something we're is, if seeing happening, read the in and hurt or we newspapers how to the terrible there we Your on that or are. we're do macro that? What be? where hard better is measure not can't some And be that that's question And inhibiting would it growth much seeing been very be know, counter future? I consumer from are doing in anything I is that may know. factual. is know sentiment well things with don't I good we're we the have numbers, be

bad and do and almost. extremely through and for were I've years company times in this to. We had some real through stormy weather made well company to And adjust. this to had past it have know we that adjustments been have we've XX well. now the We've very some some where able we very recessions been we've We've disasters. steering able managed being in

say volumes our we expenses variable, can time, any to expenses feeling about albeit the and also I'm payments. quickly can to many talk want about automatically of world I'll so we But fixed very adjust adjust So and change. as change you now, let and are specifically David almost right now good

Yes. but point important our actually number, very context. Thank point. put to Europe, just also carefully, payments is variable, expenses around We, fixed a Glenn. then do clarify, starting into of very just just business. a that just at costs of I global which the it's not Booking.com two-thirds look the course, XX% about And whole are the that caused is you,

the I think what said say Glenn So to side. about expense we need

agenda continued want and we an the enhancing obviously, forward, further investments connected to trip. and move services towards We have and movement payments will -- our continue that we requires to products important really that

you as progress. payment the give to we pleased some did platform, of with additional you are Relative mentioned. course, the delay, We

for year, about I'll are others when also relative get platform in on we about get that at tell and increased what expenses. at has offset Because now, those look impact having breakeven about this subtract points payments basis of payments X.X also feel as are XXXX, the you or point you sales payments as mix the the revenues revenue to expenses revenues you a our increased. a sales What you for revenues. said, you at revenue margins and So has mix running what X.X feel we're that breakeven or corresponding that EBITDA other is of is and our the

a impact where Now to but combined we our of where of of the additional weren't X.X back course, actually were we giving now course, breakeven, in is on XXXX, is are but about headwind margin, of us capabilities. we point

has room forward, changed. Going night not

to we revenues, that So expect of sales turn profitability less combination to in do payments and platform, of a combination XXXX. in expenses

are and on course, out FX always other services levels them We continue do a to market-by-market we we And further. testing of rolling basis. before push

at don't We if be provide it multiyear for It's we're can how sources you future, and can terms at will road course customers the the we multiple look road very for the course bookers can But rapidly expect underpin the excited XX map a anything map. help our I months, then factor exciting business have of payments look and and in it. a very in really of friction payments. today of we change encouraged in to about for years. an reducing

I upon how think benchmarks. it's more give going today be those constructive disclosure will have forward you a the help additional with doing against dialogue we

Brian ahead. Next question Morgan Please will go Stanley. be Nowak from at

profitable a understand company? at at more looking us path profitability the you perspective? color help can -- is the the mode on the drive the about appreciate think that just sort the from I this profit different the making much the two. the a I guess regions more And XX%. where very perspective, do of of you question have sort I point -- it globe from U.S. of Or you from U.S. as to investment growing still are to almost for you're growth? in a U.S. contribution a region how on

one, into talk And and that it. of the Majorelle, again XXXX us apologize. David, just tailwinds P&L? to can or potential I'm the do mispronounce puts think a and It's about arrangement how about to I you the we takes second going Majorelle

Okay. order. Brian, we can take reverse in

think of just million and this personnel QX, and you're close, million Majorelle, impact $XX a G&A point through quarter about of and So starting basically, phase, of other. year in because you of about out view, from moving move lines into a geography I very that X. is that. is And P&L Essentially, see respectively transition June going sales the always that mentioned around those a and quarter $X expense of in expense started QX we full

As we pictures of some to the different really different but mentioned, flexibility. respond needs, market policy cost ability have about Majorelle quickly, most our does down about it, flexible It's to to benefits languages.

to longer out XXXX. are the in continuing So benefits occurring over term, build compared and to ourselves, there start it'll cost some

whether sense middleware not quantify We But try haven't to quantified the it about yet. and next for We'll think you year. makes driver. again, it's the primary

partnership. that no are cost into why not So entered saying That's we there I'm not managers.

What folks partnership the service the summer working and ourselves. customer is We our says were some results regime also period, keep well. just did new because we under exceptionally we the sell completed solid

growing. are On the U.S., we well, of course,

big So we're investing. mean I surprise. it's no

position, market And do that. price -- U.S. the But in do any and not to grow be with obviously, as the just that leaves investing not broken haven't the in over contribution plan what for it's different U.S. not money, don't to we able is margin a to to in investing we're increases which And increase. We out deliver time, regions. we'll it. We higher dollars profitability too, we're we're obviously, doing the way a same But not rate maybe heavily. where do market as we're in make this we're people continued

Please Kevin question go Kopelman ahead. at Next Cowen. be will from

and advertising compared spend. you to right now environment on Could marketing and the how on in you the follow-up earlier characterize a XXXX? to the compared competitive How also Just quarter-to-date? over maybe that year see channels QX

looking always to matter of always specific. and just mentioned building ROI to money, much is travel and marketing right trying terms it's long franchise. competitive. No think state view I we extraordinarily to spend, general competitive. It's terms the be in Look, how the you're And judgment our in if never not into One, your to and this we're in does it David want the make competitive. is of for overall what the money then channel for what what spending going

can't I very, the competitive, very about give bookings versus last the is over we've amount But couple years. percentages doing It's less can gross terms have David of talk marketing think up any performed regardless. specifics and competitive. we well been market of never again, always in down. spend I and of the of

Do please. you Kevin, ahead, Go the have second question?

you on about trending? a you're over hiring? Can year? Just terms has investment now next been what how any follow-up a kind Kind of just looks color how on headcount talk of in the doing that levels. And separate of

Sure.

up we the did higher Just to that we than obviously lean targeted that to last lower continue into the drive market QX, on this fact, ROIs point environment. first Also our in as recovery. that chose XXXX. to We actually, in finish remember, ROIs the our to were ourselves were in little half expected. lower they we ROIs Remember in say were on a Glenn's point

So little that you bit a have in context.

looking do We're matter expect we most that do to we us to be things do. add make back short-term to we strategic to business. -- invest pull them say, what course, sure But would we as and are in Investment of you people of from not against are if we continue to the the the slowdown. levels, we are I'd for some to of have where really business, want we we backlog a many recognize we course, factor. continue the anything to But going how at want

Please be go from Mark will question Next ahead. Evercore. at Mahaney

about app talk how awareness please. then that are have able been the for of And flights product? growth business? used broadly higher? But where been obviously to able it if how questions, for What's on it you the could model. great you now to There's and higher. drive you please up Two of how get? it how much what is know how the or usage? got have like mobile how could, about And is do markets, terms many to that those you benefits path -- rolling high realistic is just higher the product. get And much Just talk flights for in double-click the to How business just I out Can you it? you'd

very et somebody We're same call the That's that single always not an a experience great so else say we back about think doing do, provide will thing different it. app, great it uses tell trying people, come it's prepared creating part but all the necessarily important of experience anything for to of we mobile and I anyone really the remarks How I who the you're are doing is doing does, all by Mark, anything they'll people you're mentioned using and every than the cetera. are get a platform. right well. importance just our we

that use go more device. hard do number top -- of people That's mobile terms create continue level be it's find to what because when to an could and these advantageous to but In the people say people would that the say, it devices their be who hard to prove it as extremely mobile versus for high to it it? the desktops, upon

job search in is the of our is the have We make which think, mobile over one but app. I business to XX% going to is things. key sure we at people of web mentioned, Now pay, our mobile, use app was our use XX% where

them. want the want device. using So to anybody obviously, make to is We mobile we app the how to use them direct

awful some but areas there's is I because the Regarding recently. awareness. have little checked a flights, done lot, I low should haven't an of relatively amount that countries. It's very

I example, up know are in Pakistan, yet us getting creating And there. but out thing a again extreme. you for be flights we a not not think, that experience. is for lot brought The long you. I key I we Pakistan, ago, with of give honest I'll an better

not as Our flight I be. say, yet, what as should it good product would is

consumers providing it, continue that it We make that up want to do don't it's offer. in past, been to features better our yet than of some upon we other we to competitors improve the the offer that

a So the still, tremendous still relatively in while upside. numbers I upside the this, there's a lot amount of small. rates, And of we think growth left are it's like

Please ahead. be will Bank Lynch. go of Justin question at America from Merrill Next Post

it to next that you think Obviously, can at comp a good Great. do One might explain be like business? headwind, something Is Why one But you have you this the all you to offsetting. training Is I point do? think thing merchandising, you Glenn. for consumer? payments the why that's of a year? aspect

then maybe And unusual year for for David, don't assuming real we a travel. have

real this call those the last, marketing year? of quarter we anything to about had be I about you really the spend we I timing about. bookings then March. there's unwind thinking next unwinding in anything think should the of about to start think accelerated how And QX slow if unusual want do and in year, kind we differences then maybe remember, If you the XQ. As COVID a added think and

A talk I'll about a of So little bit couple merchandising. things.

the to we're be return. against a customers, off we to if or most our And in making, retain even. First that the the to see is a to an is is, of investment we it in at so things price, the that up fact looking customers other is sure we that suppliers customer. we that competitive lower and give important money recognize thing spend or always competitive to we're be can need way price, that else ways somebody merchandising, necessary that make one we're The where offering bring to feel a OTAs best

talk make place with as bringing that some a remarks money to they like at the need, reason them provide feel their there partners we put do prepared us my said is sure in with want That's great we times, our about we'll if competitive for in travel I and Booking.com a the one. to supplier making But bring prices. our to Many us we'll do and to bookings. sure available, and not customers most

is lots People example. for sure other discount that make doesn't up understands benefit, merchandising can want always some type It everybody mean of by to of things. Second offering a mean I us. thing

to somebody it that offer that for it's I'll were breakfast do. to I'll somebody breakfast, breakfast. Although We're at merchandising if technique room, the free a consider consider up a a not paying If free too. upgrade the that a offers hotel, in

that being right be lots play. and it one to put the addition, in way we so That's able at important is to get as lot use of right offering So where do all the the providing out out. data is sure of to levers competitive to most best time to think parts things space the of And the of is see to return. are in we the our in ways of a investments making right

go the I'll let David with questions. other two

mentioned this side, Yes, Glenn. have But in look terms the Thanks, probably we XXX% going just think it. costing back. year, a of point not maybe next we back year. X timing -- of There as is function the I rates it's Yes. some really again, growth most be timing on that of take into of assume but rate year, about of going what and out most impact. of looking the like the that of forward, We us timing get

terms they what back next leading to deleveraging advantage really interact there a how much recovering were those and in lines yet merchandising be few side that sort it the we are where where get But to looks of to take of in combined, recovering want will recovery. really things before. marketing this On like on recovery a see We we've the certainly left There not gone further of market travel is year. marketplace. to that's have been year

those you more we market look for And in we that into we'll where rate. in we we growth share, a we've until is. levels year, level have gained are we we're share last to we we we feel and that of February we'll year. at the visibility got exactly continue give if on we process get the a believe bit believe that year. more we share more We we right our And what year, to gaining spectrum completed this together investment So gain back planning next get a thinking outlets gains on while may when normal for maintain

to there last this We'll about on unusual. finally, your bookings what have happens QX then question, wanted books. variants on different XX% more stats you that We give out year an QX impact. gross are Omicron And exactly yes, having really to year. the see was the was that

a a next now we'll positive a what percentage of QX store 'XX the lot to happen first way to between half For in but do quarter -- we of we is for building nicely there's QX. the for understand the it's of it's their ground quite a total think had book for revenue, stat. of small in XXXX and represents relatively year, same a as Obviously,

a indicator growth, a wound couple revenue stat out if being than the the the number fair built. our last more those -- and quarter And higher XX% actually amount quarters in as XX% for early we gave two books and for up forward both the not like was cases, a

don't Now clear, just number, -- euro I'm about to talking XX%. again, forget the was be

Please go ahead. Anmuth be Doug question Next JPMorgan. at would from

case or more I that in U.S. you have all have is trips. And two. relative do the just wanted the clarify, other of I know not down regions? shortening you trade versus indicated hotel I across you're to any seeing geographies? stability

said we But factors relevant you think how pressures mix just like-for-like know about be should then 'XX, look as I into growth? And ADR any around strong. to as you factors FX and potential continues well? secondly, it and

not what of So seeing the to or would in stars amount Doug, is. enjoying regardless want over even that economic the have are and people COVID start and who want situation travel stand trading they with period to and travel I'll down anything to out have it anything geographical this sort hotel of area differently. any some savings to I of traveling longer seen a significant We're stay

what would seen anything going publicly. seeing saw that we're forward, said we sure So say and have about I'm going -- were ADRs we to say you for I anything David, we've I you talk where not not

Yes.

seeing the but trade -- you Europe that mentioned, are On people be we're global Doug, asking sometimes not mix down, clear as that's perfectly not in the where the because we're seeing either. question, on to

either. Europe factor factor, in also it's a particularly, just it's not but not So

ADRs we going year, in that because talk some We're are exchange us. got really so exactly mix. into mix X into ADR points currency October percentage continued saw to -- QX, move the not to level currency from on roughly we points saw know takes and we'll points in difficult and XX constant from XX same how it's constant next On rates only the rates of we was

to it as now, used right lose Asia a lot the X-point of ADR to of really that we'll mix driving fact continues mix, down is be. So what's that rebound, which had

is that most So will obviously, driven. go of rate seeing away. we're But what

talk pressures the utility, pressure and energy, as be face you terms And expense in made facing to partners, to of labor, et that property cetera. inflation people our same continue we they

have see if update the point We'll how time. we we'll environment differently. get to other anything So give develops and no at February, that again you we we in on this color see to when

Next Eric from at question will be Sachs. go Sheridan ahead. Goldman Please

about out think mix made 'XX there supply few, properties some on of either for interesting or I as can, accommodation stays types or are you types there. in space focus are any of beyond a comments accommodations? you growth, terms if where into of and areas When growth alternative Maybe levels of the that you geographic look target alternative duration of or supply

type do to there you, long to on, either of that balance term? in inventory platform business ROI there mix can about wider a and the piece Is show between of in any sort have the inventory of of terms as as or traffic last what the thinking color traditional any the that for the inventory you're accommodation more over consumer? And the right size that of striking also might is you to or consumer of either the a alternative give of us show conversion have you supply array you element

what consumer's want a us to to always the want in villa, that's concept is stay. So been of is or where stay, more for better, it. they apartment want always Eric, stay hotel, has home to better it's They supply or choice basic they a and more

we always in these do overall, the better. at to U.S. more build. build supply home past things the creating need talked we we for a better properties, one many of talk times need the about for I've onboarding who own to about types. experience to hard single all So I getting the geography. talked in in the that working that the is better terms And and we may improving of people out, for property, we need brought their down on continue that to of I've coming specifically have for something and our need having with property stay roll feel we're going put the property. make the it with an managers some been payments on people, about these the it working up ways are in type they willing These better be continue owners to to of platform. up out to things these road our properties to even insurance

that of to very the put the am it, And roll and some seen many this. will is more require we and absolutely where this necessary, on doing the to that some some we've more invented. taking can't in, bring I I need pleased are going with are. this -- would is some talked to people is on the but that And create longer be as things or are rocket that great We work, us think is that build than business. Now we've I People years we supply will science work what just something continue out not I and encouraging. many, the like, is that about to is thing I help this we think believe over numbers

be Please at go ahead. from Truist will Naved Securities. question Next Kahn

Glenn, see of on the see helpful. you mobile we things you opportunities in us stats any know the kind cross-border mentioned of if app. updated urban there? pretty mix give then an of Can you what could enhance would I to experience that you guys think don't I And and be example the

now. we're things things I Booking.com popping the right bat it have as, know, more." in traveller, telling need better you I at I not talk app, term will being is discount that do, am attraction, somebody you But this I'll one have travel think building what give because -- want or great missing? about stat this? off I getting again, skip and to to I'm in app, destination, so our Something as the is of so my say, say, about am maybe Dave But Why I that line, right experience up much me we make to look much urban on that simple the is from using I or. a for a things I'll screen let up "Gee, revolve you as a getting

connection go their service, gives the is to any their thing to the important different value. better can of such they're know book with anything mobile us great pocket, part it's in examples I an hands that so better I app to able David, do, better through or that. provide things that's pocket steps? And of And many in vision. about be in The to them. trip if And this people's why connected it give carrying from want don't you or

had No a sense urban we've on heavier not. the note historically, say weight of that mix to is

of mix. in to to people third stats cross-border, On and bookings you as usually go the cities on back locations no our continues, a now recovery us, that is that positive tell quarter. XX% other but did up if we're for we So back

basis. from pre-pandemic a For a down on that's XX% over international, little

things recovery normalize where decent continue some back still there left were. there's to So as had we to to they

Deutsche Next ahead. Bank. Please from go question Lee be will at Horowitz

when be premium fullness of thinking could being offsetting then impact think headwinds of year, potentially it these in of we in way margins on source the beyond flights profile applicants initiatives direct business long-term margin think margins growth all particularly in and margin about some this you growth margin, does how impact should than margin APAC think strength you of the lower your year, how I the the overall core of could. XXXX? like business, about of about time? in shape you that -- of your When having the Two direct about next end if the the And margins perhaps profile the with a

about a save longer conversation really That's XXXX maybe and a to to next but Yes, margins commentary February, for Lee, for I XXXX thinking place really of try term, have today. to we're what the talk on them. is kind recap

to for customers as said, our we and So and better is product a here partners. the build strategy service --

to to And So direct super our mix who they'll and frequently more us to more people and important come obviously, tied mix and is frequency directly. back is more direct with. heavily do

from a bought things more multiple buy much who in back us the are to likely People the directly to come through pay channel. us

business. because there our lower of and business, and of that having of higher the of position to yes, that But our payments, thing kind margin the to a had before. all is are we do flights are strong that mix businesses, pure is of we've up, and will of of important to conversation a from our can to most changing in mix volume keep a margins parts impact continue accommodation high So changing some those business drive of profile direct almost course mix mix course, headwinds

that's with than a the as the industry-leading -- bit in Because XXXX, margin we'll mix term, earnings than line said we they have But growing important be the more faster thing. that's a more will and be we medium factors, were before, margins. profitability not faster growing share most have we'll but business the a lower and we think believe top per little that line, bottom do EBITDA, of we

be Please Mario at Barclays. will Next ahead. from question go Lu

you within worse in what month fourth the Just is XX% October? little . XX% guess, month? XX% the The saw first trying the one on quarter, bit tie Did in get that a about the October? can guide room you versus to I night for exited trends the in talk we as the XXXX. more

at framework you grew we you our November of to still were up yes, been look, There's And say, P&L December, The going round the -- shape QX. was happen a kind growing the with give pin we nice and It's sure. So back it's might be. did we what's predict XX% a number XX%. really explain guide, exactly -- to given what room of QX to a in volatility. nights we've obviously, XX% it's what of to room lot But to what night we the commentary can't for there. increase to out to

the end a It does slowdown was not indicate that at October. of there

night growth fairly entire was In month of linear the October. XX% fact, throughout room at

not you framework kind course, a we about give of of of your it than it's slowing guy. is building hard to more the it's anything models, when we're reflective think just but way number So a seeing and But a about to speeding in of It's down things statement shape look up. a October, or might either how QX. in think of income the

one just on combinations. then And alternative

guys of XQ of You kind I around XX%, total, than mentioned the increase slightly over low-hanging ahead next a percentage 'XX. guess, of opportunities as couple percentage or this fruit it's to are years? there any higher

that site. saw in home up they and our of things earlier. increase looking bookings, decision, And Well, I to mentioned that the a types mean, advantages all forth could offer people back to of with It's going This they're the around. want first looking platform one And we think as one holistically, of accommodations. where let's if the at the where were us. of be get those search we I hotels. one booking of type hotel. case data do more well end really combination, of so we they great is the is didn't consumer the seen our They we where We results a we this may easily and say, not that makes because the different come we thing in think have

to the we're up that customer. that It's accommodations the really so pleased all offer have types of to very ability to

the don't that's and alternative I the increase accommodations try necessarily value thing to going a company. and the anything So more see drive of try to artificially to people

for they providing want, consumer-centric what them is right the company. to with that they and driving being the need, I what way best is really think customer is they the build the really think what best way

from be Credit at question Stephen last Ju ahead. Your go will Suisse. Please

growth Glenn, very U.S. commentary was actually the your So unit in interesting.

position And base say, if the So term. relative the one take you booking brands in the to out on for unified to we a thinking can sharper zoom and Booking.com? consumer were always think do you And grow, presumably Booking.com about experience brand booking trips, connected and? both to more Or more should as of in was U.S. Priceline? support the talk line out about versus, sand merchandising globally, you you it's user longer under your continues size step and necessary there you between a be do think do

Yes.

So let have me talk we in general about different brands. why

the because are excess to -- cost? different experience different aiming are we have ways save we money do the So duplicative? offer by things a to things understand understand brands We there calling not the different Are that that. and to user are we of that issue different we they really strategies. -- are they totally consumer We doing

try improve the We upon. and can are working all time looking things at those we that

of out go to these I'd separate under going just at brand. time, and say, But at one and do want not to any we're see this well, reason one I

be brands have doing me, they're our build among our is competitors the -- to may done them. of differentiation and Some way that. continue with to out these the strategy And them that to there continue

In the actual disclose we of booking, believe Priceline terms for never nature. North U.S. of versus don't I that anything

going way we're tight sit we are. to with think keep I So and that going the

Please over like At the go turn call ahead. back to I would this Mr. Fogel. time, to

to the to for our as dedicated Thank continue we support our long-term and night. company. and Thank We our on partners, employees customers, good appreciate everyone, shareholders. I want the you. our And build vision you, thank your

at lines. this for call this conference that gentlemen, disconnect Once thank for your And and Ladies indeed does we sir. your you conclude again, attending. you, please Thank do you ask time, today.