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1、Q1 2025 Earnings PresentationApril 29,2025Disclosure Regarding Forward-Looking StatementsThis presentation contains forward-looking statements.These forward-looking statements reflect the views of Booking Holdings Inc.s(the“Company”or“Booking Holdings”or“BKNG”)management regarding current expectatio

2、ns and projections about future events and conditions and are based on currently available information and current foreign currency exchange rates.Forward-looking statements are not guarantees of future performance and are subject to risks,uncertainties,and assumptions that are difficult to predict

3、such as:adverse changes in market conditions for travel services;the effects of competition;the Companys ability to successfully manage growth and expand its global business;adverse changes in third-party relationships;the Companys performance marketing efficiency and the effectiveness of its market

4、ing efforts;the Companys ability to respond to and keep up with rapid technological or other market changes;the development and use of generative AI;the Companys ability to attract and retain qualified personnel;operational and technological infrastructure risks;data privacy and cyberattack risks;IT

5、 systems-related failures or security breaches;risks related to exposure to additional tax liabilities and maintaining tax benefits;legal and regulatory risks;risks associated with the facilitation of payments;fluctuations in foreign currency exchange rates and other risks associated with doing busi

6、ness in multiple currencies and jurisdictions;risks of increased debt levels and stock price volatility;andsuccess of investments and acquisitions,including integration of acquired businesses.For a detailed discussion of these and other factors that could cause the Companys actual results to differ

7、materially from those described in this presentation,refer to the Companys most recent Annual Report on Form 10-K,any current reports on Form 8-K,and any subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission(the“SEC”).Unless required by law,the Company undertake

8、s no obligation to update publicly any forward-looking statements,whether as a result of new information,future events,or otherwise.This presentation may contain industry market data,industry forecasts and other statistical information.Such information has been obtained from publicly available infor

9、mation,industry publications and other third-party sources,and the Company makes no representations as to the accuracy of such information.The Company has not independently verified any such information.Certain information in this presentation is based upon management forecasts and reflects prevaili

10、ng conditions and managements views as of this date,all of which are subject to change.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”

11、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 also uses information on(i)the impact of the adjustments re

12、quired to compute Adjusted Net income and Adjusted EBITDA,on Sales and other expenses,and on Other income(expense),net,as reported in the Companys consolidated statements of operations,as applicable,and(ii)Adjusted fixed operating expenses,which is Total operating expenses,as reported in the Company

13、s consolidated statements of operations,adjusted to exclude(a)certain operating expenses which are generally more likely to vary based on changes in business volumes and(b)amounts which are excluded in the computation of Adjusted EBITDA.The Company considers Adjusted EBITDA,Free Cash Flow,Adjusted N

14、et Income,and Adjusted EPS as important supplemental measures of its performance and ability to service debt.Adjusted EBITDA,Free Cash Flow,Adjusted Net Income,and Adjusted EPS are used by the Company to assess its performance because they allow comparison of operating performance on a consistent ba

15、sis across periods by removing the effects of various items.Adjusted EBITDA,Free Cash Flow,Adjusted Net Income,and Adjusted EPS have various limitations as analytical tools,and the Recipient should not consider them in isolation,or as a substitute for analysis of the Companys results as reported und

16、er GAAP.Further,because not all companies use identical calculations,the presentation of Adjusted measures may not be comparable to other similarly titled measures reported by other companies.For a reconciliation of Adjusted EBITDA,Free Cash Flow,Adjusted Net Income,and Adjusted EPS to the comparabl

17、e GAAP measures,see the Appendix.We are not able to provide a reconciliation between forward-looking Adjusted EBITDA and GAAP Net income because we cannot predict certain components of such reconciliation without unreasonable effort as they arise from events in future periods.Disclaimer2TTM Adjusted

18、 EBITDA(1)as a percentage of Revenue(in millions,except for EPS)GAAPYoY%Adjusted(1)YoY%Revenue$4,7628%$4,7628%Marketing Expenses$1,77710%$1,77710%Sales and Other Expenses$7023%$7023%Adjusted Fixed Operating ExpensesNA NA$1,164(3%)Other Income(Expense),Net($258)NM($30)0%Adjusted EBITDANANA$1,08821%Ne

19、t Income$333(57%)$82116%Diluted EPS$10.07(55%)$24.8122%(figures in billions)3Q1 2025 Financial SummaryTrailing Twelve Months“TTM”RevenueQ1 2025 GAAP and Adjusted P&L33.7%33.7%34.4%(1)Refer to Appendix for reconciliation of Non-GAAP(“Adjusted”)measures Adjusted EBITDA,Adjusted Net Income,Adjusted Ear

20、nings Per Share(“EPS”),Adjusted Fixed Operating Expenses,and Adjusted Other income(expense),Net.Revenue,Marketing Expenses,and Sales and Other Expenses are presented on a GAAP basis.Note:Amounts may not total due to rounding.NM=Not meaningful.35.0%35.3%Q1 Room Night Growth was Slightly Above the Hig

21、h End of our Guidance ExpectationsRoom Nights by Quarter4(figures in millions)Room Night Growth YoY9%8%7%7%(1)Regional Room Nights are based on the region of the traveler and are approximations based on the information provided or available to us.13%Room Night Growth(“RNG”)was slightly above the hig

22、h end of our guidance Room Night Growth by region(1):Europe:up high single digitsAsia:up high single digitsRoW:up low double digitsU.S.:up low single digitsQ1 Highlights(1)Represents B AA Room Nights as a percentage of Bs total Room Nights.Q124 AA Room Nights mix was 36%.(2)Represents BKNG Room Nigh

23、ts booked via a mobile app as a percentage of BKNG total Room Nights.(3)Represents BKNG Room Nights booked via a direct channel as a percentage of BKNG B2C Room Nights(excluding Business-to-Business room nights)over the last twelve months.(4)Connected Transactions are transactions that are booked by

24、 the same traveler across more than one travel vertical that will be experienced within a few days of each other(+/-3 days of the start or end date of other transactions).Q1 Connected Transactions(4)were up 35%+YoY and represented a high single digit%of Bs total transactions5Level 2 and Level 3 Geni

25、us member mix of Bs TTM total Room Nights was in the mid 50%s Key HighlightsMobile App MixDirect MixB Alternative Accommodations GeniusConnected TripTTM Business-to-Consumer(“B2C”)direct mix(3)was in the mid 60%sQ1 Alternative Accommodation(“AA”)Room Nights grew 12%YoY with mix(1)increasing YoY to 3

26、7%.Q1 AA listings up 9%YoY.Q1 Mobile App mix(2)was in the mid 50%s(up from the low 50%s in Q1 2024)Alternative Accommodations Room Night Growth at B Outpacing Total Growth6B:(figures in millions)AA Listings7.47.87.97.98.1AA Listings Growth YoY 11%11%10%8%9%mid 40%s7Mobile App Mix Continues to Steadi

27、ly Increase Over TimeQ1 2023low 50%sQ1 2024mid 50%sQ1 2025Gross Bookings by Quarter8Q1 Gross Bookings Growth Slightly Exceeded the High End of our Guidance ADR Growth Over TimeQ1-24Q2-24Q3-24CC Accomm.ADRs1%(1%)(1%)2%1%CC Accomm.ADRs(excl.regional mix)2%0%1%3%2%4%Gross Bookings Growth YoY(figures in

28、 billions)9%Q2-24Q3-24Q4-24Q1-2417%10%7%Q1-25 Gross Bookings growth slightly exceeded the high end of our guidance,driven by less than one percentage point of benefit from changes in FX relative to our expectations Gross Bookings growth of 7%was due to:Room Night growth of 7%Strong flight gross book

29、ings driven by air ticket growth of 45%Constant Currency(“CC”)Accommodation Average Daily Rates(“ADRs”)up approximately 1%A negative impact from changes in FX of about 3 percentage points year-over-year CC Gross Bookings growth was 10%Q1 Highlights Revenue growth exceeded the high end of our guidanc

30、e by four percentage points due to higher payment revenues as well as less than one percentage point of benefit from changes in FX relative to our expectations Revenue growth was higher than Gross Bookings growth due to increased revenue from payments CC Revenue growth was 10%Q1 Revenue Growth Excee

31、ded the High End of our Guidance ExpectationsRevenue by Quarter9(figures in billions)17%7%9%Q1 HighlightsRevenue Growth YoY8%14%Q1 Adjusted Fixed OpEx Growth was Below Expectations and Grew Slower than Revenue Approximate Headcount at Quarter-End10Adjusted Fixed OpEx(1)by Quarter(figures in billions

32、)11%5%Adjusted Fixed OpEx Growth(Decline)YoYHeadcount Growth YoY7%7%5%3%(1)Refer to Appendix for reconciliation of Non-GAAP(“Adjusted”)measures.9%3%(3%)2%Adjusted EBITDA Growth YoYAdjusted EPS(1)by Quarter11Adjusted EBITDA(1)by Quarter(figures in billions)Q1 Adjusted EBITDA of$1.1 billion was 28%abo

33、ve the high end of our guidance 76%11%Adjusted EPS Growth YoY53%7%26%16%(1)Refer to Appendix for reconciliation of Non-GAAP(“Adjusted”)measures.12%22%21%30%Q1 Adjusted EBITDA Exceeded Expectations and Grew Faster than Revenue Q1 Free Cash Flow of$3.2 billion grew 23%YoY12(figures in billions)Capital

34、 Return by Quarter(figures in billions)Free Cash Flow(1)by QuarterFree Cash Flow Growth(Decline)YoY(8%)45%(9%)(7%)(49%)(6%)(2)Weighted Average Diluted Share Count Growth(Decline)YoY76%(5%)Q1 Free Cash Flow and Capital Return23%Q1 2025 TTM Free Cash Flow:$8.5 billion,+25%YoY(5%)(1)Refer to Appendix f

35、or reconciliation of Non-GAAP(“Adjusted”)measures.(2)Share repurchases only include repurchases that reduce our authorization and exclude repurchases related to employee tax withholding and excise taxes on share repurchases.13Room NightsQ2 2025 GuidanceGross BookingsRevenueAdjusted EBITDA(2)Reported

36、 YoY Growth(1)13%to 16%(1)Our expectation for Q2 2025 Guidance reported YoY growth rates includes the following impacts:Reported room night growth will have a slightly negative impact from the shift in timing of the Easter holiday.Reported gross bookings growth will be positively impacted by about 4

37、%from year-over-year changes in FX,partially offset by a slightly negative impact from the shift in timing of the Easter holiday.Reported revenue growth will be positively impacted by about 4%from year-over-year changes in FX and about 3%from the shift in timing of the Easter holiday.Reported adjust

38、ed EBITDA growth will be positively impacted by about 7%from the shift in timing of the Easter holiday and about 4%from year-over-year changes in FX.(2)Excludes certain costs expected to be incurred related to the Transformation Program.4%to 6%10%to 12%10%to 12%We have continued to see stable travel

39、 demand trends in our business so far in the second quarter and our guidance for the quarter assumes a continuation of those trends However,we recognize the possibility that these trends could be impacted by the increased uncertainty in the geopolitical and macroeconomic environment and the subseque

40、nt potential effect on consumer spending and behavior,travel patterns,or our partners(1)Constant currency YoY growth adjusts our FY 2025 Guidance reported YoY growth rates to account for our expectation that reported growth rates will both be positively impacted by about 2%from year-over-year change

41、s in FX.(2)Excludes certain costs expected to be incurred related to the Transformation Program.14Gross BookingsFY 2025 GuidanceRevenueAdjusted EBITDA(2)Adjusted EPS(2)Constant Currency YoY Growth(1)Mid to High Single DigitsMid to High Single DigitsHigh Single Digits to Low Double DigitsLow to Mid-t

42、eens Although we continue to see stable trends globally so far in the second quarter,we recognize that our business could be impacted by the increased uncertainty in the geopolitical and macroeconomic environment.Therefore we are widening the range of our full year expectations for constant currency

43、 growth.The high end of each of these ranges remains in line with our prior expectations and our long-term growth ambition15Appendix:Reconciliation of GAAP to Adjusted Financial Information(figures in millions)Note:Amounts may not total due to rounding.16Appendix:Reconciliation of GAAP to Adjusted F

44、inancial InformationNote:Amounts may not total due to rounding.(figures in millions)17Appendix:Reconciliation of GAAP to Adjusted Financial Information(figures in millions,except share and per share data)Note:Amounts may not total due to rounding.Tax Act:U.S.Tax Cuts and Jobs Act enacted in December

45、 2017.18Appendix:Reconciliation of GAAP to Adjusted Financial Information(figures in millions)Note:Amounts may not total due to rounding.19Appendix:Reconciliation of GAAP to Adjusted Financial Information20Appendix:Reconciliation of GAAP to Adjusted Financial Information(figures in millions)Note:Amounts may not total due to rounding.NM:Not meaningful.