Q3 2024 Booking Holdings Inc Earnings Call Transcript
Key Points
- Booking Holdings Inc (BKNG) reported an improvement in topline trends, particularly in Europe, with room nights, gross bookings, and revenue exceeding expectations.
- The company achieved a 9% increase in revenue year over year, reaching $8 billion, and a 12% increase in adjusted EBITDA to $3.7 billion.
- Alternative accommodations at Booking.com saw a 14% growth in room nights, with listings reaching 7.9 million, up 10% from last year.
- The connected trip transactions increased by over 40% year over year, representing a high-single-digit percentage of Booking.com’s total transactions.
- Booking Holdings Inc (BKNG) continues to see strong growth in Asia, with room night growth in the region up low-double digits, and the company remains optimistic about its long-term outlook in Asia.
- The company faces challenges in the US market, with room night growth only in the low-single digits, indicating a need for further improvement.
- Despite progress, Booking Holdings Inc (BKNG) acknowledges that its platform is still more complex for property managers compared to competitors, particularly in the US.
- The company is cautious about the impact of global geopolitical uncertainties on future bookings and performance.
- There is a noted decrease in constant currency accommodation ADRs, negatively impacted by a higher mix of room nights from Asia.
- Booking Holdings Inc (BKNG) is still in the early stages of integrating AI technology, and the financial impact of these initiatives remains uncertain.
Welcome to Booking Holdings' third-quarter 2024 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 1,995.
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 any 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. For a list of factors that could cause Booking Holdings' actual results to differ materially from those described in the forward-looking statements, please refer to the Safe Harbor statements at the end of Booking Holdings' earnings press release as well as Booking Holdingsâ filings with the Securities and Exchange Commission.
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