Booking Holdings Inc.

- No mention of any new fundraising through debt or equity in the provided transcript. - The company is focused on returning capital to shareholders, including a record $3.6 billion in share repurchases in the quarter. - Cash and investments stood at $16.5 billion at quarter-end, down slightly due to capital returns (share repurchases and dividends). - Management is managing costs and protecting near-term profitability, without indicating plans to raise new funds. - The firm is on track with its $500 million to $550 million transformation savings program and continues investing strategically. - No specific statements imply plans for issuing new debt or equity in the near future.

- The company remains focused on protecting strategic investment spend despite targeted cost management amid uncertainties (Page 4). - Strategic investments and technological progress continue to build a more frictionless and integrated offering for travelers and partners, notably leveraging AI capabilities (Pages 3 and 4). - Ongoing investments support the Connected Trip vision, which integrates multiple travel segments to provide cohesive travel experiences (Page 3). - Investments in AI and GenAI initiatives aim to enhance traveler and partner experiences through improved personalization, conversion, operational efficiencies, and agentic service flows (Pages 3 and 6). - Continued investments in product, brand, supply, and localization strategies, particularly in Asia and the U.S., to grow direct channels and brand loyalty programs like Genius (Pages 3 and 6). - Capital allocation strategy includes substantial share repurchases, reflecting confidence in long-term vision and value creation (Page 3).

- Full-year 2026 gross bookings expected to increase by high single digits to low double digits. - Revenue projected to grow high single digits for 2026. - Adjusted EBITDA anticipated to grow slightly faster than revenue, with margin expansion between 0 and 25 basis points year-over-year. - Adjusted EPS forecasted to increase low to mid-teens. - Q2 guidance expects room night growth of 2%-4%; gross bookings, revenue, and adjusted EBITDA each to rise 4%-6%. - Despite Middle East conflict impact, guidance remains at high end of prior expectations. - Asia and US room night growth remain strong, with Asia up high single digits and US up low teens, driven by domestic demand. - Growth in ancillary verticals like airline tickets (+28%) and attractions (+25%) continues robustly. - Continued focus on direct bookings and loyalty programs to support future sales growth.

- Full year 2026 guidance expects: - Gross bookings to grow high single digits to low double digits. - Revenue growth in the high single digits. - Adjusted EBITDA growth slightly faster than revenue with margin expansion between 0 and 25 basis points year-over-year. - Adjusted EPS growth projected in the low to mid-teens percentage range. - Management remains committed to long-term growth targets of at least 10% constant currency gross bookings growth and 15% adjusted EPS growth for future years beyond 2026. - FX rate assumptions contribute positively to reported growth rates by approximately 2 percentage points for Q2 and full year (1.5 points for revenue, ~1 point for adjusted EBITDA and EPS). - The company is delivering on cost savings with a transformation program targeting $500 million to $550 million in annual savings. - Despite ongoing geopolitical challenges, management expects continued earnings resilience and long-term profitability growth.

- First quarter gross bookings were $53.8 billion, up 15% year-over-year. - Connected Trip transactions grew in the high teens and now represent a low double-digit percentage of Booking.com’s total transactions. - Merchant gross bookings increased 24% year-over-year, accounting for 72% of total gross bookings. - Guidance for Q2 2026 anticipates gross bookings growth of 4%-6%. - Full year 2026 gross bookings expected to rise high single digits to low double digits. - Impact from Middle East conflict assumed through June, moderating Q2 bookings growth by about 2-3 percentage points. - Despite uncertainty, full year guidance remains at the high end of prior expectations for gross bookings and EPS. - Demand for travel remains resilient, supported by loyalty programs and expanded product offerings.