Room nights increased 7.2% YoY, driven primarily by increased travel demand in Europe and Asia. This indicates successful geographic expansion and market penetration.

Airline tickets increased 44.8% YoY, driven by the expansion of flight offerings at Booking.com and Agoda. This demonstrates successful diversification into new travel verticals.

Total gross bookings increased 7.2% YoY, but would have increased by approximately 10% on a constant currency basis. This highlights the impact of foreign exchange rates on reported growth.

The company announced a Transformation Program to improve operating expense efficiency, increase organizational agility, and free up resources. This indicates a proactive approach to cost management and strategic resource allocation.

Marketing expenses as a percentage of total gross bookings increased due to lower performance marketing ROIs. This suggests a need to optimize marketing spend and improve channel effectiveness.

The ongoing shift from agency bookings to merchant bookings at Booking.com continues, impacting revenue mix and requiring adjustments to expense management. Merchant gross bookings increased year-over-year, while agency gross bookings decreased.

The MD&A highlights the uncertain geopolitical and macroeconomic environment as a potential risk to global travel demand. This suggests caution regarding future performance.

The company was designated as a gatekeeper under the Digital Markets Act, subjecting it to additional rules and regulations. This could increase compliance costs and limit strategic flexibility.

Many taxing authorities seek to increase tax revenues and have targeted large multinational technology companies. Digital services tax or similar tax that imposes a tax on revenues earned from digital advertisements or the use of online platforms.

Booking.com had approximately 4.1 million total properties on its website at March 31, 2025, representing an increase from approximately 3.5 million total properties at March 31, 2024. At March 31, 2025, the total properties on Booking.com's website consisted of approximately 3.6 million alternative accommodation properties and approximately 500,000 hotels, motels, and resorts.

Although we believe that providing an extensive collection of properties, excellent customer service, and an intuitive, easy-to-use platform are important factors influencing a consumer's decision to make a reservation, for many consumers the price of the travel service is the primary factor determining whether to book.

Personnel expenses decreased year-over-year for the three months ended March 31, 2025 primarily due to a $170 million reduction during the three months ended March 31, 2025 in the accrual related to the Netherlands pension fund matter.

General and administrative expenses decreased year-over-year for the three months ended March 31, 2025 due to a decrease in certain transaction taxes, as well as decreases in personnel-related expenses, occupancy and office expenses, and fees for certain outside professionals.

Information technology expenses increased year-over-year for the three months ended March 31, 2025 due to an increase in expenses related to cloud computing costs and outsourced data center costs, as well as software license and system maintenance fees.

The mix of our room nights booked on a mobile app in the first quarter of 2025 was a mid-fifties percentage, up from a low-fifties percentage in the first quarter of 2024.

The company continues its share repurchase program, with $25.9 billion remaining authorized for future repurchases. This signals management's confidence in the company's long-term prospects and cash flow generation.

The Board declared a cash dividend of $9.60 per share of common stock, payable on June 30, 2025. This demonstrates a commitment to returning capital to shareholders.

The company is committed to ethical and sustainable business practices and has made commitments regarding future business practices or activities, such as agreeing to narrow the scope of its contractual parity provisions with accommodation providers.

Room nights increased 7.2% YoY, driven primarily by increased travel demand in Europe and Asia. This indicates favorable market conditions in these regions.

The MD&A highlights the uncertain geopolitical and macroeconomic environment as a potential risk to global travel demand. This suggests caution regarding future performance.