Booking Holdings (BKNG) Barclays 18th Annual Americas Select Conference summary

Travel demand and geopolitical impacts

• Middle East conflict has affected travel corridors, especially Europe-Asia routes, with a notable impact in March and a 3-point headwind expected for Q2, but underlying travel demand remains robust in unaffected regions.

• Booking windows shortened and ADRs are expected to come down, but the situation is viewed as temporary, with past crises showing travel rebounds strongly.

• European and Asian intra-regional travel, as well as U.S. and Latin American markets, continue to show strong growth, supporting solid full-year guidance.

U.S. market performance

• U.S. room night growth outpaced the market, with low teens growth versus low single digits for the market, driven by strong domestic and direct bookings.

• Both high-end and lower-end U.S. consumer segments are improving, with ADRs stabilizing and booking windows steady.

• Repeat direct bookings are increasing due to years of investment in product, supply, and brand familiarity.

AI strategy and innovation

• Strategic partnerships with leading LLM developers (OpenAI, Microsoft, Google, Anthropic) provide early access to technology and new performance marketing channels.

• Significant investment in top-of-funnel AI tools to enhance direct customer experience, personalization, and loyalty, with tools like Penny on Priceline and new AI trip planners in development.

• AI is also driving internal efficiencies, especially in customer service and developer productivity, with rapid advancements expected to further reduce costs and improve satisfaction.