🔹 Adjusted EPS: $41.55 (Est. $36.37) 🟢; UP +30% YoY
🔹 Revenue: $5.47B (Est. $5.18B) 🟢; UP +14% YoY
🔹 Adjusted EBITDA: $1.85B (Est. $1.65B) 🟢; UP +26% YoY
Q4 Segment Performance:
🔹 Merchant Revenue: $3.34B (Est. $3.02B) 🟢; UP +35% YoY
🔹 Agency Revenue: $1.86B (Est. $1.9B) 🔴; DOWN -9.9% YoY
🔹 Advertising & Other Revenue: $271M (Est. $268.7M) 🟢; UP +9.7% YoY
Operational Metrics:
🔹 Room Nights: 261M; UP +13% YoY
🔹 Gross Bookings: $37.2B; UP +17% YoY (+18% constant currency)
🔹 Airline Tickets Sold: 14M (Est. 12.66M) 🟢; UP +52.3% YoY
🔹 Adjusted EBITDA Margin: 33.8% (Est. 31.8%) 🟢; vs. 30.6% YoY
🔹 Marketing Expense: $1.58B (Est. $1.54B) 🟡; UP +10% YoY
🔹 Net Cash from Operating Activities: $0.7B; DOWN -46% YoY
🔹 Free Cash Flow: $0.6B; DOWN -49% YoY
Announcements & Shareholder Updates:
🔸 Dividend: Declared $9.60/share (UP +10% YoY), payable March 31, 2025
🔸 Stock Buybacks: $1.1B repurchased in Q4; $7.7B remaining under current plan. Additional $20B authorized in January 2025
🔸 Marketing Efficiency: Marketing expenses were 4.2% of gross bookings (vs. 4.5% in Q4 2023)
🔸 Operating Expenses: Decreased 10% YoY; Adjusted fixed operating expenses up 9%, below revenue growth
Balance Sheet (as of December 31, 2024):
🔹 Cash & Equivalents: $16.2B
🔹 Total Assets: $27.7B
🔹 Total Liabilities: $31.7B
🔹 Long-Term Debt: $14.9B
🔹 Stockholders’ Deficit: $(4.0)B
CEO Commentary:
🔸 "Our strong Q4 performance capped a record year for Booking Holdings. We saw double-digit growth across gross bookings and room nights, with significant contributions from alternative accommodations and strong marketing efficiency. Our robust financial position enables us to continue returning value to shareholders while investing in growth."
Additional Insights:
🔸 Alternative Accommodation Room Nights: High teens percentage growth
🔸 Constant-Currency ADRs: +2%
🔸 Airline Ticket Sales: Marked significant YoY growth at +52.3%
