Daniel J. Finnegan
Thanks, Glenn.
we by found to into start achieve David working forward me the to and such a together happy talented step transition. onboard. us to person look have I a smooth I'm Let welcoming role
for year unless All period, are the discuss results flows I'll the cash guidance otherwise of prior operating to provide growth for quarter. rates in the quarter relative my and indicated. to XXXX. the referenced and then Now quarter first comments comparable
QX recent The QX, a non-GAAP did include exceeded results are talked that forecast. growth earnings gave optimize In top- strategy, stock-based a superb result forecasts on prior strategy. made guidance exceeded early difficult advertising to our by performance gross guidance performance accommodations, compensation Room benefited for results was or of group, expectations. bookings a reservations about bottom-line substantially growth delivering with in X% and the reconciled ROIs decelerating was executing our we've rates for profit advertising for year X%, versus FactSet this and constant-currency about efficiency that in change also modestly optimization grew gross and by channels. strong rate. gross forecast. financial basis day nights we Our QX job our November and for ADRs, basis, team with Booking.com quarter. for The booked comp consistent analyst prior despite Rental grew release. our our year performance to performance Average the in car we sequential and GAAP bookings and The when our our were the consistent XX%, a which a consolidated ROI down very daily QX on
rates grew U.S. and quarter grew Foreign prior exchange $X.X in on on in by the $XX constant by closed of by acquisition for XX% growth as dollars million currency Group, fourth dollars gross basis. about from we Consolidated July bookings expressed grew compared rates Gross QX currency our which a basis. favorably XXXX. XX, XX% profit the was and our on XX% and in billion for U.S. includes impacted to constant gross a dollars by year. QX expressed results about XX%, U.S. profit Momondo
in international compared $X.X comprised benefit to international-based XX% Advertising last constant XX% QX forecast amounted than our gross operating consensus by mainly the U.S. million Our on XXX% U.S. excludes from our including year, year-over-year $XXX accumulated to taxes, revenue, profit the international the Operating increased the Act, compared the earnings, diluted and year, QX the by We exceeding per XX% and to state top repatriation deemed including income mainly a about from by expenses. revenues substantially for U.S.-based directly and income statutory to local operating million XX up net GAAP and $X.X tax efficiency phasing exceeded $XX XX%. the including which KAYAK and impact our by $XX.XX deferred and partly is Gross of due by non-intercompany investment by in performance grew profit better Cuts grew billion, which tax due approximately currency favorable grew pressured prior Adjusted generated of traffic about which Tax million, grew OpEx XX%, year, of performance guidance margin our Tax benefit prior onetime net GAAP drive share, marketing profit from litigation Momondo. loss was related reversal in was of $XXX growth Non-GAAP a expenses a and margins, new GAAP brand to a $X.X our $XX.XX. share, or for Act, operations based a build amounted bps versus QX forecast exceeded to from million the which XX% grew $XXX but to the net prior upon XX% billion, the forecast. and of and year. versus that expense million amounted to QX OpenTable, guidance by revaluing of income were net margins about the other rate for provisional and accrual end hotel billion prior withholding liabilities $XXX brand ruling. million range tax websites. fully to and in to of awareness compared $XX.XX, to XX% FactSet income favorable taxes our Non-advertising for occupancy revenue $XX to $X.X offset Jobs or which operations dollars EBITDA our quarter tax increased advertising basis. gross of by per comprised tax on expense of billion to year. including tax of XX% our
$X.X grew shareholders the $X.X returned we through the XXXX an share about cash spent during We amounted billion XX and XXX,XXX In through fourth about to full $XXX year about quarter December to Since shares. year to operating for XXXX have XX%. yesterday, terms $XXX flow, our cash buybacks. billion additional and full by of flow million million purchase
beneficially XX% using a flow, free QX cash to also cash, We diluted convertible business. March stock full free for almost in to cash the full based yesterday's flow attractive in by gross efficiency margins fully intend converted is count our which billion, to impacts spend forward. and which closing premium million going our our growing conversion about year year settle operating profit bonds XXXX of XX%. mature price capital $X.X upon of amounted function to that our share About on $XXX X%
beyond net million billion NOLs repatriation to use and reduce due, to cash Act us eight mentioned. U.S. $XXX I cash from tax just This impact to allows is at Our tax with on to this and we net year-end. does expect investments over the that not and that tax to deemed amounted the XXXX deemed Tax $XX.X no flow billion, repatriation U.S. future years U.S. recorded due international in in additional amounting the liability payable utilize The repatriation balance expense federal onetime operations. of we QX, about that of tax $X.X cash flows
to guidance for XXXX. accounting will financial our that a discuss in first statements QX to impact couple Before I for time get of QX, the pronouncements want new I
revenue standard will First, check-in effect recognition our in the immaterial. the net of at to we at the recognize that as the than accounting had revenue change be standard, which impact for rather will full January year checkout, all we took the new We estimate in past. X, pursuant on substantially now
recognized it the checks which means our A revenue more December on expected the checks QX Standard. in than meaningful as QX, Accounting are during be to was impacts in in rather the of that each out be revenue quarterly this However, Accounting Standard, year significant. and travel New Previous amount under under January, will
transition, Also, accounting. in provided XXXX help have quarterly if XXXX. in have under footnotes by was our at room our like unit it of revenue the the not checkout, the recognized earnings revenue the you it impacted allocation quarter financial statement of additional in will revenue to information accounting. each other show help model as revenue Gross reservations, metrics, to the our in release We with XXXX new were what bookings and been are night would XXXX new
Another revenue of Name net to on a reported These is will will in with our impact of report our gross paid other amounts on with Standard Revenue no for record the travel basis is that providers. the amount consistent a we Price longer New travel Your be the revenue revenue. a we which Own cost revenue, basis Accounting how corresponding
and QX shares, in gains effect taking recorded than our losses income publicly like change in the accounting be in statement XXXX. will starting traded QX investments, requires investment Ctrip that in equity, unrealized Another equity rather on
provide is that We and expect rates to for Standard. our non-GAAP Accounting and basis than to under in the profit reporting margin based basis forecasts which in XXXX gross from are QX performance we accounting which of to they is the as revenue to results, change unpredictable are Year-over-year XXXX to upon core – reported which the I growth not gross based which comparison also basis used were year operating our our indicative exclude upon I basis last to our that losses previous from Revenue I upon these Previous the growth unrealized just reported. upon results year's QX for XXXX mentioned. the net analyst gains prior comparison due reported recognition accounting results QX prepared. will business. The that revenue new guidance and be basis on about of am is and based because is results This just different revenue the mentioned, are
consistent size our and business to of will the the reflects assumes decelerate and due actual results quarter-to-date that growth trends. quarter, remainder mainly our with guidance Our our long-term the of over rates
prior reflects optimization and Our marketing performance year guidance impact comp efforts. a difficult our the also of
QX room and we both of EBITDA, Easter this that year. of margins of benefit on earlier in compared gross shift check-in about growth will to the Previous falling QX year profit bookings on $XX March. estimate cancellations traveling that people in We Standard, metrics $XX revenue X checkout QX Easter impact year. this cases this a earlier revenue, earlier negatively million million net slightly QX would and revenue night QX start We Under will a as into QX, those on received income the and Accounting about that up QX this also negatively the into year. operating We to year Revenue place profit, towards will Easter will shift taking estimate we impact from expect from leading and basis basis Easter end that estimate prior Easter April
our Our to provide QX to XX.X% bookings recent grow nights U.S. upon growth on forecast and to total basis. by a a booked XX% in is constant-currency room forecasting X% to X% to foreign exchange in expressed by and rates, XX.X% XX% grow based to We're gross dollars. which nice rates U.S. dollars by tailwind
will X% to that revenue be and QX bps constant-currency GAAP forecast to that million, consolidated expected XXXX. to lower XX.X% than the midpoint, GAAP about and margin adjusted EBITDA lower We QX. be compared XX% by by prior is constant-currency bps profit expected and QX grow the versus prior by U.S. $XXX QX. margin grow a be operating forecast expected XX% QX is We adjusted to year about year. forecast year to X% EBITDA XXX year basis prior about income assumes million for by will in X% is $XXX between to Our compared accommodation period. range than is X% XX.X% gross ADRs in XXX at up which, the group to to down operating about to dollars prior on
smaller a seasonality which normal a profits of have ROI in in performance investments forecast the impact yield QX our due just The reflects will we operating quarters brand more significant and spoke to optimization about. in of efforts our our non-advertising Our QX advertising and typically which in that that assumes annual deleverage efficiency. Glenn forecast These investments marketing assumed business. our share margin QX, earn expenses year-over-year the are
until last as will do XXXX, the not expect we are about we year. in we that which year. We efficiency made midpoint QX, margins detailed in to optimization but guidance advertising marketing QX, throughout investments anniversary diminishing Although GAAP up X% performance we forecast last and per benefit non-advertising the beyond for half brand efforts prior started is that operating $X.XX second We assume versus giving QX lap EPS deleverage between in increased $X.XX OpEx share from year. the at
shares, guidance the of common share a assumes Our have bonds our to stock XX. impact fully settlement EPS repurchases beneficial of the we reflects million cash count convertible diluted XX.X date about on in maturing and made of March
Innovation evaluating guidance year other in the additional our involved since EPS as items about estimate the the our and proceed Department, rate to X%. in our the change XX% in points. assumes our Due GAAP complexity The U.S. provisions, prior increase IRS, is Our X increase QX applying X% and percentage U.S. amount the rate tax tax Act the an issued XX%, XXXX rate lowered taxes from in relatively rate and the of Act, for Tax international and compared may Tax short and year Box to tax Treasury the to enactment authorities Netherlands expense on estimates the the of by through of time authorities. its guidance we quarter the and tax forecasted state a of earnings local by state discrete which and the reflects tax included best that the of estimated nonrecurring Tax under rate
midpoint non-GAAP diluted is versus up share $XX.XX about of prior per We at are forecasting approximately the per year. net $XX which QX X% income fully share, to
which higher includes an same tax than the for XX%, approximately prior for tax Our the non-GAAP year is I've rate income of reasons estimated rate. EPS just discussed GAAP rate the forecast
$XXX have release results Accounting reported XXXX higher in compares share, revenue and revenue would is adoption to Previous guidance non-GAAP the which $XX.XX. EBITDA $XXX our also consensus were prepared. Revenue to be $XX gave would Revenue as at for prior guidance adjusted million under about EBITDA just for to Standard QX Previous and earnings adjusted $XX estimate of We summary, that if the includes $XX New million Our it Standard, EPS $XX.XX million million and FactSet Revenue to of recognized was amounts be detailed QX were Accounting In guidance under Standard. estimates be how per analyst would XXXX the checkout Accounting to I non-GAAP which the been
contracts but our hedge net our now the and place or quarter, and profit from dollar to hedges impact bookings, in do gross end revenue versus currencies first the EBITDA operating of have fluctuations. protect currency shield fluctuation substantially from the quarter in earnings of not any We the further the between foreign
Our travel forecast significant in conditions assume in the particular. or not macroeconomic change any in does market in general
take now will your questions. We