unless you, discuss I'll then and Thank rates period, comparable indicated. regarding growth our the to quarter, discuss thoughts in our our results release. can first the All the found on guidance afternoon. are operating prior our our as to reconciliation good the for Glenn, update well an on relative second otherwise quarter provide as capital be GAAP earnings structure, and Information for full-year. year
our the to for results on quarter. Now
considering sluggish room region XX% exceeded for Europe and the challenges room range. the growth slow in Europe, performance marketing growth in of quarter guidance rates environment night our night primary exceeded were a with We Despite end pleased in of booked the growth start channels. our expectations. our the Our high our performance, in the
dollars QX rates rates X% of FX versus basis, changes grew dollars foreign constant X approximately slightly for which and Our in QX ahead ADRs the down by X%. our basis, by X% on Changes about reduced percentage about last gross Average more. and of on rates by growth grew EBITDA by EPS for dollars declined QX currency gross percentage currency rates of about guidance coming than bookings, X.X% rest QX U.S. $X.X growth exchange the revenue range. constant quarter Consolidated estimate X We points grew daily by world expectations a high U.S. the constant by our U.S. a growth of point rates and end the first bookings for and similar our in basis. or grew in in expressed a billion amounts, X% down rate impacted by growth than X% more currency year. non-GAAP in above were and Europe. rates was accommodations the guidance was faster on about night in revenue room and were in
impact timing Easter on in QX had revenue shift the of expected, growth -- rates. an our on X-percentage-point rates approximately As negative growth our holiday
of therefore, quarter. was will Easter reminder, last a with was on majority As Easter-related the recorded April year, QX. XXst, revenue revenue on recorded April in Easter Xst, the and first be travel travel year, This Easter in
X%. and Our rate Easter which other on a revenue, QX constant X% comprised basis grew non-GAAP Advertising non-GAAP mainly is by revenue of currency for OpenTable, revenues in was growth about for exceeded reported on non-intercompany and timing for adjusted KAYAK million, $XXX high basis our adjusted which about range and QX and EBITDA up of Adjusted was guidance a basis. down constant QX. currency X% on was Easter the and end year-over-year a XX% and
expected the margin with points of We marketing, also helped Our of performance ahead spending quarter. after disciplined our was basis for better adjusting in Easter XX% which leverage on our than remained drive forecast. QX adjusted XXX of EBITDA
will an slowing rationally growth. marketing customers, channels to across effective and our we optimize continue to seen to we continue acquire see While have performance way channels, we growth spend as to these
year, growth to and about of last our investments our payment XXX and XX% to to of basis expense with by points deleverage, our XXX websites, of direct gross contributed points basis As grew line spend platform Booking.com. to brand primarily growth contributing efforts due quarter [ph] deleverage. we Sales continued bookings as drive the part growth on the traffic other merchant of QX versus our XXXX well in on our more increase as marketing
Finally, in lower expense the amount personnel quarter. deleverage forecast a than our and of in came contributed small
currency discrete X% versus non-GAAP due EPS than Easter which from of was slightly Non-GAAP prior timing, Our in the non-GAAP XX% our the and and a for estimate prior to non-GAAP XX.X%, reflected down decreased rate higher was net guidance items. quarter. for year, grew the income year EPS tax adjusting $XX.XX,
income X% QX GAAP XXX from basis last income lower share, of in $XXX to up margin net (sic) EPS decreased quarter. operating count to GAAP share GAAP a significantly Our in by QX QX and basis, amounted benefited compared million] $XX.XX [$XXX points, by million declined growth the per year. operating XXXX. QX On XX% or
had Our and from the $XXX year, tax unrealized related a in of QX excluded We income investments tax GAAP million to our which primarily the on Ctrip prior GAAP included net of due unrealized Meituan quarter, equity provisions to discrete rate We the in pre-tax increased XX% Ctrip results. gains. gains non-GAAP from Meituan. gains these and
million full negatively investments We to about quarter in confidence In increase in we $X.X with XXXX. billion and we for to of stock $XX of wanted purchase look billion entered a since $X.X billion opportunities to on strong right we're billion the online our French share quarter, cash to an update court, prepayments believe we trip. capital how with in our the as and steps flow and of in on cash of free asset complete, assessment structure a and our our under and reflecting flow which is authorities $XX.X cash the With and core sheet debt. remaining well our the of repurchase program. you the payment our billion Netherlands. $XX contest $X.X first of approximately billion to $XXX outstanding travel end repurchased this the the impacted tax preserve that were -- reauthorization, completed by May capital both in remaining strategic share operating We buying from announced strategy business. capitalize opportunity the we a an as ended income for authorization thinking also $X.X deliver we tax another execute as We we as ahead next order in the on allocation. QX, in businesses, quarter balance connected growth to XXXX our in And million program, Our the our
fund euro of billion euro-denominated currency our means, no you'll Our $XX a to our conditions. with in a organically from euros flow billion from holding starting M&A strong these in pool. as our with in investing operations were the authorization intend a ratings. fully fluctuations via transactions a assuming repay On downturn. additional line competitive more your expect position, our ongoing cash, gains share income debt this and forward, macro even we billion or next grade The market from QX, top cash X longer April, intend will in capacity non-cash cash into hand, to new capacity our currency authorization we we growth business, have maintaining stable GAAP deployed debt which losses complete credit This euros euro-denominated And and operations. repurchase priorities in inorganically, X business having events decided cash GAAP borrowing at we note, of on hedged our cash statements. resource of flow. as are be of going cash refinance remain enhance purposes. to years, and of investment related well financial economically as our We foreign in liabilities consistent maturity, in hedged both to move have other in $X.X we for generation U.S. the the X.XX by our Board our the to and authorized and it euro-denominated In or And
gains presentation. such, we intend losses financial from As non-cash these exclude our to or non-GAAP
some we year, the and QX. then Turning last discussed for the call to guidance want in outlook on that to I’ll Starting our XXXX. through with walk of guidance. come our impact for you our briefly investments growth will I to the back factors
As acquisition we quarter, discussed growth, in for we’re investing detail and loyalty. last customer
we’re it’s initial we’re with acquisition merchandising days, with results our of from campaigns; programs. While the target some our early of launch and encouraged customer brand on also
growth impact be We continue negative on the points there’ll our growth will by a these XXXX, rate investments first EBITDA growth half. to a reduce in and expect during greater percentage EBITDA few
of that this noted on year. this additional for we We revenue. to a EBITDA to from of payments not in modestly component impact reduction negative payments will expect have the Last any growth of expect and a growth change recognition revenue Booking.com. the do Moving we due year payments now timing merchant on quarter, in EBITDA
EBITDA However, for not on XXXX. negative growth impact any additional from we do payments expect
flexibility, merchandising reminder, and important a integrated and payments we a in including expenses As customer reduced provides and ability advantages believe service the areas, to partner customer better coordinate trips. many experience, merge
growth our we impact reduced in X rates rate Now, the Using by guidance our points the full than announced. anticipated and factors let’s on through exchange our euro-dollar will which bookings look year, be revenue the at growth assumed the to is reduction to non-GAAP outlook. greater previous guidance, growth for current percentage in approximately impacting due gross FX EPS last since
will Additionally, rates. of timing of revenue growth impact the shift QX QX Easter and
environment, EPS Finally, XXXX. will sluggish expectation our basis in the outlook the on in a change I it that in remains Europe. which does With low-double-digits remains not as that non-GAAP macro previously grow anticipate our in mentioned, context, currency constant any
We continue by achieve in to each strength region, the year, we’re expect making and reinforced this. geographic to confident that investments us to of accommodations major growth will gain we’re share this in enable our the business
to attention our turn now Let’s QX.
similar will $X.XX factors, revenue, by and on EBITDA dollars dollar we where constant timing booked discussed are year-over-year We forecasting to the growth amounts. room QX, in revenue with guidance, our bookings currency at growth to rate earlier in be QX use points. other to our X approximately impact are flat X% non-GAAP increase euro and Foreign rate we we’re in will quarter growth a consistent percentage of bookings, rates impact X% estimate and basis. timing to We EPS in positive gross exchange looking rates The usual expected XXXX all X-percentage-point X% Based by U.S. to studying rates nights gross a and approximately of which exchange approximately by the be call, to Easter approach on X% on by grow revenue grow QX shift and QX. estimate when of this guidance. to growth will shift headwind
to grow QX constant forecast be EBITDA up represents and growth. to Easter range estimate forecast between and by approximately to both revenue XX% which currency, by constant to currency we QX and Our billion revenue be a ADR XX% is both flat. QX to assumes we be QX to estimate company expected for year-over-year for a XX%. currency, Normalizing We in will approximately QX flat $X.XXX about basis. also for U.S. X% constant X% on to adjusted the EBITDA billion, to X%. X% $X.XXX constant grow down currency Normalizing Easter dollars growth
modest forecasting on performance volumes from marketing line reflecting lower channels are continued focus the acquiring We in our high-quality QX, the expense paid in traffic. leverage and
will meaningfully which in leverage to to continue offset brand and expecting to performance our more marketing deleverage P&L expect We marketing. spend from we're than quarter, grow the the contribute to
Of realized will course, the benefit from brand marketing be over multiple quarters.
grow expense Finally, to expected and Booking.com. at to growth sales and is primarily other remain elevated due than revenue, of platform faster ramp-up to payment continue our
forecasting Easter approximately of estimate Normalizing QX grow approximately we constant are EPS both for $XX.XX QX to to to currency, X% EPS non-GAAP and We $XX.XX. X%. non-GAAP
income which EPS line approximately tax XX%, non-GAAP with last estimated includes Our forecast year. rate QX an is of in
XX.X%. our XX% expect to to continue be rate We full-year to tax non-GAAP
below for forecast QX GAAP EPS is million QX Our $XX.XX guidance $XX.XX of EPS share fully QX. year. non-GAAP last and XX.X XX% between a which about count assumes shares, diluted We
guidance a approximately tax of assumes XX%. for QX Our GAAP rate EPS
hedge have foreign the bookings, operating currencies to income shield place substantially quarter from fluctuations. in quarter, of the of dollar gross the the end do EBITDA now fluctuation from net protect and We any and second contracts the impact in between further currency profit but or revenue versus hedges not our our
significant in or any in your particular. change assume in general Our not the take forecast questions. travel in market does conditions now macroeconomic We'll
