avoid To seen Glenn, expectations quarter, term discuss in review in we quarter the and release. regarding our you, for comparable rates then first results are period our the model. results comparison to our color in have will trends longer relative the far otherwise XXXX and in on for for our the to of unless growth found good some the the XXXX, initial and operating GAAP XXXX Information Thank provide to XXXX operating reconciliation I non-GAAP earnings XXXX afternoon. and can be spread pandemic results fourth indicated. all so
call, case Now the call, fourth and in year-on-year we driven to the about then room we third into the our quarter for decline third the XX% restrictions. countries and On leading and the governments to about to rising our XX% COVID trends onto early quarter. November, saw and nights in November about quarter beginning October throughout reported with earnings many the European November counts, the by results including from imposition further in discussed earnings up over to respond XX% of deteriorating travel seven-day worsening
proved rate our saw considerably. trends to As nights November, growth a the point quite growth decline in full The room low cancellations. November nights reminder, in for impact the in early of resulting where declining little a QX we declined quarter. reported worsening the versus room XX% by were the improved The for reported driven include room night Europe, rates be quarter.
gain America North America region world QX. year-on-year than lower through of the North fourth the the about nights and compared total in significantly nights was regions our two-thirds and represented QX room other apps in Mobile earlier similar Looking QX improved QX rest room across particularly bookings, to in the our and share continued of were two-thirds XXXX. other regions. with strongest the over to and to Asia quarter both of decline in
XX% growth XXXX, come us We direct which room continue to up also nights QX, to we continue nights of Domestic reported see XX%. in room total just below through of our XX% was room versus significantly to about -- channel. represented nights see our the in
increased quarter rates the cancellation in to continue be QX. and also fourth Our up year-over-year versus
was the due we lower same accommodations. year accommodations accommodations region, its as the than for short-term was behavior. up in the nights in customers We customers bookings the increase about versus fourth Booking.com’s The booking mainly on mix focus the mix where mix are which needs. XXXX, average continue fourth of mix Consolidated XXXX. for room contracted basis. year-over-year XX% accommodations European rate in continue highest billion alternative of rates a reported the Europe XXXX the room full have the XXXX. the about in the alternative slightly is travel due of The revenue and quarter year quarter of to quarter third QX, decreasing slight saw represented we in Gross to The QX alternative The as with versus is underperformance accommodations in slightly XX% of accommodations while our the alternative customer currency QX. to overall the continued Booking.com monitor about within of full daily reported year-over-year declined nights, of on great XX% was to XX% QX in decline decline in which QX decreased booking other constant for a $X.X year-over-year. alternative to changes booking in
was we bookings relatively QX in third revenue check-ins bookings As gross expected, the that fact due than revenue quarter negatively from strong the impact to the less in in benefited quarter. from received
between recognized bookings revenue impacted our XXXX the that in year was than check-in, QX check-in less significantly also primarily timing fees differences by related in is revenue, full bookings the driven Our to as and gross which XXXX.
for significantly revenue percentage of our bookings as which of in with difference of full in EBITDA would revenue $X is have year XXXX. as revenue our the As the billion explained and higher XX.X% The XX.X% in XXXX, lower full these and $XX was a entirely quarter. revenue difference. year. factors, million in this a result XX.X%, coming XXXX loss gross reduction in a timing The XX% gross between been resulted percentage is XXXX than the line adjusted If by more XX.X% bookings than fourth almost been in of
extent like lines sales our variable in to While reduced lesser decreased QX. a other, our we expenses fixed expense more significantly marketing, and
almost a we demand highly have and to recorded expenses and charges The completed line cost $XX about QX our QX million was variable expense, saw our other environments. million year-over-year to significant million in personnel exit line reduced full structure in paid for and which respectively. decreased about the these line actions new align to reduction in and channels. of year cost recognized Marketing with XX% we full mentioned, $XXX is expense personnel entirely in We restructuring the for the these the expense demand actions, the as actions related Glenn a in year. $XXX related As savings million our restructuring $XX
fourth spend other reduction decreased due our in by call expenses primarily a working X% mentioned expenses previously. largely shift mix software due reduced service year-over-year, demand travel to driven to addition, to remotely. lower expenses discretionary such year-over-year, primarily payments I customer T&E, and XX% In expenses related with environments. expense year-over-year, substantially due the in decreased due as marketing and in security by actions to privacy to software. to outsourced expenses and cyber up in in lower office license response associated areas the partially XX% Sales diminished indirect transactions, Personnel technology Information centers. quarter reduced in expenses restructuring brand we offset XX% fees to year-over-year decreased investments were taxes employees a G&A
in broken separately non-GAAP out million P&L of $XX we charges net recorded restructuring our these are the have Finally, results. included in quarter. operating in We that the expenses I a note loss restructuring and charges in non-GAAP
full rate non-GAAP lower XXXX earnings, geographical distribution the XX% expenses as Our year a deductible and as of base non-tax XX% tax of to due rate impact was meaningfully losses. on well tax greater our than of the earnings of of higher
net QX $XXX and gain related than fourth in income following the re-measurement million tax losses change of expenses results interest $XX the to our from million gains the of discrete an the $XXX million the Our full by re-measurement driven tax change to non-GAAP of million results basis, our unrealized in year pretax FX losses provision, our expenses euro on is the bond. of and $XXX the a expected an primarily investment better in recorded We in the non-GAAP our loss $XXX operating was in offset Meituan investments, QX. in tax $XXX unrealized quarter, income following was on as pretax from the full quarter. due primarily expense tax equity benefit On million, excluded We a fourth gain better than of tax our unrealized tax million our quarter. rate Meituan GAAP and by expense provision in year related to of had expected million results. loss $XX we The GAAP
to with rate tax tax meaningfully our GAAP rate non-GAAP reasons mentioned tax from was XXXX additional of XX% XX% the higher than an rate Our goodwill due full driving significant non-deductible impairment charge, the year impact. of
position. Now and cash onto our liquidity
billion primarily bookings working the QX billion on a balance change cash cash We ending million had net investments. long-term outflow of largely cash recorded outflow by of the a capital due driven capital, $XX.X investment were and our Our The as QX. by ending $XXX operating to working the as our decreased in slowdown well to offset by of quarter, million in $XX.X which in loss the in in September represented quarter. balance cash by the quarter amplified operating a $XXX from about gains unrealized from an in use effects seasonal changes driven
continue We maintaining position last a liquidity given by have we a into of repurchases repurchase created the and will level shape of and will recovery. initiate to on COVID visibility pandemic uncertainty strong halted we quarter, focus of the our consistent and better with our stock timing high the have until not comments
which our indicated. travel, considerable and of timing the make thoughts to remind the we on comparisons continues to spread declines first are quarter of about driven otherwise with to were in There recovery new guidance COVID-XX, slightly January shape XXXX restrictions. the Now the travel for to time. and unless means will we including you be uncertainty this room for increasing the strains night provide unable associated at worse by QX, additional detailed with
driven improvement some back starting in by saw of to part However, regions improvement have In night the January, weeks, continue into middle domestic night have February. in room travel this in domestic seen an of growth. we most positive recent improved bookings and we world declines room
out In the the continue Western room versus than seeing window To an summer night February what and of for saw a accuracy, could to expansion room seven you domestic night night are better lesser as days although a a the in booking room we saw QX. continued that those we improve, snapshot about In we this the January, to with we declines travel recently overall XXXX, versus window were contracted predict have give bookings percentage of including expansion extent QX, increased. trends has is share be points if last the to difficult While few declines of Europe XX%, QX fourth quarter. in of booking XXXX further seen into
particularly for booking These that booking XXXX. they offset summer Europe, seeing relative region As we Glenn and these the extensive what in same recently are have in time the to noted stronger weaker travel the currently gross Western bookings are XX% globally restrictions U.K. are Germany trends of in bookings countries in and seen you trends of the period remind were where summer we the booking due we at trends Western Europe stronger are and summer by the significant to in near-term majority cancellable. being in
also that are Israel, UAE notable encouraged in and see to making countries progress are U.K. some vaccinations including We the
highest rates are and the We available in lockdown same world when on after return We lifted that are the versus broadly are eased confident growth travel quickly Israel will period this we return to happen the people to domestic Israel travel. in when where and February bookings vaccinations solid saw Xth, restrictions are was within saw recently vaccination national the double-digit in XXXX.
be Turning said, declines income we to QX. as QX could the nights room better statement, than I percentage points few a expect
gross QX room continued points a decline to than local on ADRs. expect percentage due We currency few nights more pressure to bookings
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level expense in will the at decline as same We QX bookings. expect gross marketing
in basis some a they variability based in were and expenses upon QX will dollar QX other expect to volumes sales We QX be what where similar land. with on
dollar were benefit personnel basis, offset by expenses increase and increased primarily expect to in a than where expenses in we costs, the QX QX due higher We of in a related we QX SBC saw in on have they restructuring amount actions taken. to savings higher seasonal partially
be realized will QX. full expect personnel from We in almost that rate our a run restructurings
We in in on it basis. were QX as same about be a dollar will QX the expect G&A expenses
to currently the in we privacy restructuring half to increased than and QX than We higher real charges to $XX related expect to in primarily the half that About due on they basis, $XX in to expect of security, enhancements. million data million the IT We of and dollar estimate system about expenses relates related quarter. a first will personnel be these charge actions some actions investments and remaining record other were be of the related remaining will half more Booking.com estate. operational
we what QX. seasonally EBITDA loss quarter, QX and that we report just to lowest QX is in remind you Given in revenue than greater explained our expect to a
For want full our XXXX, through walk will I year. impact we the briefly operating factors to year you that some margins for topline expect
We recovery timing expect the improve shape environment remains but that to travel XXXX, of during of uncertain. the and
rates remain ADRs, We below continued negative bookings our expect on occupancy to where room they nights. gross were pre-COVID result lower pressure our will being in than putting which
of impact in to of As XXXX. bookings, impact will was our in I this more versus but acceleration revenue bookings exactly XXXX a made than meaningfully and by revenue XXXX quickly and our negative revenue. than this gross expense costs of bookings were Due bookings, expenses. faster and check-in there a XXXX. depends how The as we in factors, lead of which opposite sales the we will meaningful there in customer timing service factor significant expenses benefited marketing accelerate due as incur bookings expect check-in room our majority XXXX in outsourced XXXX and that negatively percentage less alluded another timing timing could our than time in earlier, The revenue upon XXXX recovering items expenses when our most the these $X will bookings our more which gross will differences how way, happen are in our nights bookings the Said experience other be made impacted bookings gross see will also we on in dynamic in gross payment if we acceleration check-in, deleverage This to booking. XXXX marketing processing XXXX be billion. to have at in in our that
and smaller sales to A likely and to expenses they reduction XXXX. reduction be The with the lower variable in our less will revenue. help We in you comments XXXX. how think than in than to XXXX be few most XXXX other about compare will expect
occupancy G&A T&E, expenses to expect down digits help this Personnel dollar a taxes double are We ones a variability basis. XXXX likely year. be during this. are enacted expenses, versus to towards and some XXXX by that To driven few factors to new GST from similar understand with better, on you if quite be the are contribute there office
was rate the annualization expenses. $XXX about this first the of personnel million XXXX the than half was Less personnel than higher in of quarter expense Our actual from people during we hit rest expense COVID was XXXX. to XXXX people added the run immediately business of and before expense added
by will expenses restructuring Our headcount approximately reduce actions million. $XXX
these will of by impact an together versus So reduce two to XXXX. be personnel expenses million $XXX
be add $XXX million As of we the expect XXXX end in in to business, This little a continue invest than about the higher we to XXXX mix will year-end product with at headcount a shift towards positions. is due modification XXXX. a be of and XXXX and SBC factors options higher to in QX finally due in XXXX. to some of to stock stock the expenses XXXX personnel few than expected in including the issuance And technical awards
security, system enhancements IT our Finally, strategy. as and due to operational higher XXXX expenses investments XXXX to Trip than reported be Connected in in privacy in will
XXXX, more As with diverse forward we and think offerings are earnings beyond a larger looking we business prior being that with to to we more had COVID.
also for and higher on market will focus growth the share. We potential
two returns of the time, years travel like to to not continue And your attention to I’d factors. quarters the at to that will before considering pre-COVID-XX believe We business shape draw levels. it and be when
Flights with much business. the to add flights of rates but growth within connected The a also and is expenses other will EBITDA plus first payments other and will some margin lower than as lower expenses revenue and and in shift the verticals traditional to mix scales. additional will growth of connected other these verticals and accommodations. sales take added continued on require revenue rates personnel add accommodations and The bookings will at revenue and and personnel but business at expenses. Payments other add offsetting other and
service grow customer will were expenses The credit took expect to means is that personnel. add volumes in to and volume as actions in XXXX, we we restructuring business. XXXX second levels the including need functions in mainly we beyond The collection. This related back
the before, in come consideration cost ways to but include efficient business. As think we the of will future it’s mentioned when work about do we this thinking look shape the this important back. to We
below expect execute focused albeit continue can Glenn priorities. rates, and what we conclusion, most said, have against levels XXXX. on strategic we to we industry to in likely control our margin remain In continue to EBITDA leading As at those
We crisis are will position. this now in from more through these we confident than a ever emerge actions stronger that
take questions. will turn and to the questions, over your We to you I will now Grace, for line open it
