the Glenn, and provide growth All results review you, on quarter and XXXX. unless -- are will rates quarter good we a in on year-on-year our see otherwise trends afternoon. basis on the color I Thank fourth first indicated. for the and some
making where be references We comparable some XXXX helpful. the these will think to in we are periods
Information regarding results be non-GAAP found our results of to in can GAAP reconciliation release. earnings
website conclusion earnings after to remarks of the post Investor We Booking will Holdings our prepared Relations the the call.
our before item One discussing housekeeping results.
and out enacted. to in to the We have reclassified Due of the countries nature of other variable G&A and digital GSTs, services are GST expense. taxes are into highly expenses sales which tied earned the where revenue
areas call change. updated We P&L have reflects that this chain the table X of and our provided also my a on with will all quarterly in reflect release press comments this geography, financials of earnings
to on our Now results. quarter
about which year-over-year room and than fourth Our grew the nights X% XXXX, better in versus expectations XX% was our of quarter and slightly XX%. X%
XX% up room versus Israel, versus XX% were XXXX rights XXXX. QX Excluding and
booking mid-teens low up flat. quarter, the Looking and expanded Rest was was World Asia but double in up of regions improved both was October. room single in Booking.com nights XXXX was in third was it U.S. expanded The year-over-year digits, than region by at bit window Europe the All low and QX less average fourth same digits, the versus our period from up was a of the XXXX, quarter. in
the than XX% XXXX. In higher fourth about points percentage was QX, X app mobile of about mix of quarter
room to quarter see the the nights The quarter direct We coming of of our nights channel to increased as increasing fourth continue of to XXXX. room percentage the direct our channel. through an fourth mix a relative total us in
up the fourth level XXXX same XX% and room in QX the as pre-pandemic nights The quarter mix. QX about was international about our in reaching the from of XX%, mix of
rate Our higher the in XXXX, in quarter impacted QX fourth slightly East. Middle was cancellation by than the war the
the we in end quarter. higher overall by the cancellation the As expected, October of normalized
XX%, versus nights the XX% For fourth which was was quarter XXXX. alternative our room year-over-year, accommodations our room alternative about about mix at of QX up in global growth body night of the was Booking.com, XX% and
expectations. QX increase which the to of XX% percentage year-over-year accommodation currency X growth due bookings. positive gross XX% of higher basis, from night or X each was percentage points The FX and higher bookings flight constant our X% a in XX% on movements about gross ahead room currency plus point increased than about bookings ADRs, over X% impact constant was of
Our year-over-year by natively mix regional to ADR growth was higher of from impacted room mix nights due Asia.
Excluding of could higher have booked or seen Despite fourth ADRs regional are the rating in that mix, currency up changes we stay levels quarter, X year-over-year. length consumers percentage points about hotel indicate constant trading down. mix change a in in not the being were of star the that ADRs
watch fourth driven about XX% closely. Airline We quarter dynamics flight Booking.com's offering. the year-over-year, were by continued the to the of in tickets continue booked growth up
exceeded fourth quarter a our or about bookings percentage expectations, expectations. about the line XX.X%, on currency year-over-year XX% for increasing with was basis. Revenue XX% as was constant our a in which of gross Revenue
expense, is due X% the of business. than Marketing a basis improve paid and margin our higher year-over-year. variable expense efficiency increased lower as helped channels was increased points year-over-year, highly QX to mix higher gross Performance expense efforts XX by to Marketing of a a line spend. percentage marketing which our about ongoing in ROIs of XXXX ROIs bookings our
expense, gross performance than better last bookings and combined points in marketing higher to year, mix direct ROIs. better Marketing percentage due basis merchandising our expectation as merchandising about was QX which XX than and a of was lower lower
delay DST the compared normalize about expenses basis also basis bookings expectation other reclassification, due expect do the up points partner XX this about payment points issue provisions ongoing an our above last in higher and accounts issue. large sales last we gross QX to quarter. as XX decision receivable year and some parts not of our during be discussed for were a We to to collections with related to percentage
below XX% aggregate have the and and in to adjusted constant expectation QX devaluation due $XX Separately, due EBITDA to recorded calculated was to both lower up prior IT XXXX. personnel EBITDA billion of our expenses year-over-year XXXX negatively adjusted expenses ahead currency by in related non-GAAP peso, on fixed were expense factored expectations was and reduced More XX% year-over-year, our the which was is $X.X QX impacted reclassification. primarily well of a XX% of usually X%. as DST XX% our as not which Adjusted by income EBITDA would on million into loss This other about up guidance. QX been QX basis. margin in Argentinian and was the almost a almost is
income of $X.X of resulted year-over-year. net share earnings was $XX per billion which in share, up a XX% non-GAAP Non-GAAP
QX quarter Our average share the below count XXXX. in was X% fourth
draft Our non-GAAP Competition or a million decision personnel G&A results to in by a to related in Netherlands ruling expense pension exclude some of expense to in and a fund $XXX these. related matter provide the on million perspective like of $XXX Authority. I'd Spanish each
As Spanish becomes by if which we we the unprecedented Glenn could proposed appeal to and appeal it strongly plan decision process final. Competition The years. mentioned, fine disagree draft a with Authority, few take
During not undertake on significant our Spain, business. have we impact in business we any changes currently do process, these that some appeal to our will influence to expect would practices a
pension We're this to employees to our -- liability the plan working industry-wide we the January, in employees existing through should align the Dutch we our Netherlands. fund. plan Netherlands how recorded pension travel is periods case. in the in plan. industry-wide prior the the pension offer In pension this for a Booking.com appeal travel we court in QX of results with related in the The to ruled most Turning
not in quarter. will in some had to material. but costs of forward, Netherlands million be we there net we On basis, these We our do expect pension $XXX expect going GAAP the the a increase income be plan in
XXXX XX% on looking constant full year, pleased bookings and and XX% are that XX% currency we When our at a the grew grew about our -- nights to report year-over-year, gross basis. room
up which $XX was similarly Our up year-over-year full constant revenue year million, a was currency on over XX% basis. and
versus bookings XX.X% XX.X% gross revenue as is in XXXX, was percentage of which in XXXX. a year up Full slightly
mix is impact the was and an in X.X the benefit but offset with timing than year, recovered [ revenues increase increased For by points positive associated more really investments of full payments, increased in merchandising. from there by as increase this well of flights, rates the from to our ] in Asia an mix take mostly has
accommodation underlying XXXX line be take with rates in Our continue levels. to
bookings increased driven more For was the are full XXXX X.X% X.X% XXXX, merchandising Booking.com X.X% recovered is in due to at in and leading still The gains X.X%, direct from and mix. market up as plus a offset year, from down XXXX marketing marketing gross our efficiencies by percentage than in mix. into a travel of direct
room for business-to- year. as the mix. nights the -- full was of our mix low or in increase BXB exclude For year, the the direct XX% percentage a When business, our our range in we
percentage EBITDA constant full margin was was about with XXXX than in Adjusted a Our year million at of the line on our was year. expectations up and more margin XX% up our than XX and EBITDA and start in was the which higher XX%, year-over-year EBITDA adjusted currency XX% points $X basis.
per basis. and on share, Our a share currency constant XX% up earnings is XX% full year year up was about about which $XXX non-GAAP a
our to position. on liquidity cash Now and
of investment billion cash to we of versus $X.X the QX completed our ending of free billion share quarter. and $XX.X offset quarter flow balance by cash Our the repurchases was QX ending generated $X.X $XX.X the down the fourth in in billion in billion we partially due balance
count our free X% full We before versus and XX% generated in taking restarted our For of which repurchase flow. program. down XXXX, in by repurchase billion authorization year, share billion shares to our repurchased just year-end we is worth XXXX $XX and share $XX XXXX, the by over remaining versus cash reducing we $X billion
investment-grade for on maintaining our As structure appropriately growing returns capital about focused going credit and framework allocation shareholders we remain we our forward, strong ratings. investing in our and business think while our
March free shareholders, strong quarterly to earnings share flow existing and a announcing of our that Directors power, ability declared our are per our our today in dividend cash $X.XX we to repurchase consistently Board return share of confidence our program. complement Given profile shareholders XXXX program and base enhance to X, The introduction will allow dividend to expand We our the on further XXXX. believe dividend is our record of capital payable a of March investors. XX, us
of will the of our we the forward. majority share capital composition returns, going repurchases total represent expect to terms In shareholders vast of return capital
We leverage continue previously The to dividend be a stated the before repurchase of to our our billion our We authorization goal expect started, these time. years $XX would gross announced within Xx target complete move leverage Xx, net does early to X which to targets. over we reiterate share thinking where XXXX a we change the initiation end and of not around XXXX.
on rates a growth first year-on-year our on Now of All are the thoughts quarter for XXXX. basis. to
now detail P&L quarter Given and the short-term range assessing approach granular full returning guidance for the monthly outcome we're that was historical to COVID individual helpful when ahead information path beyond and line less period, in on the with we're items. our trends --
on solid be in X% far X%. the expect room quarter, seen we to growth so between and Based night the QX first travel demands we've
of in We room to night negative impact to the expansion an start comparing in booking growth. started window. expect strong on We're XXXX we a when East also have with the the see the year Middle QX X% a ongoing war
high night range. that was January room end above of growth the
day, an in extra night Easter be being growth by March. from As room quarter, growth we benefit March move room our through hurt will the will every bank
other. offset to these expect each roughly We
higher about gross night flights, point partially from of expect growth than X to between and bookings ADRs about constant faster and slightly offset QX room percentage point pressure. be X accommodation to X%, growth growth by due percentage faster FX X% We currency
and revenue the bear QX the expect We QX about revenue part XX% X QX due by bookings than we XX%, to faster in which growth between percentage to expect be shift, points. will growth Easter
We revenue growth expect We adjusted similar which EBITDA XX% percentage and a would on million about growth year-on-year and increase million, in $XXX between be the midpoint at QX X margin. native expect impact EBITDA point be to $XXX a QX. in
than market growth margin expect than revenue OpEx more growing bookings, We will expect fixed EBITDA growing from faster slower bank gross to slightly to growing similar and which our we expenses than revenue. offset
our our to full we year As want for set growth I ahead, first longer-term our in address ambition to course the business.
stronger and we've metrics currency earnings revenue line for earnings gross than to XXXX. a XX% levels constant we'll normalized better achieve able and build we the This environment, believe investments would are growing be top about more growth higher each share and the made As in for and what discussed market that we we're per versus aiming in previously, above rates for achieved to remain achieve of booking X% we for travelers given what of to share. had We years these growth, per a partners business a offering X our ago.
expect X% by and impact percentage by in with grow slightly in rate the the war XXXX Middle assumption a to than full negatively that year changes recent impact our our growth X XXXX point. that than X%. and little faster year framework FX including full will mind, the East we in our rate growth FX more rates, expect reported negatively we FX At will With
to similar expect gross growth. our We the at earnings year for grow revenue to rate
more a XXXX to expense expect We low the fixed grow in to mid-teens. in
We XXXX. are planning to leverage in these more from expenses fixed
direct We revenue, largely will EBITDA expect an increased to mix. due expectations slightly grow faster for XXXX adjusted than
expect bit EBITDA year-over-year percentage to point. than less a margins expand We adjusted by a
Lastly, we expect XX%. above growth be EPS to
than grow gross across expectation and adjusted our exceeding XXXX In are revenue, EPS to with closing, results, our bookings, pleased and faster EBITDA outlook our QX QX EBITDA in XXXX with we margin year-over-year.
us. expect year strong XXXX be another We for to
will to open you please lines? move Q&A. Sarah, the now We'll
