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Booking Holdings Sees Uptick in Q3 Bookings Driven by Domestic Travel | Phocuswire 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire (/) News (/News) | Online (/Online) Booking Holdings sees uptick in Q3 bookings driven by domestic travel By Jill Menze (/Jill-Menze) | November 5, 2020 Despite the coronavirus pandemic continuing to “weigh heavily” on Booking Holdings’ nancial performance, the online travel giant saw marked improvement in the third quarter of 2020 compared to Q2 of this year. Gross travel bookings for the period ending September 30 were $13.4 billion, a decrease of 47% over a year prior. In Q2, gross travel bookings had plummeted 91% to $2.1 billion (https://www.phocuswire.com/booking-holdings-q2-2020?ctxp=), a period in which Booking Holdings president and CEO Glenn Fogel said the company felt the "full impact" of COVID-19. https://www.phocuswire.com/booking-holdings-q3-2020 1/11 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire Room nights booked in the third quarter decreased 43% over a year prior, compared to a year-over- year decrease of 87% in Q2. Total revenues for Q3 2020 were $2.6 billion, a 48% decrease from the year prior. Net income for the quarter was $801 million, a 59% decrease compared to the same period in 2019. Speaking on a call with analysts, Fogel says that although the business is operating “signicantly below pre-COVID levels,” the improvement in Q3 over Q2 was “entirely driven by domestic travel” with very modest improvement in international travel. Booking Holdings (https://www.bookingholdings.com/)’ domestic business has beneted by international travel restrictions, Fogel says, in part due to pent-up demand from consumers. Adjusted EBITDA for the third quarter of 2020 was $1 billion, a 60% decrease year-over-year. Comparatively, Booking Holdings posted an adjusted EBITDA loss of $376 million for the second quarter of 2020. Despite an improved performance in Q3 over Q2, Fogel says it will be “very challenging to reach protability in Q4” due to a recent rise in virus infections, more government restrictions coming into play and the onset of winter weather in parts of the world. Although he believes it will take years and not quarters for travel to return to pre-COVID-19 volumes, Fogel says he is optimistic on the long-term outlook for the industry. Connected trip Fogel reemphasizes Booking Holdings’ three-phase approach (https://www.phocuswire.com/booking-holdings-q1-2020?ctxp=) to help its businesses emerge from the pandemic and says work in this area is complete across Booking Holdings-owned brands Kayak, OpenTable Agoda and Priceline. As part of the company’s cost-cutting measures - in August, the brand said it was reducing its workforce (https://www.phocuswire.com/Booking-Holdings-cuts-workforce-25-percent- coronavirus?ctxp=) by 25% - Fogel believes the “vast majority” of employee reductions will be announced by the end of 2020. Although Booking.com (http://Booking.com) had recently downplayed (https://www.phocuswire.com/booking-focus-domestic-travel-wit-virtual-event) its long-discussed “connected trip” strategy, Fogel maintains it is a priority for the business. He points to the online travel agency’s recent launch of ights in the United States (https://www.phocuswire.com/bookingcom-launches-ight-search-booking-in-the-US?ctxp=) as a “key component” of the connected trip effort and an “obvious opportunity to remove friction in the booking process for our customers.” https://www.phocuswire.com/booking-holdings-q3-2020 2/11 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire Having just launched in October, Fogel says it is “very, very, very early” in the process and did not share how the ights business is performing. A seamless payment network will also help realize the connected trip vision, and Booking.com (http://Booking.com) is continuing to develop and extend payment solutions to its supply partners. Lodging and marketing Booking Holdings CFO David Goulden says that in Q3 2020, Booking.com (http://Booking.com)’s alternative accommodations bookings “increased nicely” – accounting for one-third of all new bookings in the quarter - though newly booked room nights have decreased year-over-year in October. Fogel says that, particularly in the U.S., Booking.com (http://Booking.com) is not getting as much alternative accommodations inventory as it should, primarily with individual home units. “The strategy is to continue to build that out and offer the customer what they want when they want it.” Marketing expenses for the quarter totaled $731 million and Goulden says he expects marketing spend to remain “signicantly below 2019 levels” in the fourth quarter. With performance marketing, Fogel says that, as virus cases rise, the OTA is “immediately” readjusting expectations because “we’re not going to pay for a bunch of clicks that aren’t going to end up in revenue.” Looking ahead, Goulden expects room night declines in November and December will be worse than in October. He says he anticipates that recovery will be U-shaped and last into the early spring of 2021. Agoda (/Agoda) Booking.com (/Booking-com) Booking Holdings (/booking-holdings) Priceline (/HotelsCombined-Pty-Ltd-2147287058) Hotel (/Hotel) Online Travel Agency (/Online-Travel-Agency) Private Accommodation (/Private-Accommodation) Distribution (/Distribution-2147286856) Financial Earnings (/nancial-earnings) Marketing (/Marketing) Coronavirus (/Coronavirus) https://www.phocuswire.com/booking-holdings-q3-2020 3/11 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire Editors Pick (/Editors-Pick) ALSO ON PHOCUSWIRE Phocuswright Europe How I Got Here, Travel industry reacts Thomas C 2020 preview: Out of … episode 38 - Travis … to Google antitrust … attempts a 2 months ago • 2 comments 3 months ago • 1 comment 21 days ago • 1 comment 2 months ago In a series of interviews with Travis Katz brought Google, it is claimed, has Thomas Coo executives participating in Gogobot through a crowded abused its dominant digital-only o the online event in … field of social trip … position in search and … operating as 0 Comments Phocuswire Disqus' Privacy Policy 1 Login Recommend t Tweet f Share Sort by Newest Start the discussion… LOG IN WITH OR SIGN UP WITH DISQUS ? Name Be the first to comment. ✉ Subscribe d Add Disqus to your siteAdd DisqusAdd ⚠ Do Not Sell My Data More on Online https://www.phocuswire.com/booking-holdings-q3-2020 4/11 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire (/lyft-revenue-up-47-percent-aims-for-protability-by-end-of-2021) Lyft revenue up 47% from Q2, aims for protability by end of 2021 (/lyft-revenue-up-47-percent- aims-for-protability-by-end-of-2021) News | Online https://www.phocuswire.com/booking-holdings-q3-2020 5/11 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire (/how-hotels-use-top-of-funnel-data-to-capture-recovering-demand) How hotels can use top-of-funnel data to capture recovering demand (/how-hotels-use-top-of- funnel-data-to-capture-recovering-demand) Opinion | Online https://www.phocuswire.com/booking-holdings-q3-2020 6/11 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire (/Coronavirus-impact-travel-industry) LIVE BLOG: Coronavirus and the travel industry - impact and recovery (/Coronavirus-impact-travel- industry) News | Online The Latest https://www.phocuswire.com/booking-holdings-q3-2020 7/11 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire (/Euromonitor-travel-innovation-post-covid) How the acceleration of digital and sustainability trends is driving innovation in travel (/Euromonitor-travel-innovation-post-covid) News | Technology https://www.phocuswire.com/booking-holdings-q3-2020 8/11 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire (/Vaccines-government-changes-should-inspire-higher-goals-in-travel) Phocuswright Conference 2020 Preview: Vaccines, government changes should inspire higher recovery goals (/Vaccines-government-changes-should-inspire-higher-goals-in-travel) News | Technology https://www.phocuswire.com/booking-holdings-q3-2020 9/11 11/10/2020 Booking Holdings sees uptick in Q3 bookings driven by domestic travel | PhocusWire (/startup-stage-oat-price-comparison-booking-local-mobility) STARTUP STAGE: Float provides price comparison, booking of local mobility options (/startup- stage-oat-price-comparison-booking-local-mobility) Interview | Startups (http://www.northstartravelgroup.com/) Copyright © 2020 by Northstar Travel Media LLC. 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