Booking Holdings Inc.

Booking.com, the hotel-reservation site that dominates online travel in Europe, is the engine of Booking Holdings. The company, renamed from Priceline Group in 2018 and based in Norwalk, Connecticut, runs a portfolio of travel brands that also includes Priceline, Agoda in Asia, the Kayak metasearch site, Rentalcars and OpenTable for restaurant bookings. Most of its money comes from commissions on accommodation booked through its sites, an asset-light arrangement: it owns no hotels and carries no rooms, it connects travelers with properties and takes a cut. That model throws off very high margins and heavy cash flow, much of which goes to buying back stock. Its biggest costs are marketing, since it bids constantly for search traffic against Expedia, Google and the hotels' own sites. Results move with global travel demand, which snapped back strongly after the pandemic.

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