Booking Holdings
32 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.
Suppliers
Global distribution systems (GDSs)
depends onnamed as a riskWe rely on third-party computer systems and third-party service providers, including GDSs and computerized central reservation systems of the accommodation, rental car, and airline industries in connection with providing some of our services.Risk factors (Item 1A)
Payment processors and card schemes
depends onnamed as a riskWe rely on banks, card schemes, and other payment processors to execute certain components of the payments process.Risk factors (Item 1A)
Partners and platforms
A significant portion of consumer traffic to our services is derived from third-party platforms, including Google and other search engines, mobile operating systems, app marketplaces, mapping services, and other digital distribution channels.Risk factors (Item 1A)
Also named by ABNB, AES, APP, CSGP, CTSH, DOCU, ETSY, EXPE and 14 more
Apple
depends onnamed as a riskIf we are unable to attract consumers to our mobile platforms, or app store providers like Google and Apple use their app distribution, mobile operating, or payment platforms to favor competing services, our business, competitive position, future growth, and results of operations could be adversely affected.Risk factors (Item 1A)
Also named by ABNB, AMKR, BBY, CDW, GLW, INTC, META, NYT and 5 more
Third-party insurance providers
depends onnamed as a riskOur business and reputation may be adversely affected if such providers no longer make such offerings available to us on economically reasonable terms or at all.Risk factors (Item 1A)
Other companies
Dutch consumer group parity litigation
named as a riskFor example, a Dutch consumer group has filed a claim against Booking.com relating to the historical use of contractual parity provisions, as well as allegations that Booking.com and Agoda employed misleading practices, and we are aware of similar efforts to pursue potential claims in other jurisdictions.Risk factors (Item 1A)
Competitors
For example, Google links travel search to its dominant search engine and has integrated travel products into Google Maps and its Gemini generative AI ("Gen AI") offering.Risk factors (Item 1A)
Also named by ABNB, AES, APP, CSGP, CTSH, DOCU, ETSY, EXPE and 14 more
Airbnb
competes withnamed as a riskThe market for accommodations covers a wide range of property types including alternative accommodations and companies like Airbnb and Vrbo (owned by Expedia) compete directly with our accommodations businesses.Risk factors (Item 1A)
Expedia (Vrbo)
competes withnamed as a riskThe market for accommodations covers a wide range of property types including alternative accommodations and companies like Airbnb and Vrbo (owned by Expedia) compete directly with our accommodations businesses.Risk factors (Item 1A)
Also named by LUV
Places
China
operates innamed as a riskIn some markets such as China, local requirements may restrict participation by foreign businesses, making entry into and expansion in those markets costly, difficult, or impossible.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Netherlands
operates innamed as a riskThese difficulties may be amplified by increased ability to work remotely, evolving restrictions on immigration or availability of visas or work permits for skilled technology workers, requirements of applicable collective bargaining agreements, and laws in certain jurisdictions that make recruiting senior talent more difficult, such as the reductions in the partial tax exemption that benefits certain non-Dutch citizens working in the Netherlands.Risk factors (Item 1A)
Europe
concentrated inHowever, we would generally recognize revenue from these bookings when the travel begins (at "check-in"), and accommodation check-ins in Europe and North America are generally highest in the third quarter during those regions' peak summer travel season and lowest in the first quarter.Business (Item 1)
Also named by ADSK, AME, AMRC, ATR, BCSF, BMI, BMY, CARR and 60 more
Commodities and inputs
Euro
exposed to its pricenamed as a riskOur businesses outside of the U.S. represent a substantial majority of our financial results, but because we report our results in U.S. Dollars, we face exposure to movements in foreign currency exchange rates (principally related to Euros and British Pounds Sterling).Risk factors (Item 1A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
British Pound Sterling
exposed to its pricenamed as a riskWe face exposure to movements in foreign currency exchange rates as the financial results and the financial condition of our businesses outside of the U.S., which represent a substantial majority of our financial results, are translated from local currencies (principally Euros and British Pounds Sterling) into U.S. Dollars.Market risk (Item 7A)
Also named by AMG, BGC, CBRE, CTRE, FCFS, FDS, FIS, FSK and 31 more
Regulators
European Commission
subject tonamed as a riskFor example, following the European Commission's designation of us as a gatekeeper under the Digital Markets Act ("DMA") and Booking.com as a "Very Large Online Platform" under the Digital Services Act ("DSA"), we became subject to new requirements and scrutiny.Business (Item 1)
Also named by AAPL, CCK, FWONA, IONS, KRYS, META, MRNA, TEX and 1 more
Competition authorities (Booking.com parity investigations)
subject tonamed as a riskFor example, we are involved in investigations related to whether certain of Booking.com's arrangements with accommodation providers are anti-competitive, including with respect to issues like contractual parity, pricing tools or programs offered to partners, or the ranking criteria used in displaying results to consumers.Risk factors (Item 1A)
Laws and programs
General Data Protection Regulation (GDPR)
subject to · up to 20 million Euros or up to 4% of the annual global revenuesnamed as a riskFor example, under the GDPR violations could result in fines of up to 20 million Euros or up to 4% of the annual global revenues of the infringer, whichever is greater.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
U.S. Inflation Reduction Act
subject to · 15% corporate minimum taxnamed as a riskIn addition, the U.S.'s Inflation Reduction Act includes a 15% corporate minimum tax on book income and a 1% excise tax on stock repurchases.Risk factors (Item 1A)
Also named by AEE, AMGN, ARWR, BIIB, BMY, CAH, CI, CNC and 26 more
Netherlands Innovation Box Tax
subject to · 9%named as a riskThe Netherlands corporate income tax law provides that income generated from qualifying innovative activities is taxed at the rate of 9% ("Innovation Box Tax") rather than the Dutch statutory rate of 25.8%.Risk factors (Item 1A)
EU Artificial Intelligence Act
subject tonamed as a riskOur implementation of AI systems could result in legal liability, regulatory action, brand, reputational, or competitive harm, or subject us to new regulatory frameworks (such as the European Union's ("EU") Artificial Intelligence Act).Risk factors (Item 1A)
Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more
Payment Card Industry Data Security Standard
subject tonamed as a riskUnder card association rules, including the Payment Card Industry Data Security Standard (the "Standard"), if information is compromised, we could be liable to payment card issuers for associated expenses and penalties, and in some cases, we could be restricted in our ability to accept payment cards.Risk factors (Item 1A)
Also named by ABNB, AZO, BJ, CASH, CASY, COST, DOV, EBAY and 20 more
EU Digital Services Act (DSA)
subject tonamed as a riskUnder the DSA, as a VLOP, Booking.com is required to collect more information from partners, which could disincentivize certain partners from using our services.Risk factors (Item 1A)
Also named by ABNB, ADBE, CSGP, DASH, EBAY, ETSY, GDDY, GOOG and 8 more
EU Digital Operational Resilience Act
subject tonamed as a riskRegulations relating to operational resilience, including the EU's Digital Operations Resilience Act, consumer protection, privacy, and security of our processes also apply to us.Risk factors (Item 1A)
Also named by BLK, CRM, CRWD, DDOG, EQIX, FDS, MCO, MDB and 3 more
EU Digital Markets Act (DMA)
subject tonamed as a riskAs a result of our designation as a gatekeeper under the DMA and Booking.com's designation as a VLOP under the DSA, we are subject to additional rules and regulations that may not be applicable to our competitors.Risk factors (Item 1A)
EU ePrivacy Directive
subject tonamed as a riskFor example, in the EU, the ePrivacy Directive regulates the use of cookies and similar technologies, including limitations on the use of data and guidelines for enabling users to accept or reject cookies.Risk factors (Item 1A)
Short-term rental regulations (overtourism)
subject tonamed as a riskSome jurisdictions have adopted or are considering restrictions (e.g., license requirements) on the ability to offer alternative accommodations.Risk factors (Item 1A)
Also named by EXPE
EU Package Travel Directive
subject tonamed as a riskSome parts of our business are already subject to the Package Directive, and as our offerings diversify and expand, we may become subject to additional requirements.Risk factors (Item 1A)
EU Payment Services Directive 3
subject tonamed as a riskCompliance with and implementation of the EU's Payment Services Directive 2 and similar or successor legislation such as the EU's Payment Services Directive 3 and Payment Services Regulations may be difficult to adhere to in a timely manner or at all and may result in increased compliance costs, and be administratively burdensome, any of which could negatively impact our business and results of operations.Risk factors (Item 1A)
Travel transaction taxes (hotel occupancy tax litigation)
subject tonamed as a riskA number of jurisdictions have initiated lawsuits or other proceedings against OTCs, including us, related to, among other things, the payment of certain travel transaction taxes that could include historical taxes that are claimed to be owed, interest, penalties, punitive damages, and/or attorney's fees and costs.Risk factors (Item 1A)
EU Platform to Business Regulation
subject tonamed as a riskThe EU's Platform to Business Regulation regulates the relationship between online platforms such as Booking.com and European business users of online platforms.Risk factors (Item 1A)
OECD global tax reform
subject tonamed as a riskThe implementation of these rules could have a negative impact on our results of operations or cash flows.Risk factors (Item 1A)