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  "documentTitle": "2025 05 Investor Presentation",
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  "authorName": "Booking Holdings",
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      "text": "We have strong investment grade credit ratings.",
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      "kind": "disclaimer",
      "text": "(1) Debt maturity schedule is as of March 31, 2025. EUR bonds are converted to USD at an exchange rate of 1.08 (March 31, 2025 spot rate). (2) In May 2025, our $0.8B convertible note matured and we issued €500M Senior Notes due 2031, €750M Senior Notes due 2038, and €500M Senior Notes due 2046.",
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      "text": "We have strong investment grade credit ratings; Current ratings: A3 / A- (stable outlook / stable outlook); Demonstrated strong free cash flow with low capital expenditures; Solid balance sheet with strong liquidity ($16.1 billion in cash and investments and $16.3 billion in gross debt as of March 31, 2025); Strong operating performance and credit metrics maintained consistently over an extended period of time; As of March 31, 2025, we had ~$6 billion remaining under our share repurchase authorization. In January 2025, our Board of Directors authorized an additional $20 billion in share repurchases; Our Board of Directors declared a cash dividend of $9.60 per share, payable on June 30, 2025, which is a 10% increase from the quarterly dividend per share of $8.75 in 2024",
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      "text": "Debt Maturity: $16.1 billion",
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      "kind": "title",
      "text": "Approach to Capital Structure and Capital Allocation",
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