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  "documentTitle": "2025 Q1 Earnings Presentation",
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  "authorName": "Booking Holdings",
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  "notes": "Includes footnotes detailing specific impacts from FX and Easter holiday timing.",
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      "text": "We have continued to see stable travel demand trends in our business so far in the second quarter and our guidance for the quarter assumes a continuation of those trends. However, we recognize the possibility that these trends could be impacted by the increased uncertainty in the geopolitical and macroeconomic environment and the subsequent potential effect on consumer spending and behavior, travel patterns, or our partners",
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      "text": "(1) Our expectation for Q2 2025 Guidance reported YoY growth rates includes the following impacts: Reported room night growth will have a slightly negative impact from the shift in timing of the Easter holiday. Reported gross bookings growth will be positively impacted by about 4% from year-over-year changes in FX, partially offset by a slightly negative impact from the shift in timing of the Easter holiday. Reported revenue growth will be positively impacted by about 4% from year-over-year changes in FX and about 3% from the shift in timing of the Easter holiday. Reported adjusted EBITDA growth will be positively impacted by about 7% from the shift in timing of the Easter holiday and about 4% from year-over-year changes in FX. (2) Excludes certain costs expected to be incurred related to the Transformation Program.",
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