Overview Conclusion Q1 results beat expectations, with revenue growing 18% to $2.7 billion. The core drivers were product updates (Reserve Now Pay Later) and AI-driven efficiency gains.

Key Data Revenue $2.7 billion (+18%), GBV $29 billion (+19%), Nights growth approximately 9% (excluding ~100 bps impact from the Middle East conflict).

Business Progress Reserve Now Pay Later now covers 20% of GBV, driving improvements in booking lead times and ADR; AI customer service self-resolution rate exceeds 40%; Delta partnership promotes mileage rewards; hotel business growth rate more than double the overall; World Cup has already added 100,000 listings. Growth in first-time bookers reached 10%, the highest since 2022.

Guidance & Outlook Full-year guidance raised: revenue growth accelerating to low-to-mid teens, EBITDA margin at least 35%; Q2 revenue expected at $3.54–$3.6 billion (+14–16%).

Risk/Highlight Signals Positive: AI significantly improves operational efficiency; supply growth remains strong (over 50% retention rate after the Paris Olympics). Negative: The Middle East conflict and macro uncertainty may disrupt short-term demand.