Booking's Network Advantage Remains Strong as It Continues to See Demand for Travel

While inflation and credit market concerns present overhangs on Booking's near-term travel demand, we see the company exhibiting solid financial health. Further, we expect Booking's global online travel agency leadership position to increase over the next decade, driven by a healthy position in Asia-Pacific, continued leadership in Europe, and an expanding presence in vacation rentals, restaurant bookings, experiences, flights, and payments, all of which are backed by leading marketing and technology scale.