Good morning, and welcome to the Booking Holdings 2021 Annual Meeting of Stockholders. I would now like to turn the call over to Mr. Bob Milode, Chairman of the Board of Directors of Booking Holdings.
Good morning, and welcome to the 2021 Annual Meeting of Stockholders of Booking Holdings. I'm Bob Mylod, Chair of the Board of Directors Thank you for joining us today. We recognize that the recovery rate of the COVID-nineteen pandemic is varying greatly in many parts of the world and that many people continue to suffer as a result, whether it be physically, economically or emotionally, including within our company, and our hearts go out to them. While we regret the circumstances of the COVID-nineteen pandemic that have led us We're hopeful that this format is providing the opportunity for many of our stockholders to attend the meeting this morning. As is our custom, we will conduct the formal stockholder meeting first.
And after the formal meeting is concluded, Glenn Fogel, the company's CEO, We'll comment on the company's business and we'll then answer questions. We refer you to our proxy statement available on the website, which provides information regarding the proposals we are considering today and instructions regarding how to vote. We also refer you to the rules of conduct available on the web portal, which provide additional details regarding the conduct of the meeting and the question and answer period. This meeting is now officially called to order. After the proposals have been presented, the polls will close.
Also, while we do not anticipate any technical difficulties Today, if technical difficulties do arise, we ask that you remain on the line or reconnect if you are disconnected for 15 minutes. If the meeting is unable to resume after 15 minutes, the matters to be voted on will be deemed to be properly before the meeting. The polls will be closed, all votes received prior to the closing of the polls will be counted, and the meeting will be automatically adjourned and will not be reconvened. I would now like to take a moment to introduce the other nominees for election to the company's Board of Directors at this meeting, each of whom is present. Tim Armstrong Glenn Fogel, the Company's President and Chief Executive Officer Miriam Gratic Weier, Chair of the Company's Compensation Committee Way Hultman Chuck Noske, Chair of the Company's Nominating and Corporate Governance Committee and Lead Nick Reed, Tom Rothman, Bob Van Dyke, Lynn Voyjedich and Vanessa Whitman, Chair of the Company's Audit Committee.
I would also like to take a moment to acknowledge Jeff Boyd, who is retiring from our Board of Directors effective as of today. Jeff has served our Board of Directors for nearly 2 decades, including 7 as Chair of the Board. We extend our deepest gratitude to Jeff for his leadership and service and wish him the very best. We are joined here today by Deloitte and Touche, our independent auditors Melissa Naple, the lead audit partner, is available to respond to appropriate questions. Broadridge Financial Solutions has been appointed to serve as Inspector of Election for this meeting.
Ms. Beth Vanderbeck is with us today and has taken the oath of Inspector of Election. At this point, I'd like to take a moment to summarize today's agenda. First, we will describe and then present for a vote each of the proposals being presented at the meeting. 2nd, we will provide time for you to ask questions or make comments 3rd, the polls will then close and we will report the preliminary results of the vote.
Final vote totals will be filed with the SEC on Form 8 ks within the required time period. 4th, The formal meeting will then be adjourned. And 5th, we will then hear from Glenn Fogel, the company's CEO, after which we will respond to appropriate questions that meet the rules of conduct for the annual meeting. The question and answer period will conclude at noon Eastern Time or earlier if At this point, I would like to turn the meeting over to Peter Malonis, Corporate Holdings' Corporate Secretary.
Thank you, Bob. I will now address a few administrative items. Speakers today may make forward looking statements. These forward looking statements reflect Current views of the speakers regarding current expectations about future events. They are not guarantees of future performance, Decisions or actions are subject to risks and uncertainties, including those set forth in the company's periodic reports filed with the SEC.
The use of words such as will, may, could and believes, in other words denoting something other than historical fact, are intended to identify forward looking statements. The Board of Directors fixed April 8, 2021, as the record date for determining stockholders entitled to vote at this meeting. An affidavit has been filed has been delivered attesting to the fact that either, 1, A notice of Internet availability of the notice of the meeting, a proxy statement in the 2021 Annual Report to stockholders or 2, The documents themselves were mailed on or about April 21, 2021 to all stockholders as of the record date and will be incorporated into the minutes of this meeting. As of the record date, there were 41,052,000 665 shares of common stock outstanding and entitled to vote at this meeting. We are informed by the Inspector of Election that there We are informed by the Inspector of Election that there are represented in person or by proxy shares of common stock representing 35,000,000 692,708 votes or approximately 87% of the outstanding voting power on the record date.
Since this represents more than a majority of all issued and outstanding stock entitled to vote on the record date, a quorum is present for purposes of transaction business. The list of stockholders eligible to vote at this meeting is available to stockholders on the web portal. Now that we've dealt with those administrative issues, I'll now describe the proposals to be voted on at this meeting, all of which are described in detail in the proxy statement furnished to stockholders and available on the meeting web portal. As a reminder, the polls are open. If you have your control number and have not voted or would like to change your vote, You may proceed to vote through the web portal by clicking on the voting button and following the instructions there.
If The first item in business is the election of directors. In accordance with the bylaws, the number of directors to be elected at this meeting has been fixed by the Board at 11. The Board's nominees for directors for the ensuing year or until their successors are duly elected and qualified are listed in the proxy statement provided to all stockholders. They are Tim Armstrong, Glenn Fogel, Miriam Granite Ware, Way Hauptmann, Bob Mylod, Chuck Noske, Nick Reed, Tom Rothman, Bob Van Dyke, Lynn Voyjevich, Vanessa Whitman. The Board recommends that stockholders vote for each of the Director nominees.
The nominees for election to the Board are formally submitted for stockholder vote. The second item of business is concerning a non binding advisory vote on the 2020 executive compensation, which is also described in detail in the proxy statement. The Board recommends that stockholders vote for approval on an advisory, Non binding basis of the company's 2020 executive compensation. Proposal number 2 is formally submitted for stockholder vote. The 3rd item of business is management's proposal to amend the company's 1999 omnibus plan, which is also described in detail in the proxy statement.
The Board recommends that stockholders vote for amending the Company's 1999 omnibus plan. Management's proposal to amend the Company's 1999 omnibus plan formally submitted for stockholder vote. The 4th item of business is the ratification of selection of Deloitte and Touche LLP as the company's independent auditors for the year ending December 31, 2021. Liza Naple of Deloitte and Touche is present at this meeting and is available to respond to appropriate questions from stockholders. The Audit Committee of the Board of Directors has approved the selection of Deloitte and Touche LLP as the company's independent auditors for 2021, and the Board recommends that stockholders ratify that selection by voting for proposal number 4.
Proposal number 4, the selection of Deloitte Touche LLP is formally submitted for stockholder ratification. The 5th item of business is management's proposal to amend the company's certificate of incorporation to allow stockholders the right to act by written consent. This proposal is detailed in the proxy statement, including the differences between this proposal and the stockholder proposal that we will discuss next. The Board recommends that stockholders vote for proposal number 5. Proposal number 5 is formally submitted for stockholder vote.
The 6th item of business is the consideration of a non binding stockholder proposal submitted by Mr. John Chevedden, requesting that the Board take the steps necessary to allow stockholders to act by written consent, which is also described in detail in the proxy statement. Mr. Chevedden is on the line and will now present his proposal. Operator, please open Mr.
Chevedden's line. Mr. Chevedden, you may now proceed
with presenting your call.
Hello. This is John Chevedden. Can you hear me okay?
Yes, we can.
Proposal 6, adopt a mainstream shareholder right, a real version of written consent. Shareholders request our Board of Directors take the steps necessary to permit written consent by the shareholders entitled to cast The minimum number of votes that would be necessary to authorize an action at a meeting at which all shareholders entitled to vote thereon were present in voting. 100 of major companies enable shareholder action by written consent. This proposal topic won 79% supported Xerox 95% support at Dover Corporation. This proposal already won 49% support at our 2020 Annual Meeting.
This 49% support represented well over 51% support from the shares that have access to independent proxy voting advice. Most small shareholders do not have access to independent proxy voting advice. Management is thus getting a free ride on the backs of small shareholders who are forced to rely upon the biased recommendations of management. In response to this 51% vote, management put forth its proposal 5, A version of written consent that is made useless by its restrictions and thus would not be used by any group of shareholders in their right mind. Under Proposal 5, it would take the formal backing of 25% of all shares outstanding to do so little as to ask for a record date for written consent.
Why would any group owning 25 percent of our stock seek to do so little as to get a date on a calendar from management when the same group of shareholders With less effort can compel management to hold a special shareholder meeting on a topic of their choosing. Door number 1 is The date on the calendar from management that shareholders can frame and door number 2 takes less effort and compels management to hold a special shareholder meeting. Thus, door number 2, a special shareholder meeting is a clear choice and our current proposed written consent is thus useless. Proposal 5. Clearly, shareholders, if made fully aware of the uselessness of our proposed write deck by written dissent, would not approve it.
Yet management recommends that shareholders approve it. This shows how management is abusing shareholder engagement by withholding key information On the not so obvious limitations management put on its own version of written consent, in order for management to get shareholder approval and in return failed to give shareholders any meaningful right. Management failed to disclose that the Securities and Exchange Commission did not agree with management's The Securities and Exchange Commission issued its formal decision on April 9, 2021, in plenty of time for management to be upfront with shareholders. Management is Force feeding shareholders the same argument to fill to gain any traction at the Securities and Exchange Commission. If shareholder engagement is so great, why is management force feeding shareholders with glossy advertisements just before the annual meeting touting how poorly great Its shareholder engagement is.
Booking Holdings is becoming a poster company for abusing shareholder engagement. Please vote yes to adopt a mainstream shareholder write a real version of written consent proposal 6.
Thank you, Mr. Chevedden. The Board recommends that stockholders vote against this proposal. Proposal number 6 is formally submitted for stockholder vote. I'm now going to present Proposals 7 and 8.
The 7th item of business is the consideration of a stockholder proposal submitted by As You Sow on behalf of the Thornhill Company, requesting that the Board issue a climate transition report, which is also described in detail in the proxy statement. The 8th item of business is the consideration of a stockholder proposal submitted by As You Sow on behalf of Booth Investments LLC, Requesting that the company hold an annual advisory stockholder vote on the company's climate policies and strategies, which is also described in detail in the proxy statement. A representative of As You So, David Schuger, will now present Proposals 78.
Good morning. My name is David Sugar, and I want to thank you for the opportunity to present Item number 7. Requesting Booking Holdings produced a net zero climate transition report to respond to the imperative risks of climate change. Climate related risks continue to intensify and pose material threats for companies and the economy. 2020 set a new record for weather and climate disasters in the U.
S. With over $95,000,000,000 of costs associated with storms, In response to growing climate risks, investors are calling for Every company needs to develop clear, consistent and credible net zero transition plans. If every company takes responsibility for reducing its emissions, The world will be well placed to achieve the Paris goal of maintaining global temperature rise at 1.5 degrees Celsius. Appropriately, the transition to net 0 is picking up speed. We are seeing daily reports of governments, investors, Banks and companies aligning their enterprise plans to be net 0 by 2,050 or sooner.
1 in 5 of the world's 2,000 largest lead public listed companies have now adopted net zero emissions targets. By developing a climate transition plan, Booking Holdings can join these climate leaders in becoming a net zero aligned business. This is not only good for the climate, But it is good for bookings business. As BlackRock's CEO writes, there is no company whose business model won't be profoundly affected by the transition to a net zero economy. Companies that have developed climate transition plans will be well placed to take advantage of the opportunities presented by a net zero economy while avoiding the risks of falling behind competitors.
While our company recently reported in its 2020 sustainability report that it has become carbon neutral, this effort relies on the purchase of carbon offsets. Carbon offsets alone without reductions in our company's emissions is insufficient. The use of carbon offsets instead of actual emission reduction targets makes it difficult to solve climate change at a global level and does not prepare the company to meet the challenges and opportunities of a carbon constrained economy. Without setting goals to reduce operational and supply chain emissions, Booking Holdings will not contribute Solving global climate crisis or ensure that the company is prepared to thrive in a net zero economy. We urge a yes vote on this resolution for Booking Holdings to issue a climate transition report with emission reduction
Thank you.
I would also like to put forth item number 8 to hold an annual advisory stockholder vote on the company's climate policies and strategies. This will provide the opportunity for shareholder feedback on Booking Holdings' climate policies.
Thank you. The Board recommends that stockholders vote against Proposals 7 and 8. Proposals number 7 and 8 are formally submitted Over to you, Bob.
Thank you, Peter. At this time, if any stockholders would like to make a comment or As a reminder, at this time, We are addressing only the proposals. There will be time later for other questions.
Thanks, Bob. We do have one question that has come in. Regarding management proposal, have metrics for CEO incentive pay changed in the last 12 months due to the pandemic or otherwise.
Sure. I'll respond to that. The short answer is yes. The way we have approached compensation for the executive of Booking Holdings, but really All employees of Booking Holdings has changed during this period. We have various performance features To our equity plans that are tied to various metrics that during the course of the COVID pandemic when our business was essentially for a certain number of months, almost shut down.
And in fact, several weeks months where we were processing More refunds than we were taking in revenue. It basically obviated any and all of the metrics associated with our performance based plans. So the compensation committee of the Board and the Board has been actively addressing our compensation plans during the course of that period. And the changes that we made to those plans are described in detail in our proxy statement, and I would refer you to the description of those changes in the plan.
Thanks, Bob. That's all the questions we have on the proposals. So back over to you, Peter.
Okay. Thank you, Leslie. So the proposals have now been presented, and we are going to now pause for 30 seconds before we close the polls to allow anybody who wants to Okay. The polls are now formally closed. Mr.
Chair, we have been informed by the Inspector of Election that the preliminary vote report shows But the nominees for election to the Board have been duly elected. The compensation of the named executive officers for 2020 has been approved by advisory vote. The amendment to the company's 1999 omnibus plan has been approved. The ratification of Deloitte and Touche as the company's independent auditor for the fiscal year ending 2021 has been approved. The management proposal to amend the certificate of incorporation to provide for stockholder action by written consent has been approved.
The stockholder proposal requesting the right of stockholders to act by written consent did not pass. The stockholder proposal requesting the Board issue a climate transition report did pass and the stockholder proposal requesting the company hold an annual advisory stockholder vote on to be filed with the SEC within 4 business days. Bob, back to you.
Thank you, Peter. The meeting is now formally adjourned. At this point, I'd like to turn the time over to Glenn Fogel, the company's President and Chief Executive Officer, who will give some brief comments. After Glenn's comments, we'll have time to answer appropriate questions.
Thank you, Bob. Good morning or good afternoon or good evening depending on where you are. I'd like to start by reiterating the comments that were made at the beginning of this meeting and extend our deepest sympathies to the families and loved ones of the 3,300,000 lives lost due to COVID around the world. Our hearts are also with the countries, including India and Brazil, that are still struggling to control the spread of this horrible disease. While we are here today to review our performance for 2020, we do so as we continue to navigate the largest unprecedented global event in the modern day travel industry.
The COVID-nineteen pandemic has brought incredible disruption, not only to our business, the entire travel industry, but also to the overall world economy. While we are now seeing encouraging signs of recovery, we still believe it will be years, not quarters, before there is a complete recovery in global travel. As we discussed On our Q1 earnings call in May, we believe that the rate of recovery for travel will depend heavily On the rate and severity of new COVID-nineteen cases globally, the timing of effective and broad based vaccine distribution and hopefully even more effective treatments in the future. While the pace of vaccine distribution remains Frustratingly slow in many parts of the world, the UK and the U. S.
Are a few examples of countries benefiting from successful vaccine distribution programs. When we met last year, I shared our plans for the long term health of our business. Firstly, we said we would stabilize the business from the immediate shock of the crisis. Secondly, we said we would optimize the business for the anticipated decrease in travel demand over the next several years. And until the industry fully recovers, we will continue to have to do that.
And thirdly, we said we would position the business to be able to capture the travel demand when it returns. Based on our full year 2020 results, I'm pleased to confidently say that we have and continue to execute well against each of these plans. While our full year 2020 results were significantly lower than pre pandemic levels, we ended the year with 355,000,000 room nights booked through our platforms during 2020. Our adjusted EBITDA in 2020 was approximately $880,000,000 which was down significantly from 2019, but was helped by pre pandemic results in Q1 2020 and by recovery in the summer that led to positive adjusted EBITDA in Q3 last It is important to note that Q3 2020 was our only profitable quarter during the pandemic. At the onset of the pandemic, we stabilized our business through several immediate steps, including office closures, Working with travelers and partners, bolstering liquidity by preserving cash and holding stock buybacks.
We cut nonessential costs And we raised over $4,000,000,000 in capital through a debt offering. We optimized our business to account for the decrease in demand through restructuring our workforce. While these decisions are never easy, we believe these actions were a necessary Lastly, we remain active in performance marketing channels and are being agile in adapting our approach to this uncertain environment in order to capture demand. We've also been working diligently to launch marketing and PR campaigns to support recovery. As we continue to recover from the impact of this pandemic, We continue to see strong engagement through mobile with over 2 thirds of our room nights now booked through mobile channels, primarily through our mobile apps.
We see better customer loyalty, lower customer acquisition costs and more opportunities to engage with travelers through our apps. Mobile will continue to play a strategic role as we build out our connected trip, which remains a key priority in 2021 and beyond. We also continue to execute against other key strategic priorities such as expanding Booking.com's payment platform. Approximately 22% of Booking.com's gross bookings in 2020 were processed on Booking's payment platform, which is up from over 15% in 2019, which is a dramatic shift in our large scale business. Developing a robust flight product and booking also remains a key part of building towards the connected trip as it gives us the ability to engage with flight bookers earlier in their travel journey and implement more cross selling of our products.
As we continue to navigate the challenges of the pandemic as a business, sustainability played a bigger role in our business than ever before in 2020. We recently released our 2020 Sustainability Report. And one achievement I am particularly proud of is that we became operationally carbon neutral in 2020 across our entire organization. This is a significant milestone for our business, one we are working towards prior to the pandemic and one we intend to achieve each year moving forward. When we emerge from this global pandemic, our world And our industry will undoubtedly be different, but I believe travel remain fundamental to people's lives.
We truly believe that travel makes the world a better place and that the world will travel again. I want to thank our employees all over the world for putting forward Extraordinary efforts during these difficult times. I want to thank our customers for inspiring us to do what we do. And I want to thank our partners for all that they do to make travel experiences wonderful for millions of people every year. Now we'd like to open things up for stockholder questions.
We'll begin with a few questions that we received in advance of today's meeting. We will then take stockholders' questions that are being entered today on the web portal. Please note that we will attempt to answer as many questions as time allows. As a reminder, we will only address appropriate questions that meet the rules of conduct for the annual meeting. Also, any appropriate questions that we do not get to will be answered and posted as soon as practical to the company's website at bookingholdings.com in the Events and Presentations section under the For Investors tab.
The interest will remain on-site until June 30, 2021. Leslie Caverty, our Head of Communications, We'll now present the questions.
Thank you, Glenn. The first question we have from a stockholder states that We've heard in the past of not splitting the stock. By having a higher price, we are excluding the general public investment in the company. Please be inclusive and look for everyone's investment in the corporation. So do you have any comments on future potential changes there?
Thank you, Leslie. At this point in time, we are not considering a stock split and believe it is more important to drive value by investing in areas of our business that will drive Long term
growth. Thanks, Glenn. Our next question is, Time Magazine listed Airbnb as 1 of the 100 Most Influential Companies of 2021, mentioning how Airbnb is, quote, adapting to a new travel reality and its valuation of $100,000,000,000 the year's biggest debut. What does Booking Holdings and its CEO do to be the market leader not only by Revenue, but by influence and desirability.
Thank you, Leslie. We are committed to remain the world's leading provider of online travel by offering the largest and most diverse supply of places to stay and continue to work towards our connected trip vision. As the travel industry recovers and we continue to execute on this vision, we remain focused on expanding our core business and supply, Investing in product innovation, growing our brand awareness in key markets such as the U. S. Our mission is to make it easier for everyone to experience the world We are committed to fulfilling this by building towards a more sustainable and inclusive travel industry.
Thanks, Glenn. Our next question is, has Booking Holdings considered holding Bitcoin on its balance sheet?
Thank you, Leslie. We have not considered adding it to our balance sheet at this point in time, but we do work with some third party payments providers, which may accept Bitcoin, as payments remains an important part of the business, we will certainly continue to look at how and where we expand our options in the future.
Thanks, Glenn. We will now address the questions submitted today through the web portal. Note that in the event of substantially similar questions, we will present 1 for the discussion. And the first one we have here says, Mr. Chairman, the Carpenter Funds hold a total of 71,690 shares of the company's stock.
We would first like to commend the Board, senior executives and all the company's employees for a tremendous job during an incredibly challenging year. Stakeholder capitalism as an alternative to shareholder capitalism and ESG performance factors have received considerable attention recently. We appreciate the sentiments embodied in the stakeholder capitalism perspective, but feel that execution could be complicated. Could you discuss the Board's perspectives on the concept of stakeholder capitalism and what principles the Board uses to balance the interests of varied stakeholders as it develops and implements the company's long term business strategy.
Thank you, Leslie. Sure. I guess I'll start by saying that we as a Board try to not distinguish too much between shareholder capitalism and stakeholder capitalism. And what I mean by that is, while we as a Board and as a management team and as an employee base are very much focused on achieving long term capital appreciation in our stock and providing Appropriate returns for the various other securities that we have used to finance this company over time. We recognize that in order to do that, We have to be taking care of many of our not just our shareholders, but our other stakeholders.
And Glenn just did a very good job Going over all of those stakeholders, whether it's our tens of thousands of employees, our supplier partners, Obviously, we are a very large corporate citizen, not only in the United States, but throughout the world. So we're engaging in various countries with various governments. And ESP is increasingly playing an important role in that. And I think we at the Board level spend quite a bit of time making sure that every one of those three letters Receives proper focus because we recognize and understand that if we do not do a good job of addressing those that our ability to
Thank you, Bob. Glenn, our next question here is asking who do you think our strongest competitors are?
Thank you, Leslie. I think what's important is that one doesn't focus on 1 or 2 and say those are our strongest competitors and be looking what are we going to do about those competitors. Our business is extremely global. We operate around the world, and there are strong competitors in pretty much every single place that we operate. And we need to be cognizant That
even though there may
be somebody out there who isn't that strong yet, they could become strong. So we need to be aware of everyone. But what's really important, I believe, terms of building the long term value, this company is focusing the most on providing great value to Two sides of the marketplace. These are traveler customers, the people who make the reservations, creating great things for them At the same time, the other side of the marketplace, our partner suppliers doing great things for them too. By focusing the most on them, we will Over perform and beat, so to speak, competitors.
Thank you, Glenn. Our next question asks, Can you please give 2 examples of technology innovation since the beginning of the pandemic?
Wow, there have been so many things that we have had to do And love doing them to help people in this terrible crisis. There are 2 things I want to I'm going to mention, not because they produce great Benefits, so to speak, to our bottom line and not because they're going to be great things in the future, but they show how we try to be helpful. And that is our OpenTable company. As you know, our OpenTable company has a restaurant reservation system, so people can book a time to get a restaurant reservation. And in a very short amount of time, they were able to take that software And change it around.
The first thing was to be able to set up times if you needed to go to a grocery store Or a drug store. So there wouldn't be lines. Because if you recall, at the beginning of the pandemic, they were limiting how many people go into a store at the very beginning. There are long lines Everywhere how frustrating that was and hoping you could get there and be able to get in and get what you needed. And that was a great thing.
And then the second thing is thinking about said, wait, we can use this for even more. And what they did is because people still were going to universities, but they had to dine in dining halls. Of course, the concern of too many people would be together. So what Steve Hafner, the CEO of OpenTable Time and the team, what they did, And this is just brilliant, is they came up, why not set up reservations for the dining hall so they could space people out limited? And we offered both those services, whether it's a drugstore store or to colleges.
We offer all that for free. We didn't charge not only we did not charge all we bought and we installed. For example, at Cornell University, I got a beautiful note from the administration there how thankful they were for what we did. And I just can't thank Steve and all the people at OpenTable who really, really did something great.
Thank you, Glenn. Our next question asks, are there companies with attractive technology that Booking Holdings might want to
There are always companies with attractive technology that may want to do some type of combination work with. Acquisitions are one tool in the toolbox to help build value for the organization. We look at everything. We Trying to make sure is it the right thing or not, is it the right management? Will this technology work for us or not?
So many different things, valuation, so many things. We're always looking. Look, we built Booking Holdings through acquisition, as anyone who knows our history, and we'll continue to do that looking forward, always try to do What is right to build value for the future?
Thanks, Glenn. We've now addressed all of the appropriate questions submitted through the web portal.
All right. Okay. I would like to thank each of you For attending our Annual Stockholder Meeting today. And I'd also like to thank our Board of Directors, our employees, our travel partners and our customers. And a very deep thanks to governments around the world that have helped and are helping us and the entire travel industry recover and working to make the world safe from this terrible pandemic.
We appreciate everyone's support As we continue to navigate through these better, though still difficult times, all of us here at Booking Holdings Wish you and your loved ones health and safety.
Thank you all so much for attending Booking Holdings 2021 Annual Meeting of Stockholders. The meeting has now concluded and you may disconnect.