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EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null}],"analysis":"글로벌 여행 예약 플랫폼. 2026년 -9.3%다. 본주(-9.3%)와 공급단(평균 +8.3%)이 같은 보폭으로 움직인다.","analysis_en":"Booking Holdings Inc. operates across Global online travel platform. It is -9.3% in 2026. The stock (-9.3%) and its supply side (avg +8.3%) are moving in step. It remits booking proceeds to hotel partners and spends on Google search advertising and Adyen's payments infrastructure.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"트립닷컴그룹(씨트립)","counterparty_slug":"trip-com-group","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2015-02-19","basis":"Ctrip 발행 5년 만기 선순위 전환사채 투자액","value":500000000,"period":"FY2014","basis_en":"Investment in a five-year senior convertible note issued by Ctrip","qualifier":null},"note":"당시 Priceline Group이던 부킹 홀딩스는 Ctrip이 발행한 전환사채와 미국예탁주식에 투자해 중국 온라인 여행 시장과의 전략적 연결을 넓혔다. 이 엣지는 현재 보유지분이 아니라 2014년에 집행된 역사적 투자를 나타낸다.","note_en":"Booking Holdings, then known as The Priceline Group, invested in a Ctrip convertible note and American depositary shares to deepen its strategic exposure to China's online travel market. This edge represents the investment made in 2014, not a current ownership balance.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2015-02-19","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553115000007/pcln-20141231_10k.htm","title":"The Priceline Group Inc. 2014 Annual Report on Form 10-K","title_en":"The Priceline Group Inc. 2014 Annual Report on Form 10-K","excerpt":"회사는 Ctrip이 발행한 5년 만기 선순위 전환사채에 비미국 현금 5억 달러를 투자했다.","excerpt_en":"we used $500 million of our non-U.S. cash to invest in a five-year senior convertible note issued by Ctrip.com"}]},{"direction":"revenue","counterparty":"메리어트 인터내셔널","counterparty_slug":"marriott-international","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-18","basis":"메리어트 인터내셔널 관련 Booking.com 숙박 예약 매출","value":null,"period":"FY2025","basis_en":"Booking.com accommodation reservation revenue attributable to Marriott International","qualifier":"confirmed_no_disclosed_value"},"note":"메리어트 브랜드 호텔은 Booking.com 유통 계약을 통해 객실 예약을 받는다. 부킹 홀딩스는 Booking.com 숙박 예약의 수수료와 거래 순매출을 인식하지만 메리어트에서 발생한 금액은 따로 공개하지 않는다.","note_en":"Marriott-branded hotels distribute rooms under an agreement with Booking.com. Booking Holdings recognizes commissions and transaction net revenue from Booking.com accommodation reservations but does not disclose the amount attributable to Marriott.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng-20251231.htm","title":"Booking Holdings Inc. 10-K (2026-02-18)","title_en":"Booking Holdings Inc. 10-K (2026-02-18)","excerpt":"머천트 매출의 대부분은 Booking.com 숙박 예약에서 발생한다.","excerpt_en":"The majority of our merchant revenue is from Booking.com's accommodation reservations."},{"stance":"confirms","publisher":"메리어트 인터내셔널","publisher_en":"Marriott International","kind":"filing","lang":"en","published_at":"2024-03-31","url":"https://www.hotel-development.marriott.com/resourcefiles/fdd-document/2024-auto-fdd-3-31-2024.pdf","title":"2024 Autograph Collection Domestic Franchise Disclosure Document","title_en":"2024 Autograph Collection Domestic Franchise Disclosure Document","excerpt":"메리어트는 Booking.com과 계약을 맺고 브랜드 호텔의 예약을 Booking.com 웹사이트에서 받는다.","excerpt_en":"We have an agreement with Booking.com."}]},{"direction":"revenue","counterparty":"힐튼 월드와이드","counterparty_slug":"hilton-worldwide","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"힐튼 월드와이드 관련 Booking.com 예약 수수료 매출","value":null,"period":"FY2025","basis_en":"Booking.com reservation commission revenue attributable to Hilton Worldwide","qualifier":"confirmed_no_disclosed_value"},"note":"힐튼은 Booking.com을 제3자 예약 채널로 안내하며, 인터넷 여행 중개업체를 통한 객실 판매에 수수료와 거래 수수료를 지급한다고 공시한다. 개별 Booking.com 수수료율과 지급액은 공개하지 않는다.","note_en":"Hilton identifies Booking.com as a third-party reservation channel and discloses that it pays commissions and transaction fees for room sales through internet travel intermediaries. It does not disclose the Booking.com-specific rate or amount.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1585689/000158568926000007/hlt-20251231.htm","title":"힐튼 월드와이드 2025 회계연도 Form 10-K","title_en":"Hilton Worldwide Holdings 2025 Form 10-K","excerpt":"힐튼은 인터넷 여행 중개업체를 통한 객실 판매에 수수료와 거래 수수료를 지급한다고 공시한다.","excerpt_en":"pay various commissions and transaction fees"},{"stance":"confirms","publisher":"힐튼","publisher_en":"Hilton","kind":"ir","lang":"ko","published_at":"2024-02-29","url":"https://www.hilton.com/ko/help-center/reservations/can-i-book-through-a-third-party-site/","title":"제3자 웹사이트를 통한 힐튼 호텔 예약","title_en":"Booking a Hilton Property Through a Third-Party Website","excerpt":"다음과 같은 제3자 웹사이트를 통해 힐튼 호텔을 예약하실 수 있습니다: Booking.com.","excerpt_en":"Hilton hotels can be booked through third-party websites including Booking.com."}]},{"direction":"cost","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-18","basis":"구글에 지급한 성과형 검색광고비","value":null,"period":"FY2025","basis_en":"Performance search advertising spend paid to Google","qualifier":"confirmed_no_disclosed_value"},"note":"부킹 홀딩스의 성과형 마케팅은 온라인 검색엔진, 특히 구글을 주요 유입 채널로 사용한다. 회사는 구글에 지급한 광고비를 별도로 공개하지 않았지만, 검색광고 분석에서도 Booking.com의 높은 구글 광고 노출이 확인된다.","note_en":"Booking Holdings relies on online search engines, especially Google, as a major performance-marketing channel. The company does not disclose Google-specific ad spend, while paid-search analysis independently confirms Booking.com's substantial Google Ads presence.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng-20251231.htm","title":"Booking Holdings Inc. 10-K (2026-02-18)","title_en":"Booking Holdings Inc. 10-K (2026-02-18)","excerpt":"성과형 마케팅 비용은 온라인 검색엔진, 특히 구글과 주로 관련된다.","excerpt_en":"online search engines (primarily Google)"},{"stance":"confirms","publisher":"Adthena","publisher_en":"Adthena","kind":"analysis","lang":"en","published_at":"2025-04-28","url":"https://www.adthena.com/resources/blog/paid-search-power-plays/","title":"Paid Search Power Plays: Key Wins, Shifts, and Strategies Revealed","title_en":"Paid Search Power Plays: Key Wins, Shifts, and Strategies Revealed","excerpt":"Adthena는 Booking.com이 영국 숙박 구글 광고 시장에서 선두 점유율을 보였다고 분석했다.","excerpt_en":"Booking.com commands a leading 27% of the travel accommodation Google Ads market."},{"stance":"mentions","publisher":"하나증권","publisher_en":"Hana Securities","kind":"research","lang":"ko","published_at":"2024-08-05","url":"https://www.hanaw.com/download/research/FileServer/WEB/global/company/2024/08/05/BKNG_0805.pdf","title":"부킹홀딩스: 3분기 가이던스 보수적으로 제시 이유","title_en":"Booking Holdings: Why Third-Quarter Guidance Was Conservative","excerpt":"소셜 미디어 채널에서의 마케팅 투자를 확대하고 있음.","excerpt_en":"The company was increasing marketing investment in social-media channels."}]},{"direction":"cost","counterparty":"Adyen","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-18","basis":"Adyen에 지급한 결제처리 수수료","value":null,"period":"FY2025","basis_en":"Payment-processing fees paid to Adyen","qualifier":"confirmed_no_disclosed_value"},"note":"Adyen은 2019년부터 Booking.com의 글로벌 결제 인프라를 지원해 왔다. 부킹 홀딩스는 머천트 거래의 결제처리 수수료를 비용으로 인식하지만 Adyen에 지급한 금액은 공개하지 않는다.","note_en":"Adyen has supported Booking.com's global payments infrastructure since 2019. Booking Holdings recognizes payment-processing fees on merchant transactions but does not disclose the amount paid to Adyen.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1075531/000107553126000009/bkng-20251231.htm","title":"Booking Holdings Inc. 10-K (2026-02-18)","title_en":"Booking Holdings Inc. 10-K (2026-02-18)","excerpt":"판매 및 기타 비용에는 신용카드와 다른 결제처리 수수료가 포함된다.","excerpt_en":"credit card and other payment processing fees"},{"stance":"confirms","publisher":"Payments Dive","publisher_en":"Payments Dive","kind":"news","lang":"en","published_at":"2025-06-16","url":"https://www.paymentsdive.com/spons/adyen-and-bookingcom-a-global-merchants-selection-framework-on-lpm-expans/750277/","title":"Adyen and Booking.com: A Global Merchant's Selection Framework on LPM Expansion","title_en":"Adyen and Booking.com: A Global Merchant's Selection Framework on LPM Expansion","excerpt":"Adyen은 2019년부터 Booking.com의 글로벌 결제 인프라를 지원해 왔다.","excerpt_en":"Adyen has partnered with Booking.com to power their global payments infrastructure."}]}]}