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SEGMENT REPORTING AND GEOGRAPHIC INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION SEGMENT REPORTING AND GEOGRAPHIC INFORMATION
The Company's portfolio of brands is organized into five operating segments. The Company determined its operating segments based on how its chief operating decision maker ("CODM"), who is the Chief Executive Officer and President, manages the business, makes operating decisions, and evaluates operating performance. The operating segments are aggregated into one reportable segment based on the similarity in economic characteristics, other qualitative factors, and the objectives and principles of ASC 280, Segment Reporting.

The CODM reviews revenues and an adjusted measure of earnings before interest, taxes, depreciation, and amortization less additions to property and equipment ("Adjusted EBITDA less Capex") for each operating segment. The following table presents information for the Company's reportable segment. Other segment items include operating expenses such as general and administrative and information technology. See Note 2 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on these expenses.
Three Months Ended
March 31,
(in millions)20252024
Total revenues
$4,762 $4,415 
Marketing expenses1,777 1,610 
Sales and other expenses702 678 
Personnel expenses789 773 
Other segment items451 494 
Segment Adjusted EBITDA less Capex
$1,043 $860 
The following table presents the reconciliation of the Company's segment Adjusted EBITDA less Capex to Income before income taxes:
Three Months Ended
March 31,
(in millions)20252024
Segment Adjusted EBITDA less Capex
$1,043 $860 
Additions to property and equipment
110 112 
Adjustment related to the Netherlands pension fund matter (1)
129 — 
Depreciation and amortization (2)
(154)(137)
Transformation costs (3)
(32)— 
Interest expense (2)
(649)(219)
Interest and dividend income (2)
241 243 
Net gains (losses) on equity securities (4)
3 (16)
Foreign currency transaction (losses) gains on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments (4)
(389)167 
Change in fair value of the conversion option of the convertible senior notes (5)
158 — 
Other (6)
(64)(73)
Income before income taxes
$396 $937 
(1)    See Note 13 for additional information.
(2)    See the Unaudited Consolidated Statements of Operations.
(3)    See Note 17 for additional information.
(4)    See Note 15 for additional information.
(5)    See Note 9 for additional information.
(6)    Primarily consists of the expenses of corporate headquarters and certain other functional departments.

Stock-based compensation included in the determination of segment Adjusted EBITDA less Capex was $130 million and $123 million for the three months ended March 31, 2025 and 2024, respectively.

Geographic Information

The Company's revenues from its businesses outside of the United States (the "U.S.") consists of the results of Booking.com and Agoda in their entirety and the results of the KAYAK and OpenTable businesses located outside of the U.S. This classification is independent of where the consumer resides, where the consumer is physically located while using the Company's services, or the location of the travel service provider or restaurant. For example, a reservation made through Booking.com at a hotel in New York by a consumer in the U.S. is part of the results of the Company's businesses outside of the U.S.
(in millions)U.S.
Outside of the U.S. (1)
Total Company
Total revenues for the three months ended March 31,
2025$586 $4,176 $4,762 
2024$557 $3,858 $4,415 
(1)    Includes $3.6 billion and $3.3 billion for the three months ended March 31, 2025 and 2024, respectively, attributed to an entity domiciled in the Netherlands.