Booking Holdings Inc Q2 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Naved Ahmad Khan - Truist Securities, Inc., Research Division - Analyst : A couple of questions. I think, David, I think I heard you say marketing efficiency was higher versus 2019, and I did some rough math off of the bookings number. It does look -- it was higher in the last quarters. Can you just maybe talk about what are the drivers of efficiency in marketing? And then maybe one for Glenn. Maybe, can you just talk about some reports of maybe flash deals being tested on the site maybe later this year? And what kind of interest you might be seeing from hotels in terms of [first visit]?

Question: Dae K. Lee - JPMorgan Chase & Co, Research Division - Analyst : This is Dae Lee on for Doug. One for Glenn. In your prepared remarks, you talked about better monetize the transaction flow. And that's one of the drivers that led to the creation of this fintech unit. So just curious what the opportunities that you are seeing there? And is this something that will affect user experience as well or more focused around the back end? And then second one for David. A follow-up question on the sales and marketing ROI. You guys had called out higher ROIs last quarter and again this quarter. So I was curious if this is a result of something that you're doing differently? Or is this just more of an outcome due to the competitive dynamic on the performance advertising channels?