The company said that, based on full-year 2023 internal data, its B2B business has 100 million+ room nights, $25 billion in gross bookings and 60 thousand+ partners.

1. 01

   The company said that, based on full-year 2023 internal data, its B2B business has 100 million+ room nights, $25 billion in gross bookings and 60 thousand+ partners.

2. 02

   The company put B2B gross bookings at $25B in 2023, with a +16% CAGR; revenue at $3.4B, with a +16% CAGR; and Adjusted EBITDA at $798M, with a +28% CAGR. It said these metrics cover the 2018 to 2023 period.

3. 03

   The company said that B2B segment operating income (loss) for 2023 was 681, and that adding realized gain (loss) on revenue hedges of 4 and depreciation of 113 gives Adjusted EBITDA of 798 (in millions).

4. 04

   The company said that B2B growth will slow as global growth normalizes, but that it still expects growth to reach double digits. It added that it will continue to invest in supply, technology, partnerships and its team.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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