Douglas Anmuth
JPMorgan Chase & Co, Research Division

All right. We're going to get started. I think one of the last sessions of the conference. But we're very pleased to have with us today, Glenn Fogel, CEO and President of Booking Holdings.

So Booking is the world's leading provider of online travel and related services. The company's mission is to make it easier for everyone to experience the world. Booking has more than 32 million listings across 4.5 million properties, including hotels, homes, apartments, other unique places to stay, some treehouses in there, too? I believe.

Glenn Fogel
President, CEO & Director

Absolutely.

Douglas Anmuth
JPMorgan Chase & Co, Research Division

And it serves global travelers across more than 220 countries through Booking.com, Priceline, Agoda, KAYAK and OpenTable. And over the last 12 months, 1.3 billion room nights were booked across Booking Holdings. Glenn joined the company in 2000, became the group CEO in 2017, and also expanded his responsibilities to lead Booking.com as CEO in 2019. So welcome, Glenn.

Glenn Fogel
President, CEO & Director

Well, thanks for having me, Doug.

Douglas Anmuth
JPMorgan Chase & Co, Research Division

All right. Let's start kind of big picture. There's been this kind of long-running debate just around whether travel is structurally taking share of wallet versus other discretionary categories. How do you think about whether we're still in this secular growth phase for travel spending globally or whether you're seeing some of these markets approach maturity?

Glenn Fogel
President, CEO & Director

So long term, travel has always in