42 unchanged sentences
Travel suppliers continue to look for ways to decrease their costs and to increase their control over distribution.
−Removed: For example, consolidation in the airline industry, the growth of LCC/hybrids and macroeconomic factors, among other things, have driven some airlines to negotiate for lower fees during contract renegotiations, thereby exerting increased pricing pressure on our business, which, in turn, negatively affects our revenues and margins.
+Added: For example, consolidation in the airline industry, the growth of low cost carriers/hybrids and macroeconomic factors, among other things, have driven some airlines to negotiate for lower fees during contract renegotiations, thereby exerting increased pricing pressure on our business, which, in turn, negatively affects our revenues and margins.
In addition, travel suppliers’ use of multiple distribution channels may also adversely affect our contract renegotiations with these suppliers and negatively impact our revenue.
76 unchanged sentences
If we fail to attract well-qualified employees or to retain or motivate existing employees, our business could be materially hindered by, for example, a delay in our ability to deliver products and services under contract, bring new products and services to market or respond swiftly to customer demands or new offerings from competitors.
−Removed: In the first quarter of 2026, we continued to implement a program that began in the fourth quarter of 2025, designed to offset normal inflationary pressures over the next two to three years, with the goal of keeping technology costs and selling, general and administrative costs relatively flat when compared to 2025.
+Added: In 2026, we continued to implement a program that began in the fourth quarter of 2025, designed to offset normal inflationary pressures over the next two to three years, with the goal of keeping technology costs and selling, general and administrative costs relatively flat when compared to 2025.
While we believe this to be unlikely, this program may be disruptive to our operations and could yield unanticipated consequences, such as unplanned attrition, increased difficulties in our day-to-day operations and reduced employee morale.
56 unchanged sentences
In January 2026, OFSI provided us with a notice of its intention to impose a monetary penalty in relation to this matter.
−Removed: We accrued the amount of this proposed penalty in our financial results for the quarter ended December 31, 2025;
−Removed: this accrual did not have a material adverse impact on our financial condition or results of operation.
+Added: In the second quarter of 2026, we entered into a settlement agreement with OFSI and, in connection with this settlement, paid a monetary penalty to OFSI.
+Added: We accrued an amount for the penalty in our financial results for the quarter ended December 31, 2025;
+Added: this accrual and the payment did not have a material adverse impact on our financial condition or results of operation.
In Europe, distribution system regulations or interpretations thereof may increase our cost of doing business or lower our revenues, limit our ability to sell marketing data, impact relationships with travel buyers, airlines, rail carriers or others, impair the enforceability of existing agreements with travel buyers and other users of our system, prohibit or limit us from offering services or products, or limit our ability to establish or change fees.
200 unchanged sentences
We have a significant amount of indebtedness.
−Removed: As of March 31, 2026, we had $4.3 billion of indebtedness outstanding which is net of debt issuance costs and unamortized discounts.
+Added: As of June 30, 2026, we had $4.3 billion of indebtedness outstanding which is net of debt issuance costs and unamortized discounts.
Our substantial level of indebtedness increases the possibility that we may not generate enough cash flow from operations to pay, when due, the principal of, interest on or other amounts due in respect of, these obligations.
70 unchanged sentences
An active market for our common stock may not be maintained.
−Removed: Our stock began trading on the Nasdaq stock market in 2014 and we can provide no assurance that we will be able to continue to maintain an active trading market on Nasdaq or any other exchange in the future.
−Removed: If an active market for our common stock is not maintained, it may be difficult for our stockholders to sell shares without depressing the market price for the shares or
+Added: Our stock began trading on the Nasdaq stock market ("Nasdaq") in 2014 and we can provide no assurance that we will be able to continue to maintain an active trading market on Nasdaq or any other exchange in the future.
+Added: If an active market for our common stock is not maintained, it may be difficult for our stockholders to sell shares without depressing the market price for the
+Added: shares or at all.
An inactive market may also impair our ability to raise capital by selling shares and may impair our ability to acquire other businesses, applications or technologies using our shares as consideration.
6 unchanged sentences
We may recognize impairments on long-lived assets, including goodwill and other intangible assets, or recognize impairments on our equity method investments.
−Removed: Our consolidated balance sheets as of March 31, 2026 contained goodwill and intangible assets, net totaling $2.7 billion.
+Added: Our consolidated balance sheets as of June 30, 2026 contained goodwill and intangible assets, net totaling $2.7 billion.
Future acquisitions that result in the recognition of additional goodwill and intangible assets would cause an increase in these types of assets.
5 unchanged sentences
Maintaining and improving our financial controls and the requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.
−Removed: As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) and The NASDAQ Stock Market (“NASDAQ”) rules.
+Added: As a public company, we are subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) and Nasdaq rules.
The requirements of these rules and regulations have increased and will continue to significantly increase our legal and financial compliance costs, including costs associated with the hiring of additional personnel, making some activities more difficult, time-consuming or costly, and may also place undue strain on our personnel, systems and resources.
12 unchanged sentences
We are subject to a variety of taxes in many jurisdictions globally, including income taxes in the United States at the federal, state, and local levels, and in many other countries.
−Removed: Significant judgment is required in determining our worldwide
−Removed: provision for income taxes.
−Removed: In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain.
+Added: Significant judgment is required in determining our worldwide provision for income taxes.
+Added: In the ordinary course of our business, there are many transactions and calculations where the
+Added: ultimate tax determination is uncertain.
We operate in numerous countries where our income tax returns are subject to audit and adjustment by local tax authorities.
6 unchanged sentences
Such changes could result in an increase or decrease in the effective tax rate applicable to all or a portion of our income or losses which would impact our profitability.
−Removed: We consider the undistributed capital investments in our foreign subsidiaries to be indefinitely reinvested as of March 31, 2026, and, accordingly, have not provided deferred taxes on any outside basis differences for most subsidiaries.
+Added: We consider the undistributed capital investments in our foreign subsidiaries to be indefinitely reinvested as of June 30, 2026, and, accordingly, have not provided deferred taxes on any outside basis differences for most subsidiaries.
We establish reserves for our potential liability for U.S.
13 unchanged sentences
Additionally, several countries, primarily in Europe, have adopted digital services taxes ("DST") on revenue earned by multinational companies from the provision of certain digital services, such as the use of an online marketplace, regardless of physical presence.
−Removed: Canada repealed their DST on March 26, 2026, and we reversed our accrual for these taxes in our selling, general and administrative costs.
+Added: Canada repealed its DST on March 26, 2026, and we reversed our accrual for these taxes in our selling, general and administrative costs.
Other countries continue to propose DST legislation, which we monitor closely.
24 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.