Booking Holdings benefits $54.5 million from investing Ctrip in Q1 2018
Booking Holdings will continue to expand single home inventory, with strategies targeting mobile and in-destination to build a "holistic travel experience".
Booking Holdings' worldwide accommodation room nights of $197 million, were up 13% year-over-year and exceeded the high-end of our guidance range, according to the company's Q1 2018 financial statement.
As of March 31, booking.com our largest brand, had a total of 28.2 million reported listings, consisting of approximately 23.0 million reported listings in hotels, motels and resorts and approximately 5.2 million reported listings in homes, apartments and other unique places to stay.
Year-over-year growth in booking.com reported listings for our alternative accommodations category was 28%, which demonstrates our ongoing focus to build additional supply. Today, all of booking.com alternative accommodation listings are fully integrated in our marketplace and are instantly bookable with no customer fee.
Net income in the first quarter was $607.2 million, a 33% increase versus the prior year. GAAP net income includes a $54.5 million benefit related to an unrealized gain in our equity investments in Ctrip.
Our cash and investments amounted to $16.3 billion at quarter end. In Q1 we generated $640 million of operating cash flow, which grew by 68% compared to the prior year. Our free cash flow for the quarter was $508 million, which is 64% higher than Q1 2017.