A high yield in performance marketing helped catalyze the company's 13% year-over-year improvement in room nights booked during the third quarter. This marketing category focuses on funneling traffic to the company's travel properties through paid channels, including online search engines, travel research services, and affiliate marketing. Booking Holdings allocates more resources to performance marketing than any other expenditure on its ledger - even compensation expense. In fact, through the first nine months of 2018, performance marketing has equaled exactly 50% of the company's $7.12 billion in total operating expense. Performance marketing drives the business forward and provides for Booking Holding's ample profits and cash flow. And it offers flexibility as well: The organization can choose in any given quarter to prop up revenue growth with bulk marketing purchases, though this "volume" approach to revenue hurts operating margin. Get the full story at The Motley Fool Read also "Booking spent over $1 billion on Google ads in the latest quarter"