During the first-quarter, Booking Holdings saw its total revenues decline 3 percent, year-over-year, to $2.8 billion. One path to new growth could be more acquisitions, CEO Glenn Fogel suggested on an earnings call last week.

During the call, Fogel said three times that he was considering opportunistic mergers and acquisitions. It wasn’t clear what size company or sector he had in mind. The inferred context was that the conglomerate has several opportunities to knit together an interlocking set of travel services to do a better job of cross-selling and upselling customers on an array of products throughout the life of a trip.

Related: Booking Holdings sees a steep slowdown