example.php

$mystring = "red blue balloon";
    $matches = null;
    preg_match_all('/(red|blue|balloon)/uim', $mystring, $matches, PREG_OFFSET_CAPTURE);
    $counts = $matches[0];
    $red = 0;
    $blue = 0;
    $ballon = 0;
    foreach ($counts as $count){
        if($count[0] == "red"){
            $red += 1;
        } else if($count[0] == "blue"){
            $blue += 1;
        } else if($count[0] == "balloon"){
            $ballon += 1;
        }
    }

    $output = [
        "red" => $red >= 1,
        "blue" => $blue >= 1,
        "red and blue" => $red >= 1 && $blue >= 1
    ];
    print_r($output);