EX-99.1 2 ex991123123.htm EX-99.1 Document


Exhibit 99.1

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Booking Holdings Reports Financial Results for 4th Quarter and Full Year 2023 and Announces Initiation of a Quarterly Dividend

NORWALK, CT – February 22, 2024. . . Booking Holdings Inc. (NASDAQ: BKNG) (the "Company," "we," "our," or "us") today reported its fourth quarter and full year 2023 financial results and announced the initiation of a quarterly dividend:
Fourth Quarter 2023
Gross travel bookings, which refers to the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers, net of cancellations, for the fourth quarter were $31.7 billion, an increase of 16% from the prior-year quarter.
Room nights booked increased 9% from the prior-year quarter.
Total revenues were $4.8 billion, an increase of 18% from the prior-year quarter.
Net income was $222 million, a decrease of 82% from the prior-year quarter.
Net income per diluted common share was $6.28, a decrease of 80% from the prior-year quarter.
Non-GAAP net income was $1.1 billion, an increase of 18% from the prior-year quarter.
Non-GAAP net income per diluted common share was $32.00, an increase of 29% from the prior-year quarter.
Adjusted EBITDA was $1.5 billion, an increase of 18% from the prior-year quarter.
Full Year 2023
Gross travel bookings for the full year 2023 were $150.6 billion, an increase of 24% from the prior year.
Room nights booked increased 17% from the prior year.
Total revenues were $21.4 billion, an increase of 25% from the prior year.
Net income was $4.3 billion, an increase of 40% from the prior year.
Net income per diluted common share was $117.40, an increase of 54% from the prior year.
Non-GAAP net income was $5.6 billion, an increase of 39% from the prior year.
Non-GAAP net income per diluted common share was $152.22, an increase of 52% from the prior year.
Adjusted EBITDA was $7.1 billion, an increase of 34% from the prior year.
During the fourth quarter and full year 2023, the Company accrued a loss of $276 million related to the Netherlands pension fund matter and a loss of $530 million related to a draft decision by the Spanish competition authority, both of which have been excluded from Non-GAAP net income and Adjusted EBITDA. For more information regarding these matters, see Note 16 to the Consolidated Financial Statements to be filed with the Annual Report on Form 10-K for the year ended December 31, 2023.
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The section below under the heading "Non-GAAP Financial Measures" provides definitions and information about the use of non-GAAP financial measures in this press release, and the attached financial and statistical supplement reconciles non-GAAP financial results with Booking Holdings' financial results under GAAP.
"We are pleased to report a strong close to 2023 with fourth quarter room nights growing 9% year-over-year or 11% when excluding business associated with Israel, which was significantly impacted by the war. For the full year, we reached a significant milestone with over 1 billion room nights booked on our platforms, and we achieved record levels of gross bookings, revenue, and operating income," said Glenn Fogel, Chief Executive Officer of Booking Holdings. "We are confident in the long-term growth of leisure travel and in the opportunities ahead for our company as we continue our work to deliver a better offering and experience for our supply partners and our travelers."
Initiation of a Quarterly Dividend
Our Board of Directors declared a quarterly cash dividend of $8.75 per share, payable on March 28, 2024 to stockholders of record as of the close of business on March 8, 2024. We expect to pay a cash dividend on a quarterly basis going forward, subject to our Board’s consideration of, among other things, market conditions and our financial performance and cash flows.

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Non-GAAP Financial Measures
The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results.
To supplement the Consolidated Financial Statements, the Company uses the following non-GAAP financial measures: adjusted EBITDA, non-GAAP net income (loss), non-GAAP net income (loss) per diluted common share and free cash flow (net cash provided by (used in) operating activities less capital expenditures). The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The Company uses non-GAAP financial measures for financial and operational decision-making and as a basis to evaluate performance and set targets for employee compensation programs. The Company believes that these non-GAAP financial measures are useful for analysts and investors to evaluate the Company's ongoing operating performance because they facilitate comparison of the Company's results for the current period and projected next-period results to those of prior periods and to those of its competitors (though other companies may calculate similar non-GAAP financial measures differently from those calculated by the Company). These non-GAAP financial measures, in particular adjusted EBITDA, non-GAAP net income (loss) and free cash flow, are not intended to represent funds available for Booking Holdings' discretionary use and are not intended to represent or to be used as a substitute for operating income (loss), net income (loss) or net cash provided by (used in) operating activities as measured under GAAP. The items excluded from these non-GAAP measures, but included in the calculation of their closest GAAP equivalent, are significant components of the Company's consolidated statements of operations and cash flows and must be considered in performing a comprehensive assessment of overall financial performance.
Non-GAAP net income (loss) is net income (loss) with the following adjustments:
excludes accruals related to the Netherlands pension fund matter,
excludes accruals related to a draft decision by the Spanish competition authority,
excludes accruals related to settlements of certain indirect tax matters,
excludes the termination fee related to an acquisition agreement,
excludes significant losses on assets classified as held for sale,
excludes significant gains and losses on sale and leaseback transactions,
excludes gains and losses on equity securities with readily determinable fair values,
•     excludes the impact, if any, of significant gains and losses on the sale of and impairment and credit losses on investments in available-for-sale debt securities and significant gains and losses on the sale of and impairment and other valuation adjustments on investments in equity securities without readily determinable fair values,
excludes foreign currency transaction gains and losses on the remeasurement of Euro-denominated debt and accrued interest that are not designated as hedging instruments for accounting purposes and debt-related foreign currency derivative instruments used as economic hedges,
excludes amortization expense of intangible assets,
excludes interest received on tax payments refunded pursuant to settlement with authorities,
excludes the impact of net unrecognized tax benefits related to certain income tax matters, and
•     the income tax impact of the non-GAAP adjustments mentioned above and changes in tax estimates, as applicable.
In addition to the adjustments listed above regarding non-GAAP net income (loss), adjusted EBITDA excludes depreciation expense, interest expense, and to the extent not included in the adjustments listed above, interest and dividend income, and income tax expense (benefit). In the event the Company reports a GAAP net income but a non-GAAP net loss, dilutive shares that are included in the GAAP weighted-average number of diluted common shares outstanding are excluded from the non-GAAP weighted-average number of diluted common shares outstanding. In the event the Company reports a GAAP net loss but a non-GAAP net income, anti-dilutive shares that are excluded from the GAAP weighted-average number of diluted common shares outstanding are included in the non-GAAP weighted-average number of diluted common shares outstanding.
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We evaluate certain operating and financial measures on both an as-reported and constant-currency basis. We calculate constant currency by converting our current-year period results for transactions recorded in currencies other than U.S. Dollars using the corresponding prior-year period monthly average exchange rates rather than the current-year period monthly average exchange rates.
The attached financial and statistical supplement includes reconciliations of our financial results under GAAP to non-GAAP financial information for the three and twelve months ended December 31, 2023 and 2022. We are not able to provide a reconciliation between forward-looking adjusted EBITDA and GAAP net income (loss) because we cannot predict certain components of such reconciliation without unreasonable effort as they arise from events in future periods.

Information About Forward-Looking Statements
This press release contains forward-looking statements, which reflect the views of the Company's management regarding current expectations based on currently available information about future events. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, such as: adverse changes in market conditions for travel services; the effects of competition; the Company's ability to manage growth and expand; adverse changes in relationships with third parties on which the Company depends; success of the Company's marketing efforts; rapid technological and other market changes; the Company's ability to attract and retain qualified personnel; impacts of impairments and changes in accounting estimates; and other business and industry changes. Other risks and uncertainties relate to cyberattacks and information security; tax, legal, and regulatory risks; the Company's facilitation of payments; foreign currency exchange rates; financial risks relating to the Company's debt levels and stock price volatility; and the success of the Company's investments and acquisition strategy. For a detailed discussion of these and other risk factors that could cause the Company's actual results to differ materially from those described in the forward-looking statements included in this press release, refer to the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any subsequently filed Quarterly Reports on Form 10-Q. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
We will be posting our prepared remarks to the Booking Holdings investor relations website after the conclusion of the earnings call.

About Booking Holdings Inc.
Booking Holdings (NASDAQ: BKNG) is the world's leading provider of online travel and related services, provided to consumers and local partners in more than 220 countries and territories through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK and OpenTable. The mission of Booking Holdings is to make it easier for everyone to experience the world. For more information, visit BookingHoldings.com and follow us on X (formerly known as Twitter) @BookingHoldings.
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For Press Information: Leslie Cafferty communications@bookingholdings.com
For Investor Relations: John Longstreet ir@bookingholdings.com
#BKNG_Earnings
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Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
December 31,
20232022
ASSETS  
Current assets:  
Cash and cash equivalents$12,107 $12,221 
Short-term investments (Available-for-sale debt securities:
Amortized cost of $580 and $176, respectively)
576 175 
Accounts receivable, net (Allowance for expected credit losses of $137 and $117, respectively)3,253 2,229 
Prepaid expenses, net644 477 
Other current assets454 696 
Total current assets17,034 15,798 
Property and equipment, net784 669 
Operating lease assets705 645 
Intangible assets, net1,613 1,829 
Goodwill2,826 2,807 
Long-term investments (Includes available-for-sale debt securities:
Amortized cost of $576 at December 31, 2022)
440 2,789 
Other assets, net940 824 
Total assets$24,342 $25,361 
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable$3,480 $2,507 
Accrued expenses and other current liabilities4,635 3,244 
Deferred merchant bookings3,254 2,223 
Short-term debt1,961 500 
Total current liabilities13,330 8,474 
Deferred income taxes258 685 
Operating lease liabilities599 552 
Long-term U.S. transition tax liability515 711 
Other long-term liabilities161 172 
Long-term debt12,223 11,985 
Total liabilities27,086 22,579 
Commitments and contingencies
Stockholders' (deficit) equity:  
Common stock, $0.008 par value,
Authorized shares: 1,000,000,000
Issued shares: 64,048,000 and 63,780,528, respectively
— — 
Treasury stock: 29,650,351 and 25,917,558 shares, respectively(41,426)(30,983)
Additional paid-in capital7,175 6,491 
Retained earnings31,830 27,541 
Accumulated other comprehensive loss(323)(267)
Total stockholders' (deficit) equity(2,744)2,782 
Total liabilities and stockholders' (deficit) equity$24,342 $25,361 
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Booking Holdings Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
Three Months Ended
December 31,
Year Ended
December 31,
 2023202220232022
(unaudited)
Merchant revenues$2,469 $1,780 $10,936 $7,193 
Agency revenues2,068 2,049 9,414 9,003 
Advertising and other revenues247 220 1,015 894 
Total revenues4,784 4,049 21,365 17,090 
Operating expenses:    
Marketing expenses1,433 1,314 6,773 5,993 
Sales and other expenses(1)
650 511 2,744 1,986 
Personnel, including stock-based compensation of $161, $102, $530, and $404, respectively1,032 598 3,294 2,465 
General and administrative(1)
738 270 1,555 766 
Information technology187 126 655 526 
Depreciation and amortization134 124 504 451 
Other operating expenses(239)(199)
Total operating expenses4,175 2,704 15,530 11,988 
Operating income609 1,345 5,835 5,102 
Interest expense(208)(145)(897)(391)
Other income (expense), net10 252 543 (788)
Income before income taxes411 1,452 5,481 3,923 
Income tax expense189 217 1,192 865 
Net income$222 $1,235 $4,289 $3,058 
Net income applicable to common stockholders per basic common share$6.37 $32.07 $118.67 $76.70 
Weighted-average number of basic common shares outstanding (in 000's)34,730 38,524 36,140 39,872 
Net income applicable to common stockholders per diluted common share$6.28 $31.92 $117.40 $76.35 
Weighted-average number of diluted common shares outstanding (in 000's)35,222 38,709 36,530 40,052 

(1) The section "Reclassifications", attached to this press release, provides further information regarding the reclassification of certain indirect taxes, primarily digital services taxes, between "General and administrative" expenses and "Sales and other expenses."
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Booking Holdings Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended
December 31,
20232022
OPERATING ACTIVITIES:
Net income$4,289 $3,058 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization504 451 
Provision for expected credit losses and chargebacks330 232 
Deferred income tax benefit(478)(257)
Net losses on equity securities131 963 
Stock-based compensation expense and other stock-based payments530 404 
Operating lease amortization161 156 
Unrealized foreign currency transaction losses (gains) related to Euro-denominated debt163 (46)
Gain on sale and leaseback transaction— (240)
Other38 
Changes in assets and liabilities:
Accounts receivable(1,330)(1,228)
Prepaid expenses and other current assets155 (217)
Deferred merchant bookings and other current liabilities2,742 3,718 
Long-term assets and liabilities 142 (478)
Net cash provided by operating activities7,344 6,554 
INVESTING ACTIVITIES:
Purchase of investments(12)(768)
Proceeds from sale and maturity of investments1,840 32 
Additions to property and equipment(345)(368)
Proceeds from sale and leaseback transaction— 601 
Other investing activities(15)
Net cash provided by (used in) investing activities1,486 (518)
FINANCING ACTIVITIES:
Proceeds from the issuance of long-term debt1,893 3,621 
Payments on maturity of debt(500)(1,880)
Payments for repurchase of common stock (10,377)(6,621)
Proceeds from exercise of stock options134 
Other financing activities(59)(24)
Net cash used in financing activities(8,909)(4,897)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents(37)(40)
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents(116)1,099 
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 12,251 11,152 
Total cash and cash equivalents and restricted cash and cash equivalents, end of period $12,135 $12,251 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for income taxes$1,789 $600 
Cash paid during the period for interest$842 $380 
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Booking Holdings Inc.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In millions, except share and per share data) (1)


RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAThree Months Ended
December 31,
Year Ended
December 31,
2023202220232022
Net income$222 $1,235 $4,289 $3,058 
(a)Accruals related to the Netherlands pension fund matter276 — 276 — 
(b)Accruals related to a draft decision by the Spanish competition authority530 — 530 — 
(c)Accruals related to settlements of indirect tax matters— 46 62 46 
(d)
Termination fee related to an acquisition agreement
— — 90 — 
(e)Depreciation and amortization134 124 504 451 
(f)Loss on assets classified as held for sale— — — 36 
(g)Gain on sale and leaseback transaction— (240)— (240)
(e)Interest and dividend income(237)(131)(1,020)(219)
(e)Interest expense208 145 897 391 
(h)Net (gains) losses on equity securities(20)(179)131 963 
(i)Foreign currency transaction losses (gains) on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments165 24 163 (56)
(e)Income tax expense189 217 1,192 865 
Adjusted EBITDA$1,464 $1,241 $7,112 $5,295 
Net income as a % of Total Revenues4.6 %30.5 %20.1 %17.9 %
Adjusted EBITDA as a % of Total Revenues30.6 %30.7 %33.3 %31.0 %

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RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME APPLICABLE TO COMMON STOCKHOLDERS PER DILUTED COMMON SHAREThree Months Ended
December 31,
Year Ended
December 31,
2023202220232022
Net income$222 $1,235 $4,289 $3,058 
(a)Accruals related to the Netherlands pension fund matter276 — 276 — 
(b)Accruals related to a draft decision by the Spanish competition authority530 — 530 — 
(c)Accruals related to settlements of indirect tax matters— 46 62 46 
(d)Termination fee related to an acquisition agreement— — 90 — 
(f)Loss on assets classified as held for sale— — — 36 
(g)Gain on sale and leaseback transaction— (240)— (240)
(h)Net (gains) losses on equity securities(20)(179)131 963 
(i)Foreign currency transaction losses (gains) on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments165 24 163 (56)
(j)Amortization of intangible assets56 57 222 224 
(k)Interest received on refunded tax payments— — (31)— 
(l)Net unrecognized tax benefits related to French income tax matters— (25)— 100 
(m)Tax impact of Non-GAAP adjustments(99)40 (170)(133)
Non-GAAP Net income$1,128 $957 $5,561 $3,998 
GAAP and Non-GAAP weighted-average number of diluted common shares outstanding (in 000's)35,222 38,709 36,530 40,052 
Net income applicable to common stockholders per diluted common share$6.28 $31.92 $117.40 $76.35 
Non-GAAP Net income applicable to common stockholders per diluted common share$32.00 $24.74 $152.22 $99.83 




RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOWYear Ended
December 31,
20232022
Net cash provided by operating activities$7,344 $6,554 
(n)Additions to property and equipment(345)(368)
Free cash flow$6,999 $6,186 
Net cash provided by operating activities as a % of Total Revenues34.4 %38.3 %
Free cash flow as a % of Total Revenues32.8 %36.2 %

(1) Amounts may not total due to rounding.

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Notes:
(a)Accruals related to the Netherlands pension fund matter are recorded in Personnel expenses and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(b)Accruals related to a draft decision by the Spanish competition authority are recorded in General and administrative expenses and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(c)Accruals related to settlements of certain indirect tax matters are recorded in General and administrative expenses and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(d)Termination fee related to the acquisition agreement for the Etraveli Group is recorded in General and administrative expenses and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(e)Amounts are excluded from Net income to calculate Adjusted EBITDA.
(f)Loss on assets classified as held for sale is recorded in Other operating expenses and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(g)Gain on the sale and leaseback transaction related to Booking.com's headquarters building is recorded in Other operating expenses and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(h)Net (gains) losses on equity securities with readily determinable fair values and impairments of investments in equity securities are recorded in Other income (expense), net and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(i)Foreign currency transaction losses (gains) on the remeasurement of Euro-denominated debt and accrued interest that are not designated as hedging instruments for accounting purposes and debt-related foreign currency derivative instruments used as economic hedges are recorded in Other income (expense), net and excluded from Net income to calculate Non-GAAP Net income and Adjusted EBITDA.
(j)Amortization of intangible assets is recorded in Depreciation and amortization expenses and excluded from Net income to calculate Non-GAAP Net income.
(k)Interest received on tax payments refunded pursuant to a settlement with authorities is recorded in Other income (expense), net and Income tax expense, as applicable, and excluded from Net income to calculate Non-GAAP Net income.
(l)Net unrecognized tax benefits related to French income tax matters is recorded in Income tax expense and excluded from Net income to calculate Non-GAAP Net income.
(m)Reflects the tax impact of Non-GAAP adjustments above and changes in tax estimates which are excluded from Net income to calculate Non-GAAP Net income.
(n)Cash used for additions to property and equipment is included in the calculation of Free cash flow.


For a more detailed discussion of the adjustments described above, please see the section in this press release under the heading "Non-GAAP Financial Measures" which provides definitions and information about the use of non-GAAP financial measures.
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Booking Holdings Inc.
Statistical Data
Units Sold in millions and Gross Bookings and Total Revenues in billions(1)
(Unaudited) 
Units Sold1Q222Q223Q224Q221Q232Q233Q234Q23FY 2022FY 2023
Room Nights 198 246 240 211 274 268 276 231 896 1,049 
Year/Year Growth99.7 %56.3 %31.5 %39.5 %38.3 %8.8 %14.9 %9.2 %51.6 %17.1 %
Rental Car Days15 16 16 14 19 20 20 15 62 74 
Year/Year Growth53.0 %22.4 %24.9 %27.6 %22.7 %24.0 %20.0 %10.7 %30.7 %19.7 %
Airline Tickets23 36 
Year/Year Growth69.1 %31.4 %45.1 %61.5 %73.3 %58.3 %56.6 %45.8 %49.9 %57.6 %
Gross Bookings(2)
1Q222Q223Q224Q221Q232Q233Q234Q23FY 2022FY 2023
Merchant$11.0 $15.1 $14.5 $13.3 $19.9 $21.1 $22.3 $18.4 $53.9 $81.7 
Agency16.3 19.4 17.6 14.0 19.5 18.6 17.5 13.3 67.4 68.9 
Total$27.3 $34.5 $32.1 $27.3 $39.4 $39.7 $39.8 $31.7 $121.3 $150.6 
Gross Bookings Year/Year Growth (Decline)
Merchant240.6 %126.5 %64.6 %85.9 %81.0 %39.9 %53.5 %38.7 %108.4 %51.7 %
Agency87.1 %27.2 %18.4 %18.2 %19.7 %(4.5)%(0.4)%(5.3)%32.8 %2.3 %
Total128.7 %57.3 %35.6 %43.6 %44.5 %14.9 %24.0 %16.1 %58.3 %24.2 %
Constant-currency Basis140 %73 %52 %58 %52 %16 %21 %15 %73 %25 %
1Q222Q223Q224Q221Q232Q233Q234Q23FY 2022FY 2023
Total Revenues$2.7 $4.3 $6.1 $4.0 $3.8 $5.5 $7.3 $4.8 $17.1 $21.4 
Year/Year Growth136.3 %98.7 %29.4 %35.8 %40.2 %27.2 %21.3 %18.1 %56.0 %25.0 %
Constant-currency Basis146 %116 %47 %49 %47 %28 %18 %17 %71 %25 %
 
(1)Amounts may not total due to rounding.

(2) Gross bookings is an operating and statistical metric that captures the total dollar value, generally inclusive of taxes and fees, of all travel services booked by our customers, net of cancellations.



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Booking Holdings Inc.
Reclassifications
(Unaudited) 

The Company has reclassified certain indirect taxes, primarily digital services taxes, between "General and administrative" expenses and "Sales and other expenses." These reclassifications did not affect the previously reported quarterly Revenue, Operating income (loss), Income (loss) before income taxes, or Net income (loss) in the Unaudited Consolidated Statements of Operations. The following table presents the impact of the reclassifications by quarter on "Sales and other expenses" and "General and administrative" expenses in the Unaudited Consolidated Statements of Operations (in millions):

Three months endedYear ended
March 31,June 30,September 30,December 31,December 31,
2023
Sales and other expenses (Prior presentation)$542 $666 $723 $597 $2,528 
Reclassifications28 51 84 53 216 
Sales and other expenses (New presentation)$570 $717 $807 $650 $2,744 
General and administrative (Prior presentation)$289 $304 $387 $791 $1,771 
Reclassifications(28)(51)(84)(53)(216)
General and administrative (New presentation)$261 $253 $303 $738 $1,555 
2022
Sales and other expenses (Prior presentation)$339 $465 $540 $474 $1,818 
Reclassifications24 38 69 37 168 
Sales and other expenses (New presentation)$363 $503 $609 $511 $1,986 
General and administrative (Prior presentation)$158 $207 $262 $307 $934 
Reclassifications(24)(38)(69)(37)(168)
General and administrative (New presentation)$134 $169 $193 $270 $766 

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