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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 1-36691
Booking Holdings Inc.
(Exact name of registrant as specified in its charter)
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Delaware | 06-1528493 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
800 Connecticut Avenue
Norwalk, Connecticut 06854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 299-8000
Former name, former address and former fiscal year, if changed, since last report: N/A
_____________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class: | | | Trading Symbol(s) | | Name of each exchange on which registered: |
Common Stock par value $0.008 per share | | | BKNG | | The NASDAQ Global Select Market |
0.800% Senior Notes Due 2022 | | | BKNG 22A | | The NASDAQ Stock Market LLC |
2.150% Senior Notes Due 2022 | | | BKNG 22 | | The NASDAQ Stock Market LLC |
2.375% Senior Notes Due 2024 | | | BKNG 24 | | The NASDAQ Stock Market LLC |
1.800% Senior Notes Due 2027 | | | BKNG 27 | | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ |
Smaller reporting company | ☐ | Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of Common Stock outstanding at July 30, 2020:
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Common Stock, par value $0.008 per share | | 40,948,631 |
(Class) | | (Number of Shares) |
Booking Holdings Inc.
Form 10-Q
For the Three Months Ended June 30, 2020
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PART I - FINANCIAL INFORMATION | |
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Item 1. Financial Statements | |
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Consolidated Balance Sheets at June 30, 2020 (Unaudited) and December 31, 2019 | |
Consolidated Statements of Operations (Unaudited) For the Three and Six Months Ended June 30, 2020 and 2019 | |
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) For the Three and Six Months Ended June 30, 2020 and 2019 | |
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) For the Three and Six Months Ended June 30, 2020 and 2019 | |
Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended June 30, 2020 and 2019 | |
Notes to Unaudited Consolidated Financial Statements | |
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
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Item 4. Controls and Procedures | |
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PART II - OTHER INFORMATION | |
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Item 1. Legal Proceedings | |
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Item 1A. Risk Factors | |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
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Item 6. Exhibits | |
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SIGNATURES | |
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
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| | June 30, 2020 | | December 31, 2019 |
| | (Unaudited) | | |
ASSETS | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 10,404 | | | $ | 6,312 | |
Short-term investments (Available-for-sale debt securities: Amortized cost of $998 at December 31, 2019) | | — | | | 998 | |
Accounts receivable, net (Allowance for expected credit losses of $282 and $49, respectively) | | 566 | | | 1,680 | |
Prepaid expenses and other current assets, net (Allowance for expected credit losses of $12 and $6, respectively) | | 483 | | | 843 | |
Total current assets | | 11,453 | | | 9,833 | |
Property and equipment, net | | 736 | | | 738 | |
Operating lease assets | | 577 | | | 620 | |
Intangible assets, net | | 1,865 | | | 1,954 | |
Goodwill | | 2,412 | | | 2,913 | |
Long-term investments (Includes available-for-sale debt securities: Amortized cost of $775 and $2,192, respectively) | | 2,946 | | | 4,477 | |
Other assets, net (Allowance for expected credit losses of $44 at June 30, 2020) | | 923 | | | 867 | |
Total assets | | $ | 20,912 | | | $ | 21,402 | |
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LIABILITIES AND STOCKHOLDERS' EQUITY | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 581 | | | $ | 1,239 | |
Accrued expenses and other current liabilities | | 1,445 | | | 1,578 | |
Deferred merchant bookings | | 910 | | | 1,561 | |
Convertible debt | | 973 | | | 988 | |
Total current liabilities | | 3,909 | | | 5,366 | |
Deferred income taxes | | 931 | | | 876 | |
Operating lease liabilities | | 417 | | | 462 | |
Long-term U.S. transition tax liability | | 922 | | | 1,021 | |
Other long-term liabilities | | 101 | | | 104 | |
Long-term debt | | 10,633 | | | 7,640 | |
Total liabilities | | 16,913 | | | 15,469 | |
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Commitments and Contingencies (see Note 13) | | | | |
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Stockholders' equity: | | | | |
Common stock, $0.008 par value, Authorized shares: 1,000,000,000 Issued shares: 63,390,891 and 63,179,471, respectively | | — | | | — | |
Treasury stock, 22,442,328 and 21,762,070 shares, respectively | | (24,119) | | | (22,864) | |
Additional paid-in capital | | 5,699 | | | 5,756 | |
Retained earnings | | 22,652 | | | 23,232 | |
Accumulated other comprehensive loss | | (233) | | | (191) | |
Total stockholders' equity | | 3,999 | | | 5,933 | |
Total liabilities and stockholders' equity | | $ | 20,912 | | | $ | 21,402 | |
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
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| | Three Months Ended June 30, | | | | Six Months Ended June 30, | | |
| | 2020 | | 2019 | | 2020 | | 2019 |
Agency revenues | | $ | 357 | | | $ | 2,607 | | | $ | 1,781 | | | $ | 4,556 | |
Merchant revenues | | 245 | | | 959 | | | 904 | | | 1,562 | |
Advertising and other revenues | | 28 | | | 284 | | | 233 | | | 569 | |
Total revenues | | 630 | | | 3,850 | | | 2,918 | | | 6,687 | |
Operating expenses: | | | | | | | | |
Marketing expenses | | 211 | | | 1,367 | | | 1,062 | | | 2,560 | |
Sales and other expenses | | 131 | | | 248 | | | 508 | | | 463 | |
Personnel, including stock-based compensation of $77, $79, $83 and $153, respectively | | 452 | | | 619 | | | 936 | | | 1,120 | |
General and administrative | | 104 | | | 180 | | | 305 | | | 371 | |
Information technology | | 70 | | | 70 | | | 148 | | | 135 | |
Depreciation and amortization | | 112 | | | 119 | | | 229 | | | 235 | |
Restructuring and other exit costs | | 34 | | | — | | | 34 | | | — | |
Impairment of goodwill | | — | | | — | | | 489 | | | — | |
Total operating expenses | | 1,114 | | | 2,603 | | | 3,711 | | | 4,884 | |
Operating (loss) income | | (484) | | | 1,247 | | | (793) | | | 1,803 | |
Other income (expense): | | | | | | | | |
Interest income | | 12 | | | 34 | | | 44 | | | 69 | |
Interest expense | | (96) | | | (68) | | | (160) | | | (134) | |
Net gains on marketable equity securities | | 835 | | | 17 | | | 528 | | | 468 | |
Impairment of investment | | — | | | — | | | (100) | | | — | |
Foreign currency transactions and other | | (58) | | | (23) | | | (32) | | | (31) | |
Total other income (expense) | | 693 | | | (40) | | | 280 | | | 372 | |
Income (loss) before income taxes | | 209 | | | 1,207 | | | (513) | | | 2,175 | |
Income tax expense | | 87 | | | 228 | | | 64 | | | 431 | |
Net income (loss) | | $ | 122 | | | $ | 979 | | | $ | (577) | | | $ | 1,744 | |
Net income (loss) applicable to common stockholders per basic common share | | $ | 2.98 | | | $ | 22.62 | | | $ | (14.07) | | | $ | 39.52 | |
Weighted-average number of basic common shares outstanding (in 000's) | | 40,922 | | | 43,251 | | | 41,007 | | | 44,124 | |
Net income (loss) applicable to common stockholders per diluted common share | | $ | 2.97 | | | $ | 22.44 | | | $ | (14.07) | | | $ | 39.17 | |
Weighted-average number of diluted common shares outstanding (in 000's) | | 40,995 | | | 43,601 | | | 41,007 | | | 44,514 | |
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
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| | Three Months Ended June 30, | | | | Six Months Ended June 30, | | |
| | 2020 | | 2019 | | 2020 | | 2019 |
Net income (loss) | | $ | 122 | | | $ | 979 | | | $ | (577) | | | $ | 1,744 | |
Other comprehensive income (loss), net of tax | | | | | | | | |
Foreign currency translation adjustments, net of tax | | 32 | | | (16) | | | (45) | | | (28) | |
Net unrealized gains (losses) on available-for-sale securities, net of tax | | 77 | | | (45) | | | 3 | | | 114 | |
Total other comprehensive income (loss), net of tax | | 109 | | | (61) | | | (42) | | | 86 | |
Comprehensive income (loss) | | $ | 231 | | | $ | 918 | | | $ | (619) | | | $ | 1,830 | |
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 and 2019
(In millions except share data)
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| | Common Stock | | | | Treasury Stock | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | | | | | Total |
Balance, March 31, 2020 | | 63,370 | | | $ | — | | | (22,440) | | | $ | (24,115) | | | $ | 5,758 | | | 22,530 | | | $ | (342) | | | $ | 3,831 | |
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Net income | | — | | | — | | | — | | | — | | | — | | | 122 | | | — | | | 122 | |
Foreign currency translation adjustments, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | 32 | | | 32 | |
Net unrealized gains on available-for-sale securities, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | 77 | | | 77 | |
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Issuance of convertible senior notes | | — | | | — | | | — | | | — | | | 96 | | | — | | | — | | | 96 | |
Conversion of debt | | — | | | — | | | — | | | — | | | (241) | | | — | | | — | | | (241) | |
Exercise of stock options and vesting of restricted stock units and performance share units | | 21 | | | — | | | — | | | — | | | 6 | | | — | | | — | | | 6 | |
Repurchase of common stock | | — | | | — | | | (2) | | | (4) | | | — | | | — | | | — | | | (4) | |
Stock-based compensation and other stock-based payments | | — | | | — | | | — | | | — | | | 80 | | | — | | | — | | | 80 | |
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Balance, June 30, 2020 | | 63,391 | | | $ | — | | | (22,442) | | | $ | (24,119) | | | $ | 5,699 | | | $ | 22,652 | | | $ | (233) | | | $ | 3,999 | |
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| | Common Stock | | | | Treasury Stock | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | | | | | Total |
Balance, December 31, 2019 | | 63,179 | | | $ | — | | | (21,762) | | | $ | (22,864) | | | $ | 5,756 | | | $ | 23,232 | | | $ | (191) | | | $ | 5,933 | |
Cumulative effect of adoption of accounting standards update | | — | | | — | | | — | | | — | | | — | | | (3) | | | — | | | (3) | |
Net loss | | — | | | — | | | — | | | — | | | — | | | (577) | | | — | | | (577) | |
Foreign currency translation adjustments, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | (45) | | | (45) | |
Net unrealized losses on available-for-sale securities, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | 3 | | | 3 | |
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Issuance of convertible senior notes | | — | | | — | | | — | | | — | | | 96 | | | — | | | — | | | 96 | |
Conversion of debt | | — | | | — | | | — | | | — | | | (245) | | | — | | | — | | | (245) | |
Exercise of stock options and vesting of restricted stock units and performance share units | | 212 | | | — | | | — | | | — | | | 6 | | | — | | | — | | | 6 | |
Repurchase of common stock | | — | | | — | | | (680) | | | (1,255) | | | — | | | — | | | — | | | (1,255) | |
Stock-based compensation and other stock-based payments | | — | | | — | | | — | | | — | | | 86 | | | — | | | — | | | 86 | |
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Balance, June 30, 2020 | | 63,391 | | | $ | — | | | (22,442) | | | $ | (24,119) | | | $ | 5,699 | | | $ | 22,652 | | | $ | (233) | | | $ | 3,999 | |
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| | Common Stock | | | | Treasury Stock | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | | | | | Total |
Balance, March 31, 2019 | | 63,122 | | | $ | — | | | (18,936) | | | $ | (17,567) | | | $ | 5,519 | | | $ | 19,132 | | | $ | (169) | | | $ | 6,915 | |
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Net income | | — | | | — | | | — | | | — | | | — | | | 979 | | | — | | | 979 | |
Foreign currency translation adjustments, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | (16) | | | (16) | |
Net unrealized losses on available-for-sale securities, net of tax | | — | | | — | | | — | | | — | | | — | | | — | | | (45) | | | (45) | |
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Exercise of stock options and vesting of restricted stock units and performance share units | | 22 | | | — | | | — | | | — | | | 1 | | | — | | | — | | | 1 | |
Repurchase of common stock | | — | | | — | | | (1,442) | | | (2,606) | | | — | | | — | | | — | | | (2,606) | |
Stock-based compensation and other stock-based payments | | — | | | — | | | — | | | — | | | 79 | | | — | | | — | | | 79 | |
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Balance, June 30, 2019 | | 63,144 | | | $ | — | | | (20,378) | | | $ | (20,173) | | | $ | 5,599 | | | $ | 20,111 | | | $ | (230) | | | $ | 5,307 | |
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| | Common Stock | | | | Treasury Stock | | | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | | | | | Total |
Balance, December 31, 2018 | | |