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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, 2019
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)
|
| |
Delaware | 06-1528493 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
800 Connecticut Avenue
Norwalk, Connecticut 06854
(address of principal executive offices)
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:
|
| | | | | |
Title of Each Class: | | Trading Symbol | | 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 | | New York Stock Exchange |
2.150% Senior Notes Due 2022 | | BKNG 22 | | New York Stock Exchange |
2.375% Senior Notes Due 2024 | | BKNG 24 | | New York Stock Exchange |
1.800% Senior Notes Due 2027 | | BKNG 27 | | New York Stock Exchange |
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 (Check one):
|
| | | | | |
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 Act). Yes ☐ No ☒
Number of shares of Common Stock outstanding at July 31, 2019:
|
| | |
Common Stock, par value $0.008 per share | | 42,511,903 |
(Class) | | (Number of Shares) |
Booking Holdings Inc.
Form 10-Q
For the Three Months Ended June 30, 2019
|
| |
PART I - FINANCIAL INFORMATION | |
| |
Item 1. Financial Statements | |
| |
Consolidated Balance Sheets at June 30, 2019 (Unaudited) and December 31, 2018 | |
Consolidated Statements of Operations (Unaudited) For the Three and Six Months Ended June 30, 2019 and 2018 | |
Consolidated Statements of Comprehensive Income (Unaudited) For the Three and Six Months Ended June 30, 2019 and 2018 | |
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) For the Three and Six Months Ended June 30, 2019 and 2018 | |
Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended June 30, 2019 and 2018 | |
Notes to Unaudited Consolidated Financial Statements | |
| |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
| |
Item 3. Quantitative and Qualitative Disclosures About Market Risk | |
| |
Item 4. Controls and Procedures | |
| |
PART II - OTHER INFORMATION | |
| |
Item 1. Legal Proceedings | |
| |
Item 1A. Risk Factors | |
| |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
| |
Item 6. Exhibits | |
| |
SIGNATURES | |
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
|
| | | | | | | | |
| | June 30, 2019 | | December 31, 2018 |
| | (Unaudited) | | |
ASSETS | | |
| | |
|
Current assets: | | |
| | |
|
Cash and cash equivalents | | $ | 5,256 |
| | $ | 2,624 |
|
Short-term investments in marketable securities | | 1,553 |
| | 3,660 |
|
Accounts receivable, net of allowance for doubtful accounts of $56 and $61, respectively | | 1,973 |
| | 1,523 |
|
Prepaid expenses and other current assets | | 1,238 |
| | 600 |
|
Total current assets | | 10,020 |
| | 8,407 |
|
Property and equipment, net | | 716 |
| | 656 |
|
Operating lease assets | | 639 |
| | — |
|
Intangible assets, net | | 2,041 |
| | 2,125 |
|
Goodwill | | 2,915 |
| | 2,910 |
|
Long-term investments | | 4,618 |
| | 8,408 |
|
Other assets | | 545 |
| | 181 |
|
Total assets | | $ | 21,494 |
| | $ | 22,687 |
|
| | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | |
| | |
|
Current liabilities: | | |
| | |
|
Accounts payable | | $ | 1,291 |
| | $ | 1,134 |
|
Accrued expenses and other current liabilities | | 1,740 |
| | 1,399 |
|
Deferred merchant bookings | | 2,343 |
| | 1,022 |
|
Convertible debt | | 975 |
| | — |
|
Total current liabilities | | 6,349 |
| | 3,555 |
|
Deferred income taxes | | 504 |
| | 370 |
|
Operating lease liabilities | | 495 |
| | — |
|
Long-term U.S. transition tax liability | | 1,063 |
| | 1,166 |
|
Other long-term liabilities | | 90 |
| | 162 |
|
Long-term debt | | 7,686 |
| | 8,649 |
|
Total liabilities | | 16,187 |
| | 13,902 |
|
| | | | |
Commitments and Contingencies (See Note 13) | |
|
| |
|
|
| | | | |
Stockholders' equity: | | |
| | |
|
Common stock, $0.008 par value; authorized 1,000,000,000 shares, 63,143,816 and 62,948,762 shares issued, respectively | | — |
| | — |
|
Treasury stock, 20,378,354 and 17,317,126 shares, respectively | | (20,173 | ) | | (14,711 | ) |
Additional paid-in capital | | 5,599 |
| | 5,445 |
|
Retained earnings | | 20,111 |
| | 18,367 |
|
Accumulated other comprehensive loss | | (230 | ) | | (316 | ) |
Total stockholders' equity | | 5,307 |
| | 8,785 |
|
Total liabilities and stockholders' equity | | $ | 21,494 |
| | $ | 22,687 |
|
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2019 | | 2018 | | 2019 | | 2018 |
Agency revenues | | $ | 2,607 |
| | $ | 2,567 |
| | $ | 4,556 |
| | $ | 4,680 |
|
Merchant revenues | | 959 |
| | 710 |
| | 1,562 |
| | 1,236 |
|
Advertising and other revenues | | 284 |
| | 260 |
| | 569 |
| | 549 |
|
Total revenues | | 3,850 |
| | 3,537 |
| | 6,687 |
| | 6,465 |
|
Operating expenses: | | | | | | |
| | |
|
Performance marketing | | 1,192 |
| | 1,142 |
| | 2,222 |
| | 2,248 |
|
Brand marketing | | 175 |
| | 124 |
| | 338 |
| | 225 |
|
Sales and other expenses | | 248 |
| | 203 |
| | 463 |
| | 369 |
|
Personnel, including stock-based compensation of $79, $75, $153 and $146, respectively | | 619 |
| | 522 |
| | 1,120 |
| | 1,021 |
|
General and administrative | | 180 |
| | 159 |
| | 371 |
| | 322 |
|
Information technology | | 70 |
| | 59 |
| | 135 |
| | 119 |
|
Depreciation and amortization | | 119 |
| | 107 |
| | 235 |
| | 210 |
|
Total operating expenses | | 2,603 |
| | 2,316 |
| | 4,884 |
| | 4,514 |
|
Operating income | | 1,247 |
| | 1,221 |
| | 1,803 |
| | 1,951 |
|
Other income (expense): | | | | | | |
| | |
|
Interest income | | 34 |
| | 46 |
| | 69 |
| | 93 |
|
Interest expense | | (68 | ) | | (65 | ) | | (134 | ) | | (135 | ) |
Net unrealized gains on marketable equity securities | | 17 |
| | 21 |
| | 468 |
| | 76 |
|
Foreign currency transactions and other | | (23 | ) | | (13 | ) | | (31 | ) | | (22 | ) |
Total other (expense) income | | (40 | ) | | (11 | ) | | 372 |
| | 12 |
|
Earnings before income taxes | | 1,207 |
| | 1,210 |
| | 2,175 |
| | 1,963 |
|
Income tax expense | | 228 |
| | 232 |
| | 431 |
| | 378 |
|
Net income | | $ | 979 |
| | $ | 978 |
| | $ | 1,744 |
| | $ | 1,585 |
|
Net income applicable to common stockholders per basic common share | | $ | 22.62 |
| | $ | 20.34 |
| | $ | 39.52 |
| | $ | 32.87 |
|
Weighted-average number of basic common shares outstanding (in 000's) | | 43,251 |
| | 48,055 |
| | 44,124 |
| | 48,202 |
|
Net income applicable to common stockholders per diluted common share | | $ | 22.44 |
| | $ | 20.13 |
| | $ | 39.17 |
| | $ | 32.42 |
|
Weighted-average number of diluted common shares outstanding (in 000's) | | 43,601 |
| | 48,550 |
| | 44,514 |
| | 48,877 |
|
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2019 | | 2018 | | 2019 | | 2018 |
Net income (1) | | $ | 979 |
| | $ | 978 |
| | $ | 1,744 |
| | $ | 1,585 |
|
Other comprehensive (loss) income, net of tax | | | | | | | | |
Foreign currency translation adjustments, net of tax benefits (charges) of $15, ($36), $7 and ($20), respectively (2) | | (16 | ) | | (129 | ) | | (28 | ) | | (68 | ) |
Net unrealized (losses) gains on debt securities, net of tax benefits (charges) of $15, ($1), ($36) and $1, respectively (1) | | (45 | ) | | (5 | ) | | 114 |
| | (5 | ) |
| | | | | | | | |
Comprehensive income | | $ | 918 |
| | $ | 844 |
| | $ | 1,830 |
| | $ | 1,512 |
|
(1) reclassified from accumulated other comprehensive income net gains of $10 million ($9 million, net of tax) and $11 million ($10 million, net of tax) for the three and six months ended June 30, 2019, respectively, and a net loss of $1 million ($1 million, net of tax) for the six months ended June 30, 2018 from sales of investments in debt securities. The reclassified net gains (losses) are included in "Foreign currency transactions and other" in the Unaudited Consolidated Statements of Operations.
(2)
The Company recorded tax benefits of $4 million and $15 million for the three and six months ended June 30, 2019, respectively, and tax benefits of $21 million and $11 million for the three and six months ended June 30, 2018, respectively, related to foreign currency translation adjustments to its one-time deemed repatriation tax liability recorded at December 31, 2017 and foreign earnings for periods after December 31, 2017 that are subject to U.S. federal and state income tax, resulting from the introduction of the U.S. Tax Cuts and Jobs Act (the "Tax Act").
Foreign currency translation adjustments also include a tax benefit of $11 million and a tax charge of $8 million for the three and six months ended June 30, 2019, respectively, and tax charges of $57 million and $31 million for the three and six months ended June 30, 2018, respectively, associated with the Company's Euro-denominated debt that is designated as a net investment hedge against the impact of currency fluctuations on the net assets of a Euro functional currency subsidiary (see Note 9).
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, 2019
(In millions except share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (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 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | 979 |
| | — |
| | 979 |
|
Foreign currency translation adjustments | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (16 | ) | | (16 | ) |
Net unrealized losses on debt securities | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (45 | ) | | (45 | ) |
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 |
|
Balance, June 30, 2019 | | 63,144 |
| | $ | — |
| | (20,378 | ) | | $ | (20,173 | ) | | $ | 5,599 |
| | $ | 20,111 |
| | $ | (230 | ) | | $ | 5,307 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | | Total |
Balance, December 31, 2018 | | 62,949 |
| | $ | — |
| | (17,317 | ) | | $ | (14,711 | ) | | $ | 5,445 |
| | $ | 18,367 |
| | $ | (316 | ) | | $ | 8,785 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | 1,744 |
| | — |
| | 1,744 |
|
Foreign currency translation adjustments | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (28 | ) | | (28 | ) |
Net unrealized gains on debt securities | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 114 |
| | 114 |
|
Exercise of stock options and vesting of restricted stock units and performance share units | | 195 |
| | — |
| | — |
| | — |
| | 1 |
| | — |
| | — |
| | 1 |
|
Repurchase of common stock | | — |
| | — |
| | (3,061 | ) | | (5,462 | ) | | — |
| | — |
| | — |
| | (5,462 | ) |
Stock-based compensation and other stock-based payments | | — |
| | — |
| | — |
| | — |
| | 153 |
| | — |
| | — |
| | 153 |
|
Balance, June 30, 2019 | | 63,144 |
| | $ | — |
| | (20,378 | ) | | $ | (20,173 | ) | | $ | 5,599 |
| | $ | 20,111 |
| | $ | (230 | ) | | $ | 5,307 |
|
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, 2018
(In millions except share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | | Total |
Balance, March 31, 2018 | | 62,838 |
| | $ | — |
| | (14,590 | ) | | $ | (9,431 | ) | | $ | 5,033 |
| | $ | 14,976 |
| | $ | 58 |
| | $ | 10,636 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | 978 |
| | — |
| | 978 |
|
Foreign currency translation adjustments | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (129 | ) | | (129 | ) |
Net unrealized losses on debt securities | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (5 | ) | | (5 | ) |
Reclassification adjustment for convertible debt in mezzanine | | — |
| | — |
| | — |
| | — |
| | 5 |
| | — |
| | — |
| | 5 |
|
Exercise of stock options and vesting of restricted stock units and performance share units | | 37 |
| | — |
| | — |
| | — |
| | 1 |
| | — |
| | — |
| | 1 |
|
Repurchase of common stock | | — |
| | — |
| | (573 | ) | | (1,199 | ) | | — |
| | — |
| | — |
| | (1,199 | ) |
Stock-based compensation and other stock-based payments | | — |
| | — |
| | — |
| | — |
| | 76 |
| | — |
| | — |
| | 76 |
|
Common stock issued in an acquisition | | 52 |
| | — |
| | — |
| | — |
| | 110 |
| | — |
| | — |
| | 110 |
|
Balance, June 30, 2018 | | 62,927 |
| | $ | — |
| | (15,163 | ) | | $ | (10,630 | ) | | $ | 5,225 |
| | $ | 15,954 |
| | $ | (76 | ) | | $ | 10,473 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | Treasury Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | |
| | Shares (in 000's) | | Amount | | Shares (in 000's) | | Amount | | | | | Total |
Balance, December 31, 2017 | | 62,689 |
| | $ | — |
| | (14,217 | ) | | $ | (8,699 | ) | | $ | 5,783 |
| | $ | 13,939 |
| | $ | 238 |
| | $ | 11,261 |
|
Cumulative effect of adoption of accounting standards updates | | — |
| | — |
| | — |
| | — |
| | — |
| | 430 |
| | (241 | ) | | 189 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | 1,585 |
| | — |
| | 1,585 |
|
Foreign currency translation adjustments | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (68 | ) | | (68 | ) |
Net unrealized losses on debt securities | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (5 | ) | | (5 | ) |
Reclassification adjustment for convertible debt in mezzanine | | — |
| | — |
| | — |
| | — |
| | (43 | ) | | — |
| | — |
| | (43 | ) |
Exercise of stock options and vesting of restricted stock units and performance share units | | 186 |
| | — |
| | — |
| | — |
| | 1 |
| | — |
| | — |
| | 1 |
|
Repurchase of common stock | | — |
| | — |
| | (946 | ) | | (1,931 | ) | | — |
| | — |
| | — |
| | (1,931 | ) |
Stock-based compensation and other stock-based payments | | — |
| | — |
| | — |
| | — |
| | 147 |
| | — |
| | — |
| | 147 |
|
Conversion of debt | | — |
| | — |
| | — |
| | — |
| | (773 | ) | | — |
| | — |
| | (773 | ) |
Common stock issued in an acquisition | | 52 |
| | — |
| | — |
| | — |
| | 110 |
| | — |
| | — |
| | 110 |
|
Balance, June 30, 2018 | | 62,927 |
| | $ | — |
| | (15,163 | ) | | $ | (10,630 | ) | | $ | 5,225 |
| | $ | 15,954 |
| | $ | (76 | ) | | $ | 10,473 |
|
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
|
| | | | | | | | |
| | Six Months Ended June 30, |
| | 2019 | | 2018 |
OPERATING ACTIVITIES: | | | | |
Net income | | $ | 1,744 |
| | $ | 1,585 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
|
Depreciation and amortization | | 235 |
| | 210 |
|
Provision for uncollectible accounts | | 74 |
| | 62 |
|
Deferred income tax expense (benefit) | | 60 |
| | (21 | ) |
Net unrealized gains on marketable equity securities | | (468 | ) | | (76 | ) |
Stock-based compensation expense and other stock-based payments | | 162 |
| | 150 |
|
Operating lease amortization | | 85 |
| | — |
|
Amortization of debt discount and debt issuance costs | | 28 |
| | 30 |
|
Contingent consideration fair value adjustment | | 9 |
| | — |
|
Changes in assets and liabilities, net of effects of acquisitions: | | | | |
|
Accounts receivable | | (523 | ) | | (392 | ) |
Prepaid expenses and other current assets | | (584 | ) | | (574 | ) |
Accounts payable, accrued expenses and other current liabilities | | 1,513 |
| | 1,329 |
|
Other long-term assets and liabilities | | (398 | ) | | (13 | ) |
Net cash provided by operating activities | | 1,937 |
| | 2,290 |
|
| | | | |
INVESTING ACTIVITIES: | | | | |
|
Purchase of investments | | (580 | ) | | (1,360 | ) |
Proceeds from sale and maturity of investments | | 6,977 |
| | 3,497 |
|
Additions to property and equipment | | (199 | ) | | (235 | ) |
Acquisitions and other investments, net of cash acquired | | (9 | ) | | (139 | ) |
Net cash provided by investing activities | | 6,189 |
| | 1,763 |
|
| | | | |
FINANCING ACTIVITIES: | | | | |
Proceeds from revolving credit facility and short-term borrowings | | 437 |
| | 3 |
|
Repayments of revolving credit facility and short-term borrowings | | (425 | ) | | — |
|
Payments for conversion of senior notes | | — |
| | (1,487 | ) |
Payments for repurchase of common stock | | (5,491 | ) | | (1,905 | ) |
Other financing activities | | (8 | ) | | 1 |
|
Net cash used in financing activities | | (5,487 | ) | | (3,388 | ) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | | (8 | ) | | (20 | ) |
Net increase in cash and cash equivalents and restricted cash and cash equivalents | | 2,631 |
| | 645 |
|
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period | | 2,645 |
| | 2,563 |
|
Total cash and cash equivalents and restricted cash and cash equivalents, end of period | | $ | 5,276 |
| | $ | 3,208 |
|
| | | | |
SUPPLEMENTAL CASH FLOW INFORMATION: | | | | |
Cash paid during the period for income taxes | | $ | 949 |
| | $ | 985 |
|
Cash paid during the period for interest | | $ | 101 |
| | $ | 101 |
|
Non-cash operating and financing activity for an acquisition (see Note 8) | | $ | — |
| | $ | 51 |
|
Non-cash investing and financing activity for an acquisition (see Note 8) | | $ | — |
| | $ | 59 |
|
See Notes to Unaudited Consolidated Financial Statements.
Booking Holdings Inc.
Notes to Unaudited Consolidated Financial Statements
1.