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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 September 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. 
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 October 31, 2019:
Common Stock, par value $0.008 per share
 
41,855,700
(Class)
 
(Number of Shares)





Booking Holdings Inc.
Form 10-Q
 
For the Three Months Ended September 30, 2019
 
PART I - FINANCIAL INFORMATION
 
 
 
Item 1. Financial Statements
 
 
Consolidated Balance Sheets at September 30, 2019 (Unaudited) and December 31, 2018
Consolidated Statements of Operations (Unaudited) For the Three and Nine Months Ended September 30, 2019 and 2018
Consolidated Statements of Comprehensive Income (Unaudited) For the Three and Nine Months Ended September 30, 2019 and 2018
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) For the Three and Nine Months Ended September 30, 2019 and 2018
Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended September 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

2



PART I — FINANCIAL INFORMATION
Item 1.  Financial Statements

Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
 
 
 
September 30,
2019
 
December 31,
2018
 
 
(Unaudited)
 
 
ASSETS
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
6,466

 
$
2,624

Short-term investments in marketable securities
 
973

 
3,660

Accounts receivable, net of allowance for doubtful accounts of $52 and $61, respectively
 
1,788

 
1,523

Prepaid expenses and other current assets
 
829

 
600

Total current assets
 
10,056

 
8,407

Property and equipment, net
 
706

 
656

Operating lease assets
 
610

 

Intangible assets, net
 
1,985

 
2,125

Goodwill
 
2,885

 
2,910

Long-term investments
 
4,319

 
8,408

Other assets
 
885

 
181

Total assets
 
$
21,446

 
$
22,687

 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 

 
 

Current liabilities:
 
 

 
 

Accounts payable
 
$
1,275

 
$
1,134

Accrued expenses and other current liabilities
 
1,704

 
1,399

Deferred merchant bookings
 
1,567

 
1,022

Convertible debt
 
982

 

Total current liabilities
 
5,528

 
3,555

Deferred income taxes
 
868

 
370

Operating lease liabilities
 
466

 

Long-term U.S. transition tax liability
 
1,027

 
1,166

Other long-term liabilities
 
94

 
162

Long-term debt
 
7,512

 
8,649

  Total liabilities
 
15,495

 
13,902

 
 
 
 
 
Commitments and Contingencies (See Note 13)
 


 


 
 
 
 
 
Stockholders' equity:
 
 

 
 

Common stock, $0.008 par value; authorized 1,000,000,000 shares, 63,162,135 and 62,948,762 shares issued, respectively
 

 

Treasury stock, 21,077,128 and 17,317,126 shares, respectively
 
(21,523
)
 
(14,711
)
Additional paid-in capital
 
5,678

 
5,445

Retained earnings
 
22,061

 
18,367

Accumulated other comprehensive loss
 
(265
)
 
(316
)
  Total stockholders' equity
 
5,951

 
8,785

Total liabilities and stockholders' equity
 
$
21,446

 
$
22,687

See Notes to Unaudited Consolidated Financial Statements.

3



Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Agency revenues
 
$
3,435

 
$
3,541

 
$
7,991

 
$
8,221

Merchant revenues
 
1,313

 
1,050

 
2,875

 
2,286

Advertising and other revenues
 
292

 
258

 
861

 
807

Total revenues
 
5,040

 
4,849

 
11,727

 
11,314

Operating expenses:
 
 
 
 
 
 

 
 

Performance marketing
 
1,291

 
1,314

 
3,513

 
3,562

Brand marketing
 
124

 
160

 
462

 
385

Sales and other expenses
 
276

 
243

 
739

 
612

Personnel, including stock-based compensation of $79, $70, $232 and $216, respectively
 
566

 
537

 
1,686

 
1,558

General and administrative
 
225

 
183

 
596

 
505

Information technology
 
71

 
58

 
206

 
177

Depreciation and amortization
 
117

 
107

 
352

 
317

Total operating expenses
 
2,670

 
2,602

 
7,554

 
7,116

Operating income
 
2,370

 
2,247

 
4,173

 
4,198

Other income (expense):
 
 
 
 
 
 

 
 

Interest income
 
44

 
48

 
113

 
141

Interest expense
 
(70
)
 
(68
)
 
(204
)
 
(203
)
Net unrealized (losses) gains on marketable equity securities
 
(49
)
 
31

 
419

 
107

Foreign currency transactions and other
 
68

 
(18
)
 
37

 
(40
)
Total other (expense) income
 
(7
)
 
(7
)
 
365

 
5

Earnings before income taxes
 
2,363

 
2,240

 
4,538

 
4,203

Income tax expense
 
413

 
473

 
844

 
851

Net income
 
$
1,950

 
$
1,767

 
$
3,694

 
$
3,352

Net income applicable to common stockholders per basic common share
 
$
46.01

 
$
37.39

 
$
84.84

 
$
70.00

Weighted-average number of basic common shares outstanding (in 000's)
 
42,389

 
47,268

 
43,540

 
47,887

Net income applicable to common stockholders per diluted common share
 
$
45.54

 
$
37.02

 
$
84.06

 
$
69.07

Weighted-average number of diluted common shares outstanding (in 000's)
 
42,831

 
47,751

 
43,947

 
48,530



See Notes to Unaudited Consolidated Financial Statements.


4



Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)

 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (1)
 
$
1,950

 
$
1,767

 
$
3,694

 
$
3,352

Other comprehensive (loss) income, net of tax
 
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of tax (2)
 
(35
)
 
(23
)
 
(63
)
 
(91
)
Net unrealized (losses) gains on debt securities, net of tax (1) (3)
 

 
(134
)
 
114

 
(139
)
 
 
 
 
 
 
 
 
 
Comprehensive income
 
$
1,915

 
$
1,610

 
$
3,745

 
$
3,122


(1) The Company reclassified from accumulated other comprehensive income a net gain of $10 million ($11 million before tax) and a net loss of $1 million ($1 million before tax) for the nine months ended September 30, 2019 and 2018, respectively, from sales of investments in debt securities.

In addition, for both the three and nine months ended September 30, 2019, the Company reclassified from accumulated other comprehensive income a tax charge of $21 million related to the maturity in August 2019 of the Company's investment of $500 million in Trip.com Group (formerly known as Ctrip.com International Ltd.) convertible notes (see Note 5).

The reclassified net gain and loss before tax are included in "Foreign currency transactions and other" and the reclassified tax charges are included in "Income tax expense" in the Unaudited Consolidated Statements of Operations.

(2) Foreign currency translation adjustments result from currency fluctuations on the translation of the Company's non-U.S. Dollar functional currency subsidiaries' net assets, net of the impact of net investment hedges.

Foreign currency translation adjustments, net of tax, includes foreign currency transaction gains of $85 million ($111 million before tax) and $112 million ($146 million before tax) for the three and nine months ended September 30, 2019, respectively, and foreign currency transaction gains of $17 million ($23 million before tax) and $111 million ($148 million before tax) for the three and nine months ended September 30, 2018, respectively, associated with the Company's Euro-denominated debt that is designated as a hedge against the impact of currency fluctuations on the net assets of a Euro functional currency subsidiary (see Note 9).

The Company recorded tax benefits of $8 million and $23 million for the three and nine months ended September 30, 2019, respectively, and tax benefits of $5 million and $16 million for the three and nine months ended September 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 enactment of the U.S. Tax Cuts and Jobs Act (the "Tax Act").

(3) Net unrealized gains on debt securities, net of tax, includes a tax benefit of $7 million and a tax charge of $30 million for the three and nine months ended September 30, 2019, respectively, in addition to the reclassified tax charges for both periods as disclosed in footnote (1) above. Net unrealized losses on debt securities, net of tax, for the nine months ended September 30, 2018, includes a tax benefit of $1 million.




See Notes to Unaudited Consolidated Financial Statements.

5



Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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, June 30, 2019
 
63,144

 
$

 
(20,378
)
 
$
(20,173
)
 
$
5,599

 
$
20,111

 
$
(230
)
 
$
5,307

Net income
 

 

 

 

 

 
1,950

 

 
1,950

Foreign currency translation adjustments
 

 

 

 

 

 

 
(35
)
 
(35
)
Exercise of stock options and vesting of restricted stock units and performance share units
 
18

 

 

 

 

 

 

 

Repurchase of common stock
 

 

 
(699
)
 
(1,350
)
 

 

 

 
(1,350
)
Stock-based compensation and other stock-based payments
 

 

 

 

 
79

 

 

 
79

Balance, September 30, 2019
 
63,162

 
$

 
(21,077
)
 
$
(21,523
)
 
$
5,678

 
$
22,061

 
$
(265
)
 
$
5,951



 
 
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
 

 

 

 

 

 
3,694

 

 
3,694

Foreign currency translation adjustments
 

 

 

 

 

 

 
(63
)
 
(63
)
Net unrealized gains on debt securities
 

 

 

 

 

 

 
114

 
114

Exercise of stock options and vesting of restricted stock units and performance share units
 
213

 

 

 

 
1

 

 

 
1

Repurchase of common stock
 

 

 
(3,760
)
 
(6,812
)
 

 

 

 
(6,812
)
Stock-based compensation and other stock-based payments
 

 

 

 

 
232

 

 

 
232

Balance, September 30, 2019
 
63,162

 
$

 
(21,077
)
 
$
(21,523
)
 
$
5,678

 
$
22,061

 
$
(265
)
 
$
5,951




See Notes to Unaudited Consolidated Financial Statements.




6



Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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, June 30, 2018
 
62,927

 
$

 
(15,163
)
 
$
(10,630
)
 
$
5,225

 
$
15,954

 
$
(76
)
 
$
10,473

Net income
 

 

 

 

 

 
1,767

 

 
1,767

Foreign currency translation adjustments
 

 

 

 

 

 

 
(23
)
 
(23
)
Net unrealized losses on debt securities
 

 

 

 

 

 

 
(134
)
 
(134
)
Reclassification adjustment for convertible debt in mezzanine
 

 

 

 

 
46

 

 

 
46

Exercise of stock options and vesting of restricted stock units and performance share units
 
12

 

 

 

 

 

 

 

Repurchase of common stock
 

 

 
(1,149
)
 
(2,250
)
 

 

 

 
(2,250
)
Stock-based compensation and other stock-based payments
 

 

 

 

 
73

 

 

 
73

Balance, September 30, 2018
 
62,939

 
$

 
(16,312
)
 
$
(12,880
)
 
$
5,344

 
$
17,721

 
$
(233
)
 
$
9,952



 
 
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
 

 

 

 

 

 
3,352

 

 
3,352

Foreign currency translation adjustments
 

 

 

 

 

 

 
(91
)
 
(91
)
Net unrealized losses on debt securities
 

 

 

 

 

 

 
(139
)
 
(139
)
Reclassification adjustment for convertible debt in mezzanine
 

 

 

 

 
3

 

 

 
3

Exercise of stock options and vesting of restricted stock units and performance share units
 
198

 

 

 

 
1

 

 

 
1

Repurchase of common stock
 

 

 
(2,095
)
 
(4,181
)
 

 

 

 
(4,181
)
Stock-based compensation and other stock-based payments
 

 

 

 

 
220

 

 

 
220

Conversion of debt
 

 

 

 

 
(773
)
 

 

 
(773
)
Common stock issued in an acquisition
 
52

 

 

 

 
110

 

 

 
110

Balance, September 30, 2018
 
62,939

 
$

 
(16,312
)
 
$
(12,880
)
 
$
5,344

 
$
17,721

 
$
(233
)
 
$
9,952



See Notes to Unaudited Consolidated Financial Statements.


7



Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
 
Nine Months Ended
September 30,
 
 
2019
 
2018
OPERATING ACTIVITIES:
 
 
 
 
Net income
 
$
3,694

 
$
3,352

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 

Depreciation and amortization
 
352

 
317

Provision for uncollectible accounts
 
108

 
108

Deferred income tax expense (benefit)
 
39

 
(26
)
Net unrealized gains on marketable equity securities
 
(419
)
 
(107
)
Stock-based compensation expense and other stock-based payments
 
245

 
226

Operating lease amortization
 
127

 

Amortization of debt discount and debt issuance costs
 
43

 
45

Unrealized foreign currency transaction gains on Euro-denominated debt
 
(54
)
 

Contingent consideration fair value adjustment
 
9

 
8

Changes in assets and liabilities, net of effects of acquisitions:
 
 
 
 

Accounts receivable
 
(442
)
 
(450
)
Prepaid expenses and other current assets
 
(247
)
 
(201
)
Accounts payable, accrued expenses and other current liabilities
 
794

 
1,005

Other long-term assets and liabilities
 
(461
)
 
(23
)
Net cash provided by operating activities
 
3,788

 
4,254

 
 
 
 
 
INVESTING ACTIVITIES:
 
 
 
 

Purchase of investments
 
(696
)
 
(2,195
)
Proceeds from sale and maturity of investments
 
7,940

 
4,496

Additions to property and equipment
 
(281
)
 
(356
)
Acquisitions and other investments, net of cash acquired
 
(9
)
 
(139
)
Net cash provided by investing activities
 
6,954

 
1,806

 
 
 
 
 
FINANCING ACTIVITIES:
 
 
 
 
Proceeds from revolving credit facility and short-term borrowings
 
400

 
4

Repayments of revolving credit facility and short-term borrowings
 
(425
)
 

Payments for conversion of senior notes
 

 
(1,487
)
Payments for repurchase of common stock
 
(6,840
)
 
(4,110
)
Other financing activities
 
(11
)
 
1

Net cash used in financing activities
 
(6,876
)
 
(5,592
)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
 
(26
)
 
(37
)
Net increase in cash and cash equivalents and restricted cash and cash equivalents
 
3,840

 
431

Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period
 
2,645