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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) 
Delaware06-1528493
(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:
Title of Each Class: Trading Symbol(s)Name of each exchange on which registered:
Common Stock par value $0.008 per share BKNGThe NASDAQ Global Select Market
0.800% Senior Notes Due 2022BKNG 22AThe NASDAQ Stock Market LLC
2.150% Senior Notes Due 2022BKNG 22The NASDAQ Stock Market LLC
2.375% Senior Notes Due 2024BKNG 24The NASDAQ Stock Market LLC
1.800% Senior Notes Due 2027BKNG 27The 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. 
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:
Common Stock, par value $0.008 per share40,948,631
(Class)(Number of Shares)



Booking Holdings Inc.
Form 10-Q
 
For the Three Months Ended June 30, 2020
 
PART I - FINANCIAL INFORMATION 
  
Item 1. Financial Statements
  
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
  
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)
 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 assets11,453  9,833  
Property and equipment, net736  738  
Operating lease assets577  620  
Intangible assets, net1,865  1,954  
Goodwill2,412  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  
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities:  
Accounts payable$581  $1,239  
Accrued expenses and other current liabilities1,445  1,578  
Deferred merchant bookings910  1,561  
Convertible debt973  988  
Total current liabilities3,909  5,366  
Deferred income taxes931  876  
Operating lease liabilities417  462  
Long-term U.S. transition tax liability922  1,021  
Other long-term liabilities101  104  
Long-term debt 10,633  7,640  
  Total liabilities16,913  15,469  
Commitments and Contingencies (see Note 13)
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 capital5,699  5,756  
Retained earnings22,652  23,232  
Accumulated other comprehensive loss(233) (191) 
  Total stockholders' equity3,999  5,933  
Total liabilities and stockholders' equity$20,912  $21,402  
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
June 30,
Six Months Ended
June 30,
 2020201920202019
Agency revenues$357  $2,607  $1,781  $4,556  
Merchant revenues245  959  904  1,562  
Advertising and other revenues28  284  233  569  
Total revenues630  3,850  2,918  6,687  
Operating expenses:  
Marketing expenses211  1,367  1,062  2,560  
Sales and other expenses131  248  508  463  
Personnel, including stock-based compensation of $77, $79, $83 and $153, respectively452  619  936  1,120  
General and administrative104  180  305  371  
Information technology70  70  148  135  
Depreciation and amortization112  119  229  235  
Restructuring and other exit costs34    34    
Impairment of goodwill    489    
Total operating expenses1,114  2,603  3,711  4,884  
Operating (loss) income(484) 1,247  (793) 1,803  
Other income (expense):  
Interest income12  34  44  69  
Interest expense(96) (68) (160) (134) 
Net gains on marketable equity securities835  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 taxes209  1,207  (513) 2,175  
Income tax expense87  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.

4


Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
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 tax109  (61) (42) 86  
Comprehensive income (loss) $231  $918  $(619) $1,830  

See Notes to Unaudited Consolidated Financial Statements.
5


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)
 
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss
Shares
(in 000's)
AmountShares
(in 000's)
AmountTotal
Balance, March 31, 202063,370  $  (22,440) $(24,115) $5,758  22,530  $(342) $3,831  
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  
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 units21    —  —  6  —  —  6  
Repurchase of common stock—  —  (2) (4) —  —  —  (4) 
Stock-based compensation and other stock-based payments—  —  —  —  80  —  —  80  
Balance, June 30, 202063,391  $  (22,442) $(24,119) $5,699  $22,652  $(233) $3,999  
 Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss 
 Shares
(in 000's)
AmountShares
(in 000's)
AmountTotal
Balance, December 31, 201963,179  $  (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  
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 units212    —  —  6  —  —  6  
Repurchase of common stock—  —  (680) (1,255) —  —  —  (1,255) 
Stock-based compensation and other stock-based payments—  —  —  —  86  —  —  86  
Balance, June 30, 202063,391  $  (22,442) $(24,119) $5,699  $22,652  $(233) $3,999  

6


Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss
Shares
(in 000's)
AmountShares
(in 000's)
AmountTotal
Balance, March 31, 201963,122  $  (18,936) $(17,567) $5,519  $19,132  $(169) $6,915  
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) 
Exercise of stock options and vesting of restricted stock units and performance share units22    —  —  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, 201963,144  $  (20,378) $(20,173) $5,599  $20,111  $(230) $