Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from Debt [USD, Millions]

Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

454e23b632596a5e11247cdcb6adf509d145f40ad024b8fa7878ef3cc107dba0

2477b2c38489dc34434644e840e7bacee9ca60adc31e34286c819fefd5d63713

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

421c3c09b3e642765aa66e6295bf763162ac36cf50e0f4a5aebd54ff63c9bdf1

Number of Room Nights Reserved Through Our Services (millions)

Number of Rental Car Days Reserved Through Our Services (millions)

Number of Airline Tickets Reserved Through Our Services (millions)

6e2be1260db270dabb6bd03112be6c11df96afe7beb40ef88a81b74e194f1faa

United States

Outside of the U.S.

- The Netherlands

- Other

Total Revenue

1ede1af1072c7f482197f7c69298043061eadd0954629a106907ea7cf260d459

Cash and cash equivalents (USD, millions)

Accounts receivable, net (USD, millions)

Prepaid expenses, net (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Property and equipment, net (USD, millions)

Operating lease assets (USD, millions)

Intangible assets, net (USD, millions)

Goodwill (USD, millions)

Long-term investments (USD, millions)

Other assets, net (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Accrued expenses and other current liabilities (USD, millions)

Deferred merchant bookings (USD, millions)

Short-term debt (USD, millions)

Total current liabilities (USD, millions)

Deferred income taxes (USD, millions)

Operating lease liabilities (USD, millions)

Long-term U.S. transition tax liability (USD, millions)

Other long-term liabilities (USD, millions)

Long-term debt (USD, millions)

Total liabilities (USD, millions)

Treasury stock (USD, millions)

Additional paid-in capital (USD, millions)

Retained earnings (USD, millions)

Accumulated other comprehensive loss (USD, millions)

Total stockholders' deficit (USD, millions)

1a02510842e930f5157e9511a80a7c6cef20ede1fa494c9ef0e45b9ea6956c6c

Merchant revenues (USD, millions)

Agency revenues (USD, millions)

Advertising and other revenues (USD, millions)

Total revenues (USD, millions)

Marketing expenses (USD, millions)

Sales and other expenses (USD, millions)

Personnel expenses, including stock-based compensation (USD, millions)

General and administrative expenses (USD, millions)

Information technology expenses (USD, millions)

Depreciation and amortization (USD, millions)

Total operating expenses (USD, millions)

Operating income (USD, millions)

Interest expense (USD, millions)

Interest and dividend income (USD, millions)

Other income (expense), net (USD, millions)

Income before income taxes (USD, millions)

Income tax expense (USD, millions)

Net income (USD, millions)

Net income applicable to common stockholders per basic common share (USD)

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

Net income applicable to common stockholders per diluted common share (USD)

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

a730148056c24183e4a3e6a2d9ce5055713702ffa4e545ccbce7a49f1ea8acf6

The increase in cash and cash equivalents in Q2 2024—from **$12,107 million** at the end of 2023 to **$16,290 million** by June 30, 2024—was primarily driven by strong operating cash flows. Specifically, operating activities generated **$5.2 billion** in cash due to **$2.3 billion** in net income, **$602 million** in favorable non-cash adjustments, and **$2.3 billion** from improvements in working capital. There was also a modest boost of **$206 million** from investing activities, mainly from proceeds on investment maturities, although this was partially offset by financing activities which used **$1.2 billion** in cash for stock repurchases and dividends.  **[0001075531-24-000039_ex99163024.htm:4]** **[0001075531-24-000041_bkng-20240630.htm:3]** **[0001075531-24-000041_bkng-20240630.htm:45]** 

What drove the increase in cash in Q2 2024?

In Q2 2024, **Booking Holdings' asset base expanded** due to several factors. The key contributors were a significant **increase in cash and cash equivalents** from **$12,107 million** to **$16,290 million**, an improvement in **accounts receivable** from **$3,253 million** to **$3,814 million**, a change in **short-term investments**, and a moderate rise in **property and equipment** from **$784 million** to **$875 million**.  **[0001075531-24-000039_ex99163024.htm:4]** **[0001075531-24-000041_bkng-20240630.htm:3]** 

What factors contributed to the asset base expansion in Q2 2024?

Booking Holdings' long-term debt increased in Q1 2024 **primarily due to the issuance of $2,959 million in new long-term debt**, which raised the total debt from **$12,223 million as of December 31, 2023** to **$13,438 million as of March 31, 2024**. Although there were offsetting financing activities such as share repurchases and dividend payments, the net effect was an overall increase in the debt balance.  **[0001075531-24-000027_bkng-20240331.htm:3]** **[0001075531-24-000026_ex99133124.htm:4]** **[0001075531-24-000027_bkng-20240331.htm:5]** **[0001075531-24-000026_ex99133124.htm:5]** 

Why did long-term debt increase in Q1 2024?

Booking Holdings' spike in short-term debt in Q1 2024 is primarily due to the **issuance of new debt** and the **reclassification of certain existing debt as short-term**. Specifically, in March 2024, the company issued senior notes totaling approximately **€2.8 billion ($3.0 billion)** for general corporate purposes, including share repurchases and debt repayment. Additionally, convertible senior notes due in May 2025 were reclassified as short-term debt as of March 31, 2024. These actions increased short-term debt from **$1,961 million** at the end of Q4 2023 to **$3,462 million** in Q1 2024.  **[0001075531-24-000027_bkng-20240331.htm:39]** **[0001075531-24-000026_ex99133124.htm:4]** **[0001075531-24-000027_bkng-20240331.htm:14]** 

What explains the spike in short-term debt in Q1 2024?

232351e00cecd7da396360c05365faaa5e0d43376661d4d6e804ba0bc2d462f0

The available documents do not mention any factors that drove a **sharp decline** in **Merchant revenues in Q4 2023**. In fact, they indicate that **Merchant revenues increased** in Q4 2023, attributing the growth to factors such as a **shift from agency to merchant revenues**, **increased travel demand**, **growth in facilitated payments**, and **higher room nights booked**.  **[0001075531-24-000011_ex991123123.htm:5]** **[0001075531-24-000014_bkng-20231231.htm:3]** **[0001075531-24-000011_ex991123123.htm:0]** **[0001075531-24-000027_bkng-20240331.htm:34]** **[0001075531-24-000014_bkng-20231231.htm:71]** 

What factors drove the sharp decline in Merchant revenues in Q4 2023?

EPS dropped drastically in Q4 2023 primarily due to a significant decrease in the net income—from **$1,235 million** in Q4 2022 to **$222 million** in Q4 2023—which directly impacted the earnings per share.  **[0001075531-24-000011_ex991123123.htm:5]**  Additionally, although share repurchases reduced the number of shares outstanding, the effect was outweighed by the decline in net income. Further contributing factors were the non-GAAP adjustments, including a **$276 million** expense related to a Netherlands pension fund matter and a **$530 million** expense tied to a draft decision by the Spanish Competition Authority.  **[0001075531-24-000011_ex991123123.htm:5]** **[BKNG_3374606_7]** 

Why did EPS drop so drastically in Q4 2023?

Booking Holdings' significant decrease in G&A expenses in Q2 2024 stemmed from a **$78 million reduction** in the accrual for the Spanish competition authority fine, the **non-recurring $23 million accrual** related to indirect tax matters that was present in Q2 2023, and a **reduction in office and occupancy expenses**.  **[0001075531-24-000041_bkng-20240630.htm:39]** **[0001075531-24-000041_bkng-20240630.htm:21]** 

What caused the significant decrease in G&A expenses in Q2 2024?

The negative swing in Other income (expense) for Q3 2024 was mainly driven by **substantial foreign currency transaction losses**, which increased to **$(365) million** from just **$(1) million** in Q3 2023. This significant loss was compounded by relatively minor changes in other components—net gains on equity securities and other items—which did not offset the heavy currency losses, leading to an overall negative change of **$(332) million** in Q3 2024.  **[0001075531-24-000048_bkng-20240930.htm:27]** **[0001075531-24-000048_bkng-20240930.htm:43]** 

What led to the negative swing in Other income (expense) in Q3 2024?

The documentation states that BKNG reported **0.00 million USD** in interest and dividend income for Q4 2023.  **[0001075531-24-000048_bkng-20240930.htm:4]**  However, it does not provide a specific explanation for this absence on a quarterly basis, only noting that the detailed quarterly breakdown was not provided even though the increase in the full-year figures was driven by **higher interest rates** impacting cash management and investment activities.  **[0001075531-24-000014_bkng-20231231.htm:74]** **[0001075531-24-000014_bkng-20231231.htm:155]** 

Why was Interest and dividend income absent in Q4 2023?

055b28484f167c7b15213f2438bcfa7eff8753455e9a7f732d793cb5a1be21c6

Net income [USD, millions]

Depreciation and amortization [USD, millions]

Provision for expected credit losses and chargebacks [USD, millions]

Deferred income tax benefit [USD, millions]

Stock-based compensation expense [USD, millions]

Operating lease amortization [USD, millions]

Unrealized foreign currency transaction losses (gains) related to Euro-denominated debt [USD, millions]

Other adjustments to net income [USD, millions]

Accounts receivable changes [USD, millions]

Prepaid expenses and other current assets changes [USD, millions]

Deferred merchant bookings and other current liabilities changes [USD, millions]

Other changes in assets and liabilities [USD, millions]

Net cash provided by operating activities [USD, millions]

Proceeds from sale and maturity of investments [USD, millions]

Additions to property and equipment [USD, millions]

Other investing activities [USD, millions]

Net cash provided by investing activities [USD, millions]

Proceeds from the issuance of long-term debt [USD, millions]

Payment on maturity of debt [USD, millions]

Payments for repurchase of common stock [USD, millions]

Dividends paid [USD, millions]

Other financing activities [USD, millions]

Net cash used in financing activities [USD, millions]

Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents [USD, millions]

Net increase in cash and cash equivalents and restricted cash and cash equivalents [USD, millions]

Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period [USD, millions]

Total cash and cash equivalents and restricted cash and cash equivalents, end of period [USD, millions]

Booking Holdings Inc (BKNG)

Financials